For those who are not very familiar with the real estate world, property news can help you understand where the market is heading. This article will cover the residential markets of Hong Kong, New York City, London and Stockholm. While these areas may have unique situations, you’ll be able to identify the trends that are shaping each of these markets. Here are a few tips to help you keep up with property news. To start, subscribe to your favorite property news website.
Hong Kong’s property market
Despite an economic slowdown and political crackdown, Hong Kong’s property market has held up rather well, largely due to its unique features. In the city, individual parcels can change hands as many as three times in one day. In fact, the average homeowner has no idea what their property’s asking price is until 20 minutes before the sale. This tightening of the market is partly due to the city’s decisions in 2003.
In January, 95% of apartments sold went for more than the asking price, which was the lowest figure since 2010. That means some owners will have to settle for less than they originally hoped for. For example, logistics expert David Gibson from New Zealand bought a two-bedroom apartment in 2013 for $12.55 million. He spent an additional 1.4 million renovating it. Since
December, he has had 10 viewings. However, he says that it is the worst possible time to sell.
Stockholm’s residential market
The residential market in Stockholm has already peaked, but new construction remains a positive indicator. However, house prices remain overvalued, according to the UBS 2020 Global Real Estate Bubble Index. Similarly, many industrial areas have been converted to residential areas, and this trend is likely to continue. Meanwhile, the number of apartment units sold has also increased, with more planned. Although these developments have caused a correction in the residential market, they still remain below the levels seen in 2017.
Although the housing market in Stockholm is currently stable, many investors are looking elsewhere for a good investment opportunity. The Swedish Government has reimbursed municipalities and regional health care with SEK 20 billion, and the financial authorities have made it easier for banks to charge clients no amortisation for private residential transactions. However, the transaction market has cooled recently, and some previously active buyers are no longer presenting new deals. Nonetheless, some buyers and sellers are still interested in buying and selling property.
London’s residential market
The latest data shows that October was the month when the number of new buyers in London’s residential market jumped by the most since January 2020. The monthly average of new buyer activity was PS584 million, up 60% over October 2018. This was also the month when demand was highest for PS5 million-plus properties. The value of these sales exceeded PS589 million, a 29% increase on last year and far higher than the average of October 2019. However, the recent spike in demand is due in part to a growing number of high value sales, which account for a large portion of the market’s monthly growth.
However, the mismatch between buyers and sellers continued to push prices up. The mismatch between the price of properties for sale and the prices for mortgages rose by 16% and 11%, respectively. As a result, there is an increase in demand for properties ahead of the busy spring selling season. After the first coronavirus lockdown was lifted, Britain’s housing market saw a boom, with demand for bigger properties boosted by a tax break for working from home residents.
New York City’s residential market
While it’s hard to say whether the New York City residential market has peaked, it’s clear that it’s not far off. The first three months of this year ended with 3,700 new sales, a 60 percent increase from the same period last year. Demand is soaring in mostly residential neighborhoods, with prices in many categories exceeding their medians. Despite the demand, however, there is still a long way to go to stabilize the market.
Across the five boroughs, New York City’s residential market has been hot and competitive. The first quarter of 2019 was the fastest since 2007, with average sales prices reaching a record high. While Manhattan still leads the way, Brooklyn is closing in on the market at the fastest pace in more than three years. In Queens, the Riverdale neighborhood, comprised of Fieldston, Hudson Hill, North Riverdale, and Spuyten Duyvil, had the fastest sales and highest median price of any neighborhood in the city. In Brooklyn, the median sales price increased by more than 20 percent while listing inventory fell by more than ten percent.