In this article, we’ll take a look at a few recent developments in the property news. We’ll also discuss the market in London and Hong Kong, and the Nordics’ property markets. If you’re a buyer in one of these cities, you should definitely read about the latest property news in that area. Lastly, we’ll discuss what the Nordics can expect in the future. After all, they’re the next big thing.
Scandinavian property market
The Nordic property market has been buoyant and resilient for years, but recent signs cast a
cloud over its future. Low unemployment and macroeconomic indicators are contributing to a healthy real estate market in Scandinavia. Consequently, more investors are eyeing the region as a potential investment option. But what can you expect from the market? The news that follows is a guide to the current situation. You might even consider buying a Scandinavian property.
Transaction volumes have reached a new high. Although the Nordic property market is small, it has an impressively educated population and stable politics. The region is well-positioned to benefit from stable cash flows over the long-term. Its comparatively high growth rate will likely keep interest levels high in the future. A recent report from the World Bank says that Nordic property market activity will increase to EUR 50 billion by 2021. But what are the factors that affect the market?
Hong Kong’s property market
The rental market in Hong Kong continues to improve, with rents rising in most categories. In November, the average rent for an apartment in the primary market increased 2% year-overyear. Rents in the secondary market rose by 2.1% year-over-year, while prices for larger apartments increased by 5.8%. Despite the recent market volatility, the number of transactions is expected to rise slightly in the coming years, as the economy continues to improve.
In early June, a Morgan Stanley equity analyst predicted a 15% decline in existing home sales in
- However, in the first 11 months of 2021, the number of new home sales rose by 29%. While the overall market is expected to remain tight, Morgan Stanley’s analysts forecast a healthy 24% growth in 2021, pointing to a “go-slow” cycle in Hong Kong. The resulting slowdown will mean a window of opportunity for buyers in 2022.
London’s property market
A large percentage of the money being invested in London’s property market comes from money laundering and corruption. Over the past decade, a series of scandals have revealed the presence of corrupt officials – from Saif Gaddafi to James Ibori – hiding their fortunes in the capital’s property. Recently, Global Witness revealed that a property on Baker Street in central London was owned by the brutal former head of Kazakhstan’s secret police.
Official data sources have traditionally been published monthly or quarterly. However, the recent Coronavirus pandemic temporarily suspended publication of this data and it has been replaced with a revised methodology. This housing market report has also been published at a slower pace than the previous reports, using different data sources and providing a shorter overview. It sits alongside the other reports published by the GLA. The annual Housing in London report can be found here.
New York’s property market
The property market in New York has suffered due to the recent pandemic. At the height of the pandemic, the city saw hundreds of people die each day. Though the pandemic has been curtailed, strict lockdown rules remain in effect. While the city is back to normal, unemployment and violent crime have spiked since late May. Because of the lack of supply, high prices have been driving the exodus to second homes and other areas outside of the city. Multiple offers on limited real estate were common in most market segments.
With fewer homes for sale, rents have fallen in New York. However, new lease contracts are increasing each month, indicating that demand is picking up. While the property market has been impacted by the pandemic, it is beginning to recover. The city’s rental market has a strong buyer demand. It is the second-highest in the nation, after San Francisco. While Manhattan’s property market is still not at its pre-pandemic levels, the vacancy rate has dropped below two percent.