In the realm of property news, you can find a lot of content on the internet. From the latest trends in the real estate market to entertainment videos, you can find it all at PropertyNews.com. From Hong Kong to the UK, you can find out the latest happenings in the property market. And while you’re there, you can also check out our blog on the latest trends in property markets. Here are some of our favorites:
New York’s new real estate “normal”
In the past few months, New York City’s real estate market has been a shaky one, but that’s now changing. The number of new listings is up 37 percent over last week and 80 percent below the norm. Noah Rosenblatt, CEO of real estate website UrbanDigs, says it’s too early to tell if this is the new normal. The sluggish market has left many landlords and investors looking for safe, established cities.
The luxury market is having a moment. Prices in the highest price tiers of Manhattan and Brooklyn homes are rising the most. This is because wealthy people have accumulated wealth from tech stocks. Additionally, in November, fully vaccinated international visitors will be allowed to re-enter the country. If this trend continues, the luxury market in New York City will see an increase in demand. At the same time, home prices in the lowest price tier will remain flat.
UK’s property market
With a lack of affordability and rising mortgage rates, the UK property market has become increasingly competitive. This has lead to reticence among potential buyers, and more than one million UK adults said they have avoided buying property altogether because deals had fallen through. The problem is especially acute for Londoners and millennials, who are twice as likely to have felt discouraged by last-minute failed transactions. Luckily, there are ways to avoid gazumping.
While global economies are still suffering from the Ebola virus, the UK’s property market has seen mixed results in recent years. Nevertheless, prospective investors should not avoid the UK property market. The key is to learn what makes a good deal and avoid waiting for more favorable economic conditions before making a decision. If you’re thinking of investing in real estate, the time to invest in it is now. Instead of waiting for a strong economy to make a purchase, find a seller who is desperate to move their property.
Hong Kong’s property market
The biggest challenge Hong Kong faces is its property market. More than 40 percent of the local economy depends on real estate sales. Most major companies listed on the Hong Kong stock exchange are property developers. The upper and middle classes are incredibly tied to property. But the government controls all the land in Hong Kong and makes a good chunk of their money by auctioning leases to big developers. While the market is still relatively buoyant, there are signs that this dynamic may be about to change.
The number of new homes on the market may surge to the highest level since 2005. Meanwhile, the number of completed units will drop by more than 50% year-on-year. With a new megadistrict planned for the north, the market could see an even bigger spike. That dip in prices is giving buyers an opportunity to snap up property. Greg Cheung, who is planning to purchase his first property in the city, said that he prefers real estate to stocks.