If you love reading about the real estate industry, you might enjoy these articles on the latest developments in the property market in New York City and Hong Kong. You might also enjoy these videos on the changing property markets in London and Los Angeles. Here are three interesting property news stories you should read this month. Listed below are some of our top picks in these categories. Let’s begin!.. Read on to find out more…
Hong Kong’s property industry
The number of new homes in Hong Kong may soon surpass the 2.5 million homes of 2005, according to estimates. The easing of border controls may also boost the demand for new homes in the city. Meanwhile, the price of existing homes may decline, but this isn’t a sign that the industry is stalling. In fact, prices have declined slightly in the past year, creating a buying opportunity for many people. In fact, Greg Cheung, a property investor from Singapore, is looking to buy his first property in the city. He believes that real estate is a safer investment than stocks, and that fundamentals of Hong Kong’s property market will continue to keep it competitive.
Hip Shing Hong, a real estate company founded by the family of billionaire Fong Yun Wah, recently announced its plans to build an 88-room boutique hotel in Jordan. The company has a diverse portfolio, including residential and commercial property. The company’s new flagship property will feature a large skyscraper in the Jordan district, with a number of retail and commercial spaces throughout. The company’s new logo echoes the brand strategy, which revolves around harmony.
New York City’s new real estate “normal”
The real estate market in New York City is once again in a boom, though it remains fiercely competitive. While a weakened economy may mean an increase in home sales, the overall market still faces challenges. New York City is experiencing a shortage of inventory and a heightened demand for housing. In March, only 1,500 homes were under contract in the city.
However, this shortage could be short-lived as a result of the pandemic.
The city’s housing market continues to reach record prices. Brooklyn’s first-quarter sales were at their highest level since 2007. Across the borough, listing inventory declined for the third consecutive quarter, while new leases rose modestly. In Northwest Queens, net effective median rent dropped to its lowest level since the lockout ended. In a fifth consecutive month, listing inventory fell by more than seventy percent, the biggest decline since the second quarter of 2012.
London’s property market
The government’s recent rise in tax on property purchases has scared off many wealthy investors and lowered prices in central London. Meanwhile, Brexit has also dampened demand and slowed down house sales. Meanwhile, the Bank of England expects to keep increasing interest rates, making mortgages less affordable for Londoners. The average price of a property in the capital is PS486,000 ($690,000).
A recent survey found that over a third of homebuyers are from the Middle East. This region has a particularly low cost of living compared to other parts of the UK. Middle Eastern buyers are also taking advantage of the tax savings on property. However, they aren’t necessarily buying one property in zone 3 or 5 as they are waiting for the stamp duty surcharge to kick in. They’re buying multiple properties to take advantage of the market.