Gone are the days of our real estate markets being isolated. For better or worse, real estate is now a global market. And with the Lower Mainland being top on many lists as one of the best places in the world to live, buyer interest will continue to rise.
Our Group likes to travel the globe. Yes, it is a way to see incredible places. More importantly we study other real estate markets. We bring that knowledge home to our clients. Here are a few insights from our recent travels.
Spain Feels the UK Currency Decline
It’s not just travel-happy Britons feeling the imminent effects of Brexit. It’s also the places they are known to frequent. The combined influence of a weakened British Pound and Brexit uncertainty means Britons’ investment in Spanish holiday homes has hit a steep decline. And the Spanish real estate market is showing signs of weakening. Could this be your opportunity to invest in a modest Majorcan villa? Or perhaps a luxury Andalucían apartment? We’d love to give you our expert opinion.
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The UK Invests in Affordability
The U.K. government recently announced a £7bn fund for affordable housing expansion. This means shared ownership, rent-to-buy and affordable rented homes. This endowment is good news for everyone living or hoping to live in the U.K. £1.4bn for housing associations and councils. 40,000 additional affordable homes by 2021. £4.7bn for 135,000 shared ownership homes, 10,000 rent-to-buy properties, and 8,000 homes for supported living renters. More homes. There is a more than a bit resonant with our affordability situation at home.
The World's Least Affordable City, Still
Hong Kong has become one of the most expensive places to live in the world. Real estate prices are up 137% in a decade. Nano-apartments of less than 200 square feet cost up to $500,000 USD. In response the government tried to curb the market’s acceleration, which they hoped would make prices fall by as much as 30%. First came a 15% stamp duty on non-first-time home buyers, which developers quickly offered as 15% rebates to buyers. The government also tried capping construction loans aimed at curbing speculative investment. The effects – May prices and transactions exceeded the previous record high by 4.5%. We think there are lessons for BC with our newfound desire for real estate taxes in the name of affordability.
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Teflon Thailand
Thailand has seen significant political and economic upheaval in recent years. Despite this the country’s Real Estate market has remained relatively stable. Market growth has been sluggish however. Developers are appealing to a luxury market. They are building towering condos in desirable Bangkok neighbourhoods and marketing them to international buyers. People from all over the world buy homes in Thailand. That property values and demand have remained steady through turmoil suggests that investing in luxury real estate in Thailand is a pretty safe bet. Can we introduce you to some of Bangkok’s best agents?
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