Global Cities Property Sales Rebound In July
A number of global cities are seeing sales volumes continue to recover with April so far looking to be the low point for residential activity. With international travel restarting, interest in buying property has witnessed a surge. In the Eurozone, Capital Economics has revised their GDP forecasts upwards for 2020 as activity has rebounded faster than they anticipated. In the UK, Chancellor Rishi Sunak announced a slew of measures to boost the UK's economy including a stamp duty holiday for homes priced below £500,000 which will start with immediate effect. Several cities across Asia Pacific saw residential activity picked up in June, with China and Hong Kong leading the way. For Singapore, despite its slowing economy and the impact of US-China tensions, prices have dipped by only 1% since Q4 2019 In the US, the average value of a home purchase mortgage application hit a record high of $359,000 at the end of June. In Canada, Greater Vancouver, which is now in Phase 3 of its Restart Plan, saw 2,497 homes change hands in June, up from 1,506 in May, this represents the fifth highest number of monthly sales since May 2018. Despite the pandemic, sales volumes are up year-on-year with 11,471 sales in the first half of 2019 compared to 10,992 in the first half of 2019 indicating a degree of resilience in what has been a subdued market in recent years due primarily to tax changes.
Tags : INTERNATIONAL