2020 has become the year of global economic growth and some nations are already showing signs of future struggles and some are in absolute crisis. The size of the global real estate market was $8.5trillion in 2017 and it has increased to $8.9trillion in 2018. The global real estate market is incredibly popular and 2020 is currently experiencing a great amount of increase and the trends are expected to continue. However, with the help of online marketplaces like UpNest the real estate market is growing globally, and it is giving all the homebuyers and sellers an easy way to deal with their property dealings. The recent UpNest Reviews have proved the website to be extremely good and helpful to all the individuals.
Global real estate market: The trends of 2020
There are several global real estate market trends that you need to know of 2020. They are:
1. The US house prices:
Despite the ongoing trade war, the year of 2019 served as a good year for the US economy. There was a growth in employment, and unemployment was at the 50-year low, and this came from the end of 2018 when the property market in the US was still booming. However, cities like Seattle and San Francisco have seen a decline in house prices in Q2 2019. Other cities like New York, Chicago, San Diego, and Los Angeles also experienced growth under 2%, respectively. If there is a decline in tech for these areas, then 2020 will bring in some surprises.
2. The Hong Kong protest:
Before the protests in Hong Kong took place, the real estate market was doing extremely well. When the attempt to keep democracy and autonomy, the Hong Kong protest became pretty ugly and continued for 265 days and did not stop at all. The protest has hurt the economy severely, and the relief received across the world is not making up for the damage. The residential transaction of Hong Kong surged in November 2019 and the property sales hit a 6-month high due to a mortgage lending policy. The real estate market of Hong Kong for 2020 will depend entirely on the protest, and it is something that one cannot predict.
3. The rental units in Melbourne and Sydney still a solid play:
In many Asian-Pacific markets, the rental yields have been pretty disappointing. The properties in Japan are around 2.4% YoY and it is not much during inflation. Other equally poor numbers have found in Singapore (2.5%), and Taiwan (2%). However, the property price in Australia has recently stagnated and at many centers, the rental yields are pretty high. Brisbane homes are providing 5.3%, along with Adelaide at 5.4%, Hobart is at 6.5%, Canberra and Darwin have yielded below 6%. Therefore, in 2020 the Australian rental markets will remain strong and there will be growing as well.
With the above-mentioned information, you have a clear image of the global market trends and the decrease and increase of the home prices of the countries as well. Quite naturally, it would be easier for property buyers and sellers to arrive at decisions regarding real estate dealings.