Dedicated property portal Propertynews has been around for 20 years and has over 12,000 properties on offer. With new features and a high volume of listings, it is the fastest site for property listings. Here are just a few highlights from the site:
New York’s housing market
Despite all the hype surrounding the hot housing market in New York, a recent report found that condominium agreements fell by 11 percent from last year to April of this year. In contrast, cooperative agreements increased by six percent. Co-ops, which are 85 percent of all the homes listed in New York City, can be had for 30 percent less than condominiums. The decline in condominiums’ share of the housing market could be attributed to incentives that have helped push the price up.
Regardless of the reason, a recent Forbes article stated that New York was undervalued by 10.4%. The credit rating agency Fitch used five economic metrics to determine values. Despite the high prices, New York is still a buyer’s market. In addition, the supply of housing in the city continues to outpace the demand, making it a buyer’s market for home buyers. Despite the high price tag, homebuyers with good leverage can find a great deal on a new home.
The state of New York’s housing market is expected to rebound in 2020 and 2022. Several industry experts predict that the state will begin to see a rise in property values in 2022. But the recovery is not a quick one. While the state has already begun to improve, it has a long way to go. Nonetheless, the housing market in New York will continue to be a hotbed of activity during the peak home-buying season, which will likely last for a few years.
Malaysia’s property market
With the recent introduction of fiscal reforms and the lifting of MCO, the Malaysian property market is expected to stabilize and rise again. While property prices have been locked down since the Covid-19 pandemic, the beginning of the NRP and robust vaccination rates nationwide have helped to restore consumer confidence and job security. However, the absence of substantial government incentives will continue to impede Property news. This means that creative marketing strategies will be necessary to attract buyers.
The Residential Real Estate Market in Malaysia is highly fragmented, making it more difficult for small businesses to compete. While large firms have financial strength and experience, smaller companies can compete successfully by developing local market expertise and leveraging on lower costs.
The MM2H programme is an attempt to address the problem of unsold high-end properties in Malaysia. However, it is unlikely to make a difference in the future because the supply-demand dynamics will remain the same. Until the supplydemand dynamic improves, the overhang in Malaysia’s property market will remain a persistent problem. The MM2H Programme is just one way to address this issue. However, the over-supply of high-end residential properties in the country will continue to plague the Malaysian property market for many years to come.
