House prices around the world rise in 2020 despite pandemic
- 3 years ago
한국만 미친 집값?... 코로나 확산에도 세계 부동산 시장 후끈
Around the world, the pandemic has taken away people's livelihoods and devastated local economies.
But stocks are soaring, and as our Eum Ji-young reports, so are home prices.
Chris Shreeve, a prospective home buyer in the U.S., was told by his real estate agent that 25 offers were made within a day for some of the properties he had his eye on.
"I don't know that it's even worth us going and looking at it because there's no way that the list price is going to be the end sale price."
Over the course of 2020, COVID-19 has brought the world economy to its knees but the real estate market has been booming in most middle- and high income countries.
Since July, new home sales in the U.S. have ranged between 38 percent and 48 percent higher on-year.
Analysts say cheap mortgages have sparked soaring demand for property.
It's not only the desire for more space, but demand has been fueled by more people working from home,… often outside big cities.
"The telecommute option is opening up areas that people would have no longer are, not no longer, but they wouldn't have thought about going 30 miles away because that's going to be an hour into their work."
House prices in other major economies have spiked compared to the same period last year with New Zealand posting a 15-point-4 percent jump in the third quarter.
South Korea's house prices in December recorded their highest on-year increase in 14 years,... up roughly 8 percent.
In Seoul alone, apartment prices in December soared by around 13 percent on-year.
Along with home purchases, nationwide rent prices also jumped more than 6-point-5 percent on-year,... the biggest increase in 9 years.
As part of efforts to deal with the national outcry over the soaring cost of rent, South Korea is buying vacant hotels and offices and renovating them into studio apartments that can be rented out.
Also, the South Korean government plans to supply 114-thousand rental homes across the nation over the next two years in a bid to bring down the cost of leasing a home.
Eum Ji-young Arirang News.
Around the world, the pandemic has taken away people's livelihoods and devastated local economies.
But stocks are soaring, and as our Eum Ji-young reports, so are home prices.
Chris Shreeve, a prospective home buyer in the U.S., was told by his real estate agent that 25 offers were made within a day for some of the properties he had his eye on.
"I don't know that it's even worth us going and looking at it because there's no way that the list price is going to be the end sale price."
Over the course of 2020, COVID-19 has brought the world economy to its knees but the real estate market has been booming in most middle- and high income countries.
Since July, new home sales in the U.S. have ranged between 38 percent and 48 percent higher on-year.
Analysts say cheap mortgages have sparked soaring demand for property.
It's not only the desire for more space, but demand has been fueled by more people working from home,… often outside big cities.
"The telecommute option is opening up areas that people would have no longer are, not no longer, but they wouldn't have thought about going 30 miles away because that's going to be an hour into their work."
House prices in other major economies have spiked compared to the same period last year with New Zealand posting a 15-point-4 percent jump in the third quarter.
South Korea's house prices in December recorded their highest on-year increase in 14 years,... up roughly 8 percent.
In Seoul alone, apartment prices in December soared by around 13 percent on-year.
Along with home purchases, nationwide rent prices also jumped more than 6-point-5 percent on-year,... the biggest increase in 9 years.
As part of efforts to deal with the national outcry over the soaring cost of rent, South Korea is buying vacant hotels and offices and renovating them into studio apartments that can be rented out.
Also, the South Korean government plans to supply 114-thousand rental homes across the nation over the next two years in a bid to bring down the cost of leasing a home.
Eum Ji-young Arirang News.