AMERICAN NATIONALIST issued the following announcement on June 16.
Real estate experts across the globe are confident in the residential property market, despite the current challenges it faces as a result of the coronavirus pandemic, according to a sentiment survey conducted by estate agency Savills.
With lockdowns now easing across a number of markets, listings, viewings, and sales are resuming, and the general sentiment across survey respondents is that things are looking positive—though the market has yet to fully recover, and pricing conflicts may emerge, Tuesday’s survey said.
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The survey was conducted between May 27 and June 2, and 41 responses came from markets within countries including: Australia, Bahrain, China, Croatia, England, France, Portugal, South Africa, Thailand and the United Arab Emirates.
A total of 78% of respondents said that “most or almost all” of the buyers in their regions are still looking for a new home, and 90% said sellers are still planning to part with their property. “This sustained level of interest from both buyers and vendors bodes well for the resumption of transactions as restrictions continue to ease,” Savills said in the report.
Just 10% of respondents reported an increase in new buyers compared to the same time last year, particularly in second-home and resort locations.
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On pricing, buyers and sellers have a differing opinion, the survey said.
Buyers are expecting a buyer’s market to emerge from the pandemic. In the survey, 78% of respondents said buyers were expecting prices to drop compared to pre-lockdown measures. Meanwhile, 78% also said sellers are expecting prices to remain the same.
The “mismatch in expectations has the potential to cause some friction and slow transactions in the coming weeks and months as buyers look for a bargain and vendors hope to get prices they were expecting from before lockdown,” the report said.
Original source here.
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