Real estate market conditions
In the US and Europe, demand sharply revived and property prices rose. Lots are leaving faster, the supply deficit has worsened. People buy housing in the suburbs of megacities and even in the outback.
Due to limited supply and growing demand, home prices around the world have hit a record high in 13 years.
In fact, this is confirmed by the global house price index from the IMF, which monitors the situation on the housing market in 57 countries. The index has already surpassed the previous peak in 2008.
Oxford Economics also estimates that house prices have risen more than 10% year on year in many large countries.
Country houses and summer cottages are in no less demand than urban residential real estate. According to a report by the National Association of Realtors in the United States (NAR), in 2020 the volume of such sales increased by 16% over the previous year. This trend has shifted into 2021 as well, with sales up 33% year-over-year through April.
54% of residential buildings were sold at a price higher than their asking price, which is a record high.
There are crazy facts behind these numbers: in order to purchase a home, clients are ready to go to almost anything. For example, offer $ 1 million more than the advertised price, or pay hundreds of thousands of dollars to competing customers to withdraw their bids.