In Britain, Halifax Bank, a specialist in mortgage loans in Britain, says in a recent report that British house prices rose on average by 7.5% in October, benefiting from the return of demand after the isolation and economic closure in the second quarter of the year.
Halifax Bank CEO Russell Galley says that the demand for large housing is driving the real estate market.” Galley also expects real estate activity in Britain to maintain price stability in the coming year.
But London real estate agency Zubla expects British home sales to fall by 15% by the end of this year compared to sales carried out in 2019.
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Although London will permanently leave the European Union and become an independent country in terms of investment, trade, and immigration procedures, luxury London neighborhoods such as Mayfair, Belgravia and Chelsea continue to charm the wealthy from around the world who want a distinctive address for themselves and their business.
According to investment experts, the future of Britain’s real estate will depend on its ability to build successful business partnerships after the final exit from the European Union, as well as on the quality of commercial space and the ability of the London financial district to adapt to Europe.
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So far, London has lost many of the foreign banking units that were revitalizing the luxury sector in central London.
In terms of US and Canadian cities, the Knight Frank survey predicts an increase in demand and prices for Miami and Vancouver housing. The survey expected prices and demand to rise 3% in Vancouver and 4% in Miami.
Real estate experts have noted that major American cities have suffered this year from the emigration of the wealthy due to racial turmoil, and fears of political chaos. The US elections will follow, as will the search for the wealthy to hide in isolated areas and islands away from the Corona pandemic and its rapid spread in crowded cities.
In California, San Francisco, and Los Angeles real estate was hit by high taxes, as some wealthy people fled to states with lower taxes on wealth. And ultra-luxury real estate has seen a noticeable decline. Except for Hollywood real estate which attracts the wealthy because of movie stars, luxury real estate recorded a decline.
Despite the decline in prices and demand in New York City, the New York countryside recorded a rise in demand and prices, especially in areas such as the upscale Hampton and the Townhouses housing sector in Brooklyn.
Prices for large homes ranging from $5 million to $9.9 million also rebounded in Brooklyn. Perhaps the search for some investment managers in “Wall Street” to buy a large residential property that provides housing and has ample office space, was behind the revival of the home market.
