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How Covid-19 Has Reshaped Real Estate and Housing Prices Worldwide
Posted
May 6, 2021
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2:00Now PlayingThe retreat from major cities has been the pandemic’s big real-estate story — but that doesn’t mean metropolitan house prices have suddenly got cheap.
From New York to London to Sydney, ultra-low interest rates and vast government fiscal support have limited distressed sales. Still, apartment rents have plummeted and suburban bidding wars have erupted as millions of workers have learned they can work from anywhere.
Rents are where the Covid-19 effect is most obvious. Widespread job losses in fields like hospitality mean big groups of renters simply can’t afford to pay what they did previously. International students are gone. Young people have moved back in with parents.
And at the upper end of the market — where the biggest price falls have been — wealthier renters have opted not to stay in virtually closed cities.
When it comes to buyers, whether mass-market or prestige, people want space. And many white-collar workers are prepared to bet they won’t have to be in the office full-time again. So areas that once seemed a little too far away — whether in the suburbs or even farther afield — are booming.
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