Overseas Property Exhibitions Update | Week Ending 12th February 2023

In this edition:

• Weekly update?
• In the news - UK / AU / Asia Property Updates

Exhibitions Update

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A slight uptick in the number of projects on offer in Hong Kong this week - up to 16. Whilst the UK took the top spot, its share dropped to 50% as similar number of projects were in the market for the second weekend in February. Locations were spread across London, Manchester, Birmingham, Liverpool and Sheffield as the number of cities offered in the UK continues to consolidate. Over the last 90 days, London, Manchester and Birmingham have seen 80% of all exhibitions for the UK.

Japan saw a number of projects in the market as Hong Kongers have been travelling to the country in droves now that borders are more or less open again.?

Cambodia, Vietnam and Australia were also in the mix. Exhibition numbers are definitely on the decline; progressively exhibitions and demand is more topic based rather than project based. For projects to be successful in Asia, there is a growing need to spend time in the market rather than time the market.

In the News?

[AU] Corelogic Monthly House Chart Pack

• 12 month house price growth: -7.2%
• Annual growth in rent values eased slightly in January, to 10.1%
• CoreLogic estimates that in the 12 months to January, there were 500,550 sales nationally, down -19.1% compared to the previous year

[HK] Bye to the West? Hong Kong Monetary Authority eyes Middle East bonds and investment,?banks on Gulf states’?need to diversify risk amid tensions

• Deputy CEO of city’s de facto central bank cites exchanges on recent trip to region, says there is keen interest in financial hub
• He touts Hong Kong’s fertile, mature ground for bonds, and standing as best location for foreign businesses eyeing mainland China investment

[SG] Evolving demographics of?international property investors in Singapore

• Sales caveats lodged with URA as at February 2 indicates that foreign buyers made up 19.7% of total sales for condominiums in 2002; increased to 23.9% in 2012 but dipped slightly to 22.4% last year.
• The initial implementation of the ABSD in 2013 had minimal impact on the popularity of Singapore residential properties among foreign buyers, who purchased 25.5% of all condominiums sold in 2013, up from 23.9% in 2012
• The nationalities of top five foreign buyers of Singapore residential properties have seen few changes in the last 20 years. Malaysia, Indonesia, China and India are consistently in the top five list.

[IN] Top international cities for?Indians looking to buy a home abroad

• Cyprus is becoming an increasingly favorite destination for Indians looking to invest in real estate abroad due to its taxation and other policies.
• United Kingdom: The UK is a destination that is popular among Indians looking to buy homes abroad.
• United Arab Emirates (UAE): Dubai and Abu Dhabi in UAE are popular destinations for Indians looking to buy homes abroad, due to their strong economies and high standards of living.

[AU] International students in Australia face?accommodation crunch and soaring rents

• International students are starting to flood back to Australia
• In Sydney, average weekly rents per property have increased 11 per cent in the past year to A$679 (S$624)
• Purpose-built student accommodation around several major universities in Sydney, Melbourne and Perth is already largely full, particularly in inner-city areas.