Overseas Property Exhibitions Update | Week Ending 5th March 2023

Exhibitions Update

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After five weeks of rising exhibition numbers, Hong Kong saw fewer than 20 exhibitions for the first weekend in March. Many agents were busy with the Berkeley event that is happening over two weeks and now drawing to a close, so numbers should pop up again this coming weekend.

In what has been the most predictable sentence over the last 3 years, the UK has led the way for exhibitions numbers, once again over 50% of the share. Exhibitions swung back London's way, with most featuring property from the capital. That brings the yearly share to almost 40% for London - 50% having featured a project in zones 1 or 2.

Australia, with projects in Brisbane, Sydney and Melbourne, was the best of the rest ahead of Cambodia, Thailand and Vietnam.

In the News?

[UK] Outlook for?prime central London property market in 2023 ?appears rosy

• The prime central London segment of the market outperformed the wider UK property market in the fourth quarter of 2022 in the face of some particularly challenging economic headwinds
• Another key factor that insulates the PCL market is the lack of supply. A shortage of stock continues to drive competition among buyers, particularly in the super-prime market.

[UK] Zoopla?House Price Index [FEB]

• Annual house price inflation slows to 5.3% from 8.6% last year.
• Market on track for soft landing with modest 5% falls and 1m sales for 2023

[GL]?Most Expensive Properties in the World : A look at real estate purchases made by HNIs last year

• The record-breaking sales are testament to the enduring popularity of luxury real estate as a safe storage of wealth.

[UK]?Strong Rental Demand & Growth Continues Across UK ?Amidst Headwinds

• Demand for rental homes in UK shot up by 23% as rents hit record high in the last year. Research has shown that the number of people enquiring about homes to rent is up by nearly a quarter, piling more pressure on an oversubscribed market and pushing record private rents even higher.
• Currently, the UK will need nearly 230,000 new rental homes to avoid a shortfall if the current growth in demand continues. This persistent shortage of new housing, adding to soaring house-price growth, have forced many people to rent for longer.

[AU] Why US-style rent controls are?not the answer to Australia’s housing crunch

• Rental markets around the country are extremely tight, with vacancy rates nationally sitting at just 1.6% – but calls for price controls won't solve the problem.