Glass buildings in Almaty, Kazakhstan. Photo taken by AIRINC Surveyor Oscar Rasson.
Due to limited supply, rents have risen steadily despite a brief slump at the beginning of the COVID-19 pandemic. Supply is not expected to increase significantly until 2022 at the earliest. Demand for rentals in smaller towns outside of Cologne increased over the past year in response to rising rents and low supply in the city center.
Rents decreased moderately at the beginning of the COVID-19 pandemic but increased during the second wave due to high demand from returning Kazak expatriates. Suburban compound houses have been in great demand as they provide more space and fresh air than city flats and rents for these homes have risen sharply.
Seoul, South Korea
While demand has been stable, supply is down, and rents have risen in response to government efforts to slow speculation in the housing market. These efforts include a higher real estate tax on owners of multiple properties. In response, many owners have decided to sell off their rental units or to raise asking rents to offset their higher tax burden.
Data Points Q4 2020: Expatriate Trends & Survey Data Highlights
The above excerpt is taken from AIRINC's quarterly newsletter, Data Points, bringing you the latest updates from our Housing, Goods & Services, and Tax departments. January 2021's edition also featured:
- 24 Currencies showing 3-month exchange rate fluctuations of more than 5%
- Goods & Services inflation higher than 5% for 6 months in Argentina, Turkey, and India
- Tax updates along with global COVID-19 individual income tax responses
- Rents dropping in London, Kiev, and Chengdu
- ...and more
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