This past year, many companies have been presented with a pandemic-produced opportunity to relocate their office. Due to the attractiveness of remote work, cost of office spaces, and other factors, office relocations seem to be more popular than ever.
A Selection of AIRINC Research Results This quarter’s cost of living research was conducted primarily in Europe, Asia, and mainland Southeast Asia.
AIRINC’s global research methods were defined over 60 years ago. I am so proud of the thoughtful adaptations that we have made to our data collection and development to reflect the world that we live in today. This is a concerted effort that is weighed heavily and reviewed often.
AIRINC Housing Update: Below are select snapshots of rental markets around the world. These updates are taken from AIRINC's on-site surveys conducted during the first quarter of 2021.
In late August, Turkey increased a special consumption tax known as Özel Tüketim Vergisi (ÖTV). The tax primarily relates to imported luxury goods, which includes imported cars. The tax was first introduced in 2002. However, it increased in recent years due in part to Turkey’s economic downturn.
Rents dropped in Dublin in the wake of COVID-19. Supply increased as assignees left the city and new rental stock entered the market. The collapse in tourism has forced owners of short-term Airbnb properties to shift to the long-term market, further increasing supply.
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.
The Australia budget was postponed to October due to the COVID-19 pandemic. Retroactive to July 1, 2020, the income tax schedule was favorably adjusted, the low income tax offset increased, and the low and middle income tax offset (set to expire) was retained. The net effect is a decrease in income tax for all taxpayers.
COVID-19 has been a disruptive element in all sectors, upending societal norms and fundamentally reorganizing economies. While some of these changes are temporary, others may endure past the end of the pandemic.
Data Points brings you the latest updates from our Housing, Goods & Services, and Tax departments. These highlights are based on our expert international surveys, which are conducted on location by our global data collection team.