In recent months, several major oil companies expanded their offshore drilling operations in Guyana to include neighboring Suriname. The entry into Suriname was facilitated by the country’s shifting political climate and the economic vulnerability triggered by the COVID-19 pandemic. With the sudden arrival of expatriates into the capital, Paramaribo, the housing market is already experiencing considerable strain.
Since March of 2020, more than 450,000 Australian citizens and permanent residents returned home on the advice of the Australian Federal Government. International travel was becoming increasingly complex and many countries established travel restrictions or closed borders.
Over the past year, the rental market in San Juan, Puerto Rico experienced a significant supply crunch of houses. Some of this supply crunch can be directly attributed to changing consumer desires during the COVID-19 pandemic. In cities around the world, demand plummeted for small apartments in city centers while it surged for houses in the suburbs with additional...
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.
Lebanon’s economy was struggling before the catastrophic explosion on August 4. Severe cash shortages, a widening gap between official and parallel market exchange rates, increasing poverty rates, high unemployment, and periods of high protest activity have impacted Lebanon over the past year. Inflation is high and many assignees have to use unfavorable rates when purchasing at least a portion of their goods.
