Singapore’s expatriate rental market is relatively stable despite more assignee departures than arrivals. While supply is greater than demand, sources say most incoming expatriates want to live in apartments close to MRT and schools. Many landlords of desirable apartments can continue to charge listed rents for now.
Since the outbreak of COVID-19, the overwhelming majority of housing surveys I’ve conducted revealed similar impacts on expatriate rental markets. In countries all around the world, the sudden and significant decline in demand has either pushed prices down or allowed for increased negotiability from listing prices. However, there has been one notable exception to that trend – Turkey.
While many parts of the world are struggling to contain the COVID-19 outbreak, Wuhan is now back to business as usual. The lockdown was lifted in April and there have been no local cases since May.
While conducting housing surveys of South Africa in August, I was curious to gain a better understanding of the state of load shedding in the country. Back in May of this year, my colleague, Zach Rossignol, wrote about the scheduled blackouts as both a daily inconvenience and a hindrance to the South African economy.
In the bustling and colourful city of Accra, there is much to offer expatriates including a variety of recreation, shopping, and culinary exploration. While Accra has kept up with some Western customs, it lacks an abundance of Western clothing options.
In May 2020, I conducted a remote housing survey of Stockholm. I read extensively about Sweden’s herd-immunity approach to COVID-19 and how the government is not enforcing business closures.
AIRINC recently conducted rental market updates across Europe and Asia and, in many places, life was getting back to normal.
Due to COVID-19, many markets that have recently been driven by short-term lettings ala Airbnb have had to reverse course. The short-term rental markets in Prague, Dublin, Madrid, Barcelona, Reykjavik, and many others have transitioned back to long-term rentals as a result of closed borders and a drastic reduction in demand.
The impact of COVID-19 on the Beijing and Guangzhou rental markets is somewhat similar. When new international assignees were restricted from entering the cities, the demand for expatriate-quality housing dropped and rents became more negotiable, like many other large business hubs across Asia.