Business
Urban Resurgence: Homebuyers Return to City Centres as Pandemic-Era Preferences Shift
The desire for apartments near green spaces seems to be fading due to the pandemic, leading to a surge of prospective homeowners gravitating towards urban hubs. This trend is noticeable in major cities across the UK and Australia, and also in denser cities such as Singapore and Hong Kong.
Liam Bailey, partner and global head of research at Knight Frank, acknowledged a notable migration from cities and metropolitan areas during the Covid period. He shared that their observations indicated that city markets considerably lagged behind suburban and rural markets from 2020 to 2022. However, starting from mid-2023, city markets started to bounce back and attract more buyers, primarily due to job opportunities and convenience.
The purchase of houses close to contemporary amenities and workplaces signifies a resurgence of routine following the disturbances induced by the pandemic.
Bailey predicts that based on current patterns, top urban markets are expected to surpass other regions in the coming years.
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