Business
Urban Revival: Homebuyers Return to City Centres Amidst Waning Pandemic Influence – A Global Shift Noted in UK, Australia, Singapore, and Hong Kong
The allure of urban living is attracting homebuyers amid a decrease in the pandemic-driven demand for apartments near green spaces. This trend is noticeable in large cities throughout the UK and Australia, as well as in densely populated cities such as Singapore and Hong Kong.
Liam Bailey, a partner and the head of global research at Knight Frank, indicated that there was a notable move away from metropolitan areas during the Covid era. He observed that urban markets didn't do as well as suburban and rural markets from 2020 to 2022. However, since mid-2023, city markets have seen a resurgence as they began to attract more buyers due to job opportunities and convenience.
The trend of purchasing properties close to contemporary amenities and workplaces signifies a shift back to regular life following the upheaval caused by the pandemic.
Based on the ongoing pattern, Bailey stated that "prime urban areas are expected to surpass [other regions] in the coming years".
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