Reopening gives property buying a boost

Business | Winnie Lee 22 May 2020

Knight Frank saw sentiment for buying property in China, France, Portugal and Switzerland rise in May as economies reopened.

In China, property sales continued to recover from a low of 22 sales on February 8 to almost 5,000 sales on May 11, aside from a dip due to the public holidays around Labour Day. This is broadly back to levels seen in December 2019.

Nonetheless, some European housing markets are in the process of normalizing, with viewing and transactions now permitted in Britain, France, Spain, Portugal, Switzerland and Germany.

In prime residential markets, the Paris prime price led for 2020 with expected growth of 7 percent.

Miami and Berlin were set to see rises of 5 percent, and prime price growth of 4 percent was expected in Geneva and Sydney.

However, in the British market a decline of 7 percent in property prices and 5 percent in prime London and regional prices will be felt through 2020. Much of this decline had already taken place between March and May.

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