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Because there’s no reason for prices to drop yet. There’s 3 issues. Foreigners buying houses. Locals buying multiple properties. And supply. 1 of those issues
by philliphaydon 5y ago
Because there’s no reason for prices to drop yet. There’s 3 issues. Foreigners buying houses. Locals buying multiple properties. And supply. 1 of those issues is resolved.
The government promised 10k houses. It’s done something like 500? There’s no houses on the cheap for people to buy to push prices down. But many people trying to buy and rent that sellers and landlords are upping prices.
Atleast locals will haggle a price. The foreigners buying were paying above market prices despite never setting foot in the country.
- sacrosancty 5y agoNo, it really was locals buying a house. Of course there are now more locals than before, and I think our lifestyle has us less willing to share houses, and construction and relaxed zoning lagged, but it's still locals pushing up prices. If we weren't so obsessed with having our own little castle, we would buy apartments or rent instead. Everyone does still live somewhere, it's just often not as luxury as they desire so they want to pay more for more luxury. No cheap houses to push prices down? That doesn't make sense. Prices are falling now, so houses are getting cheaper.