Apartment rents in major global metropolises such as New York, London, San Francisco, and Sydney are crashing. Financiers see it as an effect of COVID and mass migration away from the cities!
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Apartment rents in the world’s expensive metropolises are crashing!
Apartment rents started to fall sharply during the pandemic. This is mainly due to employers’ decision to work from home and the absence of students due to distance studies. That is why in major metropolises we can observe the effect of migration from the center to the surroundings of these cities.
Data d.o.o. offers supports foreigners with their business in Slovenia. We offer company registration and professional accounting services. We also have legal advisors, who help you with the aspects of business Slovenian legislation. They also explain the responsibilities of a procurator. Also, you can follow us on Facebook.
Are you considering to open a company in Slovenia and to buy a real estate? Apply also for our free webinar on this topic here:
Abroad, they use this situation to demand lower apartment rents!
Property markets in major cities are in a situation where supply is also three times higher than usual and unit prices are between 10% and 30% lower. On the contrary, the peripheries of these cities encounter the reverse effect. Experts observe this as changing the functionality of major cities in the modern economy.
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What about Slovenia? Taxation is tragically even higher this year!
Rents of dwellings usually follow property prices in our country. However, house rents are still higher in our country.
In the second quarter, there was no general decline in property prices. Back then new real estate was on average more expensive by 7.1% and the old by 1.4%. The prices of new dwellings as well increased by 7.5% and the prices of old dwellings by 1.6%. The total value of all residential real estate sold in Slovenia was EUR 229 million in the second quarter, while in the first quarter of 2020 it was EUR 288 million. However, real estate sales, especially new ones, have declined significantly.
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