Real estate UK – the cheapest cost in the world

 Apartment in London Luxury prestigious index W9 £1300000

As is known, the continuously growing concentration of wealth in the world. Over the past five years the number of people owning a fortune of $100 million, has increased by a third. And in the next 10 years, according to forecasts, the number of people who possess “Ultra high net wealth” “High-net-worth individual” to grow 1.5 times. A distinctive feature of our time is that the concentration of super-wealth is shifted to the South-East. The number of super-rich in South and Central Asia increased by 200%.

In the world there are 4 cities where the lion’s share of real estate transactions involving the capital of super-rich people. This is new York, London, Hong Kong and Singapore. However, of these four cities, only property in London remains in a privileged position the most cheap costs for its purchase and maintenance.

New York has long been holding a palm of the high cost of maintaining real estate. But in recent years, Hong Kong and Singapore have made a number of changes to its legislation, significantly increasing the taxes paid by property owners. And only London, still left only stamp duty – stamp duty ( What is “Stamp duty” ) is the only fee that pays the person who has purchased property in London. The tax on immovable property from natural persons in the UK missing.

Hong Kong, in addition to increased taxes, introduced a number of rules regulating the real estate market. Sales of new residential properties in Hong Kong reached a record low in may after the introduction of the new rules governing relations in the residential sector of Hong Kong.

The new rules, which came into force at the end of April 2013, requires sellers to continuously update and maintain marketing materials related to the sale of residential property.

The main purpose of the new rules is to protect the interests of buyers by providing them with more accurate information and increase market transparency.

In anticipation of the introduction of new rules in April, the market felt a surge of sales, as many retailers have offered significant discounts to sell their items till the end of April, knowing that they do not have time to update the directories.

In may, only three residential projects offering less than 200 properties were available to buyers , as not all developers were able to prepare new marketing materials, which now must meet new strict requirements of the trade. Vitoge цифрымаяпродемонстрировалирекорднонизкиепоказатели.

Meanwhile, the market sentiment is not so bad, increased demand for cheap and medium-sized objects due to the easing of asking prices.

According to official data, approximately 13551 new facilities will be completed in 2013 and 15817 in 2014, and most of them are located in the new territories. According to forecasts, 67000 new housing facilities will be available within the next 3-4 years on average, this is 16750 – 23333 units every year.

Due to the fact that the real estate market we began to introduce measures tightening, the market sentiment is more cautious than earlier…. Analysts believe that in the coming months we should expect a drop in activity as the primary market and the secondary market. Sales of residential property in all sectors will fall from about 10% with 75000 to 70000 units. More resistant to the fluctuations of the market price range of luxury sales to fall by about 5%.

® Alice Morgan 14.06.2013