Nordic Property News looks at the property market in Scandinavia. Patrizia has acquired residential properties from Aros for SEK 3.6 billion. Nordic Property News speaks to Johan Lagerdahl, Head of Asset Management at Patrizia in Sweden. Johan explains the value of the deal. He says Nordic property investors need to be aware of the opportunities and risks of coworking spaces. The Swedish market is undergoing some changes. Here are some interesting trends he’s tracking.
Nordic Property News
Nordic Property News is a free monthly publication distributed to more than ten thousand people across the Nordic region. Its parent company, Fastighetssverige, is the largest property developer and society builder in the region with 25 000 subscribers. This edition focuses on the real estate market. Read it to stay up-to-date on developments in the industry. Here are a few highlights from this issue:
Hong Kong’s property industry
In a recent report, Knight Frank predicted that the property market in Hong Kong would gradually begin to recover in 2021 and 2022, boosted by increased cross-border travel and retail activities. But total transactions will remain cautious despite increasing corporate activity, a report from JLL found. According to the report, prices in the primary market could rise by just 1% to 2% in 2021.
Meanwhile, the price of luxury properties is likely to increase by 5% to 7% in 2022.
Coworking in self-storage properties
Coworking in self-storage properties is an increasingly popular option for entrepreneurs, especially if they’re new to the space. Many people are turning to coworking as a means to be flexible and save money. Self-storage units can provide the storage needed for important documents and inventory while entrepreneurs continue to develop their businesses. However, there are pitfalls to avoid when setting up a coworking space. Read on to find out how to avoid making the same mistakes.
In case you haven’t heard, the building that once housed Cobblestone’s is back on the market. Rock Commercial Real Estate has listed the building at 205-209 S. George St. and a prospective buyer was unable to raise the funds necessary to buy the property. As a result, the prospective buyer and the company decided to part ways. The Cobblestone property news site is a great source for information on the current state of the housing market in this neighborhood.
The latest Chelsea property news revolves around a new development in the neighborhood. A former health center will be turned into a nine-story hotel near Union Square. At the same time, 17 apartments in Chelsea have hit the housing lottery, making them unaffordable for low-income residents. The West 20th Street carriage house has a private garden, a gas fireplace, and sixteen-foot ceilings in the living room. Another development will turn the old Union Square Coffee Shop into a Chase Bank.
Cobble Hill property news has been improving recently. Compared to last year, the median sale price of homes in the Cobble Hill community has increased by 27.3%, and it only takes 36 days to sell a property, compared to 112 days last year. In addition, the number of homes on the market is down from 48 to 44 this month. This trend suggests that home sellers are able to get top dollar for their properties.
A recent report reflects sales contracts signed during the COVID-19 lockdown and those signed after. The report found that the number of sales in the Manhattan market fell by nearly half, with the largest annual decline among smaller apartments. Overall, the pace of sales in the quarter was the slowest since 2009, with the lowest number of new lease signings. The median rental price fell year over year, but it reached a new high for the starting-single market segment.