Seoul ranks as the top real estate market as Asia deals with Covid-19 pandemic
With Asian economies affected by Covid-19, South Korea has shown its ability to act swiftly to deal with the pandemic effectively. Now, a new report from Bloomberg has listed Seoul as Asia’s top real estate market.
Bloomberg reports that Seoul has completed approximately US$9 billion of office transactions so far this year. That figure puts Seoul ahead of Tokyo (US$7.7bn) and Shanghai (US$4.8bn).
Seoul’s real estate sales also led the way in Asia, surpassing Guangzhou and Tokyo. Across the country, South Korea completed a total US$6.8 billion in Q3 transactions, which meant a 22% increase against the third-quarter of 2019. The increase comes as deals in the Asia-Pacific region fell 38% in Q3, although that is a smaller drop than in the USA (-57%) and Europe (-43%).
168% increase in Taiwan
Real estate markets have been directly affected by the pandemic as lockdowns in Sydney and Melbourne saw Australia’s deals fall by 61% in Q3 versus last year. Taiwan, which has reported only 7 deaths caused by Covid-19 (as of 10 November 2020) and no local infections for over two months, has seen their real estate market increase in revenue by 168%.
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