If you’re looking for the latest news in the property world, you’ve come to the right place. We have a wide range of property news to suit your interests, from Hong Kong’s booming real estate market to the arrival of Coworking spaces in self storage properties. You can also find out about the latest developments in the UK property market, from the sale of country houses to the emergence of self-storage units as new office spaces.
Hong Kong’s real estate industry
The government has stepped in to reform the electoral system in Hong Kong, which will give more powers to the Legislative Council. The election committee will now have a diverse makeup of representatives from various industries, including the real estate sector. But this doesn’t necessarily mean that the industry will have fewer seats in the committee. Several factors will affect the composition of the committee, including the process for selecting committee members.
The changes are meant to limit the influence of large conglomerates.
First, the monopoly of Hong Kong’s real estate industry makes it difficult for smaller firms and individuals to compete. The large real estate agencies in Hong Kong have centralized property databases that are comprehensive, but closed to small firms and individuals. Secondly, these databases are so extensive and closed that it is impossible for smaller firms to compete with them. Furthermore, small firms can’t negotiate deals with more than three districts and can’t get access to their information from the big agencies.
New York City’s new real estate “normal”
Since the COVID-19 pandemic hit the city in late March, New York’s real estate market has gone into a kind of coma. Since that time, all physical showings of Manhattan real estate have been prohibited by New York State. But that has not stopped deals in the works before the pandemic hit, and New York banks are still funding mortgages and resolving other issues.
In November, Brooklyn saw the most new lease signings, more than doubling their previous annual rate. In the month of February, the number of new leases signed increased to its highest level in more than 12 years. Months of inventory fell to their lowest point in nearly four years. The number of two-year leases also hit a new high. The state of the market is still far from normal, but it seems that prices are beginning to recover.
Coworking spaces in self-storage properties
Setting up a coworking space in a self-storage property can be an extremely profitable business opportunity. Self-storage properties can provide many advantages to entrepreneurs, including a stimulating and central location. While a coworking space is generally not as costly as setting up an office, it should be noted that the fees charged are usually calculated per sqft. Because of the limited space for storing inventory, private rooms do not provide sufficient space. If a coworking member needs to store inventory for a few months, they should opt for self-storage facilities that allow month-to-month rentals. Entrepreneurs can take advantage of this flexibility to keep their inventories in storage, which may not be necessary all the time.
While many people are hesitant to use self-storage units as a workspace, many business owners have already made the move. Many self-storage companies now offer commercial workspaces that can be rented for a small fee. In some cases, these spaces are equipped with Wi-Fi, restrooms, and conference rooms. The downside of self-storage spaces for business owners is the cost; they may not be ideal for marketing and sales, but they do provide a more affordable, flexible alternative.
Country houses for sale in the UK
English country estates, which are available for sale, range from handsome Queen Anne halls to picturesque Cotswold stone mansions. We’ve already talked about castles, cottages, townhouses, and other properties with a country-house feel. What’s next? Why not try a country estate yourself? The stamp duty holiday is extended until June 2021, which makes buying a country house a great opportunity for a working-from-home lifestyle.
Some of the finest country houses for sale in the UK have been featured by the country property magazines in recent weeks. One such property is Number 5 Claredon Crescent in Leamington
Spa, a six-bedroom Regency house with unrivalled coastal views. Another is the Grade II listed Regency house at Number 5 Claredon Crescent in Leamington Spa. While not quite as grand as some country estates, this property is situated on one of the town’s most sought-after streets.