News Formal

Shoebox apartment market down on recession shakeout

  • 📰 BusinessTimes
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 51%

United States News News

United States United States Latest News,United States United States Headlines

DEMAND for shoebox units in the primary market fell in the first eight months of 2020 from a year ago as pain from unemployment and wage cuts for the usual buyers of such small, private homes came up against fewer choices amid weaker supply. Read more at The Business Times.

Still, taken together, the proportion of small homes in the primary and secondary markets as a proportion of all non-landed private homes transacted eased from 12 per cent in Jan-Aug 2019 to 10 per cent in Jan-Aug 2020.

Meanwhile, with economic headwinds prompting some companies to cut salaries and trim their headcount, the rental market could take a hit in the near term, which in turn may affect leasing demand for shoebox units. Analysts said small units in well-located projects will remain attractive to selected buyers, such as singles and young couples, given their relative affordability.

Even though interest rates have been slashed, prospective buyers of small units are unlikely to be looking at larger units as affordability remains a key criteria for them, analysts said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 15. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Addvalue's private placements issued at lower than market price prompts shareholders' queriesMAINBOARD-listed Addvalue Technologies is in favour of raising funds through private placements given that it is faster and more certain than a rights issue unde the current 'challenging capital market conditions aggravated by the Covid-19 pandemic'. Read more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »