2017 As The Year Of Uncertainty In The Property Market

Location is usually the main factor considered when choosing a Luxury House in Phatthanakan because some prefer to live away from the city while others choose to be close. For some of the high-end home buyers, nice views are important but others prioritize convenience, privacy and comfort. There are other factors to reckon with like the number of bedrooms and baths and the size of living and dining space.

For the year 2017, the global luxury real estate market has to face several challenges. In London, Brexit has certainly created a lot of issues that resulted into an unpredictable market. In the United States, a new president was elected with a new tax plan in the works to influence how people decide to invest their money.

According to Jeremy Stein of Sotheby’s International Realty, 2017 is a year of uncertainly for the real estate industry which is not really a good thing. Although Mr. Stein was talking about New York, his comments can be applied to other cities all over the world. As of September 2017, Mr. Stein said that luxury home buyers have come to an understanding that uncertainty is the new world order. Investors have started to be comfortable with the uncomfortable so that they started buying properties without any assurances for the future.

Many notable transactions have been brokered in 2017 which are in defiant of external influences. In New York City where there is a wealth of inventory but small demand, sellers were willing to slash prices. Manhattan’s luxury real estate prices dropped with the median resale value of luxury homes dropping 2% year-over-year to $4,317million, the lowest level since 2014.

A 2-unit spread at Trump Towers experienced a 31% price cut in November.  A Plaza Hotel apartment that was listed last November for $25million was offered with 50% discount from the original asking price in 2014.

Some of the reasons why you should consider investing in Luxury House in Phatthanakan include ease of access to the expressway, BTS and airport link. Besides that, major project developers continue to view the luxury property market as one with excellent growth opportunities.

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