Knight Frank-2021年全球买家调查（英）-9正式版

MovingplansWhatbuyerswantSecondhomesGlobalBuyerSurvey2021Howarebuyers’priorities,motivationsandattitudeschanging?GLOBALBUYERSURVEY2021GLOBALBUYERSURVEY2021WHATNEXT?KEYFINDINGSPENT-UPDEMANDSome20%ofrespondentssaytheyaremorelikelytomoveIsthepandemic-fuelledhousingboomlargelyspent,oristhereasecondwaveofdemandyettocome?KateEverett-Allenanalysesthisyear'ssurveyresults.inthenext12months*andcitiesarebackinfavourThepandemichasupendedhowwelive,whatwewantfromahome,howwework,andpromptedareassessmentoflifegoalswithmanyprioritisingabetterwork/lifebalance.SUSTAINABLELIVINGTheoptionofacheaper‘green’mortgagewouldpersuade22%ofbuyerstoimprovetheenergyefficiencyoftheirhomeAyearago,wetookthepulseofbuyers’attitudestogaugetheimpactofCovid-19onhousingdemandglobally,12monthsonthisreportassesseshowthatstoryisevolving.Arethechangeswe’reseeingpermanent?Forthosethatchosetomovehome,whataretheirprioritiesnow?Howdotheperspectivesofbuyersdifferaroundtheworld?Ofnoteisthedegreetowhichpent-updemandpersistsinsomemarkets.Almostoneinfiverespondentstellustheyhavemovedhomesincethestartofthecrisis,butofthosethathaveyettorelocateanother20%saytheyplantodosointhenext12months.FUTUREOFWORKSome29%ofrespondentsgloballyexpecttoreturntotheAboutthesurveyofficefivedaysaweekonceallrestrictionsendSomeareawaitingconfirmationofchangingworkpatternsbeforetakingthenextstep,othersarecommittedtobuyingtheirnexthome,beitaprimaryorsecondaryresidence,confidentoftheirabilitytoworkremotelyandsecureabetterlifestyle.TheKnightFrankGlobalBuyerSurveywasconductedbetween10Juneand22July2021.Thefindingsrepresenttheviewsofover900KnightFrankclientslocatedacross49countriesandterritories.Thedatabelowsetsouttheprofileofrespondentsintermsofage,income,locationandhomeownership.Withhealth,wellbeingandthegreenagendaattheforefrontofbuyers’minds,thisyearwehavetestedtheappetiteforenergyefficienthomes.Plus,werevisitatrendidentifiedin2020–theexodusofexpatriates–andlearnthatsome39%havepurchasedapropertybackhomesincethestartofthepandemic,butperhapsmostsurprisingly,nearlytwo-thirdsplantoworkabroadagainoncethecrisisisover.FIG1.AGEOFRESPONDENTS%ofrespondentsFIG2.WHERERESPONDENTSCURRENTLYLIVEFIG4.WHATISYOURAPPROXIMATEHOUSEHOLDINCOMEPERANNUM?SECONDHOMESPent-updemandisbuildinginthesecondhomemarket,22%saytheirpurchaseplanshavebeendelayedbythepandemicUS$ACITYTOWNRURAL/VILLAGEOTHER17%ꢃ%<50,00013%12%50,001-75,00075,001-100,000100,001-150,000150,001-200,000200,001-500,000500,001-1mFinally,ourglobalpropertyexpertsgiveusthelowdownonthebuyertrendsintheirregion,howtheiraspirationsarechanging,andwehandpickfivetrendsthataresettoinfluencefuturedemand.16%ꢀꢁ%ꢂꢂ%9%11%FIG3.HOMEOWNERSHIPBREAKDOWNPRICEEXPECTATIONSSome64%ofrespondentsexpectthepriceoftheir17%%7ofre7sponde%nts23%rentSTAYINFORMED8%primaryresidencetoincreaseinthenextyearown*SignuptoourResearchupdates.1m+6%*Withmortgageoroutright*Excludes19%ofrespondentswhohavealreadymovedThroughoutthereportfiguresmaynotaddupto100%duetorounding23GLOBALBUYERSURVEY2021GLOBALBUYERSURVEY2021MOVINGPLANSThe‘raceforspace’hasgrabbedheadlinesgloballybutcitieslooktobemountingacomebackGlobally,19%ofrespondentshavemovedhousesincethestartofUpsizinganddivorcewerecitedasotherreasonsformoving,butforsomethedecisionwaspurelyfinancial,actingearlytosecureamortgagebeforetheirincomeswerehitbyfurloughorsalarysacrificeschemes.FIG8OFTHOSEPLANNINGTOMOVEINTHENEXT12MONTHS,38%AREMOREINCLINEDTOBUYINACITYQ.Ifyou’remoreinclined,whereareyoulookingtomoveto?thepandemic,thisfigurerisesto25%inAustralasiaandNorthAmerica.CITIESSUBURBSRURAL/VILLAGELOCATIONABROAD/OVERSEASWithstrictlockdownsimposedinmostmarketsoverthelast18monthsitisnosurprisethatmorespacewasthetoppriorityforbuyers–22%saidTAKEAWAYOfthosethathaveyettomove,20%saytheyaremoreinclinedtodosointhenext12months.Ofthosethathaveyettomove,20%saytheyaremoreinclinedtomoveinthenext12months.Perhapsmostsurprising,istheextenttowhichcitiesarebackinfavour.Globally,ofthoserespondentsthataremoreinclinedtomoveinthenext12months,38%arelookingatacitylocation,while33%areconsideringthesuburbs.38%33%15%13%moreoutdoorspacewasthekeyOther1%motivationbehindtheirmove,19%saidindoorspacewasthecriticalfactorbuttherewereregionalvariations.WithurbanlivingaparticularaspirationforbuyersinAsiaandtheMiddleEastit’stobeexpectedthatthepopularityofcitiesisnotablyhighhere–ofthoseplanningtomoveinthenextyear,44%and50%respectivelyarelookingatacitybase.destinations:allmature,transparenteconomiesofferingstablepoliticalgovernance,agoodqualityoflifeandadvancedvaccinationprogrammes.Ofthoseyettomove,13%areconsideringamoveoverseaswithSwitzerland,FranceandtheUKthetopthreepreferredInAsia,indoorspacewasagreatermotivation,inEuropeandAustralasiaoutdoorspacewasthebiggerdriver.FIG9.OFTHOSEYETTOMOVE,13%ARECONSIDERINGAMOVEABROAD/OVERSEASFIG5.19%OFRESPONDENTSHAVEMOVEDHOUSESINCETHESTARTOFTHEPANDEMICFIG6.OFTHENON-MOVERS,20%Q.Ifabroad/overseas,towhichcountryAREMOREINCLINEDTOMOVEINTHEorterritory?NEXTYEARQ.HaveyoumovedhousesincethestartofQ.Areyoumoreinclinedtomovewithinthenext12monthsasaresultofthepandemic?thepandemic?1SwitzerlandFrance19%Ye

s234520%15%UKMORELIKELYLESSLIKELYAustraliaNochange:66%FIG7.OUTDOORSPACEWASTHEKEYMOTIVATORUnitedArabEmiratesQ.Whydidyoumove?%ofrespondentsMoreoutdoorspace22%Moreindoorspace19%Changeofcountry/city9%8%8%7%6%Benearerfamily/friendsMovetoacitycentre/downtownlocationLISTENTodownsizeSubscribetoourIntelligenceBetteramenities(schools,gyms,parks)MovetothesuburbsTalksPodcast4%Other16%45GLOBALBUYERSURVEY2021GLOBALBUYERSURVEY2021WHATBUYERSWANTSUSTAINABLELIVINGThekeymotivationbehindtheirnextpurchaseprovidesaglimpseintoorveryimportant(42%)tothembutwhenaskedwhatwouldmotivatethemtobuyanenergyefficienthomeandtheresponsesaremixed.buyers’futureaspirations.Some35%ofrespondentssayupgradingthefamily’smainresidencewillbethekeyreasonbehindtheirnextpurchase,upfrom15%ayearago.Thepandemichasalsoshonealightonqualityoflife,forsomespeedingupretirementplans,andthisisreflectedinthedata–theproportionofrespondentslookingtodownsizeorretirehasincreasedfrom11%to15%inthelast12months.Alongsidefastbroadband,thesurveyrevealshealthandwellbeingareuppermostinbuyers’minds,withagreaterproportionlookingtoretireordownsizeThesurveyrevealsthat84%ofrespondentssaytheenergyefficiencyofafuturehomeiseitherimportant(42%)Some28%ofrespondentssaytheywouldbemorelikelytobuyanenergyefficienthomeiffutureenvironmentalregulationshadadirectimpactonitsvalue.Around27%wouldpreferagreenerhomeandwouldbewillingtopayapremiumforit,whilst22%considerthegreenfinanceelement,andtheprospectofcheapermortgages,amotivatingfactor.LessthanoneinfiverespondentssaidtheenergyefficiencyofahomewouldnotGFIG10.DETACHEDHOMESANDlobally,46%ofrespondentssaythey’remorelikelytobuyWhenaskedhowimportantkeypropertyWATERFRONTRESIDENCESINDEMANDfeatureswouldbewhenchoosingtheirnexthome,71%confirmedaccesstofastbroadbandwouldbemoreimportant.Nextcameahomeoffice(67%)aswellasspace(indoorandoutdoor)butviewsofnature(55%)andflexiblelivingspace(55%)alsorankedhighly.Q.Howhasthepandemicinfluencedthetypeofpropertyyouwouldwanttoliveininthefuture?adetachedhomeorvilla.Mirroringthetrendseenlastyear,waterfrontresidencesareinsecondplacewith42%preferringacoastalorlakesidelocation.TAKEAWAY%moreinclinedtopurchase...Environmentalregulation,anditsimpactonahome'svalue,wouldinfluence28%ofbuyerstobuyanenergyefficienthomeAsecondhomewillbethenextDemandforapartmentshasincreasedto19%from12%lastyear,thisislikelytoreflectdemandforlargermorespaciousapartmentsandpieds-a-terreincitycentrestouseasmid-weekbases.Theappetiteforskihomeshasalsoincreased.In2020,11%ofrespondentsweremorelikelytoconsideramountainbase,thisyearithasrisento18%withdemandamongstNorthAmericanandAsianbuyersabovetheglobalaverage.acquisitionfor13%ofrespondents,whilsttheproportionmovingfortaxreasonshasdeclinedfrom7%to3%inthelastyearbutaspolicymakerslooktoraisetaxesinanefforttopluggapsintheirfinances,weexpectthisfiguretorise.Detachedhome/villaIntermsoflocation,thefocusisonhealthandwellbeing.Proximitytogreenspace(68%),airquality(65%)andaccesstogoodhealthcare(57%)wereconsideredthefactorsrespondentsconsideredmostimportant.Theabilitytowalktoworkwasconsideredlessofapriorityfor51%ofrespondents,nodoubtareflectionofmoreflexibleworkingpractices.influencetheirpurchasedecision.46%Ofthe‘other’respondents,ongoingcostsintheformoflowerenergybillswerecitedasamotivatingfactor.WaterfrontresidenceFIG13.UPGRADINGTHEFAMILY'SMAIN(Beach,Lake)RESIDENCEISTHETOPMOTIVATION42%Q.Whenbuyingmynexthouse,mymainFIG14.84%SAYTHEENERGYEFFICIENCYOFAFUTUREHOMEISIMPORTANTORVERYIMPORTANTTOTHEMmotivationwillbe…Upgradingthefamily’sprimaryresidenceDownsizingorretiring35%FIG11.PROPERTYFEATURES:HIGH-SPEEDBROADBANDMOSTIMPORTANT15%13%Q.Thinkingaboutafuturepurchase,isQ.Howimportantwillthefollowingfactorsbeforyouwhenchoosingthetypeofproperty?%ofrespondentswhosaidmoreimportantRural/countryestateAnewholidayhometheenergyefficiencyofahomeimportant84%toyou?34%PermanentmovetoanewcountryLocationofchildren’seducation9%8%Personalcircumstances(e.g.divorce,etc)Qualityofhealthcare6%5%5%Apartment/Condominium19%BusinessoremploymentreasonsTaxreasons3%Veryimportant=42%,Important=42%7ꢄ%ꢃ7%ꢃꢃ%ꢁꢂ%ꢁꢁ%ꢁꢁ%ꢁ0%4ꢂ%4ꢄ%40%40%Skihome/MountainretreatFIG15.28%SAYENVIRONMENTREGULATIONSAFFECTINGTHEVALUEOFTHEIRHOMEWOULDINFLUENCETHEIRDECISIONTOBUYQ.Whatfactorswouldleadyoutobuyamoreenergyefficienthomeinfuture?*%ofrespondents18%FIG12.LOCATIONFEATURES:GREENSPACE,AIRQUALITYANDHEALTHCAREONTOPQ.Howimportantwillthefollowingfactorsbeforyouwhenchoosingwheretoliveoncerestrictionsꢀend?%ofrespondents28%futureenvironmentalregulationsimpactingthevalueofmyhome27%Iwouldpreferagreenerhomeandwouldpaymoreforit,ifrequiredMOREIMPORTANTLESSIMPORTANTNOCHANGEOther68%65%57%50%45%37%35%34%2%1%2%6%9%11%14%10%29%34%41%45%46%52%51%56%ProximitytogreenspaceGoodairquality22%Cheapermortgagefinanceforenergyefficienthomes19%None,ithaslittleinfluenceonmypurchasedecisionAccesstogoodhealthcareGoodviews(ocean,mountain,skylineetc)Proximitytorestaurants,gyms,retailetcWalkingdistancetoapublictransporthubWalkingdistancetoworkTheprospectof4%Goodschools*Multipleresponsespermitted67GLOBALBUYERSURVEY2021GLOBALBUYERSURVEY2021BUDGETS&PRICEEXPECTATIONSSECONDHOMESThesurveyshowsadegreeofoptimismaroundbudgets,propertypricesandthefutureroleoftheofficeWiththeriseofremoteworking,secondhomesor'co-primaries'arebecomingaviableoptionformorebuyersseekingabetterwork/lifebalanceATlmostoneinfourbuyers(24%)saytheirspendingpowerhasincreasedsincethestartofthecrisis,reflectingdatafromOvertwo-thirdsofsurveyrespondentsexpectthevalueoftheirhepandemichassparkedawaveofsecondhomedemand.Some33%ofrespondentssaytheyaremorelikelytobuyaTheUK,AustraliaandtheUS,topthesecondhomehotspotsgloballybutforEuropeans,MiddleEasternandNorthAmericanbuyers,Francerankshighly.currenthometoincreaseinthenextyearwithmostexpectingariseofbetween1%and9%overthe12-monthperiod.Only14%ofrespondentsexpectthevalueoftheirhometodeclineoverthesameperiod.Thiscontraststo2020when56%ofrespondentsexpectedpricestosoften.MoodyswhichcalculatedoverUS$5.4trillionhasbeenamassedgloballyduetoenforcedlockdowns.secondhomeasaresultofCovid-19,upfrom26%lastyear.Forsome,theabilitytoworkremotely,alongsideincentivessuchasvisasfordigitalnomads,andadesiretotravelafteraperiodofconfinement,hasboosteddemandforahome-from-home.Some67%ofrespondentsconfirmthatthegovernment’shandlingofthecrisiswouldinfluencetheirdecisiontobuyasecondhomeinthatmarket,afactorreflectedinthelistofpreferreddestinations–allcountrieswithadvancedvaccineprogrammesorstringentlockdownmeasures.Around26%ofrespondentssaytheirspendingpowerhasdeclined,and50%felttheirbudgetshadremainedthesame.ThefutureofworkOnaworldregionbasis,Australasianshaveseenthebiggestriseintheirbudgets,Africanrespondentsthebiggestdecline.Todate,secondhomepurchaseshavebeendrivenbydomesticbuyersduetostricttravelrestrictions,butweexpectasecondwaveofactivityasrulesstarttoease,atrendalreadyevidentthissummeracrosssouthernEurope.Thedecisionandtimingofwhen,andhowfrequentlytoreturntotheoffice,influencesnotjustcommerciallandlordsbutresidentialdevelopersandlandlordstoo,ifhomeofficesshouldbecomeaprerequisiteformostbuyers.FIG21.67%OFSECONDHOMEBUYERSINFLUENCEDBYFIG16.50%SAYTHEIRBUDGETISUNCHANGEDSINCETHEGOVERNMENT'SHANDLINGOFTHEPANDEMICSTARTOFTHEPANDEMICOfthoselookingtobuyasecondhome,23%saythepandemichasinfluencedwheretheywanttobuyand22%sayithasdelayedtheirpurchaseplans.Q.Ifyouwerelookingtobuyasecondhomeabroad/overseas,wouldthegovernment’shandlingofthecrisisinyourchosencountryorterritory,influenceyourdecisiontobuy?ꢂQ.Howhasyourbudgetchangedsincethestartofthepandemic?Togaugefutureplans,weaskedofficeworkershowmanydaysaweektheyenvisagedcommutingtotheofficeonceallrestrictionshadbeenlifted.Ahigher-than-expected29%confirmedtheyplantoreturntotheofficefivedayaweek.IntheMiddleEastandAsia,thefigurerisesto41%and36%respectively.%ofrespondentsꢂ67%Yes

10%Noꢀ0%++6%to+9%+ꢀ%to+ꢁ%Nochange-ꢀ%to-ꢁ%-6%to-9%-ꢀ0%+FIG19.33%OFRESPONDENTSAREMORELIKELYTOPURCHASEASECONDHOMEASARESULTOFTHEPANDEMICOnly5%ofofficeworkersgloballyexpecttoworkremotely100%ofthetime.Makesnodifference:23%Q.Hasthepandemicmadeyoumoreorlesslikelytopurchaseasecondhome?%ofrespondentsFIG22.UKTOPSTHELISTOFPREFERREDLOCATIONSFORASECONDHOMEFIG1829%OFRESPONDENTSEXPECTTOCOMMUTETOTHEOFFICEFIVEDAYSAWEEKQ.Ofthosemorelikelytobuyasecondhome,%ofrespondentsQ.Ifyouworkinanofficeenvironment,howmanydaysaweekdoyouenvisagecommutingtotheofficeonceallrestrictionshavebeenlifted?123450%10%20%ꢃ0%ꢄ0%ꢅ0%%ofrespondents33%ꢀ7%FIG1764%OFRESPONDENTSEXPECTTHEVALUEOFTHEIRMORELIKELYLESSLIKELYUKAustraliaUSSpainItalyPRIMARYRESIDENCETOINCREASEINTHENEXTYEARQ.Inyourviewhowdoyouthinkthevalueofyourprimaryresidencewillchangeinthenext12months?FIG20.22%SAYTHEIRSECONDHOMEPURCHASEHASBEENDELAYEDBYTHEPANDEMICQ.Sincethestartofthepandemic,travelrestrictionshave...%ofrespondents%ofrespondents20%+10%1%NOCHANGE-1%-10%-20%+TO19%TO9%TO-9%TO-19%4%ꢀꢁ%ꢁꢂ%ꢀꢂ%ꢁꢃ%23%InfluencedwhereIwanttobuyMeantmydecisiontobuyhasbeendelayedLedmetoconductvirtualviewings1DAY2DAYS3DAYS4DAYS5DAYSꢁ%4%22%5%Remoteworking/1ꢀ%N/A9%SIGNUP+5%+ꢀ3%+46%ꢁꢁ%7%ToourPrimeGlobalForecastNotinfluencedmypurchaseplansatall46%+64%89GLOBALBUYERSURVEY2021GLOBALBUYERSURVEY2021BRANDEDRESIDENCESEXPATRIATESThepandemicsparkedasurgeinpurchasesbyexpatriateslookingtoacquireabasebackhomeAlthoughonly5%ofthesurvey’srespondentsdefinethemselvesasexpatriates,thissegmentoftheglobalworkforcehasbeenaninfluentialsourceofpropertydemandsincethestartofthepandemicaswehighlightedinourrecentresearch.qualityoflife(24%)andachangeinemploymentcircumstances(16%).20%purchasedaprimaryresidence,7%asecondhomeandfor11%itwillbea50/50homewhichtheymayretiretointhelongterm.For43%oftherespondents,theyalreadyhadahometoreturntoand18%optedtorent.Severalactedquicklytoavoidlengthylockdownsintheirhostcountryorterritory,whilstothershavebeenpreventedfromreturninghomesoinsteadrelocatedtoanintermediarylocationtheydeemedsafer.Forthosebasedinemergingmarketstherewereconcernsaroundqualityhealthcareandtheirabilitytoaccessthevaccine.Morebuyersarewillingtopayapremiumforthelifestyleahotel-leddevelopmentdeliversPerhapsmostsurprisingisthepropensityoftheexpatriatessurveyedtoworkabroadagainoncethecrisisisover.Thismaybeborneoutofadesiretotravel,experiencenewculturesorpotentialtaxbenefits.Some68%saidtheyplantoworkabroadagainwith23%unsureandonly9%decidingtostayput.ThesurveyresultsconfirmthattheUnitedStates,Singapore,HongKongSAR,theUnitedKingdomandthePhilippineswerethekeylocationsourexpatriaterespondentswerebasedpriortothepandemic.FIG24.SERVICESANDAMENITIESARETHETOPMOTIVESBEHINDTHEPURCHASEDefinitionofaBrandedResidence:OFABRANDEDRESIDENCEAhotel-leddevelopmentwithintegratedorlinkedresidences,benefittingfromthehotelbrand,itsmanagementandluxuryservices.Q.Ifyouweretopurchaseapropertyinabrandedresidence,whatwouldbethekeymotivebehindyourpurchase?Theuptickindemandidentifiedby%ofrespondentsKnightFrank’sprimesalesteamin2020issupportedbythesurveyresults.Some39%ofexpatriaterespondentshaveboughtapropertysincereturninghome.AroundForthosethatreturnedhome,adesiretobeclosertofamily(36%)wasthebiggestmotivatingfactor,followedbyanimprovedMorethanoneinthreebuyers(39%)wouldbewillingtopayapremiumforabrandedresidenceaccordingtothesurvey,afigurethatrisesto45%and43%inAustralasiaandAsiarespectively.FIG25.PROXIMITYTOFAMILYWASAKEYDRIVERFOREXPATRIATESINDECIDINGTOFIG27.KEYLOCATIONSOURRETURNHOMEEXPATRIATERESPONDENTSWERELOCATEDPRIORTOTHEPANDEMICQ.Whatwasyourmotivationforreturninghome?SelectoneonlyTopamongstthekeymotivesforpurchasingabrandedresidenceistheserviceprovisionandamenitiessuchadevelopmentaffords.Secondcomesthedevelopment’shigh-yieldingpotentialandinthirdplacethebuilding’sQ.Inwhichcountryorterritorywereyou%ofrespondentsworkingasanexpatriate?UnitedStatesSingapore2%Education2%Currency34%25%23%10%8%–closertoadvantageHongKongSARUnitedKingdomThePhilippinesmanagementandmaintenanceprovedanappealingprospect.child’sschool/universityServiceprovisionandphysicalamenitiesHighyield/BuildingBrandidentityLockupandleaveoptioninvestmentpotentialmaintenanceandmanagement36%24%ResearchundertakenbyKnightFrankin2019foundthemarketforBrandedResidencesisrapidlyevolvingwithover400projectsgloballyandwiththebest-in-classprojectsattainingapremiumof25%to35%aheadofcomparablenon-brandedschemes.16%ChangeinDesiretobeQualityoflife13%nearfamilyFIG28.OVERTWO-THIRDSOFEXPATRIATESPLANTOWORKABROAD/OVERSEASAGAINONCETHECRISISISOVERemploymentcircumstancesAccesstoqualityhealthcareQ.Doyouplantoworkabroad/overseas68epandemic%crisisisover?YesOther7%FIG23.39%OFRESPONDENTSWOULDBEWILLINGTOPAYAPREMIUMFORABRANDEDRESIDENCEQ.Wouldyoubewillingtopayapremiumtopurchaseapropertyinabrandedresidencedevelopment?39%Ye

sFIG26.39%OFEXPATRIATESHAVEPURCHASEDAPROPERTYWHENRETURNINGHOMEQ.Onreturninghome,haveyoupurchasedaproperty?%ofrespondentsNo,returnedtomyownproperty43%%ofrespondentsYes,anewprimaryresidenceNo,rentedapropertyYes,a5ꢀ/5ꢀhome20%18%LISTENToourIntelligenceTalkspodcastdiscussingtheimpactofthepandemiconexpatriates11%Yes,asecondhome7%*(asecondhomethatmaybecomeaprimaryresidencelong-term)1011GLOBALBUYERSURVEY2021GLOBALBUYERSURVEY2021THEBIGFIVEEXPERTVIEWFivekeytrendsbuyersshouldhaveontheirradarTwoKnightFrankexpertsprovidetheirviewonlifepost-lockdown,outliningwheretheirbuyersarecomingfrom,howtheirneedsandprioritieshavechangedandprovidetheirtakeonwhetherthesemightbelastingchanges01.Withmeasuresinsomemarketsprovingineffective,moredraconianmeasuresmaybearoundthecorner.Expecttighterrulesaroundwhocanbuywhat,andwhere,inthehottestmarkets.EconomicsforecaststheUSdollar,currentlyaround1.15againsttheEuroand1.35againsttheBritishpoundwill,bytheendof2023,reach1.20and1.40respectivelyprovidingdollar-denominatedbuyerswithaneffectiveadvantageintheseandothermarkets.INFLATIONThepandemichasledtobottlenecksinsupplychainswithrawmaterialsforconstructionakeycasualty.Thisinturnispushingpriceshigher.Theconcernforbuyersisthisisoccurringatatimewhenthedeliveryofnewstockandinventorylevelsforexistingstockarealreadylow.Ononelevelthismeansacceleratingprices,butitalsomeansbuyers03.TheEurozone,SwitzerlandandJapanaretheleastlikelytotightentheirmonetarypolicyandhenceseetheircurrenciesstrengthen,therebyonestowatchforpotentialcurrency-induceddiscounts.Monitorcurrencymovementswhenbuyingandselling.MarkHarveyGREENERLIVINGVictoriaGarrettEurope&NorthAmericaAsiaPacificESG–Environmental,SocialandCorporateGovernance–iseverywhere,althoughtheEiscurrentlytheattentiongrabber.Investorsandcorporateshavearguablypickedupthebatonfirstwithhigheryieldingreturnsanddemandingshareholderstheirmotivation.PrimebuyersinEuropeandtheUSwillfindamarkedlydifferentlandscapeto2020.Stockislower,vendorsarelesswillingtonegotiateand,afterseveralmonthsoftighttravelrestrictions,overseasdemandisstrengthening.ThestoryforresidentialmarketsacrossAsiaPacifichasbeenoneofresilienceinthelast12months.HongKongSARhasachievedrecordprices,Singapore’ssalesandrentalsectorshaveseenrobustlevelsofactivity,whilsttheappetiteforpropertyamongstdomesticbuyersinNewZealandandAustraliahassurged.arelookingmorecloselyatincomegeneration,valueopportunitiesaswellaspurchase,ownership,andsalecoststohelpmitigatethehigherentrycost.Thoroughresearchandgoodadvicearefundamentaltoanypurchase.05.Competitionremainsstrongestinrural,alpineandcoastalmarkets–theSouthofFrance,theAlps,Tuscany,Marbella,LakeGenevaaswellasBarbados.TRANSIENCYANDTAXAlackofstockisnowthecommondenominatorformostprimemarketsintheregion.Forbuyers,thebottomlineiswhatmatters.Cheaper,greenermortgages,orregulation-inducedpriceinflationforthemostenergyefficienthomes,willbewhattipsthebalancefortheenduser.Recentclimateevents,aspateofzerocarbongovernmentpledges,andtheUN'simminentclimatechangeconference,COP26,willshinealightonthesignificantrolehousingandtherealestateindustryasawholehastoplay.Moreregulationandgreatercompetitioncouldbegoodnewsforbuyerskeentoembracegreenerliving.Aspirationsamongstthe‘workfromThemostactivesegmentsarebetween€1mand€3mandatthetopend(€10m+)we’veseensomeDespiterisingpricesinseveralmarkets,Iwouldencouragebuyersseekingaprimaryorsecondaryresidencetoactnowbeforetighterrestrictionscomeintoforce,particularlyiftheyknowthe02.atenmywptheedreb’ygleonceartaiotinosnsmucahyahsaBvaerbbeaednosd,ealtablow.Pandemic-drivendigitalnomadsTAKEAWAYbig-ticketsalesasdeterminedbuyersacquirebest-in-class,turnkeyhomes.COOLINGMEASURESDubaiorPortugal,maybecalledbacktotheofficeascompaniescouldincurhighertaxorsocialsecurityliabilitiesintheirdestinationcountry.ResearchbyLeedsUniversityestimatesbetween£6.5bnand£32.5bnofUKrevenuefrompersonalincometaxandsocialsecuritycontributionscouldbeatriskifathirdofhigherratetaxpayerswereabletoworkremotelyand10%to50%ofthisgroupoptedtoleavetheUK.Replicatethisgloballyandthetaxlosscouldbesignificant.“Alackofstockismarketwellandcanidentifyahomethatfitsalltheircriteria.2.0Timingiseverything,buyersneedtobeprepared,undertaketheirresearchpriortotravellingandbeabletomakedecisionsquickly.nowthecommondenominatorformostprimemarketsintheregion.”Fromtaxingvacanthomestohigherratesofcapitalgainstax,thenumberandrangeofpoliciesaimedatcurbingstrongpriceinflationisontherise.KnightFrank’sGlobalHousePriceIndexconfirms13countriesandterritoriesarenowseeingannualpricegrowthabove10%perannum.NewZealand,Ireland,CanadaandSouthKoreahaveallintroducednewrulesandrestrictionsin2021.Govern