: Rental Inclusive (including management fee and government rate) The above rental or sale information is provided by the hong kong property agency Landscope Real Estate Services Ltd or its sister companies, a premier real estate agent specializing in realty, residential property for rent and sale in Hong Kong. ... the real estate market, taking a huge hit and failing to recover. 0.6%-2.5% loss of annualized GDP, depending on how customers shift their consumption behavior. Bank for International Settlements (BIS), 2020, via FRED Database. Get the right zillow job with company ratings & salaries. “Coronavirus slows China’s property market to a crawl — and even the most robust real-estate app is no match.” Marketwatch, Feb. 21, 2020, retrieved on Feb. 28, 2020. Find great New York, NY real estate professionals on Zillow like Millie Jiao Hong of East Coast Realtors, Inc Cooper, Sherry, 2006. I am the CEO of Warburg Realty, a luxury residential real estate brokerage in New York City. , Goldman Sachs Economic Research. Zillow Group is building a safe, on-demand real estate experience. Since consumers wish to avoid nonessential human contact, the 2003 SARS pandemic led to a temporary fall in monthly real estate transactions from 33% to 72% vs. baseline for the duration of the epidemic, while real estate prices held steady. The world's largest source of international properties. Hong Kong's Richest. Data in upcoming weeks will tell us how long this outbreak lasts in China. * Rental Incl. URL: https://www.publicsafety.gc.ca/lbrr/archives/cn000034577651-eng.pdf, James, Steven, and Timothy Sargent, 2006a. Homes For Sale in Hong Kong | CENTURY 21 Global. Lee and McKibbin find that their larger loss prediction is driven by the behavior of macro policy in their model. “Statistics of Properties Transactions in Land Registry – Last 12 Months.” Retrieved on February 28, 2020. | I am experienced in making Web Crawler or Web Scraper which will scrape contents of a website of your choice and will deliver you CSV, | On Fiverr Size of loss depends on policy response. URL: https://research.gs.com/content/research/en/reports/2020/02/28/ae384520-6a4b-415d-a6e6-6fa28e8e25ee.html, Kennedy, Steven, Jim Thompson, and Petar Vujanovic. While Hawaii is synonymous with calm and serenity for many, house prices have accelerated over the past decade. URL: https://en.midland.com.hk/land-registry-record/12months.html, Persons, W.M., 1931. 1981. Census and Statistics Department, Hong Kong Special Administrative Region, 2020. (2010) simulate mild and severe pandemics and find GDP losses of 0.6% to 2.5% for the mild scenario and 4.5% to 6% for the more severe scenario. 1, 2020. Both datasets are obtained from the Hong Kong Monthly Digest of Statistics, various issues. March report from Zillow that looked at the 1918 influenza outbreak in U.S. cities, and Hong Kong’s experience with SARS in 2003. In addition, the Federal Reserve Bulletins from the time report significant disruptions to retail trade (up to one-third of the workforce out at any specific time) and especially to nonessential gatherings. Retrieved March 2, 2020. If you see a listing you like, click the photo to view details. James and Sargent base their estimates on macro data from US flu pandemics in 1918, 1957, and 1968. Loss of Canadian industrial production of 1.2% at peak of epidemic (Oct 1957). The underlying data are reported by Persons (1931) and would correspond with a 2.4% fall in annual GDP for a three-month pandemic, given that industrial production is ordinarily more volatile than GDP. Use the filters above to narrow your search for luxury homes for sale in … McKibbin, Warwick J., and Alexandra Sidorenko, 2006. McGill-Queen’s Press. The chart below shows how real GDP and unemployment evolved before, during, and after the SARS epidemic. Between February and May 2003, transactions were 33% below their January 2003 value, before returning to normal by July. Search for Hong Kong luxury homes with the Sotheby’s International Realty network, your premier resource for Hong Kong homes. “The Economic Impact of SARS and Pandemic Influenza.” In: , ed. Retrieved on Feb. 27, 2020. “A Viral Global Slowdown.”. Jacalyn Duffin and Arthur Sweetman. Source: National sources, BIS residential property price database (, https://fred.stlouisfed.org/series/QHKR628BIS. At the start of the 2010s, median home prices across the Hawaiian islands had fallen to $450,124, down from a pre-recession peak of $537,100 in 2006, according to the online real estate database Zillow. the 2001 recession). “A Potential Influenza Pandemic: An Update on Possible Macroeconomic Effects and Policy Issues.” Manuscript, Congressional Budget Office. Connect to real estate Agents in South Korea on CENTURY 21 Global. Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby's International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. “The Economic Impact of an Influenza Pandemic.” Mimeo, Economic Analysis and Forecasting Division, Department of Finance, Government of, https://www.publicsafety.gc.ca/lbrr/archives/cn000034577651-eng.pdf. Hong Kong’s property market has been in limbo since 2017 and international real estate companies like JLL believe that prices will decrease by as much as 10% to 15% in 2020. If you wish to report an issue or seek an accommodation, please let us know. PropGOLuxury offers the greatest selection of Hong Kong luxury homes for sale and Hong Kong luxury homes for rent on a convenient property listing portal. Retrieved March 2, 2020. 4.5%-6% loss of annualized GDP, depending on how customers shift their consumption behavior. Retrieved on Feb. 28, 2020. “The Impact of SARS,” in. James and Sargent also cite data from the SARS outbreak, finding that while SARS severely affected tourism, travel, and services in the short run, it did not harm Hong Kong’s productive capacity in the medium run. URL: https://research.gs.com/content/research/en/reports/2020/03/01/31bfffb7-f94a-4c0e-b0d6-49b1468aed2f.html, Hatzius, Jan, Daan Struyven, David Choi, and David Mericle, 2020. Luxury homes in Hong Kong have between 1 and 8 bedrooms and averages 246 ㎡ in size. We have 611 property listing(s) in Hong Kong. (2020) at Goldman Sachs shows detailed activity data from China during the current episode. Congressional Budget Office (CBO), 2006. Working paper version URL: https://www.gtap.agecon.purdue.edu/resources/download/3828.pdf, Lee, Jong-Wha, and Warwick J. McKibbin, 2012. URL: https://www.marketwatch.com/story/coronavirus-slows-chinas-property-market-to-a-crawl-and-even-the-most-robust-real-estate-app-is-no-match-2020-02-18. Midland Realty, 2020. In February 2003, the first confirmed cases appeared in Hong Kong. Richard Wong, 2004. Coincided with a recession. Lee and McKibbin simulate such an epidemic using a theoretical model (the “G-cubed” model), and they predict a loss of 2.63% of annual GDP for Hong Kong as a result of the SARS epidemic, versus a loss of 1.05% of annual GDP for China. For the UK, Keogh-Brown et al. “A Primer on the Macroeconomic Effects of an Influenza Pandemic.” Working Paper 2006-11, Treasury of Australia. URL: https://www.predictit.org/markets/detail/4292/Will-there-be-a-recession-in-Trump’s-1st-term, Siu, Alan, and Y.C. URL: https://www.google.com/books/edition/SARS_in_Context/xAibijIszawC?hl=en&gbpv=1&printsec=frontcover, Jonas, Olga, 2013. Kennedy, Steven, Jim Thompson, and Petar Vujanovic. Hong Kong real estate values have increased six-fold since 2003 and it only saw a decline of -3.6% in 2016. ©1995-2021 National Association of REALTORS® and Move, Inc. All rights reserved. Retrieved on Feb. 27, 2020. This avoidance behavior is noted by Jonas (2013) as a major transmission mechanism from pandemics to economic risk. 6% loss of annualized GDP, of which 1.75% is due to trade disruption. Retrieved on Feb. 27, 2020. *Converted price in your currency provided by Open Exchange Rates. “Global Consequences of Pandemic Influenza.” Manuscript, Brookings Institution, Lowy Institute for International Policy. , various issues. Garrett, Thomas A., 2007. It is difficult to precisely forecast the probability of an epidemic-related downturn and/or how such a downturn could provoke a standard recession because this depends on how COVID-19 progresses and how this progress interacts with preexisting recession risks and policy responses (ranging from doing nothing to shutting down entire cities for months at a time). For instance, a study by Kennedy, Thompson, and Vujanovic (2006) simulates a pandemic with ⅓ the mortality rate of the pandemic using a theoretical model. Evidence from Hong Kong.”. $50M and co-living for remote workers. The Christie's International Real Estate network has complete luxury home listings for England. URL: https://pdfs.semanticscholar.org/f605/da3a347548d5635e425a5531fdb64cd19c8d.pdf?_ga=2.70573072.1412815931.1583204112-1096427715.1583204112, James, Steven, and Timothy Sargent, 2006. “Economic Effects of the 1918 Influenza Pandemic.” Manuscript, Federal Reserve Bank of St. Louis. Homes listings include vacation homes, apartments, penthouses, luxury retreats, lake homes, ski … Jim Cramer: Zillow Looks Maxed Out, Twilio and Etsy Sure Don't Zillow appears to be running out of room to grow as it morphs into a real estate broker, while … We first took logarithms and then interpolated it to a monthly basis using our own interpolation algorithm based on Fernandez (1981). This pattern is also consistent with customers avoiding nonessential interactions, although the effect of the crisis on production and exports depends on the extent of the crisis in trading partners, and whether or not that crisis affects supply chains. The effects vary by sector–the epidemics led to people curtailing unnecessary social activities and curtailing human contact, which led to larger falls in services and (semi-)durable goods, while the effect on manufacturing is influenced by trade spillovers. URL: https://www.predictit.org/markets/detail/4292/Will-there-be-a-recession-in-Trump’s-1st-term. During standard recessions, home prices and transaction volumes may fall but this is not always the case (e.g. URL: https://www.sciencedirect.com/science/article/pii/S0094119007000095. Use the filters above to narrow your search for luxury homes for sale in Hong Kong. URL: https://www.sciencedirect.com/science/article/pii/S0094119007000095, Zillow Transaction and Assessment Dataset (ZTRAX), Bold 2021 Predictions: A Stronger Housing Market Across the Board, A Third of Rental Listings are Offering Concessions -- And it Appears to be Working. URL: https://www.stlouisfed.org/~/media/files/pdfs/community-development/research-reports/pandemic_flu_report.pdf. We seasonally adjusted these data ourselves, took logarithms, and then interpolated it to a monthly basis using our own interpolation algorithm. URL:  https://research.gs.com/content/research/en/reports/2020/03/01/31bfffb7-f94a-4c0e-b0d6-49b1468aed2f.html, Hatzius, Jan, Daan Struyven, David Choi, and David Mericle, 2020. Importantly, she also finds that the onset of the SARS epidemic coincides with a 72% reduction in transaction volumes for these estates. FRED URL: https://fred.stlouisfed.org/series/QHKR628BIS, Brown, Tanner, 2020. Search for real estate and find the latest listings of Hong Kong Property for sale. They find a reduction to Australian GDP of about 6%. Data available in the NBER Macrohistory database, via the St. Louis Fed FRED database. Retrieved on Feb. 27, 2020. Brown, Tanner, 2020. Empirical research into the SARS and 1918 influenza pandemics both indicate a significant loss in output during the time of the pandemic. Browse photos, see new properties, get open house info, and research neighborhoods on Trulia. PredictIt defines a recession as at least two consecutive quarters of falling GDP. US, severe flu pandemic + trade disruption. Exchange rates are subject to continuous change. Retrieved on Feb. 28, 2020. About Sotheby’s International Realty Affiliates LLC. URL: https://en.midland.com.hk/land-registry-record/12months.html. “Has SARS Infected the Property Market? 90 up-to-date properties for Sale in Happy Valley in Jan 2021. Similarly, Douglas Szeto and Buckle (2006) predict that a severe pandemic would reduce New Zealand GDP by 5-10%. So, on average, if someone makes $50,000 in … 1981. The SARS epidemic began in the Guangdong province of China in November 2002. During the current episode in China, early news reports indicate that home prices have so far not fallen but transactions have nearly ceased. Retrieved on March 1, 2020. The effects vary by sector–the epidemics led to people curtailing unnecessary social activities and curtailing human contac… 2.63% loss in annualized GDP for Hong Kong, 1.05% loss for China. McGill-Queen’s Press. Hong Kong lost 5.1% of monthly output during the 5 months of the SARS epidemic (or 1.75% of annualized GDP) and the US lost between 7% and 9.5% of monthly industrial production during the 1918 influenza epidemic, with an effect on annual GDP of 0.5%. Happy Valley properties for Sale, Happy Valley apartments for Sale information provided by Hong Kong Homes, a premier real estate agent specializing in realty, residential property for rent and sale in Hong Kong. Siu, Alan, and Y.C. A list of our real estate licenses is available here.TREC: Information about brokerage services, Consumer protection noticeCalifornia DRE #1522444Contact Zillow Inc. The market has fallen in response to a mix of information, including global community spread of the Novel Coronavirus COVID-19, a travel ban for Europeans into the US, and general uncertainty about a fiscal response to the virus. Meanwhile, McKibbon and Sidorenko (2006) predict that a severe pandemic would reduce US GDP by 5.5%, while Cooper (2006) simulates the CBO’s scenario but with disruptions to trade, and finds a 6% decline instead of a 4.25% decline in GDP. URL: https://www.cbo.gov/publication/17785. They find that the severe 1918 pandemic reduced annual GDP by 0.5% in 1918, with smaller effects from the other two mild pandemics. Retrieved on Feb. 27, 2020. URL: https://www.marketwatch.com/story/coronavirus-slows-chinas-property-market-to-a-crawl-and-even-the-most-robust-real-estate-app-is-no-match-2020-02-18. Then, GDP fell precipitously throughout the duration of the epidemic (by our estimation, 5-6% below trend in April and May), and unemployment rose from 7.4 percent to 8.7 percent, for a 1.3 percent increase. We note that this fall is difficult to distinguish from the preexisting downward trend. “Coronavirus slows China’s property market to a crawl — and even the most robust real-estate app is no match.” Marketwatch, Feb. 21, 2020, retrieved on Feb. 28, 2020. Get hired! For only $10, botdev12 will do zillow scraping bot and lead generation for real estate. 1918 flu saw annual GDP impact of 0.5%, with loss of 7% of monthly industrial production at peak (Oct 1918). Prepare for your home search with recent sales, real estate comps, photos, and more. This episode illustrates a particularly strong “wait and see” pattern similar to what happened during the SARS outbreak–customers are not going to walk-throughs or closing on transactions in person. During epidemics such as the 1918 influenza or the 2003 SARS outbreaks, economic activity fell sharply during the epidemic (a 5-10% temporary hit to GDP or industrial production over the course of the epidemic) but snapped back quickly once the epidemic was over. 7 open jobs for zillow. The Hatzius report corroborates the Brown report–property transactions and transportation have nearly ceased due to avoidance behavior (some of it driven by a public policy response) while the consumption of coal fell by only 30% year over year, since people still need to heat their homes. Statistically insignificant 1.9% fall in home prices, count of transactions down by an average of 33% for duration of pandemic. The unemployment rate is presented in the. Furthermore, trade disruptions can make the impact of the epidemic larger than it would otherwise have been. GDP data are shown as a percent relative to a Q4 2001 baseline. Richard Wong, 2004. Congressional Budget Office (CBO), 2006. 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