Residential Property Markets in New York, Dubai, London, and Hong Kong

Goals

To obtain the annual rental and annual sales of residential homes in New York City, Dubai, London, and Hong Kong for 2019 or most recent available data. This information will inform a market research report for a proptech company.

Early Findings

Annual Sales in the New York City Residential Property Market

  • According to the latest quarterly report from the Real Estate Board of New York’s (REBNY), in quarter 1 of 2020, the total residential sales volume was $8.7 billion, decreasing 16% year-over-year, from $10.5 billion. This represents the lowest total since Q1, 2014, which was $8.3 billion.
  • Residential transactions were 8,702 a reduction of 16% year-over-year, from 10,382 sales.
  • All 5 boroughs in the city experienced a decline in residential sales volume, specifically: Staten Island declined by 49%, Manhattan by 25%, the Bronx by 12%, Queens by 9%, and Brooklyn by 3%.

Insights on Rentals in the New York City Residential Property Market

  • There were 4,583,849 occupied rental units in New York in 2018, making up 43% of the occupied housing units in the city.
  • There were 206,043 units available for rent in 2018.
  • 44% of all rental units are rent-stabilized, where rent increases are set on an annual bases by the Rent Guidelines Board of New York City.
  • 1% of the total number of rental units is rent-controlled units.
  • The median rental price in New York City is about $3,000 per month for one-bedroom apartments and studios, while two-bedroom apartments are about $3,800 per month.

Summary of Findings

In this first hour of research, we were able to find the figures for sales in the residential property market in New York, and provided insights on rentals in the city include those occupied, vacant and the median rent per month.

Proposed next steps:

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