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Research Outline
Prepared for Jeffrey F. | Delivered July 23, 2020
Residential Property Markets in New York, Dubai, London, and Hong Kong
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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.
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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.
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