One in four people likely to move in the next 12 months, according to Knight Frank’s Global Buyer Survey

According to the Knight Frank Global Buyer Survey, the UK, Spain and France are the top three locations for those considering a move abroad post-Covid-19. The survey also found that improved access to quality of healthcare is now the second most important motive behind a property purchase.

“Our Malaysia-based clients who invest overseas have taken this into account when reviewing property investments in safe-haven destinations like London where having a 2nd bedroom as flexible work space has become popular,” said Dominic Heaton-Watson, associate director, International Residential Project Marketing, Knight Frank Malaysia.

“Well known for its higher education, the UK remains top of the list for many Malaysia based families, and the ‘lock-down lift-off’ saw a release of pent up demand and return to pre-pandemic levels of activity. The stamp duty holiday recently announced by the UK government certainly sparked a great deal of interest and continues to do so, while the cheap, low interest rate environment is likely to be around for the foreseeable future,” Heaton-Watson added.

Upgrading the family’s main residence ranked highest as the reason for purchasing, with improved access to quality healthcare ranking second, a holiday home in the sun was ranked third followed by business or employment reasons in fourth place.

One in four people surveyed, said they were more likely to move in the next 12 months as a result of the pandemic, with most of these respondents seeking a different property in the same location (40 percent).

Some 26 percent said they are willing to move to a different property elsewhere in the same country and 34 percent of those considering a move are considering a purchase abroad (9 percent of all respondents).

Heaton-Watson further added that countries that offer a good quality of life, political stability, transparent laws, a secure currency, excellent education systems and in normal times are easily accessible were attractive to the survey respondents, placing countries such as New Zealand, Portugal, Malta and Norway among higher ranks.

Upgrading the family’s main residence ranked highest as the reason for purchasing, with improved access to quality healthcare ranking second, a holiday home in the sun was ranked third followed by business or employment reasons in fourth place.

As for prices, buyers expect some property prices to fall over the next 12 months. Of the 56 percent respondents that expect prices to fall over the next 12 months, 27 percent expect prices to fall by less than 10 percent, but 25 percent expect no change and 19 percent expect prices to increase.

The survey also showed that over 30 percent of respondents believe their budget has declined by over 10 percent since the start of the crisis, no doubt as a result of companies having to implement cost saving initiatives.

 

 

 

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