House prices during Covid – level 2
It’s really interesting that at the moment we see the same trends in big cities. It’s the same for New York, London, or Sydney.
Low interest rates everywhere mean that house prices stay at the same level. It’s highly unusual because when there’s a global recession, people expect the house prices to go down.
In the suburbs, people even offer to pay higher prices in areas with trees and more space. People want to live there because they think that maybe in the future they won’t have to live close to the city center because they won’t have to be in the office every day.
It’s also true that the prices for people who are renting apartments went down.
Difficult words: interest rates (the percentage which people pay on their loans), recession (when the businesses of many places go down at the same time), suburb (an area where people live which is outside the center of a city), even (used to emphasize something surprising).
You can watch the original video in the Level 3 section.
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