House prices during Covid – level 3

12-05-2021 15:00

It’s really interesting that at the moment we’re seeing the same trends in global cities. It’s the same for New York, London, or Sydney.

Low interest rates everywhere mean that we’re actually seeing house prices really hold up. It’s highly unusual when there’s a global recession, and people expect the house prices to go down, which is not happening.

In the suburbs, we even see bidding wars erupt in areas with trees and more space, as people are thinking that maybe they won’t need to live close to the city center anymore because they won’t have to be in the office full-time ever again.

The prices for people who are renting apartments went down though.

Difficult words: suburb (an area where people live that is outside the center of a city), bid (to offer to pay a particular price), as (because), though (but or however).

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