Global Real Estate Problems

Think we have it bad in Australia with dodgy real estate agents and issues? It appears that real estate problems are a global phenomenon. As taken from an article written by Emily Power.

New York, USA:

NYC governor’s office is having to send in dummy buyers into the market and analysing the results to ensure that there are no dummy bidders and to enforce their Fair Housing Enforcement Program flushing out discrimination and ensure a level playing field for buyers of all ages, races, disabilities and economic positions.


Vancouver, Canada:
A clause in their selling contracts in Canada allows for a property to be sold again by the buyer before the settlement date. The clause is there so buyers can back out. However, some agents have discussed that multiple commissions can be obtained by abusing the system and ahiking the price with each re-listing. The practice, whilst not illegal exploits a loop hole and is believed to be pricing house-hunters out of the market.


Paris, France:
In an attempt to ease the housing shortage, the government is cracking down on Airbnb rentalsby fining landlords who lease short-term for more than the legal limit of 120 days a year in an attempt to get long term leases for the locals.


London, England:
In the aim to make wealthier landlord owners pay more, the government introduced a new stamp duty regime believing that 98% of home buyers would pay less stamp duty. Turns out that only those paying $1.8 million-plus for a home were hit with higher stamp duty.


Doha, Qatar
When Qatar won the right to host the 2022 FIFA World Cup, the price of properties around the stadiums increased exponentially with investors preferring to building luxury apartments rather the the much needed family styled properties. Monies not well spent with Qatar now stripped of the event and property prices in sky fall.

 

Ref: Vancouver - is this any different to assigning to a nominee (assuming no double stamp duty issues)