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1 Jun 2023
SPRING IT ON PART 2: THE OLD NORMAL
In Part 1, pre-Easter, we updated you on the gradual build-up of momentum and activity in the market. This reflects a wider trend- the gradual return to “normality” (the Old Normal) and we’re pleased to report the market has continued in that vein.

The Old Normal

In Part 1, pre-Easter, we updated you on the gradual build-up of momentum and activity in the market. This reflects a wider trend- the gradual return to “normality” (the Old Normal) and we’re pleased to report the market has continued in that vein.

Come Again?

Being fortunate enough to arrive in Hong Kong as the requirement to wear masks was dropped, people were frequenting the streets, restaurants and bars with the familiar enthusiasm unique to Hong Kong. Unlike my trip in October, it felt like the Hong Kong of old. Malaysia, too, is making a comeback and surprised us with its performance as one of the best performing centres.

Turkey has become a popular centre demonstrating great demand for UK property, harking back to the early days of the Nine Elms regeneration project. For those of you who aren’t aware, Gamze Gonul, a solicitor in our London team, is from Turkey and fluent in Turkish.

Dare I mention interest rates? Admittedly they are still yet to stabilise and their adjustment is causing unwelcome short-term pain, but the other side of the story is we are returning to a world where financial prudence and stability is prioritised instead of free money and risk-taking. The quicker we move back to that old normal and recalibrate to the new, sounder goal posts, the better.

Let’s Twist Again

What we’re seeing is a gradual return to pre-crisis (take your pick!) trends across the board: the “Old Normal” but with new twists of innovation – exhibitions that now showcase multiple developments over longer periods, long established and trusted developers embarking on Masterplans instead of plain old development launches. And it’s all starting to gain traction.

Looking Forward

We’re excited to be supporting Renaker in Hong Kong for the launch of their impressive new scheme, Vista River Gardens. Global sales of the development are already strong which we hope will culminate in a good result for Asia Banker’s Club’s Hong Kong event this weekend.

In another return to the Old Normal, we’re back in China this weekend; Guangzhou to be precise, as Berkeley Homes showcase Woodberry Down.

Tech Update

Speaking of twists of Innovation: PCB recorded its very first podcast (PCBCast: COMING SOON!) and I’m pleased to confirm that Docusign has now been extended to all legal documents on a property transaction (not just the exchange Contracts (aka SPAs) as before).

And now finally good weather is making a comeback too! I think we can safely say Spring has sprung.

This post was written by Sam Molloy

Sam was educated at the University of Sheffield as well as Griffiths University in Brisbane, Australia. He gained professional experience in London real estate before joining PCB in 2012. His specialisations include: overseas investors purchasing new and established property, real estate finance and commercial property investment work.

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