The outbreak of the deadly Covid-19 has caught the world by surprise. Within a few weeks only, it impacted the lives of millions of people across the globe. Amid fears of contracting the virus, people have been confined to their homes, not getting to meet, shop, work, or have social gatherings. The global health crisis has had severe repercussions across all the industries as well, without sparing the real estate market. In such a scenario, a Top NYC real estate broker, Ido Berniker, has some valuable insights to share with us for the post-Covid-19 situation.
Co-founder of Mercer Partners, a leading US real estate investment firm, Ido Berniker is one of the most influential brokers in Manhattan. He has been consistently identified as a top NYC broker and has been involved in over USD 2 billion property deals. Today, also in this slowdown, Berniker maintains, “Real Estate is an imperishable asset, ever-increasing in value. It provides the highest returns, the greatest values, and the least risk.”
In the wake of Covid-19 global health crisis, Berniker observes too much inventory and less foreign money in New York City, and hence fewer chances for the market to rebound. However, he eyes London for property deals, where he foresees a surge in luxury home prices like never before. Berniker says, “There’s a big advantage for a lot of heavy hitters to park money in London right now.” Citing a USD 275 million property deal of a 45-bedroom mansion in London earlier this year, Berniker calls it the beginning of a boom for the real estate market, after five years.
Focusing on the London realty landscape, Berniker points out that by now, mayhem over Brexit is also coming to an end, with more clarity about its aftermaths, and the UK currency also recovering well. Further, he observes a pent-up demand of buyers emerged over the past four years, while prices are still at a record low. Berniker opines, “Now that uncertainty is off the table buyers, and sellers can know for themselves what they think a property is worth. If you look at London the prices dropped so drastically, and banks are now giving better interest so you can pull the trigger.” According to him, the slump in high-end luxury homes in London is likely to rebound by 20% in a couple of years.
Though the global sentiments are dismal over Covid-19 woes, Ido Berniker considers real estate as a safe haven for investors. He foresees a 20% surge in London’s high-end luxury home segment over the next couple of years. So, it is time for realty investors to keep an eye on London.