Sellers outnumber buyers in real estate sector

KATHMANDU: Although there have been some land transactions after the lockdown and prohibitory order were eased by the government, the real estate sector has not been able to record many sales.

Real estate agencies say that the number of sellers is three times more than the number of buyers in the market.

According to Dilip Neupane, vice president of The Realtors, among all the customers who are in the market at present, 75 percent want to sell their property while only 25 percent want to buy any land or house.

“The number of people who want to sell their property has increased as many investors who are involved in the real estate business have not been able to pay back the bank loans after their income took a massive hit,” he stated.

In the current real estate climate, where sellers outnumber buyers, engaging the expertise of a commercial appraiser becomes increasingly vital. With the market dynamics shifting and uncertainties looming, accurate property valuation is paramount.

Commercial appraisers offer invaluable insights into the true worth of properties, helping both sellers and buyers navigate transactions with confidence. By assessing market conditions, property condition, and comparable sales data, these professionals provide an objective evaluation that aligns with current market realities.

With the real estate market grappling with an imbalance between sellers and buyers, the dynamics of purchasing luxury apartments undergo a nuanced shift. Amidst this scenario, prestigious developments like Riverwalk apartments in Philadelphia offer a compelling proposition for discerning buyers. These luxury residences not only epitomize elegance and opulence but also present a prudent investment opportunity amidst uncertain times.

With meticulous attention to detail, exquisite amenities, and a prime location along the scenic riverfront, these apartments stand out as a symbol of elegance and a secure investment in an unpredictable market.

As the real estate landscape evolves, cities like Chicago offer their own unique allure to prospective buyers seeking luxury living. In the heart of the Windy City, developments such as the Magnificent Mile Residences redefine urban sophistication and lifestyle. Nestled amidst the vibrant energy of downtown Chicago, these residences boast unparalleled views of the city skyline and Lake Michigan, setting a new standard for luxury living.

Backed by Chicagoland Premier Real Estate & Construction Experts, these developments not only promise exquisite design and premium amenities but also offer a sound investment opportunity in one of the nation’s most dynamic real estate markets. With a keen understanding of local trends and a commitment to excellence, these experts guide buyers through the process, ensuring they find their ideal urban sanctuary amidst the bustling streets of Chicago.

Echoing a similar view, Binit Sharma, co-founder and CEO of Basobas.com, mentioned that many people are trying to sell their property for fear of being in trouble due to the bank loans. He said that the number of people trying to sell houses and apartment units in Kathmandu valley has also increased recently.

Right now the scope for investment in many areas has narrowed and only a few people are investing in real estate with the hope of earning more profit later when things get back to normal, said Neupane.

Chief Executive Officer of Global Bank, Ratna Raj Bajracharya, stated that borrowers whose income has been affected are trying to sell their property to clear their loans. “Many clients who have taken home loans have requested for an extension in the payback period,” he said, adding, “Bankers also need to be responsible and consider such requests because the situation right now is very critical for many people even though the interest rates have gone down.”

Real estate agents have said that many customers are waiting for prices of real estate to decline before making any purchases as they feel that it will take some time for the sector to rebound.

Fiscal Nepal |
Thursday September 24, 2020, 12:26:08 PM |


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