Existing homes are more favorable than new construction prices
housing
Prices for existing homes have risen at a faster pace than new homes as people crave large spaces to move in quickly.
Prices for existing homes have risen at a faster pace than new homes as people crave large spaces to move in quickly.
Row of houses in the capital city of Bonnevoie
Photo credit: Guy Jarray
In the second quarter of 2022, the cost of buying an existing home rose at a faster pace than a new one, according to real estate site atHome.
Existing home prices rose 9% from April to June, according to At Home. New construction costs increased by 6% compared to the same period in 2021.
Since the pandemic began, homebuyers have been looking for a place to move in quickly and are unlikely to wait months or years for their new home to be ready, JLL housing director Robby Cluyssen previously said. Told.
“People want to move quickly. They’re tired of being in tight spaces,” he said. “Demand for existing apartments is going through the roof, but supply is not.”
The cost of building materials such as wood and steel has skyrocketed since the pandemic and the war in Ukraine, with the materials needed to build a new home costing up to 20% more than before.
Raymond Klein, head of sales at Engel & Völkers, said he is considering leaving the capital for a bigger home with outdoor space while continuing to work from home.
Existing home prices in the north rose 19% from April to June compared to the same period last year, data from At Home showed. Housing in the south he increased by 12%, in the center he increased by 10%.
Existing flat prices rose the most in the West at 16%, followed by the South at 8% and the East at 4%.
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