A report from the Vancouver Sun. "'Forget Canada. We’ll go somewhere else.' That’s what West Vancouver realtor Nicole Lee says many rich clients from Asia are telling her now that B.C. has brought in a foreign-buyers tax on housing, along with a speculation and vacancy tax. The veteran realtor maintains Victoria’s 'artificial measures' are hurting the detached luxury housing market in West Van, where she says many investors from Asia, specifically China, had been busily buying properties and, to fit their trans-Pacific lifestyle, leaving them empty for much of the year."

"Most of the 11 West Van neighbourhoods where the bubble has burst are rife with view mansions that remain valued in the $3-million-to-$8-million range; prices local realtors and a city councillor say have been fuelled by both foreign and domestic speculation. An interactive Postmedia News chart of B.C. Assessment valuations of detached homes across more than 160 Metro neighbourhoods (see above) shows that in one year average prices plummeted by up to 25 per cent in tony West Van communities such as Chartwell, Upper Caulfield, Queens, Dundarave and the British Properties."

"Vancouver realtor David Hutchinson’ says it was 'completely predictable' that high-end neighbourhoods in West Vancouver, the west side of Vancouver and Richmond would see their bubbles burst. 'That’s where all the speculation and flipping was occurring. There was a frenzy.' Veteran city Coun. Craig Cameron said West Van’s housing prices had been driven up by a 'massive speculation frenzy' that began about five years ago, which has left an estimated 10 per cent of dwellings empty. With West Vancouver’s assessed prices falling by 16 per cent this year and 12 per cent last year, he is concerned about the financial well-being of homeowners who recently 'stretched themselves' to buy and now have large mortgages on properties that have declined in value."

The South China Morning Post. "Homeowners are dumping their properties in Hong Kong for as much as HK$11.6 million (US$1.5 million) in losses to pack up their bags because of the city’s dire economic prospects, analysts said. More could be pressured to sell into a weak market to hasten their emigration plans. At Valais in Sheung Shui, a 1,588-square foot house changed hands at HK$21.3 million for a loss of HK$10 million in late January at the onset of the coronavirus outbreak, according to property agents who declined to be named because the transaction was private. Including taxes and expenses, the loss amounted to HK$11.6 million."

"'The losses reflect the urgency or desperation among some of the city’s homeowners, given the constant flow of bad news,' said Martin Wong, a sales manager at Midland Realty. 'Some of the home owners feel that the prospects are not good so they want to sell quickly, especially amid the current epidemic.'"

The Bangkok Post in Thailand. "SET-listed developer Origin Property Plc is reducing new condo launches from 16 last year to only four this year, mainly because of the enormous glut in the market. Chief executive Peerapong Jaroon-ek said supply has built up in the condo market from launches the past few years, leaving many unsold units. 'If new condo projects have sales prices in the same range or higher than those launched earlier, they will be less attractive as existing supply offers lower or discounted prices,' he said."

From Forbes. "Malaysia’s slowing economy, now getting hit by the coronavirus outbreak, took a toll on its tycoons. Their collective net worth is $79 billion, down 7% from a year ago. Property developer Leong Kok Wah was affected by a glut of new property that depressed prices. An oversupply of unsold residential and commercial units across Malaysia also weighed on Berjaya Corp., causing a loss of 54 million ringgit ($13 million) on revenue of 2 billion ringgit for the quarter ended in September 2019."

From Domain News in Australia. "A surge in the number of homes hitting the market in February — up over 60 per cent from January — pushed days on market down, said SQM Research managing director Louis Christopher, but properties are also being snapped up more quickly. However, SQM figures also show that 37.8 per cent of properties on the market last month, about 9990, had been listed for more than 90 days, with about one in five advertised for more than 180 days."

"He warned unrealistic price expectations could cause a property listing to go stale, and prompt price cuts, both of which could deter buyers. 'Agents will tell you that you generally find your best buyers in the first three to four weeks,' Mr Christopher said. 'If you haven’t sold in that [first 30 days] there’s something not quite right … nine out of 10 times, there is something wrong with the price.'"

The Indian Express. "As a liquidity crisis in the real estate sector deepens, the state government has stepped in to improve credit flow to developers. The real estate sector in India is grappling with a severe cash crunch with a downturn in both residential and commercial property segments, with several builders, including those in the financial capital, struggling to repay loans to non-banking financial companies and banks."

"'The sector is witnessing an unprecedented downward spiral. The funding has dried up and builders are grappling with a pile-up of unsold inventory,' said Housing Minister Jitendra Awhad."

From Cape Talk in South Africa. "For sale signs everywhere and 108% home loans – it’s an epic buyers’ market. Buyers – the few of them that are left – have all the power. Sell only if you must, says Huizemark’s Bryan Biehler. 'Demand for property is a lot lower than the supply. It puts downward pressure on prices because buyers are spoiled for choice… The power is in the buyer’s hands… In a market like this, you only want to sell if you must sell. The market is depressed… buyers are spoilt for choice… There’s some good value out there now…' said Biehler. 'Price your property competitively… so that it’s attractive to buyers. If you don’t your property will become the market wallflower… For buyers… financial institutions are very aggressive in wanting to give out loans. Many first-time buyers are getting 105% and 108% bonds. The transfer duty threshold has been raised to R1 million.'"

From Standard Media on Kenya. "An analysis by Home & Away has revealed that of the hundreds of properties on auction - on the back of a slowing economy - only a handful have found buyers. The most affected are high-end properties. Together, auctioneers have tried to dispose of houses – both residential and commercial – whose value could be running into billions of shillings. Basically put, there is no shortage of houses that buyers can get for a bargain. This has seen phrases like ‘buyer’s market’ thrown around, yet many of the distressed owners are unable to offload their assets."

"'Banks have a lot of non-performing loans because of the status of the economy and go to foreclosure, they have to offload the collateral that had been secured,' said Steve Ogada, an associate principal at finance advisory firm InVhestia, adding that high-end areas have been hit hardest. 'There’s been a glut on the high-end segment. That’s why if you drive along Kilimani, and Lavington, (you’ll see) a lot of complete houses but no curtains. They aren’t occupied.'"

The Reading Chronicle in the UK. "More than 1,000 homes sit empty in Reading as figures reveal one has been abandoned for 23 years. Last year, the number of empty homes rose by 48 per cent across Reading – from 387 to 571. Reading Borough Council says the increase is largely due to 'a glut of unsold/unoccupied new-build flats and slow rates of sales in the retirement leasehold sector.'"

"The most common way that empty homes come back into use is owners selling their spare home. One absentee owner, of a home in Battle ward out of action for two years, told the council: 'I can’t begin to praise enough the sterling work the empty homes officer did in helping me. My home was out of control and like an anvil around my neck that was preventing me from leading a normal life.'"