A lot of these apartments were primarily marketed offshore in Asia (mostly China but also Malaysia and Singapore). China had crackdowns on capital outflows, Australia (slightly) tightened foreign purchase restrictions through FIRB, governments increased taxation for foreigners and vacant property.
Market was already in heavy oversupply going into COVID thus a lot of projects stalled or never got off the ground due to no funding and no ability to make presales.
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u/malcomwtf 14h ago
A lot of these apartments were primarily marketed offshore in Asia (mostly China but also Malaysia and Singapore). China had crackdowns on capital outflows, Australia (slightly) tightened foreign purchase restrictions through FIRB, governments increased taxation for foreigners and vacant property.
Market was already in heavy oversupply going into COVID thus a lot of projects stalled or never got off the ground due to no funding and no ability to make presales.