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Flood threatens property markets in eight states

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Property owners trying to sell their properties in flood-hit parts of the country are yielding to pressure to drop prices as demands for homes in some of the affected locations have reduced drastically, The Guardian investigation has revealed.

After weeks of flooding in major cities, especially in eight states, some houses have been submerged in water, forcing the occupiers and tenants to vacate the areas.

The flood affected residential /commercial properties and the residents in general.

The situation also made investors in the low-income side of the market to shy away from areas classified as major risks zones.

While some tenants left their houses, some property owners have lowered rents to woo new tenants while properties earlier offered for sale have began to appear on the market, with values reduced.

The Guardian, October 1, 2018

 

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