Dubai's property market records AED 116.8 billion in Q3 2024, driven by off-plan sales
Author : PNT Bureau
In Q3 2024, Dubai's real estate market showed strong growth, recording over 47,300 transactions worth AED 116.8 billion. The completion of around 7,000 residential units was led by Jumeirah Village Circle, with high demand for larger apartments. Off-plan transactions, which reflect investor confidence, accounted for 71% of the total volume. Jumeirah Village Circle led in transaction volumes, while Dubai Hills Estate dominated sales value. Significant investment from both local and international investors has solidified Dubai as a premier real estate destination, further enhancing the property market's upward trend and minimizing the need for future speculation....
British housing market sees record October prices, slower growth anticipated in 2024
Author : PNT Bureau
In October, British house prices reached a new record, rising by 0.2% from September, the smallest increase in three months. Prices were up 3.9% year-on-year, the slowest growth since July. The average house price hit 293,999 pounds, surpassing the previous record set in June 2022. Despite high interest rates, prices have been upheld since mid-2022. The Bank of England's anticipated slower interest rate cuts and the government's tax hike on homebuyers may dampen demand. House prices are expected to continue rising but at a more modest pace throughout the rest of 2024 and into 2025....
Philippine resort sets Guinness Record with massive chicken-shaped building in Campuestohan
Author : PNT Bureau
In Campuestohan, Negros Occidental, Philippines, the world's largest chicken-shaped building stands at 34.93 metres tall within the Campuestohan Highland Resort. Designed by Ricardo Cano Gwapo Tan, inspired by the Philippines' game fowl industry, the 15-room building includes all the modern amenities like air conditioning and large TVs. Tan, who bought the resort's land in 2010, created this landmark to symbolise the local strength and leave a lasting impression. Completed on 8 September 2024, it holds a Guinness World Record. Alongside the giant chicken, the resort features a wave pool, themed attractions, Bonita huts, and dinosaur figures, drawing many tourists....
Sweden considers relaxing mortgage rules to aid new homebuyers amidst high household debt
Author : PNT Bureau
A Swedish government commission has recommended loosening mortgage rules to improve housing access, especially for first-time buyers. Current rules, aimed at reducing financial risks, set borrowing limits and strict repayment terms, which critics say hinder new buyers. The commission proposed raising the borrowing cap to 90% of a property's value and easing repayment for large loans, while also adding a cap on loans relative to income. The government will consider these adjustments in the spring....
Dubai's ultra-luxury real estate market booms with record villa lease in Umm Al Sheif
Author : PNT Bureau
The recent rental of a luxury villa in Dubai's Umm Al Sheif area for AED8.5 million over two years highlights the city's rising demand for premium, ready-to-move properties. This 24,000 sq ft residence, managed by fam Living and fam Lux for ultra-high-net-worth clients, sets a new record in the exclusive western Dubai community. With the UAE expected to welcome 6,700 additional millionaires by 2024, the ultra-luxury villa market faces limited supply. According to DXB Interact, sales of properties over AED10 million grew significantly in 2023, with luxury property resale transactions surging over 25%, reflecting Dubai's strong appeal among affluent buyers....
Toronto's real estate market sees strongest monthly sales growth since December 2023
Author : PNT Bureau
In October, home sales in Toronto's Greater Toronto Area (GTA) surged by 14%, marking the biggest monthly rise since December last year, as per the Toronto Regional Real Estate Board. October saw 6,390 homes sold, up from 5,707 in September, with average home prices increasing by 1.5% to CAD 1.13 million. New listings dropped by 6.8% after a previous rise, attributed to high interest rates which had deterred buyers. With the Bank of Canada's recent rate cuts expected to drive market activity, GTA sales were up 44.4% year-on-year, suggesting a return of buyer confidence in the market....
Texas faces widening housing shortage as costs rise and construction lags
Author : PNT Bureau
Texas faces a worsening housing shortage, with a 2022 deficit of 320,000 homes, up from 306,000 in 2021, despite high construction rates. Rising housing costs have impacted affordability, with median home prices increasing nearly 40% from 2019 to 2023. Houston exemplifies the state's challenges, with demand outpacing supply despite 66,000 new units built in 2022. Nationwide, every state has housing underproduction, and Texas' shortage threatens economic growth. Up For Growth's report calls for targeted policies to boost affordable housing through incentives, zoning reform, and infrastructure investments to ensure Texas remains viable for residents and economic expansion....
Over 1 million new homes planned as Saudi Arabia tackles housing shortage
Author : PNT Bureau
Saudi Arabia faces a major housing shortage with research showing over 115,000 new homes needed annually until 2030 to meet demand. This is driven by the government's 70% homeownership target and high youth population seeking their own homes. Knight Frank estimates 825,000 units will be required 2024-2030. To address this, Saudi Arabia launched a comprehensive housing program in 2018, including the Sakani initiative which has facilitated over 800,000 contracts. Mortgage finance has also surged five-fold. Supply-side measures include streamlining approvals and the National Housing Company's community plans for 300,000 units by 2025. In total, over 1.04 million new homes are planned or under construction by 2030....
Affordability concerns push first-time buyers to rethink homeownership in America
Author : PNT Bureau
The National Association of Realtors reports a significant shift in the housing market, particularly for first-time buyers. The median age of first-time homebuyers has increased to 38, up from 35 in 2023, and their market share has dropped to 24%. Affordability challenges, rising home prices, and mortgage rates are contributing to this decline. Although household incomes have risen, the effects of the pandemic housing boom have made it harder for younger generations to enter the market, causing many to delay or rethink their plans for homeownership....
Gradding expands student housing portfolio to support growing number of indian students abroad
Author : PNT Bureau
To meet the increasing demand from Indian students studying abroad, Gradding, a top Indian education consultancy, is developing a global portfolio of Purpose Built Student Accommodation (PBSA). Over the next three years, Gradding will add 3,000 new rooms across the USA, UK, Canada, Germany, and Australia, providing affordable, student-centered housing options. With rising numbers of Indian students seeking quality education overseas, Gradding's initiative addresses a vital need for safe, tailored accommodations, enabling students to focus on their studies without housing concerns....
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