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Dubai developer Prestige One reveal Waterfront Luxury with "Waterway" Project for over USD 272.2 million

Prestige One Developments has announced "Waterway," a new luxury project in Mohammed Bin Rashid City, Dubai, costing over AED 1 billion (USD 272.2 million). This development offers exclusive waterfront living with access to crystal lagoons and amenities for activities like kayaking and paddleboarding. Additionally, Prestige One is launching "Seaside" at Dubai Islands, combining city excitement and seaside tranquility. Another project, "The Place," targets active lifestyles in Dubai Sports City. "The Luxe Villa" in Palm Jumeirah promises unparalleled luxury. These ventures reflect Prestige One's commitment to dominating Dubai's high-end real estate market with diverse, luxurious living options....
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Home Depot sales dip 2.8% as do-it-yourself (DIY) budgets tighten

Home Depot reported a 2.8% decline in same-store sales for Q1 2024, reflecting cautious consumer spending amid rising inflation and interest rates. Sales of items over USD 1,000 dropped by 6.5%, with customers prioritizing smaller home repairs over major renovations. Despite this, Home Depot maintains its fiscal 2024 financial targets, anticipating an economic recovery and potential interest rate cuts later in the year. The company's USD 18.25 billion acquisition of SRS Distribution aims to bolster its professional segment. Adapting to consumer behaviour, focusing on smaller projects, and offering flexible financing are crucial strategies in the current economic climate....
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Chinese property shares surge after reports suggest the government will purchase unsold homes

Shares of Chinese property developers surged after reports suggested China might allow local governments to purchase unsold homes from distressed developers to ease the property crisis. The Hang Seng Mainland Properties Index rose 4.9%, with significant gains for companies like Fantasia and KWG Group. The State Council's plan involves state-owned enterprises buying homes at discounts to convert them into affordable housing. Despite optimism, concerns about the plan's feasibility in lower-tier cities and the financial health of local governments persist, given their $9 trillion debt....
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Surge in high-end Singapore apartment sales driven by Chinese millionaires

Sales of Singapore apartments priced at SGD 10 million or more have reached an 11-year high, driven by demand from Chinese millionaires seeking secure investments. The number of these high-end apartment sales in the first eight months of 2019 surpassed annual totals from 2011 to 2018. Many buyers are choosing Singapore over Hong Kong due to protests, or moving funds from China due to the yuan's devaluation. Mainland Chinese are the largest group of foreign buyers of luxury homes in Singapore, with significant purchases in prime districts. Foreigners prefer high-end apartments as they are restricted from buying landed properties, except on Sentosa Island....
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Emaar Development reports 50% growth in Q1 2024 property sales

Emaar Development, a major player in Dubai's real estate sector, achieved remarkable growth in Q1 2024, with property sales soaring by 50% year-on-year. This increase, fuelled by strategic project launches and substantial land acquisitions totaling 140 million square feet, reinforces Dubai's appeal as a global investment hub. Emaar's AED 12.9 billion property sales in Q1 reflect its ability to cater to diverse market segments with 10 new projects. Land acquisitions near The Oasis masterplan pave the way for future developments worth AED 96 billion. Emaar's success underscores Dubai's attractiveness for investors and its commitment to innovation and growth in various sectors....
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Redesigning one of London's largest office towers in Canary Wharf

London's Canary Wharf is considering a radical redesign for one of its largest office towers post-HSBC's departure, potentially incorporating apartments or hotels. Twenty architectural firms were invited to propose alternatives, reflecting a global office market reassessment. With costs potentially in the hundreds of millions, options range from revamping to demolition, though a decision has yet to be made. The significance of this iconic tower prompts broader discussions on adaptive reuse. As Canary Wharf evolves, the redesign serves as a trendsetter for global office market dynamics and real estate adaptation....
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Qatari Prime Minister sells Mayfair Mansion for GBP 39 million

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani sold his Mayfair mansion to another ruling family member for GBP 39 million in October, one of London's priciest home deals this past year. The Grade II listed property, between Hyde Park and Berkeley Square, was purchased by Sheikh Mohammed in 2021. The sale, conducted directly between family members, may aim to reduce agency fees or inheritance tax liabilities. Despite a trend of Qatari elites acquiring properties in Mayfair, the percentage of Middle Eastern buyers in London's top areas has halved since 2019, reflecting shifting investment strategies amid broader market trends....
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Hangzhou in China removes all restrictions on home purchases

Hangzhou's decision to remove all home purchase restrictions marks a significant shift in the city's real estate landscape, aiming to attract a broader pool of buyers and investors. This bold move, amidst China's evolving market challenges, signifies Hangzhou's commitment to fostering openness and innovation. By lifting barriers to entry, the city sets the stage for sustainable growth and economic prosperity, reaffirming its position as a leading investment destination in China....
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OYO's Palette Resort reveals luxury residential and retail tower in Abu Dhabi

Palette Resorts, a subsidiary of OYO, reveals a luxury residential cum retail tower in Abu Dhabi, adding 100 meticulously designed one-bedroom units in Al Zahiyah. Positioned at a prime location, the tower offers captivating city views and ample parking space, setting it apart. Surrounded by landmarks, shopping centres, and educational institutions, it promises convenience. The apartments boast modern amenities and essential electronic appliances for residents' comfort. OYO's global presence and diverse properties reflect its commitment to hospitality. With Abu Dhabi's robust economy and dynamic real estate landscape, the tower caters to the evolving needs of the expatriate community, showcasing OYO's dedication to unparalleled hospitality experiences....
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Manhattan apartment rents reach record highs for April

Manhattan's apartment rents hit record levels. Median rent for new leases rose to USD 4,250, up USD 9 from last year. Landlords capitalise on low vacancy rates, leaving renters with few options. Uncertainty looms if rents will surpass last year's peak of USD 4,400. Despite challenges, rent increases are moderating, with a 0.2% rise in April. Leasing activity increased by 42%, partly due to tenants seeking alternatives. Meanwhile, neighbouring boroughs show mixed trends, with Brooklyn hitting a high and northwest Queens seeing a notable drop....
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Dusit International expands into Maldives with new partnership

Dusit International joins forces with Pearl Atoll Pvt Ltd to manage their inaugural Maldivian resort, dusitD2 Feydhoo Maldives. Positioned near Male International Airport, the resort promises convenient access for guests seeking an unforgettable Thai-inspired hospitality experience. Fan Jianglin, Managing Director of Pearl Atoll, highlights Dusit's renowned warmth and attentiveness as key factors in the partnership. With Dusit's guidance, the resort aims for resounding success. This venture adds to Dusit's impressive portfolio of approximately 300 properties spanning hotels, resorts, and luxury villas across 18 countries, showcasing their commitment to global hospitality excellence....
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Simon Property Group recorded USD 1.44 billion in revenue in Q1 2024

Simon Property Group revised its annual funds from operations (FFO) forecast upwards due to robust leasing demand. Demand for rental spaces in commercial real estate investment trusts (REITs) remained strong, supported by a diverse tenant portfolio. Peers at Federal Realty Trust, Regency Centers, and Kimco reported steady traffic at their shopping centers. Simon Property expects FFO per share between USD 12.75 and USD 12.90. Visits to U.S. indoor malls fell by 5% in March, while open-air shopping centers saw a 1.6% increase. First-quarter FFO was USD 3.56 per share, surpassing estimates. The company's base rent per square foot rose to USD 57.53. Total revenue for the quarter was USD 1.44 billion....
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London's resilient Commercial Real Estate market attracts record U.S. investment

Amidst a dynamic global market landscape, American investors are increasingly drawn to London's commercial real estate, propelling investment to its swiftest pace in eight years. Despite challenges facing the global commercial property market, London's resilience shines through, outpacing recovery trends observed in the United States. Fuelled by favourable leasing conditions and a robust dollar-to-pound exchange rate, this surge in interest underscores London's enduring appeal. High-profile transactions, like the conversion of the BT Tower into a luxury hotel, exemplify the growing prominence of American investors in the city's real estate scene....
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Car manufacturer Aston Martin introduces its first-ever residential project of 66-story in Miami

Aston Martin has revealed Aston Martin Residences, a 66-story skyscraper in Downtown Miami, standing at 818 feet tall. With 99% of its 391 residences sold, the building offers bespoke design features inspired by Aston Martin cars, including carbon fibre fixtures. Amenities include an art gallery, private theatres, and conference rooms. The highlight is the Unique Triplex Penthouse, spanning 27,191 square feet and featuring its private helipad. This innovative project merges luxury automobiles with high-end real estate, redefining luxury living in Miami....
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hBits plans expansion to UAE to facilitate fractional real estate investments in India and Dubai

hBits, a company spearheading fractional real estate investments in high-yielding Indian assets, plans to expand its operations to the UAE. Residents of the UAE, both citizens and expats, will soon have the opportunity to participate directly in the booming real estate markets of the UAE and India while investing very small amounts. The company will allow retail investors in the UAE to obtain partial ownership of multi-million dollar residential and commercial properties in Dubai for as little as USD 30,000 through an alternative investment fund (AIF) being set up. For investments in Grade A office buildings in India, UAE investors would invest through an AIF that hBits plans to launch in GIFT City, India's international financial center....
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Aldar launches Athlon, a pioneering 'active living' concept in Dubai

Aldar Properties introduces Athlon, a pioneering 'active living' concept in Dubai, with world-class amenities and a dynamic program of activities curated by wellness experts. Developed with Dubai Holding, Athlon integrates principles of active living, aiming for long-term well-being. Athlon, located adjacent to Global Village, offers lush green spaces and interactive amenities, including a central park and themed areas. With over 10 kilometres of tracks and trails, the community offers ample opportunities for physical activity. Sustainability takes precedence, as demonstrated by its LEED Platinum certification and 2-Star Fitwel rating. Phase one sales start on May 7th....
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Signa Prime Selection sells Hotel Bauer amid Europe's real estate crisis

Signa, led by Rene Benko, faces insolvency amid Europe's real estate crisis. Its subsidiary, Signa Prime, owns prized assets like Vienna's Park Hyatt Hotel and Golden Quarter. It has now sold Venice's Hotel Bauer to Schoeller Group. The deal is subject to bank and antitrust approval, and the deal is expected to close in months. Schoeller Group, a German family business, spans packaging and property sectors. The Bauer, owned by Signa since 2020, is undergoing renovation and will reopen under Rosewood Hotel Group's management next year....
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Foreign investors drive Spanish real estate market to record highs, despite decline in transactions

Overseas buyers are increasingly investing in Spanish real estate, with notary data showing a 6.1% annual increase in average prices to EUR 2,715 per square metre. However, transaction volumes have declined since the first half of 2021. Specific regions like Asturias and Cantabria saw year-on-year increases in foreign property purchases. The Valencian Community leads in total transaction volume, driven by factors like stable demand, affordability, transportation links, and Mediterranean lifestyle. Andalusia and Catalonia also attract significant foreign investment. Asturias, particularly popular among international clients seeking rural locations, saw a record number of sales. British buyers led in total transactions, followed by Moroccans and Germans, with growing interest from affluent individuals in Colombia's luxury housing market. French buyers surpassed Germans and Brits among non-...
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Investing in Dubai Real Estate: Navigating FEMA regulations for Indian investors

In 2023, Indians emerged as prominent property buyers in Dubai, surpassing British investors in at least two quarters and investing around USD 2 billion in the UAE property market between 2020 and 2023. With attractive investment propositions, particularly in newly developed areas, UAE developers have targeted affluent and upper middle-class Indian investors with installment plans. However, many buyers are unaware of the Foreign Exchange Management Act (FEMA) implications. According to FEMA, residents can only remit up to USD 250,000 annually for property purchase abroad, and borrowing for such transactions is prohibited. Despite relaxed Golden Visa rules, RBI restrictions require careful consideration of installment schemes to avoid legal complications. Clarity from Indian authorities and due diligence are crucial for safe international investments....
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Matt Damon acquires luxurious USD 8.6 million condo in West Hollywood's Towering 8899 Beverly

Actor Matt Damon expands his real estate holdings with an USD 8.6 million condominium purchase at the prestigious 8899 Beverly building in West Hollywood. This 2,850-square-foot unit boasts two bedrooms, two and a half bathrooms, and panoramic views of the Hollywood Hills. Developed by Olson Kundig, 8899 Beverly offers luxurious amenities, including a 24-hour concierge, fitness center, and resort-style pool. Notably, the building promotes social equity by allocating its first floor to 15 affordable housing units. Damon's investment highlights the appeal of ultra-luxury high-rises in Los Angeles, positioning 8899 Beverly as a coveted address blending luxury, inclusivity, and convenience for high-profile residents....
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Dubai announces the construction of the world's largest airport terminal

Dubai announced the commencement of construction for a new terminal at Al Maktoum International Airport, slated to become the world's largest aviation hub. The ruler of Dubai emphasised its global preeminence, surpassing its counterparts with a capacity five times greater than Dubai International Airport. Sheikh Ahmed bin Saeed Al Maktoum outlined the phased trajectory of the project, aiming to accommodate 150 million passengers annually within a decade. Despite spatial constraints hindering expansion, authorities are resolute in their ambition to supplant the existing airport and establish a modern, thriving transportation hub at the heart of the city....
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KKR to acquire student housing portfolio from Blackstone for USD 1.64 billion

Private equity firm KKR has agreed to purchase a portfolio of 19 student housing properties from Blackstone Real Estate Income Trust (BREIT) for USD 1.64 billion. The portfolio consists of over 10,000 beds across 19 communities near top universities in 10 states. Upon closing, KKR's student housing platform University Partners will take over management as it expands its owned and managed portfolio to over 25,000 beds worth USD 4 billion. Blackstone, through its company American Campus Communities (ACC), is the largest owner of student housing in the U.S., with more than 190 properties, representing approximately 140,000 beds....
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Spring Slowdown: higher mortgage rates and rising prices dampen home sales in the U.S.

The spring home buying season in the U.S. started slowly as mortgage rates rose and home prices increased. Existing home sales dropped 4.3% in March, the first decline since December, but slightly exceeded analysts' expectations at 4.16 million. Lawrence Yun, NAR's chief economist, attributed the stagnation to stable rates and limited inventory growth. While 60% of March home sales closed within a month of listing and 29% sold above asking price, inventory remains constrained. By month-end, there were 1.11 million unsold homes on the market, down 14.4% year-over-year. Economists anticipate a slight rate decline through 2022, which may boost affordability and reinvigorate the market....
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Malaysia to construct Southeast Asia's largest integrated circuit design park

Malaysia unveils plans to construct Southeast Asia's largest integrated circuit design park, offering incentives like tax breaks and waived visa fees to attract tech companies and investors. The country aims to elevate Kuala Lumpur into a regional digital hub and ranks among the top 20 countries in the global startup ecosystem by 2030. Malaysia�s Prime Minister Anwar Ibrahim emphasised on Malaysia's transition to advanced front-end design work in the semiconductor industry, with collaboration opportunities with companies like Arm Holdings. Additionally, Malaysia's sovereign wealth fund, Khazanah Nasional, announced a 1 billion ringgit fund to invest in local innovative companies....
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Zhengzhou city in China directs state-owned companies to purchase secondhand houses

Amidst China's nationwide property market slowdown, smaller cities like Zhengzhou are facing challenges. To boost the local property sector, Zhengzhou is implementing a unique initiative encouraging residents to trade in their existing homes for new ones. Under this program, Zhengzhou Urban Development Group Co. will buy up to 500 second-hand homes from residents who then use the funds to purchase new properties within the city center. However, concerns linger regarding the effectiveness of such measures, given the persistent liquidity crisis and buyer hesitancy. Analysts are closely monitoring the program's outcome to gauge its impact on the broader property market and economic growth in China....
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Paris Mansion Chateau d'Armainvilliers tops list of most expensive homes for sale

The Chateau d'Armainvilliers, situated in Seine-et-Marne, epitomizes luxury and grandeur. It was originally owned by the Rothschild banking dynasty and later renovated by King Hassan II of Morocco. The estate boasts 100 rooms, including opulent salons and themed suites, with additions such as a hammam spa and a medical facility. Despite its grandeur, its EUR 425 million listing price has sparked debate among real estate experts. Concerns persist about the adaptability of 1980s renovations and their marketability. Nevertheless, nestled amidst its natural surroundings, including majestic redwoods and a private lake, the chateau remains a timeless symbol of refinement and elegance....
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High-end property sales in Dubai increase due to overseas demand

Sales of homes valued at USD 10 million or more in Dubai surged by 6% in the first quarter compared to the previous year, driven by robust demand from international ultra-rich buyers. The market, dominated by cash purchases, saw Palm Jumeirah emerge as the top-selling area. Despite concerns about a potential downturn, Dubai remains a global leader in luxury home sales, offering relative affordability and attracting high-net-worth individuals seeking second homes....
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Big Tech reduces office space, causing a hit to the office real estate market

Major tech companies like Amazon, Meta, and Google are scaling back on office space, a stark reversal from their pre-pandemic expansion. Remote work, accelerated by the pandemic, is driving this trend as employees successfully adapt. Coastal cities like Seattle and San Francisco are particularly affected, with Salesforce reducing its San Francisco office space by 700,000 square feet. Landlords face challenges due to oversupply, with office space values plummeting. Stanford University research suggests remote work boosts productivity and satisfaction, but concerns about collaboration persist. A hybrid model may emerge, necessitating new office designs prioritising collaboration for dispersed teams....
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New York's SHoP Architects completes 685-foot skyscraper in Detroit's Hudson's development

"The Tower," a 685-foot (207-meter) skyscraper, has reached its full height in Detroit's Hudson's Detroit development, becoming the city's second-tallest building. Designed by New York's SHoP Architects, the building features a sleek glass facade with vertical terracotta fins and a pyramid-shaped front. It will house residences and a hotel, with a nearby structure for retail and offices. Local developer Bedrock funded the project as part of efforts to revitalise Detroit's downtown, adding an iconic element to the city skyline....
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Canada to allow certain first-time home buyers to extend their mortgage to 30 years

Canada plans to extend the mortgage payment period to 30 years for first-time home buyers of newly built homes, aiming to aid younger consumers and stimulate the housing supply. Finance Minister Chrystia Freeland announced the move, part of the upcoming federal budget, to make monthly payments more manageable. However, experts warn of potential consequences, including driving up home prices and wealth transfer implications. Despite intentions to address affordability, concerns remain regarding the policy's broader impact on the housing market....
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Millions of new homes planned as Canada leases public land

Canada aims to address its housing shortage by leasing public land for affordable housing construction, with plans to build 3.9 million homes by 2031. However, this falls short of the 1.2 million units needed between 2023 and 2030. Prime Minister Justin Trudeau announced measures to tackle the crisis, including changes to tax structures and combating mortgage fraud. Critics emphasize the substantial investment required, estimated at CAD 2 trillion. Housing responsibilities in Canada primarily rest with provinces and major municipalities, with Ottawa relying on policy measures and funding despite lacking direct involvement in construction....
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Central Group acquires iconic Berlin KaDeWe property

The Thai retail giant Central Group has acquired the iconic KaDeWe department store property in central Berlin from the insolvent Austrian company Signa. This acquisition marks a significant step towards Central Group's goal of purchasing the entire KaDeWe Group, which includes luxury stores like Alsterhaus and Oberpollinger. Central Group, already holding a 50.1% stake in the KaDeWe Group, aims to restore and restructure the operating company. Signa, founded by Rene Benko, has been severely impacted by Europe's real estate crisis, with creditors filing claims worth billions of euros against the group....
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