UK government reveals major planning overhaul to build 1.5 million homes
Author : PNT Bureau
The UK government has launched a comprehensive overhaul of its planning system to tackle the housing crisis and build 1.5 million new homes in five years. The new strategy introduces mandatory housing targets for all councils in England and updates outdated planning methods. With only a third of councils having recent housing plans, the government will focus on brownfield sites and potentially reassess green belt land. The plan includes prioritising high-density urban development and supporting infrastructure projects, while aiming to increase affordable and social housing. Reforms also include changes to the Right to Buy scheme and upcoming investment details....
China's Evergrande Group aims to recoup USD 6 billion
Author : PNT Bureau
Evergrande, China's indebted real estate giant, seeks to recover USD 6 billion from its founder and others for misrepresented finances between 2017-2020. The company, defaulted in 2021, is now involved in legal proceedings, aiming to reclaim dividends and remuneration. Founder Xu Jiayin, reportedly under house arrest, and others face asset injunctions. Evergrande's financial troubles have significantly impacted China's real estate market, contributing to economic slowdown. The recovery efforts are crucial for stabilizing Evergrande's finances and could set a precedent for the sector. Trading in Evergrande's shares remains suspended amid ongoing legal challenges....
ROSHN Group announces plans for a landmark 45,000-seat stadium in Southwest Riyadh
Author : PNT Bureau
Roshn Group, a real estate developer in Saudi Arabia, has announced plans for a new stadium in Southwest Riyadh. The Roshn Stadium, covering 450,000 square metres and seating 45,000, will feature retail, dining, and hospitality spaces. Designed with a modern crystalline look, it aims to host international events and enhance Riyadh's appeal. The stadium will integrate advanced sustainability features, including solar panels and effective ventilation. This project supports Saudi Vision 2030 by improving quality of life and boosting economic growth....
Sydney's housing affordability hits new low as the median house price reaches USD 1.66 million
Author : PNT Bureau
A study by UNSW and UTS highlights a severe decline in Sydney's housing affordability, with the median house price soaring to USD 1,662,400 as of June. This represents a record high and places homeownership out of reach for many median-income families. Rental prices also climbed, averaging USD 1,033 per week for houses and USD 697 for units. Professor Chyi Lin Lee from UNSW warns that families relying solely on income face significant challenges. The crisis underscores the need for increased affordable housing supply and balanced urban planning to address growing affordability issues....
GCC investments in UK real estate set to rise past USD 4 billion annually
Author : PNT Bureau
GCC investors, driven by favourable economic conditions, are set to boost their investments in the UK commercial property market to over USD 4 billion annually. A report by BLME highlights that in 2023, GCC investments, primarily from the UAE and Saudi Arabia, reached USD 2.35 billion. Lower interest rates, forecasted to drop further, and a stable political climate post-Brexit are enhancing UK property appeal. Additionally, rising interest in "green" properties and an undersupply in residential sectors, including purpose-built student accommodations, are attracting investors. This trend signifies a robust future for UK real estate with increased GCC capital inflow....
Two Sydney towns ranked in Australia's top 10 for new residential property last year
Author : PNT Bureau
The data highlights the residential construction and renovation trends across various suburbs and cities in Australia. The analysis shows that the suburbs with the highest number of new dwellings are predominantly located in Victoria, with Clyde North - South in Melbourne leading the way. The percentage change in new dwellings varies significantly, with Mickleham-Yuroke in Melbourne experiencing the highest increase, while Fraser Rise - Plumpton and Box Hill - Nelson saw decreases. The value of alterations and conversions to residential buildings also varies widely, with Surfers Paradise - North in the City of Gold Coast having the highest value. Overall, the data provides insights into the evolving residential development patterns in different regions of Australia....
Sunshine, tranquility and flexible lifestyles draw older movers to Portugal
Author : PNT Bureau
Portugal is increasingly popular among retirees, not just for relaxation, but for active, fulfilling later years. Ranked as the best retirement destination in Europe by International Living, Portugal offers a peaceful, safe environment with a favourable climate. New developments like Life Plan Resorts - Lisbon cater to those seeking an active lifestyle, providing extensive amenities, healthcare, and cultural opportunities. The country's D7 visa facilitates easy relocation, attracting retirees who wish to balance leisure and work. The upcoming Moving to Portugal Show in London will offer insights into relocating and investing in Portugal, highlighting its appeal for modern retirees....
Hong Kong to offer free retail space to emerging startups
Author : PNT Bureau
The Wellbeing Start-up programme, launched by the Hong Kong Housing Authority, offers young entrepreneurs rent-free shop spaces in authority-owned shopping centres from October to April. The initiative includes shop setup and marketing support. In return, the Housing Authority will take a 20% share of net profits from successful businesses, reinvesting the funds into the programme. The application process runs from 1st to 31st August, with evaluations based on innovation, feasibility, and social benefits. Additionally, Hong Kong's e-commerce festival aims to boost online shopping and support local businesses. These initiatives foster economic growth and support new and existing enterprises....
UK house prices rise 2.1% in July, highest annual increase since December 2022
Author : PNT Bureau
In July, UK house prices rose by 2.1% year-on-year, the largest increase since December 2022, with a 0.3% monthly rise bringing the average price to GBP 266,334 (USD 341,706), according to Nationwide Building Society. This uptick comes ahead of the Bank of England's interest rate decision, potentially offering relief to homebuyers. However, prices remain 2.8% below their 2022 peak. Affordability challenges persist, with mortgage payments now consuming 36% of household take-home pay. As wages rise, a gradual improvement in affordability is anticipated, but flat house price growth is expected in the near term amid evolving economic conditions....
Vonovia reports EUR 529 million loss in H1 2024 amid German real estate downturn
Author : PNT Bureau
Germany's largest real estate group, Vonovia, announced a loss of EUR 529 million (USD 573 million) for the first half of 2024, a significant improvement from a EUR 4.13 billion loss last year. The real estate sector in Germany faces its toughest downturn in decades due to rising interest rates. Vonovia reported a EUR 1.8 billion writedown on its apartment portfolio. Despite current losses, CEO Rolf Buch remains optimistic about the future, indicating that property values may have bottomed out. Investors responded positively to the company's forecast of improved profitability, leading to a 2.5% rise in Vonovia shares....
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