South Korea's finance minister pledges policy measures to stabilise rising house prices
Author : PNT Bureau
South Korea's finance minister, Choi Sang-mok, announced measures to stabilise the real estate market amid rising house prices in Seoul and the surrounding areas. These measures include increasing housing supply, restructuring real estate project financing, and controlling household debt. The government may also introduce "extraordinary" measures if the market becomes overheated due to speculative demand. This announcement aligns with the Bank of Korea's concerns about household debt growth and rising home prices. In June, house prices in South Korea rose 0.04%, with a 0.38% increase in Seoul, marking the fastest growth since November 2021....
Abu Dhabi property market thrives with rising foreign direct investment
Author : PNT Bureau
Bayut, the UAE's leading property portal, released a detailed analysis of Abu Dhabi's property market for H1 2024. It shows a significant rise in sales prices across both affordable and luxury segments, driven by high demand for quality properties. Al Reef and Al Ghadeer are top picks for budget apartments, while Al Reem Island and Al Raha Beach attract luxury buyers. Yas Island saw luxury house prices increase by 10.3%. Al Ghadeer affordable apartments had a notable 9.5% price rise. Rental prices also surged, in luxury areas like Saadiyat Island and Al Raha Beach, up to 21% growth....
Hong Kong sees record home purchases by mainland Chinese buyers after stamp duty removal
Author : PNT Bureau
The removal of buying curbs in Hong Kong has led to a record influx of mainland Chinese buyers. In the first half of the year, they purchased 6,117 homes worth 70.5 billion Hong Kong Dollars, a 70% increase in transactions and a 42% rise in value compared to last year. This rise is attributed to the removal of extra stamp duties, high-interest rates peaking, and falling home prices. Despite this, local demand is cooling, with private home prices dropping slightly. Hong Kong continues to be the world's least affordable city, reflecting persistent challenges despite the boost from foreign investments....
London's luxury market sees shift as wealthy buyers favour smaller properties
Author : PNT Bureau
A recent Beauchamp Estates survey highlights a shift in London's high-end real estate sector, where properties priced above GBP 15 million are seeing decreased total values and average sale prices compared to early 2023. The total value of transactions fell by 12%, from GBP 829 million to GBP 731 million, with average buyer spending declining from GBP 18.5 million to GBP 16.56 million. Factors contributing to this trend include competition from Dubai's luxury market, potential tax changes under a Labour government, and economic uncertainties. Despite these challenges, transaction volumes have marginally increased, indicating ongoing interest, albeit with a preference for smaller, more manageable luxury properties over larger estates....
Manhattan rental market: Luxury rents drop 16% as demand soars for smaller apartments
Author : PNT Bureau
In June, Manhattan's luxury rental market saw a significant drop, with median rents falling to USD 10,000 per month, marking a 16% decline from June 2023. Despite this, the market remains robust, with a record 31.2% increase in new lease signings compared to last year, totaling 6,777 leases. Apartments are renting faster than ever, with vacancies averaging just 24 days. Landlord discounts hit an all-time low at 1.4% in June. This shift in rents reflects changing tenant preferences towards smaller units, potentially driven by affordability concerns or a desire for more manageable living spaces....
Spain faces rising homelessness amid insufficient social housing and economic strain
Author : PNT Bureau
Spain sees a 24% rise in the rate of homelessness by 24% since 2012 to 28,000 people, according to the official statistics. Meanwhile, the Bank of Spain reports also noted that 45% of people accommodating rented space are at the verge of social expulsion and poverty. The government has set a plan to add 184,000 units by 2027, however, the bank indicated additional homes would be needed. Many charity groups are seeking assistance from private sources to address the issue. Holidays are also one of the major factors adding to the situation and the cities are now limiting holiday apartments....
Indonesia-UAE USD 3 billion partnership to transform tourism landscape in Indonesia
Author : PNT Bureau
Indonesia anticipates a significant tourism surge with a new partnership with Eagle Hills, a leading UAE property developer. The Ministry of State-Owned Enterprises (SOEs) signed a Memorandum of Understanding (MoU) for an ambitious USD 3 billion (INR 24,700 crore) investment. The collaboration aims to enhance tourism infrastructure across Indonesia's vast archipelago of over 17,000 islands. Key projects include upgrading Soekarno-Hatta International Airport in Jakarta and renovating state-owned hotels to international standards. This initiative aligns with Indonesia's economic diversification strategy and is expected to spur job creation and economic growth, marking a pivotal moment for Indonesia's tourism industry....
Sobha Realty announces a luxurious retreat on Sobha Siniya Island in UAE
Author : PNT Bureau
Sobha Realty unveils Sobha Siniya Island, a luxurious retreat on Al Siniya Island, Umm Al Quwain. Set against a backdrop of serene waterfront views, the development promises a tranquil living experience amidst natural beauty. Residents will enjoy amenities such as non-motorised and motorised watercraft areas, a family-friendly golf course, a floating pavilion, and event halls. Pristine beaches, mangrove trails spanning 3.7 miles, and eco parks offer exploration opportunities. Emphasising sustainability, the project preserves biodiversity and historical significance. With support from His Highness Sheikh Rashid bin Saud bin Rashid Al Mualla, Sobha Siniya Island aims to redefine luxury living while celebrating Umm Al Quwain's heritage....
Hong Kong property market struggles with rise in distressed assets
Author : PNT Bureau
Hong Kong's property sector faces a pivotal moment with a soaring 16% vacancy rate in office spaces and rising interest rates, prompting a surge in distressed investment properties. In Q2 2024, half of the 22 investment properties transacted were distressed sales or sold at a loss, highlighting a trend toward lower property prices. While some local banks rush to unload troubled assets, state-owned Chinese lenders remain cautious, awaiting market recovery. The example of One Harbour Gate East Tower, expected to sell for HKD 3 billion, down from HKD 4.5 billion, underscores uncertainties. Investors must tread carefully amid potential opportunities and risks in Hong Kong's evolving property landscape....
From Armani to Aston Martin: The growing appeal of branded residences
Author : PNT Bureau
Branded residences; luxury apartments associated with prestigious brands like Armani or Bulgari, are experiencing significant growth. According to Savills, the number of branded residence projects has increased by over 160% in the past decade, with 600 additional projects expected by 2030. This growth is driven by brand association, which guarantees quality, design, and service, attracting buyers willing to pay a premium for exclusivity. On average, branded residences command a 30% higher price than similar non-branded properties. While initially dominated by high-end brands, the market is diversifying with hotel chains, car manufacturers, and retail giants offering branded residences. This trend reflects a shift in consumer preferences toward luxury living connected to specific brands and lifestyles....
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