Vistry anticipates 7% profit rise amid strong demand for affordable homes
Author : PNT Bureau
British housebuilder Vistry expects a 7% rise in half-year profit due to strong demand for affordable homes from housing associations and the rental market. Despite delays in interest rate cuts affecting the housing market's recovery, the sector is hopeful about the new Labour government's commitment to building 1.5 million homes over five years and reforming planning regulations. Vistry supports the government's plans and anticipates an adjusted pretax profit of 186 million GBP for the first half of 2024. The company aims to build over 18,000 homes by 2024 and reduce its net debt, which stood at 323 million GBP as of June 30....
Shanghai's luxury market booms as national property sector struggles
Author : PNT Bureau
Shanghai's luxury real estate market is booming, defying broader economic challenges in China. The launch of the Shanghai Arch building, with 212 luxury apartments, saw overwhelming demand, selling out completely on day one, including a USD 15 million penthouse. Government measures like reduced down payments and lower mortgage rates have spurred this surge, making high-end properties attractive to wealthy Chinese investors seeking stability and value. While major cities like Shanghai and Beijing thrive, smaller markets struggle, highlighting regional disparities. Analysts predict a potential stabilisation in Shanghai's luxury market by late 2024 as initial demand adjusts, with prime locations likely to maintain momentum....
Dubai's luxury property market rises amidst high demand and limited supply
Author : PNT Bureau
Dubai's luxury property market is experiencing a red-hot surge, driven by intense demand that far exceeds available supply. According to Knight Frank, luxury homes for sale in Dubai's prestigious neighborhoods have decreased by 47% over the past year. This shortage is fueled by a significant rise in international ultra-wealthy buyers, whose purchasing power is driving prices upwards. Average transaction prices in prime locations have climbed by 7% in the first half of 2024 alone. The Palm Jumeirah stands out, dominating 89.3% of prime property sales, highlighting Dubai's stronghold as the top market for homes priced at USD 10 million and above....
Germany's housing paradox: 1.9 million vacant apartments amidst rising demand
Author : PNT Bureau
New data from the 2022 census reveals a surprising statistic: Germany has approximately 1.9 million vacant apartments, accounting for 4.3% of all housing units. Despite widespread housing challenges, over half of these units have been vacant for more than a year, suggesting maintenance issues. Major cities like Hamburg and Berlin show higher vacancy rates, reflecting faster turnover. Owners' intentions vary, with 24% planning renovations and 7% considering selling. Addressing this paradox will require strategies to encourage renovations, streamline construction, and balance housing supply to meet growing demand effectively....
Riyadh ranked among top 15 fastest-growing cities in the world
Author : PNT Bureau
Riyadh, Saudi Arabia's capital, has been ranked among the top 15 fastest-growing cities globally by Savills, a leading real estate advisor. This rapid ascent is driven by the kingdom's Vision 2030 plan, which aims to diversify the economy and reduce dependence on oil. With 67% of its 36 million population under the age of 35, Riyadh boasts a young workforce that bolsters economic potential. Foreign investment in Riyadh surged, with a net inflow exceeding USD 2.5 billion in Q1 2024, and over 180 foreign companies established regional headquarters in the city in 2023. Riyadh's strategic location and focus on economic diversification position it for continued growth and investment opportunities....
Riyadh's Red Palace to be transformed into a ultra-luxury hotel with a USD 800 billion investment
Author : PNT Bureau
In Riyadh, Saudi Arabia, the iconic Red Palace is set to become the world's first ultra-luxury hotel within a former royal residence. Spanning 365,000 square feet, this historic edifice will offer guests a royal experience, complete with artifacts from King Saud's reign and spa treatments featuring traditional ingredients. Boutique Group, the project's developer, aims to blend historical charm with modern luxury. Partnering with Sommet Education, they are training a local workforce to support Saudi Arabia's $800 billion tourism goal. With its prime location and cultural significance, the Red Palace promises an unparalleled stay when it opens in 2025....
New Zealand to enhance home construction through regulatory changes
Author : PNT Bureau
New Zealand's government plans regulatory changes to increase home construction, set housing growth targets, enable urban expansion, and promote development around transport routes. Despite a drop from 2021 peak prices, housing affordability remains low, making it a key political issue. Housing Minister Chris Bishop attributes high costs to restrictive regulations. The new measures will support mixed-use developments and abolish apartment size restrictions. The opposition Labour Party supports increasing housing but raises concerns about building standards and agricultural land loss. The government aims to balance housing supply growth with quality and environmental sustainability to improve affordability and boost the economy....
SBB debt swap raises concerns about Swedish Property market's USD 56 billion debt burden
Author : PNT Bureau
Sweden's property market faces upheaval as Standard & Poor's downgrades SBB, a key player with a USD 56 billion debt, to 'selective default.' SBB, once pivotal in Sweden's property boom, grapples with soaring borrowing costs and market slowdowns. Its recent debt restructuring, offering creditors new bonds at a steep discount, triggered S&P's downgrade. This move underscores broader concerns about the market's stability amid inflation and rising interest rates. With SBB's fate uncertain, the incident raises alarms over Swedish economic health, impacting construction, employment, and investor confidence. Observers await how SBB navigates its massive debt burden and its implications for the broader economy....
Norway blocks sale of strategic Svalbard land to prevent Chinese acquisition
Author : PNT Bureau
The Norwegian government halted a plan to sell the last privately owned land on Svalbard to prevent its purchase by China. The 60 square kilometres of remote land, priced at 300 million euros, lies in a strategic Arctic region between Norway and the North Pole. Governed by a unique legal framework, Svalbard allows foreign entities to operate there. The property's seller, a company owned by a Russian-born Norwegian, has received interest from Chinese buyers. Critics doubt the sale's feasibility due to the land's lack of infrastructure and commercial value. In 2016, Norway bought another private Svalbard property eyed by China....
Toronto home sales rebound in June as interest rates drop
Author : PNT Bureau
Toronto's real estate market showed signs of recovery in June, with home sales rising 4.2% after four months of decline. This follows Canada's first interest rate cut in over four years. Average home prices increased marginally to CAD 1.13 million, while new listings jumped 9.3%. Despite these improvements, year-over-year figures still show decreases in sales and prices. The Bank of Canada's rate cut to 4.75% likely influenced this shift, with markets anticipating further easing. TRREB's chief analyst describes the market as well-supplied, benefiting recent buyers with more choice and negotiating power. The combination of lower borrowing costs and high inventory is expected to balance the market moving forward....
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