London Boroughs dominate England's most active housing markets with high turnover rates
Author : PNT Bureau
New research by YOPA reveals a striking trend in England's housing market. The East of England tops the list for overall sales volume, with nearly 3.9 million homes sold over the past five years. However, London boroughs lead in market activity by turnover rate. Tower Hamlets shows a 43.1% turnover rate, with Hackney, Lambeth, and Wandsworth following. Norwich stands out outside the capital with a 31.2% turnover rate. This study highlights the significant local variations in market activity, crucial for homeowners and buyers understanding property values and making informed decisions....
US homebuilders face challenges amid slowing sales and high mortgage rates
Author : PNT Bureau
Amid a rebound for some, US housing sales declined notably in April and May compared to the previous year. High mortgage rates are detering homebuyers, contributing to a third consecutive monthly drop in existing home sales by May. Builders responded by slowing new construction, especially of single-family homes and home prices saw a slight dip, with median new home prices going down in May. Despite financial incentives, uncertainty over mortgage rates led to buyer hesitancy. Cash buyers or those unaffected by rates faced less competition. Lisa Sturtevant forecasts a sluggish third quarter due to increased housing inventory and reduced demand....
Chinese property developer faces legal action over USD 613 million loan default
Author : PNT Bureau
A Singapore-based fund, Seatown Private Credit Master Fund, has filed a winding-up petition against R&F Properties' unit, Trillion Glory, in Hong Kong's court. The petition alleges non-repayment of a substantial loan, highlighting financial strain within the company. This legal action mirrors similar challenges in China's property sector, raising concerns about developers' ability to meet financial obligations. With the case set for September 25th, 2024, its outcome could impact R&F Properties and broader market stability, given the sector's pivotal role in China's economy. Investors and analysts await developments, mindful of potential implications for the country's economic landscape....
Cinven acquire majority stake in Idealista for EUR 2.9 billion
Author : PNT Bureau
Cinven, a global private equity firm, alongside EQT and other investors, has acquired a 70% stake in Idealista, a leading Spanish real estate firm, in a deal worth 2.9 billion euros (about USD 3.10 billion). Established in 2000, Idealista operates in Spain, Portugal, and Italy, offering real estate agents a platform to list properties through subscriptions. It provides online advertising, mortgage brokerage, and data analytics services. EQT retains 18% ownership post-deal, with Oakley and Apax selling their shares. Founder Jesus Encinar remains chairman. EQT previously acquired a majority stake in 2020, valuing Idealista at around 1.3 billion euros....
Kenya struggles with affordable housing crisis as urban population grows
Author : PNT Bureau
Kenya is experiencing a significant shortage of affordable housing due to its rapidly growing urban population. As more people begin to move to cities in search of better opportunities, the growing demand for housing has increased sharply. Unfortunately, the supply of affordable homes has not kept pace with this demand. Many urban residents now face high rental costs and overcrowded living conditions. The government and private sector are trying to address this issue by planning and developing new housing projects. However, the need for affordable housing remains urgent, highlighting a major new challenge for Kenya's urban development and planning efforts....
Sweden's SBB creditors swap debt for USD 158 million in residential bonds
Author : PNT Bureau
SBB is at the heart of a Swedish property market bubble that first began to burst in 2022. Rising inflation and interest rates led to significant drops in the company's credit ratings and a steep decline in its share price evaluations. This alarming situation has caused considerable financial strain on SBB, reflecting some of the broader challenges in the Swedish property sector. As a result, SBB's creditors have exchanged debt for residential bonds worth $158 million to mitigate risks and stabilize the situation. This move reflects the ongoing volatility and adjustments within the market as it grapples with economic pressures....
New Zealand reveals reforms to tackle housing shortage with 3-pronged approach
Author : PNT Bureau
New Zealand is tackling its housing shortage with a comprehensive plan to streamline regulations, reduce construction costs, and increase affordable housing supply. With a significant housing shortfall exacerbated by a growing population, the government aims to create a more equitable market. Key measures include simplifying the building consent process, incentivizing developers to build cost-effective housing, and prioritizing sustainability. This initiative, highlighted by the national median house price reaching NZD 1,044,000 (USD 724,320), aims to ease market pressure, lower property prices, and stimulate economic growth through increased construction activity....
Dubai rent growth expected to slow as new apartments hit the market
Author : PNT Bureau
After a substantial 21.1% increase in rents in 2024, Dubai's rental market may see a slowdown as more properties become available. Renewals have increased by 12.2%, indicating tenant preference for stable pricing. New registrations have slightly dipped by 3.7%, reflecting constrained supply. Despite continued high rents in prime locations like Palm Jumeirah and Al Barari, where averages reach AED 272,867 and AED 1,391,242 annually, respectively, more affordable areas could see easing rental pressures. With new developments entering the market, experts anticipate a shift towards single-digit rent increases, offering potential relief to tenants amidst Dubai's evolving rental landscape....
China's property market sees modest 0.15% rise in new home prices amidst 41.6% sales decline
Author : PNT Bureau
China's property sector faces a severe liquidity crisis with widespread debt defaults since 2021. Despite government interventions such as reduced down-payments and flexible mortgage rates, new home prices rose modestly by 0.15% in June. The top 100 developers witnessed a significant 41.6% decline in new home sales value from January to June compared to last year, indicating persistent weak demand. Second-hand home prices also fell by 0.73% in June. Data from the China Index Academy highlights ongoing market fragility, showing the challenge of government measures in stabilising the sector amid economic pressures....
Summer-Ready Apartments: How Dubai landlords can beat the summer vacancy challenge
Author : PNT Bureau
Dubai's summer heat poses a challenge for landlords, but a tenant-focused approach can ensure consistent occupancy. Key strategies include prioritising apartments near public transport, maintaining quiet surroundings, and offering in-building gyms. Fully furnished units with efficient air conditioning and regular pest control are essential. Interior design improvements, such as pops of color and modern, space-saving furniture, enhance appeal. Colife, a Dubai-based property management company, suggests that apartments meeting these criteria can command 15% higher rents. By understanding tenant preferences, landlords can keep their properties occupied and profitable during the summer....
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