Kronos Homes offers key-ready family homes at Monte Santo Resort in Portugal
Monte Santo Resort in Carvoeiro, Algarve, offers an ideal relocation solution with fully furnished, key-ready homes starting at EUR 279,000. Portugal, named the world's most family-friendly relocation destination, is celebrated for its affordability in childcare, utilities, and property. The resort features various properties around a central pool and amenities including a multi-sports court and wellness centre. Its proximity to Carvoeiro's beaches, shops, and international school enhances its appeal. Kronos Homes, the developer, has expanded its Portuguese portfolio significantly, focusing on high-quality, sustainable residential projects....
Real estate investments in China drop by 10.2% in 2024
China's real estate investment fell by 10.2% in the first seven months of 2024, worsening from a 10.16% drop in H1. Property sales decreased by 18.6%, and new construction starts plummeted by 23.2%. Despite government efforts to revive the market, including reducing property purchase costs and mortgage rates, these measures have yet to reverse the decline. Funds raised by developers dropped 21.3%, exacerbating sector woes. The ongoing downturn reflects deep-rooted issues like overcapacity and high debt, compounded by slow GDP growth and geopolitical tensions. A full market recovery remains uncertain as challenges persist....
Tasmania's property market is showing signs of stability as first-time homebuyer numbers reach their highest since March 2021, with most purchases in southern Tasmania. Tasmania emerges as an affordable option, with median house prices reaching USD 600,000 - 2.4% lower year-on-year. A recent report from the Real Estate Institute of Tasmania reveals increased market confidence, as first-time homebuyers and investors return. With 2,644 properties sold, totaling USD 1.62 billion, sales rose across all property types. Greater Hobart saw a 16.4% rise in house sales, with median prices up to USD 735,000. First-time buyers reached a high since March 2021, while mainland buyers rose 23.3%. The market may have bottomed out, signaling potential growth similar to mainland trends....
Hong Kong court grants Kaisa four-week extension amidst USD 13 billion debt restructuring
A Hong Kong court has granted Chinese developer Kaisa an additional four weeks to address its USD 13 billion debt restructuring, a critical reprieve for the financially troubled firm. As the second-largest offshore bond issuer among Chinese developers, behind Evergrande, Kaisa's financial woes have highlighted broader concerns in China's real estate sector. With liabilities totaling 226 billion yuan (USD 32 billion), Kaisa first defaulted in 2021. Judge Anthony Chan's decision to delay proceedings until September 9 follows productive talks between Kaisa and bondholders. This extension is seen as pivotal for finalizing a restructuring plan amid ongoing scrutiny of China's property market challenges....
Geberit anticipates flat 2024 sales amid construction sector slowdown, shares drop 3.9%
Geberit expects 2024 organic sales to remain on par with 2023, defying analyst growth expectations. The forecast is influenced by sluggish construction activity in Europe, notably Northern Europe, leading to a 3.9% drop in Geberit's shares. Despite a 1.7% sales increase in H1 2024, Geberit faces challenges from a sharp decline in the German property market and inflation-driven construction delays. The company projects a slight EBITDA margin decline to 29% and a mixed performance outlook for the latter half of the year. Geberit aims to adapt through innovation and cost-efficiency strategies amidst the sector's downturn....
Shimao Group struggles to avert USD 200 million liquidation
The Shimao Group, a key Chinese property developer, faces tough times as a Hong Kong court adjourned a winding-up petition until December 16, allowing Shimao time to negotiate a new restructuring plan with creditors amid China's real estate debt crisis. The petition, initiated by China Construction Bank (Asia), stems from Shimao's failure to repay USD 200 million. With USD 11.5 billion in offshore debt, Shimao's situation underscores the sector-wide financial distress. Amid government efforts to stabilize the market, Shimao's success in restructuring could set a precedent for struggling developers and impact future policies in China's real estate sector....
Bellway withdraws GBP 720 million takeover bid for Crest Nicholson
Bellway has withdrawn its GBP 720 million (USD 921 million) takeover proposal for Crest Nicholson, leading to a 4% rise in Bellway's shares and a 9% drop in Crest Nicholson's stock. Crest Nicholson had previously seen a 15% increase following the initial bid announcement. This failed bid reflects broader trends in the UK housing market, where consolidation among homebuilders is common. The ongoing market shifts, influenced by property shortages and changing economic conditions, continue to reshape strategies across the sector. Despite the setback, Crest Nicholson remains optimistic about its future as an independent entity....
Taylor Wimpey España showcases natural elegance at Marbella Lake Penthouses
Taylor Wimpey España's Marbella Lake show home in Nueva Andalucía, near Puerto Banús, represents the seamless integration of nature with modern living. The penthouses, designed with a blend of Boho Chic and Country Chic aesthetics, highlights natural materials and earthy tones that mirror the lakeside setting. With expansive terraces offering panoramic views, the interiors create a calm and an inviting atmosphere. The design prioritizes comfort, elegance, and practicality, incorporating elements like built-in storage and a soothing colour palette that enhance the home's serene ambiance....
South Africa's rental market surges as demand increases amid economic challenges
South Africa is experiencing a rising demand for rental properties due to slow economic and household income growth, political uncertainty, and the need for flexibility. The number of households renting has increased from 17.7% in 2020 to 23.9%. Well-located properties with engaged landlords see better rental returns. Despite high demand, new property construction is slow. Rental returns for sectional-title properties are 10.62%, while full-title properties increased from below 7% in 2022 to 7.44% in early 2024. Cape Town benefits from partial migration and shows strong property value growth, while Gauteng and KwaZulu-Natal offer higher rental returns....
Irish Residential Properties REIT (IRES) aims for EUR 115 million from sale of 315 units
Irish Residential Properties REIT (IRES), Ireland's largest private residential landlord, has concluded its strategic review, deciding against selling the company. Instead, IRES plans to capitalize on growth opportunities while selling approximately 315 units, or 8% of its portfolio, over the next three to five years. This divestment is expected to generate EUR 110-115 million. The company identified promising growth avenues, including potential sales of nearly 50% of current housing stock owned by private equity and investment funds. IRES is also exploring "capital light" joint ventures, enabling management of properties for international investors to enhance portfolio and operational efficiency....
South Korea Government to construct 400,000 homes to ease housing crisis
South Korea's government has unveiled a comprehensive plan to address rising housing prices and household debt by targeting the construction of over 400,000 new homes in six years. This initiative includes fast-tracking 217,000 homes in Seoul and nearby areas, easing regulations, and repurposing "green belt" areas. Finance Minister Choi Sang-mok emphasized balancing housing supply with effective liquidity management. The plan also aims to increase public rental housing and extend tax incentives for builders and first-time buyers. This strategic approach seeks to stabilize the housing market and ensure long-term affordability amidst soaring real estate prices....
India and Maldives strengthen ties with major infrastructure projects in Addu City
India and the Maldives have launched key infrastructure initiatives in Addu City, marking a significant step in their bilateral partnership. The USD 80 million Addu reclamation and shore protection project aims to boost tourism and regional development by reclaiming 184 hectares of land. Alongside this, India is investing USD 70 million in upgrading Addu's road and drainage systems and redeveloping Gan International Airport to enhance connectivity. With a total investment of USD 220 million in Maldivian infrastructure, these projects reflect a commitment to strengthening regional ties and fostering economic growth....
China eases property market restrictions amid sector slump
China's property market is undergoing significant changes as cities like Zhengzhou lift price restrictions on new home sales. This trend is expected to spread, potentially leading to further price drops as developers clear inventory. The move comes as China's once-booming property sector faces a prolonged slump since 2021, affecting the broader economy. In response, Chinese leadership is granting cities more autonomy in regulating real estate markets and pledging support for unfinished projects. While these measures aim to stabilize the sector, experts warn that without substantial stimulus, the market will remain challenging. Weak buyer confidence, largely due to concerns about timely home delivery, continues to impact the industry's recovery....
Abu Dhabi Housing Authority launches 3D virtual tours with digital twin technology
The Abu Dhabi Housing Authority (ADAH) is now using digital twin technology to present its housing projects. With the help of NNTC, ADAH offers a 3D virtual tour of over 3,000 homes, allowing users to explore and book properties easily. This technology, featuring Unreal Engine 5 and NVIDIA's DLSS, provides detailed views of homes and their surroundings. The service is available via digital kiosks and the updated 'ISKAN Abu Dhabi' app....
Balneario Camboriu to build world's tallest residential tower in Brazil
Balneario Camboriu, Brazil, has approved plans for Triumph Tower, set to become the world's tallest residential skyscraper at 544 metres. Developed by FG Empreendimentos, it will exceed New York's Central Park Tower by 72 metres. The 100-floor supertall structure will be built in the Barra Sul neighbourhood on a 150,000-square-metre site. This project adds to the city's reputation for impressive skyscrapers, including several of South America's tallest buildings. Balneario Camboriu already flaunts the continent's third-tallest skyscrapers in the Yachthouse Residence Club. Triumph Tower will redefine the city's skyline and set a new global standard for residential high-rises....
ADQ acquires minority stake in Sotheby's as part of USD 1 billion investment boost
Abu Dhabi's sovereign wealth fund, ADQ, is acquiring a minority stake in Sotheby's, with ADQ and founder Patrick Drahi together investing USD 1 billion in the auction house. The exact amount from ADQ remains undisclosed. The investment supports Sotheby's growth plans, with ADQ highlighting the alignment with Abu Dhabi's economic diversification. Sotheby's CEO Charles F. Stewart praised the capital boost for enhancing the company's digital expansion and market reach. The partnership emphasises Sotheby's strength in the art and luxury sectors, positioning it for continued success in a competitive global market....
Foreign investment in China's commercial real estate falls to USD 3.3 billion
Foreign investment in China's commercial real estate is declining as investors face challenges amid government-imposed borrowing restrictions and market volatility. MSCI data reveals a 13% drop in investments, totalling USD 3.3 billion in the first half of 2024. While Japan experienced a 35% decline, it remains the Asia Pacific leader with USD 3.7 billion. Singaporean investors increased their activity, investing approximately 6.9 billion yuan (USD 1 billion), while U.S. investments were significantly lower. As China's real estate market grapples with instability, highlighted by Evergrande's collapse, investors are exploring sustainable opportunities and niche areas to mitigate risks....
Evergrande faces new legal challenge as Vanward files petition to liquidate key subsidiary
China Evergrande Group is embroiled in a legal battle as Vanward seeks to liquidate Guangzhou Kailong Real Estate, a key subsidiary, over a 200 million yuan (USD 27.9 million) investment dispute. The move follows a December 2022 arbitration ruling favoring Vanward, which Kailong has ignored. Despite Evergrande's assertion that Kailong's potential bankruptcy won't impact its main unit Hengda, the situation reflects broader financial distress. The company, with USD 300 billion in liabilities, faces increased scrutiny amid deteriorating market confidence and additional bankruptcy proceedings for its electric vehicle division. The outcome could significantly impact China's real estate sector and economy....
July housing data shows renewed strength in British property market
Halifax data reveals a 2.3% annual increase in British house prices for July, the highest growth since January. Monthly prices rose by 0.8%, exceeding expectations of 0.3%. The rise is attributed to a recent Bank of England rate cut to 5% and renewed market optimism following the Labour Party's election victory and its planned housing reforms. Despite these positive trends, the ongoing housing supply shortage and affordability issues pose challenges. With a 33% chance of further rate cuts, market conditions remain fluid, impacting future housing affordability and investment decisions....
Melbourne faces youth homelessness crisis with 15,271 seeking help in 2023
Melbourne is grappling with a severe youth homelessness crisis, as 15,271 individuals under 19 sought assistance in the 2023 financial year, the highest in Australia. Victoria's overall figure of 18,828 children highlights the widespread nature of the problem. The western suburbs of Melbourne are particularly affected, with rising rental costs and economic instability worsening the situation. Local advocates, including Kate Colvin and Deborah Di Natale, call for immediate action to address overwhelmed services and systemic failures. The crisis underscores the need for enhanced support and sustainable housing solutions to protect the city's vulnerable youth....
Dubai residential market rises with 32% increase in transactions and AED 63 billion in sales in Q2 2024
Dubai's residential real estate market has surged, with 32,109 transactions and AED 63 billion in sales during Q2 2024, marking a 32% increase in transactions and a 23% rise in sales value from last year. Popular segments include properties priced AED 1-2 million and those sized 500-1,000 sq ft. Jumeirah and Dubailand lead in transactions, while luxury developments like the Bulgari Lighthouse dominate high-value sales, with individual transactions reaching AED 149 million. The market's growth reflects a strong demand for both luxury and mid-range properties, with developers expanding to meet evolving buyer preferences....
Saudi Arabia bids for largest-ever FIFA world cup with 15 stadiums across five cities
Saudi Arabia has launched an ambitious bid to host the largest FIFA World Cup in a single country, showcasing plans during a FIFA ceremony in Paris. The tournament is set to occur across five cities: Riyadh, Jeddah, Al Khobar, Abha, and NEOM, featuring 15 stadiums, including 11 new constructions. Riyadh will be the focal point with eight stadiums, including the new 92,000-seat King Salman Stadium. The bid highlights Saudi Arabia's modernization efforts, infrastructure developments, and cultural showcases. The futuristic NEOM Stadium, part of the Vision 2030 plan, emphasizes sustainability, aiming to power the venue entirely by renewable energy....
Ankit Lodha's LA Empire aims to revolutionize the US rental market amid real estate boom in India
India's real estate sector saw a surge in investment, reaching USD 2.77 billion in Q2 2024, bringing the total for the first half of the year to a record USD 3.9 billion, as reported by Cushman & Wakefield. This boom is paralleled by Ankit Lodha's LA Empire, which addresses issues in the U.S. rental market with a streamlined approach. Established in 2022, LA Empire manages nearly 30 properties worth over USD 30 million and offers flexible rental options. Lodha's innovations reflect a broader trend towards improved transparency and flexibility in the rental market, mirroring the growth in India's real estate investments....
UK government reveals major planning overhaul to build 1.5 million homes
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
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
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
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
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
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
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
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
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....
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