Rising costs and interest rates stall European homeownership dreams
Author : PNT Bureau
Homeownership is becoming increasingly elusive across Europe due to rising interest rates and construction costs. New housing projects have plummeted, with Germany building only 294,000 units in 2023, far short of the 400,000 targets. ECB interest rate hikes, now at 4%, are raising borrowing costs, deterring buyers, and straining developers. Homeowners with variable-rate mortgages face steep payment increases, while fixed-rate holders like Siobhan Mortimer struggle with higher costs. Despite some signs of stabilization, such as a leveling off in building permits, a full recovery remains distant without a significant drop in interest rates....
Hong Kong private home prices continue upward trend in April
Author : PNT Bureau
Hong Kong's private home prices have experienced a second consecutive month of growth, rising 0.3% in April compared to March. This increase follows the government's decision in late February to remove additional stamp duties on foreign and second-home buyers, as well as on those selling properties within two years of purchase. The move aimed to revive the territory's struggling property market, which had seen a 20% decline from its 2021 peak due to factors like higher mortgage rates and talent outflows. While the market has seen a surge in transactions, analysts expect prices to remain subdued in the near term as developers offer steep discounts to attract buyers....
Affordable housing crisis deepens as prices rise and supply declines globally
Author : PNT Bureau
A Reuters poll highlights concerns for homebuyers as 93% of analysts expect a worsening shortage of affordable housing globally, particularly for starter homes. The COVID-19 pandemic exacerbated this issue, making it difficult for first-time buyers to save for down payments. Rising house prices are expected in all major markets, except Germany, over the next two years. The US may see moderate increases due to low mortgage rates for existing homeowners, while the UK, Canada, Australia, New Zealand, and India will experience varying levels of price hikes. With 73% of analysts urging government intervention, addressing the affordable housing crisis is crucial....
Home REIT gains control of 600 properties as major tenant surrenders lease
Author : PNT Bureau
Home REIT, a UK-based housing provider for the homeless, is undergoing a significant operational shift as Big Help, a major tenant, surrenders its lease on over 600 properties, about 30% of Home REIT's portfolio. This change allows Home REIT to directly manage these properties, aiming to improve efficiency and ensure a steady income stream. Amid past challenges, including scrutiny over property valuations and tenant payments, Home REIT's move to direct control demonstrates a commitment to transparency and performance improvement. Strengthening leadership and focusing on operational improvements are crucial steps towards regaining investor confidence and continuing their mission....
The Rise of Singapore's Shophouses: Heritage properties turned into luxury investments
Author : PNT Bureau
South-East Asia's evolving political landscape has transformed colonial-era buildings into some of the world's most valuable properties. These architectural gems, showcasing the Straits Eclectic style, are now home to Michelin-starred restaurants, high-end retailers, and have become targets for money launderers. The iconic shophouses of Singapore's Koon Seng Road exemplify this remarkable transformation, attracting the interest of deep-pocketed investors, including family offices and billionaires. Despite facing the threat of demolition in the past, these shophouses have experienced a resurgence in popularity, with local developers reinventing them into boutique hotels, bars, restaurants, and unique office spaces. The new owners are seeking top-tier tenants, transforming these historic structures into coveted investments....
RAK Properties unveils a new luxury development at Raha Island, Ras Al Khaimah
Author : PNT Bureau
RAK Properties has launched Raha Island in Mina Al Arab, a luxury development featuring retail spaces, marinas, beach clubs, and leisure options. This aligns with a regional real estate boom highlighted by projects like Emaar's Address and Aldar's Nikki Beach. Raha Island will offer 2.5 km of public beaches and a water transit system. It aims to enhance Al Khaimah's appeal for luxury living and tourism, contributing to the emirate's strategy to attract diverse investors and visitors....
US housing market slows as March 2024 sees 0.1% price increase
Author : PNT Bureau
The US housing market is slowing down, with the Federal Housing Finance Agency (FHFA) reporting only a 0.1% rise in house prices in March 2024, down from a 1.2% increase in February. Rising mortgage rates, now around 7%, are making homeownership less affordable. Despite the slowdown, prices are still up 6.7% year-over-year, compared to 7.1% in February. The ongoing shortage of available homes continues to support high prices, but existing home sales have dipped. The market is entering a period of adjustment as rising rates and low inventory create a complex landscape....
Dubai's Al Wasl district sees record AED 61.5 million villa sale
Author : PNT Bureau
Dubai's real estate market has hit a new milestone with the sale of a villa for AED 61.5 million in the Al Wasl District. Developed by Nordic by fam Real Estate Development, this villa is the highest-priced property ever sold in the district. Al Wasl District offers prime freehold villas close to iconic landmarks like the Burj Khalifa. Nordic by fam's villas, priced up to AED 76 million, feature minimalist Scandinavian designs. This sale highlights the growing appeal of luxury properties in Dubai, with Nordic by fam planning further high-quality projects worth AED 1 billion....
China Vanke sells Shenzhen land plot for USD 309 million amidst liquidity crisis
Author : PNT Bureau
China Vanke has sold a Shenzhen land plot for USD 309.18 million, over 27% less than its 2017 purchase price, to raise funds amid short-term liquidity pressure due to China's real estate sector crisis. The plot was bought by Vanke's largest shareholder, state-owned Shenzhen Metro, and Baishuoyinghai. This sale, reflecting shareholder support, aims to free up capital from non-core assets. Vanke plans to boost cash flow with bank financing and asset disposals worth over 30 billion yuan. Recently, Vanke secured a 20 billion yuan syndicated loan led by the Industrial and Commercial Bank of China. Fitch Ratings downgraded Vanke's ratings to 'BB-' with a negative outlook due to weaker-than-expected sales....
Dubai tops global list for HNWI real estate investment, attracting USD 4.4 billion
Author : PNT Bureau
A new Knight Frank report reveals that high-net-worth individuals (HNWIs) worldwide are prepared to invest USD 4.4 billion in Dubai's residential real estate. The 2024 Destination Dubai report surveyed 317 HNWIs, who collectively have a net worth of USD 5.4 billion and own 1,147 homes globally. According to the findings, Dubai has surpassed other UAE emirates as the most preferred location for HNWI real estate investment. Knight Frank attributes this to Dubai's transformation into a global commercial hub, investments in infrastructure, and focus on social mobility, which have fostered a high standard of living and exceptional public safety....
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