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....
Vonovia reports EUR 529 million loss in H1 2024 amid German real estate downturn
Germany's largest real estate group, Vonovia, announced a loss of EUR 529 million (USD 573 million) for the first half of 2024, a significant improvement from a EUR 4.13 billion loss last year. The real estate sector in Germany faces its toughest downturn in decades due to rising interest rates. Vonovia reported a EUR 1.8 billion writedown on its apartment portfolio. Despite current losses, CEO Rolf Buch remains optimistic about the future, indicating that property values may have bottomed out. Investors responded positively to the company's forecast of improved profitability, leading to a 2.5% rise in Vonovia shares....
Study predicts decade-long struggle for Sydney's median earners to afford homes
A study published in the journal Cities predicts that property prices in Greater Sydney will remain out of reach for single median income earners until at least 2031. The research, conducted by Dr. Mustapha Bangura (UTS) and Professor Chyi Lin Lee (UNSW), reveals that individuals earning the median income in NSW struggle to afford property without significant financial support. Analysis of trends from 2004 to 2021 shows a 23.7% price increase from December 2020 to December 2021, with Sydney's median house price at USD 1.6 million. The study underscores the urgent need for policy interventions to address Sydney's housing affordability crisis....
Hong Kong court delays Shimao Group's liquidation petition to August 12
Shimao Group's liquidation hearing in Hong Kong has moved to August 12, which gives the company additional time to finalise a revised restructuring proposal with creditors. The petition, filed by China Construction Bank (Asia) over USD 200 million in unpaid loans, follows Shimao's 2022 default on USD 11.5 billion in offshore debt. Recent updates to Shimao's restructuring plan include a minimum cash interest payment for new notes and a reduction in bond conversion prices. The company has extended the deadline for an early consent fee to August 30. The outcome is crucial for Shimao and the wider Chinese property market....
Mr. Cooper Group Inc. to acquire Flagstar Bank's mortgage servicing business for USD 1.4 billion
Mr. Cooper Group Inc. has agreed to acquire Flagstar Bank's residential mortgage servicing business from New York Community Bancorp (NYCB) for approximately USD 1.4 billion. The deal includes mortgage servicing rights and a third-party origination platform, aiming to expand Mr. Cooper's customer base by 1.3 million. This sale comes as NYCB faces financial challenges, including a USD 323 million loss for Q2 and difficulties from its recent acquisition of Signature Bank. NYCB plans to shift focus to regional banking, while Mr. Cooper views the acquisition as a strategic growth opportunity. The transaction, expected to close by Q4 2024, reflects broader consolidation trends in the mortgage servicing sector....
U.S. housing market faces decline amid high prices and mortgage rates
The U.S. housing market is experiencing a slowdown, with existing home sales falling by 5.4% in June to an annual rate of 3.89 million, the lowest since December. This marks the fourth consecutive month of declining sales and a 5.4% drop from the previous year. Despite fewer sales, home prices hit a record high of USD 426,900, up 4.1% year-over-year. Inventory increased to 1.32 million unsold homes, a 23% rise from last year, translating to a 4.1-month supply. High mortgage rates and rising prices continue to impact the market, with first-time buyers and cash transactions playing significant roles....
Singapore central bank proposes changes to REIT leverage rules
The Monetary Authority of Singapore (MAS) has proposed new rules for real estate investment trusts (REITs) to simplify debt management and reduce default risks. Under the new guidelines, Singapore REITs would need to maintain a minimum interest coverage ratio (ICR) of 1.5 times, meaning they must earn SGD 1.50 for every dollar of interest owed. Additionally, the proposal sets a 50% aggregate leverage limit, replacing the current 2.5 times ICR requirement for exceeding a 45% leverage limit. The MAS also suggests that REITs conduct sensitivity analyses to disclose how changes in earnings and interest rates could impact their ICR. These changes aim to stabilise the market and enhance transparency as the MAS seeks public and industry feedback....
Blackstone mortgage trust shares fall 10% after 24% dividend cut amid CRE market struggles
Shares of Blackstone Mortgage Trust plummeted by 10% on Wednesday following a 24% reduction in its dividend, reflecting ongoing challenges in the commercial real estate (CRE) market. The cut is attributed to persistent issues in the office space sector, where many buildings remain vacant due to remote work trends. The firm has set aside an additional USD 140 million for expected credit losses, with 55% of its U.S. office holdings now "watch-listed or impaired." Analysts warn this could signal broader issues across the industry. With nearly USD 1 trillion in commercial mortgages maturing in 2024, the sector faces mounting pressures. Despite a USD 61.06 million loss in Q2, Blackstone's CEO remains optimistic about long-term prospects, citing strong liquidity and an investment pipeline....
Hong Kong court delays Country Garden liquidation hearing to January 2025
A Hong Kong court has postponed the liquidation hearing for Country Garden, China's major property developer, until January 20, 2025. This delay provides Country Garden more time to finalise its restructuring plan for substantial offshore debt, central to its financial troubles. The petition, filed by Ever Credit Limited due to a USD 205 million loan default, follows Country Garden's default on USD 11 billion in offshore bonds. The company is working on restructuring its debt, with plans to present term sheets to creditors in September. The outcome will significantly impact the property sector and broader market conditions in China....
Germany's housing market faces major shift as single-family home demolitions surpass new constructions
Deutsche Bank forecasts a pivotal change in Germany's housing market, predicting that demolitions of single-family homes will surpass new constructions. Annual new builds have fallen from 250,000 in the 1970s to below 110,000 recently, with only 15,500 permits issued in early 2024. High interest rates, construction costs, and land scarcity, combined with ecological concerns, drive this trend. Single-family homes, with higher energy consumption and CO2 emissions compared to multi-family units, face growing challenges. As construction slows, demand for existing single-family homes is expected to increase, potentially raising prices and reshaping the market....
Rising living costs impact 78% of American households
The escalating cost of living is straining American households, with 78% of Americans rating the economy as poor or fair, a recent survey reveals. Renters are hit hardest, with 77% describing their financial situation negatively, compared to 53% of homeowners. Rising rental costs lead 20% of renters to consider relocating or downsizing. Inflation is a major concern for 80% of respondents, while 51% report wages lagging behind. Despite a strong job market, only 38.6% are confident in the economy's future. In response, 57% are delaying major purchases, 50% are cutting dining expenses, and 76% are reviewing insurance policies for savings....
NatWest acquires a USD 3 billion mortgage portfolio from Metro Bank
NatWest acquired a 2.4-billion-pound mortgage portfolio from Metro Bank and upgraded its annual performance outlook, despite a 16% drop in first-half profit. This acquisition is part of a consolidation trend in Britain's banking sector. Metro Bank's sale, despite a 4% discount, provides much-needed liquidity. NatWest shares rose 6%, showing market confidence. The bank raised its 2024 return on tangible equity forecast to exceed 14% and expects annual income of approximately 14 billion pounds. CEO Paul Thwaite highlighted growing customer confidence and strong asset quality. The government's stake in NatWest fell below 20%, advancing the bank towards full private ownership....
Planet Smart City expands Smart Housing portfolio with successful US sale
Planet Smart City and Palladium USA sold a 324 unit smart multifamily housing complex in Little Elm, Texas, to a US institutional investor. Developed equally by both the companies, the project integrates innovative solutions in the environment, planning, technology, and social inclusion. Features include an innovation hub, co-working spaces, energy saving systems, and smart locks. Built over a span of 28 months, the project saw over 90% occupancy within merely three months. Sold at an IRR above 30%, it highlights the growing smart housing market. Future projects in Texas are being considered due to positive demographic trends and market success....
Ireland's first 3D-printed homes to be built in Dundalk
Harcourt Technologies (HTL) is constructing Ireland's first 3D-printed homes in Dundalk, building three social housing units using a COBOD 3D printer. This innovative method involves extruding concrete layers, significantly speeding up construction and reducing labour needs. The homes, expected to be completed by October, aim to increase efficiency by 25-30%. While current costs are similar to traditional methods, the reduced construction time may lower overall expenses. This project serves as a case study for the potential of 3D printing in construction, offering benefits like faster completion, lower costs, and high-quality, durable structures....
Study reveals STRA has minimal impact on NZ rental and house prices
A study by Infometrics, commissioned by Airbnb, found short-term rental accommodations (STRA) have minimal impact on rental and house prices in New Zealand's major urban areas. Population growth and interest rates are the primary factors driving these prices. The analysis, covering Auckland, Wellington, Queenstown-Lakes, and Christchurch, showed STRA's limited effect on rental prices and no significant impact on house prices. For instance, in Queenstown-Lakes, STRA contributed only USD 11 weekly to rent increases compared to USD 101 from population growth. The study underscores the housing supply shortage as the core issue behind rising prices, advocating for strategic planning and policy-making....
Sydney housing crisis: 24% of workers locked out of homeownership
A new study by UNSW and UTS highlights Sydney's severe housing affordability crisis, showing that part-time workers, who now make up 23.6% of the workforce, are entirely priced out of the property market. Even full-time workers face significant financial challenges in owning a home. The Australian government has allocated USD 3 billion for social housing and aims to build 1.2 million homes in five years, yet current approval rates fall short. The study emphasizes the need for comprehensive policies to address rising housing costs and the impact of employment types on affordability....
UK housing market divergence: Northern England sees 83% price rise, southern regions stall
The latest Zoopla report reveals significant regional disparities in the UK housing market. In the first half of 2024, northern England saw notable price increases, with Oldham, Wakefield, and County Durham leading at 83%, 77%, and 18% growth, respectively. Terraced homes priced below GBP 150,000 in the north experienced a 5% rise in value. Conversely, southern England struggled with stagnation and declines due to high mortgage rates. Prime locations like West-Central London showed some growth, but 27% of properties in the south remained stagnant or decreased in value. This divide presents distinct opportunities and challenges for buyers across regions....
China's land sales revenue falls 18.4% in H1 2024, deepening financial crisis
China's government is grappling with a worsening financial crisis as land sales revenue dropped 18.4% in the first half of 2024 compared to the same period last year. This decline, reported by the finance ministry, reflects a sharp downturn from the 14% drop noted in the first five months. Land sales are vital for local government funding, supporting public services and infrastructure. The ongoing property crisis and broader economic slowdown are key factors behind the decline. Fitch Ratings warns that relying on volatile land concession revenue is unsustainable, urging exploration of alternative revenue sources like property tax. The crisis raises concerns about China's economic stability and growth....
Otis Worldwide lowers 2024 sales forecast after 11.4% drop in new equipment sales
Otis Worldwide has revised its 2024 net sales forecast downward due to weaker demand for new equipment in North America and China. The company reported an 11.4% drop in quarterly net sales for new equipment, totaling USD 1.42 billion, influenced by slowed U.S. construction and a sluggish Chinese property market. Otis now projects full-year net sales between USD 14.3 billion and USD 14.5 billion, down from USD 14.5 billion to USD 14.8 billion. Despite a 3.2% decrease in total net sales to USD 3.6 billion, Otis increased its profit forecast and reported an adjusted profit of USD 1.06 per share, above expectations....
Elite Merit real estate launches in Dubai with cutting-edge innovations and client-centric approach
Elite Merit Real Estate proudly enters the Dubai market, led by founders Shadi Rimeh and Elkhan Salikhov. Committed to transparency and integrity, they aim to revolutionize the industry with a client-first approach. Their mission includes automating 60% of non-sales tasks, offering extensive services, and providing educational resources. By fostering partnerships and financial strategies, Elite Merit strives to make Dubai real estate accessible to a broader audience. "Our goal is to lead by example, setting new benchmarks for ethical practices and professionalism," said CEO Elkhan Salikhov....
Hong Kong government explores new housing ratios amid proposed rent hike
The Hong Kong government is exploring different housing ratios by district, including a 50:50 split for areas like the proposed San Tin Technopole. The average waiting time for a government-subsidised rental flat rose to 5.8 years in March. Chief Executive John Lee announced sufficient land has been identified to develop 410,000 public housing units, surpassing the target by 100,000 units. Additionally, the Housing Bureau proposed a 10 percent rent increase effective next year, with Secretary for Housing Winnie Ho assuring that rent assistance measures would help most residents afford the higher costs....
Kenya airports authority receives upgrade proposal from Adani Group for JKIA
The Adani Airport Holdings Ltd (AAHL) has proposed a public-private partnership to upgrade Nairobi's Jomo Kenyatta International Airport (JKIA), including a new terminal, a second runway, and refurbishment of existing facilities. Kenya Airports Authority (KAA) confirmed receiving the proposal, emphasising adherence to the Public Private Partnerships Act 2021. The airport, vital for Kenya Airways and the regional exports, ranked seventh in African passenger traffic in 2022. Despite local protests over transparency, KAA assured that the airport isn't being sold and emphasised that funding requires private investment. The proposal will undergo comprehensive reviews and require stakeholder engagement and multiple government approvals....
Sino-Ocean Group restructures USD 5.64 billion debt with new loan
Sino-Ocean Group has reached a restructuring agreement for USD 5.64 billion in offshore debt, involving the issuance of USD 2.2 billion in new term loans and notes. Creditors will receive either convertible bonds or perpetual securities if their claims exceed the new debt instruments. Early participants will benefit from a 0.1% consent fee, with all supporters receiving a 0.05% fee. This restructuring follows Sino-Ocean's financial struggles and a recent winding-up petition from Bank of New York Mellon. The outcome of this restructuring is critical for Sino-Ocean and may reflect broader challenges in China's real estate sector....
HSBC tower overhaul aims to revitalise Canary Wharf with multi-use spaces
London's Canary Wharf financial district plans to revamp the 45-floor HSBC tower after the bank vacates it in the year 2026, transitioning the building for mixed-use. Owned by Qatar Investment Authority (QIA) and managed by Canary Wharf Group (CWG), the redevelopment involves cutting large voids for outdoor terraces. Architects Kohn Pedersen Fox (KPF) won the redesign contest. The updated tower will host leisure, entertainment, education, cultural spaces, and offices, with construction starting in 2027. This project exemplifies QIA's vision for future multi-use real estate amid high borrowing costs and shifting work patterns. Canary Wharf aims to diversify beyond office use....
Saudi Arabia's ambitious Neom project is partnering with Equinox Hotels to build a new luxury resort called the Equinox Resort Treyam in the Magna region. The resort will be an architectural marvel, situated on a quarter-mile-long bridge-like structure suspended over a desert lagoon. Offering world-class amenities, including a clubhouse, spa, and Equinox fitness center, the Equinox Resort Treyam promises to be a unique and captivating destination that blends luxury with the region's breathtaking natural setting....
UK Government's planning overhaul aims to stimulate economic growth
The new British administration has suggested a planning overhaul to boost economic growth, with an emphasis on improving infrastructure delivery and empowering local leaders. Prime Minister Keir Starmer hopes to stimulate the UK's lethargic development by pushing new housing and infrastructure projects. The Planning and Infrastructure Bill will simplify major project processes, speed up national grid upgrades, and change compensation laws for forced purchases. Furthermore, a new devolution framework will give metropolitan mayors and local combined authorities additional control over planning, transportation, and employment. The reforms are intended to promote a dynamic, locally led approach to economic growth....
Toronto housing market faces uncertainty amid rising mortgage rates and high inventory
The Toronto housing market is entering a period of uncertainty as increased property availability and upcoming mortgage renewals at higher interest rates put pressure on homeowners and investors. The once robust market is now facing potential price corrections driven by two key factors: rising interest rates and a unique mortgage renewal system. Homeowners who locked in record-low rates (around 5%) five years ago are now facing renewals at current rates of 4.75%, impacting CAD 300 billion worth of mortgages. The condo market, in particular, is stressed, with a 25% increase in listings and sluggish sales, potentially leading to a 10% price decline by year-end....
Proprium invests USD 100 million in Italian student housing market
Proprium Capital Partners is investing USD 100 million in Italy's student accommodation sector, developing two projects in Milan and Padua to house over 1,600 students. This move addresses the growing demand for student housing in Italy, where current supply falls short. Partnering with Collegiate AC Europe, Proprium's Southern European PBSA platform will expand to over 3,000 beds valued at more than USD 700 million across Italy and Spain. The investment aligns with a broader trend of increasing interest in the PBSA sector throughout Europe. Proprium, with over USD 4 billion in assets under management, plans further expansion with a USD 1 billion pipeline of PBSA opportunities in southern European university cities facing housing shortages....
ThaiBev exits real estate business with SGD 2.14 billion share swap
Thai Beverage (ThaiBev), led by billionaire Charoen Sirivadhanabhakdi, will exit its real estate business by transferring its 28.78% stake in Frasers Property to TCC Assets via a share swap. InterBev Investment, ThaiBev's unit, will exchange its Frasers Property-stake for a 41.30% shareholding in Fraser and Neave. Valued at SGD 2.14 billion, the swap prices Frasers Property shares at SGD 1.89 and Fraser and Neave shares at SGD 3.55. ThaiBev will focus on non-alcoholic beverages, while Fraser and Neave aims to enhance its beverage and food brands in Southeast Asia. Shares of both companies rose following the announcement....
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