South Korea's real estate thrives with surge in foreign ownership
Author : PNT Bureau
In H1 of this year, the share of land and residences owned by international individuals in South Korea increased, with Chinese citizens dominating home ownership and Americans leading in land ownership. The Ministry of Land, Infrastructure and Transport reported a 4.6% rise in foreign individuals owning homes, totalling 85,358 by June. Chinese nationals held 54.3%, with Americans at 23.5%. In total, foreign-owned properties constitute 0.46% of South Korea's housing. The land area owned by foreigners grew by 0.6%, reaching 264.72 million sqm, while the publicly disclosed value rose to US$25.68 billion. Ethnic Koreans abroad comprised 55.8% of foreign landowners....
HNIs propel Asia-Pacific commercial real estate amid economic challenges
Author : PNT Bureau
Private capital, particularly from High NetWorth Individuals (HNIs), is set to drive the Asia-Pacific commercial real estate market in 2023, with a focus on capital preservation over chasing yields. The report from Knight Frank highlights that HNIs, equipped with substantial cash reserves, can secure assets at competitive prices without heavy reliance on debt. Despite challenges like higher financing costs and economic uncertainty, private capital is expected to persist in the market. Market volatility has led investors to prioritize stability, resulting in a conservative risk appetite and a preference for core assets in the Asia-Pacific region....
China grants approval for first consumption-related REITs amid market caution
Author : PNT Bureau
China's securities regulator, the CSRC, has granted approval for the nation's first publicly traded REITs focused on consumption-related assets. This move comes as part of broader efforts to bolster the property sector, expanding the scope of REITs to include properties associated with SCPG Holdings, Shanghai Xingxiumao Business Management, and the commercial unit of China Resources Land. Despite the approval, concerns persist within the market due to Beijing's prior crackdowns on property sector leverage and challenges faced by major developers. Investors remain cautious, with some expressing heightened scrutiny towards these newly approved financial tools....
Alpine Ascent: Surge in ski chalet prices signals market resilience
Author : PNT Bureau
Knight Frank's Ski Report 2024 notes a substantial 4.4% increase in average ski chalet prices from June to June, the highest since 2014, excluding a pandemic-induced surge. The surge is attributed to a shortage of luxury chalets and robust demand, with a 56% decline in listings across major French resorts. A global survey reveals 60% of respondents anticipate further price increases in Alpine properties. The market expansion draws buyers from Asia, the Middle East, and southern Europe, attracted by low costs, currency diversification, and climate considerations. Despite challenges like climate change, Alpine resorts are adopting sustainability measures. The report underscores the enduring appeal and profitability of Alpine properties for investors amid evolving market dynamics....
Changing Dynamics: UBS Global Real Estate Bubble Index observes shift from risk to overvaluation
Author : PNT Bureau
The latest Global Real Estate Bubble Index reveals a 5% average decline in house prices across 25 major cities, signalling a sustained downward trend and reducing the risk of a real estate bubble. Zurich and Tokyo remain in the "bubble risk" category, down from nine cities the previous year, while European cities like Frankfurt and Munich shift to the "overvalued" category. Madrid, aligning with Milan and Warsaw, is now considered "fairly valued." Factors such as Russia's invasion of Ukraine and the COVID-19 pandemic contribute to the decline. Despite corrections in Paris and London, housing affordability remains a challenge, prompting UBS to predict continued price decreases if high-interest rates persist....
Bank of America faces $12 million fine for data accuracy violations in mortgage applications
Author : PNT Bureau
Bank of America is set to pay a $12 million fine for inaccurately reporting mortgage applicant data, violating the Home Mortgage Disclosure Act. Over 400 loan officers allegedly failed to inquire about race, ethnicity, and sex, according to the Consumer Financial Protection Bureau (CFPB). The bank neither admitted nor denied wrongdoing, covering conduct from 2016 to 2021. The CFPB vows additional measures to ensure compliance. In response, Bank of America claims over 99% accuracy in collecting demographic data, citing improved employee training. The bank’s consumer lending business in first mortgages also reported a 61% decline this year....
Workspace sees opportunities amid WeWork’s restructuring
Author : PNT Bureau
Workspace, distinct from WeWork by owning its buildings, sees potential benefits from WeWork’s restructuring. Dave Benson, the finance chief, notes that WeWork’s serviced offices often funnel clients to Workspace, creating increased opportunities. Despite a unique business model, Workspace is optimistic about gaining clients after WeWork’s recent bankruptcy filing. The company provides unfurnished spaces to diverse clients, from architects to brewers. This highlights Workspace’s strategic position and adaptability amid shifts in the flexible office space Industry....
Saudi Arabia’s residential market faces price increase amidst transaction value decline
Author : PNT Bureau
In Q3 2023, Saudi Arabia’s residential property market saw a 24% decline in total transaction value, with a substantial 37.5% drop in mortgage contracts year-to-date. Single-family homes dominated lending, comprising 69.8% of the total value, while apartments and land accounted for 24.8% and 5.4%, respectively. Despite these declines, Riyadh, Dammam, and Al-Khobar experienced positive trends in average villa prices. The market’s resilience in the face of decreased transactions is attributed to buyers’ cautious approach amid high-interest rates, awaiting the delivery of anticipated new housing stock in the short to medium term....
Tata International strengthens footprint in Africa with key expansion into Lagos Free Zone
Author : PNT Bureau
Tata International is expanding operations in Nigeria through a strategic partnership with the Lagos Free Zone (LFZ). The agreement involves leasing a 6000 square meter facility within LFZ, enhancing Tata International's operational capabilities. The signing ceremony, attended by key representatives, signifies a new era in the relationship, fostering economic growth and attracting investors to Nigeria. The LFZ, integrated with the Lekki Port, offers a strategic location for market access. This expansion affirms Tata International's dedication to strengthen its footprint and create positive impacts in Africa....
TEC announces AED 62.75 million investment for significant expansion in the UAE
Author : PNT Bureau
Hong Kong's TEC plans a substantial Rs 240 crore investment for UAE expansion, aiming to add one lakh sq ft in the Middle East. The company allocates AED 62.75 million (Rs 142.48 crore) for Dubai and Rs 98 crore for Abu Dhabi. Recently securing a lease in Abu Dhabi's Al Maryah Tower, TEC's second centre in the UAE, underscores its growth trajectory to meet escalating demand for dynamic workspace solutions. Launching in January 2024, the Abu Dhabi centre will offer 175 workstations. TEC's global performance includes over Rs 100 crore investments, agreements for eight new centres in H1 2023, and a 24% annual revenue growth in India, contributing to its $283 million global revenue across 15 markets and 33 cities....
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