Abu Dhabi Housing Authority introduces residential land exchange service
The Abu Dhabi Housing Authority (ADHA) has launched a service for UAE Nationals to exchange granted residential lands, aiming to enhance social well-being. Accessible via the Iskan Abu Dhabi app, the service allows land swaps for social or familial needs, provided the lands offer adequate living space and are free from legal issues and third-party claims. No material or financial benefits are allowed from the exchanges. The user-friendly app guides citizens through the process, ensuring clear titles and community-focused exchanges. For detailed information, visit the ADHA website or download the Iskan Abu Dhabi app....
Germany sees 44% drop in apartment building permits over two years
Germany's construction industry is facing a significant slowdown, with building permits for apartments dropping sharply. According to data from the Federal Statistical Office of Germany, building permits in May 2024 fell by 24% compared to May 2023, following a 17% decline in April. This brings the total number of permits issued in May to around 17,800. Over the past two years, building permits for apartments have plummeted by 44%. This decline suggests a potential future shortage of housing, affecting affordability and availability. Industry leaders cite rising interest rates, supply chain disruptions, and higher material costs as contributing factors....
China aims for stability in real estate sector with new financing and taxation policies
During a press conference in Beijing, senior party official Han Wenxiu stressed the need for establishing a foundational system for financing, taxation, and land sales compatible with real estate development. He highlighted the urgency of restructuring China's property industry to eliminate issues like high debt, rapid turnover, and excessive leverage. This restructuring aims to ensure sustainable development and financial stability. Han's remarks indicate a shift towards more regulated real estate management, focusing on prudent financing, effective taxation policies, and controlled land sales to mitigate risks and promote long-term stability in the market, balancing economic growth with financial security....
South Korea's finance minister pledges policy measures to stabilise rising house prices
South Korea's finance minister, Choi Sang-mok, announced measures to stabilise the real estate market amid rising house prices in Seoul and the surrounding areas. These measures include increasing housing supply, restructuring real estate project financing, and controlling household debt. The government may also introduce "extraordinary" measures if the market becomes overheated due to speculative demand. This announcement aligns with the Bank of Korea's concerns about household debt growth and rising home prices. In June, house prices in South Korea rose 0.04%, with a 0.38% increase in Seoul, marking the fastest growth since November 2021....
Abu Dhabi property market thrives with rising foreign direct investment
Bayut, the UAE's leading property portal, released a detailed analysis of Abu Dhabi's property market for H1 2024. It shows a significant rise in sales prices across both affordable and luxury segments, driven by high demand for quality properties. Al Reef and Al Ghadeer are top picks for budget apartments, while Al Reem Island and Al Raha Beach attract luxury buyers. Yas Island saw luxury house prices increase by 10.3%. Al Ghadeer affordable apartments had a notable 9.5% price rise. Rental prices also surged, in luxury areas like Saadiyat Island and Al Raha Beach, up to 21% growth....
Hong Kong sees record home purchases by mainland Chinese buyers after stamp duty removal
The removal of buying curbs in Hong Kong has led to a record influx of mainland Chinese buyers. In the first half of the year, they purchased 6,117 homes worth 70.5 billion Hong Kong Dollars, a 70% increase in transactions and a 42% rise in value compared to last year. This rise is attributed to the removal of extra stamp duties, high-interest rates peaking, and falling home prices. Despite this, local demand is cooling, with private home prices dropping slightly. Hong Kong continues to be the world's least affordable city, reflecting persistent challenges despite the boost from foreign investments....
London's luxury market sees shift as wealthy buyers favour smaller properties
A recent Beauchamp Estates survey highlights a shift in London's high-end real estate sector, where properties priced above GBP 15 million are seeing decreased total values and average sale prices compared to early 2023. The total value of transactions fell by 12%, from GBP 829 million to GBP 731 million, with average buyer spending declining from GBP 18.5 million to GBP 16.56 million. Factors contributing to this trend include competition from Dubai's luxury market, potential tax changes under a Labour government, and economic uncertainties. Despite these challenges, transaction volumes have marginally increased, indicating ongoing interest, albeit with a preference for smaller, more manageable luxury properties over larger estates....
Manhattan rental market: Luxury rents drop 16% as demand soars for smaller apartments
In June, Manhattan's luxury rental market saw a significant drop, with median rents falling to USD 10,000 per month, marking a 16% decline from June 2023. Despite this, the market remains robust, with a record 31.2% increase in new lease signings compared to last year, totaling 6,777 leases. Apartments are renting faster than ever, with vacancies averaging just 24 days. Landlord discounts hit an all-time low at 1.4% in June. This shift in rents reflects changing tenant preferences towards smaller units, potentially driven by affordability concerns or a desire for more manageable living spaces....
Spain faces rising homelessness amid insufficient social housing and economic strain
Spain sees a 24% rise in the rate of homelessness by 24% since 2012 to 28,000 people, according to the official statistics. Meanwhile, the Bank of Spain reports also noted that 45% of people accommodating rented space are at the verge of social expulsion and poverty. The government has set a plan to add 184,000 units by 2027, however, the bank indicated additional homes would be needed. Many charity groups are seeking assistance from private sources to address the issue. Holidays are also one of the major factors adding to the situation and the cities are now limiting holiday apartments....
Indonesia-UAE USD 3 billion partnership to transform tourism landscape in Indonesia
Indonesia anticipates a significant tourism surge with a new partnership with Eagle Hills, a leading UAE property developer. The Ministry of State-Owned Enterprises (SOEs) signed a Memorandum of Understanding (MoU) for an ambitious USD 3 billion (INR 24,700 crore) investment. The collaboration aims to enhance tourism infrastructure across Indonesia's vast archipelago of over 17,000 islands. Key projects include upgrading Soekarno-Hatta International Airport in Jakarta and renovating state-owned hotels to international standards. This initiative aligns with Indonesia's economic diversification strategy and is expected to spur job creation and economic growth, marking a pivotal moment for Indonesia's tourism industry....
Sobha Realty announces a luxurious retreat on Sobha Siniya Island in UAE
Sobha Realty unveils Sobha Siniya Island, a luxurious retreat on Al Siniya Island, Umm Al Quwain. Set against a backdrop of serene waterfront views, the development promises a tranquil living experience amidst natural beauty. Residents will enjoy amenities such as non-motorised and motorised watercraft areas, a family-friendly golf course, a floating pavilion, and event halls. Pristine beaches, mangrove trails spanning 3.7 miles, and eco parks offer exploration opportunities. Emphasising sustainability, the project preserves biodiversity and historical significance. With support from His Highness Sheikh Rashid bin Saud bin Rashid Al Mualla, Sobha Siniya Island aims to redefine luxury living while celebrating Umm Al Quwain's heritage....
Hong Kong property market struggles with rise in distressed assets
Hong Kong's property sector faces a pivotal moment with a soaring 16% vacancy rate in office spaces and rising interest rates, prompting a surge in distressed investment properties. In Q2 2024, half of the 22 investment properties transacted were distressed sales or sold at a loss, highlighting a trend toward lower property prices. While some local banks rush to unload troubled assets, state-owned Chinese lenders remain cautious, awaiting market recovery. The example of One Harbour Gate East Tower, expected to sell for HKD 3 billion, down from HKD 4.5 billion, underscores uncertainties. Investors must tread carefully amid potential opportunities and risks in Hong Kong's evolving property landscape....
From Armani to Aston Martin: The growing appeal of branded residences
Branded residences; luxury apartments associated with prestigious brands like Armani or Bulgari, are experiencing significant growth. According to Savills, the number of branded residence projects has increased by over 160% in the past decade, with 600 additional projects expected by 2030. This growth is driven by brand association, which guarantees quality, design, and service, attracting buyers willing to pay a premium for exclusivity. On average, branded residences command a 30% higher price than similar non-branded properties. While initially dominated by high-end brands, the market is diversifying with hotel chains, car manufacturers, and retail giants offering branded residences. This trend reflects a shift in consumer preferences toward luxury living connected to specific brands and lifestyles....
Dubai launches world's first 3D-printed electric abra
Dubai continues to innovate in transportation with the world's first 3D-printed electric abra, revolutionising traditional rides on Dubai Creek. Over 14 million annual passengers will benefit from this eco-friendly, 20-passenger vessel, developed in collaboration with the private sector. The abra reduces manufacturing time by 90% and costs by 30%, featuring two 10-kilowatt electric motors and lithium batteries. At 11 metres long, it's the longest 3D-printed monocoque structure. Trial operations are underway, with Dubai's RTA also upgrading abra stations to improve safety, accessibility, and aesthetics, enhancing the overall passenger experience and promoting sustainability in maritime transport....
UK housing market sees slight dip amid anticipation of BoE rate cut
There's a wait-and-see approach in the UK housing market, with a slight dip in asking prices for homes. According to Rightmove, the average asking price for homes listed between June 9th and July 6th was GBP 373,493 (around USD 485,000), marking a 0.4% decrease from the previous month. This year's July decline exceeded the typical 0.2% drop observed in previous Julys. Despite this, asking prices are still 0.4% higher compared to July 2023. Potential buyers are holding off on purchases, anticipating a potential Bank of England interest rate cut, which could improve affordability and market stability....
China's housing market faces largest price drop in nine years
China's housing market struggles continue, with new home prices experiencing their steepest decline in nine years. Official data shows a 4.5% year-on-year drop in June, the lowest since June 2015, and a deeper fall than May's 3.9%. Month-on-month prices also dipped by 0.7%. Despite government efforts to stabilise the USD 18 trillion sector, including reducing home buying costs and converting unsold apartments into affordable housing, challenges persist. Property investment fell 10.1% in the first half of 2024, with home sales by floor area dropping 19%. Analysts remain sceptical about the effectiveness of current policies, predicting continued market difficulties....
Barratt Developments, one of the UK's largest homebuilders, expects its homebuilding targets for fiscal 2025 to decrease by up to 7% due to high mortgage rates and economic concerns. The company forecasts constructing 13,000-13,500 homes by June 2025, down from 14,004 homes built last year. Forward sales have also dropped to 7,239 homes from 8,995 a year ago. Despite these challenges, Barratt anticipates profit slightly above expectations for the 2024 fiscal year. In February, Barratt agreed to acquire Redrow in an all-stock deal worth GBP 2.52 billion. The housing sector remains hopeful for policy changes under the new Labour government....
A new midyear Luxury Outlook report from Sotheby's International Realty reveals that while global elections might temporarily slow luxury home buying, rising interest rates pose a more significant concern. Buyers often delay purchases during elections due to uncertainty, but high interest rates are discouraging transactions more persistently. Despite this, luxury home prices are expected to remain stable as aging homeowners opt to "age in place" rather than downsizing. With limited supply and potential increased demand when rates eventually fall, competition could intensify. The report suggests now may be an opportune time for buyers before competition heats up....
China's Ministry of Finance to increase scrutiny of audit firms
China's Ministry of Finance has intensified its scrutiny of the Big Four auditing firms-Deloitte, EY, PwC, and KPMG-focusing on audits of financial and highly leveraged companies. This follows a regulatory probe into intermediaries for the defaulted China Evergrande Group, which inflated its revenue by USD 78 billion. Increased checks are aimed at small lenders, asset management companies, and leveraged state-owned enterprises. PwC faces a potential fine of USD 138 million for its failings, while Deloitte was previously fined USD 30.8 million. This scrutiny aims to address financial vulnerabilities and restore investor confidence amidst the real estate crisis....
PwC cleared by Hong Kong regulators amid Evergrande audit controversy
Hong Kong regulators have partially cleared PwC of accusations related to its audit of China's troubled Evergrande Group. Once a real estate giant, Evergrande defaulted on debts exceeding USD 78 billion in 2021, prompting scrutiny into PwC's auditing practices following whistleblower concerns. While PwC has been exonerated of some allegations, details of the investigation remain undisclosed, raising transparency concerns. Evergrande's financial missteps, including allegations of overstated revenue and substantial fines for fraud, underscore the critical role of reliable audits in investor decision-making. The saga underscores the need for auditors to uphold rigorous standards to safeguard investor trust and maintain financial system integrity....
Tax policy shifts cast shadow on Britain's luxury property market
Britain's luxury property market, buoyant until recently, faces a potential slowdown. Winkworth's report indicates a 19% overall sales increase in H1 2024, yet highlights a decline in high-end property transactions. Experts attribute this shift to recent tax policy changes, including the removal of tax benefits for non-domiciled residents and proposed VAT on private school fees. The Labour government's plans to close inheritance tax loopholes further complicate the landscape. While aimed at boosting public finances, these reforms may deter wealthy residents and impact property demand. Investors are advised to monitor these developments closely amidst uncertainty over the market's future trajectory....
Australia's home prices increased by 0.7% in June 2024
Australian home prices rose for the seventeenth consecutive month in June, driven by a tight supply of homes despite high interest rates, rising living costs, and strict lending conditions. CoreLogic reported a 0.7% increase in June, with an annual rise of 8.0%. The limited supply continues to push prices up, especially in Perth, Adelaide, and Brisbane, while Melbourne saw a slight decrease. Despite inflationary pressures and potential rate hikes, the market shows resilience. Policymakers must address the housing supply to mitigate price increases and ensure affordability, maintaining balance for a stable housing market amid economic challenges....
Kuwait's real estate sector experiences 7% growth during the first half of 2024
In the first half of 2024, the real estate market grew by 7% compared to the second half of 2023, with contracts totalling approximately KWD 1.619 billion. Despite this overall growth, specific sectors like private property and commercial contracts saw declines. Warehouse contracts increased by 55.5%, reflecting a strong demand for logistics spaces. Conversely, investment and commercial contracts declined by 8% and 11.5%, respectively. The market shift suggests a growing focus on niche areas such as warehouses and exhibitions, while broader economic factors influenced the reduction in other transaction types, indicating evolving priorities within the real estate sector....
Vistry anticipates 7% profit rise amid strong demand for affordable homes
British housebuilder Vistry expects a 7% rise in half-year profit due to strong demand for affordable homes from housing associations and the rental market. Despite delays in interest rate cuts affecting the housing market's recovery, the sector is hopeful about the new Labour government's commitment to building 1.5 million homes over five years and reforming planning regulations. Vistry supports the government's plans and anticipates an adjusted pretax profit of 186 million GBP for the first half of 2024. The company aims to build over 18,000 homes by 2024 and reduce its net debt, which stood at 323 million GBP as of June 30....
Shanghai's luxury market booms as national property sector struggles
Shanghai's luxury real estate market is booming, defying broader economic challenges in China. The launch of the Shanghai Arch building, with 212 luxury apartments, saw overwhelming demand, selling out completely on day one, including a USD 15 million penthouse. Government measures like reduced down payments and lower mortgage rates have spurred this surge, making high-end properties attractive to wealthy Chinese investors seeking stability and value. While major cities like Shanghai and Beijing thrive, smaller markets struggle, highlighting regional disparities. Analysts predict a potential stabilisation in Shanghai's luxury market by late 2024 as initial demand adjusts, with prime locations likely to maintain momentum....
Dubai's luxury property market rises amidst high demand and limited supply
Dubai's luxury property market is experiencing a red-hot surge, driven by intense demand that far exceeds available supply. According to Knight Frank, luxury homes for sale in Dubai's prestigious neighborhoods have decreased by 47% over the past year. This shortage is fueled by a significant rise in international ultra-wealthy buyers, whose purchasing power is driving prices upwards. Average transaction prices in prime locations have climbed by 7% in the first half of 2024 alone. The Palm Jumeirah stands out, dominating 89.3% of prime property sales, highlighting Dubai's stronghold as the top market for homes priced at USD 10 million and above....
Germany's housing paradox: 1.9 million vacant apartments amidst rising demand
New data from the 2022 census reveals a surprising statistic: Germany has approximately 1.9 million vacant apartments, accounting for 4.3% of all housing units. Despite widespread housing challenges, over half of these units have been vacant for more than a year, suggesting maintenance issues. Major cities like Hamburg and Berlin show higher vacancy rates, reflecting faster turnover. Owners' intentions vary, with 24% planning renovations and 7% considering selling. Addressing this paradox will require strategies to encourage renovations, streamline construction, and balance housing supply to meet growing demand effectively....
Riyadh ranked among top 15 fastest-growing cities in the world
Riyadh, Saudi Arabia's capital, has been ranked among the top 15 fastest-growing cities globally by Savills, a leading real estate advisor. This rapid ascent is driven by the kingdom's Vision 2030 plan, which aims to diversify the economy and reduce dependence on oil. With 67% of its 36 million population under the age of 35, Riyadh boasts a young workforce that bolsters economic potential. Foreign investment in Riyadh surged, with a net inflow exceeding USD 2.5 billion in Q1 2024, and over 180 foreign companies established regional headquarters in the city in 2023. Riyadh's strategic location and focus on economic diversification position it for continued growth and investment opportunities....
Riyadh's Red Palace to be transformed into a ultra-luxury hotel with a USD 800 billion investment
In Riyadh, Saudi Arabia, the iconic Red Palace is set to become the world's first ultra-luxury hotel within a former royal residence. Spanning 365,000 square feet, this historic edifice will offer guests a royal experience, complete with artifacts from King Saud's reign and spa treatments featuring traditional ingredients. Boutique Group, the project's developer, aims to blend historical charm with modern luxury. Partnering with Sommet Education, they are training a local workforce to support Saudi Arabia's $800 billion tourism goal. With its prime location and cultural significance, the Red Palace promises an unparalleled stay when it opens in 2025....
New Zealand to enhance home construction through regulatory changes
New Zealand's government plans regulatory changes to increase home construction, set housing growth targets, enable urban expansion, and promote development around transport routes. Despite a drop from 2021 peak prices, housing affordability remains low, making it a key political issue. Housing Minister Chris Bishop attributes high costs to restrictive regulations. The new measures will support mixed-use developments and abolish apartment size restrictions. The opposition Labour Party supports increasing housing but raises concerns about building standards and agricultural land loss. The government aims to balance housing supply growth with quality and environmental sustainability to improve affordability and boost the economy....
SBB debt swap raises concerns about Swedish Property market's USD 56 billion debt burden
Sweden's property market faces upheaval as Standard & Poor's downgrades SBB, a key player with a USD 56 billion debt, to 'selective default.' SBB, once pivotal in Sweden's property boom, grapples with soaring borrowing costs and market slowdowns. Its recent debt restructuring, offering creditors new bonds at a steep discount, triggered S&P's downgrade. This move underscores broader concerns about the market's stability amid inflation and rising interest rates. With SBB's fate uncertain, the incident raises alarms over Swedish economic health, impacting construction, employment, and investor confidence. Observers await how SBB navigates its massive debt burden and its implications for the broader economy....
Norway blocks sale of strategic Svalbard land to prevent Chinese acquisition
The Norwegian government halted a plan to sell the last privately owned land on Svalbard to prevent its purchase by China. The 60 square kilometres of remote land, priced at 300 million euros, lies in a strategic Arctic region between Norway and the North Pole. Governed by a unique legal framework, Svalbard allows foreign entities to operate there. The property's seller, a company owned by a Russian-born Norwegian, has received interest from Chinese buyers. Critics doubt the sale's feasibility due to the land's lack of infrastructure and commercial value. In 2016, Norway bought another private Svalbard property eyed by China....
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