International News

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Danube Properties launches Oceanz: A prestigious Dubai maritime city project

Author : PNT Bureau

Danube Properties, a leading UAE real estate developer, has unveiled Oceanz, a prestigious residential project in Dubai Maritime City, valued at over INR 5600 Crore. The launch witnessed strong investor demand, with one tower selling out on the first day and high demand for the second. Danube Properties plans to conduct roadshows and expos in five Indian cities. Units at Oceanz start from INR 2.42 Crore, with a unique 1 per cent monthly payment plan. Oceanz marks the company's 25th residential project and is set to become a new cruise and leisure tourism destination....

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Norway's housing market faces weakest August performance amid interest rate hikes

Author : PNT Bureau

The housing market in Norway is experiencing a slowdown in price increases, with August marking the weakest performance in housing price statistics maintained by Real Estate Norway. Housing prices increased by just 0.4 percent, and when adjusted for seasonal variations, there was a 0.6 percent decline. Oslo saw a notable 1.0 percent decline in prices, while Bergen had the strongest performance, with a 1.2 percent increase when adjusted for seasonal factors. Experts attribute this slowdown to the impact of interest rate hikes, as Norway's Central Bank raised rates to combat inflation. This trend is expected to continue, making for a challenging autumn in the housing market and the broader economy....

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Genesys International expands its geospatial services in Saudi Arabia

Author : PNT Bureau

Genesys International Corporation has established a subsidiary in Saudi Arabia, aligning with the nation's infrastructure development, including the NEOM project. The company's Digital Twin program is gaining traction, with recent orders worth 67 crores, bringing their total wins in KSA to Rs. 76 crores. Genesys is involved in various projects, including "The Line" within the NEOM project, showcasing its expertise in mapping, survey, and geospatial services. The company has also completed indoor mapping for 24 airports in Saudi Arabia, underlining its commitment to advancing geospatial solutions in the region's dynamic infrastructure landscape....

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Community Land Trust acquires Looe flats for a symbolic 1GBP to maintain affordable housing

Author : PNT Bureau

In response to the affordable housing crisis in the UK, Cornwall Council has made a strategic decision. They opted to sell Grade II listed flats, valued at £640,000, for just £1 in order to ensure continued affordability in Looe. The move aims to counteract the impact of second home ownership and holiday rentals on the county’s housing shortage. The council believes that this unconventional sale would prevent the loss of affordable housing in the area and alleviate the need for temporary accommodation. Additionally, a community-led redevelopment project promises to maintain the flats for affordable housing use. The UK’s housing crisis remains dire, with a backlog of 4.3 million homes needed to accommodate the growing population, particularly in high-demand areas like London and the South East....

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Canadian home sales dip in August amidst interest rate hike, but new listings rebound

Author : PNT Bureau

In August, Canadian home sales decreased by 4.1% compared to July, following the Bank of Canada’s interest rate hike in July. Despite this decline, annual home sales were up by 5.3%. New property listings increased by 0.8% from July, bringing them closer to average levels after starting the year at a 20-year low. The Home Price Index showed a 0.4% month-to-month increase and a corresponding 0.4% annual increase, while the national average selling price rose by 2.1% year-over-year. To address housing affordability concerns, Canadian Prime Minister Justin Trudeau announced the removal of the federal 5% sales tax on new rental property construction....

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Decline in apartment construction permits in Germany raises concerns

Author : PNT Bureau

In Germany, apartment building permits plummeted by 31.5% in July compared to the previous year, revealing a severe decline in demand within the construction and real estate industry. Factors contributing to this downturn include high building costs and difficulties in securing financing. Germany's goal of constructing 400,000 apartments annually is struggling to materialize. Low-interest rates had previously fuelled interest in German property, but rising rates led to a freeze in deals and falling prices. Industry leaders are urging government intervention, proposing measures like reducing property sales tax and expanding low-interest rate credit programs to support new residential construction....

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Country Garden secures extension for final onshore bond amid financial struggles

Author : PNT Bureau

Amidst financial challenges, Chinese developer Country Garden has successfully obtained an extension for the last of eight onshore bonds, breathing relief into its precarious situation. This final bond, valued at 492 million yuan ($67 million), had faced multiple delays in the voting process before creditors finally voted in favour of extending its maturity by three years. The agreement also includes a significant guarantee of no less than 200 million yuan from the bond issuer, Guangdong Giant Leap Construction Co. Country Garden's efforts to extend the maturities of these bonds reflect the ongoing turbulence in the Chinese property sector....

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Sunac China Holdings secures creditor approval for $9 billion debt restructuring plan

Author : PNT Bureau

Sunac China Holdings Ltd has received approval from creditors for its $9 billion offshore debt restructuring plan, marking a significant development for a major Chinese property developer. Sunac, like many other Chinese property firms, faced defaults on offshore debt payments amidst a liquidity crisis in the sector since 2021. The approval, with 98.3% of bondholders in favour, paves the way for a Hong Kong court hearing on October 5. The plan involves exchanging a portion of debt into convertible bonds backed by Hong Kong-listed shares. Sunac's revenue increased in the first half of the year, but its Hong Kong shares have declined substantially in 2023....

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Investments in Egypt's low-income mortgage program surpass EGP 62 billion

Author : PNT Bureau

In the heart of Egypt, a remarkable housing transformation is unfolding. Prime Minister Mostafa Madbouly's visionary decision to shift management and supervision of low-return initiatives from the Central Bank to the Ministry of Finance has ignited a mortgage financing revolution. With EGP 100 billion allocated for low- and middle-income individuals, interest rates have plummeted to 3%, empowering countless families to secure homes. Leading the charge is Contact Mortgage, touching the lives of 6,167 customers with EGP 838.728 million in financing. This story paints a portrait of Egypt's housing evolution, where dreams of homeownership are no longer out of reach....

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Singapore recognized as a blue zone for longevity and well-being

Author : PNT Bureau

Singapore has been designated as the world's sixth Blue Zone, a region renowned for long and healthy lives. In contrast to natural Blue Zones, Singapore is a "manufactured city," known for its high-rise public housing, fostering community interaction. Government policies like the proximity housing grant encourage families to live near each other. Singapore's excellent public transport system and high car prices promote physical activity, and hawker centres offer nutritious meals. The recognition showcases Singapore's dedication to enhancing the longevity and well-being of its residents....