International News

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Dubai Real Estate records second-highest monthly transactions ever, up 22% YoY

Author : PNT Bureau

Dubai’s real estate market experienced robust growth, with sale prices surging by more than 19 percent and rents rising over 21 percent in the past year, according to CBRE analysis. August 2023 marked the second-highest monthly transaction volume ever recorded, with off-plan sales soaring by 58.7 percent. In contrast, secondary market sales declined by 10.2 percent. Average apartment prices increased by 20 percent, reaching AED1,344 per square foot, while villa prices rose by 17.3 percent to AED1,571 per square foot. Rental rates also climbed, with the highest rates in Palm Jumeirah. The market continues to exhibit substantial growth....

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Serendix introduces Japan's first 3D-printed home, promises affordable housing solution

Author : PNT Bureau

In Japan, Serendix, a pioneering startup, has harnessed 3D-printing technology to revolutionize the cost of new homes, bringing it down to the level of a brand-new car. They've achieved this by using a cement mixture with a quick-hardening additive, a common approach in 3D-printed home construction. This 527-square-foot single-story house includes a bedroom, bathroom, and kitchen-equipped living room, with the wooden roof crafted using CNC technology. Most of the dwelling's key components were automated, significantly reducing both time and expenses. Serendix's mission is to eliminate the burden of a 30-year mortgage, aiming to make homes affordable within 24 hours through construction 3D printers, ushering in a new era of digital housing independence....

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SORA study reveals troubling racism and discrimination in Austria's real estate sector

Author : PNT Bureau

A recent research project commissioned by Austria's Ombud for Equal Treatment has exposed concerning racism and discrimination in the country's real estate market. The study, conducted by SORA, revealed that individuals with foreign-sounding names or accents face significant barriers when trying to access housing opportunities compared to those with more "local" names. In a controlled experiment, one individual with a foreign name was offered a viewing appointment only half the time, while another with a typical Austrian name received appointments consistently. This discrimination extends to municipal and cooperative housing sectors and particularly impacts families with children. The study highlights the need for stronger legal protections and industry standards to ensure equal housing opportunities for all....

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The Messi Effect: How soccer star Lionel Messi's home purchase is influencing local real estate

Author : PNT Bureau

Soccer superstar Lionel Messi's recent purchase of a $10.75 million estate in Fort Lauderdale has sparked interest not only in Miami but across the United States. After joining Inter Miami CF, Messi's popularity, known as "Messi Mania," has grown in the area, drawing both long-time fans and newcomers to the sport. While the real estate market may not experience the same frenzy, it has certainly garnered attention. Messi's acquisition in Bay Colony, a neighbourhood with waterfront mansions and 24-hour security, has the potential to set a new standard for property sales and generate increased interest in the community. However, experts note that celebrity neighbours may not significantly impact property prices, emphasizing the broader popularity of the Fort Lauderdale region....

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London’s historic Old War Office transformed into luxurious Raffles Hotel by Hinduja Group

Author : PNT Bureau

Churchill's Old War Office, a historic landmark in Whitehall, is undergoing a transformation into a luxurious hotel through a collaboration between the Hinduja Group, which has owned the building for over eight years, and Raffles Hotels. Scheduled to open on September 26, the project aims to restore the building's grandeur while infusing it with new life. Originally designed by British architect William Young and completed in 1906, the Old War Office has a rich history, serving as the site of the original Palace of Whitehall and hosting influential leaders. The meticulous restoration process has resulted in a luxurious hotel with 120 guest rooms and suites, entertainment spaces, and culinary experiences....

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MERED’s luxury architectural vision takes flight in Dubai

Author : PNT Bureau

MERED, the international real estate developer, is making its mark in Dubai, unveiling its flagship project in the thriving Dubai Internet City. This luxurious development is set in a vibrant area, conveniently linked to Dubai’s major attractions. The project boasts world-class architecture designed by Pininfarina, renowned for their legendary work in the automotive and architectural realms. MERED aims to merge technology and beauty, creating a remarkable addition to Dubai’s skyline. This venture aligns with Dubai’s 2040 Urban Master Plan, reflecting the city’s continuous growth on the global stage. Stay tuned for more details on this architectural icon in the making....

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Chinese cities easing property restrictions to boost economic growth

Author : PNT Bureau

In a bid to revitalize its economy, several major Chinese cities have recently relaxed restrictions on home buying, signalling a gradual reversal of the government's stringent measures within the property sector. Cities like Dalian and Shenyang in Liaoning province have lifted limits on the number of properties residents can purchase and introduced incentives for buyers, along with tax relief for sellers. Additionally, Nanjing in Jiangsu province has eased eligibility requirements for purchasing flats in certain districts. These moves align with nationwide efforts to stimulate growth in various sectors, including real estate, amidst concerns over the property sector's significant debt issues....

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Melbourne faces acute rental housing shortage with vacancy rates at record lows

Author : PNT Bureau

Melbourne's housing market faces a mounting crisis as rental vacancies plummet to record lows. In various Melbourne neighbourhoods, including the outer east, south east, and northwest suburbs, fewer than one in 100 rental homes are available. Citywide, there's been a staggering 50 percent reduction in available homes compared to pre-pandemic levels. Regional Victoria is not spared either, with a vacancy rate as low as 1.07 percent. Factors contributing to this housing turmoil include government tax changes, worsening affordability, and a slow-down in residential development. As housing affordability declines, more would-be homeowners are opting to rent....

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Saudi Arabia unveils $17.3 billion housing projects across the kingdom

Author : PNT Bureau

Saudi Arabia is set to experience a housing and development boom, with projects worth $17.3 billion announced by the government. These initiatives span futuristic cities like NEOM and heritage preservation in AlUla, to tourism enhancements in Makkah and Jeddah. The Red Sea and AMAALA projects aim to establish sustainable tourism sectors. Riyadh is also seeing development with projects like the Sports Boulevard. Moreover, residential suburbs will expand countrywide with global real estate developers' involvement. The National Housing Company is launching projects to provide 86,000 housing units, including the massive Al-Forsan project in Khuzam. These endeavors aim to improve citizens' quality of life....

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Vistry shifts focus to affordable housing amid UK housing market slowdown

Author : PNT Bureau

Vistry, a UK home construction company, is shifting its focus to affordable housing due to a slowdown in the broader UK housing market, driven in part by 14 consecutive interest rate hikes by the Bank of England. This strategic shift led to an 11% increase in Vistry's shares. Various indicators, including mortgage approvals and housing prices, have shown declines, with house prices dropping 4.6% year-over-year. Vistry's Partnerships division, which focuses on affordable housing, has outperformed its Housebuilding unit. The company plans to combine these divisions to prioritize the affordable housing model, which is seen as less volatile and in high demand....