International News

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Malaysian developer IOI Properties unveils luxury residential tower in Singapore

Author : PNT Bureau

IOI Properties Group, led by Malaysian billionaire siblings Lee Yeow Chor and Lee Yeow Seng, is set to launch the Marina View Residences, a luxury residential tower in Singapore's Marina Bay financial district. The project, featuring 683 condominium units with a total value of $1.8 billion, is scheduled to go on sale within the company's current fiscal year ending on June 30, 2024. Despite a recent moderation in home prices in Singapore and increased stamp duty for foreign buyers, IOI Properties is pushing ahead with its expansion in the city-state, including the completion of office towers and investments in various assets....

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Country Garden faces financial struggles amidst China's property market woes

Author : PNT Bureau

China's leading property developer, Country Garden, grapples with a financial crisis as it battles the downturn in the country's real estate sector. The company is seeking to extend the repayment deadlines for its onshore bonds while also hiring financial advisors for potential restructuring. With 60% of its onshore bonds set to mature this year, the company's cash flow and operational stability hang in the balance. As investors await the first-half results, the real estate giant confronts immense challenges to navigate the evolving economic landscape....

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Turkey's housing market witnesses record price increases in 2023's first quarter

Author : PNT Bureau

Housing prices in Turkey, particularly in the provinces of Ankara, Izmir, and Istanbul, have experienced substantial growth in the first quarter of 2023, according to the Global Housing Price Index by Knight Frank. Compared to the same period in 2022, housing prices in Turkey as a whole surged by 132.8 percent. Ankara saw the highest increase at 135.3 percent, followed by Izmir at 133 percent, and Istanbul at 127.3 percent. This growth in housing prices is accompanied by rising rent prices, which have increased significantly in recent years, posing challenges for affordability and the cost of living in the country....

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Inverclyde's housing affordability shines amidst UK's varied property landscape

Author : PNT Bureau

Inverclyde, Scotland, offers the UK's most affordable housing, at 2.9 times the average earnings, while Westminster and City of London top the expensive list, reaching 16 times. House prices in London's priciest areas stand at £915,000, compared to Inverclyde's £134,000. Portsmouth provides value at 5.2 times earnings, while Mole Valley hits 13.2. Barking and Dagenham is London's least expensive, with prices 5.4 times earnings. West Midlands residents choose between Cotswolds (11.1 times) and Stoke-on-Trent (3.9). In Yorkshire, Hull offers affordability at 3.3 times, with Harrogate at 9.6 times, emphasizing regional disparities in housing costs....

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Greek property market rebounds strongly, creating housing affordability concerns

Author : PNT Bureau

The rental and housing landscape in Greece presents challenges as prices surge. Research by Potamianos Real Estate Group indicates a 35% rise in average rent since 2017, with some areas witnessing increases exceeding 50%. For Greek renters, affordability remains a concern, as 74.2% allocate over 40% of income for rent and necessities. Financial struggles are evident, with 36.4% of adults behind on housing payments and utility bills in 2021. Single-member households face tougher conditions. Meanwhile, mortgage takers encounter high prices for older flats in central Athens, averaging €1,780 per sq meter, demanding significant financial liquidity for repayment....

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Talent influx propels Hong Kong Rental prices to highest surge in over a decade

Author : PNT Bureau

Rents in Hong Kong are set to surge by 8 to 10 percent this year, marking the highest increase in 11 years. This rise is attributed to mainland Chinese students and professionals arriving through talent-import programs, creating a landlord's market. The average rent for private residential properties reached HK$35.26 (US$4.50) per square foot in July, the highest since October 2021. Around 75,000 individuals were approved under talent-import initiatives in the first seven months, almost doubling the previous year's count. This surge is expected to outpace the home buying market, with an anticipated 5 percent rise in home prices compared to forecasts of a 10 percent decline....

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Poznan tops Poland’s city liveability ranking while Warsaw lags

Author : PNT Bureau

In a recent ranking of living conditions in Polish cities, Poznan emerged as the top choice due to its low unemployment, decent wages, and high-quality air. Katowice secured the second spot with impressive housing accessibility and low unemployment, although it lagged in crime rates. Opole claimed the third place, excelling in air quality and scoring well on crime. On the contrary, Bialystok, Kielce, and Warsaw ranked the lowest due to high unemployment, poor wages, and subpar living conditions. The ranking considered factors like employment, wages, crime rates, housing, medical care, and air quality, offering insights into the cities’ overall desirability....

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Malaysia's property sales surge over 120% in first half of 2023, outpacing pre-pandemic levels

Author : PNT Bureau

In the first half of 2023, Malaysia's property sales have surged over two-fold, poised to surpass 2019 levels, according to the Real Estate and Housing Developer's Association Malaysia. Despite unsold completed units, the industry rebound is driven by a thriving Services sector benefiting from revived tourism, a buoyant real estate market, and enhanced business services. Sales data from the association's survey of 148 members revealed a 120% rise in property sales compared to H2 2022, exceeding 2019 figures. While challenges like unsold properties persist, the sustained recovery signifies positive economic conditions, boosted by increased employment opportunities, robust international trade, and stable politics, complemented by impactful government policies....

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The Bubble Dilemma: Examining Canada's escalating housing market risks

Author : PNT Bureau

Canada's housing market is under scrutiny as a financial strategist, Iva Poshnjari, warns of a significant housing bubble due to soaring debt-to-income ratios and escalating housing prices. The analysis raises concerns about the market's vulnerability to unravelling, potentially impacting the broader economy. Historically low interest rates have driven demand and borrowing for housing, while speculative activity adds to the risks. Policymakers are urged to take precautions to avert a potential housing market crash, aiming to safeguard economic stability and citizens' well-being....

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Adaptive Urban Renewal: Converting NYC's empty offices to affordable housing

Author : PNT Bureau

Amid the post-pandemic prevalence of remote work, New York City is unveiling a plan to convert vacant office buildings into affordable housing units. Mayor Eric Adams and Dan Garodnick, the director of New York's Department of City Planning, unveiled the "City of Yes for Housing Opportunity" initiative, aiming to repurpose commercial spaces for housing needs. The proposal envisions creating 20,000 homes to accommodate 40,000 residents, addressing the city's mounting housing crisis. However, realizing this plan hinges on state approval to increase affordable housing....