International News

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Saudi Arabia's ambitious tourism project Amaala and Red Sea to open fully by 2030

Author : PNT Bureau

The Red Sea Global developer is working on an ambitious tourism project in Saudi Arabia called Amaala and Red Sea. The project, envisioned by Saudi Crown Prince Mohammad bin Salman, aims to create a massive tourism destination fully open to tourists by 2030. It will feature luxury experiences, hotels, villas, spas, and restaurants, covering 22 islands and six inland sites, equivalent to the size of Belgium. The International Airport is set to open in 2023, with the first three hotels. The project focuses on sustainability and will employ over 25,000 personnel, offering a plethora of luxury experiences for tourists. Once complete, it is expected to transform the Red Sea region into a world-class tourism destination, attracting travellers from around the world....

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British house prices witness largest drop since 2009 amid rising interest rates

Author : PNT Bureau

British house prices experienced their largest drop since 2009 over the past year, with a 3.8% decrease in average prices compared to the previous year. Rising interest rates have impacted the housing market, resulting in sluggish activity and mortgage rates surpassing 6%. Affordability has become challenging for first-time buyers, with mortgage payments consuming a significant portion of their take-home pay. Economists expect the Bank of England to increase its Bank Rate further, leading to a potential downturn in the housing market. However, there is hope for improvement in the long term as steady growth in income and a decrease in house prices may enhance housing affordability....

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Singapore property market cools as rental growth slows down in Q2

Author : PNT Bureau

Singapore's rental price growth has slowed down in the second quarter, with the smallest gain in private residential prices since 2021. The cooling trend is expected to continue as more new housing units become available, leading to a higher supply of private housing completions this year. Government interventions, including cooling measures and increased stamp duties for foreigners, have also played a role in alleviating the surge in rents. The high-end market, especially the ultra-luxury segment, has experienced a major reversal, with rents dropping in contrast to the previous quarter's increase....

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Australian office vacancy rates reach 1990s levels amid remote work impact

Author : PNT Bureau

New research shows that office vacancy rates in Australia rose to levels not seen since the 1990s during the first half of the year. Downtown areas of major cities like Sydney, Melbourne, and Perth experienced increases ranging from 0.2% to 0.9%. The Melbourne CBD saw the most significant rise in vacancies. The national CBD vacancy rate reached 12.8%, posing challenges for landlords trying to fill empty buildings amidst a slowing economy and tenants seeking to reduce space due to remote work....

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Abu Dhabi creates $12 billion property giant 'Q Holding' in mega merge

Author : PNT Bureau

In a ground breaking move, Abu Dhabi is forming a $12 billion property giant, Q Holding, through the amalgamation of key real estate assets from ADQ and International Holding Co. The newly established entity will become one of the region's largest and most diversified firms, boasting a diverse portfolio of real estate developments, hospitality assets, venues, and land plots. This strategic merger aims to strengthen the emirate's economic transformation efforts and reduce its reliance on oil. As ADQ and IHC combine forces, Q Holding is set to be an instrumental player in shaping Abu Dhabi's prosperous future....

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Australia's Student Housing Sector: Growth, gaps, and investment opportunities

Author : PNT Bureau

University Living, in collaboration with RAYSolute Consultants, has released a comprehensive report on the Australian Student Housing Market, revealing a surge in demand for education in Australia. The report identifies 60,000 on-campus beds and 90,000 purpose-built student accommodation (PBSA) beds, highlighting a scarcity of affordable student housing. The market has grown to AUD 10 billion with a 17% CAGR, with 10% of the beds on-campus and the rest off-campus. International students occupy a significant portion of PBSA beds. Despite options like private rentals and homestays, rising rental costs indicate a pressing need for more affordable housing to accommodate the growing number of international students....

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Aldar Education expands its horizons with a AED 350 million investment in Dubai, Bahrain, and Abu Dhabi

Author : PNT Bureau

Aldar Properties, a leading real estate developer, has increased its investment in the education sector by adding over AED 350 million to its initial AED 1 billion commitment. As part of its expansion plan, Aldar Education will establish Cranleigh Bahrain, a premium school offering a British International Curriculum. The increased investment also includes acquiring Kent College Dubai and Virginia International Private School in Abu Dhabi. This move signifies Aldar Education's commitment to providing high-quality education standards beyond the UAE, reaching the Kingdom of Bahrain and expanding its presence in Dubai and Abu Dhabi....

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Jumeirah Marsa Al Arab sets Dubai record with $115 million penthouse sale

Author : PNT Bureau

The Jumeirah Group, a luxury hotel chain owned by the Emirati state, has confirmed the sale of its penthouse in the Jumeirah Marsa Al Arab for a record-breaking $115 million. The sale sets a new record for the most expensive apartment ever sold in Dubai. The Jumeirah Marsa Al Arab, designed by architect Shaun Killa, is a highly anticipated addition to Dubai's landscape and is set to open in the fourth quarter of 2023. The hotel offers a unique "superyacht-inspired luxury" concept and features 387 rooms and suites, 82 lavish residences, and an 82-berth superyacht marina. The penthouse that was sold is an impressive 27,000 square feet, including 13,000 square feet of outdoor space and a private pool....

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USA apartment construction boom curbs rent prices, but not equally beneficial to all renters

Author : PNT Bureau

USA witnesses a surge in apartment construction, raising hopes of curbing escalating rents and providing relief to renters. The construction boom is driven by increasing demand and changing lifestyle preferences. While some renters in urban centres benefit from stabilized rents due to increased supply, lower-income groups struggle with limited affordable options as luxury apartments dominate new developments. Regional disparities also influence the impact of the construction boom. Policymakers must address these challenges to ensure that all renters benefit from the positive effects of the construction boom....

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Boulder's Soaring Luxury Real Estate: A haven for high-end buyers

Author : PNT Bureau

The affluent real estate market in Boulder, Colorado, is witnessing a remarkable surge as luxury home prices continue to climb. According to data from Compass, luxury listings priced at $2.5 million and above saw annual increases in April, May, and June. Notably, in June, the average sold price for a luxury home spiked by 9.4% from the previous year, reaching an impressive $3.9 million. With its picturesque landscapes and abundant outdoor activities, Boulder has become a sought-after destination for high-end buyers seeking a blend of natural beauty and luxurious living in the lap of the Rockies....