Home construction approvals in the UK reached their lowest point in June
Author : PNT Bureau
A recent report reveals that planning approvals for home construction in England have dropped to their lowest level in over ten years, with approximately 230,000 units permitted in the year up to June. Glenigan's data shows that the second quarter of 2024 recorded similarly low approvals. In response, Prime Minister Keir Starmer has established a new target of 370,000 new homes annually, alongside planning reforms. While some signs of recovery in the housing market have emerged due to reduced borrowing costs, the lack of supply has caused rents to rise by 8.4% and house prices by 2.2%. The Bank of England is holding interest rates steady while monitoring inflation....
Ajman Government signs USD 1.5 billion MoU with Sinomach
Author : PNT Bureau
His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, warmly welcomed Zhang Xiaolun, Chairman of Sinomach, at the Emiri Diwan. The discussions focused on Sinomach's initiatives, culminating in the signing of a memorandum of understanding (MoU) between the Ajman government and China National Electric Engineering Co., Ltd. (CNEEC), aimed at future collaboration on infrastructure and manufacturing projects valued at 5 billion dirhams. Sheikh Ammar highlighted Ajman's dedication to creating a favorable business climate, while Zhang commended the emirate's progressive legislation and modern infrastructure. Both parties acknowledged UAE businessman Shaji UI Mulk for his role in facilitating the visit, with various dignitaries present....
Foreign buyers spend USD 42 billion on U.S. homes in 2024, marking a 21% decline
Author : PNT Bureau
Foreign buyers spent USD 42 billion on U.S. homes between April 2023 and March 2024, a 21.2% drop from the previous year, with 54,300 properties purchased-36% fewer than the prior period. The decrease is attributed to the strong U.S. dollar and rising home prices. Chinese buyers led in dollar volume, while Florida remained the top destination. Half of all international sales were all-cash transactions, with Canadians and Chinese buyers most likely to pay in cash....
Toronto faces rising mortgage delinquencies as RBC reports 42% spike in Q3 2024
Author : PNT Bureau
Toronto's real estate market is showing signs of strain, as RBC's Greater Toronto Area (GTA) mortgage portfolio saw serious delinquencies surge by 42% in Q3 2024. The serious delinquency rate, now at 0.27%, is 170% higher than last year, signaling financial distress for homeowners. Government intervention is only delaying the problem, as recent buyers-particularly investors-face mounting challenges in exiting the market. Despite rising delinquencies, home prices have remained stable, reflecting deeper issues within Canada's largest real estate market....
US homebuilder stocks soar on anticipation of Federal Reserve rate cuts
Author : PNT Bureau
Major U.S. homebuilder stocks rose last week as the Federal Reserve's expected rate cuts are expected to lower mortgage rates and boost demand for new homes. D.R. Horton, Lennar, PulteGroup, and Toll Brothers increased by 1% to 3%. The Fed's recent half-percentage-point reduction aims to stimulate homebuilding and address the ongoing housing shortage. NAHB Chief Economist Robert Dietz highlighted the need to lower construction costs to improve housing affordability. Additionally, the S&P 500 Homebuilding Index has surged over 30% this year, indicating investor optimism regarding further rate cuts and their potential effects on mortgage rates....
Dubai, Abu Dhabi, and Riyadh set to double centi-millionaire populations by 2040
Author : PNT Bureau
A new report by Henley & Partners identifies Dubai, Abu Dhabi, and Riyadh as emerging hotspots for centi-millionaires-individuals with liquid assets of USD 100 million or more. These Gulf cities, along with several Asian metropolises, are expected to see their ultra-wealthy populations more than double by 2040. Dubai currently ranks 15th globally with 212 centi-millionaires, while Abu Dhabi and Riyadh follow at 50th and 51st positions respectively. The report predicts over 150% growth in centi-millionaire populations for these centi city hotspots over the next 16 years, signalling a shift in global wealth distribution and highlighting the rising importance of emerging markets in the landscape of global affluence....
Australia's REA Group raises Rightmove takeover offer to USD 8.1 billion
Author : PNT Bureau
Australian property company REA Group has increased its takeover offer for British real estate portal Rightmove to 6.1 billion pounds (around USD 8.1 billion). This follows two earlier offers, which Rightmove rejected, saying they undervalued the company. The new offer values Rightmove at 770 pence per share, made up of cash and REA shares. Rightmove has not yet responded to this latest proposal. A successful deal could help REA expand into international markets, especially since the UK housing market is much bigger than Australia's. REA is keen to engage with Rightmove's board and may seek a secondary listing in London to attract more investors....
Saudi housing market sees 8% growth in mortgage activity, driven by Vision 2030 goals
Author : PNT Bureau
In the second quarter of 2024, Saudi Arabia registered 24,482 mortgage contracts, reflecting a 12% year-on-year increase, with a total value of SAR 18 billion (USD 4.86 billion). Demand for residential properties is being driven by younger Saudis and the Kingdom's Vision 2030 initiative. Riyadh's housing stock has grown to 1.46 million units, while Jeddah's has reached 891,000, with more units expected in the future. Despite rising land prices and construction delays, the market remains resilient, with increasing property prices and rental rates. This housing expansion aligns with Vision 2030's goals of enhancing quality of life and improving access to affordable housing for the growing population....
Ireland's Housing Crisis: Central Bank warns of urgent need for increased supply and investment
Author : PNT Bureau
Ireland faces a significant housing shortage, needing around 52,000 new homes annually until 2050, far exceeding the current target of 33,000. The Central Bank highlights a decade-long under-supply worsened by limited development finance, complex planning processes, and low construction productivity. Nearly 33,000 homes were built in 2023, but this falls short of demand. A rental increase cap and high building costs further complicate the situation. This shortage raises the cost of living and doing business, threatening Ireland's economic competitiveness and residents' living standards. The government is expected to review housing targets amid this ongoing crisis....
U.S. builder confidence rises in September as mortgage rates eases
Author : PNT Bureau
In September, U.S. home builder confidence rebounded marginally, breaking a four-month decline as mortgage rates eased. The NAHB/Wells Fargo Housing Market Index rose to 41 from 39 in August, surpassing forecasts. This uptick follows the Federal Reserve's expected rate cuts, which have driven mortgage rates down from last year's peak of nearly 8% to 6.2%. However, rising building costs and increased competition among builders continue to pressure the housing market, dampening optimism despite improving sales forecasts for the next six months....
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