23 Aug 2024

Ethiopia is set to construct Africa's largest international airport near Addis Ababa, with a USD 6 billion budget. The new facility, located in Bishoftu, will cover 35 square kilometres and handle up to 100 million passengers annually. Ethiopian Airlines, partnering with DAR for design and construction, will phase the project, starting with a 60 million passenger capacity. This development aims to bolster Ethiopia's role as a key transit hub, enhance tourism, and support economic growth. The airport will significantly increase Ethiopia's aviation capacity, currently limited by Bole International Airport's 20 million passenger capacity.Read more

23 Aug 2024

Monte Santo Resort in Carvoeiro, Algarve, offers an ideal relocation solution with fully furnished, key-ready homes starting at EUR 279,000. Portugal, named the world's most family-friendly relocation destination, is celebrated for its affordability in childcare, utilities, and property. The resort features various properties around a central pool and amenities including a multi-sports court and wellness centre. Its proximity to Carvoeiro's beaches, shops, and international school enhances its appeal. Kronos Homes, the developer, has expanded its Portuguese portfolio significantly, focusing on high-quality, sustainable residential projects.Read more

22 Aug 2024

Tasmania's property market is showing signs of stability as first-time homebuyer numbers reach their highest since March 2021, with most purchases in southern Tasmania. Tasmania emerges as an affordable option, with median house prices reaching USD 600,000 - 2.4% lower year-on-year. A recent report from the Real Estate Institute of Tasmania reveals increased market confidence, as first-time homebuyers and investors return. With 2,644 properties sold, totaling USD 1.62 billion, sales rose across all property types. Greater Hobart saw a 16.4% rise in house sales, with median prices up to USD 735,000. First-time buyers reached a high since March 2021, while mainland buyers rose 23.3%. The market may have bottomed out, signaling potential growth similar to mainland trends.Read more

22 Aug 2024

A Hong Kong court has granted Chinese developer Kaisa an additional four weeks to address its USD 13 billion debt restructuring, a critical reprieve for the financially troubled firm. As the second-largest offshore bond issuer among Chinese developers, behind Evergrande, Kaisa's financial woes have highlighted broader concerns in China's real estate sector. With liabilities totaling 226 billion yuan (USD 32 billion), Kaisa first defaulted in 2021. Judge Anthony Chan's decision to delay proceedings until September 9 follows productive talks between Kaisa and bondholders. This extension is seen as pivotal for finalizing a restructuring plan amid ongoing scrutiny of China's property market challenges.Read more

22 Aug 2024

Geberit expects 2024 organic sales to remain on par with 2023, defying analyst growth expectations. The forecast is influenced by sluggish construction activity in Europe, notably Northern Europe, leading to a 3.9% drop in Geberit's shares. Despite a 1.7% sales increase in H1 2024, Geberit faces challenges from a sharp decline in the German property market and inflation-driven construction delays. The company projects a slight EBITDA margin decline to 29% and a mixed performance outlook for the latter half of the year. Geberit aims to adapt through innovation and cost-efficiency strategies amidst the sector's downturn.Read more

21 Aug 2024

The Shimao Group, a key Chinese property developer, faces tough times as a Hong Kong court adjourned a winding-up petition until December 16, allowing Shimao time to negotiate a new restructuring plan with creditors amid China's real estate debt crisis. The petition, initiated by China Construction Bank (Asia), stems from Shimao's failure to repay USD 200 million. With USD 11.5 billion in offshore debt, Shimao's situation underscores the sector-wide financial distress. Amid government efforts to stabilize the market, Shimao's success in restructuring could set a precedent for struggling developers and impact future policies in China's real estate sector.Read more

21 Aug 2024

Bellway has withdrawn its GBP 720 million (USD 921 million) takeover proposal for Crest Nicholson, leading to a 4% rise in Bellway's shares and a 9% drop in Crest Nicholson's stock. Crest Nicholson had previously seen a 15% increase following the initial bid announcement. This failed bid reflects broader trends in the UK housing market, where consolidation among homebuilders is common. The ongoing market shifts, influenced by property shortages and changing economic conditions, continue to reshape strategies across the sector. Despite the setback, Crest Nicholson remains optimistic about its future as an independent entity.Read more

21 Aug 2024

Taylor Wimpey España's Marbella Lake show home in Nueva Andalucía, near Puerto Banús, represents the seamless integration of nature with modern living. The penthouses, designed with a blend of Boho Chic and Country Chic aesthetics, highlights natural materials and earthy tones that mirror the lakeside setting. With expansive terraces offering panoramic views, the interiors create a calm and an inviting atmosphere. The design prioritizes comfort, elegance, and practicality, incorporating elements like built-in storage and a soothing colour palette that enhance the home's serene ambiance.Read more

20 Aug 2024

South Africa is experiencing a rising demand for rental properties due to slow economic and household income growth, political uncertainty, and the need for flexibility. The number of households renting has increased from 17.7% in 2020 to 23.9%. Well-located properties with engaged landlords see better rental returns. Despite high demand, new property construction is slow. Rental returns for sectional-title properties are 10.62%, while full-title properties increased from below 7% in 2022 to 7.44% in early 2024. Cape Town benefits from partial migration and shows strong property value growth, while Gauteng and KwaZulu-Natal offer higher rental returns.Read more

20 Aug 2024

Irish Residential Properties REIT (IRES), Ireland's largest private residential landlord, has concluded its strategic review, deciding against selling the company. Instead, IRES plans to capitalize on growth opportunities while selling approximately 315 units, or 8% of its portfolio, over the next three to five years. This divestment is expected to generate EUR 110-115 million. The company identified promising growth avenues, including potential sales of nearly 50% of current housing stock owned by private equity and investment funds. IRES is also exploring "capital light" joint ventures, enabling management of properties for international investors to enhance portfolio and operational efficiency.Read more