04 Feb 2025

Saudi Arabia has announced a landmark decision to permit foreign investment in listed companies owning real estate within Mecca and Medina, the two holiest sites in Islam. This move, revealed by the Saudi Capital Market Authority (CMA) last week, is part of the kingdom's broader effort to attract foreign capital and enhance liquidity for existing and future projects in these cities. Allowing foreigners to invest in firms whose revenues are tied to Islamic pilgrimages, such as Haj and Umrah, is expected to bolster one of Saudi Arabia's key economic sectors.Read more

04 Feb 2025

In 2024, over 53.8% of Seoul's 56,800 apartment transactions were for properties exceeding 900 million won, reflecting a surge in luxury real estate demand. The shift marks a significant rise from 16.6% in 2018, driven by low interest rates and government policy changes. Premium areas like Gangnam and Mapo attract affluent buyers, with ultra-luxury apartments over 5 billion won comprising 0.72% of sales. The average apartment price rose to 1.27 billion won in 2024 from 815.95 million won in 2018. Experts caution that this trend could deepen housing affordability challenges, exacerbating the divide in Seoul's real estate market.Read more

04 Feb 2025

Dubai's real estate market witnessed remarkable growth in the off-plan segment throughout 2024, reinforcing its role as a key driver of the emirate's property sector. According to the Dubai Land Department (DLD), off-plan transactions accounted for 63% of total sales, reflecting heightened investor confidence. Off-plan apartment sales reached a record 94,455 units, a significant rise from 56,146 in 2023. Key areas such as Jumeirah Village Circle, Business Bay, and Dubai Hills Estate led apartment sales, while Damac Riverside and The Valley were top choices for villas. The surge was driven by economic stability, infrastructural advancements, and investor-friendly policies. With Dubai's Vision 2040 and sustainable urban planning initiatives in motion, the market is expected to maintain its momentum in 2025.Read more

03 Feb 2025

In 2024, Ireland saw a 6.7% decrease in the number of homes completed, falling to 30,330, which was a disappointment for the government's housing agenda. The government had set an ambitious target to build 50,000 homes annually by 2030 to tackle the country's acute housing shortage. While 2023 saw a recovery, reaching a 15-year high of 32,500 homes, it still wasn't enough to meet the demand. Analysts are hopeful that recent policy changes and a rise in commencement notices will help boost housing completions in the coming years. However, challenges remain in making construction financially viable to meet long-term targets.Read more

03 Feb 2025

In December 2024, New Zealand's housing market recorded a 1.8% year-on-year drop in median house prices, reaching USD 775,000 nationally, driven by cautious buyer behavior and anticipation of falling mortgage rates in 2025. Sales activity plummeted by 35.4% month-on-month and 7.7% year-on-year, with a rise in inventory levels (+18.5%) and slower sales timelines (42 days median). Excluding Auckland, median prices increased by 1.4%, with the West Coast and Nelson leading regional growth at 24.3% and 10.6%, respectively. Analysts predict a market revival in 2025, anticipating a 6% price increase fueled by expected interest rate cuts by the Reserve Bank of New Zealand.Read more

03 Feb 2025

China Vanke Co Ltd is reportedly in advanced negotiations to sell a controlling stake in VX Logistics to Singapore's GIC. The move is part of Vanke's efforts to tackle severe liquidity challenges, with USD 3.4 billion in debt repayments due in 2025. Vanke's 81.6% stake in VX Logistics, valued at USD 3.7 billion in 2022, underscores its reliance on asset-backed financing, including a 20 billion yuan loan secured in May 2024. Amid declining sales and intensified scrutiny from Shenzhen authorities, the prospective GIC deal, likely to finalize next month, is seen as a critical step in stabilizing Vanke's precarious financial position.Read more

31 Jan 2025

Norway's sovereign wealth fund has acquired a 25% stake in a GBP 1.223 billion property portfolio in London's Mayfair district for GBP 305.7 million. The 2.3 million square feet portfolio comprises primarily office and retail spaces around Grosvenor and Mount Streets. Grosvenor, retaining a 75% majority stake, will continue managing the assets. The acquisition aligns with Norway's strategy to diversify investments and secure long-term returns, highlighting Mayfair's stability and global appeal. Industry experts see the deal as a confidence boost for prime real estate markets. The partnership strengthens Grosvenor's development efforts and Mayfair's status as a prestigious property hub.Read more

31 Jan 2025

Luxembourg's first 3D-printed tiny house in Niederanven marks a major step in sustainable housing, with a rapid one-month construction time and a reduced carbon footprint of just 4.4 tonnes. Inspired by successful projects in Germany and Belgium, this 47 sq m home utilizes previously unused small urban plots to address the housing shortage. Equipped with solar panels and recyclable materials, it offers affordability and energy efficiency. Mayor Fred Ternes highlighted how the technology streamlines construction, reducing costs and complexities. This project sets a model for sustainable urban development, showcasing the potential of 3D printing in tackling global housing challenges.Read more

30 Jan 2025

China's Country Garden aims to finalize a USD 16.4 billion offshore debt restructuring agreement with creditors next month, seeking court approval by April. The Hong Kong court granted an extension until May 26 to monitor progress before ruling on a liquidation request filed by Ever Credit over a USD 205 million loan default. Country Garden, which defaulted on USD 11 billion in offshore bonds in late 2023, has proposed a 70% debt reduction plan and is negotiating key issues with major creditor groups. Successful restructuring could help the embattled developer avoid liquidation and stabilize China's struggling property market.Read more

30 Jan 2025

Spain's Prime Minister Pedro Sanchez has proposed banning non-EU citizens from purchasing homes in the country unless they or their families reside there, aiming to tackle the affordable housing crisis. This follows a recent proposal to impose a tax of up to 100% on speculative property deals. Sanchez attributed the crisis to conservative policies from the 2008 financial crisis era. His 12-point plan includes measures to increase social housing, tighten regulations, and enhance renter support. In 2023, non-EU buyers purchased around 27,000 properties in Spain, with Britons leading the transactions at 9.5%.Read more