20 Jul 2023

The concept of a starter home is changing for young adults from the millennial and Gen Z generations in America. Recent data shows that a growing number of homebuyers in this age group are opting to reside in their properties for longer periods, rather than viewing them as temporary stepping stones. Low interest rates and a shortage of available properties have contributed to rising prices and limited options for affordable starter homes. Despite these challenges, a significant portion of young individuals aspire to become homeowners, favoring long-term investments over short-term property turnover. The decision to buy a home is a complex one, with uncertainties surrounding the ideal timing in a dynamic housing market.Read more

20 Jul 2023

The residential property market in Hong Kong is facing challenges due to a volatile stock market, a difficult external economic environment, and a decline in new births and marriages. The market has not yet reached its lowest point, and a slow and challenging recovery is expected. Factors such as high interest rates, an excess of unsold new units, and a lack of purchasing power from mainland China contribute to the obstacles. Home prices have experienced a decline, with a 1.2% decrease in the second quarter and a significant drop of 15.9% since the peak 20 months ago.Read more

20 Jul 2023

Oman has been recognized as one of the safest countries for expatriates, ranking highly in personal safety and political stability. The country also excelled in the housing situation, with a majority of expats finding housing easily and affordably. While the quality of life and infrastructure for cars were rated positively, the affordability and accessibility of public transportation presented challenges. In the Gulf Cooperation Council, Oman ranked 12th among the surveyed countries. Mexico, Spain, and Panama were considered the top destinations for expatriates in 2023, while Kuwait and Norway were perceived as the worst.Read more

19 Jul 2023

A report published by Cushman and Wakefield predicts that Hong Kong home rents will continue to rise in the second half of 2023 despite ongoing volatility in home prices. The housing market experienced a recovery in prices following the reopening of the border with mainland China but faces challenges from high-interest rates, stock market volatility, and geopolitical tensions. However, the leasing market has seen positive growth supported by the government's Top Talent Pass Scheme. Cushman expects the rental market to remain stable and outperform home prices, with a potential increase of 5 to 8% this year.Read more

19 Jul 2023

Award-winning filmmaker James Cameron and his wife, Suzy Amis Cameron, have listed their oceanfront California ranch, known as Hollister Ranch, for sale at a staggering $33 million (AU$49.1 million).The ranch served as the creative hub where Cameron penned his blockbuster movie "Avatar," drawing inspiration from an ocean-facing room in the house. Spanning the Gaviota Coast of Santa Barbara County, the expansive estate boasts a main house, guesthouse, barn, helipad, and a picturesque pool overlooking the ocean, complete with lush gardens and sustainable power systems.Read more

19 Jul 2023

The housing crisis in Turkey is reaching alarming levels as property prices continue to surge, raising concerns among economists and vulnerable members of society. A recent report by the Bahçe?ehir University Centre for Economic and Social Research (BETAM) revealed a staggering 89.1 percent increase in real estate prices within a year, contradicting official data from the Turkish Statistical Institute (TurkStat). The crisis has already impacted university students, who took to the streets in protest against soaring rent prices. As real estate agents predict a worsening situation, Turkey grapples with a deteriorating economy, high inflation, and a rising cost of living, further burdening its citizens.Read more

18 Jul 2023

Roshan Real Estate Group, Saudi Arabia's leading real estate developer, has entered into a Memorandum of Understanding (MoU) with the Expenditure and Projects (EXPRO) Efficiency Authority to enhance the sustainability and efficiency of housing projects. The partnership aims to improve planning and construction efficiency, land administration, facilities and utility management, safety, and more across the kingdom. The success of the SEDRA Community project in Riyadh, developed by Roshan Group, has paved the way for this collaboration. Both companies are committed to achieving sustainable housing projects through effective planning and implementation of government-funded projects.Read more

18 Jul 2023

Homebuyers in major US cities are feeling the pinch as home prices continue to climb in the first half of 2023. According to real estate website Point2, cities like Los Angeles, San Francisco, San Jose, San Diego, and Boston have seen over half of their homes for sale listed at prices exceeding $1 million. California cities dominate the top rankings, with Los Angeles leading the way with almost 64% of homes listed at $1 million or more. However, despite the high listing prices, the median sale price in Los Angeles was $926,000 in May 2023.Read more

17 Jul 2023

The affordability of housing in the USA has worsened in the last quarter due to a surge in home prices, according to real estate analytics firm ATTOM. Housing costs in 98% of US counties have exceeded their historical average, with the price of a typical single-family home rising by 10% from the first quarter to the second quarter, reaching $350,000. The ratio between average wages and homeownership expenses has also reached its highest level since 2007, indicating a highly unaffordable period in the housing market. ATTOM CEO Rob Barber expresses uncertainty about whether this trend is temporary or indicative of another prolonged surge in prices.Read more

17 Jul 2023

China's central bank has extended certain measures from a rescue package introduced in November until the end of 2024 to strengthen the real estate industry. The measures include promoting independent negotiations between financial institutions and property companies, allowing property developers to extend loans and modify repayment terms, and providing support for the completion of unfinished projects. Loans provided for unfinished projects will not be categorized as higher risk, and responsible individuals will not be held liable for non-performing financing as long as precautions are taken. China's developers are facing difficulties in securing funds and selling homes, leading to a loss of confidence in the industry.Read more