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

17 Jul 2023

The Hong Kong Monetary Authority (HKMA) has announced an increase in the maximum loan-to-value (LTV) ratio for self-use homebuyers purchasing properties valued up to HK$30 million. Self-use homebuyers can now secure loans of up to 70% of the value for properties valued at HK$15 million or less, and up to 60% for properties valued between HK$15 million and HK$30 million. The maximum LTV ratio for non-residential properties will also be adjusted from 50% to 60%. However, restrictions will remain unchanged for properties valued above HK$30 million and all residential properties not intended for self-use.Read more

15 Jul 2023

Homebuyers in Toronto experienced fluctuations in average prices in June compared to the previous year and the previous month. The Toronto Regional Real Estate Board attributed these variations to market conditions such as high buyer interest, challenging mortgage rates, and limited housing supply. While detached, semi-detached, and townhouse prices increased year-over-year, condo apartment prices saw a slight decline. Total sales in the region increased from the previous year but decreased compared to May. The market also experienced a decrease in new listings.Read more

15 Jul 2023

The Bank of England's aggressive interest rate hikes, aimed at curbing high inflation, are causing disruptions in the UK housing construction sector, particularly impacting first-time home buyers. A survey by S&P Global and CIPS reveals that new home construction in Britain is at its lowest point in 14 years, contributing to a recession in the construction industry. The tightening lending conditions, with mortgage rates surging above six percent, have made it difficult for potential buyers to afford homes, leading to reduced supply from home builders. The clash between high demand and limited housing supply has resulted in record-high house prices.Read more

14 Jul 2023

The Mohammed Bin Rashid Housing Foundation has recently introduced a ground breaking investment strategy aimed at revolutionizing Dubai's housing sector. With a focus on enhancing the quality of life in residential projects and fostering robust collaborations with the private sector, the strategy aims to diversify income sources and ensure financial sustainability. Under the leadership of Mohammed Hassan Al-Shehi, the foundation has already identified potential investment areas and approved partnership models. The establishment of an investment portal further promotes transparency and cooperation with private investors, setting the stage for a prosperous future in Dubai's housing sector.Read more

14 Jul 2023

Workspace Group, a London-based office-space provider, announced robust customer demand and steady occupancy rates in their recent quarterly report. With a 3.2% increase in like-for-like rent roll and stable occupancy of 89.2%, the company demonstrated resilience amidst the current economic climate. However, shares in the FTSE 250 firm experienced a 4% decline in early trading, following broader market concerns about tighter monetary policies sparked by the U.S. Federal Reserve's meeting minutes. Despite the dip, analysts noted the positive aspects of Workspace's update, emphasizing the growth in rent roll and attributing the decline to general market sentiment.Read more

13 Jul 2023

Sydney is facing its most significant housing crisis, with foreign students bearing the brunt of the situation. Escalating property prices and limited housing supply have made it challenging for international students to find affordable accommodations within their budgets. Many are forced into overcrowded living conditions and paying exorbitant rental prices. The housing crisis has taken a toll on their mental health, academic performance, and sense of belonging. This situation also threatens the reputation of Sydney as a preferred study destination. Efforts are underway to address the crisis, but urgent action is needed to ensure the well-being and success of international students in the city.Read more

13 Jul 2023

The Government of Canada, in partnership with Québec, has announced the construction of 1,581 new social and affordable homes across 54 projects throughout Québec. With total funding of over $308 million through the Third Canada-Québec agreement on the Rapid Housing Initiative (RHI), this initiative aims to address the housing needs of vulnerable populations. The funds will be allocated to various groups, including women and children escaping violence, homeless individuals, seniors, veterans, immigrants, refugees, people with disabilities, black Canadians, and Indigenous peoples.Read more