PNT Reporter

11 May 2023

The U.S. housing market is experiencing a substantial decline in home listings, with new listings down by 22.4% year over year due to homeowners' reluctance to sell. This scarcity has led to a competitive market and prevented prices from falling rapidly. Although pending home sales have decreased, homes are selling quickly, with almost half selling within two weeks. The impact on prices has varied across different U.S. metro areas, with some experiencing significant declines while others see increases. Prospective sellers may be encouraged to enter the market as sustained high home prices may balance the supply-demand dynamics in the future.Read more

PNT Reporter

11 May 2023

Skanska, a Swedish construction company and one of the largest in the United States, reported a significant decrease in its operating earnings for the first quarter. The drop was attributed to the adverse effects of high inflation and interest rates on the real estate market, which negatively impacted Skanska’s property development business. The company’s operating profit declined to 394 million crowns ($39 million) from 1.85 billion crowns the previous year, falling short of Refinitiv SmartEstimate’s forecast of 854 million crowns.Read more

11 May 2023

Blackstone Inc has once again restricted withdrawals from its $70 billion real estate income trust due to a surge of investor redemption requests. The company has been using its authority to prevent investors from withdrawing funds if the requests exceed 5% of the fund's net asset value. Despite this, the trust has delivered strong performance with an annualized net return of 12.3% since its inception and has paid out nearly $5 billion to shareholders who redeemed their shares. Blackstone REIT's fundraising in 2023 has just kept up with the redemption of its shares since November.Read more

PNT Reporter

10 May 2023

The Vonovia-Apollo deal has had a significant impact on the real estate market. Germany's largest real estate group, Vonovia, sold a minority stake in its Suedewo residential portfolio to U.S. investor Apollo for 1 billion euros, thereby set a precedent in a struggling market. Vonovia's decision to retain management of the portfolio, coupled with a positive market reaction, has strengthened its financial position. The deal's valuation at a slight discount to fair value, generating proceeds for Vonovia, and the potential for reshaping the real estate landscape make this transaction noteworthy for both Vonovia and the broader market.Read more

PNT Reporter

10 May 2023

Wanda Group, a Chinese commercial property developer, is facing hurdles with its planned IPO for its unit, Zhuhai Wanda Commercial Management Group, in Hong Kong due to new regulations requiring approval from both Hong Kong and Chinese securities regulators. Wanda's chairman, Wang Jianlin, has acknowledged the IPO's difficulties and aims to reduce the company's debt over the next two years. The IPO's uncertainty has caused Wanda's dollar bonds to drop, and the company is in talks with creditors to extend the deadline. The China Securities Regulatory Commission has also questioned Wanda's short-term repayment ability and given the company three months to address its concerns.Read more

PNT Reporter

09 May 2023

Gen Z couples are moving in together at record rates, with a significant increase in the number of couples cohabiting in the past year. Many couples are also choosing to live with roommates to save money on rent, further fuelling the trend of cohabitation among young people. As housing costs rise significantly coupled with inflation, many young couples believe it is the most financial viable solution as it can allow them to save up to $ 1,000 a month.Read more

PNT Reporter

08 May 2023

Midwest small cities lead the Wall Street Journal/Realtor.com Emerging Housing Markets Index for Q1, showcasing strong demand for affordable homes despite a slowing overall market. Lafayette, Indiana, tops the list for the second consecutive quarter, with Bloomington, Illinois; Elkhart, Indiana; Lebanon, Pennsylvania, and Fort Wayne, Indiana, following closely. The top 20 markets, with populations averaging below 400,000, have lower median home-listing prices and offer strong local economies and desirable lifestyle amenities. The resilience of these small cities highlights their potential to continue gaining popularity in the housing market as more accessible options for US homebuyers.Read more

PNT Reporter

08 May 2023

Singapore has made an unexpected decision to raise property taxes in an effort to cool down the booming housing market. The tax increase primarily targets foreign buyers, with stamp duties for foreigners doubling to almost 60%. The government aims to ensure housing affordability for locals and prevent property prices from exceeding economic fundamentals. The additional buyer's stamp duty (ABSD) for Singapore citizens and permanent residents will also see smaller increases for second and subsequent property purchases.Read more

PNT Reporter

05 May 2023

ESR Group Limited has constructed the first-ever 9-storey logistics facility in Japan, the ESR Higashi Ogishima Distribution Centre. The building is situated in the heart of Tokyo and offers unparalleled convenience in transportation, connectivity to E-commerce, 3PL, cold storage, and other leading businesses. It has a Gross Floor Area (GFA) of approximately 349,000 square meters. The facility has been constructed with a focus on sustainability, ensuring that it integrates well into the surrounding urban environment while minimizing its impact on the environment.Read more

PNT Reporter

04 May 2023

A recent report by PropertyShark revealed that Hudson Yards, located on the far West Side of Manhattan, has been declared the most expensive neighborhood in New York City, with a median sale price of $5.729 million during Q1 2023. However, the area also saw a 67% decrease in sales during the same period. Tribeca, which ranked second, experienced a 65% decline in sales volume with a median price of $3.5 million, while Vinegar Hill in Brooklyn was ranked as the third priciest area, with a median price of $2.6 million. The top ten priciest neighbourhoods in NYC saw significant declines in sales growth ranging from 30% to 67%.Read more