07 Mar 2023

Istanbul has launched a comprehensive program to conduct safety checks on buildings throughout the city. The program involves a team of structural engineers and building inspectors who will assess the structural integrity of buildings and determine whether they are safe for occupancy. The checks will focus on buildings in high-risk areas, including those with poor construction quality, inadequate seismic protection, or those built on unstable ground.Read more

07 Mar 2023

Construction work on a large urban development project consisting of 7,490 properties in Eastern Spain could commence as early as April. The project will be located on the biggest available piece of urban land in Alicante Province, specifically at La Hoya in Torrevieja, which covers an area of almost two million square meters. Once the public consultation process is completed, the developers, namely Elche Corpe, Eurovillas, and TM Group from Torrevieja, will be granted a license to begin work. Despite receiving approval from the Valencian government in 2009, the project did not move forward due to the recession, various legal challenges, and an environmental impact study involving the adjacent natural park.Read more

06 Mar 2023

According to statistics published by Bank of Mauritius, foreign direct investment in high-end properties in Mauritius, totalled $1.368bn between 2014 and mid-2022, or approximately 40% of all inflow. The number has been steadily increasing since then. Government initiatives such as scrapping of the inheritance tax and the successful launch of Integrated Resort Scheme (IRS) has attracted investors from across the world. The scheme allows foreign buyers to purchase luxury villas or apartments in designated areas, typically located near the coast, and receive Mauritian residency status.Read more

03 Mar 2023

A report published by Cushman and Wakefield states that Qatar's residential real estate market experienced unprecedented market dynamics in 2022 due to the requirement for housing units to accommodate visitors during the FIFA world cup held in November and December that year. Apartments across the country experienced a significant increase of 15 to 30 percent in annual rental contracts, which have not declined post-World Cup. According to the report, nearly 35,000 residential units were built-in for the football tournament, and many of these units are held on government 'Eskan' leases of up to five years with rolling break options.Read more

02 Mar 2023

Luce, a recently launched residential project on Dubai's Palm Jumeirah, is an initiative by the real estate division of UAE based investment firm Yas Holding. It is expected to be a landmark structure which will include a variety of luxurious apartments, including unique 2-, 3-, and 4-bedroom flats with sea views, a duplex and a penthouse. A swimming pool, a kids' play area, a fitness centre with the newest sports equipment and a gathering area with access to the beach are just a few of the luxurious modern amenities available.Read more

01 Mar 2023

Portugal has announced a significant package of measures aimed at addressing the country's housing crisis. The housing crisis has resulted in skyrocketing rents and house prices, particularly in Lisbon, where rents increased by 37% in 2022. Many housing groups have attributed the problem to low salaries, a red-hot property market, policies encouraging wealthy foreigners to invest, and a tourism-dependent economy. Thew new measures undertaken by the government include the termination of the controversial "Golden Visa" scheme and a ban on issuing new licenses for short-term holiday rentals such as Airbnb.Read more

01 Mar 2023

Earlier this week, the China Securities Regulatory Commission (CSRC) announced that China has initiated a test program to increase private investment in the real estate industry. The initial fundraising round of the scheme is expected to involve at least 30 million yuan ($4.37 million). The investors involved in the program, primarily institutional investors, are required to contribute a minimum of 10 million yuan each to participate. This program is intended to offer greater opportunities for funds to take part in the development of new homes and real estate asset mergers and acquisitions.Read more

28 Feb 2023

Saudi Arabia has revealed plans for a proposed cube-shaped building called “The Mukaab” in Riyadh, the capital city, that can hold 20 Empire State Buildings. The structure will be 400 meters high and 400 meters long on each side covering 19 square kilometres. The completed structure will have over 100,000 residential apartments, 9,000 hotel rooms, 1.4 million square meters of office space, and an additional 980,000 square meters of retail space. It will also feature community facilities, hospitality hubs, and tourist attractions. The project is backed by the Public Investment Fund.Read more

28 Feb 2023

According to an analysis conducted by UK company Buildworld, Canberra has been designated as the world’s capital city with the largest average home size, which stands at an impressive 256.3 square metres. This is a considerable 560% larger than the average home size in Moscow, which ranked last with an average size of just 45.5 square metres, and 36% larger than Cairo, which ranked second with an average size of 188 square metres.Read more

27 Feb 2023

According to a regulatory document filed with the U.S. Securities and Exchange Commission last week, a subsidiary of Brookfield Corp, the asset manager, is unable to repay loans associated with two buildings in Los Angeles, California. The Brookfield DTLA Fund Office Trust Investor owns two properties, which are the 777 Tower and Gas Company Tower, and both buildings have outstanding debts of approximately $290 million and $465 million, respectively.Read more