20 Nov 2024

Texas faces a worsening housing shortage, with a 2022 deficit of 320,000 homes, up from 306,000 in 2021, despite high construction rates. Rising housing costs have impacted affordability, with median home prices increasing nearly 40% from 2019 to 2023. Houston exemplifies the state's challenges, with demand outpacing supply despite 66,000 new units built in 2022. Nationwide, every state has housing underproduction, and Texas' shortage threatens economic growth. Up For Growth's report calls for targeted policies to boost affordable housing through incentives, zoning reform, and infrastructure investments to ensure Texas remains viable for residents and economic expansion.Read more

20 Nov 2024

In October, home sales in Toronto's Greater Toronto Area (GTA) surged by 14%, marking the biggest monthly rise since December last year, as per the Toronto Regional Real Estate Board. October saw 6,390 homes sold, up from 5,707 in September, with average home prices increasing by 1.5% to CAD 1.13 million. New listings dropped by 6.8% after a previous rise, attributed to high interest rates which had deterred buyers. With the Bank of Canada's recent rate cuts expected to drive market activity, GTA sales were up 44.4% year-on-year, suggesting a return of buyer confidence in the market.Read more

20 Nov 2024

Saudi Arabia faces a major housing shortage with research showing over 115,000 new homes needed annually until 2030 to meet demand. This is driven by the government's 70% homeownership target and high youth population seeking their own homes. Knight Frank estimates 825,000 units will be required 2024-2030. To address this, Saudi Arabia launched a comprehensive housing program in 2018, including the Sakani initiative which has facilitated over 800,000 contracts. Mortgage finance has also surged five-fold. Supply-side measures include streamlining approvals and the National Housing Company's community plans for 300,000 units by 2025. In total, over 1.04 million new homes are planned or under construction by 2030.Read more

20 Nov 2024

The recent rental of a luxury villa in Dubai's Umm Al Sheif area for AED8.5 million over two years highlights the city's rising demand for premium, ready-to-move properties. This 24,000 sq ft residence, managed by fam Living and fam Lux for ultra-high-net-worth clients, sets a new record in the exclusive western Dubai community. With the UAE expected to welcome 6,700 additional millionaires by 2024, the ultra-luxury villa market faces limited supply. According to DXB Interact, sales of properties over AED10 million grew significantly in 2023, with luxury property resale transactions surging over 25%, reflecting Dubai's strong appeal among affluent buyers.Read more

19 Nov 2024

The National Association of Realtors reports a significant shift in the housing market, particularly for first-time buyers. The median age of first-time homebuyers has increased to 38, up from 35 in 2023, and their market share has dropped to 24%. Affordability challenges, rising home prices, and mortgage rates are contributing to this decline. Although household incomes have risen, the effects of the pandemic housing boom have made it harder for younger generations to enter the market, causing many to delay or rethink their plans for homeownership.Read more

19 Nov 2024

To meet the increasing demand from Indian students studying abroad, Gradding, a top Indian education consultancy, is developing a global portfolio of Purpose Built Student Accommodation (PBSA). Over the next three years, Gradding will add 3,000 new rooms across the USA, UK, Canada, Germany, and Australia, providing affordable, student-centered housing options. With rising numbers of Indian students seeking quality education overseas, Gradding's initiative addresses a vital need for safe, tailored accommodations, enabling students to focus on their studies without housing concerns.Read more

19 Nov 2024

Skanska reported third-quarter earnings below forecasts, with operating profit rising to SEK 1.3 billion, short of the SEK 1.67 billion expected. This was due to a slow property market recovery and SEK 0.3 billion in impairment charges. The company's construction order backlog hit a record high, reflecting a strong pipeline, though challenges remain in its BoKlok housing segment. Skanska plans to integrate BoKlok into its residential development by 2025. With central banks easing rates, future performance depends on market recovery and Skanska's ability to adapt, supported by robust growth in core construction activities and a high order intake.Read more

19 Nov 2024

Segro, a British warehousing firm, announced the acquisition of six logistics properties owned by Tritax EuroBox in Germany and the Netherlands for EUR 470 million. This deal is part of an agreement with Brookfield Asset Management, which is in the process of acquiring Tritax EuroBox for GBP 1.1 billion. The assets being sold to Segro generate around EUR 23 million in rent and comprise 370,000 square meters of logistics space, complementing Segro's existing portfolio. The transaction comes after Brookfield outbid Segro in the race to acquire Tritax EuroBox.Read more

18 Nov 2024

CapitaLand Investment (CLI) has secured a SGD 131 million investment from Japan's Daibiru Corporation, enhancing its CapitaLand India Growth Fund 2 (CIGF2) and raising its funds under management to over SGD 1 billion. Daibiru now holds a 25% stake in the SGD 525 million fund, which targets Grade A business parks in India's key cities. Mitsubishi Estate Co. holds a 50% stake, while CLI retains a sponsor position as part of its asset-light strategy. The investment also gives Daibiru a 25% stake in International Tech Park Chennai, Radial Road.Read more

18 Nov 2024

Europe is facing a severe housing crisis, with nearly a quarter of citizens considering emigration for more affordable living. Ireland is one of the hardest-hit, with 33% of residents planning to move abroad. A survey found 20% of Europeans are struggling to meet housing costs, rising to 37% who are just coping. Ireland's limited housing supply is strained by an influx of tech companies, driving up rents. Rising mortgage costs also squeeze homeowners. Without action to boost housing, Ireland's economic gains risk being offset by a new wave of emigration, as residents seek more affordable lives overseas.Read more