01 Oct 2024

Legal & General and Schroders are set to invest hundreds of millions of dollars in U.S. commercial real estate, focusing on rental properties and real estate debt, while largely avoiding the struggling office sector. Both companies are expanding their U.S. real estate teams, anticipating a recovery in property prices due to falling interest rates. Schroders recently invested in a pan-American data centre portfolio and sees significant opportunities in real estate debt as banks retreat. Phoenix Group also plans to invest in U.S. real estate but has not disclosed specific details on the scale of its investments.Read more

30 Sep 2024

Nigeria's housing sector is in crisis, primarily due to a lack of skilled labor and the use of substandard building materials, which have resulted in frequent construction failures. Benjamin Onigbide, CEO of Sigvent Industrial Cluster Limited, highlighted that reliance on unqualified workers and inferior materials undermines project safety. Experts advocate for the use of local materials, such as compressed earth bricks, as cost-effective alternatives. There are calls for improved training, stricter regulatory enforcement, and a comprehensive approach to the federal government's "Renewed Hope" housing initiative to address these persistent issues.Read more

30 Sep 2024

Croatia plans to shift its tax burden from individuals to property to combat rising real estate prices and rents, as stated by Finance Minister Marko Primorac. With 600,000 properties either vacant or short-term rentals, young residents struggle to find long-term housing, particularly in Adriatic tourist towns. The new legislation aims to encourage the return of Croats from abroad, digitize the tax system, and improve tax discipline. Apartments will be taxed, while agricultural and service properties will be exempt. The proposed tax, ranging from 0.6 to 8.0 euros per square meter, is set to take effect on January 1, 2025.Read more

30 Sep 2024

Swiss real estate firms Ina Invest and Cham Group are exploring a potential merger, aiming to create one of Switzerland's leading real estate companies. If talks proceed successfully, shareholders will vote on the merger in spring 2025. The merger would combine their portfolios, which include projects in Basel, Geneva, Zurich, and other prime locations, with a residential share of over 50%. Supported by Implenia, Ina's largest shareholder, the merged entity plans to be listed on the SIX stock exchange upon completion.Read more

27 Sep 2024

A recent report reveals that planning approvals for home construction in England have dropped to their lowest level in over ten years, with approximately 230,000 units permitted in the year up to June. Glenigan's data shows that the second quarter of 2024 recorded similarly low approvals. In response, Prime Minister Keir Starmer has established a new target of 370,000 new homes annually, alongside planning reforms. While some signs of recovery in the housing market have emerged due to reduced borrowing costs, the lack of supply has caused rents to rise by 8.4% and house prices by 2.2%. The Bank of England is holding interest rates steady while monitoring inflation.Read more

27 Sep 2024

His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, warmly welcomed Zhang Xiaolun, Chairman of Sinomach, at the Emiri Diwan. The discussions focused on Sinomach's initiatives, culminating in the signing of a memorandum of understanding (MoU) between the Ajman government and China National Electric Engineering Co., Ltd. (CNEEC), aimed at future collaboration on infrastructure and manufacturing projects valued at 5 billion dirhams. Sheikh Ammar highlighted Ajman's dedication to creating a favorable business climate, while Zhang commended the emirate's progressive legislation and modern infrastructure. Both parties acknowledged UAE businessman Shaji UI Mulk for his role in facilitating the visit, with various dignitaries present.Read more

27 Sep 2024

Foreign buyers spent USD 42 billion on U.S. homes between April 2023 and March 2024, a 21.2% drop from the previous year, with 54,300 properties purchased-36% fewer than the prior period. The decrease is attributed to the strong U.S. dollar and rising home prices. Chinese buyers led in dollar volume, while Florida remained the top destination. Half of all international sales were all-cash transactions, with Canadians and Chinese buyers most likely to pay in cash.Read more

27 Sep 2024

Toronto's real estate market is showing signs of strain, as RBC's Greater Toronto Area (GTA) mortgage portfolio saw serious delinquencies surge by 42% in Q3 2024. The serious delinquency rate, now at 0.27%, is 170% higher than last year, signaling financial distress for homeowners. Government intervention is only delaying the problem, as recent buyers-particularly investors-face mounting challenges in exiting the market. Despite rising delinquencies, home prices have remained stable, reflecting deeper issues within Canada's largest real estate market.Read more

26 Sep 2024

A new report by Henley & Partners identifies Dubai, Abu Dhabi, and Riyadh as emerging hotspots for centi-millionaires-individuals with liquid assets of USD 100 million or more. These Gulf cities, along with several Asian metropolises, are expected to see their ultra-wealthy populations more than double by 2040. Dubai currently ranks 15th globally with 212 centi-millionaires, while Abu Dhabi and Riyadh follow at 50th and 51st positions respectively. The report predicts over 150% growth in centi-millionaire populations for these centi city hotspots over the next 16 years, signalling a shift in global wealth distribution and highlighting the rising importance of emerging markets in the landscape of global affluence.Read more

26 Sep 2024

Australian property company REA Group has increased its takeover offer for British real estate portal Rightmove to 6.1 billion pounds (around USD 8.1 billion). This follows two earlier offers, which Rightmove rejected, saying they undervalued the company. The new offer values Rightmove at 770 pence per share, made up of cash and REA shares. Rightmove has not yet responded to this latest proposal. A successful deal could help REA expand into international markets, especially since the UK housing market is much bigger than Australia's. REA is keen to engage with Rightmove's board and may seek a secondary listing in London to attract more investors.Read more