26 Sep 2023

The U.S. single-family rental market is undergoing notable changes, with CoreLogic's latest data revealing shifting trends across different price tiers. Lower-priced rentals are seeing a significant slowdown in annual growth, in contrast to previous years. Meanwhile, attached single-family rentals are outpacing detached ones, marking a 3.8% year-over-year increase. Among major metros, St. Louis leads with a 7.3% annual rental growth rate, followed by Chicago at 6.3%. However, some cities like Las Vegas, Miami, and Austin are experiencing slight declines in rental costs. This evolving landscape highlights the dynamic nature of the U.S. rental market.Read more

26 Sep 2023

Japan's real estate market is experiencing a broad expansion of property values, extending beyond major cities like Tokyo, Osaka, and Nagoya. This growth is fuelled by factors including increased foreign investment, rising tourism, investments in industries like semiconductors, and urban redevelopment projects. During the first half of the year, property investment in Japan surged by 52%, with international investors accounting for 60% of acquisitions in 2022. Cities like Takayama, Chitose, and Kikuyo are witnessing significant property value increases, driven by tourism, semiconductor projects, and urban renewal initiatives.Read more

26 Sep 2023

The Jeddah Tower in Saudi Arabia is on track to become the world's tallest building, soaring an astonishing 1,000 meters, surpassing the Burj Khalifa by 172 meters. This $1.2 billion marvel, designed by renowned architects Adrian Smith and Gordon Gill, pays homage to the desert with its striking design inspired by native desert flowers. The tower will house a Four Seasons hotel, luxurious apartments, office spaces, and the world's highest observatory, offering unparalleled views of the Red Sea. With its innovative design to minimize wind forces, 59 elevators, and 12 escalators, the Jeddah Tower, also known as the Kingdom Tower, is set to redefine Saudi Arabia's skyline and capture global admiration.Read more

23 Sep 2023

Danube Properties, a leading UAE real estate developer, has unveiled Oceanz, a prestigious residential project in Dubai Maritime City, valued at over INR 5600 Crore. The launch witnessed strong investor demand, with one tower selling out on the first day and high demand for the second. Danube Properties plans to conduct roadshows and expos in five Indian cities. Units at Oceanz start from INR 2.42 Crore, with a unique 1 per cent monthly payment plan. Oceanz marks the company's 25th residential project and is set to become a new cruise and leisure tourism destination.Read more

23 Sep 2023

The housing market in Norway is experiencing a slowdown in price increases, with August marking the weakest performance in housing price statistics maintained by Real Estate Norway. Housing prices increased by just 0.4 percent, and when adjusted for seasonal variations, there was a 0.6 percent decline. Oslo saw a notable 1.0 percent decline in prices, while Bergen had the strongest performance, with a 1.2 percent increase when adjusted for seasonal factors. Experts attribute this slowdown to the impact of interest rate hikes, as Norway's Central Bank raised rates to combat inflation. This trend is expected to continue, making for a challenging autumn in the housing market and the broader economy.Read more

23 Sep 2023

Genesys International Corporation has established a subsidiary in Saudi Arabia, aligning with the nation's infrastructure development, including the NEOM project. The company's Digital Twin program is gaining traction, with recent orders worth 67 crores, bringing their total wins in KSA to Rs. 76 crores. Genesys is involved in various projects, including "The Line" within the NEOM project, showcasing its expertise in mapping, survey, and geospatial services. The company has also completed indoor mapping for 24 airports in Saudi Arabia, underlining its commitment to advancing geospatial solutions in the region's dynamic infrastructure landscape.Read more

22 Sep 2023

In response to the affordable housing crisis in the UK, Cornwall Council has made a strategic decision. They opted to sell Grade II listed flats, valued at £640,000, for just £1 in order to ensure continued affordability in Looe. The move aims to counteract the impact of second home ownership and holiday rentals on the county’s housing shortage. The council believes that this unconventional sale would prevent the loss of affordable housing in the area and alleviate the need for temporary accommodation. Additionally, a community-led redevelopment project promises to maintain the flats for affordable housing use. The UK’s housing crisis remains dire, with a backlog of 4.3 million homes needed to accommodate the growing population, particularly in high-demand areas like London and the South East.Read more

22 Sep 2023

In Germany, apartment building permits plummeted by 31.5% in July compared to the previous year, revealing a severe decline in demand within the construction and real estate industry. Factors contributing to this downturn include high building costs and difficulties in securing financing. Germany's goal of constructing 400,000 apartments annually is struggling to materialize. Low-interest rates had previously fuelled interest in German property, but rising rates led to a freeze in deals and falling prices. Industry leaders are urging government intervention, proposing measures like reducing property sales tax and expanding low-interest rate credit programs to support new residential construction.Read more

22 Sep 2023

In August, Canadian home sales decreased by 4.1% compared to July, following the Bank of Canada’s interest rate hike in July. Despite this decline, annual home sales were up by 5.3%. New property listings increased by 0.8% from July, bringing them closer to average levels after starting the year at a 20-year low. The Home Price Index showed a 0.4% month-to-month increase and a corresponding 0.4% annual increase, while the national average selling price rose by 2.1% year-over-year. To address housing affordability concerns, Canadian Prime Minister Justin Trudeau announced the removal of the federal 5% sales tax on new rental property construction.Read more

22 Sep 2023

Amidst financial challenges, Chinese developer Country Garden has successfully obtained an extension for the last of eight onshore bonds, breathing relief into its precarious situation. This final bond, valued at 492 million yuan ($67 million), had faced multiple delays in the voting process before creditors finally voted in favour of extending its maturity by three years. The agreement also includes a significant guarantee of no less than 200 million yuan from the bond issuer, Guangdong Giant Leap Construction Co. Country Garden's efforts to extend the maturities of these bonds reflect the ongoing turbulence in the Chinese property sector.Read more