24 Jul 2023

Dusit International makes its debut in Nepal with the opening of two hotels - Dusit Princess Kathmandu and Dusit Thani Himalayan Resort Dhulikhel. The properties promise luxurious experiences for business and leisure travelers. Dusit Princess Kathmandu offers well-appointed rooms and a focus on wellness, while Dusit Thani Himalayan Resort Dhulikhel provides a tranquil escape in the Himalayan foothills. The expansion marks a significant milestone for Dusit International, a leading hotel and property development company, as it continues to grow its global portfolio and deliver exceptional hospitality experiences worldwide.Read more

24 Jul 2023

Surfers Paradise in Queensland remains a top destination for high-rise apartment sales, experiencing a significant increase of 62% in unit sales from April to May, according to InfoTrack's market update. The area continues to outperform other locations in the state, maintaining its popularity despite rising prices. Additionally, PropTrack's Market Trends report highlights the challenge of property ownership due to rising interest rates, with the median weekly household income at $1,861. Aspiring homeowners are finding it increasingly difficult to enter the property market, emphasizing the need for financial caution and a buffer for home loan repayments.Read more

22 Jul 2023

While Tokyo remains a popular tourist destination, it is increasingly losing its appeal to potential foreign investors. Tokyo ranked among the bottom 10 cities for expats to live in 2022 due to several serious factors. Tokyo's wealthiest districts, where properties can reach £10 million, are failing to impress expats who seek a desirable lifestyle. High taxes, visa complexities, and difficulties in forming local friendships also play a role in wealthy individuals leaving Tokyo.Read more

22 Jul 2023

The real estate market in New Zealand, particularly in Auckland, experienced stable house prices but a decline in sales in June. Sellers in Auckland are holding off on selling in the hope of achieving higher prices, while some have adjusted their asking prices to adapt to the market. Property listings decreased both nationally and in Auckland, but prospective buyers are still actively searching for properties. The average time to sell a house remained unchanged nationally but increased compared to the previous year. Overall, the value of residential properties in the country experienced an annual decline. Auction sales decreased compared to the previous year, and the total number of properties available for sale decreased as well.Read more

22 Jul 2023

Barratt Developments, Britain's leading housing construction company, issued a cautionary statement indicating a significant reduction in the number of homes it plans to build in the current fiscal year. The decision was influenced by the impact of increasing mortgage rates and persistent inflation, which have adversely affected the demand for housing. Barratt's projected home construction for the period ending June 30, 2024, is estimated to decrease by approximately 20% compared to the previous year's figure.Read more

21 Jul 2023

The COVID-19 pandemic has led to a shift in the demand for real estate, with decreased demand for office spaces and increased need for residential homes. Boston Mayor Michelle Wu proposed offering property tax discounts to landlords who convert empty office spaces into residential apartments. However, the financial challenges of such conversions are significant. Renovating office spaces into apartments can be as costly as constructing new buildings, especially when tenants are still occupying the premises. Additionally, zoning regulations and the layout of office spaces may pose obstacles to conversions. Displacement of existing tenants and the need for additional amenities further add to the costs.Read more

21 Jul 2023

The median U.S. home-sale price has seen a 1.5% year-on-year increase, ending a four-month decline, as average weekly mortgage rates reached their highest level since November 2022. Limited housing supply and a decrease in new listings have contributed to rising prices. However, recent economic news suggests a potential decline in mortgage rates, which could offer relief to buyers. Active listings have declined, and the months of supply have reached 2.8 months, indicating a balanced market. Homes are spending more time on the market, and fewer homes are selling above their list price.Read more

21 Jul 2023

Australia's largest banks, Commonwealth Bank of Australia (CBA) and Westpac, have reported that a strong labour market is helping to keep home loan repayments on track despite rising interest rates. This suggests that the country's mortgage market may avoid a downturn. However, the banks caution that household finances could face pressure from increasing living costs. During parliamentary hearings, CEOs of major banks echoed similar observations, emphasizing the minimal impact of rate increases on repayments due to low unemployment rates.Read more

20 Jul 2023

The concept of a starter home is changing for young adults from the millennial and Gen Z generations in America. Recent data shows that a growing number of homebuyers in this age group are opting to reside in their properties for longer periods, rather than viewing them as temporary stepping stones. Low interest rates and a shortage of available properties have contributed to rising prices and limited options for affordable starter homes. Despite these challenges, a significant portion of young individuals aspire to become homeowners, favoring long-term investments over short-term property turnover. The decision to buy a home is a complex one, with uncertainties surrounding the ideal timing in a dynamic housing market.Read more

20 Jul 2023

The residential property market in Hong Kong is facing challenges due to a volatile stock market, a difficult external economic environment, and a decline in new births and marriages. The market has not yet reached its lowest point, and a slow and challenging recovery is expected. Factors such as high interest rates, an excess of unsold new units, and a lack of purchasing power from mainland China contribute to the obstacles. Home prices have experienced a decline, with a 1.2% decrease in the second quarter and a significant drop of 15.9% since the peak 20 months ago.Read more