20 Jun 2023

Toronto's housing market showed signs of rebounding in May, with a 20% increase in home sales compared to April and a 25% increase compared to the previous year. The desire for homeownership has surged as borrowing costs increased, prompting potential buyers to re-evaluate their housing needs and return to the market. However, sellers are holding out for higher prices, leading to a slower pace of new listings and an imbalance between supply and demand. The average selling price of a home in May was $1,196,101, slightly higher than April but 1% lower than the same period last year.Read more

20 Jun 2023

Australian real estate company Dexus has announced its plan to sell a high-quality office building in Sydney's central business district for A$393.1 million ($263.7 million), representing a significant discount of nearly 17% compared to its independent valuation. The sale of Dexus' property is subject to approval from Australia's Foreign Investment Review Board, and the buyer's identity and nationality have not been disclosed. The sale serves as an indicator of the valuation challenges faced by the sector, with market pricing suggesting a reduction in asset values by 20% to 25%.Read more

19 Jun 2023

Chinese property stocks listed in Hong Kong witnessed a significant surge as investors clung to hopes of further supportive measures from Beijing to revive the embattled sector. Shares of major developers such as Longfor Group, Sunac China, and KWG Group experienced notable gains. While market participants anticipate additional property stimulus, some analysts remain sceptical about its impact, citing weak consumer and homebuyer confidence. The effectiveness of future measures remains uncertain amidst concerns about the real impact on the sector.Read more

PNT Reporter

19 Jun 2023

Prime Minister Anwar Ibrahim has recently announced the mandatory inclusion of affordable homes or People's Housing Projects (PPR) in housing projects seeking approval in Kuala Lumpur. This decision aims to address the shortage of affordable housing and meet the needs of the underprivileged. The government receives thousands of applications for affordable housing each year, but Kuala Lumpur City Hall (DBKL) can only provide a limited number of units. The People's Housing Project, initiated in 1998, has been instrumental in providing affordable housing options and improving living conditions for those in need.Read more

PNT Reporter

19 Jun 2023

The real estate market in Dubai experienced a significant surge in value and transactions in May 2023. According to Property Finder, the total value of real estate transactions increased by 87% compared to the previous year, reaching Dh34 billion ($9.3 billion). The number of transactions also rose by 78% year on year, with 11,700 deals recorded. Off-plan agreements played a crucial role in driving the market expansion, accounting for 49% of sales transaction volume and 43% of the total value. Dubai's strong economic growth, with a projected GDP expansion of 3% in 2023, government initiatives, and rising oil prices, has contributed to the recovery and continuous growth of the real estate market.Read more

PNT Reporter

16 Jun 2023

Dubai's ruler has given approval for the revival of the Palm Jebel Ali project, the largest among the man-made palm-shaped islands in the city. The project, which was previously suspended during the 2008 credit crisis, will now be implemented as part of the Dubai 2040 Urban Master Plan. The revitalized Palm Jebel Ali will feature over 80 hotels and resorts, providing luxurious beachfront residences for around 35,000 families. This comes at a time when Dubai's property market is experiencing a strong recovery, driven by increased demand and rising real estate prices.Read more

PNT Reporter

16 Jun 2023

Paris has once again imposed a restriction on the maximum height allowed for new buildings in the city. This decision comes in response to the construction of the Tour Triangle tower, which faced significant opposition. The new height limit dictates that buildings in Paris cannot exceed 37 meters or 12 storeys, reintroducing the urban planning law first implemented in 1977. The move is part of mayor Anne Hidalgo's plan to reduce carbon emissions and ensure a bioclimatic urban environment. The Tour Triangle, once completed, will become the third tallest building in Paris and will house a range of facilities. The reintroduction of the height ban follows a similar trend seen in China, where restrictions on building heights have recently been implemented.Read more

PNT Reporter

16 Jun 2023

Halifax, a mortgage lender, reports that British housing prices have witnessed a yearly decline in May, marking the first drop in 11 years. The decrease can be attributed to the impact of increasing interest rates on the housing market. The average property price fell by 1.0% compared to the previous year, with monthly prices remaining stable. The director of mortgages at Halifax anticipates additional pressure on housing prices due to the rise in interest rates. The housing market had shown signs of recovery earlier in 2023 but has since weakened, with lending to first-time homebuyers at its lowest level in years.Read more

PNT Reporter

15 Jun 2023

Leo Lynch, owner of flower wholesaler Lynch Group, recently made two significant transactions in Sydney's luxury housing market, totaling $130 million. He purchased the prestigious Federation estate known as Leura in Bellevue Hill for approximately $70 million while simultaneously selling his own reconstructed residence for an impressive $61.5 million. Both transactions set new records for the highest sale prices in their respective neighborhoods. The surge in sales reflects the booming luxury property market in Sydney, with over 20 properties being sold for amounts exceeding $20 million this year.Read more

PNT Reporter

15 Jun 2023

According to Irish property portal Daft.ie, the nationwide demand for homes in Ireland has seen a significant increase of 17% compared to the previous year. Demand for new homes specifically has experienced a staggering surge of 114% nationally, with Dublin witnessing a 99% increase. Eighteen out of twenty-six counties have witnessed a rise in demand, with Meath, Limerick, Offaly, and Louth showing notable growth. The demand for homes in the price range of €400k - €600k experienced the highest growth, while there was also an increase in demand for higher-priced homes. Despite the increased demand, Ireland faces a critical shortage of housing supply, emphasizing the need for increased construction in the coming years.Read more