PNT Reporter

29 May 2023

Multiple relatives of Ross Browning, the leader of the Kinahan cartel in Ireland, have agreed to vacate two high-end properties that were determined by the High Court to have been acquired through criminal activities. The properties, located in Garristown and Finglas, Dublin, will be taken over by a designated receiver authorized by the court to arrange their sale. Ross Browning, along with his family members, faced legal action by the Criminal Assets Bureau (CAB) to permanently confiscate approximately €1.7 million worth of assets acquired through illicit means. The court has ordered the properties to be vacated by mid-July, as the CAB seeks to dismantle the criminal network's ill-gotten gains.Read more

PNT Reporter

26 May 2023

The luxury residential skyscraper, Asparro, located in Manhattan's Upper West Side, is implementing an innovative carbon capture system to reduce emissions and combat climate change. The building's basement houses unique equipment that captures carbon dioxide emitted by its gas-powered boilers, preventing its release into the atmosphere. This initiative aligns with the urgent need to reduce emissions from tall buildings in New York City, which account for a significant portion of the city's greenhouse gas emissions. While some commend these efforts, critics argue for more extensive upgrades and a transition to renewable energy sources.Read more

PNT Reporter

26 May 2023

The rental crisis in Sydney continues unabated as new data shows a significant decrease in available rental properties. The latest Market Insight Report by PropTrack has revealed that the number of new rental listings on realestate.com.au experienced a sharp decline of 17 percent in April, reaching its lowest point since April 2012. Additionally, the total number of rental listings across Sydney on realestate.com.au decreased by 7.8 percent in April, marking another record low since December 2012. These figures provide further evidence of the dire situation faced by individuals searching for rental accommodations in Sydney.Read more

PNT Reporter

26 May 2023

Spain's Senate has given its final approval to a bill aimed at curbing rapidly increasing rents and addressing the issue of insufficient social housing. The bill introduces measures to restrict excessive rent increases, enhance tenant safeguards, and penalize landlords who abandon properties. The proposed changes include limiting rental increases, establishing rent caps in high-priced areas, and imposing sanctions on landlords with vacant properties. This bill is a response to the housing crisis and the aftermath of the 2008 financial crisis, which led to numerous evictions.Read more

PNT Reporter

25 May 2023

Land Securities, a British real estate company, has announced plans to sell more assets than it will acquire due to a shift in its financial situation. The company reported a loss for the year, primarily influenced by increased interest rates and overall economic challenges, which have negatively affected the value of its properties. The British commercial property sector, heavily reliant on borrowing, has faced setbacks in its recovery from the pandemic, hindered by rising interest rates and concerns about the macroeconomic environment. Land Securities' office space portfolio has also encountered difficulties due to changing work patterns.Read more

PNT Reporter

25 May 2023

The property investment and sales in China experienced a significant acceleration in decline during April, raising concerns about the country's economic recovery. Property investment saw a sharp year-on-year decrease of 16.2%, the largest drop since November 2022, while property sales also plummeted by 11.8% compared to the same period last year. These declines highlight the ongoing challenges faced by the Chinese property sector, which has been impacted by strict regulations and financial crises.Read more

PNT Reporter

24 May 2023

The Canadian housing market experienced a surge in home prices and transactions in April due to increased buyer activity and limited inventory. The Bank of Canada's decision to pause rate hikes contributed to the recovery, stabilizing mortgage costs and slightly decreasing longer-term rates. The impact of higher borrowing costs on homebuyers has been less severe than expected, resulting in a lower level of financial strain. However, concerns remain about potential delinquencies and the spill over effect from the US regional banking sector.Read more

PNT Reporter

24 May 2023

South Korea has experienced an 11-month consecutive decline in house prices, marking the longest period of decreases in 11 years. However, there are indications that the rate of decline is slowing down, with the April data showing a less severe drop compared to the previous month. This suggests that aggressive economic measures, including interest rate adjustments, may be starting to have an impact. The significant decline in house prices over the 11-month period can be partly attributed to a correction following a prolonged period of continuous upward surge.Read more

PNT Reporter

24 May 2023

The housing market in the Netherlands is expected to reach a state of balance as mortgage rates increase and house prices fall. This creates affordability for prospective buyers in 2023, similar to the favourable conditions seen in 2021. However, if interest rates remain unchanged, buying houses in 2024 could become more expensive. The market experienced a prolonged period of growth from 1985 to 2008, but it came to an end in 2008, followed by a decline in housing prices. The future trajectory of prices depends on evaluating their relation to relevant economic factors.Read more

PNT Reporter

23 May 2023

In April, sales of newly built private homes in Singapore surged by 80%, reaching the highest level in seven months. The increase was driven by prominent projects and strong demand from local buyers. Despite new cooling measures, analysts expect sustained demand and further price increases. Foreign buyers may be impacted, but their overall influence on transaction volume is minimal. The market for homebuying is projected to shrink in 2023, potentially leading developers to postpone property launches in prime areas.Read more