PNT Reporter

04 Apr 2023

The Flatiron Building, an iconic triangular-shaped skyscraper in New York, was sold at an auction for $190 million after a court order. The 22-story building was constructed in 1902 and is famous for its resemblance to a clothes iron. The winning bid was almost four times the initial price of $50 million, thanks to intense competition among bidders. However, the bidder Jacob Garlick has missed the deadline to pay the 10 percent down payments which has resulted in the building going to the second highest bidder Gural for $189.5 million.Read more

PNT Reporter

03 Apr 2023

Sunac China, a property developer facing difficulties, announced last week that it has come to an agreement with a group of creditors outside of China to restructure its debt worth $9 billion. Sunac is among the major property developers in China that struggled last year due to a debt crisis in the sector. Last week, China Evergrande Group, a property developer with the highest debt in the world, declared its intention to restructure its offshore debt worth $22.7 billion. This move has the potential to set an example for other struggling companies in the same industry and influence investors’ perception of China’s troubled real estate market.Read more

PNT Reporter

30 Mar 2023

The average 30-year US mortgage rate dropped to 6.42%, marking the second consecutive week of decline, according to Freddie Mac. As the spring homebuying season begins, this decrease, coupled with stabilizing home prices, offers potential for a housing market rebound. The national median home price also experienced its first annual decline in 13 years, down 0.2% to $363,000. Despite market uncertainty and the Fed's rate hikes, economists remain optimistic that the recovering housing market will bring more favourable conditions for prospective homebuyers in the coming weeks.Read more

PNT Reporter

30 Mar 2023

Creditors and analysts are not convinced by China Evergrande Group’s proposal to restructure its offshore debts, which is seen as a test of investor confidence in the financially-strained real estate industry. The restructuring plan, which involves a lengthy repayment period and insufficient incentives, has failed to impress. Evergrande is currently the most heavily indebted developer globally, with approximately $300 billion in liabilities.Read more

PNT Reporter

29 Mar 2023

According to the 2023 Demographia International Housing Affordability report, Sydney’s housing market has once again been ranked as the second least affordable in the world, marking the second consecutive year in which this has occurred. The report notes that house prices in Sydney have risen at a rate six times faster than inflation, indicating that the pandemic’s demand shock has continued to affect house affordability in 2022.Read more

PNT Reporter

29 Mar 2023

The town of Kilifi in Kenya is set to have the largest affordable housing complex in the world, thanks to 14Trees, the developer that recently completed the printing of the first ten houses in the Mvule Gardens 3D-printed housing project. This new technology has enabled the construction of sustainable and affordable homes, with the added benefit of no wasted materials in building the walls.Read more

PNT Reporter

28 Mar 2023

A recent study conducted by the Finnish Homeowners Association has revealed that the cost of housing in Finland is increasing at an unprecedented rate. The of Northern Ostrobothnia’s Kalajoki experienced the greatest increase, with costs soaring by nearly €3,700 ($4,400) in just one year. The increase in housing costs and the significant differences between municipalities are primarily due to the price of electricity, which has risen by an average of 46% from a year ago, as well as waste disposal charges, which have increased by an average of 6.7%, property taxes by 6.3%, and water charges by 4.1%Read more

PNT Reporter

28 Mar 2023

A team of marine biologists and architects have designed custom terracotta tiles through 3D clay printing to help restore coral reefs in Abu Dhabi. These tiles were produced by climate technology company Archireef in Abu Dhabi’s KEZAD economic zone and were commissioned by ADQ and the Environment Agency – Abu Dhabi. Unlike other artificial reefs, these clay-based structures are eco-friendly and closely resemble the natural pattern of corals. Additionally, they prevent the accumulation of sediment, which poses a significant danger to coral.Read more

PNT Reporter

24 Mar 2023

The housing problem in the 27-nation EU has worsened due to a recent increase in inflation, particularly in food and energy prices, as well as the ongoing economic and labour effects of the COVID-19 pandemic. According to the bloc, more than 82 million households in the EU are struggling to pay their rent, with 17% of people living in overcrowded accommodations and just over 10% spending more than 40% of their income on rent. In Portugal, this issue is further compounded by the growth of tourism and the influx of foreign investors who have been driving up real estate prices.Read more

PNT Reporter

22 Mar 2023

The shipyard owned by CK Hutchison has requested the Hong Kong Town Planning Board to change the zoning of the land where HUD is situated in Tsing Yi. The proposal includes 19.9 hectares of land, which comprises both the HUD and the adjoining vacant Government land. The redevelopment plan aims to construct 10,370 private residential units and 4,700 public housing units to address Hong Kong’s housing needs.Read more