14 Mar 2023

Blackstone Inc has failed to make payments on a bond worth 531 million euros ($562.5 million) that was secured by a collection of offices and stores owned by Sponda Oy, a Finnish company. This was due to the increasing interest rates that have negatively impacted the value of European properties. Although the private equity firm requested an extension to repay the debt, the bondholders rejected this proposal, according to an insider familiar with the situation.Read more

13 Mar 2023

Last week, Home REIT Plc, a UK-based housing provider, announced that two of its tenants, Gen Liv UK CIC and Lotus Sanctuary CIC, have decided to go into creditors’ voluntary liquidation. This news adds to the company’s concerns as it is already dealing with a short-seller attack and is also reviewing a potential sale. Home REIT stated that it is in discussions with new tenants to lease the two portfolios previously occupied by Gen Liv UK CIC and Lotus Sanctuary CIC, both of which provided housing for the homeless.Read more

13 Mar 2023

Representatives of the shopping centre Docks Bruxsel recently announced that it has been awarded the “CO2 neutral – gold company” certificate from CO2logic/South Pole, making it the first major shopping centre in Europe to receive this certification. Docks Bruxsel is a shopping centre located in the Schaerbeek neighbourhood of Brussels, Belgium. The shopping centre opened in 2016 and is known for its modern and innovative design. Other notable accolades include a BREEAM 'Excellent' rating in the construction sector.Read more

10 Mar 2023

According to mortgage lender Nationwide, there has been a significant decline in British house prices last month, which is the largest in over a decade. This drop in prices indicates a slowing down of the housing market, possibly due to high inflation and increasing borrowing costs. The year-on-year decrease of 1.1% is the biggest drop since November 2012 and the first annual decrease since June 2020, which was during the early stages of the coronavirus pandemic when prices had only slightly decreased by 0.1%.Read more

09 Mar 2023

According to the Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market had a total of 19,033 transactions in 2022, which amounted to AED77.6 billion. The DMT reported that AED23.5 billion came from 9,010 sales transactions, while AED54.1 billion came from 10,023 mortgage transactions. Overall, the real estate market in Abu Dhabi performed strongly and experienced significant growth in 2022 compared to 2021.Read more

08 Mar 2023

Singapore, which has long been a popular destination for expatriates, is experiencing a surge in rental prices due to a shortage of housing supply and an influx of foreign talent. This has caused concerns about the city-state's competitiveness as a financial hub and its ability to attract and retain top talent. Experts warn that the high cost of living could lead to a brain drain as some expats may choose to move to other, more affordable locations. Rent per square foot in some central areas has overtaken Hong Kong for the first time, data shows. Analysts warn prices could rise up to 20 per cent again this year as real estate agents report bidding frenzies for desirable properties.Read more

07 Mar 2023

Istanbul has launched a comprehensive program to conduct safety checks on buildings throughout the city. The program involves a team of structural engineers and building inspectors who will assess the structural integrity of buildings and determine whether they are safe for occupancy. The checks will focus on buildings in high-risk areas, including those with poor construction quality, inadequate seismic protection, or those built on unstable ground.Read more

07 Mar 2023

Construction work on a large urban development project consisting of 7,490 properties in Eastern Spain could commence as early as April. The project will be located on the biggest available piece of urban land in Alicante Province, specifically at La Hoya in Torrevieja, which covers an area of almost two million square meters. Once the public consultation process is completed, the developers, namely Elche Corpe, Eurovillas, and TM Group from Torrevieja, will be granted a license to begin work. Despite receiving approval from the Valencian government in 2009, the project did not move forward due to the recession, various legal challenges, and an environmental impact study involving the adjacent natural park.Read more

06 Mar 2023

According to statistics published by Bank of Mauritius, foreign direct investment in high-end properties in Mauritius, totalled $1.368bn between 2014 and mid-2022, or approximately 40% of all inflow. The number has been steadily increasing since then. Government initiatives such as scrapping of the inheritance tax and the successful launch of Integrated Resort Scheme (IRS) has attracted investors from across the world. The scheme allows foreign buyers to purchase luxury villas or apartments in designated areas, typically located near the coast, and receive Mauritian residency status.Read more

03 Mar 2023

A report published by Cushman and Wakefield states that Qatar's residential real estate market experienced unprecedented market dynamics in 2022 due to the requirement for housing units to accommodate visitors during the FIFA world cup held in November and December that year. Apartments across the country experienced a significant increase of 15 to 30 percent in annual rental contracts, which have not declined post-World Cup. According to the report, nearly 35,000 residential units were built-in for the football tournament, and many of these units are held on government 'Eskan' leases of up to five years with rolling break options.Read more