THE WORLD PROPERTY JOURNAL

A Digital Newspaper for the Global Real Estate Industry

Strong Job Growth in U.S. Driving Up Office Asking Rents

Strong Job Growth in U.S. Driving Up Office Asking Rents

According to Transwestern's second-quarter 2018 national office market report, continued improvement in the U.S. office sector was due in large part to a strong jobs market with remarkably low overall unemployment of 3.9 percent, and a 1.6 percent annual growth rate in office-using employment. Read More »


U.S. Housing Market Needs 6 Million New Homes

U.S. Housing Market Needs 6 Million New Homes

According to Zillow, one of the defining characteristics of the U.S. housing market in 2018 is the lack of available inventory, and much of this scarcity can be traced back to the lack of building following the bubble's burst. Read More »

Luxury Home Price Appreciation Slows in U.S.

Luxury Home Price Appreciation Slows in U.S.

According to Redfin, luxury home prices in the U.S. rose 5.2 percent year over year to an average of $1.9 million in the second quarter of 2018. This is lower growth than in the first quarter, when prices were up 7.3 percent. Read More »

Florida Home Sales, Median Prices Up in Mid-2018

Florida Home Sales, Median Prices Up in Mid-2018

According to Florida Realtors, the second-quarter of 2018 saw increased sales, higher median prices and more new listings across a number of Florida's housing markets. Read More »


Global Property Spotlight

Brand New Residences Bring Modern Luxury Living to Paradise Island Bahamas

Brand New Residences Bring Modern Luxury Living to Paradise Island Bahamas

In the heart of breathtaking Paradise Island adjacent to Nassau, Bahamas, a very rare residential opportunity will soon be available. Opportunities like this are extremely limited on this 685 acre island paradise. Read More »


Regional Real Estate News

Last Updated August 15, 2018 9:00 AM ET

North America

According to Transwestern's second-quarter 2018 national office market report, continued improvement in the U.S. office sector was due in large part to a strong jobs market with remarkably low overall unemployment of 3.9 percent, and a 1.6 percent annual growth rate in office-using employment.

According to Zillow, one of the defining characteristics of the U.S. housing market in 2018 is the lack of available inventory, and much of this scarcity can be traced back to the lack of building following the bubble's burst.

According to Redfin, luxury home prices in the U.S. rose 5.2 percent year over year to an average of $1.9 million in the second quarter of 2018. This is lower growth than in the first quarter, when prices were up 7.3 percent.

According to Florida Realtors, the second-quarter of 2018 saw increased sales, higher median prices and more new listings across a number of Florida's housing markets.

Property listings portal Zillow is now reporting that over the next year, 23 more cities across the U.S. will make Zillow's "$1 Million City List," defined as a city with a median home value of $1 million or more.

According to the National Association of Home Builders / Wells Fargo Housing Opportunity Index, rising U.S. home prices and interest rates pushed housing affordability to a 10-year low in the second quarter of 2018.

Last Updated July 20, 2018 9:00 AM ET

Latin America

According to a new Global Retirement Index by International Living Magazine, Costa Rica won the top spot for U.S. expats to retire in 2018.

Panama-based Red Frog Beach Island Resort & Spa announced this week the resort's newest amenity, La Rosa Beach Club. The new addition features event and meeting spaces, a bar, a restaurant, a stunning waterfall and an infinity-edge pool.

According to InternationalLiving.com's 2018 Global Retirement Index, Costa Rica takes the top spot for the first time in the index's history.

The recent 7.1 magnitude earthquake that stunned Mexico City (and surrounding states of Mexico, Morelos and Puebla) is now having a strong impact on Mexico's commercial real estate market.

Billionaire real estate developer and U.S. President Donald Trump, who once considered building luxury hotels in Cuba, is getting set to swing a sky-high verbal crane over the tiny Communist-governed nation.

More than 33,830 rooms in 199 hotel projects are under contract in the Caribbean and Mexico. The total represents a 4.4% increase in rooms under contract compared with January 2016.

Last Updated August 7, 2018 8:00 AM ET

Europe

A new research by price comparison website MoneySuperMarket reveals that the UK is the most expensive location to raise a family in Europe.

According to JLL, the vacancy rate of Moscow's office market continued to decline in Q2, 2018 amid low completions and rising take-up. The current vacancy, at 12.0%, is the lowest since Q3 2008. The decline began in Q3 2015 when it was 17%.

According to Irish property portal Daft.ie, home buyers in Ireland are paying up to 32% more for a property with a sea-view. The research, conducted by economist Ronan Lyons, analyzed over half a million property listings.

The value of homes at number 13 are typically €4,700 ($5,500.00 USD) cheaper than the average Irish property of €254,000 ($296,000) avg. house price nationwide based on Q2 2018 Daft.ie House Price Report.

According to Irish property portal Daft.ie, home prices nationally rose by 2.7% during the second quarter of 2018. The average price nationwide during the second quarter was €254,000, 5.6% higher than a year ago.

According to global real estate consultant JLL, Russia's commercial real estate investment volumes reached USD1.29bn in H1 2018, down 39% YoY from USD2.13bn in H1 2017, says JLL.

Last Updated August 8, 2018 8:50 AM ET

Asia Pacific

According to global real estate consultant CBRE, commercial real estate investment volume in the U.S. totaled $118.8 billion in Q2 2018, an increase of 1.7% from Q2 2017.

To minimize the impact of the new vacancy tax, developers are likely to switch more unsold luxury flats from the sales to leasing market.

According to the latest Property Market Monitor released by JLL, office rents overall in Hong Kong grew 0.9% month-over-month in June 2018, bringing growth for the first half of 2018 up to 3.6%.

According to JLL's mid-year 2018 Hong Kong property forecast, the upward march of housing prices will slow in the second half after the Government introduced a new vacancy tax and restrictions on the Pre-sale Consent Scheme.

Increased vigilance on the part of policymakers keen to use macro prudential measures to curb price inflation along with escalating affordability constraints are keeping a lid on urban property price growth, worldwide.

JLL is reporting this week that Asia Pacific's mature economies such as Singapore, Hong Kong and Japan have a significant opportunity to advance real estate transparency through proptech adoption.

Last Updated May 29, 2018 8:01 AM ET

Middle East and Africa Pacific

According to STR, hotels in the Middle East reported negative April 2018 performance results, while hotels in Africa posted growth across the three key performance metrics.

The Abu Dhabi property market heavily favored renters and buyers in Q1 of 2018, with market data showing price decreases in all areas. both apartments and villas across the sales and rental sectors became increasingly affordable in Q1.

According to STR, hotels across the Middle East reported mixed Q1 2018 performance results, while hotels in Africa posted growth across the three key performance metrics.

Residential rents across Dubai registered no change during the first quarter of 2018, helping improve the annual rate of change to -3.1%, from -7.7% at the end of last year.

According to STR, hotels in the Middle East reported mixed performance results in January 2018, while hotels in Africa posted growth across the three key performance metrics.

According to STR, hotels in the Middle East reported negative 2017 performance results, while hotels in Africa posted growth across the three key performance metrics.


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