THE WORLD PROPERTY JOURNAL

A Digital Newspaper for the Global Real Estate Industry

Top 5 'Warm' Winter Weekend Getaways Revealed

Top 5 'Warm' Winter Weekend Getaways Revealed

It's been a doozy of a winter so far in the U.S. More snow, in some places, than many of us have ever seen in our lifetimes. More ice, more freezing roads, more sub-zero temperatures. In fact, it seems to be that kind of winter in many parts of the world. Read More »


U.S. Office Vacancy Rates Slightly Uptick in 2017

U.S. Office Vacancy Rates Slightly Uptick in 2017

According to data from CBRE, vacant office space in the U.S. increased slightly by 10 basis points (bps) during the fourth quarter of 2017 (Q4 2017) to 13 percent. For the year, vacancy inched up 10 bps, marking the first year-over-year increase in vacancy since 2010. Read More »

Costa Rica Named Best Place in the World to Retire in 2018

Costa Rica Named Best Place in the World to Retire in 2018

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

Availability, Affordability Hamstring Potential U.S. Home Buyers in 2018

Availability, Affordability Hamstring Potential U.S. Home Buyers in 2018

The lack of affordable, buildable lots and the scarcity of labor affected home production in 2017. While starts increased by 9 percent over 2016, the characteristics of these new homes stayed largely the same. 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 January 12, 2018 8:45 AM ET

North America

It's been a doozy of a winter so far in the U.S. More snow, in some places, than many of us have ever seen in our lifetimes. More ice, more freezing roads, more sub-zero temperatures. In fact, it seems to be that kind of winter in many parts of the world.

According to data from CBRE, vacant office space in the U.S. increased slightly by 10 basis points (bps) during the fourth quarter of 2017 (Q4 2017) to 13 percent. For the year, vacancy inched up 10 bps, marking the first year-over-year increase in vacancy since 2010.

The lack of affordable, buildable lots and the scarcity of labor affected home production in 2017. While starts increased by 9 percent over 2016, the characteristics of these new homes stayed largely the same.

Spending on residential remodels will continue to grow at a modest pace in the next two years. Professional remodelers from around the country agreed with the forecast, citing increased consumer confidence.

According to the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 5, 2018, U.S. mortgage applications increased 8.3 percent from one week earlier.

2017 was a year of large deals for Manhattan's office market for securing space larger than 100,000 square feet, including 11 transactions of greater than 250,000 square feet.

Last Updated January 11, 2018 8:35 AM ET

Latin America

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.

According to InternationalLiving.com's recently released 2017 Global Retirement Index, the top retirement destination in the world this year now goes to Mexico.

According to InternationalLiving.com's 2017 Global Retirement Index, Mexico gets top marks as the best place to retire based on cost of living, retiree benefits, climate, healthcare, and more.

Last Updated January 5, 2018 8:16 AM ET

Europe

Brits will not be deterred by the weaker pound and Brexit negotiations and will continue to buy properties in France over the course of 2018, thanks to the positive tax reforms and their desire to secure a property before the Brexit deadline.

According to the latest House Price Report released today by Ireland property portal Daft.ie, home prices across Ireland nationally rose by more than €20,000 ($24000 USD) on average during 2017.

According to Chinese international property portal Juwai.com, the post-Brexit referendum boom in Chinese property buying inquiries still persists, even 18 months after the vote on June 23, 2016.

This week global real estate consultant Knight Frank made its UK commercial real estate predictions for 2018.

According to Ireland property portal Daft.ie, three-bed homes in Ireland near the new Luas cross-city stops saw their values increase by 15% over the last year, compared to a 6% increase in similar homes near other rail stations.

The market with the most expensive premium office rent in the world is Central in Hong Kong (€323 per sq. ft) followed by New York's Midtown ($194 per sq. ft).

Last Updated January 3, 2018 8:15 AM ET

Asia Pacific

Technology advances in areas such as big data analytics, machine learning and artificial intelligence are transforming industries across the globe, providing insights and opportunities for those in the vanguard, while technology laggards risk becoming obsolete.

According to JLL's latest Property Market Monitor released this week, net take-up in Hong Kong's overall office market amounted to 68,800 sq. ft in November 2017, with average monthly rent reaching HKD 71.7 per sq. ft -- 0.3% higher than in October 2017.

Hong Kong's private residential completed are forecasted to climb 52% from an average of 14,500 flats per year over the last four years.

According to JLL, for the second consecutive year, Hong Kong's Central commands the world's most expensive premium office rent, at an average of $323 per sq. ft per annum (about HKD210 per sq. ft per month).

According to JLL's latest Property Market Monitor released this week, net take-up in Hong Kong's overall office market amounted to 155,600 sq. ft. in October 2017, helping edge rents 0.3%.

Hong Kong led the Asia Pacific region by volume of hotel investment transactions, with 11 deals worth a total of nearly $1.5 billion in the year to September 2017.

Last Updated January 5, 2018 8:02 AM ET

Middle East and Africa Pacific

According to property portal Bayut, Al Reem Island is the most in-demand area among Abu Dhabi tenants this year with studios, 1-beds and 2-beds commanding AED 60k, 82k and 120k, respectively, (14% decline from 2016).

With positive government interventions to bring in more investors and diversify Bahrain's real estate market, retail remains a significant area of growth in the Kingdom's property sector.

Oman's GDP growth is expected to rise to 5.2% next year, aided by the introduction of natural gas production at the Khazzan gas field and the opening of the new airport in Muscat.

According to the latest property report from Cluttons, as the UAE government pioneers fiscal adjustment in the region in response to declining oil prices, milestones such as Expo 2020 and the introduction of VAT will play a key role in boosting the country's property market.

The recently announced Emirates Towers Business Park is set to become Dubai's most defining commercial development in over 10 years.

Dubai's vision to diversify its economy further and establish itself as a thriving global business hub has accelerated business activity in a number of innovative industries, in turn spurring a new stream of demand for industrial space.


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