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Residential News Edition | WORLD PROPERTY JOURNAL

A Digital Newspaper for the Global Real Estate Industry

Dubai Prime Residential Sales Increase 44 Percent in Early 2019

Dubai Prime Residential Sales Increase 44 Percent in Early 2019

Over 1,737 villas and 6,194 apartments were transacted within the first quarter of 2019 in the overall residential market. Volume of transactions in the secondary market was AED 20.4 billion, compared to AED 18.5 billion in Q4 2018. Read More »


New Home Mortgage Applications in U.S. Jump 7 Percent in March

New Home Mortgage Applications in U.S. Jump 7 Percent in March

Based on the Mortgage Bankers Association's newly released Builder Application Survey for March 2019, U.S. mortgage applications for new home purchases increased 7 percent compared to a year ago. Compared to February 2019, applications increased by 19 percent. This change does not include any adjustment for typical seasonal patterns. Read More »

California Home Sales Remain Stable in March

California Home Sales Remain Stable in March

According to the California Association of Realtors, lower interest rates in more than a year have boosted California's housing market and kept home sales level in March 2019, after an exceptionally strong performance the previous month. Read More »

Alternative Co-Living Arrangements Gain Popularity in Urban Asia Pacific Cities

Alternative Co-Living Arrangements Gain Popularity in Urban Asia Pacific Cities

Co-living market is taking off in Asia Pacific as more people migrate to cities for jobs or education opportunities. This is opening up new opportunities for real estate developers and investors around the region. Read More »


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Luxury 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 Residential Real Estate News

Last Updated April 19, 2019 8:25 AM ET

North America

Over 1,737 villas and 6,194 apartments were transacted within the first quarter of 2019 in the overall residential market. Volume of transactions in the secondary market was AED 20.4 billion, compared to AED 18.5 billion in Q4 2018.

Based on the Mortgage Bankers Association's newly released Builder Application Survey for March 2019, U.S. mortgage applications for new home purchases increased 7 percent compared to a year ago. Compared to February 2019, applications increased by 19 percent. This change does not include any adjustment for typical seasonal patterns.

According to the California Association of Realtors, lower interest rates in more than a year have boosted California's housing market and kept home sales level in March 2019, after an exceptionally strong performance the previous month.

According to Freddie Mac's latest Primary Mortgage Market Survey, U.S. mortgage rates rose modestly this 2nd week of April 2019, with the 30-year fixed-rate averaging 4.12 percent. Rates moved up slightly this week while mortgage applications decreased following last week's jump in rates.

A total of 161,875 U.S. properties with a foreclosure filing during the first quarter of 2019, down 23 percent from the previous quarter and down 15 percent from a year ago to the lowest level since Q1 2008.

Home sellers in the United States spend $20,851 on average to sell their homes. This includes closing costs, but also the improvements and other projects made when people are preparing their homes for sale.

Last Updated January 4, 2019 9:02 AM ET

Latin America

Panama, the winner of the 2019 Global Retirement Index, has been a constant in the Index, but this year marks the 10th time it's reached the #1 spot--climbing from third place to scoop the top prize.

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

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.

According to InternationalLiving.com, there has been a 160% surge in online searches for terms like "move overseas" and "expats overseas" post Trump election victory this week.

U.S. home builders just completed four days of talks with Chilean government, trade and industry officials that are geared toward increasing exports of softwood lumber and other wood products to America.

Last Updated April 4, 2019 8:21 AM ET

Europe

Rising uncertainty surrounding Brexit and its potential impact on the economy tempered growth in Scottish country house prices over the first three months.

According to global property advisor Knight Frank, London home prices declined 0.6% in 2018, but markets are increasingly localized and performance differs greatly by borough.

According to the latest House Price Report by Daft.ie, Ireland housing prices nationally rose by 2.9% during the first three months of 2019.

According to Daft.ie's latest quarterly Ireland Rental Report, while residential rents rose nationwide by an average of 9.8% in the year to December 2018.

According to new research by housing platform HousingAnywhere shows an upward trend for rental prices in Q4 compared to the year before for all their major European student destinations.

International property consultant Knight Frank reports this week that the average greenfield development land price declined 0.6% in Q4 2018, down from 2.6% growth in Q3, paring annual growth to 0.6%. Labor costs continue to edge up and the relatively weak pound has made imported building materials more costly for homebuilders.

Last Updated April 12, 2019 9:04 AM ET

Asia Pacific

Co-living market is taking off in Asia Pacific as more people migrate to cities for jobs or education opportunities. This is opening up new opportunities for real estate developers and investors around the region.

Growing interest from China developers in acquiring older buildings for redevelopment in Hong Kong contributed to the Lands Tribunal receiving 39 compulsory sale applications in 2018.

Thirty one percent of Australian development sites in 2018 were bought by Chinese developers who purchased $1.3 billion worth of Australian residential development sites in 2018. This figure was down from $2.02 billion in 2017, or one-third of all site sales.

Less than 100 new luxury units (1,722 sq. ft or above) will be completed in Hong Kong's traditional luxury residential areas, including The Peak, Southern district, Kowloon Tong, Homantin and Mid-Levels, in 2019.

Shadowed by the various regulatory measures on the property market and the external economic uncertainty, Macau's property market softened and saw a slowdown in investment sentiment.

The strike rate of People's Republic of China (PRC) developers in Hong Kong's government land sales market dropped notably in 2018.

Last Updated March 25, 2019 8:18 AM ET

Middle East and Africa Pacific

According to the latest Dubai House Price Index, the average annual home price in Dubai decreased by 10.6% in February 2019, with some communities registering even higher price declines.

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.

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 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).

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.

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