foreclosure

Hong Kong News

Beijing’s Residential Construction Soars 22.6% in Jan-Aug 2024

Beijing’s residential construction sector saw a significant surge in activity from January to August 2024, despite fluctuations in the overall real estate market. According to the Beijing Municipal Bureau of Statistics, the newly started construction area for residential buildings reached 5.299 million square meters, marking an impressive 22.6% year-on-year increase. This boost in residential construction underscores the city’s efforts to address its growing housing demand amid broader market challenges. During the same period, real estate developers in Beijing commenced a total of 8.571 million square meters of new housing projects, reflecting a 12% year-on-year growth. The majority of this expansion

September 20, 2024 No Comments

property News

New Costco with 800 Apartments Breaks Ground in Los Angeles

A groundbreaking mixed-use development featuring a Costco store and 800 residential units is set to transform the Baldwin Village neighborhood in South Los Angeles. Developer Thrive Living is spearheading the project, known as 5035 Coliseum, which will occupy a five-acre site. This innovative development will be the first of its kind in the country, combining a Costco with a large residential complex, offering a unique blend of retail and housing. The 800 residential units, built above the Costco store, will cater to a wide range of renters, with 184 of the units designated for low-income tenants. The remaining apartments will

September 19, 2024 No Comments

News

Step Up On Second Faces Lawsuit Over Failed California Motel-to-Housing Conversions

Step Up On Second, a once-prominent nonprofit in homeless services, is now embroiled in controversy due to the failure of multiple housing projects. The organization was instrumental in shaping California’s Project Homekey, an initiative aimed at converting old motels into affordable housing for the homeless. In partnership with real estate firm Shangri-La Industries, Step Up secured over $114 million in state grants to carry out seven motel-to-housing conversions across the state. However, the projects quickly ran into financial trouble. The properties went into foreclosure, leaving some vacant and incomplete. In response, the state of California has filed a lawsuit against

September 19, 2024 No Comments

UK News

Modern Mayfair: A Luxe Transformation

Mayfair, one of London’s most iconic districts, is undergoing a remarkable transformation, solidifying its status as the city’s most coveted address. This historic area, known for its Georgian architecture and upscale appeal, is experiencing a resurgence, driven by new residential and commercial developments that cater to a global elite. Grosvenor Square, the heart of Mayfair, has long been a symbol of prestige. Now, with the American Embassy’s relocation and the completion of high-end developments like No 1 and No 20 Grosvenor Square, the area is setting new benchmarks for luxury living. These residences, offering hotel-like amenities, have attracted wealthy buyers

September 18, 2024 No Comments

property News

Property News Asia: Surge in Southeast Asian Real Estate Investments as Global Demand Shifts

As global economic landscapes evolve, Southeast Asia has emerged as a key player in the real estate market, attracting significant attention from investors, homebuyers, and industry professionals. The region’s dynamic growth, coupled with shifting global demand, is fueling a surge in real estate investments across countries like Thailand, Vietnam, Indonesia, and the Philippines. This blog post will explore the driving factors behind this trend, highlight key investment hotspots, and provide predictions for the future of Southeast Asia’s property market. The Rise of Southeast Asia in Global Real Estate Over the past decade, Southeast Asia has transitioned from a relatively under-the-radar

September 17, 2024 No Comments

Featured

London rents now consume 40% of income.

The dynamics of London’s rental market paint a complex picture of affordability challenges and regional disparities. While the average rent in the capital remains significantly higher than in other parts of the country, it’s important to delve deeper into the factors driving these discrepancies. London’s status as a global financial hub and cultural epicenter contributes to its allure, attracting a diverse population seeking opportunities and experiences. However, this influx of residents also intensifies competition for housing, driving up prices in an already constrained market. Historically, the supply of housing in London has struggled to keep pace with demand, leading to

March 28, 2024 No Comments

New Zealand News

Rents continue at $580 a week despite the home price drop.

Despite a decrease in home prices, November saw New Zealand rents remain at record highs, as reported by Trade Me. In November, the statistics indicated that the median weekly rent throughout the country was $580. A 4% increase compared to the same month in 2021 “leaves it matching the all-time high initially recorded in April this year,” said Gavin Lloyd, sales director at Trade Me Property. But if we look at the figures more closely, there was a lot of variation throughout the nation, with most areas seeing rents increase, but Auckland and Wellington are experiencing no year-on-year gain, as

March 27, 2024 No Comments

Opinions

Agency acknowledges dollar strength is luring overseas buyers to London.

Given the recent increase in the number of cash purchasers registering to acquire property in the city’s heart, Carter Jonas forecasts that 2023 will be an extraordinary year for the prime central London (PCL) market. Many recent purchasers in the Marylebone and Mayfair offices are American citizens taking advantage of favorable exchange rates to purchase in the heart of London with cash. According to Carter Jonas, the central London real estate market is expected to outperform the rest of London and the UK in the next months due to the influx of foreign Dollar purchasers from the United States, the

March 26, 2024 No Comments

Featured

Thai transport department auctions license plates for 179 million baht

In a recent auction held by the Thai Transport Department, license plates fetched an impressive sum of 179 million baht. This remarkable event highlights the unique value attached to license plates in Thailand’s automotive culture. The auction, which saw fervent bidding from collectors and enthusiasts, underscores the significance of personalized license plates in the country. For many, owning a distinctive license plate is not just a matter of legality but also a symbol of status and prestige. Thailand’s license plate auctions have become increasingly popular in recent years, drawing attention from both local and international buyers. The allure of owning

March 26, 2024 No Comments

Australia News

Australia’s housing problem is getting out of sight.

(Reuters) – CAMPBELLTOWN, Australia, December 19 Over the last 12 months, Belinda has submitted applications for over a hundred different rental properties, all of which have been declined. Campbelltown, southwest of Sydney, is now housing the 39-year-old Australian single mother of four. She has six months to find a place to live that costs less than A$500 ($340) a week, or she will be forced to sleep on the streets. “Next steps? I have no idea. I have a lot of furniture that I’m reluctant to get rid of. Neither my cat nor my dog is a member of my

March 25, 2024 No Comments