realty

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

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

Top 5 property developments to watch out for in Australia for 2023

One of the leading property markets in the country has produced a study outlining what trends it sees occurring in the coming year, following many years of chaos not only in the property market but in the globe as a whole. My, how a year can change things. Domain’s Chief of Research and Economics, Dr. Nicola Powell, said that 2022 would go down in history as the year when the Australian real estate market shifted from a once-in-a-generation property boom to a slump. “2021 was an unusual year when housing demand increased to an all-time high, house prices soared, supply

March 24, 2024 No Comments

New Zealand News

QV data shows New Zealand property values dropped $118,000 since January.

According to recent figures from Quotable Value, the average value of a New Zealand property is falling by more than $1200 every week. The QV House Price Index put the average value of a home in New Zealand at $945,568 as of the end of November. This is $5472 less than the $951,040 in hand at the end of October. That works up to a weekly loss of $1262 in value for the typical home. However, the average value throughout the country fell by $118,197 between January and November, or over $2,750 each week. So while property prices are still

March 24, 2024 No Comments

Featured

New Zealand’s property market drops 12 years low.

The recent downturn in New Zealand’s property market has sent shockwaves through the real estate industry, marking a significant milestone with its 12-year low. This development, while concerning, offers insights into the shifting dynamics of the housing sector and its broader implications. Market Analysis: New Zealand’s property market, once buoyant and thriving, has hit a low not seen in over a decade. This decline reflects a complex interplay of economic factors, including changing consumer behavior, regulatory measures, and global economic conditions. Impact of Market Downturn: The ramifications of this downturn are far-reaching, affecting various stakeholders such as homeowners, investors, and

March 24, 2024 No Comments