Historic inner city buildings are being converted into luxury homes. Read More
BY THE NUMBERS
LISTING OF THE DAY
The five-story palace, which was once the residence of a Venetian prince, overlooks the Grand Canal. Read More
Gil Walsh thinks coastal New England and Southern Florida have some of the U.S.’s most luxurious homes. Read More
Four Out of 10 London Listings Are Cutting Prices
A growing number of London sellers are resorting to price chops to move their properties in the city’s slow market, with more than four in 10 listings lowering prices, according to a new report from Rightmove Plc. The average price cut is 6.7%. Rightmove’s Miles Shipside noted that “buyer demand has cooled” and that this is the highest rate of price cuts for London’s market since 2010.
A Record Number of U.K. Landlords Are Paying for Properties in Cash
In the U.K., 65% of landlords paid for their properties in cash over the past year, purchasing a total of £21 billion (US$27 billion) worth of homes, £0.2 billion more than in 2016. Research suggests the move toward cash deals is fueled by both high rents and low interest rates for taking out equity on current properties. And 78% of landlords paid cash in the cheaper northeast of England, while just 42% did so in higher-priced London.
Global Luxury Lifestyle Brand Monocle Gets Into Condo Business
Monocle, a luxury lifestyle brand that includes a magazine, shops, cafes and a 24-hour radio station, is getting into the real estate business. The company has plans to open a high-end residential complex in Bangkok with Sansiri, a large Thai real estate developer which just bought a 12.5% stake in Monocle. If the Bangkok project is a success, the company says it’ll continue launching bespoke residences in up to a dozen cities across the globe.
Shanghai’s New Home Sales Dropped 23% This Week
New home sales in Shanghai dropped 23% in the past week, down to 74,000 square meters, according to the latest weekly report from Shanghai Centaline Property Consultants Co. This marks the sixth straight week that sales totals have been under 100,000 square meters, and a researcher said in the report, “As new supply has almost frozen, the local new home market won’t see a major recovery over the coming weeks.”
Dubai Developer Sets Sales Record With 115 Units Sold in One Day
Developer Arada just sold 115 units at its Aljada development in a single day, a record-setting number for developers in the area. The sales were in Areej 5, an apartment block in Phase 1 of Ajada, which is located in Sharjah, and will be delivered in phases beginning in 2019 and finished by 2025.
Lack of Supply and Low Rates Will Continue to Push Iceland Home Prices Skywards
Though prices have already climbed by 56% since the 2009 crash, Iceland’s home prices are expected to keep rising. The dramatic increase is attributed to a few factors, including low interest rates, a booming Airbnb market, and lack of supply. “There is growing demand, and the market is going to be supported by a lack of supply for the next few years,” said Gisli Haukksson of GAMMA Capital Management Ltd.
AROUND NEWS CORP
So Weird it Works: A Posh Living Room With a Spider-Web Mural [The Wall Street Journal]
Craig Carton’s New Jersey Home Is for Sale [New York Post]
Why Rentals Are up, and What It Means for the Housing Market [MarketWatch]
10 Years After the Crash, the Boom Times Are Back in Real Estate—but Way Different [Realtor.com]