Ultra-wealthy residents of Dubai will grow by 60% over the coming decade, refueling the currently depressed luxury property market there, according to a report released Wednesday by Knight Frank. Read More
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Canadian Real Estate Market Has Many Concerned About a Housing Bubble
Canada’s rising unaffordability has many concerned that a financial crisis could be coming. The country’s household debt is sky high and 47% of Canadians will see their mortgage rate reset this year. If the rate rises, it could throw many into default. Canada’s price-to-rent rate, which measures a home’s value versus the rent it could earn, is extremely high, a common indicator of a housing bubble. An encouraging sign is the fact that the market has slowed, partly as a result of government measures like a tax on foreign buyers.
Prices in U.K. Dip
U.K. quarterly home prices experienced their first fall since May in the period from December to February. The Halifax home price index registered a 0.7% dip over the three months. Prices were up 1.8% in February over a year prior, with the average hitting £224,353 (US$312,005). The index revealed points of optimism with mortgage approvals high in January and the number of homes sold reaching 100,000 for 13 months in a row.
Amsterdam Prices Exceed Pre-Recession Rates
Property prices in Amsterdam recently exceeded their pre-2008 rate, a growth of 25% since 2013. The average asking price in the city is now €506,000 (US$623,558). The city supply is limited by the fact that 60% of units are rent-controlled, with prices capped at €710 (US$881) monthly. For new buildings, 40% must be social housing and another 40% must be middle-income housing, with prices not exceeding €1,200 (US$1,489).
Miami Real Estate Market Starts Off the Year Strong
A new look at the Miami housing market shows home prices up and an increase in luxury sales. The report from the Miami Association of Realtors shows Miami-Dade home sales up 5.1%, from 1,731 to 1,820, in January from a year prior. The average home is selling for close to the asking price and properties are also selling much more quickly, with the average process for a single-family home two weeks shorter than it was last year.
AROUND NEWS CORP
‘Sopranos’ Star Lorraine Bracco Lists Hamptons Home Again [The New York Post]
Lower North Shore Defies Sydney Trend [realestate.com.au]
Teri Hatcher Puts Her Eclectic Southern California Home Up for Rent [Realtor.com]
Bronfman Scion Sells Bel-Air Manse for $85 Million [The Wall Street Journal]
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