Luxury prices in six cities outside London all gained steam in the second quarter, Knight Frank finds. Read More
BY THE NUMBERS
LISTING OF THE DAY
With its pristine white oak floors, perfectly patinaed rough-hewn wood, stone fireplaces, wide windows, and whitewashed walls, this Malibu, California, home nails the laid-back look. Read More
Unheralded technological advances can bring you a brave new world of bathroom use. Read More
London House Price Growth Tumbles Again in July
Home prices in London rose 2.8% year on year in July, down from 2.9% year on year in June. This suggests the chill in the marketplace might be sticking around for a while. However, month on month data suggested some uplift: there was a rise from a fall of .7% growth in June to a fall of .3% in July, and housing price growth in the U.K. rose 5.1% on average, up 4.9% from the month before.
Canada Housing Starts Rose in August
The Canada Mortgage and Housing Corp. announced Monday that Canada housing starts rose last month, bolstering expectations of economic growth in the third quarter of 2017. Although economists had predicted a decline, the seasonally-adjusted rate of starts rose to 223,232 in August, from July’s 221,974. Urban starts, mostly condominiums, rose to 145,618 units, or 2.7%, reflecting the continuing strength of the condo market and the high consumer confidence.
Sales Kick Off for Dubai’s Royal Pearls Development
During Cityscape Global 2017, which is underway now in Dubai, property developer Oriental Pearls launched sales for its Royal Pearls development. The community, being built in Dubai’s Meydan master development, will include 7,000 apartments. So far, about 10% of the development is complete, but by the time it’s fully finished in 2020, it’ll feature apartments, a community center, a landscaped park, water features, cafes, restaurants, a daycare center, theater, salon, a bowling alley, gym, among other amenities.
After Four Months, Dubai’s Bayz Is 75% Sold
Despite launching during Ramadan and before summer holidays, 75% of the Bayz project at Business Bay in Dubai has been sold in just four months, according to its UAE-based property developer Danube Properties. Out of 456 fully furnished residential units, 340 have been sold. The 29-story building, set to be completed in 2019, has views of the Burj Khalifa and Dubai Canal. Studios are priced at Dh650,000 (US$177,000)—reportedly the lowest price per unit within Business Bay, Dubai’s new business district.
Closings to Begin at 520 Park Avenue
Now that its offering plan was approved by New York’s attorney general, closings can begin at 520 Park Avenue, a new 34-unit luxury condominium developed by Zeckendorf Development and designed by Robert A.M. Stern. In June, a $73 million condo and an $83 million unit went into contract at the building. A penthouse asking $130 million would be the most expensive apartment sale in the city’s history if it sells for that amount.
AROUND NEWS CORP
Hudson Yards Is in Talks to Host New York Fashion Week [New York Post]
Rental Construction Drops Despite Demand [The Wall Street Journal]
Summer With the Obamas in 2018? 8 Homes for Sale on Martha’s Vineyard [Realtor.com]
A Castle With a Fairytale Ending [The Times of London]