Those rare privileges can come at a steep price. Read More
BY THE NUMBERS
LISTING OF THE DAY
Homes like these don’t come on the market often. Read More
The Queens neighborhood is known for its large standalone houses. Read More
Survey Says Millennial British Men Prefer Investing in Bitcoin to Real Estate
A study by a United Kingdom real estate developer showed 27% of male millennials consider Bitcoin to be a better investment than real estate. Developer Get Living says that that demographic expects Bitcoin’s value to appreciate more than property. Last year, in the U.S., a venture capital firm did a similar survey, which showed that 18-to-34-year-olds preferred Bitcoin to stocks or government bonds.
Hong Kong’s Price Growth Is Finally Slowing
Hong Kong live-in home prices rose for the 26th straight month in May, but at a slower pace than in previous months. According to the Rating and Valuation Department, the index for secondary-market home prices increased 1.67% for the month, compared to a 1.76% increase in April. Forthcoming vacancy taxes on empty flats are expected to slow market growth further in the latter half of the year.
Hong Kong Landlords Blast City’s New Proposed Vacancy Tax
An association representing Hong Kong’s major building developers blasted a proposed vacancy tax, and urged the government to grant a grace period for apartments that are on the market but unable to find buyers. The proposed tax would apply to all newly finished apartments left vacant for six months out of a year and would be equivalent to two years of rental income. Analysts say the tax rate is about 4% to 5% of the value of the vacant property. But the tax still needs Legislative Council approval before it becomes a reality.
China to Further Crack Down on Property Markets in 30 Major Cities
China’s government announced this week that it will redouble its efforts to monitor irregularities in the property markets of 30 major cities. Prices have continued their precipitous rise in spite of recent market cooling measures. New regulations will include limits on purchases by companies and mortgage loans to non-residents, and other efforts aimed at curbing speculation as well as false advertising and other bad faith business practices by developers.
AROUND NEWS CORP
Hamptons Surf Home Sells for Almost $23 Million [The Wall Street Journal]
What Is a Multifamily Home? Owning Many Units Can Lead to a Steady Cash Flow [realtor.com]
Kelly Clarkson Drops $8.5M on Custom-Built SoCal Estate [New York Post]
Summer Bargain Hunting Begins [The Times of London]