Expenses from renovating, maintaining and staffing a property can really pile up. Read More
BY THE NUMBERS
LISTING OF THE DAY
Picture a Loire Valley château reimagined for Texas, and you have this utterly fairytale-like castle. Read More
Montreal’s Mountainous Westmount Area Sees Influx of Younger Luxury Buyers
The area is popular for prestigious private schools, views, and proximity to downtown Montreal. Read More
Dubai Homeowners are Bullish on Second Home Purchases
The Annual Residential Sentiment Survey from Core Savills shows Dubai owners as optimistic about the state of the area’s real estate market, and keen to expand their investments. Nearly half of current owners said they were considering further purchases, and 36% of the residents who have stated plans to acquire residential property over the next year already own real estate in Dubai. Also, 34% of respondents said that Dubai’s market was showing signs of recovery, but while off-plan apartments appear to be doing a brisk business with investors, eight of 10 survey respondents expected the market to have an excess of supply by 2020.
Scotland Experiencing Best Real Estate Market Since 2008, But Higher End Is Stalling
Scotland is experiencing its strongest property market since 2008, according to Savills. During a Scottish Property Outlook seminar on Friday, the firm announced that there have been 101,421 residential transactions during 2017 so far. This good news comes despite last year’s E.U. Referendum, a general election, limited inventory and higher tax rates than the rest of the E.U. But things aren’t as rosy for the higher end of the market. The market above £750,000 (around US$1 million) has seen a slowdown in transactions due to a Land and Buildings Transaction Tax, the firm said.
Madonna Has Reportedly Purchased a $9 Million Castle in Portugal
A series of Instagram posts from the singer have revealed that Madonna has purchased a new property in Lisbon, Portugal, and reports show her as having snapped up an 18th-century Moorish revival estate for €7.5 million (US$8.9 million). The 16,146-square-foot mansion has seven bathrooms, a guest house, and a caretaker’s cottage, though it appears to be in need of major renovations. The property, known as Quinta do Relógio, was once a honeymoon destination for the king and queen in the 19th century.
Amazon’s Search for a Second Headquarters City May Cool Seattle’s Booming Market
For the past several years Amazon’s rapidly expanding Seattle campus has had a dramatic effect on the city’s real estate market, but with this week’s announcement that the tech giant is on the hunt for a second headquarters city, analysts foresee an eventual slowdown after years of price hikes and bidding wars. Most likely, say experts, the move will have the largest effect on development, which has been growing at a record clip in recent years, but will likely slow without the promise of new demand for office space and a continued influx of Amazon employees.
AROUND NEWS CORP
A High-Rise Built for Me [The Wall Street Journal]
‘Co-Borrowing’ to Afford a Home Is Gaining Popularity. Who’s Doing It and Why? [MarketWatch]
A Revival in the Countryside [The Times of London]
Veggie Patch Sells for $2 Million [news.com.au]