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Mansion Global Daily: U.K. Property Price Woes, Most Expensive Cities for Expats and More

Mansion Global’s daily round-up of the latest luxury real estate news from around the world

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U.K. Property Prices Log Lowest Annual Growth in Over a Year

Prices rose 3.9% in April, bringing the average price up to £227,000. Read More

BY THE NUMBERS

TRENDING TODAY

LISTING OF THE DAY

This London Mews House Has a Cinema Room with a Wine Wall

The home is in Mayfair, one of the city’s most centrally located and upscale neighborhoods. Read More

DESIGNER'S CORNER

Designing a Cozy and Chic Breakfast Room

The more casual alternative to a dining room is all about being comfortable. Read More

NEWS BITES

Higher Fees on Abu Dhabi Rentals Could Encourage Homebuyers A rise in municipality fees for rental homes in Abu Dhabi may bring more buyers to the table, some analysts said. The fee will rise from 3% to 5% on all properties other than residential homes, which see a 7.5% charge. But the almost doubling of the rate on rental properties would only increase sales if there are other incentives included."If there are other incentives, including job creation and more government spending, this could be an extra factor to help," saidJLL Mena’s head of research, Craig Plumb. The National

Caracas, Venezuela and Swiss Cities Among the Most Expensive for Expats Although European cities were heavily represented on a recent ranking of 20 of the world’s most expensive cities for expats, Caracas, Venezuela, got the top honor, according to a survey by ECA International. The economic uncertainty in the South American city has fueled inflation, ECA said, driving up the cost of living. Cities in Switzerland—Zurich, Geneva, Basel and Bern—took the following four spots on the list. Luanda, Angola; Tokyo, Japan; Seoul, South Korea; Oslo, Norway; and Shanghai, China, rounded out the top 10. City A.M.

Sydney and Australia’s East Coast Property Markets Struggle Lending in Australia slowed for the fifth straight month with a 1.4% dip in April. The continued drops mark the longest stretch of declines since the Great Recession began in 2008. Sydney is faring the worst, with property prices slipping 4.2% in May from the previous year, when prices saw a 17% annual rise. Auction sales in Sydney are also at their lowest since early 2016, and only half those homes are selling. Lending restraints are a key cause, as regulations have prompted banks to cut back on certain mortgages. Bloomberg News

U.S. Mortgage Availability Inches Up in May The U.S. saw an increase in mortgage credit availability in May, according to the Mortgage Credit Availability Index. Availability increased 1.5% to 180.6 in May, its biggest jump in three months. For conventional loans, availability was up 2%, according to the index, and there was a 2.2% increase for jumbos. "The conventional index and jumbo index both rose to their highest levels since March 2011," said Joel Kan, MBA's associate vice president of economic and industry forecasting. World Property Journal

New U.A.E. Visa System Could Mean More Investment in Housing Market The new visa system in the United Arab Emirates could be a catalyst for the housing market, with some professionals and students set to benefit from the extended visa. A 10-year residency visa has been proposed for specialists in areas like science and technology. The longer they stay in the country, the more likely they are to invest in real estate, experts said. In addition, the visa reforms include a 100% foreign ownership provision, meaning business owners looking to set up in the UAE won’t need a local sponsor. Khaleej Times

AROUND NEWS CORP

How to Live Luxe—and With Light—in a Basement Home [The Wall Street Journal]

Rents Are Still Growing Much Faster Than Wages, Even as Growth Cools Slightly [MarketWatch]

Dubai Has Reportedly Become a Money-Laundering Paradise [New York Post]

'I Backed Out of Buying My Dream Home'—and You Won't Believe Why [realtor.com]

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