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Global Update: Mumbai Oversupply

News from luxury-home markets around the world

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Mumbai is facing an oversupply of unoccupied luxury apartments.

Getty Images
Mumbai is facing an oversupply of unoccupied luxury apartments.
Getty Images

Demand for real estate appears to be back up in Shanghai and Beijing, which saw bumps in home purchases for the second consecutive month in May. Sales remain stagnant in smaller Chinese cities, however, despite lower interest rates. [Channel NewsAsia] The Australian Financial Review details the ease with which foreign buyers can circumvent Australia’s property investment rules and how the Foreign Investment Review Board is attempting to curb such abuses. [Australian Financial Review] Market Realist offers a rundown of the economic indicators that investors in Chinese real estate should track. [Market Realist] Brotin Banerjee, Managing Director and CEO of Tata Housing Development Company, says that more and more Indians are purchasing real estate via the Internet. [The Tribune] Telok Real Estate Partners’ Philip Pang tells the South China Morning Post that now is the time to invest in Macau real estate as the downturn in the gaming economy lowers prices to more realistic levels. [South China Morning Post] The Daily Mail profiles Castiglioncello, the former summer retreat of the stars of Italian cinema, which is primed for a resurgence as a number of newly renovated luxury villas hit the market. [Daily Mail] An estimated 5,000 unoccupied luxury apartments have piled up in Mumbai as the city experiences an inventory oversupply. Developers are moving to reduce the size of the apartments, and thus the cost, as a means to appeal to less affluent buyers. [The Financial Express] Developers have released a video showcasing the car elevator at luxury condo Porsche Design Tower in Miami, which affords owners a “sky garage” within their units to display their high-end autos. [Miami Herald] A full-floor condo in Chicago’s Palmolive Building, featuring interiors designed by Nate Berkus, has listed for $7.2 million. The unit is the third priciest in the building and is located one floor below actor Vince Vaughn’s triplex penthouse. [Chicago Magazine] Wealthy Nigerians, Angolans and Zimbabweans are snatching up multimillion-dollar homes in Cape Town, which, according to South African realtors, they view as the “Monte Carlo of Africa.” [AFK Insider]

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