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Mansion Global Daily: Manhattan Struggles, Misleading Listings Plague the U.K., and More

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

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Manhattan’s Luxury Market Has Its Worst Week of the Year

Just 11 luxury contracts valued at least $4 million were signed. Read More

BY THE NUMBERS

TRENDING TODAY

LISTING OF THE DAY

A Modernist Sanctuary in Hollywood Hills

The smart California home provides an alternative take on contemporary living. Read More

THE INSIDERS

Integrate—Don’t Decorate—the Outdoors, Says Landscape Architect

We spoke to Enzo Enea, a landscape architect and one of the world’s most prominent tree collectors, about the importance of designing from the outside in, respecting geology and more. Read More

NEWS BITES

Hong Kong Millennials Are Buying More Property—and Going Into Mortgage Debt Millennials are now taking out one in three mortgages in Hong Kong’s high-priced housing market, but are taking on increasing amounts of debt—and borrowing heavily from their parents—in order to do so. Buyers between ages 23 and 37 now account for 32% of the city’s new mortgages—up from 19% in 2013—due in part to new government rules that exempt them from the 15% tax duty imposed last year. South China Morning Post

Middle Eastern Investors Tap the Brakes on Overseas Purchases Middle Eastern property investors spent just $16 billion on overseas real estate investments in 2016, a significant decline from the $30 billion spent in 2015, according to a new report from Knight Frank. However, last year’s numbers hold up well compared to the $15 billion spent in 2014, and $14 billion in 2013. New York, Central London, Paris, and Berlin, topped the list of the most popular international cities for these investors. Gulf News

Sales Prices for Brisbane New Construction Apartments Are Seeing Steep Dropoffs Off-the-plan apartments in Brisbane, Australia’s new construction boom are now selling at losses of as much as 36%, and most sales in high-rise buildings built within the last five years were transacted at a loss, according to property searches. Luci Ellis of the Reserve Bank warned that it’s now "crunch time" for the city’s oversupplied market, nothing that older apartments are at a higher risk of price declines than new construction. The Australian

Increased Online Competition in U.K. Leads to More Complaints of Misleading Listings In the first nine months of the year, the Advertising Standards Authority has upheld 45% more complaints against real estate brokerages for misleading ads than in the entirety of 2016. The authority has upheld 13 complaints so far this year—compared to nine in 2016—and much of the blame is being placed on competition among online agents, who have run into trouble over misleading claims about potential savings, or the costs of using their services. The Telegraph

Pakistan’s Real Estate Market Courts Investors Ahead of the Pakistan Property Exhibition in Abu Dhabi in early November, the nation’s real estate market has been working to increase its appeal to investors, with increasing development as well as the introduction of a real estate investment trust. More Pakistani buyers as well as non-resident Pakistanis are moving their assets out of banks and into long-term property investments after the introduction of a 0.3% to 0.6% tax on filers and non-filers on tax returns. Khaleej Times

AROUND NEWS CORP

Jon Bon Jovi Pays $18.94 Million for Greenwich Village Apartment [The Wall Street Journal]

Down Payments Cast a Big Shadow, Real and Imagined, Over Home Buyers [MarketWatch]

'Our Home Was Renovated on a Reality Show': What It's Really Like, Warts and All [Realtor.com]

Sydney Man Buys Grandchildren a $4 Million Apartment Block [news.co.au]

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