U.K. Home Price Hit Record High in July
Activity is still subdued despite price growth. Read More
BY THE NUMBERS
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LISTING OF THE DAY
Classic Art Deco Estate in Miami Beach
A three-year restoration and modernization just ended on the 1934 home. Read More
DESIGNER'S CORNER
How to make textured walls work for your home. Read More
NEWS BITES
EU Bankers Leaving London Push City Home Prices Downward An "exodus" of European bankers from London is putting further downward pressure on both sale and rent prices in the U.K. capital, according to Ian McCafferty of the Bank of England. "We’re getting stories that the number of French and German and other European bankers that are coming to London has fallen quite sharply over the course of the last couple of years," he said. The number of home purchase applications from EU residents outside the U.K. also declined in the second quarter this year. Bloomberg
Demand Stays Strong for Luxury Hong Kong Properties Even as the rest of the market shows signs of cooling, luxury sales in Hong Kong are still continuing apace, thanks to strong demand from mainland chinese billionaires. "Just in the last 30 months, there were 82 homes that were priced above US$40 million [HK$314 million], which is unheard of, and the average price of those homes is US$84 million [HK$659 million]," said Mark Fogle of Baring Private Equity Asia. Wealthy mainland buyers see Hong Kong property as a stable investment."Here in the luxury market, it’s really maintained its value," Fogle added. South China Morning Post
More Millennials Are Starting to Buy Homes in Dubai Helped along by more flexible payment plans and declining home prices, more millennials are stepping in Dubai’s property market. "Buying a home is increasingly being seen as a great investment among the 27- to 35-year-old expats who had previously considered the risks to outweigh the long-term investment benefits," said Rory Brown of Espace Real Estate. Buyers in their 20s tend to opt for apartments while buyers in their 30s are more interested in villas, and across the board, developers are appealing to a younger market with deals including payment plans, fee waivers, and flexible deposits. Khaleej Times
Chinese Developer Pays A$98 Million for Plot of Land Outside Melbourne, Australia Developer Nan Xin beat out bids from local developers to make a A$98 million (US$72.5 million) purchase of a 14.96-hectare development site outside of Melbourne. The site, a former fruit orchard, was the largest infill development up for sale this year, and Nan Xin reportedly has plans to build new townhouses and apartments on the property. This development will be Nan Xin’s second project in Australia, the first being a 267-unit residential tower in Glen Waverly. Sydney Morning Herald
AROUND NEWS CORP
Inside an Oslo Home Immortalized by Edvard Munch [The Wall Street Journal]
Murder, Mayhem and Marble in Billionaires’ Row [The Times of London]
Trump Tax Cap Making It Tough for Wealthy Homeowners to Sell Property [New York Post]
5 Genius Tactics Real Estate Agents Use When They Buy Their Own Homes [realtor.com]