Indonesia will fully restore the tax exemption on property purchases through December 2024, covering VAT on up to 2 billion rupiah of the price for eligible homes or apartments. The government will extend this benefit to property purchases up to 5 billion rupiah (about 323,000 USD) for the second half of 2024 to stimulate demand. Chief Economic Minister Airlangga Hartarto stated that this policy aims to support the middle class, whose purchasing power has been affected by the COVID-19 pandemic. Previously, the full VAT exemption ended in June, with only a 50% rebate available since then.Read more

South Korea's central bank held its benchmark interest rate at 3.50% for the 13th consecutive meeting, focusing on managing persistent inflation despite signs supporting potential rate cuts. The Bank of Korea (BOK) lowered its 2024 growth forecast to 2.4% and consumer inflation to 2.5%. While economists predict possible rate cuts by October, concerns over rising Seoul apartment prices and household debt could lead the BOK to proceed cautiously. As global central banks ease policies, South Korea's unique economic challenges may prompt a more measured approach, with close attention to future policy signals.Read more

The Grand Stade Hassan II in Casablanca, Morocco, is set to become the world's largest football stadium. Designed by Oualalou + Choi and Populous, it blends modern architecture with Moroccan traditions. The stadium features a tented rooftop inspired by 'moussem' gatherings, accommodating 115,000 spectators. Its design incorporates lush gardens and state-of-the-art facilities, including VIP lounges. The project symbolizes Morocco's ambition to become a global sporting powerhouse, capable of hosting major events like the FIFA World Cup. As part of King Mohammed VI's vision, this iconic landmark aims to elevate Morocco's sporting infrastructure and serve as a source of national pride.Read more

Abu Dhabi has introduced its first official rental index, launched by the Abu Dhabi Real Estate Centre (ADREC). The platform aims to enhance market transparency and stability by providing indicative quarterly rental values for residential, commercial, and industrial properties across the city. Users can easily access detailed pricing information by selecting specific areas within Abu Dhabi, including Dhafra, Abu Dhabi City, and Al Ain City. The initiative is part of ADREC's ongoing efforts to improve customer satisfaction and add value to the real estate market, benefiting investors, property owners, and tenants alike.Read more

Wells Fargo is selling its non-agency commercial mortgage servicing business to Trimont, which will become the largest U.S. manager of commercial real estate loans with a 640 billion USD portfolio. This move supports Wells Fargo's strategy to focus on core banking services, though the bank remains dedicated to the commercial real estate sector. Trimont, backed by Varde Partners, will manage over 715 billion USD in global loans post-deal. The sale comes amid rising interest rates and higher office vacancy rates affecting the U.S. banking and commercial real estate markets. The transaction is set to close in early 2025.Read more

The Dubai Land Department (DLD) has signed an agreement with seven major developers, including Emaar and Damac, allowing them to use DLD's registration systems for real estate transactions. This initiative aims to enhance cooperation with the private sector, improve service quality, and streamline procedures. Majid Al Marri, CEO of DLD's Real Estate Registration Sector, emphasized that this partnership will boost market confidence and protect investor rights. The agreement is expected to reduce registration times from days to minutes, increase capacity, and improve client satisfaction. It also supports developers in meeting growing property demand and enhances DLD's market supervision. This collaboration marks a significant step in modernizing Dubai's real estate sector.Read more

In July, New Zealand's house prices dropped by 1.4% from the previous month and 2.2% from the previous year, according to the Real Estate Institute of New Zealand (REINZ). Despite this decline, the market showed signs of increased activity with a 6.4% rise in sales compared to June and a 5.4% increase compared to July 2023. REINZ CEO Jane Baird noted early signs of market growth, unusual for this time of year. High interest rates have pressured house prices, but analysts anticipate a rebound in 2025 as the central bank continues cutting its benchmark cash rate.Read more

Singapore has tightened the maximum loan-to-value (LTV) limit for Housing Development Board (HDB) loans from 80% to 75%, bringing it in line with loans from financial institutions. This move aims to cool the country's public housing resale market, where prices have risen over 4% in the first half of 2023 due to strong demand and tight supply. To offset the impact, the government has increased the Enhanced CPF Housing Grant for eligible first-time home buyers from S USD 40,000, to a maximum of S USD120,000. These measures are intended to stabilise the resale market, encourage prudent borrowing, and make housing more affordable for lower-to-middle income families.Read more

Longfor Group, a major player in China's real estate sector, is set to make early repayments of 6 billion yuan on bonds due in early 2025 and settle 1 billion yuan in onshore public bonds this year. Despite avoiding default, the company reported a 28% decline in core profit to 4.75 billion yuan (USD 665.53 million) for H1 2024, reflecting ongoing market struggles. Longfor's shares fell 0.5%, slightly less than the Hang Seng Mainland Properties Index's 0.7% drop. The company plans to diversify revenue sources, aiming for non-property operations to become its largest revenue segment by 2028.Read more

A recent One Sure Insurance study reveals that Havering offers the most affordable newly built housing in London, with a median price of GBP 298,750. This contrasts sharply with the highest-priced borough, Westminster, at GBP 1,809,875. Following Havering, Enfield and Hillingdon have median prices of GBP 371,500 and GBP 375,000, respectively. Bexley and Croydon rank fourth and fifth, with median prices of GBP 379,250 and GBP 415,000. The study highlights significant price variations across London, with outer boroughs providing more affordable options for first-time buyers and families amid rising housing costs in central areas.Read more