According to mortgage lender Nationwide, there has been a significant decline in British house prices last month, which is the largest in over a decade. This drop in prices indicates a slowing down of the housing market, possibly due to high inflation and increasing borrowing costs. The year-on-year decrease of 1.1% is the biggest drop since November 2012 and the first annual decrease since June 2020, which was during the early stages of the coronavirus pandemic when prices had only slightly decreased by 0.1%.Read more

According to the Department of Municipalities and Transport (DMT), Abu Dhabi’s real estate market had a total of 19,033 transactions in 2022, which amounted to AED77.6 billion. The DMT reported that AED23.5 billion came from 9,010 sales transactions, while AED54.1 billion came from 10,023 mortgage transactions. Overall, the real estate market in Abu Dhabi performed strongly and experienced significant growth in 2022 compared to 2021.Read more

Singapore, which has long been a popular destination for expatriates, is experiencing a surge in rental prices due to a shortage of housing supply and an influx of foreign talent. This has caused concerns about the city-state's competitiveness as a financial hub and its ability to attract and retain top talent. Experts warn that the high cost of living could lead to a brain drain as some expats may choose to move to other, more affordable locations. Rent per square foot in some central areas has overtaken Hong Kong for the first time, data shows. Analysts warn prices could rise up to 20 per cent again this year as real estate agents report bidding frenzies for desirable properties.Read more

Istanbul has launched a comprehensive program to conduct safety checks on buildings throughout the city. The program involves a team of structural engineers and building inspectors who will assess the structural integrity of buildings and determine whether they are safe for occupancy. The checks will focus on buildings in high-risk areas, including those with poor construction quality, inadequate seismic protection, or those built on unstable ground.Read more

Construction work on a large urban development project consisting of 7,490 properties in Eastern Spain could commence as early as April. The project will be located on the biggest available piece of urban land in Alicante Province, specifically at La Hoya in Torrevieja, which covers an area of almost two million square meters. Once the public consultation process is completed, the developers, namely Elche Corpe, Eurovillas, and TM Group from Torrevieja, will be granted a license to begin work. Despite receiving approval from the Valencian government in 2009, the project did not move forward due to the recession, various legal challenges, and an environmental impact study involving the adjacent natural park.Read more

According to statistics published by Bank of Mauritius, foreign direct investment in high-end properties in Mauritius, totalled $1.368bn between 2014 and mid-2022, or approximately 40% of all inflow. The number has been steadily increasing since then. Government initiatives such as scrapping of the inheritance tax and the successful launch of Integrated Resort Scheme (IRS) has attracted investors from across the world. The scheme allows foreign buyers to purchase luxury villas or apartments in designated areas, typically located near the coast, and receive Mauritian residency status.Read more

A report published by Cushman and Wakefield states that Qatar's residential real estate market experienced unprecedented market dynamics in 2022 due to the requirement for housing units to accommodate visitors during the FIFA world cup held in November and December that year. Apartments across the country experienced a significant increase of 15 to 30 percent in annual rental contracts, which have not declined post-World Cup. According to the report, nearly 35,000 residential units were built-in for the football tournament, and many of these units are held on government 'Eskan' leases of up to five years with rolling break options.Read more

Luce, a recently launched residential project on Dubai's Palm Jumeirah, is an initiative by the real estate division of UAE based investment firm Yas Holding. It is expected to be a landmark structure which will include a variety of luxurious apartments, including unique 2-, 3-, and 4-bedroom flats with sea views, a duplex and a penthouse. A swimming pool, a kids' play area, a fitness centre with the newest sports equipment and a gathering area with access to the beach are just a few of the luxurious modern amenities available.Read more

Portugal has announced a significant package of measures aimed at addressing the country's housing crisis. The housing crisis has resulted in skyrocketing rents and house prices, particularly in Lisbon, where rents increased by 37% in 2022. Many housing groups have attributed the problem to low salaries, a red-hot property market, policies encouraging wealthy foreigners to invest, and a tourism-dependent economy. Thew new measures undertaken by the government include the termination of the controversial "Golden Visa" scheme and a ban on issuing new licenses for short-term holiday rentals such as Airbnb.Read more

Earlier this week, the China Securities Regulatory Commission (CSRC) announced that China has initiated a test program to increase private investment in the real estate industry. The initial fundraising round of the scheme is expected to involve at least 30 million yuan ($4.37 million). The investors involved in the program, primarily institutional investors, are required to contribute a minimum of 10 million yuan each to participate. This program is intended to offer greater opportunities for funds to take part in the development of new homes and real estate asset mergers and acquisitions.Read more