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A luxurious triplex penthouse in Steinway Tower, known as the world's skinniest skyscraper, has been listed for USD 110 million. Located at 111 West 57th Street in Manhattan, the 7,000 sq. ft. apartment spans the top three floors and includes a private elevator, 14-foot ceilings, and panoramic Central Park views. The tower is just 17.5 meters wide and 435 meters tall, making it one of the slimmest and tallest residential towers globally. The listing is managed by Serhant, a US-based luxury brokerage firm.
Following a series of tremors in northern Thailand, residents in Bangkok are increasingly seeking earthquake-resistant homes. Although the capital is not typically prone to seismic activity, recent minor quakes have triggered safety concerns. Developers are now highlighting seismic-resilient designs to appeal to anxious buyers. The Thai Meteorological Department confirmed that the quakes were too weak to cause damage but acknowledged public anxiety. This shift reflects a growing preference for structurally reinforced buildings in urban Thailand's real estate market.
Australia's property-prices rose 0.4% in March, reaching a record-high of AUD 820,331 (USD 515,332) after the first rate-cut in over four years, according to CoreLogic. The increase was broad-based, except for Hobart, with Sydney up 0.3% and Melbourne gaining 0.5%. CoreLogic's Tim Lawless attributed the rise to improved sentiment and borrowing-capacity. Despite strong immigration and supply-constraints, affordability challenges remain. The Reserve Bank of Australia is expected to hold rates at 4.1% but may cut three times this year. CoreLogic cautions that restrictive rates still limit growth, though government relief, income-gains, and employment support prices.Read more
Vanke, a Hong Kong-listed property giant, reported a significant annual loss of 49.5 billion yuan (USD 6.8 billion) for 2024, citing falling sales and reduced profit margins despite Beijing's efforts to revive the housing market. The company attributed its challenges to high debt, aggressive expansion, and over-investment. Revenue dropped 26%, and Vanke faced intensified liquidity pressure with substantial debt repayments. Following a leadership shakeup, including the resignation of CEO Zhu Jiusheng, Vanke's property management unit, Onewo, announced the acquisition of full ownership of Shanghai Xiangda for 870.3 million yuan, aiming to secure profitable ventures amid ongoing financial struggles.Read more
British house prices fell 0.2% in March, defying forecasts of a 0.2% rise, as buyers rushed to close deals before a stamp duty threshold cut raised tax liabilities. Annual price growth slowed to 3.9%, below the expected 4.1%, with Nationwide and RICS citing subdued demand. Mortgage approvals also declined in February. Despite this short-term dip, a strong labor market, rising household earnings, and a potential Bank of England rate cut-estimated at a two-thirds likelihood in May-may boost affordability and revive demand. Nationwide maintains a cautiously optimistic outlook for a housing market recovery in the months ahead.Read more
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Dubai's real estate market has sustained its robust start to 2025, recording AED 142.7 billion in total sales during the first quarter, marking the second-highest quarterly figure on record. This represents a 30.3% year-on-year increase in value, with 45,485 transactions reflecting a 22.8% rise. Data from fam Properties indicates that Q1 figures were marginally lower than the all-time record of AED 147.2 billion in Q4 2024. Notably, plot sales surged by 193.8%, while villa, apartment, and commercial sales also witnessed substantial growth. The median property price per sq ft rose to AED 1,563, continuing the upward trend of recent years. The most expensive property sold was a villa at Dubai Hills Estate for AED 140 million, while Jumeirah Village Circle recorded the highest number of transactions. This sustained market strength underscores Dubai's position as a leading global investment hub.Read more
Ashok Leyland has completed a GBP 45 million (approximately INR 500 crore) investment in its UK subsidiary, Optare Plc, increasing its stake to 93%. Optare Plc is the holding company of Switch Mobility. The funds will support capital expenditure and reduce interest burdens, benefiting both Switch UK and Switch India. The investment follows financial challenges at Switch UK, which recently shut down an assembly facility due to inconsistent order inflows. Market conditions remain tough, with electric buses comprising just 15.9% of new EU bus sales. Ashok Leyland is reassessing Switch UK's future amid subdued demand and continued losses.
US-based CoStar has raised its bid to acquire Australia's Domain Holdings to AUD 4.43 per share, valuing the deal at AUD 2.80 billion (USD 1.76 billion). Despite the increased offer, Domain's shares fell 4.7% amid investor concerns over valuation. The acquisition would mark CoStar's entry into the Australian market and could challenge dominant rival REA Group. Nine Entertainment, which owns 60% of Domain, supports the revised bid and could gain AUD 1.4 billion in proceeds. Domain's board has agreed to grant CoStar due diligence access. The deal could reshape the real estate classifieds sector, especially as market conditions improve with falling interest rates.Read more
The Trump Organization, in collaboration with a local partner, is set to launch a series of multibillion-dollar investments in Vietnam, focusing on golf courses, hotels, and real estate projects. The first project, valued at USD 1.5 billion near Hanoi, is scheduled to break ground in May 2025. This move comes as the U.S. faces trade imbalances with Vietnam, leading to potential tariff risks. The Trump Organization plans to expand further with additional investments in the region later this year.
Dubai's mortgage market continues to exhibit resilience as the U.S. Federal Reserve maintains interest rates at 4.25%-4.50%, reinforcing stability in global financial markets. Investor interest in Dubai's real estate sector remains high, contributing to sustained mortgage demand. According to Dubai Land Department data, mortgage transactions increased by 4.76% from January to February 2025, while total mortgage value surged by 32.14% during the same period. Although mortgage activity at Lomond saw a 4.39% increase in 2024 compared to 2023, the overall mortgage value experienced a 3% decline. Industry experts highlight strong buyer confidence, attractive loan-to-value ratios, and favourable financing options, with market stability offering potential advantages for both first-time buyers and seasoned investors.Read more
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