Dubai's real estate market is now focusing on mid-income to meet the needs of its growing population. The city's population is booming with more international professionals moving in. Developers are launching off-plan projects like Bayz 102, Ibiza, and Binghatti. These projects offer affordable yet high-quality homes for young professionals, families, and investors. The homes are located near key commercial and leisure areas. This shift is part of the Dubai 2040 Urban Master Plan, which aims to double the population and create a balanced housing market.Read more

The September 2024 Portuguese Housing Market Survey by RICS and Confidencial Imobiliario highlights stability and growth in the property sector. House price momentum surged, with a net balance rising from +10% in August to +24% in September, and sales expectations increased by 10 percentage points. Idealista reported a 9.4% annual house price rise through October, with Faro leading major cities at 4.1%. Demand for luxury homes and second residences, particularly in the Algarve, remains strong, driven by local and international buyers. Portugal ranked 16th globally for house price growth, reflecting its resilience and attractiveness in the global market.Read more

China reported a 22.9% decline in land sales revenue for the first ten months of 2024, reflecting ongoing challenges in its property sector. Reduced land acquisitions by cash-strapped developers have strained local government finances, prompting the introduction of a 10 trillion yuan (USD 1.4 trillion) debt relief package. Authorities are also using local government special bonds to redevelop idle land, aiming to revitalise stalled projects and stimulate economic activity. While these measures provide temporary relief, concerns remain over the long-term sustainability of local government funding and the structural challenges in the property market, which significantly impacts China's broader economy.Read more

New Zealand's housing market showed signs of recovery in October, with median house prices rising 1% month-on-month and 0.7% year-on-year, according to the Real Estate Institute of New Zealand (REINZ). Lower interest rates have boosted buyer confidence, alongside increased property listings and activity. REINZ Chief Executive Jen Baird noted that while economic challenges like inflation and high living costs persist, the market is stabilizing. Recent interest rate cuts by the Reserve Bank of New Zealand, including a 50-basis point reduction, are expected to further support recovery. However, REINZ cautions that broader economic pressures may temper progress in the near term.Read more

China is set to reduce taxes on home purchases to revive its struggling housing market. A new proposal would allow cities like Shanghai and Beijing to lower the deed tax to 1%, down from 3%, and eliminate distinctions between ordinary and luxury homes. These changes aim to reduce costs for buyers, encourage property transactions, and boost local economies. The move is part of broader fiscal measures, including a 10 trillion-yuan debt swap for local governments, to support economic recovery and achieve a 5% growth target. Combined with recent housing policy easing, the tax cuts reflect China's commitment to stabilising the property market and domestic demand.Read more

Rental prices in Hong Kong rose by 5.8% in 2024 and are projected to surge further in 2025, surpassing the previous peak of August 2019. According to Ekaterina Lychak, General Manager of Colife Hong Kong, demand from new arrivals, sidelined homebuyers, and international students is driving the increase. Government initiatives, such as the Top Talent Pass Scheme, are further bolstering demand, while a shortage of stylish, co-living apartments adds pressure. Colife forecasts rental increases of up to 20% this year. Longer-term leases with fixed rates, like Colife's 14,000 HKD monthly rental in Causeway Bay, offer savings amidst climbing rents.Read more

FCC, led by Mexican billionaire Carlos Slim, transferred key assets, including cement plants and stakes in Realia and Metrovacesa, into its new subsidiary, Inmocemento, in October. This move aims to streamline FCC's operations while allowing Inmocemento to focus on cement production and real estate development. FCC shareholders received proportional shares in Inmocemento, ensuring a direct stake in its growth. Slim, who controls 88.9% of FCC through direct and indirect holdings, will play a pivotal role in Inmocemento's strategy. With an IPO price of 4.25 euros per share, the listing is expected to gauge confidence in Spain's real estate and cement sectors.Read more

The U.S. Supreme Court has declined to review a challenge to New York City's rent stabilisation laws, upholding regulations that limit rent increases and protect tenants from eviction. These laws, affecting nearly one million apartments, were established in 1969 to address the city's affordable housing crisis and were strengthened in 2019 with enhanced tenant protections. Landlord groups argued the laws violate the Fifth Amendment's "takings clause," claiming they undermine property rights and investment returns. Despite these concerns, tenant advocates maintain the laws are crucial for preventing displacement and ensuring housing stability. This decision solidifies the framework governing New York's rental market.Read more

China's property market is under significant strain, with investment plunging 10.3% year-on-year in the first ten months of 2024, deepening from a 10.1% drop recorded up to September. Property sales by floor area fell 15.8%, slightly better than the 17.1% decline earlier, hinting at a potential slowdown in the rate of decline. New construction starts declined sharply by 22.6% year-on-year, while developers saw funds raised dip by 19.2%, intensifying financial pressures amid tighter regulations and reduced buyer confidence. Government intervention, such as easing mortgage restrictions or supporting developers, is anticipated, but balancing market stability with growth remains critical for recovery.Read more

Bank of Canada Senior Deputy Governor Carolyn Rogers has stated that Canada's housing affordability crisis won't be solved by changing the country's mortgage structure, which uses shorter-term, adjustable-rate models compared to the U.S.'s 30-year fixed-rate mortgages. With 60% of Canadian mortgages up for renewal in the next two years, many homeowners face higher payments even after rate cuts. Rogers emphasized the need for a better balance between housing supply and demand to improve affordability, cautioning against 'tinkering' with the mortgage market to address this complex issue.Read more