In Q3 2024, German commercial property prices declined 4.7% year-on-year but rose 0.7% quarter-on-quarter, showing tentative signs of stabilization after two years of declines. While the recent quarterly growth offers hope, the Association of German Pfandbrief Banks (VDP) cautions that broader challenges-such as a weakened economy, inflation, high interest rates, and geopolitical uncertainties-persist. VDP Chief Executive Jens Tolckmitt warned of a possible stagnation or further setbacks in the coming quarters, citing high borrowing costs and reduced investment demand. Although quarterly gains suggest potential recovery, the outlook for Germany's commercial real estate market remains uncertain, with continued volatility expected.Read more

London is facing a severe housing crisis, with over 300,000 people waiting for social housing. The high cost of private rentals makes affordable homes unaffordable for many, affecting the city's economic growth. A new report shows a clear link between rising housing costs and lower productivity. It reveals that for every 1% rise in housing costs, productivity drops by 0.14%. Experts believe that investing in social housing on a large scale could solve this problem, helping both affordable living and boosting economic growth.Read more

China has announced tax relief measures to support its struggling real estate sector, which accounts for about a quarter of the country's GDP. Policies include enhanced deed tax incentives for housing transactions and a reduction in the minimum prepayment rate of land value-added tax, providing relief to both homebuyers and real estate companies. The government has also allocated USD 500 billion to complete stalled housing projects and introduced interest rate cuts and eased purchase restrictions to boost economic activity. While these measures aim to stabilise the housing market and achieve a 5% GDP growth target, their success hinges on effective implementation and restored consumer confidence.Read more

A Swedish government commission has recommended loosening mortgage rules to improve housing access, especially for first-time buyers. Current rules, aimed at reducing financial risks, set borrowing limits and strict repayment terms, which critics say hinder new buyers. The commission proposed raising the borrowing cap to 90% of a property's value and easing repayment for large loans, while also adding a cap on loans relative to income. The government will consider these adjustments in the spring.Read more

In October, British house prices reached a new record, rising by 0.2% from September, the smallest increase in three months. Prices were up 3.9% year-on-year, the slowest growth since July. The average house price hit 293,999 pounds, surpassing the previous record set in June 2022. Despite high interest rates, prices have been upheld since mid-2022. The Bank of England's anticipated slower interest rate cuts and the government's tax hike on homebuyers may dampen demand. House prices are expected to continue rising but at a more modest pace throughout the rest of 2024 and into 2025.Read more

In Campuestohan, Negros Occidental, Philippines, the world's largest chicken-shaped building stands at 34.93 metres tall within the Campuestohan Highland Resort. Designed by Ricardo Cano Gwapo Tan, inspired by the Philippines' game fowl industry, the 15-room building includes all the modern amenities like air conditioning and large TVs. Tan, who bought the resort's land in 2010, created this landmark to symbolise the local strength and leave a lasting impression. Completed on 8 September 2024, it holds a Guinness World Record. Alongside the giant chicken, the resort features a wave pool, themed attractions, Bonita huts, and dinosaur figures, drawing many tourists.Read more

In Q3 2024, Dubai's real estate market showed strong growth, recording over 47,300 transactions worth AED 116.8 billion. The completion of around 7,000 residential units was led by Jumeirah Village Circle, with high demand for larger apartments. Off-plan transactions, which reflect investor confidence, accounted for 71% of the total volume. Jumeirah Village Circle led in transaction volumes, while Dubai Hills Estate dominated sales value. Significant investment from both local and international investors has solidified Dubai as a premier real estate destination, further enhancing the property market's upward trend and minimizing the need for future speculation.Read more

Texas faces a worsening housing shortage, with a 2022 deficit of 320,000 homes, up from 306,000 in 2021, despite high construction rates. Rising housing costs have impacted affordability, with median home prices increasing nearly 40% from 2019 to 2023. Houston exemplifies the state's challenges, with demand outpacing supply despite 66,000 new units built in 2022. Nationwide, every state has housing underproduction, and Texas' shortage threatens economic growth. Up For Growth's report calls for targeted policies to boost affordable housing through incentives, zoning reform, and infrastructure investments to ensure Texas remains viable for residents and economic expansion.Read more

In October, home sales in Toronto's Greater Toronto Area (GTA) surged by 14%, marking the biggest monthly rise since December last year, as per the Toronto Regional Real Estate Board. October saw 6,390 homes sold, up from 5,707 in September, with average home prices increasing by 1.5% to CAD 1.13 million. New listings dropped by 6.8% after a previous rise, attributed to high interest rates which had deterred buyers. With the Bank of Canada's recent rate cuts expected to drive market activity, GTA sales were up 44.4% year-on-year, suggesting a return of buyer confidence in the market.Read more

Saudi Arabia faces a major housing shortage with research showing over 115,000 new homes needed annually until 2030 to meet demand. This is driven by the government's 70% homeownership target and high youth population seeking their own homes. Knight Frank estimates 825,000 units will be required 2024-2030. To address this, Saudi Arabia launched a comprehensive housing program in 2018, including the Sakani initiative which has facilitated over 800,000 contracts. Mortgage finance has also surged five-fold. Supply-side measures include streamlining approvals and the National Housing Company's community plans for 300,000 units by 2025. In total, over 1.04 million new homes are planned or under construction by 2030.Read more