Mansion Global Daily: Investing in Toronto’s Red Hot Real Estate Market, Stock Market Slump in Hong Kong Could Cause Home Prices to Dip, and More
In Toronto’s Hot Housing Market, the Inner City and Condos Still Offer Upside Potential
Worried about buying into Toronto’s overheated housing market? It may not be the bubble you think. Read More
BY THE NUMBERS
TRENDING TODAY
MANSION GLOBAL PICKS
A Gift Guide for Everyone on Your List
From entertainers to fitness gurus to the kids at heart, presents any family member, friend or co-worker would love to receive. Read More
LISTING OF THE DAY
Former London Factory Is Now a Stylish Loft-Style Home Near the River Thames
The five-bedroom features a rooftop terrace and a host of held-over industrial features. Read More
NEIGHBORHOOD NOTES
Island Park: A Canadian Nabe With the Rare Combination of Privacy, Scenery and Trendy Dining and Shopping Spots
Increasingly attractive to affluent buyers, the Ottawa town is known for its varied architectural styles and access to high-end amenities. Read More
NEWS BITES
Perth Likely to See Double-Digit Price Growth in 2022, Plus More Demand Than It Can Handle
Perth, the capital of the state of Western Australia, is expected to see prices grow by 10% or more next year, as well as an even tighter rental market. The growth will be fueled by the return of investor demand when the state’s borders open, which is planned for February. In addition, some say there could be an influx of some 20,000 people coming to the state for employment opportunities in 2022, further straining the tight market. “At the moment though, we have less than 2,000 properties available for rent and less than 10,000 properties that can be bought, meaning that we can only really handle an influx of 8,000 people before our market is tight as a drum,” said property analyst and valuer Gavin Hegney. realestate.com.au
Stock Market Slump in Hong Kong Could Cause Home Prices to Dip
Prices of existing homes in Hong Kong could slip 2% next year, following 13 years of positive growth, according to a report this week from Morgan Stanley. Sales volume could also drop as much as 15% in 2022, as a “negative wealth effect” caused by a slump in stocks keeps buyers from new real estate investments. “The recent decline in the [Hang Seng Index] generally should be followed by property sector underperformance due to a negative wealth effect, based on historical data. We expect the [Hong Kong] property stock index to underperform the Hang Seng Index in 2022,” equity analyst Praveen Choudhary wrote in the report. South China Morning Post
Plans for Jeddah Central Project in Saudi Arabia Unveiled
Saudi Arabia’s Crown Prince Mohammed bin Salman revealed plans Friday for Jeddah Central Project, a mixed-use development that aims to bring 17,000 residential units to the city of Jeddah. It is part of the Crown Prince’s initiative to develop all regions and cities in the kingdom, and will be financed by its Public Investment Fund, as well as local and international investors. Plans include an opera house, a museum, a stadium and an oceanarium, plus hotels, shopping and dining. The first of its three phases is set to be completed in 2027. The National
California Megamansion of Music Manager Lists for $12.5 Million
A 11,000-square-foot Encino mansion owned by the manager of The Weeknd hit the market this week for $12.5 million. Amir “Cash” Esmailian purchased the home in 2016 for $6 million and had it fully customized, adding a red room accented with Middle Eastern-inspired decor the Iranian-Canadian music producer has called his “dojo.” There’s also a Buddha statue in the yard, plus an office lined with bookshelves, a wine cellar and tasting room, a game room and an outdoor bar, firepit and pool. Dirt
AROUND NEWS CORP
Edinburgh Is Best City to Invest in Residential Property [The Times of London]
What More First-Time Buyers Are Planning to Do to Become Homeowners [Realtor.com]
Real Estate Boomed in 2021, but These NYC Buyers Lost Big [New York Post]
Residents-Only Restaurants in Luxury Towers Were Struggling to Break Even. Then Covid Hit. [The Wall Street Journal]
