Mansion Global Daily: Dubai Buyers Should Focus on Apartments, Canadian Home Prices Set to Slow, and More

January 28, 2022 Admin

Investors in Dubai Real Estate Should Consider Apartments Over Villas This Year

Larger apartments near metro stations offer good prospects for rental income and have less competition from buyers. Read More

BY THE NUMBERS

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LISTING OF THE DAY

A Four-Bedroom Apartment in a Stylish New Nine-Story Building in London’s Mayfair

Clarges Mayfair is said to have more billionaires, millionaires and celebrities than any other new development in the city. Read More

MANSION GLOBAL ON YOUTUBE

Indianapolis Mansion With a $14 Million Mission Is Set to Break a Record

Proceeds from the sale of a late philanthropist’s palatial estate in Indianapolis are set to benefit the international children’s charity she founded. Read More

NEWS BITES

Dubai Sets Record for Total Value of Properties Sold

There were 84,196 property transactions in Dubai with a total value of AED 300 billion (US$82 billion) last year, the highest yearly value on record, according to a report by the Dubai Land Department. The volume of sales surged 66%, with values jumping 72%, the report said, with vacation homes and new developments spurring the growth. “Nearly 60% of all transactions in Dubai last year were for secondary/ready properties, while about 40% were for off-plan properties,” the report said. The National

Coastal Suburbs in Australia See Rents Spike

Rents in Australia’s seaside suburbs have surged over the past year, with three of the areas with the fastest-growing rents in New South Wales, according to data from PropTrack. East Lindfield, a coastal suburb north of Sydney, saw the biggest growth with an annual rise of 46.3%, bringing the weekly median rent to A$1,390 (US$973). Encounter Bay, south of Adelaide in South Australia, was second, with median rent increasing 45.7% to A$510 a week. Palm Beach and North Balgowlah, both in New South Wales, followed with increases of 45.4%, to A$1,450, and 42.2%, to A$1,600, respectively. Doonan, north of Bribane in Queensland, ranked fifth, with a 40.8% increase resulting in a median weekly rent of A$880. realestate.com.au

Canadian Home Prices Set to Slow With Rate Increase

Price growth for Canadian homes is expected to slow to 6.2% this year compared to the 17.8% gain in 2021, according to a report from RBC Economics. Rising interest rates are the cause, and RBC predicted the Bank of Canada will issue six interest rate increases by mid-2023, bringing the overnight rate to 1.75%. “Most of that increase in supply and cooling of the market will take place in the second half of this year,” said RBC Senior Economist Robert Hogue. “We expect demand-supply conditions to become much less favorable—though still broadly positive—for sellers by then, reducing upward pressure on prices.” BNN Bloomberg

Investors Dominate Multifamily Market in South Florida

Investors spent a total of $11.4 billion on 603 rental properties in South Florida’s Miami-Dade, Broward and Palm Beach counties in 2021, according to a Cushman & Wakefield report. That’s more than double the previous annual record of $5.5 billion set in 2016, and all three counties broke records for average price per apartment, the report said. Deals for newly built Class A-apartment properties by institutional firms, REITs and ultra-high-net-worth investors accounted for 82% of 2021’s sales volume, the data showed. The most expensive submarkets include Coral Gables, Fort Lauderdale, Boca Raton, Delray Beach and Palm Beach Gardens/Jupiter, where monthly rents are averaging more than $2,500. The Real Deal