Mansion Global Daily: Sweden’s Property Prices Are Slumping
Home Prices in Sydney’s Suburbs Are Dropping More Than Anywhere Else in the Country
The steepest home price drops witnessed in Australia this year have all been in the Sydney suburbs, where values have dropped more than 20%, according to CoreLogic. The falls—a result of interest rate hikes and affordability constraints—were most significant in Narrabeen, a beachside suburb in the north of the city, where values fell almost 27% in the year to Nov. 30. The inner-city suburbs of Surry Hills and Redfern followed, with declines of roughly 25%. Domain
Bahamian Regulators Looking to Take Control of FTX Properties
Regulators in the Bahamas are appealing to claim ownership over millions of dollars in real estate in New Providence—the country’s most populous island—bought by collapsed crypto exchange firm FTX and now entangled in the firm’s bankruptcy protection proceedings. Bahamian attorneys told a Delaware federal bankruptcy judge that allowing the properties to be administered in U.S. courts would be both administratively ineffective and illegal under Bahamas law. FTX founder Sam Bankman-Fried, currently in jail in the Bahamas, has been charged by the U.S. Securities and Exchange Commission with defrauding investors. CNBC
Sweden’s Property Prices Are Slumping
Home prices are plummeting in Sweden, pulled down by inflation and high interest rates following a lengthy upturn. Home prices are down as much as 12% from their peak earlier this year when adjusted for seasonal variations. The sharp downturn threatens to exacerbate a looming economic slump in the country—the Nordic region’s largest economy—which is now at risk of falling into the worst recession among any of the 27 economies that make up the European Union. Yahoo Finance
Cost of Renting in Dubai Jumped by Double-Digits This Year
Dubai’s rental market has logged double-digit price growth this year, a result of high demand following visa and business reforms. Rents for apartments rose the most at 27.6% and the average rent on a villa jumped 25.4%, according to real estate company CBRE. “With more people selecting Dubai as their second home, the demand for rental properties is witnessing a spike,” said Ata Shobeiry, chief executive of U.A.E. property portal Zoom Property. “This has resulted in a significant increase in rental prices. For landlords, it’s certainly a good sign, but tenants are reluctant to change accommodation due to an increase in rent.” Khaleej Times
