Mansion Global Daily: Dubai’s Housing Market Closes out a Banner Year

December 27, 2022December 28, 2022 Admin

Dubai’s Housing Market Closes out a Banner Year

Total deals rose 46% over last year and sales rang in at AED 240 billion. Read More

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NEWS BITES

Australia’s Property Market Considered One of the World’s Most ‘Misaligned’

The International Monetary Fund has named Australia’s property and rental markets as some of the most “misaligned” in the developed world, in a report on housing stability and affordability. High home prices, which rose by more than 30% during the pandemic, paired with rising mortgage rates mean the average Australian household needs to spend more than 40% of their disposable income to afford a median-priced house. Prices have already begun falling in Sydney, Melbourne, Hobart and Canberra, with more declines on the horizon in 2023. Sydney Morning Herald

International Buyers Account for Large Portion of Home Sales in Spain

In the third quarter, 15.9% of property purchases across Spain were made by foreign buyers, according to property website pisos.com and the Association of Property Registrars. The Balearic and Canary Islands are particularly popular among international investors, accounting for over 30% of the homes in the country that are not owned by Spaniards. The foreign market is especially relevant at “times like the present, where volatility and uncertainty are just around the corner,” said Ferran Font, the director of studies and spokesperson for pisos.com. Majorca Daily Bulletin

Healthy Appetite for Move-in Ready Homes in Dubai

Demand for turnkey homes in Dubai has surged in 2022 as a result of a growing population of long-term residents and a growing appetite among international buyers for second homes. “Dubai’s property market is witnessing a stronger preference for completed apartments and villas, rather than off-plan properties,” said Alina Adamco, head of sales at real estate firm Metropolitan Homes. “Our group recorded a 300% increase in secondary-market transactions during the first half of this year compared to the same period in 2021.” Gulf News

Real Estate Market Cooldown in the Cards for the U.K. Next Year

The U.K.’s property market is in store for a chilly 2023, as the country faces a cost-of-living crisis, soaring inflation and interest rate jumps. The average home price fell 2.3% between October and November, and industry experts are predicting the slowdown to intensify next year. Property price declines of between 5% and 12% are forecast, although some suggest they could crash by as much as 15% to 20%. Transactions, meanwhile, are expected to drop to just over 1 million next year, down from 1.27 million this year. The Guardian