Cape Town Property Headlines (April 2nd 2019)

Below we highlight the latest trending news in Cape Town’s property scene.

Cape Town set to construct a new breathtaking skyscraper inspired by the Rubik’s cube. Labeled ‘The Rubik’ – South African property developers Abland in conjunction with Nedbank and Giflo will oversee the construction of this luxurious mixed-use skyscraper commencing in June 2019 and completion targeted for July 2021. The property designed by architect firm dhk will be positioned at the junction of Loop and Riebek street and will cost around R480 million ($32.7 million). It will be made up of premium residential apartments above high-end retail space and luxury offices. Dogon Group Properties will oversee all the marketing initiatives with prices for apartments reported to start at R2.4-million ($163,994). — VISI

The Rubik (Cape Town Property)
Cape Town’s proposed property “The Rubik”

The City Council of Cape Town recently proposed amendments to the Municipal Planning By-laws (MPBL) which regulates land use and developments in the city. Prior to implementation of the amendments, the City Council is advocating for all interested parties (body corporates, ratepayers’ associations, and residents) to attend information sessions in addition to submitting feedback on the new by-laws before April 1st 2019. The proposed amendments affect installation of minor freestanding cell masts, short-term letting of flats, and emergency housing. — IOL NEWS

The 2019 Wealth Report by property group Knight Frank’s includes Cape Town property among the most expensive in the world. Despite, Cape Town ranking lower on the list, it costs approximately $1-million for 177 square meters of prime property. The report notes that in the next 12 months the global property markets will experience a shift in the performance as purchasers and investors respond to uncertainty in the global economy. Knight Frank forecasts that the cost of property in Cape Town will continue to grow by 6% alongside a number of European cities. It attributes this to the presence of investment hubs for European and global investors especially the Chinese. – CAPE TOWN ETC

Knight Frank 2019 Wealth Research (Property wealth residences)
Knight Frank 2019 Wealth Research

A report titled City Leases: Cape Town’s Failure to Redistribute Land proposes a “radical new deal” aimed at breaking apartheid barriers in housing. The proposed deal by the civil society organization, Ndifuna Ukwazi states that the 24 areas of City-owned land, including golf courses, bowling greens, country clubs, and parking lots could be utilized by the City of Cape Town for low-cost housing. The report which sites the Rondebosch Golf Club as an example expounds that its annual fee of R1,000 (around $70) per year to the City Council of Cape Town as an injustice to the majority of residents in the city who cannot access decent housing/land.  —  GROUND UP

Cape Town’s Municipal Planning Tribunal has approved a land use application for a new 18 story skyscraper in Sea Point by property developer Berman Brothers Group. The building will reserve 20% of its 144 flats for “affordable” housing which is around 28 apartments. The project is aimed to avail households earning under R18,000 a month a decent and affordable house to rent. The approval was however met with opposition from the social justice movement Ndifuna Ukwazi, who were concerned about the height of the building. Jared Rossouw of NU noted the concerns of local residents and stated that it was necessary for Cape Town to promote radical densification in every well-located area in order to build a sustainable and efficient city. —  BIZ COMMUNITY

2016 protest against evictions in Sea point, Cape Town #propertynews
2016 protest against evictions in Sea point, Cape Town

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Singapore Property Headlines (March 4th, 2019)

Echo Base: The Singapore-based digital real estate start-up that aims to incorporate the Internet of Things (IoT), Artificial Intelligence (AI), and other next-gen technologies in real estate development. The startup is backed by Boustead Projects Limited and Moor House Capital. The latter an investment holding company that is majority-controlled by Razer CEO Tan Min-Liang. Echo Base will focus on the management and development of smart buildings in the Asia-Pacific region and other global gateway cities. The start-up’s maiden project will be Razer’s new 19,300 sq. m South-east Asia headquarters at Singapore’s one-north. — THE STRAITSTIMES

An artist’s impression of the proposed Razer’s 7-story building

The recently opened Oasis Terraces is the first new-generation neighborhood center in Singapore. The Oasis terraces in Punggol Drive was developed by the Housing Development Board (HDB) coupled with the feedback of residents. This development is part of five more projects slated to be completed over the next three years. The property comprises of family-friendly eateries, playgrounds, a 24-hour fitness center, and 106 shops. — THE NEWPAPER

Tender launched for the former house of Tan Teng Niah at Little India heritage site. The eight-room villa is located in the heart of the Little India Conservation area. The whole plot occupies 25,865 square feet and consists of four buildings. It is zoned for commercial use and valued at S$70.6 million as of late last year according to Mr. Singh the marketing agent at JLL. The tender is slated to close on April 2. As the property is classified as a non-residential entity, no Additional Buyer’s Stamp Duty will be levied on the property purchase. — COMMERCIAL GURU

Tan Teng Niah’s former 8-room villa

CapitaLand Limited capitalizes on China real estate debt opportunity. The Singaporean real estate giant announced the first closing of CREDO 1 after it managed to raise $556m of its targeted discretionary real estate debt fund of $750m. The debt fund will directly focus on loans and securities of property investment projects such as commercial, residential, logistics, retail, and industrial properties. The fund’s managers are aiming for fixed-income returns on their investments by steering away from a loan to own strategy. — MINGTIANDI

Frasers Property has signed a conditional agreement to acquire a 17.8% stake in PGIM Real Estate Asia Retail Fund Ltd for $263 million. PGIM is the global investment management arm of the Prudential Financial which is listed in the NYSE. PGIM a private investment firm incorporated in Bermuda manages and owns six retail malls and one office property in Singapore in addition to Singapore’s largest non-listed retail mall fund. Frasers property, with a market capitalization of over $4 billion, will fund the acquisition through external borrowing/ internal finances or a combination of both. —  THE BUSINESS TIMES

The Ministry of National Development in Singapore has increased the Development Charge (DC) rates for commercial properties by 9.8% as DC rates for non-landed residential property is cut by an average of 5.5%. The new stipulated rates will be effective between March 1st to August 31st, 2019. In consultation with the chief tax valuer, the ministry revises all applicable property rates each year between March 1 and September 1 by assessing land values and sales. Mr. Desmond, Head of research for Singapore and Southeast Asia, CBRE, stated that Development Charge rates are generally used to showcase the performance of the real estate market. — EDGEPROP

Marketing Agent JLL launches collective sale tender for St Thomas Ville property located at the 38 St Thomas Walk. The tender was previously initiated last year in August at a minimum asking price of S$58 million but was canceled due to the delayed verification of technical details. JLL states that owners are expecting bids in excess of $58 million which translates to about $1816 per square foot for the 12-story development which consists of 23 apartments. The property is close to the renowned Orchard Road Shopping district and Great World City which comprises of more than 800,000 square meters of entertainment and dining complexes. — RETALK ASIA

St Thomas Ville Property

Singapore’s Housing Development Board completes the first of a numerous series in the sale of flexible residential options to be held throughout the year. The Build-To-Order (BTO) and Re-Offer of Balance Flats (ROF) initiative aims to avail 15,000 “price subsidized” flats across the country. Similar to other sale series, flats will be allocated on a first come basis with the next BTO launch scheduled to take place in May. Taking into account the generous subsidy offered, flat buyers could pay an average of $15,000 for a 2-room Flexi flat, $110,000 for a 3-room flat, and $197,000 for a 4-room flat. — THE ASEAN DEVELOPER

Singapore ranked the fifth best real estate market destination for Chinese real estate capital investors.  According to The Singapore Business Review, a recent 2019 survey revealed that 14% of Chinese property investors preferred to invest in Singapore. It further noted that Chinese property investors are more prone to asset disposal than acquisitions owing to the austere regulations imposed on capital outflow in China. Hong Kong remained the most preferred property market for Chinese real estate investors with The United States second, followed by Australia and finally the United Kingdom. — THE INDEPENDENT SINGAPORE

Jurong Town Corporation (JTC) initiates tender for Tampines North industrial site. Under the first half of the 2019 Industrial Government Land Sales Programme (IGLS), JTC launched a tender for a 0.48 ha land parcel with a tenure of 20 years. The (Plot 2) piece of land at Tampines North Drive 3 is zoned B2. This means that the premise may be utilized by heavy industries that have a greater environmental footprint. The tender will close on April 23. — MHF

Courtesy JTC


Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Celebrity Property Headlines (March 1st 2019)

Below we highlight famous celebrity property news in the month of February.

Andy Rubin’s Woodside California Estate

Former Google boss and Android co-founder, Andy Rubin has reduced the price of his listed Woodside California estate by a whopping $6.7 million. The vineyard estate built in 2003 is nested on 6.4 acres. The property features a 6,000 square foot main house, spa, wine room, tennis court, and vineyard.

The house is now listed by the Dreyfus Group of Golden Gate Sotheby’s International Realty at $27.9 million. — THE MERCURY NEWS

Former Nicolas Cage’s Russian Hill Mansion

Actor Nicolas Cage’s formerly owned 4-story Russian Hill mansion is up for sale for nearly $11 million. The 6,305 square foot house proudly includes a library with a fireplace, magnificent leaded windows, six and a half bathrooms, a two-car garage connected to the kitchen, and six bedrooms. — FORBES

Steph Curry’s Former Alamo Mansion

Golden State Warrior’s Steph Curry sells his Alamo, California mansion for $6.3 million. The 1.5-acre property contains a house which occupies more than 10,000 square feet. It boasts of amenities such as an infinity-edge pool, a six-car garage, five bedrooms in addition to a guest house with a sauna. — VARIETY

Wiz Khalifa’s Bel Air Mansion

Rapper Wiz Khalifa is renting out his Bel Air house for $19,500 a month.  The 9,000 square feet home includes granite furnished kitchen counters, city views, a walk-in closet, spa tub, and six bedrooms. The house is available to potential customers on a furnished or unfurnished basis. — REALTOR

Elon Musk’s Bel Air Midcentury home

Billionaire Elon Musk is selling his modern midcentury Bel Air home for $4.5 million. The home consists of a smart home system in which the lights, temperature, security, and music are controlled from a single remote. The luxury home further features 4 bedrooms, a spa, and a saltwater pool. — PATCH

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Los Angeles Property Headlines (Feb 22nd 2019)

Below we highlight the latest trending real estate news and property headlines in Los Angeles.

Forever 21, the Los Angeles based fast-fashion brand has sold its headquarters for $166m to the Blackstone Group. The private company founded by Jin Sook Chang and Do Won Chang utilized the property as a warehouse, distribution and logistics facility. As per Forbes, in 2017 Forever 21 reported revenue of $3.4 Billion. The sale occurs amidst a high demand for industrial facilities encouraged by a growing e-commerce sector. – L.A BUSINESS JOURNAL

Glendale City Council pass law that requires landlords to pay tenants relocation fees if they raise the rent more than 7%. The law known as the Right to Lease ordinance aims to strengthen rent control measures in a bid to prevent further displacement of residents owed to the rise in local rents. The policy also requires landlords to provide year-long leases to tenants to enable them easily budget for their monthly housing expenses. — CURBED LOS ANGELES

Construction for the $1 billion mega-development in Downtown Los Angeles begins. The project known as “The Grand” was designed by renowned L.A architect Frank Gehry who has drawn other iconic landmarks such as The Broad museum and Walt Disney Concert Hall which are also across the street from the mega project. Related California, the developers overseeing construction confirmed that the development will be complete in 2021 and will create 10,000 new jobs. — CBS LOS ANGELES

“The Grand” project

The high cost of construction and land in Los Angeles and Orange County prompts Sonnenblick real estate development firm to move to Florida. Bob Sonnenblick chairman of the development firm confirms that the company is opening a new office in Brickell neighborhood of Miami, and future property investments will be directed towards the South Florida real estate market. According to research conducted by Terner Center for Housing Innovation, construction costs rose 13.6% in Los Angeles compared to an average of 12% in other U.S. cities. The research also noted that the costs of materials rise by around 4% to 5% annually. — BISNOW

A recent report indicates Chico, California, is still a hot real estate market in the U.S. The town recorded a boom in property demand as a result of the unfortunate California wildfire that burned down thousands of homes in the mid-sized city. The report indicates that the price of a median home in the area as compared to the prior year rose by 15% to an average price of $330,000. – NBC NEWS

Co-working company We work finally opens modern offices in downtown San Jose’s River Park Towers alongside San Jose Mayor Sam Liccardo. The new set of offices aim to offer entrepreneurs and startups working spaces at a 10% discount price. We work is striving to offer affordable working spaces for the “Little guys” in business amid a business environment where tech giants such as Facebook, Apple, Google, and Amazon have taken enormous amounts of space thus driving up rent costs. — THE MERCURY NEWS

Properties on Wilshire Boulevard with development opportunities have been listed in the market for sale. According to property records, the two buildings located at 5070 and 5151 Wilshire Boulevard are owned by Ehlers Investment Company. The buildings cover 339,000 square feet and are leased by a service center and Sonic Automotive for a BMW car dealership. The buildings are located in a level-3 Transit-Oriented Community (TOC) with a current rent of the two buildings priced at $3.53 per square foot. In regards to the TOC program launched by Los Angeles city, potential buyers/developers will enjoy various incentives and density bonuses. — THE REAL DEAL

Construction is underway to transform the former LA Times Orange County press printing property into an office space, food hall, and shared work-spaces. The $200 million Costa Mesa development project is intended to lure the millennial workforce with the planned construction of 380,000 square feet for office space. The project will also feature a dog park, walking trails, landscaped outdoor work-spaces, and a fitness center. — THE ORANGE COUNTY REGISTER

Courtesy of Steelwave

Los Angeles’7-acre “The BoxYard” industrial campus has been acquired by Bridge development partners for $68 million. The property purchased from Atlas Capital is amongst former industrial properties that were refurbished into creative offices suited for tech companies. The buyers, however, plan revamp the interior and exterior of the site while maintaining the premise as an industrial property to cater to industrial tenants displaced by the creative offices. — COMMERCIAL OBSERVER

REX/Real Estate Exchange, a Los Angeles based startup has raised a further $45 million in its series C funding. This brings its total funding to $75 million since its launch in 2015. The technology platform seeks to eliminate traditional residential real estate brokers by offering a digital substitute for selling homes known as RexHomes. The platform utilizes machine learning in addition to artificial intelligence to market listed properties to potential buyers. Compared to the standard real estate industry’s brokerage fee of 5% to 6%, REX charges a flat fee of 2%. — BIZ JOURNALS

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

London Property Headlines (Feb 22nd 2019)

Below we highlight the latest trending real estate news and property headlines in London.

House prices decline in London amid Brexit uncertainty. Currently, the average property price in London is £ 654,730. Zoopla, a UK mortgage comparison firm notes that this is a decline of 1.11% since November 2018 and a fall of 0.96% in the past one year. Property buyers are taking caution before arriving on a purchase decision and are choosing to rent while waiting for the final verdict on Brexit. — THE GUARDIAN

Plas Dinas, Princess Margaret’s and former husband Lord Snowdon’s weekend mansion has been listed for sale. The residence is situated on 15 acres in North Wales. It prides itself of having a grand piano in the living room in addition to a courtyard garden, and ten bedrooms. The listing price of £ 375,000will grant the buyer a 23-year lease on the residence and a payable annual fee of £ 34,450. YAHOO NEWS

Plas Dinas

The Queen’s new neighbor, U.S. billionaire Ken Griffin sparks tax debate between the central and local government after buying two luxury houses in London. The billionaire who has lately been on a global shopping spree for stylish luxury homes will only pay an estimated £ 2,842 of property tax to Westminster council as compared to a £ 30 million one-time stamp duty paid to the central government. The billionaire may also pay additional charges of an annual tax on enveloped dwelling (ATED) of £ 232,000 per property if he purchases the homes via a company. — MSN

Griffin’s new London property

A proposed 13-story residential building in an old North London neighborhood evokes concerns on congestion. The 122- unit apartment tower is proposed to be constructed at 112 St. James Street between Gibbons Park and Richmond Street. The neighborhood which mainly comprises of green space and single-family homes, argues that the proposed development will contribute to further congestion of the area that is already experiencing heavy commuter traffic. – THE LONDON FREE PRESS

South-west London estates marked for demolition to pave way for £1.4billion project scheme. Winstanley and York Road estates are set to undergo a major regeneration initiative. The development will involve 110 flats for social rent, private homes and houses deemed to be affordable. The project slated to be approved by late summer is as a result of more than six years of consultation between the developer Taylor Wimpey Central London and Wandsworth council. — HOMES&PROPERTY

Man Group, one of the world’s largest publicly traded hedge fund manager seeks to build low-income homes. The London based hedge fund will join other investors who are tapping into the social housing sector that currently constitutes of low-interest rates. The hedge fund will start a fund to finance construction of subsidized homes set to fill the shortage of affordable housing for low-income families. – THE BUSINESS TIMES

Damac Properties PJSC, the Dubai developer, is looking forward to investing $1.3 billion into the London real estate market. The developer is facing a tough property market in Dubai since last year and an approximate debt of  $500 million. It’s focused on taking advantage of the weak pound and other international acquisitions to substitute for the situation in Dubai.– BLOOMBERG

British construction firms record a reduction in the construction of properties.  Property construction in London was down by 10% in 2018 heading into 2019. The National House Building Council (NHBC) which handles around 80% of new homes built in the U.K states that stamp duty changes, political and economic uncertainty promulgated a decline in property construction in London. — REUTERS

Lloyd’s bank reveals their “Lend A Hand” deal that facilitates a 100% mortgage for first-time buyers. This is a £ 30 billion commitment by the bank which is aimed to help first-time home buyers acquire loans of up to £ 500,000 to purchase a new home without a deposit. The only catch is that the property buyers must have a family that can stand behind the loan. The average deposit for a first-time home buyer in London is £ 110, 182. – MORNING STAR

London’s Mayor Sadiq Khan Advocates for rent control policy. A survey conducted by YouGov portrays that 68% of residents in London welcome the policy. The policy could have a major impact on London’s housing market should it be approved. It is aimed to curb the private rental sector by ensuring an end to irrational evictions by landlords, exploitation of London renters and that tenants have secure tenure. – CITYLAB

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Toronto Property Headlines (Feb 22nd 2019)

Below we highlight the latest trending real estate news and property headlines in Toronto.

CentreCourt property developers have submitted a zoning bylaw amendment application to Toronto city to permit the construction of a 37-story tower at 199 Church Street. The high-rise tower located at the doorstep of Ryerson University. This 478-unit condo tower will include 266 one-bedrooms, 79 studio apartments, 51 three-bedrooms, and 82 two-bedrooms. Two rental units will be demolished so as to pave way for the construction of the condo tower. The developers recently completed the spectacular Grid CondosURBAN TORONTO


Proposed 37-story high rise tower at 199 Church Street

According to Canada Mortgage and Housing Corporation (CMHC), the real estate market in Canada is still vulnerable even though overvaluation is easing in Toronto. This is the tenth sequential quarter that the agency has rated the Canadian property market as “vulnerable.” The housing market imbalances such as price acceleration, overbuilding and overheating were all used to draw upon the assessment conclusion. — COAST MOUNTAIN NEWS

Toronto Real Estate Board (TREB) is seeking for the revision of the stricter mortgage stress test rules that took effect in 2018. The largest real estate board in Canada is arguing that the regulations introduced by Canada’s top banking regulator have negatively affected Toronto’s thriving property market. The OSFI-mandatory stress tests require individuals applying for a mortgage to prove that they can service the uninsured loan. The stricter imposed policy also reduced the maximum amount that property buyers would be able to borrow. — THE GUARDIAN

Sidewalk labs, a firm backed by Google’s parent company, Alphabet Inc, is proposing to be granted a cut in development fees, property taxes and land value increment for its work in Toronto. In partnership with Waterfront Toronto, the firm plans to regain investment/profit through the various taxes in exchange for building a 4.9-acre smart city along Toronto’s harbor front in addition to funding a light transit line along the waterfront. The proposal yet to be approved by the public and Toronto city has the potential to generate approximately $4.5 billion to pay for the infrastructure for over 30 years — REUTERS

Ontario Real Estate Association hails the move by Ontario’s government to amend the Real Estate and Business Brokers Act. The underway consultations seek to reveal conditions and prices to Ontario home purchasers in bidding wars. Currently, a seller’s broker can not divulge the details of bidding offers, only their number. The move aims to provide prospective buyers with adequate information so that they may make informed purchase decisions rather than on the sole conditions of blind bidding wars. — CBC  

Canada Revenue Agency (CRA) aims to reclaim $600 million in lost real estate tax revenue. The CRA is focused on ensuring that individuals who partake in property flipping report the transactions to the agency. The agency is focusing on filling the loopholes where buyers in the Toronto real estate market avoid reporting such property sales. Property buyers who fail to do so will incur dire penalties that consist of non-deductible interest on the arrears, a discrepancy in tax owing, and gross negligence penalties. — MONDAQ

Redfin, the U.S. online broker enters into the Greater Toronto Area real estate market. The company’s CEO Glenn Kelman acknowledges the cooled Toronto property market but seeks to take advantage of the growing population and the favorable Canadian financial institution that supports homeownership. The similar move follows the entry of American real estate web giant Zillow into the Toronto property market. —THE STAR

Urban Planning consultancy firm, Demographia names Toronto one of the cities in the world with the least unaffordable housing markets. A report by Demographia describes Canada as home to 17 cities with unaffordable property markets of the 79 surveyed. Residents in Toronto currently require 90% of their pre-taxed gross income to afford monthly payments on the average cost of a house according to the 2018 RBC Economics Affordability Report. — TORONTO STOREYS

CREA statistics indicate that Toronto recorded Canada’s largest real estate transactions in January 2019 worth $5.4 billion. The data depicts that the median sale price of a single detached home in Toronto rose by 2.4% to $845,000. It, however, noted that property sales activities were curbed as a result of a burst in property prices to unaffordable levels. This led authorities to impose regulations such as high-interest rates to reduce lending. — SHUPILOV NEWS

Toronto’s local real estate board states that the city’s property prices are set to recover in 2019 potentially matching the 2017 market peak season. The board predicted that the average selling price in Toronto would increase by about 4% to C$820,000 close to 2017’s market high of C$822,587. It stated that this was made possible by buyers who had adjusted to the prior imposed regulations. The policies included stricter lending rules meant to curb the high property prices that rose to unfavorable levels — BLOOMBERG

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Lisbon Property Headlines (Feb 20 2019)

Below we highlight the latest trending real estate news and property headlines in Lisbon.

Sonae Capital to invest € 12 million on leasing a 120-room hotel in Lisbon’s Santa Apolonia station. This project will represent the group’s first property venture in Lisbon. It will be opened in the first half of 2021. Soane Capital won the competition that was initiated by Infrastructuras de Portugal (IP). The competition rules stipulated a lease for up to 35 years from the government. During the 2-year construction phase, Sonae Capital won’t pay the property rent. The period involves building of a four-star hotel premise in the west and south areas of the establishment. – ESSENTIAL BUSINESS

Soane Property
Lisbon’s Santa Apolonia station

Data from Confidencial Imobiliário crowns Misericórdia parish as the most expensive area to rent a house in Lisbon. The firm specializes in providing data on new real estate projects, property transaction prices, and residential real estate leases in Portugal. It costs an average of 17.5 € / Square meter to rent a house in Misericórdia parish compared to 9.7 € / Square meter in Marvila parish. Marvila parish is ranked as the cheapest place to rent a house in Lisbon. —IMOVIRTUAL REAL ESTATE NEWS

A joint report by The Urban Land Institute (ULI) and PwC, ranks the Lisbon real estate market as the most enticing in 2019 among major European cities. PricewaterhouseCoopers states that Lisbon’s positive leadership and amazing quality of life has fueled further investments and development initiatives. Real estate professionals have further noted in the report that coworking spaces, co-living residences, and accessible rental properties will most likely provide the best ROI both in investment and development. –EMERGING TRENDS IN REAL ESTATE: EUROPE 2019

Invesco Real Estate sets foot in Portugal through the acquisition of a logistics park in north Lisbon, in an off-market transaction. The group which has a presence in the USA, Asia, and Europe, manages global assets worth more than € 55.2 Billion. The logistics park is an addition to its 151 assets in Europe valued at € 9.9 Billion. The property acquired on behalf of Bayerische Versorgungskammer (BVK),has a gross leasable area of ​​78,000 square meters which is divided into two plots of land and six warehouses.– EJEPRIME

Logistics property in North Lisbon, Portugal
Logistics park in North Lisbon

Developers have submitted proposals to build Lisbon’s €300 million hospital. Hospital de Lisboa Oriental (HLO) to be built in Marvila, East Lisbon is slated to be completed in 2023. The hospital will have a capacity for 875 beds and cover a 180,000 m2 area . The private property developer will invest a total of €330 million after which the state will pay an annual rent over a 27-year contract of € 16 million. According to the Lisbon and Tejo Valley Regional Health Authority (ARSLVT), they have received proposals from eight companies. — ESSENTIAL BUSINESS

Lisbon’s Portuguese Securities Market Commission (CMVM) reports that real estate funds are losing money. Currently, 214 real estate investment funds that operate in Portugal have cumulatively lost €10.6 billion. The commission sites reasons such as trade war concerns between the U.S. and China, Brexit issues, overseas investors seeking new markets, and a dormant economy in the Eurozone as causes. – PORTUGAL RESIDENT

Portugal’s president has enacted the amended rental law by the National Assembly and established new protection laws for senior citizens and disabled people.  The law aims to affirm urban rental agreements and ensure the protection of tenants in special circumstances. The law inhibits landlords from revoking the rental contracts of tenants who have lived in the same property for at least 15 years. These tenants comprise of senior citizens (65 years or more) and disabled people. Even if the property is due to undergo major renovations/ demolitions, the landlord must seek similar housing in the same area for the tenants. – JORNAL ECONOMICO

Negotiations are underway between the Institute of Housing and Urban Rehabilitation (IHRU) and Social Security (SS) to transfer management of hundreds of homes to the Lisbon City Council. Lisbon city council accepted this transfer of housing management powers from the state to municipalities. The initiative will provide much needed space in Lisbon through the rehabilitation of derelict state-owned properties. A committee with members from both parties is in place to analyze the transfer. It will have six months to issue a report that clearly stipulates property revenues. —AURA REAL ESTATE EXPERTS

Spanish real estate developer Kronos Homes to invest over €100 million in Parque das Nações area of Lisbon to build a permanent residential complex. The developer plans to construct four 14-story buildings which consist of around 220 to 240 residential unit. Construction will commence in 2020 and occupancy in 2022. The sale of the apartments will however begin in early 2019. The units will range from studios to four-bedroom units with prices starting at € 300,000 to a maximum of € 1.5 million.—PORTUGAL RESIDENT

Kronos Homes Property developers

SIGI- a contemporary Real Estate Investment Company aimed at boosting Portugal’s real estate market especially the lease property scene. A Decree-law no. 19/2019, of January 28 sets to create Real Estate Investment and Asset Management Companies (Sociedades de Investimento e Gestão Imobiliária) or SIGI. SIGI’s main aim is the acquisition of in rem rights such as surface rights and property rights over real estate assets and the acquisition of shares in other similar companies located in the EU. SIGI’s will also enjoy the tax benefits stipulated in the Tax Incentive Statue that is available for other Real Estate Investment Companies. — LEXOLOGY

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.

Dubai Property Headlines (Feb 7th 2019)

The average apartment price in Dubai is likely to drop more significantly in 2019. Current challenges facing Dubai’s real estate market are attributed to the decline in government spending, increased regulations and policies in 2018. The average price of an apartment in Dubai fell to around $330,000 and is expected to further decline according to recent research. To counterpoise the downward spiral, Dubai’s property developers are offering incentives, especially on lease payments — ARABIAN BUSINESS

Burj Jumeira- Another iconic landmark set to grace Dubai. Part of a larger development called Downtown Jumeira, the skyscraper will ultimately stand at 550m. Dubai residents were first treated to the spectacular building via an online video that went viral on WhatsApp, Facebook, and Twitter. The project by the state-backed developer, Dubai Holding is slated for first phase completion in 2023. The building inspired by the country’s sand dunes will offer a panoramic 360-degree view and stand tall at 550m. — GULF NEWS

Aerial View of Burj Jumeira (Courtesy Dubai Holding)

The formerly stalled Dubai star project in Dubai’s Jumeirah Lake Towers (JLT) is now completed and ready for full occupancy by the end of the Q1 of 2019. The 45- story skyscraper had reached 38% in construction when it was abandoned siting the 2009/10 economic hurdles. Preatoni Real Estate an Italy-based developer took over the real estate project in 2014 with support from Dubai Land Department (DLD).  Consisting of 554 units covering a total area of 600,000 square feet the company renamed the venture as Preatoni tower.-INVESTIGATE REAL ESTATE REPORTS

Emaar Properties is offering a free trade license when you buy a house in Dubai. In partnership with Dubai Multi Commodities Centre, the property developer has launched a 184-unit property project in Dubai Hills Estate. The executive residences are aimed to enable entrepreneurs and start-up owners to run legitimate home-based businesses. A two-bedroom apartment is priced between $350,000 to $450,000 and a one-bedroom apartment priced at less than $270,000. Individuals who pay 20% of the apartment price will obtain a free three-year renewable business license, a free three-year renewable family residency visa, and 100% business ownership. The property will be ready for occupancy in 2021.–KHALEEJ TIMES

Dubai Creek Harbour launches its luxury residential palace development in 2019. The residential units are beside a similar 44-story tower which is the Palace Dubai Creek Harbour hotel. All future residential occupants will get to enjoy amenities in the hotel which include a rooftop lounge, infinity edge swimming pool, gym, and concierge service in addition to a yacht club and all-day dining outlet. The palace residences will comprise of one, two, three and four bedroom apartments which will house over 200,000 people on completion.– GULF BUSINESS

Taqyimee- The smart application for real estate valuators. The platform launched by The Real Estate Regulatory Authority at the DLD (Dubai Land Department), enables investors, estate owners, and real estate evaluators to easily access property valuation services that would have otherwise required more time had one followed regular channels.–EMIRATES 24/7

Downtown Dubai takes the crown as the most expensive neighborhood to buy and rent an apartment in Dubai. In the city of gold, the median price to rent an apartment per square foot is AED 89 ($24). It is 31% more expensive in Downtown Dubai to rent an apartment. It averages AED 117 ($31) per square foot. For anyone looking forward to buying a villa, Emirates Hills tops as the most expensive area in Dubai. It is 243% more expensive than Jumeirah Village Circle, which is the least expensive neighborhood to buy or rent a villa in Dubai.– ARABIAN GAZETTE

Dubai south site aims to attract around 50,000 residents by the start of October’s Dubai Expo 2020 event. Considered as a city within a city, Dubai south is currently ongoing construction on phases one and two of the residential city. It is located next to Al Maktoum International Airport and the Dubai Expo 2020 venue. Dubai South Properties, developers of the site, is looking to take advantage of the influx of people in the Expo 2020 event. 6,000 homes are forecasted to be complete by October 2020. This will add an additional resident base of 18,000-24,000 people.– GULF NEWS

Entry of iconic twin-towers in Dubai’s property market. The construction will be undertaken by Sobha Realty in Mohammad Bin Rashid Al Maktoum City. The buildings will be 28-story each 150-meters high consisting of 400 units. A one-bedroom apartment of 500-600 square feet is priced between $200,000- $300,000 while a two-bedroom apartment of 800-900 square feet is priced between $320,000-$390,000.– GULF NEWS

Floating seahorse villas successfully registered with Dubai authorities. The Heart of Europe Development project by the Kleindienst group have successfully registered their magnificent floating villas with the Dubai Land Department (DLD) and Real Estate Regulatory Authority (RERA). There are 131 units with each villa over 4000 Square feet above the water. The developer reports that 78 units are ready for occupancy and will be handed over to their owners in 2019. Each villa is priced at $5.4million (AED 20 million).– KHALEEJ TIMES

Floating Seahorse villa

Written and curated by David Kuria. He is the uber-curious type. A travel and real estate enthusiast. In simplicity, he covers global real estate news from nearly every angle in addition to market movements in finance, the world economy, and other business trends.  Follow him on Twitter.