Real Estate

Bloomberg Sales of previously owned US homes rose in October for the first time in seven months, suggesting demand is stabilising at a lower level as available properties become less scarce. Contract closings increased from the prior month to an annual rate of 5.22 million, the National Association of Realtors said. That compared with economists’ projections for sales of 5.2 ...

Dubai / WAM The Dubai Land Department (DLD), the main sponsor of “RecExpo 2018,” has organised the fourth edition of the event in the capital of Azerbaijan, Baku. The three-day event complements the local economy in Azerbaijan and the growing demand for foreign investment. The RecExpo is considered the only international real estate exhibition to be held in Azerbaijan, witnessing ...

Bloomberg Discounts on London homes are creeping out further from the center as prices remain out of reach for many people and uncertainty surrounding Brexit starts to damp demand for homes in the capital’s cheaper neighbourhoods. “Vendors in outer boroughs are catching up and becoming more realistic about pricing,” said Simon Rubinsohn, chief economist at the Royal Institution of Chartered ...

Bloomberg Confidence among US homebuilders plummeted by the most since 2014 as the highest borrowing costs in eight years restrain demand, adding to signs of a cooling housing market that will weigh on the Federal Reserve’s debate over how far to raise interest rates. The National Association of Home Builders/Wells Fargo Housing Market Index dropped eight points in November to ...

Bloomberg London’s stock of completed but unsold homes has surged by almost half this year as Brexit uncertainty and affordability issues dog the housing market. The number in the capital jumped to 2,374 units as of September 30, the most on record and up from 1,595 at the end of 2017, according to data compiled by Molior London. The borough ...

Bloomberg UK asking prices fell from a year earlier for the first time since 2011, led by declines in London and among the most expensive properties. Asking prices slipped 0.2 percent to 302,023 pounds ($387,000), according to Rightmove. Prices were 1.7 percent lower compared with October, the biggest drop for the month since 2012, the property website said on Monday. ...

ABU DHABI / WAM Aldar Properties on Monday announced appointment of Al Rakha Contracting and General Transport LLC as the main contractor for infrastructure buildings and early works package for the first neighbourhood in the second phase of Alghadeer — an AED10 billion mega development, situated close to the border of Abu Dhabi and Dubai. The AED335 million ($91.2 million) ...

Bloomberg Chinese President Xi Jinping’s mantra that homes should be for living in is falling on deaf ears, with tens of millions of apartments and houses standing empty across the country. Soon-to-be-published research will show roughly 22 percent of China’s urban housing stock is unoccupied, according to Professor Gan Li, who runs the main nationwide study. That adds up to ...

DUBAI / Emirates Business Dubai Land Department (DLD) signed a memorandum of understanding (MoU) with the Registration Authority of Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) in Abu Dhabi. The MoU was signed by HE Sultan Butti bin Mejren, Director General of DLD, and Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority. Bin Mejren ...

Bloomberg Quay House in London’s Canary Wharf is a two-story glass box nestled among some of the tallest buildings in Europe. Its latest owners have grand plans, potentially transforming it into a hotel closer in height to its 600-foot neighbours. The property is the first acquisition from FirethornTrust, a firm backed by two billionaire American families: the Van Tuyls, who ...