Real Estate

London house prices fall as Brexit jitters, taxes cool demand

  Bloomberg U.K. house prices continued to climb in June, with only the capital experiencing a decline ahead of this week’s referendum on European Union membership. Asking prices increased 0.8 percent to an average 310,471 pounds ($443,600), property website operator Rightmove said in report published on Monday. In London, they fell by 0.2 percent, hit by the effects of a ...

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Playboy Mansion to sell to neighbour for over $100mn

  Bloomberg The Playboy Mansion is under contract for more than $100 million. The buyer: a 32-year-old son of a billionaire who already owns the property next door. Daren Metropoulos, principal at investment firm Metropoulos & Co. and co-owner of Hostess Brands, has agreed to buy the Holmby Hills, California, estate where Playboy founder Hugh Hefner will continue to live, ...

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Oz taxes foreign property buyers as affordability bites

  AFP Sydney is imposing new taxes on foreigners buying homes as concerns grow that a flood of mostly Chinese investors is crowding out locals and killing the “Great Australian Dream” of owning property. Ownership rates across the country are among the highest in developed nations, with having your own house long viewed as a key aspect of Australian identity. ...

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Asian buyers play role in Canada housing market: PM Trudeau

  AFP An influx of capital from Asia is partly to blame for soaring housing prices in Vancouver and Toronto, Canadian Prime Minister Justin Trudeau said. “We know that there is an awful lot of capital that left Asia in the past few years,” Trudeau told Canada’s public broadcaster CBC. “Obviously overseas money coming in is playing a role” in ...

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US homebuilder sentiment rises in June

  AP U.S. homebuilders are feeling more optimistic about their sales prospects this month than they have since the beginning of the year. The National Association of Home Builders/Wells Fargo builder sentiment index rose two points to 60. That’s the highest reading since January. Readings above 50 indicate more builders view sales conditions as good, rather than poor. The index ...

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Footballer Zidane to help sell Mumbai luxury home project

  Bloomberg Zinedine Zidane is renowned for his prowess on the football field. Now a Mumbai developer is counting on the retired French football star’s power off the pitch to revive flagging sales in the city’s luxury home market. Kanakia Spaces Pvt has hired the former attacking midfielder to market a high-end residential project named Paris in Mumbai’s new business ...

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San Francisco’s realty mkt bursts at seams

  Bloomberg After four years of crammed open houses, heated competition and dizzying price gains that sent the median cost of a home to $1.2mn, San Francisco’s real estate market is starting to lose steam. The inventory of luxury homes is at a record high. A smaller share of deals have bidding wars. Rent growth for large and upscale apartments ...

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US housing starts plunge 3% in May

  Bloomberg New-home construction in the U.S. was little changed in May, a sign the residential real-estate industry will add little to economic growth in the second quarter. Housing starts in May fell 0.3 percent to a 1.16 million annualized rate from a 1.17 million pace the prior month, a Commerce Department report showed in Washington. Progress in residential real ...

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London realty market faces ‘major shock’ after tax rises

  Bloomberg London’s housing market is facing a “major shock” as private landlords offload properties because tax increases will reduce returns on their investments to near zero, according to analysts at Deutsche Bank AG. New lending rules will also severely restrict the ability of investors, who have accounted for about 40 percent of purchases in recent years, to fund property ...

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China May home prices rise in fewer cities amid slower sales

  Bloomberg China’s home prices rose in fewer cities in May than the previous month, with gains in some second-tier locations surpassing those in Shanghai and Shenzhen. New-home prices excluding affordable homes climbed in 60 cities, down from 65 in April, among the 70 tracked by the government, the National Bureau of Statistics said on Saturday. They dropped in four ...

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