Five stories making global property headlines:
New York focus transfers from Manhattan
Developers in New York are targeting areas such as Long Island City for high-end homes as outer boroughs outperform cooling Manhattan. Forbes reported that while the median sale price in Manhattan fell more than 4 per cent in the third quarter of 2018 to $1.117m, and dipped under $1m for the first time in three years in the fourth quarter, the median price in Brooklyn rose more than 2 per cent in the third quarter, to $808,000. The median price in Queens increased more than 4 per cent, to $573,500.
Hong Kong keeps tight rein on loans
Hong Kong has no plans to relax residential mortgage loan-to-value ratio requirements nor scrap cooling measures introduced to combat rising property prices, according to the territory’s chief executive, Carrie Lam. Following speculation that the government was considering relaxing mortgage rules to help first-time buyers, the South China Morning Post reported her response that it “will be extremely prudent in moving any current measures”.
WeWork to expand residential arm
New York-based shared office space provider WeWork is to restructure its business to help expand its residential operation. The FT reported that the group will be rebranded as The We Company and split into three divisions: WeWork, the serviced-office business; WeLive, a provider of co-living spaces; and WeGrow, which includes a school and coding education provider.
Dubai prices forecast to fall further
Residential property prices in Dubai could fall 5-10 per cent this year, on top of last year’s 6-10 per cent decline, as additional stock hits the market ahead of the country hosting Expo 2020. Steve Morgan, chief executive of estate agent Savills Middle East, told Khaleej Times that prices had fallen because of the strengthening of the US dollar and investors from traditional markets, including the UK and Russia, facing affordability problems.
Germany tops expat table
Germany is the best place for expats to work, based on factors such as career opportunities, progression and fulfilment, according to a global ranking. Bloomberg reported that, despite its plans to end freedom of movement with the EU after Brexit, the UK climbed six places, compared with the previous year, to third on the HSBC Expat Explorer rankings. Bahrain came second on the list, which is based on a survey of more than 20,000 expats.
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