Five stories making global property headlines:
New Yorkers flee to lower-tax Miami
Miami is attracting a rising number of buyers from New York, as officials in high-tax US states warn that wealthy residents are fleeing to lower-tax states. New York governor Andrew Cuomo has blamed a $2.3bn state revenue shortfall on new federal tax laws, which capped deductions for state and local taxes at $10,000, and mentioned Florida as an attractive option for New Yorkers as a result of the changes.
Covering his comments, The Wall Street Journal reported that Florida had the highest net domestic migration between July 2017 and 2018, according to US census data. While house price growth nationwide has been slowing, the median price for condominiums in Miami-Dade County grew 2 per cent year on year in the fourth quarter of 2018.
Slump in building approvals signals Australian slowdown
Building approvals for apartments plunged 18.8 per cent in Australia in December, in the latest sign of a slowdown in the country’s property market. The FT reported that approvals for housing fell 2.2 per cent over the same period. Overall, approvals fell 8.4 per cent month on month in seasonally adjusted terms, according to the Australian Bureau of Statistics.
Gulf investors forecast to lead rise in foreign buyers in India
The number of non-resident Indians buying residential property in the country will increase on the back of tax reliefs and exemptions announced in the interim budget, property commentators predict. Shajai Jacob, Gulf regional chief executive of Anarock Property Consultants, told Arabian Business he expects to see a “significant increase” in buyers in the coming months, particularly from the Gulf region.
Rental demand drives investment of £36bn in UK property
Rising demand for rental property from UK residents will drive investment of £36bn in new homes for rent by 2025, a study suggests. The London Evening Standard covered research by estate agent Knight Frank, which predicted an additional 560,000 households will be living in the private rented sector by 2023. More than half of current investment is in London.
Dubai buyers in line for ocean ownership rights
Buyers of new Dh20m ($5.4m) floating homes in Dubai could also own an area of ocean in what developer Kleindienst Group claims would be a world first. The Khaleej Times reported that government authorities have registered the developer’s Floating Seahorse homes as villas. Subject to approval, the company said this meant buyers would be able to treat each 4,000 sq ft split-level villa in the same way as an onshore property and own the ocean plot beneath it.
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