Five stories making global property headlines:
Brussels warning on golden visas
Vera Jourova, the EU justice commissioner, has warned member states to watch how many citizenships they grant in return for investment, saying they represent a threat to security. Deutsche Welle, Germany’s international broadcaster, reported on an interview with the Czech politician by German newspaper Die Welt in which she expressed the commission’s concern about the increase in golden visas, which are offered by countries including Cyprus, Malta, Latvia and Lithuania.
The FT has reported how Malta’s Individual Investor Programme attracts wealthy foreigners to move to its shores.
Low-cost loans aim to cap US rent rises
US mortgage provider Freddie Mac has launched a low-cost financing initiative aimed at capping rent increases. At a time when investors are facing a slowing rental market, the Wall Street Journal reported that the company is offering low-cost loans to operators at least half of whose units are affordable to households on the local median income or less. Borrowers have to agree to limit rent increases on 80 per cent of units.
Saudi Arabia to get new ‘city’
A new mixed-use 7m square metre “city” is to be built close to the airport in the north of Riyadh, according to The National. Al Akaria Saudi Real Estate Company is behind the Al Widyan project, which will be officially launched in October and completed in phases within seven years. The developer aims to cut energy use by 40 per cent compared with existing schemes of a similar size.
UK house prices rise at fastest rate this year
House prices in the UK grew at the fastest rate in eight months in July, according to figures from Halifax. The Financial Times covered the lender’s house price index, which showed that prices rose 3.3 per cent from a year ago. This was up from a 1.8 per cent year-on-year increase in June.
Kiwi homes still unsold after a decade
If you are struggling to sell your home, spare a thought for the owners of five properties in New Zealand that have been on the market for more than a decade. The New Zealand Herald revealed the mix of houses and land that have been on sale through internet auction site Trade Me for more than 10 years. The oldest listing dates back to September 2007.
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