Five property stories making global headlines:
Chinese house prices rising at lowest rate since 2015
House price growth in China is expected to slow next year to its lowest rate in five years. Ten property analysts and economists, surveyed by Reuters, estimated prices would rise 3.1 per cent in the 12 months to December 2020, the slowest growth since the 1.8 per cent increase recorded in 2015. The volume of sales was predicted to fall 3 per cent next year.
Vancouver proposes biggest property tax rise in a decade
Homeowners in Vancouver could see property taxes rise 8.2 per cent next year after the city proposed the increase in its draft budget. Broadcaster CBC estimated that, if passed, the rise would add C$354 ($266) to the annual property tax bill for a median priced single-family home in the city. The change would be the largest increase to Vancouver’s property tax in more than 10 years, according to CBC.
UK market sees fall in cash buyers
The proportion of homes in the UK bought without a mortgage is at its lowest point since 2007, according to research from estate agent Hamptons International. The FT reported that cash buyers made 28 per cent of purchases in the first six months of this year, compared with 36 per cent over the same period a decade ago. Rising house prices and a drop in homeowners looking to downsize are thought to have contributed to the decrease.
Dubai breaks transaction record
Dubai set a record on November 24 for the number of properties sold in one day in the emirate. Figures from Data Finder, reported by Arabian Business, reveal there were 515 property transactions registered in Dubai that day, the highest total since the data were first made publicly available in 2008. The previous highest daily figure — 405 transactions — was recorded on September 6 2015.
Home is where the art is
Owners of luxury condominiums in Miami no longer need leave home to view world-class art, as works — and their creators — are being brought to them. Events scheduled ahead of next month’s Art Basel event in the Florida city include a meet-and-greet for residents of the Oceana Key Biscayne complex with US sculptor Jeff Koons. “People are buying [homes] at these places for the experience,” Alex Martin, vice-president of Doral-based KW Property Management & Consulting, told the Miami Herald.
Photographs: Dreamstime; Chris Ratcliffe/Bloomberg