Five stories making global property headlines:
Amsterdam plans tighter newbuild rentals
Amsterdam is proposing to ban rentals of newbuild homes to help tackle rising house prices and housing shortages. The Guardian reported on the plan from the Dutch capital’s housing chief, which says purchases by investors mean “that ‘normal’ buyers have less of a chance in the market”.
Non-residents up stakes in Canadian condos
Levels of foreign ownership of properties in Vancouver and Toronto are higher than previously stated, according to research that addresses gaps in housing data. The Canada Mortgage and Housing Corporation’s latest Housing Market Insight report, covered by the Globe and Mail, found foreign ownership of condos in metro Vancouver and metro Toronto was 11.2 per cent and 7.6 per cent respectively, compared with 3.5 per cent and 3.3 per cent in 2015.
Abu Dhabi tech hub offers incentives
A new technology hub in the United Arab Emirates capital will offer start-ups financial incentives, including discounted housing. The Financial Times reported that Mubadala, an Abu Dhabi sovereign wealth fund, will make an initial $367m five-year commitment to the project and is in talks with companies such as shared-workspace provider WeWork.
New Hong Kong islands offer more space for homes
Hong Kong’s $80bn plan to reclaim land and create artificial islands to boost housing supply will be the most expensive infrastructure project in its history. The South China Morning Post reported on the Lantau Tomorrow Vision, which includes reclaiming 1,000 hectares of land off Lantau Island. Work is due to start in 2025.
A Vegas room with no view
Fancy getting away from it all? A reinforced underground concrete bunker — complete with fake trees and putting green — is on the market for $18m in Las Vegas. The Washington Post reported that the home, built in 1978 and sitting 26ft underground, is designed to withstand bombs, earthquakes and a nuclear attack.
Photographs: Dreamstime; GLVAR 2019