Five property stories making global headlines:
Home sales and prices rise as supply drops in Canada’s largest city
Rising sales and falling supply are predicted to keep Toronto house prices on their upward trajectory this year. Figures released by Toronto Real Estate Board revealed that sales of homes in Canada’s largest city grew by 12.6 per cent to 87,825 in 2019, following a decade low of 78,015 recorded the previous year. Reuters reported that sales in December were up 17.4 per cent year on year, while the number of listings fell by 18 per cent.
Trajectory of London property prices not pegged to earnings
New analysis by Savills highlighted an ongoing disconnect between earnings and house prices in London. Using data from the Office for National Statistics, Savills’ analysis — covered by the FT — revealed that in the two years to September 2017, London house prices fell 2 per cent while incomes grew by 7 per cent. In contrast, in 2015 Londoners' earnings increased by 1 per cent compared with an 11 per cent hike in house prices.
New home initiatives help drive increase in Dubai sales
Property sales in Dubai reached an 11-year high last year, with the number of transactions increasing 20 per cent on the previous year to 41,988, according to analysis by property portal Property Finder. Reported by the Khaleej Times, the study of Dubai’s residential and commercial real estate found new homes were being “completed thick and fast” leading developers to launch initiatives such as rent-to-own schemes to shift the units.
Hong Kong developers in dash to offload empty newbuilds
Meanwhile, developers in Hong Kong may have to offer discounts to sell their homes as a glut of up to 32,120 new apartments could hit the market this year, according to the South China Morning Post. The paper reported that developers are keen to offload homes ahead of a proposed 5 per cent tax on newbuilds left empty for six months. Ongoing unrest in the territory is further driving the need to incentivise reluctant buyers.
Doctoring the house: distinctive LA home owned by Dr Phil’s trust on sale
The eclectic decor of a Los Angeles mansion owned by the family trust of American television personality Dr Phil made headlines after the house was listed for sale for $5.75m. The Los Angeles Times reported that features of the five-bedroom Beverly Crest property, home to the doctor’s musician son Jordan McGraw, include a staircase embellished with woody vines and a wall of guns, “an anti-gun art installation”.
Photographs: Dreamstime; Hilton & Hyland