Five stories making global property headlines:
Dublin leads rocketing rents in Ireland
Asking prices for residential rents in Ireland rose by more than 11 per cent nationally in the year to September, to an average of €1,334 a month, according to a report by property website Daft.ie. This marked a record high for the 10th consecutive quarter. Covering the research, broadcaster RTÉ reported that Dublin rents are now 36 per cent higher than during the 2008 boom, while prices in Limerick and Waterford are up about 20 per cent year on year.
Cities share spoils in Amazon expansion
Long Island City, in the New York neighbourhood of Queens, and Crystal City, in Arlington, Virginia, in the suburbs of Washington DC, are set to share more than $5bn in investment and 50,000 jobs after Amazon announced it will build major offices in the two areas. The FT reported that the tech giant’s decision comes after a 14-month search for a location for its second headquarters.
The company will also put a smaller hub in Nashville, creating 5,000 jobs. For those considering a move to Music City, reasons to live in Nashville include its sports scene and tax regime.
Have New Zealand prices peaked?
New Zealand’s housing market is edging closer to becoming a buyers’ market, according to Nick Tuffley, chief economist at the country’s ASB Bank. House price growth may have peaked across much of the country, he says. While prices are up between 40 and 70 per cent on 2007 figures, in many areas quarterly growth has slowed to single digits.
Dubai real estate slump to last another two years
Hussain Sajwani, chairman of developer Damac Properties, has predicted that Dubai’s real estate slowdown could continue until the end of 2020 or into 2021. Sales prices and rents in the emirate have declined as supply has outstripped demand. Bloomberg reported that Damac’s shares have dropped 38 per cent this year, compared with a 17 per cent decrease in the Dubai benchmark stock index.
London council plans limit on house sizes
A London borough has determined that bigger does not necessarily mean better, and has proposed to ban the building of new homes that are larger than 150 square metres to free up land for affordable housing. The Architects’ Journal reported that the proposed ban, included in the borough’s draft City Plan 2019-2040, is Westminster council’s latest attempt to combat the spread of “super-size” mansions in areas such as Belgravia, Knightsbridge and Mayfair.