Five stories making global property headlines:
Hawaii resort home sales at highest in a decade
Sales of holiday homes in Hawaii reached their highest level since 2007 last year, according to new housing market research. The Honolulu Star Advertiser reported that 1,546 residential units were sold in the US Pacific archipelago state’s resorts in 2017, a 16 per cent rise on the previous year. With 485 sales, Kauai displaced Maui from the top spot for sales per island. Hawaii island was next, with 467 sales.
Summer brings record price cuts in UK
Homeowners in the UK have been cutting asking prices by the steepest amount on record in a bid to sell their properties during the summer holidays, Bloomberg reported. It said average asking prices in August fell 2.3 per cent from July, the steepest decline since property website Rightmove started publishing data in 2001.
Investors pounce on Turkish currency collapse
The collapse of the Turkish lira has lured property investors to the country — The Guardian said direct flights from the Middle East were fully booked as a result. Estate agents in the resorts of Bodrum and Marmaris say the buyer’s market has brought a surge in interest: a two-bedroom villa, for example, fell from £55,000 to £37,000 within a month.
Beijing rents surge by a quarter
The monthly cost of renting a home in Beijing rose by a quarter (25.6 per cent) in the year to the end of July, according to a report issued by property search engine Zhuge. The FT reported that the research found rent in some areas of China’s capital had increased by nearly 40 per cent year on year.
Calls to preserve Singapore’s Brutalist past
The New York Times covered calls for Singapore to preserve high-rise blocks built after it gained independence in 1965. The Singapore Heritage Society highlighted blocks it feels symbolise the country’s economic growth which are under threat from redevelopment. They include the Pearl Bank Apartments, the city state’s tallest residential building on completion in 1976, which developer CapitaLand bought for S$728m ($531m) this year and plans to replace with a new 800-apartment tower.
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