Five stories making global property headlines:
Big Apple market passes pre-crisis high
Prices of houses and apartments in New York have edged past their pre-financial crisis levels, up 2 per cent in July on the previous peak in November 2006. The Wall Street Journal reported on research by estate agent StreetEasy.com, which also found sale prices were 28.5 per cent higher than their November 2011 low point.
UAE residency for wealthy expat retirees
The United Arab Emirates has approved a law to allow expatriates, who make up more than 80 per cent of its population, to stay after they retire — provided they have sufficient means. Bloomberg reported that the policy shift, to be introduced next year to encourage long-term growth, will enable foreign retirees over the age of 55 to apply for a five-year residency visa — if they have properties worth at least Dh2m ($544,500), Dh1m in savings or a monthly income of more than Dh20,000.
Holiday homes put to work
Holiday home owners increasingly are seeking to cover some or all of their costs by renting out their properties. Whereas nine in 10 owners kept their second property for their own use in the 1970s, the FT covered research by estate agent Savills and holiday rental group HomeAway that found two-thirds now rent out their holiday home. The shift is attributed to a change in attitude following the credit crunch and the rise of online marketplaces to manage rentals.
Billions wiped off Australian values
The total value of Australia’s 10m residential properties fell by $13.3bn in the three months to the end of June, according to the latest Australian Bureau of Statistics residential property price index. The Guardian reported that house prices in the country’s biggest cities fell year on year for the first time since 2012, down 0.6 per cent in the year to June. Sydney experienced the greatest drop in the June quarter, with prices down 1.2 per cent, but prices in Tasmanian capital Hobart rose 3 per cent, thanks to an upturn in employment and tourism.
Canadian private island for sale
Anyone looking to escape it all might be interested to see that 57-acre Kaulbach, marketed as “Nova Scotia’s most beautiful island”, is up for sale for C$5.95m ($4.6m). According to the UK’s Metro newspaper, the private island near Chester, which is 90 minutes from Halifax international airport by boat and car, comes with an 11-bedroom manor house called Osprey Nest, a helicopter landing area and its own wharf.
Photographs: Alamy; Getty Images; Getty Images/iStockphoto; Vladi Private Islands