Dubai Residential Sales Hit a 13-Year High in May
Total transaction volume increased 33% year over year, driven by new construction. Read More
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LISTING OF THE DAY
A Limestone Townhouse in a Premier Spot on Manhattan's Upper East Side
Amenities at the fully renovated 1910 home include a rooftop terrace, a garden, two bars and seven wood-burning fireplaces. Read More
DESIGNER'S CORNER
Incorporating Whimsical Kitsch in Your Kitchen Without Compromising Functionality
Here are some fundamental design tips to keep in mind while showing off your creativity. Read More
NEWS BITES
U.K. Mortgage Debt Hits Highest Level in 12 Years
Data from tax advisory firm Mazars has found that the value of mortgage arrears in the U.K. has passed £2.05 billion (US$2.42 billion), marking the highest level of such debt since 2010. The firm is pointing to increased cost of living and rising interest rates as the primary factors in the ballooning debt, as they are taking a greater chunk out of household finances and pushing more borrowers into delinquency. "People will typically make a lot of sacrifices to meet their mortgage payments,"said Mazars partner Matthew Carter. "But these figures indicate that things are starting to get worse for some families." City A.M.
Canadian Home Prices Drop for Second Straight Month
Higher interest rates are taking their toll on the Canadian real estate market. According to the Canadian Real Estate Association, prices across the nation fell for the second straight month, with the benchmark house price dropping .08% to C$822,900 (US$635,558) in May from April. Prices weren't alone in the fall—home sales tumbled 8.6% in May from the previous month. BNN Bloomberg
China and Hong Kong Could Lose up to US$65 Billion via Emigration
China's property market needs to prepare for another punch. Henley & Partners, a consultancy that helps clients achieve permanent residency in countries around the world, is predicting that China and Hong Kong could see up to US$65 billion exit the nation as an estimated 10,000 high-net-worth-individuals emigrate from region amid tough Covid-19 protocols and political uncertainties. If the prediction proves true, 2022 would rank behind only 2019, when US$100 billion fled mainland China and Hong Kong, in terms of wealth lost due to emigration. South China Morning Post
Four-Bedroom Home on the Beach in Victoria, Australia, Could Set a Suburb Record
A glamorous four-bedroom coastal home in Balnarring Beach in Victoria, Australia, could set a new suburb record, if it achieves its asking price of between A$7.3 million to A$8 million (US$5.07 million to US$5.56 million). Sellers Naomi and Peter Butterss have enjoyed many weekends and holidays at the coastal oasis, which was built in 1970. "We were frequent weekenders of Balnarring Beach and had stayed at a number of beach homes in the past," Ms. Butterss said. The home is set on a 709-square-meter block, surrounded by natural bushland and only a few minutes walk to the beach. realestate.com.au
AROUND NEWS CORP
Demand for New-Build Homes Is Sky-High [The Times of London]
Echoes of the Great Recession: Is Mortgage Lending Becoming Riskier Again? [Realtor.com]
Mortgage Rates Are Soaring. Applications Rose Anyway. [Barron's]
James Burrows, Director Known for Co-Creating 'Cheers,' Lists L.A. Estate for $38 Million [The Wall Street Journal]
