Mansion Global Daily: Investing in Toronto’s Red Hot Real Estate Market, Stock Market Slump in Hong Kong Could Cause Home Prices to Dip, and More
Downtown and condos still have upside potential in Toronto’s hot housing market
Worried about shopping in Toronto’s overheated housing market? It may not be the bubble you think it is. Continue reading
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IN TREND TODAY
MANSION GLOBAL PICKS
A gift guide for everyone on your list
From entertainers to fitness gurus to children at heart, gifts that every family member, friend or work colleague would love to receive. Continue reading
LIST OF THE DAY
The former London factory is now a stylish loft-style house near the River Thames
The five bedroom has a rooftop terrace and a variety of industrial features. Continue reading
NEIGHBORHOOD NOTES
Island Park: A Canadian hub with the rare combination of privacy, scenery, and trendy dining and shopping
The city of Ottawa is becoming increasingly attractive to affluent shoppers and is known for its diverse architectural styles and access to quality amenities. Continue reading
NEWS
Perth is likely to see double-digit price growth and more demand than it can handle in 2022
In Perth, the capital of the state of Western Australia, prices are expected to rise by 10% or more over the next year and an even tighter rental market. The growth will be fueled by the return of investor demand with the opening of state borders, which is planned for February. In addition, around 20,000 people looking for job opportunities could flock to the state in 2022, which could put a further strain on the tense market. “At the moment, however, we have fewer than 2,000 rental properties and fewer than 10,000 properties for sale, so we can only really handle an influx of 8,000 people before our market becomes like a drum,” said real estate analyst and appraiser Gavin Hegney. realestate.com.au
Hong Kong stock market slump could lead to falling home prices
According to a Morgan Stanley report earlier this week, Hong Kong inventory property prices could fall 2% next year after 13 years of positive growth. The sales volume could also decrease by up to 15% in 2022, as a “negative wealth effect” caused by a collapse in stocks prevents buyers from new property investments. “The recent decline in [Hang Seng Index] in general, real estate underperformance should follow due to a negative wealth effect based on historical data. We expect them [Hong Kong] Real estate stock index trailing the Hang Seng Index in 2022, “wrote equity analyst Praveen Choudhary in the report. South China Morning Post
Plans revealed for Jeddah Central Project in Saudi Arabia
Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday announced plans for the Jeddah Central Project, a mixed-use development that will bring 17,000 residential units to the city of Jeddah. It is part of the Crown Prince’s initiative to develop all regions and cities in the kingdom and is funded by his public investment fund, as well as local and international investors. An opera house, a museum, a stadium and an oceanarium as well as hotels, shops and restaurants are planned. The first of three phases is expected to be completed in 2027. The National
California Megamansion of Music Manager Lists for $ 12.5 million
A 11,000-square-foot Encino mansion owned by The Weeknd’s manager hit the market this week for $ 12.5 million. Amir “Cash” Esmailian bought the house in 2016 for $ 6 million and had it completely renovated, adding a red accented room in Middle Eastern-inspired decor that the Iranian-Canadian record producer called its “dojo”. There’s also a Buddha statue in the courtyard, as well as a bookcase-lined office, wine cellar and tasting room, game room and outdoor bar, fire pit, and pool. dirt
ALL ABOUT NEWS CORP
Edinburgh is the best city to invest in residential real estate [The Times of London]
What First Time Buyers Still Plan to Become a Homeowner [Realtor.com]
Real estate was booming in 2021, but these NYC buyers lost a lot [New York Post]
Residential-only restaurants in luxury towers struggled to break even. Then a Covid hit. [The Wall Street Journal]