property
Europe faces a deepening housing crisis, with severe shortages and escalating rental prices. Vacant properties and second homes present another dimension to this issue. In England, there were 1.5 million unoccupied dwellings in 2021, accounting for 5.4% of all housing units such as houses or flats, according to ONS estimates. Paying extra council tax (a "premium") for empty houses has already been implemented in a number of local councils for a decade, although the rules vary. The strengthened empty homes premium came into effect in April. It now applies for properties that have been empty and...
Euronews (English)
When it comes to real estate investments, rental yield - defined as the annual return from renting out a property - is a critical metric. Higher rental yields indicate better returns on investment, crucial for any savvy investor. To illustrate, let's break down the numbers: purchasing a property for €500,000 and earning a monthly rent of €2,000 (or €24,000 annually) results in a gross annual rental yield of 4.8%. After accounting for taxes and other administrative expenses, the net yield will be lower. Consider Maria, an astute investor aiming to maximise her rental income in the European prop...
Euronews (English)
There are hopes of improvement for Europe's commercial property market, as a long-standing trend of decline showed a slowdown for the first three months of 2024. Although values were down, they fell by just 0.5% in the first quarter. That was an improvement on the previous quarter, which saw a drop of 3.4%, according to data from the Altus Group. "As we start off 2024, we're seeing encouraging signs in the European commercial property market, with commercial property value declines moderating significantly across all sectors," Altus Group's senior vice president Phil Tily wrote in the group's ...
Euronews (English)
A large chunk of the world's wealth today is locked in illiquid assets, therefore they are typically traded at a discount. According to a recent study by the Boston Consulting Group, "tokenisation" - using cryptocurrencies and blockchain technology promise to turn illiquid assets such properties into capital flows - and this market is expected to grow to $16 trillion (€14.85 trillion) by 2030. Although the use of these new digital tools has yet to be widely regulated in the US, new laws in Europe are set to take effect from 2025 which may lead to investors reconsidering the idea of tokenising ...
Euronews (English)
Last year saw the creation of an average of 70 very wealthy investors every day and this is a trend that shows no sign of slowing down. The world's ultra-wealthy population rose by 4.2% and the number is expected to climb 28% during the five years to 2028, according to real estate consultancy firm Knight Frank. Their latest Wealth report found that the number of ultra-high-net-worth individuals or UHNWIs - someone with a net worth of $30 million (€27.6 million) - or more across the globe swelled to 626,619, from 601,300 a year earlier. This was due to increased investment in shares on the hope...
Euronews (English)
Hong Kong (AFP) - Le régulateur de Hong Kong va ouvrir une enquête sur le rôle de PwC dans les pratiques comptables du géant chinois de l'immobilier Evergrande, placé en liquidation judiciaire et accusé par la Chine d'une importante fraude. Basé à Foshan, dans le sud de la Chine, Evergrande a été le plus grand promoteur immobilier de Chine. Il a accumulé les dettes jusqu'à afficher un passif de plus de 300 milliards de dollars et est ainsi devenu emblématique de la crise immobilière qui sévit depuis des années dans la deuxième économie mondiale. Le mois dernier, l'entreprise a été accusée par ...
AFP (Français)
Chinese property developer Shimao Group confirmed in a stock exchange announcement on Monday that its creditor, state-owned bank China Construction Bank (Asia), has filed a winding up petition before a court in Hong Kong. The case concerns an unpaid loan totalling almost $1.6 billion Hong Kong (about $200 million US), it said in the statement. Shimao said the company would "oppose the petition vigorously" in order to protect the interests of its stakeholders. In February, property developer Country Garden confirmed its creditor Ever Credit Limited had filed a winding-up petition. Country Garde...
DPA Breaking News
The data combined the cost of actual rents paid with an estimate of the cost of housing owners would pay if they rented their home on the open market - known as “imputed rent”. Housing in Poland, by contrast, has the lowest share of spending of any OECD country, with only 6%. The largest expenditure item across all countries but one was imputed rentals for housing. Poland is the exception, where electricity, gas and other fuels was measured as the largest expenditure. Poland’s heavy dependency on fossil fuels led to some of the highest wholesale electricity prices in Europe following Russia’s ...
Euronews (English)
For most people, buying a home is the biggest investment of their life. So it makes sense to take every risk into account. Increasingly, climate change is taking its toll on the property market, damaging and devaluing homes, and driving up insurance costs. US real estate site Realtor.com announced last week that it is expanding the climate risks on its property listings from fire and flooding, to current and projected future levels of heat, wind and air quality. Over 40 per cent of US homes are at severe or extreme risk when it comes to these factors, the realtor said in a press release. Some ...
Euronews (English)
New York (AFP) - A bankrupt New York property developer was indicted on Wednesday for stealing more than $86 million from investors through an elaborate series of schemes dating back to 2015, authorities said. Nir Meir was arrested in the southeastern state of Florida on Monday on a New York state warrant, the Miami-Dade police department confirmed to AFP. Meir, 49, and his accomplices allegedly stole the money from investors, contractors and city authorities, New York prosecutors said. "These indictments depict allegations of widespread fraud within the real estate industry primarily spearhea...
AFP
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