Sales Launched at Soaring Residential Tower in Dubai
Sales have just launched at what will be one of the tallest residential towers in the world. Burj Binghatti Jacob & Co. Residences—a collaboration between Dubai-based real estate developer Binghatti and high jewelry and horology brand Jacob & Co.—is expected to reach about 1,550 feet when completed. The units will range from quarter-floor to full-floor to an expansive two-floor penthouse with floor-to-ceiling windows and panoramic views. Yahoo
Australia’s Coffs Harbour Leads in Price Growth
Coffs Harbour, a coastal town nestled between Sydney and Brisbane, has ranked as Australia’s top-performing property market so far this year. Over the first quarter of 2023, homes in the town—which is well known for its relaxed lifestyle with pristine beaches and lush rainforests—saw property prices jump 16%, outperforming every other region in the country, according to the Domain House Price Report. “We are getting a new bypass which is bringing a lot of people, jobs and buyers,” said agent Dave Tompkins of Superior Property North Coast. “And we can’t forget about crop and cattle farmers coming to the coast for a holiday home and buying in cash. It’s been a big boost in the high-end property market.” Domain
The Bay Area’s Home Prices Are Falling Fast
California’s Bay Area has the fastest-falling home prices across the U.S., according to data from the National Association of Realtors. San Francisco, Oakland and Hayward ranked top for declines, with the San Jose, Sunnyvale and Santa Clara region coming in second. Despite the dropping values, “I wouldn’t look at some of these price trends and say there’s a fire sale for real estate in the San Francisco Bay Area,” said David Stark with the Bay East Association of Realtors. “We’ve seen price appreciation in many communities in the East Bay in particular.” ABC7 News
Rents in Hong Kong at Their Highest Point in 15 Months
Hong Kong rents climbed in May to their highest level in 15 months, according to the Centa-City Rental Index compiled by Centaline Property, which tracks 138 housing estates across the city. Rents jumped 1.4% in May, the largest monthly increase since a 1.94% rise in August 2018. The gains are being underpinned by Hong Kong’s economic reopening and demand from mainland Chinese students. “Recently, students and [working] professionals have begun to pre-rent units, boosting rental transactions,” said Yeung Ming Yee, senior associate director at Centaline Property Research. “The peak season is expected to arrive early.” South China Morning Post