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Sales of homes with a price tag of $10 million or more climbed 19% in Dubai during the first quarter as the world’s ultra-wealthy continue to flock to the Middle East’s business and tourism hub despite mounting geopolitical tension across the region.
Country Garden Holdings Co. is pushing back some onshore bond payments to later dates despite a round of extensions last year, according to people familiar with the matter, underscoring the financial stress at the Chinese property developer.
Blackstone Inc. would love to do more in Australia’s housing market, but factors like high taxes are holding the investment giant back.
Distressed Chinese developers trying to sell luxury apartments at a new complex in Hong Kong have begun slashing prices by almost half amid mounting debt repayment pressure and intensifying competition in the city’s property market.
China reported faster-than-expected economic growth in the first quarter – along with some numbers that suggest things are set to get tougher in the rest of the year.
Nov 24, 2021
, Bloomberg News
(Bloomberg) -- Apartment rents are soaring across the U.S., with South Florida in the lead. New York isn’t far behind.
In Miami, West Palm Beach and Fort Lauderdale, rents jumped 36% in October from a year earlier, while the New York City metro area -- including Westchester County and parts of northern New Jersey -- posted a 31% gain, according to a report by Redfin Corp.
The average monthly gain increase was 13%, the highest growth rate in at least two years, Redfin said. Seattle; Portland, Oregon; and Austin, Texas, were also among metro areas that beat the U.S. average.
“Skyrocketing rents in some of the most desirable cities suggest that there is an overall shortage of homes, and not just of homes for sale,” said Daryl Fairweather, chief economist at Redfin.
Rents have surged across the U.S. this year, stoking inflation fears. They’ve been rising fastest in Sun Belt cities such as Miami and Austin, where jobs and relatively low costs have pulled in transplants.
But New York and other coastal cities are making a comeback as more workers return to the office and colleges bring students back to campus.
“The recent increase in demand for rentals comes from people who want to lock in their lease now before prices rise even further out of reach,” Fairweather said.
©2021 Bloomberg L.P.
