European Real Estate Deals Slump to Lowest Level in 13 Years
The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
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The deep freeze that’s gripped Europe’s real estate markets since borrowing costs jumped worsened at the start of the year as deals plunged to their lowest levels since 2011.
Investors are looking for the next policy domino to fall in Asia amid an escalating campaign against a resurgent dollar, after Indonesia used a surprise interest rate hike to defend the rupiah.
Vietnamese billionaire Pham Nhat Vuong pledged to invest at least another $1 billion of his personal wealth into VinFast Auto Ltd., providing the capital needed for expansion of the struggling electric vehicle maker.
Macrotech Developers Ltd., a real estate firm that operates under the brand name Lodha, expects pre-sales to grow about 20% in the year to March after reporting its highest ever quarterly revenue.
Distressed Indonesian property developer PT Agung Podomoro Land has hired financial advisory firm Kroll Inc. to advise on an exchange of $132 million of bonds due in June, according to people familiar with the plan.
May 8, 2019
BNN Bloomberg
,The head of Canada’s housing-market watchdog says this country places too much value in the dream of homeownership.
“In places like Paris and Sydney and Hong Kong and Buenos Aires [and New York], people rent. Whereas here [in Canada] we glorify homeownership. We think it’s the only vehicle for savings,” Evan Siddall, president and CEO of the Canada Mortgage and Housing Corporation (CMHC), said in an interview with BNN Bloomberg’s Amanda Lang on Wednesday.
“This party ultimately comes to an end, and the people who are going to get hurt are young people.”
He said the First-Time Home Buyer Incentive is meant to address this very issue by helping young people buy homes without pushing prices too much higher.
The incentive, for which Ottawa has set aside $1.25 billion over three years, was introduced in the 2019 federal budget and is funded in part by CMHC. It’s meant to reduce the monthly mortgage load for buyers and is available only to first-time buyers with household incomes of less than $120,000 a year.
“It is deliberately designed to be a surgical response to people being excluded from the market,” he said.
He estimates that the incentive will have a 0.02 per cent to 0.04 per cent “maximum impact” on house prices across the country.
“It’s not inflationary,” he said.
--With files from Cathy Miyagi