Mansion Global Daily: U.S. Home Sales Expected to Drop This Year, New Golden Visa Option Motivates Investment in Dubai, and More

Existing Home Sales in U.S. Expected to Fall by 6.7% in 2022

Fewer deals could give inventory time to recover over the summer. Read More

BY THE NUMBERS

TRENDING TODAY

LISTING OF THE DAY

‘Mega-Unit’ in Toronto Ritz-Carlton Comes With Sweeping Views and Two Elevators

The apartment, which is undergoing a gut renovation, will have 11-foot ceilings and oversized windows for unique signs of the city. Read More

SMART HOMES

Dad Devices: Smart Gadgets for Father’s Day

Give your pop a high-tech present this year. Read More

NEWS BITES

In the U.K., Demand for New Construction Continues to Outpace Supply

Even amid tightening economic conditions, demand for new construction homes in the U.K. continues to outpace supply, according to two of Britain’s largest house building firms, Bellway and Crest Nicholson. Both profits and the number of homes built were up year-over-year for Crest Nicholson in the six months ending April 30, while Bellway expects a 10% year-over-year increase in homes completed in the year to the end of July. “Overall, build cost inflation has been offset by house price gains and we expect this trend to continue,” said Bellway chief executive Jason Honeyman. The Guardian

Singapore Condo Resale Prices Rose for the 22nd Straight Month in May

Condo resale prices in Singapore rose 1.6% month-over-month and 8.4% year-over-year in May, the 22nd consecutive month of increases, according to a report from SRX Property and 99.co. That marks the longest streak of uninterrupted growth since the price index was made available nine years ago. The highest priced resale in May was a unit at The Nassim, which sold for S$20 million (US$14.6 million). Business Times

Chinese Cities Cancel Land Auctions as Wary Developers Back Out

Between February and June, auctions for plots of land in 20 major Chinese cities were canceled at a rate of 17%, up from 6.5% the previous year, according to data from 58 Anjuke Real Estate Research Institute. (Current rules dictate that land in 22 of China’s biggest cities can only go on sale three times per year.) “Developers hesitated to make land purchases like before because, first, they are not sure about the housing market in the short term,” said Yan Yuejin of the E-house China Research and Development Institute. “Second, most are struggling to repay debt and really do not have much to spend.” South China Morning Post

New Golden Visa Option Motivates Investment in Dubai

Following the April 2022 announcement by the U.A.E. visa residency program that buyers of property worth a minimum of  AED 2 million (US$544,4999) would be able to obtain a Golden Visa, more Dubai residents are either investing or strategically merging their existing properties in order to meet the minimum. “Golden Visa is a cherry on the cake to motivate people to buy more,” said Samana Developers CEO Imran Farooq. “A Golden Visa is also a great tool to retain people post-Expo 2020 Dubai. […] We have seen around 35% to 40% of customers merging to properties to reach the AED 2 million milestone to get the Golden Visa.” Khaleej Times

AROUND NEWS CORP

Frankie Valli Puts L.A. Condo on the Market for $3.195 Million [The Wall Street Journal]

The Top 10 Affordable Small Towns Where You’d Actually Want to Live, 2022 Edition [Realtor.com]

Yankees Fans Selling Home With Its Own Baseball Field for $2M [New York Post]

Is It a Good Idea to Buy a Holiday Home With Family and Friends? [The Times of London]