(Bank of Korea Governor Rhee Chang-yong)

BOK gov warns of financial stability risks amid failing real estate loans

The governor of South Korea’s central bank Rhee Chang-yong warned of increasing financial sector risks amid rising delinquency for real estate loans— even as there are signs of the property market slowly recovering. “In the mid- to long-term, it is necessary to find a way to smoothly deleverage household debt in cooperation with relevant institutions…

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(Omar Abu Innab, co-founder and CEO of Keyper)

Dubai ‘rent now, pay later (RNPL)’ scheme launches in July

UAE based proptech start-up Keyper, has officially announced a Rent Now Pay Later (RNPL) service, meaning Dubai residents can pay their rent monthly with their credit card. Traditionally, rent in Dubai has been paid with post-dated cheques (usually between one and six, depending on the landlord) over a 12-month period. Keyper will now make it…

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(Tom Leahy, head of EMEAreal assets research at MSCI)

Europe’s commercial real estate sector is taking a beating

Commercial real estate investment dropped to its lowest in 11 years in Europe in the first quarter of 2023, according to MSCI Real Assets. The number of office deals— Europe’s largest real estate sector — fell to its lowest on recordgoing back to 2007, while the volume of transactions slumped to a 13-year low of…

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Singapore raises tax for property purchase to cool booming housing market

Singapore’s government has decided to hike taxes for property purchases in a bid “to promote a sustainable property market.” Demand from locals purchasing homes for owner-occupation has been especially strong in the first quarter of 2023, and there has also been renewed interest from local and foreign investors in the city-state’s residential property market. “If left…

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(Lawrence Yun · Chief Economist at U.S. National Association of REALTORS)

US existing-home sales edge lower in March 2023

Existing-home sales pulled back more than expected in March in the U.S., according to the National Association of Realtors. Month-over-month sales declined in three out of four major U.S. regions, while sales in the Northeast remained steady. All regions posted year-over-year decreases. Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums and…

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Cypriots squeezed out of Limassol property market

Natives of the coastal city of Limassol are being priced out of the property market in their hometown by wealthy foreigners, Agence-France Presse (AFP) notes in a reportage. In 2022 there was a 30% increase in real estate sales transactions (contracts deposited at the Land Registry) with Limassol achieving the greatest number of sales, followed by Paphos,…

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Banking crisis spells trouble for commercial real estate

Economists warn that the U.S. commercial real estate industry is in trouble following the recent meltdown in the banking industry. A Goldman Sachs report shows that about 80% of all bank loans for commercial properties come from regional banks that are experiencing the most pressure during the current crisis, which began earlier this month with…

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Outrage in Greece as 700,000 properties are at high risk of auction

Greece’s Supreme Court (Areios Pagos) on Feb. 9 ruled that loan management companies- known as servicers, can conduct auctions on behalf of “funds” that have bought packages of non-performing loans in the country. According to Greek media reports, this means that 700,000 properties are at risk while within three years it is estimated that around…

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(Jill Oudil, Chair of CREA)

Canadian housing market is off to a cold start in 2023

January was the worst month for home sales in Canada since 2009, statistics released by the Canadian Real Estate Association (CREA) show. Home sales edged back down 3% between December 2022 and January 2023, giving back all of December’s small gains and rejoining the mild downward trend observed since last summer. The actual (not seasonally…

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Most credit-stressed South Africans feel the pinch of interest rates

The South African Reserve Bank’s (SARB) recent benchmark repo rate hike  raised more alarm bells for the most credit-stressed South Africans, according consulting firm Eighty20. The Cape Town-based consumer strategy and research company’s latest figures point to Middle-Class Workers –a segment made up of about 4.1 million adults typically earning between R8 000 and R30…

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