He said the property market has demonstrated significant growth and resilience, with individual property counters experiencing up to 600% growth in share price appreciation.

He said property counters in the stock market have been on the rise from January 2023 to June 2024, with 76 out of 100 on Bursa Malaysia experiencing an increase in share prices.

“(Meanwhile,) 22 counters showed a decrease in share prices, (and) two counters maintained their share prices despite fluctuations,” Nga said in a statement today.

He noted that among the top counters were DPS Resources Bhd, registering 600% growth in share price, UEM Sunrise Bhd, posting a 347% increase and WMG Holdings Bhd, which appreciated by 326% from January 2023 to June 2024.

“This positive trajectory is expected to continue into the second half of 2024. I firmly believe that under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, our property market will have a bright future in the coming years.

“We must work together to enhance our industry’s reputation and increase the confidence level of investors to make the property market even more resilient,” said Nga.

According to the statement, Malaysia’s property market transactions were valued at RM42.31 billion, with more than 89,000 transactions recorded in the first quarter of 2023. In the first quarter of this year, the value of property market transactions hit RM56.53 billion, an increase of RM14.22 billion, with more than 104,000 deals.

“This significant growth indicates that Malaysia’s property market is recovering well and on the rise,” the statement added.

Source: The Sun

The post appeared first on Amora Escapes.

Available to individuals, portfolio landlords and limited companies, and for letting on a standard Assured Shorthold Tenancy (AST), short-term let or holiday let basis, Foundation is able to lend against up to four individual properties or units on one freehold title.

Examples include where a number of farm buildings have been converted for residential buy-to-let (BTL) use, or up to four units within a single block – a ‘traditional’ multi-unit freehold block – but on one title rather than multiple titles.

Products include 2-year and 5-year fixed rates, available to both 65% and 75% loan-to-value (LTV), with rates starting at 6.69% for the 2-year deals and 6.54% for 5-year. The product fee is 2%.

The maximum loan size for 65% LTV is £3m and £2m for 75% LTV, with a minimum loan size of £100,000.

Tom Jacob (pictured), director of product and marketing at Foundation Home Loans, said: “By launching ‘Solutions by Foundation’ at the start of year, we have been able to look at more specialist lending requirements and to offer specific products that fit these niche areas, but are increasingly in demand.

“These new products for landlords seeking to either buy or remortgage Multiple Properties Under One Title fit that particular billing, and not only can we offer them for standard buy-to-let AST rental agreements, but we can also cover both short-term lets and holiday lets, which we believe is a strong offering within this particular sector of the private rental sector.

“Increasingly, landlords are looking at ways to broaden their portfolio, increase their yield, and focus on different areas of the rental sector. The concept clearly has similarities with existing Multi-Unit Freehold Blocks but in this scenario we can lend on up to four dwellings or separate houses or flats on just the one title.”

He added: “We’ll continue to look at opportunities such as these within the ‘Solutions by Foundation’ range and would urge advisers to look at our more traditional buy-to-let product range plus these specialist options in order to provide a full range of options to their landlord clients.”

Source: The Intermediary

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In August last year, the UK government announced that agents and landlords who allow rental properties to be let to migrants who do not have the right to be in the UK will face much larger financial penalties.

The legislation has now come into force this week where landlords could face a £20,000 fine.

Landlords could face prison

The penalties will increase from £80 per lodger and £1,000 per occupier for a first breach to up to £5,000 per lodger and £10,000 per occupier.

Repeat breaches will be up to £10,000 per lodger and £20,000 per occupier, up from £500 and £3,000 respectively.

Current rules mean that as well as facing a heavy fine, landlords could face potential imprisonment for failure to check the occupier’s right to rent status.

Landlords and agents have legal responsibility

All landlords and their agents in England have a legal responsibility under the Immigration Act 2014 legislation to prevent those without lawful immigration status from accessing the private rented sector.

The Home Office says landlords must complete one of these checks before commencing a tenancy:

• A manual right to rent check (all citizens)
• A right to rent check using Identity Document Validation Technology (IDVT) via the services of an Identity Service Provider (IDSP) (British and Irish citizens only)
• A Home Office online right to rent check (non-British and non-Irish Citizens)

Source: Property118

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Aldar Properties, Abu Dhabi’s biggest listed developer, sold out 420 units for Dh1 billion ($272 million) in the first phase of its residential development in Ras Al Khaimah, as the UAE’s property market continues to record strong investor interest.

The beachfront units at the development, located on Al Marjan Island, were sold out in 48 hours of the launch, showing “the growing demand for the short-term stay and second home market in Ras Al Khaimah”, Aldar said in a statement on Thursday to the Abu Dhabi Securities Exchange, where its shares are traded.

The first phase includes 357 units in the Nikki Beach Residences community, including one to five-bedroom apartments. All apartments are serviced, with both furnished and unfurnished options, with the average price for a one-bedroom unit at Dh2.3 million.

Following the sell-out of phase one, Aldar has released an additional 150 units for sale.

The strong response to the project in Ras Al Khaimah “has validated our long-held view that the market is primed for a branded residential product that facilitates short-term stays”, said Rashed Al Omaira, chief commercial officer at Aldar Development.

“As we unveil phase two, we anticipate continued interest from buyers.”

The UAE‘s property market has been steadily growing on the back of government initiatives and overall growth in the economy.

Aldar, which posted a 43 per cent annual increase in third-quarter profit to Dh794 million, has been expanding its portfolio rapidly to cater to demand.

The company reported record development sales of Dh7.8 billion in the third quarter of this year, with nine-month sales at their highest level of Dh19.4 billion and 11 new projects launched so far this year.

Overseas and expatriate resident buyers accounted for 87 per cent of sales in the first phase of its Ras Al Khaimah project, while 60 per cent are under the age of 45, the developer said on Thursday.

The residential community aims to offer a “resort-like lifestyle” with amenities such as a beach lounge, a modern clubhouse, games room, sauna, yoga deck, kids’ areas and gyms with sea views.

Aldar acquired the 40,000-square-metre beachfront plot for the development from master developer Marjan in November last year.

The development is located between the Rixos Bab Al Bahr and Doubletree by Hilton – both acquired by Aldar last year.

The Abu Dhabi developer, which has expanded to regional markets including Dubai and Egypt, is also entering select international markets, with a particular focus on Europe.

This month, the company acquired UK developer London Square for Dh1.07 billion, marking its first acquisition outside the Mena region.

Source : TheNationalNews

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The housing crisis in Australia continues unabated, with issues such as land scarcity and interest rate rises contributing to the scale of the problem.

Other impediments to homeownership, such as home prices far outstripping wage growth, have further compounded the crisis.

Supply issues especially remain a thorny challenge across the country; Perth’s property market is struggling mightily with this, as property listings on REIWA fell to a 13-year low in June.

Moreover, the national vacancy rate has dropped to a record low of 1.1%.

CoreLogic research director, Tim Lawless, said the National Housing Finance and Investment Corporation (NHIC), forecasts the national housing market is likely to be undersupplied to the tune of 106,300 dwellings over the next five years.

However, the addition of granny flat units to dwellings across Australia’s three largest capital cities could go some way toward easing the housing shortage.

“For policy makers and government, granny flats present an immediate and cost-effective opportunity to deliver much needed housing supply within existing town planning guidelines.”

Tim Lawless, CoreLogic research director

“For homeowners, the addition of a second self-contained dwelling provides an opportunity to provide rental housing or additional accommodation for family members, while at the same time, increasing the value of their property and potentially attaining additional rental income.”

Archistar co-founder, Dr Benjamin Coorey, said granny flats present a cost-effective opportunity to boost housing supply for growing capital populations close to existing infrastructure such as railways, bus routes, and major road networks for state and local governments.

“While building regulations for secondary dwellings differ state to state, this unlocks a combination of accessibility and opportunity to fast track affordable housing options for all demographics, particularly essential workers in industries such as the health care sector,” he said.

Archistar, Blackfort, and CoreLogic have assessed every residential block across Sydney, Melbourne and Brisbane to ascertain how many individual properties have building potential for a self-contained two-bedroom unit.

Sydney’s results

Lawless gave a dire forecast for Sydney’s supply, and said that Sydney’s household formation is forecast to outpace supply from 2025, with the most significant undersupply expected to persist until 2026 at a deficit of 15,900 dwellings.

Sydney is home to the most granny flat development opportunities, however, with 242,081 existing residential dwellings fitting the zoning, land area, and existing home position requirements to build a granny flat, according to the analysis.

The top five council regions for the most granny flat development opportunities were found to be:

• The Central Coast (41,569/17.2% of all potential sites).
• The Northern Beaches (19,884/8.2% of all potential sites).
• Hornsby (18,344/7.6% of all potential sites).
• Blacktown (17,909/7.4% of all potential sites).
• Ku-Ring-Gai (14,617/6.0% of all potential sites).

Melbourne’s results

Although Sydney’s supply outlook is not fortuitous, Lawless said Melbourne’s is set to be even worse.

“Melbourne is expected to face a major housing shortage from 2023 to 2027, with a deficit of 23,800 dwellings, which is nearly twice the anticipated shortfall of 12,100 new dwellings in Sydney during the same period,” he said.

Within Melbourne’s broad regions, the municipalities for the most potential for numerous granny flat development sites were:

• The Mornington Peninsula (23,870/10.4% of all potential sites).
• Casey (16,861/7.4% of all potential sites).
• Monash (13,960/6.1% of all potential sites).
• Knox (13,741/6.0% of all potential sites).
• Manningham (13,063/5.7% of all potential sites).

Brisbane’s results

As a point of difference from the other two capital cities, Lawless said Brisbane’s housing supply shortfall is more imminent at a housing supply deficit of 3,100 dwellings this year.

The top five Brisbane suburbs with the highest potential for granny developments were:

• The Gap (2,986/48.8% of all potential sites).
• Alexandra Hills (2,789/46% of all potential sites).
• Redbank Plains (2,479/30.3% of all potential sites).
• Albany Creek (2,378/44% of all potential sites).
• Rochedale South (2,215/42.3% of all potential sites).

Source : ThePropertyTribune

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The UAE property market has seen remarkable growth in the recent years. The launches of the new real estate projects across the country are accelerating this momentum in the sector.

Ras Al Khaimah’s real estate sector is no exception as the emirate is witnessing booming developments.

Durar, a leading high-end real estate developer in the UAE, renowned for its impressive J One Towers in the Burj Khalifa district, has launched MASA Residences, an upscale branded residential development in Ras Al Khaimah, offering investors the prospects of high capital appreciation and owner-occupiers idyllic waterfront homes equipped with world-class amenities.

The Dhs700 million ($190.58 million) interior by YOO inspired by Starck-branded residential project, marking Durar’s’ debut in the UAE’s Northern Emirates, is set to enhance the landscape of Al Marjan Island, a stunning man-made archipelago in Ras Al Khaimah.

Christie’s International Real Estate Ras Al Khaimah, an affiliate of the globally renowned Christie’s International Real Estate, is the Exclusive Sales and Marketing Agency for this prestigious development.

MASA Residences is Durar’s first collaboration with YOO, co-founded by international property entrepreneur John Hitchcox and celebrated designer Philippe Starck.

The development will feature studio, one- and two-bedroom apartments along with ground-floor villas, offering captivating views of the Arabian Gulf. The upscale apartments will boast uninterrupted and breathtaking sea panoramas.

 “Our vision has always been to create idyllic high-end branded residences, and Al Marjan Island in Ras Al Khaimah is the ideal destination. Each and every room in the apartment offers breathtaking sea views and the strategic location development of the project promises exceptional high capital appreciation for our investors and an unparalleled living experience for owner-occupiers and tenants,” commented Durar Chairman Ibrahim Alhabib.

“We have partnered with YOO, the world’s top designer brands, to offer premium interior residences. The island’s thriving tourism activity presents our buyers with the potential for substantial capital gains and promising yields,” Alhabib stated.

Christie’s International Real Estate Ras Al Khaimah’s Managing Partner Jackie Johns stated: “Offering an ultimate beach-front setting, an enviable location and uninterrupted vistas of the shimmering Arabian Gulf, MASA Residences is ideally situated three minutes from the upcoming integrated resort, Wynn Al Marjan Island.”

The heightened development activity in Ras Al Khaimah signals a promising era of growth and progress, she said, adding, “We are thrilled to announce the opening of our office in Ras Al Khaimah and our collaboration with Durar on MASA Residences.”

“Our extensive research and market data indicate a steady increase in demand for housing dwellings in Al Marjan Island. We believe the time is right to unveil a premium branded residential project. We are excited about the project’s launch and confident of a sellout,” Johns concluded.

Source : GulfToday

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Two-thirds of institutional real estate investors are reconsidering their UK ventures due to market conditions, according to research by insurance broker Gallagher.

Gallaher found that 64% of UK real estate investors are considering shifting their investment abroad;  44% have pulled investments, while 21% have had to repurpose developments (mostly switching from commercial to residential).

The study of 300 UK institutional real estate investors responsible for their company’s asset management strategy found a number of factors – including changing working patterns, interest rate rises and inflationary pressures – were threatening their investments. Most (86%) said projects in which they had invested had experienced significant disruption in the last five years, with 37% of investors saying they believed the level of risk in investing in the UK cities had increased since the pandemic.

Among the factors causing disruption, the most common answer was supply chain issues (41%), 19% cited a change in city centre working patterns and 29% said a fall in demand for city developments in the UK had caused the disruption. Many are having to review their investment and plans for projects even before construction has been completed.

According to Gallagher, its survey raises concerns about the viability and growing risk, with 34% saying their investments stood to make a loss and 45% saying they will not achieve the returns previously expected.

The survey revealed that 44% of investors consider UK property to be no longer profitable enough. This lack of demand is exacerbated by the UK’s empty property problem with more than 650,000 buildings (according to Leeds Building Society) currently unoccupied.

Gallagher director Dominic Lion said: “Real estate disruption clearly poses a severe threat to the future of investment in UK cities, with key institutional investors facing greater risk. Ongoing delays, changing working patterns and rising interest rates are making it difficult for investors and developers to see a tangible reward on current projects, making the UK less attractive for future investment and investors risk profiles changing more regularly.

“A shift in working habits – from office to hybrid – following the Covid-19 pandemic is evidently decreasing demand for commercial development in UK cities, as projects begin repurposing sites from commercial to residential. This trend is actively impacting returns for firms, and driving a significant shift in investments moving overseas.”

Source : TheConstructionIndex

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ASHLAND — Property values in Ashland County have increased, on average, by 36% over the last year.

Ashland County Auditor Cindy Funk recently sent 25,000 letters to property owners detailing how much their properties have increased since 2020.

The state-mandated process is known as the triennial update, and it’s based on sales of real estate within Ashland County.

County auditors across the state must reappraise all their real estate parcels every six years and update their values every three.

The main difference between the two processes is that the three-year update relies on home sale data. The reappraisal is more comprehensive.

Funk said property values across the county increased anywhere from 5% to 45%, depending on separate neighborhoods and communities.

“In my neighborhood, we had a few large sales,” she said.

The letters were mailed Sept. 21 and 22, and specified the percentage of an owner’s increase. The auditor’s office then gave residents the option for “informal reviews” starting Oct. 2-6 and again Oct. 10-13.

Property owners with questions or concerns are encouraged to come to speak to an official at the Ashland County Office Building, 110 Cottage St., from 9 a.m. to 3 p.m., Funk said.

Though property values increased by 36% on average, tax rates won’t, Funk said.

“We don’t know what the tax rate is going to be, but it won’t be the same as the property-value increase,” the auditor said.

Factors such as levies for schools, libraries and first responders will play into a specific community’s tax rate.

Funk said tax rates will likely be determined by late December.

Legislative responses

Larger looming tax bills in 2024 have caught the attention of state lawmakers.

A bill introduced Sept. 12 would freeze property taxes of Ohioans 70 or older who make less than $70,000 a year and who have owned their home for 10 years or longer.

Currently, Ohio’s tax commissioner uses the last year of home sales data to determine tax rates.

Another bill, introduced in May, changes that to three years. It would also remove the tax commissioner’s discretion to set property valuation increases.

Legislators have not voted on either bill.

Source : AshlandSource 

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