Credit provisions for the asset class rose to a peak for data going back to 2022, almost doubling from a year earlier, according to an investor presentation published Thursday. While Deutsche Bank is “seeing some stabilization” in the broader US commercial real estate market, the office part of that will likely “continue to be impacted” for the rest of the year, Chief Financial Officer James von Moltke said on a call with fixed-income investors on the same day.

The remarks highlight how Deutsche Bank’s unique position as one of the biggest European lenders to developers of US commercial real estate — and offices in particular — will continue to be a sore point for investors. Even though its US CRE exposure accounts for only about 3% of its total loan book, it was the source for more than a quarter of the bank’s credit provisions in the last three-months period.

The average loan-to-value in its US office loan segment remained at 81% as of end-June, the bank said. That compares with an average CRE portfolio LTV between 50% and 60% at large German banks last year, according to a report from Fitch Ratings.

A previously expected recovery in the asset class hasn’t yet materialized, Deutsche Bank said during its earnings presentation on Wednesday, causing it to give a worsened outlook for full-year credit provisions. Shares tanked as much as 9%.

Elsewhere, New York Community Bancorp’s stock fell as much as 17% after reporting provisions for loan losses that were higher than every analyst’s estimate. That was linked to increasing charge-offs, primarily office loans, it said.

The commercial property market has been hard hit by interest rate rises, which have raised borrowing costs. US offices are among the worst performers as they have also experienced rising vacancies on the back of higher rates of remote working.

Source: Yahoo

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The US-India Cultural Property Agreement was signed by Union Cultural Secretary Govind Mohan and US envoy Eric Garcetti in the presence of Union Culture Minister Gajendra Singh Shekhawat on the sidelines of the ongoing 46th session of the World Heritage Committee at Bharat Mandapam here.

Interacting with the press later, Shekhawat said it is a general agreement that will allow “smooth repatriation” of historic artefact from the US to India.

He added that there are “297 items” that are “lying in the US, ready to be repatriated.”

India has repatriated 358 antiquities since 1976, out of these 345 have been retrieved since 2014, the minister said.

“The agreement aims to prevent illegal trafficking of cultural property and retrieval of antiquarian objects to their place of origin,” the Culture Ministry said in a statement.

He added that there are “297 items” that are “lying in the US, ready to be repatriated.”

India has repatriated 358 antiquities since 1976, out of these 345 have been retrieved since 2014, the minister said.

“The agreement aims to prevent illegal trafficking of cultural property and retrieval of antiquarian objects to their place of origin,” the Culture Ministry said in a statement.

The US-India Cultural Property Agreement was negotiated by the State Department under the US law implementing the 1970 UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, the statement said.

Garcetti also congratulated the government of India for hosting UNESCO’s 46th session of the World Heritage Committee, saying it demonstrates the country’s commitment to not only protecting its own cultural property, but also help others doing it.

“This event marks the culmination of nearly two years of diligent work by experts from both countries and fulfills President Biden’s and Prime Minister Modi’s commitment to enhance cooperation to protect cultural heritage highlighted in the joint statement issued after their meeting in June 2023.,” the embassy said in the statement.

“Cultural property agreements prevent the illegal trade of cultural property and simplify the process by which looted and stolen antiquities may be returned to their country of origin.

“The United States has been unwavering in its commitment to protect and preserve cultural heritage worldwide and to restrict trafficking in cultural property,” it said.

Source

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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

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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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