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Luxury London Real Estate Draws Most Mideast Buyers in 4 Years

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(Bloomberg) — Middle Eastern buyers of prime real estate in central London hit a four-year high in the second half of 2022, when they took advantage of the weak pound and relaxed covid restrictions, according to property consultant Knight Frank LLP.

Buyers from the region accounted for 11% of property transactions in some of London’s most prestigious postcodes, putting them just behind investors from Europe and the UK. The last time buyers from the Middle East made up a higher proportion of sales in the area was in 2015, Knight Frank said.

“Compared to some parts of the world, buyers from the Middle East have been relatively free to travel to London and take advantage of the weak pound, which has resulted in discounts of more than 40% compared to 2014 when price and currency movements are combined,” Tom Bill, head of UK residential research at Knight Frank, said in a statement.

At the peak of the pandemic during the first half of 2020, investors from the Middle East accounted for just 2.2% of all of the sales in London’s top postcodes as the region — along with much of the world — enforced a series of strict social restrictions to limit the impact of the virus.

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After some initial constraints, Middle Eastern countries such as the United Arab Emirates largely stayed away from the full-scale lockdowns seen around the globe, instead relying on strict mask mandates and inoculations. The government’s nimble handling of the pandemic drew in visitors from around the world looking to escape curbs in their home countries. Dubai, part of the UAE, had one of the world’s fastest vaccination rollouts.

Capital Inflows

London, which has long attracted huge swathes of foreign investment and drew in the most capital inflows of any global city in the first half of 2022, this year faces uncertainty over property valuations as interest rates rise and in the wake of political chaos triggered by September’s mini-budget. Foreign dealmakers accounted for 57% of London real estate investment last year, compared with 65% in 2015, according to data compiled by MSCI Inc.

“Wealthy families are not looking at London as a one or two year play, they are taking a long-term view, typically committing for the next 50 years,” said Henry Faun, head of Knight Frank’s Private Office in the Middle East. “Investors remain bullish on London’s outlook; the Emirati clients I am speaking with feel it currently offers an opportunity not matched elsewhere globally and will bounce back strongly as it always has.”

8 Eaton Lane, one of London’s newest prime residential developments where two-bedroom apartments start at £3.8 million has attracted significant interest from buyers in the oil-rich Gulf region since sales began late last year, according to Knight Frank. The Grade II listed building in London’s Belgravia is being developed into 42 residences and seven retail units with amenities such as a gym, spa treatment rooms, swimming pool, cinema and business suite.

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Vancouver duplex owners deny scuttling $1.8-million real estate sale – Vancouver Sun

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Maria and Panagiotis Pappas, who own a home at 3257 West 2nd Avenue, filed a lawsuit against their neighbours, Jordan Mark Bower and Maureen Culver Elworthy.

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The owners of one half of a Vancouver duplex who are being sued by the owners of the other half of the property deny a claim that they scuttled a $1.8-million real estate sale following a “toxic” dispute over common property.

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Late last year, Maria and Panagiotis Pappas, who own a home at 3257 West 2nd Ave., filed a lawsuit against their neighbours, Jordan Mark Bower and Maureen Culver Elworthy, who own 3255 West 2nd Ave., the other half of the duplex.

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The plaintiffs said that they had been living with their neighbours for more than a year with no discussion of legal or property issues until January 2021.

A dispute arose when Bower and Elworthy proposed what the plaintiffs are calling a “complete” redrawing of all common property space on the ground-floor outdoor areas of the home.

The plaintiffs say they consider the proposals to be completely one-sided and beneficial to the defendants.

As a result, say the plaintiffs, they offered to simply sell their property and move to allow Bower and Elworthy to negotiate with new owners as to any changes of common property.

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They say that after putting their home up for sale, they received an offer on Oct. 8 for $1.85 million.

The offer was partly contingent on the buyers receiving confirmation from the defendants that a civil resolution tribunal case that had been filed against the plaintiffs would be, or already was, discontinued, says the plaintiff’s lawsuit.

The plaintiffs alleged that Bower and Elworthy displayed a “confrontational” attitude with the buyers, and as a result, the sale collapsed.

But in a response to the lawsuit, the defendants say that the proceedings concern what they consider to be the plaintiffs’ unauthorized use of common property in violation of the bylaws of the strata corporation.

The two properties are collectively a strata corporation, although the corporation has never complied with strata laws and there have never been annual general meetings. There is no budget or council meetings, according to the plaintiffs’ lawsuit.

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Bower and Elworthy say in their response that the first discussion of property issues occurred in April 2019 when they tried to perform a home inspection.

They say they attempted to negotiate with the plaintiffs to find an amicable solution to the issues, but were ultimately unsuccessful and as a result commenced proceedings in the civil resolution tribunal.

Bower and Elworthy deny that the plaintiffs were selling their home in a bid to get away from them and were instead selling it for financial reasons.

They deny that they were unreasonable or confrontational with the prospective buyer, or that they caused the offer to be withdrawn or the contract to collapse.

“At no time did the defendants seek to scuttle the contract. At all material times, the defendants negotiated in good faith with the prospective buyer and had only communicated with the prospective buyer because the plaintiffs (through their realtor) requested them to.”

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The defendants say it was their desire that the contract between the prospective buyer and the plaintiffs be completed.

“In furtherance of that desire, the defendants spent many hours communicating with the prospective buyer and obtained legal advice to assist with reaching a solution so that the bylaw violation could be addressed and the (civil tribunal) claim withdrawn.”

kfraser@postmedia.com


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Ottawa Valley real estate ends on a high in a dismal year – Ottawa.CityNews.ca

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The 2022 real estate year in the Ottawa Valley ended with a little bump in what can best be described as a year to forget if you are a realtor or an individual searching for that perfect home at a reasonably affordable price. 

The number of homes sold through the MLS® System of the Renfrew County Real Estate Board totalled 83 units in December 2022. This was a substantial decline of 21 percent from December 2021 but still came in around average levels for this time of year.  

The year started off slow and never really gained any momentum during the 12 months, a trend that the rest of Canada was mired in for the first eight months of the year.  

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In its final report of the year, the Canadian Real Estate Association (CREA) reported the national slower than usual real estate sales in the first half of the year was caused by a number of factors.  

“In 2022, we saw one of the biggest single-year shifts on record in Canadian housing activity, from record highs last winter to just below the 10-year average to end the year,” said Jill Oudil, chair of CREA. “That said, the market’s adjustment to higher rates may be mostly in the rear-view mirror at this point. That could start to bring buyers back off the sidelines this spring.   

Leading the way for the slump in sales was the uncertainty of the Canadian mortgage rates and the pattern of following the American bank rate that was drastically increased over the latter part of the year.  

The Federal Reserve waged a war on inflation throughout 2022 and as a result the interest rate set by the Fed increased by a whopping 4.25 per cent during the 12 months. The high rate of inflation, the war in Ukraine, shortages of materials in the global supply chain all contributed to the massive increases. 

In Canada, the Bank of Canada often followed suit. In October the cost of borrowing to purchase a home was determined by the national rate which sat at 1.75 percent. By December 2022, it was 4.25 per cent.   

In Renfrew County, home sales were eight percent below the five-year average and six percent above the 10-year average for the month of December. On an annual basis home sales totalled 1,652 units over the course of 2022. This was a significant decrease of 25.9 percent from the same period in 2021. 

The average price of homes sold in December 2022 was $402,804, down sharply by 10.1 per cent from December 2021. 

The more comprehensive annual average price was $465,948, an increase of 14.2 per cent from all of 2021. 

The dollar value of all home sales in December 2022 was $33.4 million, a big reduction of 28.9% from the same month in 2021. 

The number of new listings increased by 8.2 per cent (five listings) from December 2021. There were 66 new residential listings in December 2022. 

New listings were 9.1 per cent below the five-year average and 21.7 per cent below the 10-year average for the month of December. 

Active residential listings numbered 226 units on the market at the end of December, more than double the levels from a year earlier, surging 113.2 per cent from the end of December 2021. 

Active listings were 20.3 per cent below the five-year average and 55.5 per cent below the 10-year average for the month of December. 

Months of inventory numbered 2.7 at the end of December 2022, up from the one month recorded at the end of December 2021 and below the long-run average of 7.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

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8Twelve Enters into Mortgage Solution Agreement with Your Home Sold Guaranteed Realty – Financial Post

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TORONTO, Jan. 30, 2023 (GLOBE NEWSWIRE) — 8Twelve Financial Technologies Inc. (“8Twelve” or the “Company”) is pleased to announce that it has entered into an agreement to provide mortgage solutions to Your Home Sold Guaranteed Realty (“YHSGR”), its agents and their clients.

8Twelve’s proprietary INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible mortgage from Canada’s largest marketplace of bank, alternative, and private mortgage products.

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At Your Home Sold Guaranteed Realty, we invest in our agents more than any brokerage you will find,” said Todd Walters, CEO and Co-Founder. “Partnering with 8Twelve fits our model perfectly because we consistently equip our agents with differentiating tools that help them to build their business and dominate in the industry. This partnership ensures that YHSRG realtors have the best tool to secure financing for their deals.”

YHSGR is the only real estate brokerage in North America to be licensed by the US and Canada’s #1 real estate Coach Craig Proctor. The distinction brings with it exclusive access to Craig Proctor’s proprietary business teachings and systems for YHSGR agents; systems that have been proven to create more millionaire agents than any other real estate trainer or coach.

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“With rising interest rates and tighter lending requirements, Canadians now more than ever need to know all their home financing options,” said Akber Abbas, President & Chief Information Officer of 8Twelve.  “This agreement highlights the strength of our service offering in enabling large scale enterprises to deliver the best financing solutions to their clients.”

8Twelve is seeing increased interest and user success in its offering as companies are exploring more ways to help their clients.  8Twelve’s secure, smart technology is able to provide fast turnarounds and exceptional service levels to homebuyers as it strives to provide a mortgage solution for every borrower situation.

About Your Home Sold Guaranteed Realty
Your Home Sold Guaranteed Realty was founded with this vision: To Be the Best Place to Work, Buy, and Sell Real Estate! We are proud to be one of the fastest-growing real estate companies nationwide. If you’re looking to buy or sell a home, Your Home Sold Guaranteed Realty is there for you every step of the way. You can count on knowledgeable agents with PERFORMANCE GUARANTEES that are ready to handle every situation, giving you the peace of mind that you made the perfect choice in a Real Estate Agent and Company!

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About 8Twelve Financial Technologies
8Twelve is transforming the home financing experience by providing consumers with one convenient platform to solve all their mortgage needs. Gone are the days of needing to search for a mortgage through multiple providers such as banks, mortgage brokers, and private lenders. Borrowers can now access Canada’s largest selection of mortgages in one convenient marketplace. 8Twelve’s proprietary cloud platform INFIN8 utilizes real-time analytics, AI, and workflow automation to identify the best possible financing solution in the Canadian market (from over 65 lenders and over 7000 mortgage products).

Follow 8Twelve on:
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Contact:
Rick McLaughlin
Email: rick@8twelve.mortgage 

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