(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.
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.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
