Housing
The data combined the cost of actual rents paid with an estimate of the cost of housing owners would pay if they rented their home on the open market - known as “imputed rent”. Housing in Poland, by contrast, has the lowest share of spending of any OECD country, with only 6%. The largest expenditure item across all countries but one was imputed rentals for housing. Poland is the exception, where electricity, gas and other fuels was measured as the largest expenditure. Poland’s heavy dependency on fossil fuels led to some of the highest wholesale electricity prices in Europe following Russia’s ...
Euronews (English)
Houses and flats in Germany last year posted their largest price slump since at least the start of the millennium shedding an average of 8.4% in value compared with 2022. "This was the sharpest year-on-year decline since the time series began in 2000 and the first decline since 2007," the Federal Statistical Office in Wiesbaden said on Friday. Prior to this, residential property prices had climbed steadily between 2008 and 2022. Banks expect the latest decline to end this year as interest rates fall again. In urban districts, the fall in prices for detached and semi-detached houses was as high...
DPA Breaking News
Mortgages that require longer-loan repayments are becoming increasingly popular in the UK, according to the banking association UK Finance. Up until recently, the average length of a mortgage in the UK has been 25 years. In December, 23% of first-time buyers took out mortgages longer than 35 years, compared with 11% of non-first time buyers, data released by the group revealed. Just a year ago, the proportion of people buying their first home who took out loans over 35 years was 17%, up from 9% in December 2021. UK Finance is warning that this trend is driven by affordability issues, as the lo...
Euronews (English)
The UK's largest building society, Nationwide, announced on Friday that UK house prices were 1.2% higher in February than during the same period in 2023. Over the month, the lender said that costs are up 0.7%, meaning that the average house price has risen to £260,420 from £257,656 in January. Friday’s data, which surpasses analysts’ expectations, points to an upturn in the UK housing market following limited demand last year. "The Index shows the market casting off a lull from the winter and has the prospect of higher activity than previously expected," said Mark Dyason, Founder of Edinburgh ...
Euronews (English)
Madrid is currently one of the areas of Spain with the greatest housing needs. It is estimated that the capital and its surrounding area will need some 175,000 flats over the next decade to meet demand, which is high. To fix the issue and expand the region's residential stock, the local government has presented a plan to convert underused office buildings into housing. The measure aims to bring up to 20,000 flats onto the market in two years by making the process of changing the use of land and obsolete buildings much easier - provided that the homes are available for rent at affordable prices...
Euronews (English)
Hong Kong is axing all extra stamp duties from Wednesday onwards in a bid to revive the city’s housing market, finance chief Paul Chan has said following pressure to lift long-standing property cooling measures. “After prudent consideration of the overall current situation, we decide to cancel all demand side management measures for residential properties with immediate effect, that is, no Special Stamp Duty, Buyer’s Stamp Duty, or New Residential Stamp Duty needs to be paid for any residential property transactions starting from today,” Chan said in Cantonese as he delivered his annual Budget...
Hong Kong Free Press
The Austrian government is planning to spend €1 billion ($1.08 billion) to boost the country's sluggish housing construction sector, Chancellor Karl Nehammer and Vice-Chancellor Werner Kogler announced on Tuesday. The taxpayer's money is to be invested to create 10,000 owner-occupied homes and 10,000 rental flats as well as on the refurbishment of 5,000 existing flats, they said. In addition, the governing coalition of Nehammer's conservative Austrian People's Party (ÖVP) and Kogler's Greens is looking to provide the federal states with money for low-interest housing loans. Meanwhile, the fees...
DPA Breaking News
The number of new homes built annually in Germany could fall by 35% by 2026 compared to last year, as experts warn of a massive housing shortage in the coming years. Germany is in a poor position compared to other European countries, according to a forecast published in Munich on Tuesday by the Euroconstruct research network. According to the forecast, only 175,000 residential units are expected to be completed in Germany in 2026 - 95,000 fewer than in 2023, according to the calculations. Only in Sweden is the number of completed flats in the 19 European countries analysed predicted to fall mo...
DPA Breaking News
The Hong Kong government will step up efforts to combat “rich tenants” in subsidised public housing units, vowing to check the value of tenants’ vehicles and whether they own property in the city or overseas. Housing chief Winnie Ho announced the enhanced initiatives in an interview with Beijing-backed newspaper Tai Kung Pao on Monday, saying that they were necessary because of a limited supply of public housing. The Housing Department had revised income and assets declaration arrangements and strengthened online monitoring to identify tenants who were illegally subletting their units. Since O...
Hong Kong Free Press
Dana Point (United States) (AFP) - Multi-million-dollar homes crouched on a California clifftop got a little bit closer to the edge when a landslide brought tons of rock and soil crashing into the sea. Heart-stopping pictures show three mega-mansions in the city of Dana Point apparently now perilously close to the Pacific Ocean following the rockfall. But astonishingly, the properties are still livable, with engineers assuring owners that their homes are in no danger of sliding into the sea. Lewis Bruggeman, who owns one of the homes in the tony enclave south of Los Angeles, told a local broad...
AFP
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