realestate
There are hopes of improvement for Europe's commercial property market, as a long-standing trend of decline showed a slowdown for the first three months of 2024. Although values were down, they fell by just 0.5% in the first quarter. That was an improvement on the previous quarter, which saw a drop of 3.4%, according to data from the Altus Group. "As we start off 2024, we're seeing encouraging signs in the European commercial property market, with commercial property value declines moderating significantly across all sectors," Altus Group's senior vice president Phil Tily wrote in the group's ...
Euronews (English)
The last remaining privately owned land on the Svalbard Archipelago in Norway, "with significant environmental, scientific and economic importance" is on sale, for €300 million. "This is a once-in-a-lifetime opportunity to acquire land on one of the world-famous Svalbard islands," said Will Matthews, Head of Farms & Estates at Knight Frank to Euronews Business. Global real estate consultancy Knight Frank, which is marketing the Company holding 100% of the land, said that it is a "unique environmental, philanthropic and conservation opportunity." The land has a strategic location and is of geop...
Euronews (English)
A large chunk of the world's wealth today is locked in illiquid assets, therefore they are typically traded at a discount. According to a recent study by the Boston Consulting Group, "tokenisation" - using cryptocurrencies and blockchain technology promise to turn illiquid assets such properties into capital flows - and this market is expected to grow to $16 trillion (€14.85 trillion) by 2030. Although the use of these new digital tools has yet to be widely regulated in the US, new laws in Europe are set to take effect from 2025 which may lead to investors reconsidering the idea of tokenising ...
Euronews (English)
Europe’s rapidly deteriorating commercial real estate crisis could potentially impact its banks as well. Back in July 2023, European banks had about €1.4 trillion tied up in loans to the commercial property sector, according to the European Banking Authority (EBA). Germany has been particularly hit, especially due to the country currently dealing with the deepest real-estate crisis in several years. This is mainly due to increased property developers seeing higher costs of borrowing, following soaring interest rates. This in turn has led to more developers facing bankruptcies, as well as sever...
Euronews (English)
Freddie Mercury's sanctuary in London, where he lived the last decade of his life, is on sale for the first time in nearly half a century. Garden Lodge, a neo-Georgian brick home in the posh neighbourhood of Kensington, is for sale by agent Knight Frank for offers exceeding €35 million. It is not publicly listed. Mercury, the frontman for the rock band Queen, bought the house in 1980. According to "Mercury: An Intimate Biography of Freddie Mercury", he paid cash for the property, which was then listed for more than €585,000. “I saw the house, fell in love with it, and within a half an hour it ...
Euronews (English)
Millennials could potentially become the wealthiest generation ever, according to estate agent Knight Frank's 2024 Wealth Report. Defined broadly as those born from 1981 to 1996, millennials, also known as Generation Y, could possibly see a sizeable windfall in the next 20 years, due to property and other assets amassed by their parents and grandparents. This could clock in at about $90 trillion (€83.1 trillion) in the US alone. "When the silent generation (born from 1925 to 1945), the baby boomers (1946 to 1964) and the oldest cohort of Generation X (1965 to 1979), die, £2.5 trillion (€2.9 tr...
Euronews (English)
Chinese trusts and wealth management companies have been struggling under the weight of tightening regulations and China's persistent property crisis - two phenomena that have hit the country's 'shadow banking' industry particularly hard and could have knock-on effects for Europe. Shadow banks, such as Sichuan Trust and Zhongzhi, are non-bank financial institutions, such as credit guarantee companies, hedge funds and asset management companies, that provide some of the key services of banks despite not being traditional lenders. It's a significant sector: according to the International Monetar...
Euronews (English)
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