Mansion Global Daily: Hong Kong Homeowners Are the Wealthiest in the U.K.

Mansion Global Daily: Hong Kong Homeowners Are the Wealthiest in the U.K.

Australia’s ‘Cutest’ House Has a New Owner

A storybook cottage that could easily be Australia’s cutest house has sold at auction. The home is located on Cameron Street in Balmain, a harborside suburb of Sydney. The winning bidder paid A$2.37 million (US$1.56 million) on July 28 for the cream and green-painted weatherboard home, with sandstone walls within and charming attributes throughout, according to the listing. The sale comes with recently approved plans for a renovation and extension. Domain

A Record July for Calgary’s Real Estate Market

The home market in Calgary, Canada, is surging this summer. In fact, its real estate market had its busiest July ever, according to the latest data from the Calgary Real Estate Board. Prices increased for a seventh consecutive month, while year-over-year sales surged by 18% to reach 2,647 total transactions. The unadjusted total residential benchmark price jumped to C$567,700 (US$426,342) from C$564,700 in June and is now more than 4% above the previous peak recorded in May 2022. Yahoo Finance.

Hong Kong Homeowners Are the Wealthiest in the U.K.

Hong Kong homeowners in England and Wales own the most valuable property portfolio, worth about £10.8 billion (US$13.7 billion), according to data from Benham and Reeves. Hong Kongers own 24,759 homes across the U.K., and Singapore homeowners rank second, with 15,725 homes worth approximately £7.2 billion. The U.S. (£5.1 billion), the U.A.E. (£4.6 billion) and China (£4.2 billion) round out the top five foreign-owned property portfolios. “Foreign owned homes are worth a staggering £78.8 billion in today’s market,” said Marc von Grundherr, director of Benham and Reeves. PropertyWire

Los Angeles Apartment Sales Drop by Nearly 50%

The number of apartment units sold across Los Angeles during the second quarter was nearly 49% lower than last year, according to a report from NAI Capital. Higher interest rates and transaction costs along with weaker demand has left a dent in the city’s apartment market. “Investors have retreated from the market due to tight credit conditions and a disparity in prices between sellers and buyers, resulting in a transactional standoff,” the report said. Additionally, Measure ULA, known as the mansion tax, has had an effect since it was implemented on April 1—sales volume for apartment buildings under the $5 million threshold was up 40.5% from the first to second quarter of the year, while sales for apartment buildings over $5 million fell significantly by 75.2%. Commercial Observer

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