Luxury rental costs rocket

Toronto’s hot property market is not only causing bidding wars among buyers,  renters are also feeling the heat as the lack of supply spills over into rental market, Mansion Global reports. The prices of luxury rentals in the largest Canadian city increased 8% in 2016 year-over-year, beating other key global cities in terms of pace […]

Billionaires switch to renting

Foreign billionaires are renting rather than buying luxury homes in London following increases in tax bills on upmarket properties. Lettings that cost more than £3,000 a week – £156,000 a year – increased by 28% in the last three months of 2016, according to research by the property data service LonRes, the UK’s Guardian reports. […]

Eaton Square house average £17m

A London square whose wealthy residents have included Margaret Thatcher and Sean Connery has been crowned the most expensive in England and Wales with an average house price of nearly £17m. Eaton Square, in the upmarket Belgravia district of west London, topped a list dominated by addresses in the capital, according to an annual survey […]

UK retirees ‘earn’ £26,000

Retired homeowners have gained an average of £26,000 this year from their houses, according to Key Retirement research. Total property wealth owned by over-65s who have paid off their mortgages grew to a new record high of £1.031 trillion in the past three months with average pensioner homeowners gaining more than £2,300 a month since […]

UK brewery sells its gear

A 500-year-old UK brewery is selling off its vats, pumps and bottling lines at auction as its billionaire Singaporean owner prepares to turn the site into luxury flats, the UK’s Guardian reports. The Mortlake brewery in south-west London began brewing beer for the local monastery in 1487 and is thought to be among the oldest […]

Canada’s wealth stagnates

A comprehensive measure of Canada’s national wealth shows it has been stagnant for decades and is too heavily dependent on housing and oil and gas, says a groundbreaking national report by the International Institute for Sustainable Development. This week’s federal government approval of two expanded oil export pipelines simply drives home the “imperative” that Canada […]

Chinese buy German homes portfolio

China’s sovereign wealth fund CIC has made a large investment in German residential real estate, adding to a string of recent buys of Chinese groups in Europe’s largest economy, sources close to the deal said on Friday. German property group BGP has been sold to vehicles advised by Morgan Stanley Real Estate Investing (MSREF) at […]

Most expensive tear-down

In 2008, Donald Trump sold a Palm Beach, Florida, estate for $95 million, making it the most expensive single residential property ever sold in town. Now the property is about to set another record – as Palm Beach’s most expensive tear-down. Backhoe loaders and dump trucks have started crushing and carting away the 5,736 square-metre French provincial […]

Airbnb moves in to the neighbourhood

Since its inception, Airbnb – the website that allows people to rent out their homes for holiday accommodation – has been a contentious issue in cities. It’s a cost-saving convenience for travellers and a money-making opportunity for homeowners, yet a source of ire to scores of traditional hotels and guest-houses. Some have accused the global […]

UK homeowners cash in

Retired UK homeowners cashed in more than £934m of property wealth in the first six months of the year, as a buoyant housing market continued to boost retirement incomes, according to Key Retirement. This equated to £76,300 each – an increase of £7,850 on the same period last year – however, the provider’s findings revealed […]