Mansion Global Daily: Dubai home sales surge to 13-year high, China could lose up to $65 billion due to immigration and more

Residential property sales in Dubai hit a 13-year high in May

Total transaction volume was up 33% year over year, driven by new construction. Read more

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A limestone home in a prime location on Manhattan’s Upper East Side

Amenities in this fully renovated 1910 home include a rooftop terrace, garden, two bars, and seven wood-burning fireplaces. Read more

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Incorporate whimsical Kitsch into your kitchen without compromising functionality

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UK Mortgage Debt Reaches 12-Year High

Data from tax advisory Mazars has found that the value of UK mortgage arrears has exceeded 2.05 billion pounds (2.42 billion US dollars), the highest level for such debts since 2010. The company cites the rising cost of living and increasing interest rates as key factors in its Debt inflation, as it takes a larger portion of the household’s finances and pushes more borrowers into default. “People usually make a lot of sacrifices to meet mortgage payments,” said Matthew Carter, Mazars partner. “But these numbers indicate that things are starting to get worse for some families.” morning city

Canadian home prices fall for the second month in a row

High interest rates are affecting the Canadian real estate market. According to the Canadian Real Estate Association, prices across the country have fallen for the second month in a row, with the benchmark home price down 0.08% to C$822,900 (US$635,558) in May from April. Prices weren’t alone in the fall — home sales fell 8.6% in May from the previous month. BNN Bloomberg

China and Hong Kong could lose up to 65 billion US dollars through immigration

The real estate market in China needs to prepare for another punch. Henley & Partners, a consultancy that helps clients obtain permanent residency in countries around the world, expects that China and Hong Kong could see up to $65 billion out of the country as an estimated 10,000 high net-worth individuals migrate from the region. Difficult Covid-19 protocols and political uncertainties. If the prediction proves correct, 2022 will rank behind only 2019, when $100 billion fled mainland China and Hong Kong, in terms of wealth lost due to immigration. South China Morning Newspaper

A four-bedroom beach house in Victoria, Australia, could set a suburban record

A charming four-bedroom coastal home in Balnarring Beach in Victoria, Australia, could set a new suburban record, if asking price ranged between A$7.3 million to A$8 million (US$5.07 million to $5.56 million). Vendors Naomi and Peter Butters have enjoyed many weekends and holidays in the coastal oasis, which was built in 1970. “We’ve been waiting for weekends at Balnarring Beach and have stayed in a number of beach homes in the past,” said Ms. Butters. The house is located on a building of 709 square meters, surrounded by natural bush and only a few minutes walk from the beach.

About the news company

The demand for newly built homes is very high [The Times of London]

Echoes of the Great Recession: Is Mortgage Lending Again More Risky? []

Mortgage rates are on the rise. Rose apps anyway. [Barron’s]

James Burroughs, director known for co-creation of “Cheers,” lists LA Estate for $38 million [The Wall Street Journal]