London Mayor Boris Johnson blocked the development of 25 luxury apartments in the city’s Mayfair district because the homes would be too big, signaling a luxury development boom in the city center may face new limits.
Hong Kong and Singapore are the two major Asian cities that recorded declines in luxury home prices in the first quarter on government measures to prevent housing bubbles, according to Jones Lang LaSalle Inc.
Seeking to hedge against rising rents and a shortage of space, banks and insurers are on a record spree of buying office buildings in Hong Kong, where occupancy costs are the second-highest in the world.
IFA Hotels & Resorts Co., a company partly owned by Saudi billionaire Prince Alwaleed Bin Talal, is in talks with several Middle East investors to sell the Fairmont hotel at the trunk of a man-made island in Dubai, the property broker that’s advising IFA said.
China led a jump in investment in Asia-Pacific commercial properties to $4.2 trillion in 2012 as economic growth drove up capital values and supported new construction, according to London-based broker DTZ.
Long lines of tractor-trailers filled with electronics, apparel and home-improvement goods crowd Interstate 10 through Southern California’s Inland Empire. The trucks are headed for a growing number of warehouses that are displacing the citrus groves that once dominated the area.