USA
The U.S. is facing a growing housing crisis, with an estimated 5.6 million vacant homes despite high demand in the housing market. Vacancy rates have surged as affordability worsens due to rising mortgage rates and limited supply. This disconnect between available homes and potential buyers continues to pressure the market, contributing to the ongoing housing crisis. Experts suggest that without intervention, the U.S. could face further complications in addressing this housing supply-demand imbalance.
Source: 5.6 Million Vacant Homes and Counting—There Is a Massive Housing Crisis Brewing in America
U.K.
U.K. house prices experienced a slight rise in October 2024, but affordability remains a major issue, especially for first-time buyers. While some regions have seen stabilisation, particularly outside of London, rising mortgage rates and the cost of living continue to impact the ability of buyers to enter the market. The Royal Institution of Chartered Surveyors (RICS) noted that while demand is increasing, affordability challenges persist, particularly for renters facing mounting pressures in urban areas.
Canada
Canada's existing home sales rose by 1.9% in September 2024, reflecting a rebound in market activity. This growth follows a period of sluggish sales, as buyers begin to return despite higher mortgage rates and affordability challenges. However, while sales are increasing, the housing supply remains tight, with prices continuing to rise in key cities like Toronto and Vancouver. The imbalance between supply and demand remains a significant issue, worsening affordability concerns for many Canadians.
Source: Canada Existing Home Sales Jump 1.9% in September
Australia
Australia’s property market continues to attract strong investor interest, despite slowing growth. Citi’s Australia Chief recently noted that five of the top six most in-demand companies are in the real estate sector, driven by expectations of a potential central bank easing cycle. While home values rose by only 1.0% in Q3 2024, demand remains steady in inner-city areas, boosted by population growth. However, suburban markets in Sydney and Melbourne are cooling as cautious buyers and higher listings contribute to the slowdown.
Source: Citi's Australia Chief Says Real Estate Tops Investor Interest
Dubai
A record-breaking leasing deal in Dubai’s luxury property market saw a waterfront mansion on Jumeirah Bay Island rented out for AED 15.5 million annually. It emphasizes the high demand for ultra-luxury properties in Dubai, particularly among high-net-worth individuals and investors. This deal showcases Dubai’s prominence as a global hotspot for luxury real estate, with a surge in high-value transactions.
Source: Jumeirah Bay Island Mansion Sets Rental Record in Dubai
Singapore
Singapore’s private home sales saw a sharp rise in September 2024, reflecting renewed buyer interest in the property market. While the overall housing market has faced some challenges this year, the luxury property segment remains robust, with strong demand from both local and international buyers. The increase in sales indicates growing confidence in the market, with high-end properties driving the resurgence. This trend is expected to continue as investors seek stable, high-value investments.
Source: Singapore Private Home Sales Rose Sharply in September
