USA
The 30-year mortgage rate in the U.S. has climbed to 6.54%, its highest since early August. While buyers face higher costs, new home sales jumped in September to their fastest pace in over a year, showing strong demand in the market despite rising rates.
Source: Mortgage Rates in U.S. Rise for Fourth Week, Climbing to 6.54%
U.K.
In October 2024, U.K. home sales rose 29% from last year, with the highest number of properties on the market in a decade, giving buyers more options and bargaining power. Despite strong sales, affordability is still an issue, with some buyers waiting on mortgage rate cuts and budget updates. The outlook for 2025 is positive but depends on affordability improvements.
Source: Number of homes sold in U.K. up by a third, says Rightmove
Canada
The Bank of Canada made a bold move by cutting its key interest rate by 50 basis points to 3.75% in October 2024. This action is aimed at reigniting the housing market after sluggish sales. While this rate cut could attract more buyers, concerns remain about rising household debt levels, which are already among the highest in advanced economies. Some potential buyers might delay their purchases, expecting further rate reductions.
Source: Bank of Canada's Deeper Cut Aims to Reignite a Sluggish Housing Market
Australia
Victoria is dealing with a severe housing crisis, prompting the state government to introduce new measures in October 2024 to expedite building permits, particularly for townhouses. This strategy is part of a broader plan to increase the housing supply in urban areas and ease affordability pressures for both homebuyers and renters. The plan is intended to help younger buyers, especially millennials, gain access to more affordable housing.
Dubai
Dubai's real estate market continues to experience rising property prices, but homes are getting smaller. Data from October 2024 shows that while prices are increasing, particularly in key urban areas, the average size of homes has decreased. This reflects the growing demand for luxury properties despite space constraints in the rapidly expanding city.
Source: Dubai Homes Are Getting Smaller While Property Prices Increase
Singapore
In October 2024, a single major project launch defied the slowing trend in Singapore’s residential market. While rising interest rates and stricter lending rules have reduced overall transactions, this project attracted strong interest, especially from wealthy individuals and foreign buyers. Despite challenges in the broader market, luxury properties remain in high demand.
Source: How a Single Project Launch Bucked the Trend in Singapore’s Residential Market
