Recent International Real Estate Highlights
Toronto Luxury Real Estate Sales Up
As Vancouver slaps a 15 percent foreign buyer tax on its real estate market, Toronto’s luxury real estate is benefiting and on the rise. Sotheby’s International Realty Canada reports that Toronto is leading Canada in high-end residential real estate sales for the third consecutive year with an increase of 77 percent from 2015.
Factors that are playing a role in the growth are low interest rate, high employment, and high confidence. Sotheby’s International points out that Toronto enjoys natural boundaries like the lake and the Greenbelt – giving it less land to develop and leading to lower supply, which increases demand.
Also, foreign buyers are rushing to Toronto to grab a piece before the city starts putting restrictive measures in place to discourage foreign buyers from grabbing more real estate in the one of the world’s best places to live.
U.S. Cities Still Offer Tremendous Value in Real Estate
U.S. cities, especially in the south like Texas and Florida, offer tremendous opportunity in real estate. According to a report from Forbes and Local Market Monitor, Dallas is on the top of the list of investor-friendly places with a projected 31 percent growth rate. Cities like Jacksonville, Orlando, Seattle, and West Palm Beach are also on the hot growth list.
Dubai Real Estate Rising
Suffering from a sluggish growth since mid-2014, Dubai is on the move again. According to a report released by JLL Chicago, Dubai real estate is poised to rise in 2017. There are various factors favouring the growth. Stabilizing oil price and hosting the EXPO 2020 are some of the main factors.
However, Abu Dhabi (UAE capital) could face further declines in real estate in 2017 because of its less diversified economy and less expenditures on projects.