Daily Real Estate News: January 2025
Published Date: January 21, 2025, 10:00 AM
Spain Proposes Ban on Non-Resident Britons Purchasing Second Homes
Spain's Prime Minister, Pedro Sánchez, plans to prohibit non-resident Britons from buying houses in Spain unless they reside in the country. This initiative aims to address rising property prices and housing shortages. In 2023, Britons led foreign property purchases, with non-residents from outside the EU acquiring approximately 27,000 properties. The proposal includes higher taxes and stricter regulations on tourist apartments to increase residential property availability and control rent spikes.
REBNY Gala Celebrates Leasing Surge and Office Return in Manhattan
Over 1,000 industry leaders attended the Real Estate Board of New York (REBNY) annual gala, celebrating a significant leasing surge by the end of 2024 and increased office attendance in Manhattan. Office building attendance reached 72% of 2019 levels in December, the highest since the pandemic. Notable attendees included Mayor Eric Adams and Governor Kathy Hochul.
Australia's Most Expensive House Sold for $130 Million
A consortium led by Patrick Shi, CEO of Acce Investments Group, purchased Australia's most expensive house, Elaine, for $130 million. The 6,986 sqm waterfront property in Sydney was sold by Atlassian co-founder Scott Farquhar and his wife, Kim Jackson. The consortium is considering subdividing the property, potentially yielding over $200 million.
Significant Drop in New Real Estate Listings in December
The December real estate market experienced a significant drop in new listings, with a 64.6% decrease from the previous month, attributed to the Christmas slowdown. Despite the monthly decline, new listings were up 12% compared to last year. The overall number of properties available for purchase also fell by 21% month-on-month and 2.6% year-on-year.
Rangers Star Ianis Hagi Invests in Luxury Apartments in Bucharest
Rangers footballer Ianis Hagi has entered the real estate business by investing in a luxury apartment complex in Bucharest, Romania. Hagi, 26, has purchased several apartments in the MyPlace North project, with property prices ranging from £60,000 for a studio to £465,000 for a penthouse. This move comes as Hagi prepares for a successful career after football.
Mornington Peninsula's Most Expensive Streets Revealed
Tasman Road in Somers has been identified as Mornington Peninsula's most expensive street, with a median house price of $5.5 million. Other high-value areas include Point Nepean Road, Hiskens Street, Purves Road, and Bradford Road. Conversely, the least expensive streets are in Hastings, with Curacoa Drive having a median house price of $527,000.
California Moves to Prevent Predatory Sales of Fire-Stricken Homes
California Governor Gavin Newsom has signed an executive order to prevent predatory real estate practices in fire-affected Los Angeles areas. The order bans unsolicited and undervalued offers for properties in specific zip codes, including Malibu, Altadena, Pasadena, and Pacific Palisades, for three months. This measure aims to protect vulnerable homeowners from speculators exploiting them with below-market offers.
U.S. Supreme Court Allows DOJ Real Estate Probe to Proceed
The U.S. Supreme Court has declined to hear an appeal by the National Association of Realtors (NAR) to block the Department of Justice (DOJ) from reopening an investigation into broker commission practices. The DOJ's probe, initially settled in 2020, was revived under the Biden administration to examine broker fee structures further. The Supreme Court's decision allows the investigation to proceed.
Netflix Launches New Real Estate Reality Show "Selling the City"
Netflix has launched a new real estate reality show titled "Selling the City," featuring top real estate agent Eleonora Srugo from Douglas Elliman. The show showcases Srugo navigating the competitive world of luxury real estate in New York City, providing viewers with an inside look at high-stakes property deals.
Top Tax Benefits of Real Estate Investments in 2024
Investors are advised to consider key tax strategies for real estate investments in 2024, including capital gains tax deferral, depreciation, tax credits, and pass-through of losses to limited partner investors. These strategies can significantly enhance the financial benefits of real estate investments.
Date: January 21, 2025, 10:00 AM
