An unprecedented opportunity to acquire an oceanfront parcel of land in Hermanus has hit the market, according to Paul Kruger, licensee for Seeff Hermanus.   The 14,198m² parcel of land, Mollergren Park, is perched on the cliffs of Kwaaiwater which overlooks Walker Bay with spectacular ocean views. The property is on the market for R160m, contingent upon successfully relocating the current, approximately 30 occupants and securing suitable new land for development.   The vast size and clifftop location is incredibly rare. Kruger says it is exceedingly difficult to find such a large oceanfront residential estate. This is an exceptional property, and one of the most remarkable offerings in the history of Hermanus. The likelihood of such an opportunity arising again is…

 Britain's commercial property market is returning to life after its post-pandemic freeze, albeit largely at much lower prices. Some big-ticket office properties now on sale will show just where the market is likely to bottom out and how briskly UK deal volumes will recover - especially in the hard-hit office market. How that plays out could in turn signal what awaits other countries still gripped by a deeper downturn. Real estate investor Nuveen has put a 21-storey City of London tower it completed in 2019, informally known as the "Can of Ham" due to its rounded shape, up for sale for 322 million pounds ($419 million), below about 400 million pounds it had sought in 2022, a person familiar with the matter said. Canada's Brookfield is seeking around 500 million pounds for its…

Dubai-based luxury real estate developer Dar Global PLC pivoted to a H1 2024 net loss of $12.8 million from a net profit of $20.8 million in the year-ago period, but said profitability was set to improve in H2. Revenue for the period was at $44.5 million versus $108.4 million in the prior-year period. The London-listed luxury builder gave revenue guidance for the full-year in the range of $210 million and $250 million. Ziad El Chaar, Chief Executive, said: "Overall, as expected, revenue and profitability for the first half of this year were subdued as some of our early stage developments approach revenue recognition milestones. As these milestones are met we expect the second half of 2024 and full year 2025 to be positively impacted as a result.” He reiterated the target of…

The Southern Suburb of Claremont continues to enjoy low vacancy rates as one of the top performing office and retail markets in Cape Town.Rodes Report Q4:23 emulated this, highlighting Claremont as one of the top three performers in Cape Town among the likes of the V&A Waterfront which reported a low 7% vacancy rate. In addition, the State of Claremont report cited a quick recovery in demand for both office and retail in recent years with Cavendish Square back to pre-pandemic levels. “Claremont has enjoyed a sharp uptick in demand since the Covid-19 pandemic, with the growth of nominal rentals sitting at around 10% over that period (9.8% according to the State of Claremont report),” comments Wes Cowan, managing director for Galetti Cape Town…

Barratt London has unveiled a new two-bedroom show apartment at Bermondsey Heights, offering buyers from around the world – including the Gulf – a taste of what life will be like in one of its contemporary homes. Ideally situated in Zone 2, the 26-storey development takes inspiration from southeast London’s vibrancy, creativity and thriving business ecosystem. Designed by BLOCC Interiors, one of the UK's leading interior design companies, the show apartment celebrates Bermondsey's eclectic charm by displaying a diverse mix of local brands, from up-and-coming boutiques to well-established retailers. Attractive investment proposition The Bermondsey Heights apartments look set to generate significant interest among buyers from the Middle East, many of whom view…

Jordan’s housing market is experiencing a slowdown as the peak season winds down, influenced by the start of the new school year, the return of expatriates, and other seasonal factors, according to industry stakeholders.   “There is an apparent slowdown in market activity as the summer vacation ends and people return to work routines,” Mahmoud Salah, a land developer and housing expert, told The Jordan Times on Wednesday.   He noted that the end of August and the beginning of September often see reduced buyer demand, prompting potential buyers to seek better deals and more favourable terms.   Salah highlighted that during this period, the market often undergoes slight price adjustments as the sector cools down.   Similarly, land developer Qais…

LONDON - British house prices unexpectedly fell in August for their first monthly drop since April but the outlook for the property market is likely to strengthen, Nationwide Building Society, a major mortgage lender, said on Friday.   House prices slipped by 0.2% on the month, Nationwide said. Economists polled by Reuters had forecast prices would rise by 0.2% from July. In annual terms, prices were 2.4% higher than in August last year, the fastest increase since December 2022 - shortly after the "mini-budget" crisis that pushed up borrowing costs - but a smaller gain than the median forecast of 2.9% in the poll. Robert Gardner, Nationwide's chief economist, said the housing market remained subdued but was coping with the increase in interest rates. "Providing the economy…

British house prices rose by the most six months in July, according to figures published on Wednesday by mortgage lender Halifax that suggested fresh momentum in the property market.       House prices increased by an annual 2.3%, the biggest yearly increase since January. The last time prices rose by more on an annual basis was February 2023 when they rose by 2.5%.   On a monthly basis, prices jumped by 0.8% in July from June, Halifax said. Economists polled by Reuters had mostly expected an increase of 0.3% on the month.       The Labour Party, which secured a landslide win in last month's parliamentary election, has promised to reform Britain's planning system and it has set out mandatory targets to speed up home-building, but the shortage…

South Africa’s largest primary JSE-listed real estate investment trust (REIT), Growthpoint Properties, has added its substantial portfolio of retail properties to the Clur Collective asset management support platform and integral shopping centre index. By sharing its significant data set, Growthpoint is supporting the retail property sector to create better shopping centre experiences for consumers and retailers alike, while simultaneously enhancing its own innovative and sustainable property solutions.   “Growthpoint’s inclusion is a milestone for our index and further enhances its standing as a leading independent industry standard and economic indicator,” says Belinda Clur, founder and managing director of Clur International. “It serves as a measure…

Traditionally fond of real estate investment, Turks are turning their attention increasingly to buying property abroad in response to surging domestic prices, worsening returns on investment and the prospect of regulatory changes.   The new trend highlights growing concern about the outlook for Turkey's real estate market, which is feeling the impact of a transformed economic climate after a policy U-turn towards more orthodoxy in 2023 following years of easy money.   In recent years, currency depreciation and the low rates championed by President Tayyip Erdogan pushed Turks into assets like real estate, cars and forex to protect savings as inflation surged to a current level above 70%.   But Turks are now seeking properties in places such as Montenegro, Spain, Dubai…

UAE-based Reportage Properties has joined forces with Turkish group Mesa Holding and Azeri investment company Sabah to launch a new venture - RMS Capital Investment - that will focus on boosting investments in the global real estate market.   The new venture, set up by leading real estate companies of Turkey, UAE and Azerbaijan, aims to achieve remarkable success not only regionally but also globally with innovative and sustainable projects in the sector. It will strive to offer the highest value to its customers and business partners with future projects and investments, said the company in a statement. In the RMS Capital Investment partnership structure, Reportage will hold a 34% stake, while MESA and Sabah Investment Group will each have 33% stake. The trio will develop…

“The impact of the buy-to-let frenzy is especially evident in the Western Cape where rental vacancies recently reached a record low of 3.18%,” shares Grant Smee, managing director of Only Realty Holdings. “The same report cites that investment properties contributed a whopping 31.1% of all applications processed in the region.” However, while demand has skyrocketed, Smee shares that not all investment properties will deliver “astonishing rental returns”. “Property investment can be a successful wealth-creation strategy, but it can also be a costly and time-consuming mistake if you rush into it and don’t do your homework.” The rules of property investment Some of the guidelines for property management: - Determine your…