Latest news with #realestatemarket
Daily Mail
18 hours ago
- Business
- Daily Mail
US neighborhoods plagued by 'for sale' signs as homes on the market hit worrying high post-pandemic
Homes for sale have completely flooded the US real estate market, with more listings now than any time since 2019. Slower demand from buyers is one contributor, according to Zillow's latest market report.
Khaleej Times
a day ago
- Business
- Khaleej Times
Binghatti net profit surges 172% in first half on continued demand
Binghatti Holding Ltd, a leading UAE luxury real estate developer, on Tuesday reported year-on-year profit and revenue almost tripling for the first half of 2025, driven by the continued demand for its projects. Net profit in the first half of 2025 rose 172 per cent year-on-year to Dh1.82 billion, compared to Dh668 million in the same period last year. Total sales reached Dh8.8 billion, representing a 60 per cent year-on-year increase, while revenue surged almost threefold to Dh6.3 billion, making the Company one of the fastest growing in Dubai's real estate market. The Group also saw strong expansion of its development pipeline. As of 30 June 2025, Binghatti's revenue backlog reached Dh12.5 billion, compared to Dh6.6 billion in the same period last year. The surge in backlog was driven by the launch of seven new projects, while five projects were successfully delivered during the first half, handing over 1,441 units into the market. Branded residence drive global investor demand Binghatti's flagship branded residences, developed in collaboration with world-renowned luxury partners Bugatti, Mercedes-Benz, and Jacob & Co. continue to resonate with global customers. In H1 2025, 61 per cent of Binghatti's sales were made to non-resident buyers, up from 55 per cent a year earlier, underscoring Dubai's safe-haven appeal and Binghatti's pro-active marketing, which include the launch of a London sales office in July. Leading buyer nationalities in H1 2025 included India, Turkey and China. While international investors continue to play a growing role in driving sales, Binghatti also continued to benefit from strong local demand, supported by the UAE's expanding population, and ongoing investment in infrastructure and housing accessibility. The company continued to broaden its domestic customer base by improving affordability and access to high-quality real estate developments. In May, Binghatti signed a Memorandum of Understanding with Abu Dhabi Islamic Bank (ADIB) to offer Sharia-compliant home financing solutions tailored to both ready and off-plan residential units. Under the agreement, eligible buyers will be able to secure financing once construction reaches 35 per cent completion and 50 per cent of payments have been made, a flexible structure designed to unlock new demand among UAE-based homeowners and investors. The company was selected in July by the Dubai Land Department (DLD) and the Dubai Department of Economy and Tourism (DET) as one of 13 developers participating in the newly launched First-Time Home Buyer (FTHB) Programme. As part of this initiative, Binghatti has committed to allocating at least 10 per cent of its newly launched and existing residential units priced under Dh5 million exclusively to eligible first-time buyers. In July, Binghatti also became a founding partner of the Dubai PropTech Hub, a joint initiative of the DIFC Innovation Hub and the Dubai Land Department. The Hub, which aims to attract $300 million in venture capital by 2030, will position Binghatti at the forefront of real estate innovation through access to emerging technologies such as AI, blockchain, and sustainable smart infrastructure. As a founding partner, Binghatti will benefit from early engagement with next-generation PropTech start-ups through the Hub's Living Lab, Scale-up Accelerator, and bespoke innovation programs. Binghatti currently has around 20,000 units under development across about 30 projects in prime residential areas across Dubai, including Downtown, Business Bay, Jumeirah Village Circle, Al Jaddaf, Meydan, Dubai Science Park, Dubai Production City, and Sports City. During the first half, Binghatti launched seven new projects featuring 5,000 units spread over 3.8 million square feet and and handed over five developments comprising 1,441 units over 1 million square feet. The company acquired a landmark megaplot in Nad Al Sheba 1, in the heart of Dubai's sought-after Meydan district with over 9 million square feet of gross floor area, which will serve as the foundation for its first master-planned residential community in Dubai with a total development value of over Dh25 billion. In the first half of 2025, Binghatti's credit profile was formally recognised by leading global rating agencies. In March, Moody's Ratings assigned Binghatti a first-time Ba3 Corporate Family Rating (CFR) with a stable outlook, citing the company's strong market position in Dubai's luxury real estate sector. Shortly after, Fitch Ratings upgraded Binghatti's Long-Term Issuer Default Rating (IDR) and senior unsecured debt to BB- from B+, also with a stable outlook. 'The first half of 2025 has been a period of exceptional growth for Binghatti Holding and the extraordinary year-on-year growth of our net profit and revenue is a reflection of the market's confidence in our differentiated model, one that is built around architectural excellence, speed of execution, and integrated value creation across the entire real estate ecosystem. As Dubai continues to attract global capital and high-net-worth individuals, our developments have become increasingly relevant to an international audience. The rising share of non-resident buyers speaks volumes about both our reach and Dubai's position as a safe, fast-growing investment destination,' said Muhammad BinGhatti, Chairman. 'Our H1 2025 results and operational achievements underscore the discipline, agility, and long-term thinking that drive every aspect of our business. Launching seven projects and handing over four in just six months demonstrates our operational leadership in the market and our deep commitment to on time delivery. Our growing backlog, diversified landbank, and expanding portfolio of unique branded residences created in partnership with global icons Bugatti, Mercedes-Benz Jacob & Co. provide the market with luxury living, investment value and architectural distinction,' said Katralnada Binghatti, CEO
CTV News
7 days ago
- Business
- CTV News
$1 million homes account for 10 per cent of Ottawa's homes sold so far in 2025: report
A new home is displayed for sale, in Ottawa on Tuesday, July 14, 2020. THE CANADIAN PRESS/Sean Kilpatrick Ottawa's luxury real estate market heated up in the first six months of 2025, with sales of million-dollar homes increasing 31 per cent this year. Engel & Völkers released its 2025 Mid-Year Canadian Luxury Real Estate Market Report on Wednesday, showing 864 homes and condominiums were sold for over $1 million in the January to June period. 'In the first half of 2025, Ottawa's residential real estate market demonstrated signs of renewed strength following a tepid start to the year,' the report says. 'Market activity accelerated significantly in May, coinciding with a post-election boost in buyer confidence.' The report shows properties selling for between $1 million and $1.99 million accounted for 10.8 per cent of all real estate transactions in the first half of 2025, up from 8.6 per cent in 2024. A total of 780 homes and 23 condominiums sold for between $1 million and $1.99 million in the January to June period. Engel & Völkers says residential properties in the $1 million to $1.99 million price range saw a modest 2.2 per cent increase in average sale price year-to-date. 'Buyers remained cautious and increasingly price sensitive. Unlike the bidding wars of recent years, 2025 saw extended decision timelines and increased scrutiny of floor plans, renovation needs and neighbourhood trends,' the report says. 'Advisors noted a shift toward what they are calling 'micro-bursts,' pockets of intense activity in high-demand areas, where property valued, well-located homes attracted multiple offers.' In the $2 million to $3.99 million range, the report shows sales jumped 73.5 per cent in the first six months of 2025 compared to 2024. Prices peaked in April, with 20 homes selling for just under $3 million. One home sold for more than $4 million in the first six months of the year, with the sale price of $4.62 million in May. Engel & Völkers says the Ottawa real estate market 'took off in the second week of May,' shortly after the federal election. 'With the spring market seemingly delayed this year due to the threat of tariffs and the election, it is expected that the spring market will continue into July this year,' the report said.
Globe and Mail
7 days ago
- Business
- Globe and Mail
Engel & Völkers Releases 2025 Mid-Year Canadian Luxury Real Estate Market Report
Wealthy buyers drive gains in top-tier segments, with core $1 million - $1.99 million market showing enduring strength nationwide New York, New York and Toronto, Ontario--(Newsfile Corp. - July 16, 2025) - Engel & Völkers has released its 2025 Mid-Year Canadian Luxury Real Estate Market Report, revealing a landscape that is both resilient and increasingly segmented. The report, which analyses properties priced over $1 million in Halifax, Montréal, Ottawa, Toronto and Vancouver, highlights a distinct two-speed market, where mid-luxury homes remain stable, while ultra-luxury properties see selective but meaningful gains. Mid-luxury remains resilient, with properties priced between $1 million and $1.99 million continuing to form the backbone of the market. Ultra-luxury condos are experiencing strong demand, driven by a surge in ultra-high-net-worth individuals seeking to downsize. However, immigration caps are beginning to temper demand from new international buyers. Regional divergences are also emerging, as market conditions are increasingly varied across provinces. Neighbourhood segmentation has become the new norm, with home prices varying dramatically — even from street to street — based on a complex mix of factors ranging from school zones to lifestyle amenities. "We're seeing a clear wave of demand from ultra-high-net-worth downsizers who value privacy, space and convenience. In cities like Toronto and Vancouver, boutique ultra-luxury condos are outperforming, driven by buyers seeking turnkey sophistication," said Andrew Dinsmore, chief financial officer, Engel & Völkers Americas. "One thing is clear — today's Canadian market is hyper-local. It's no longer just about city averages — it's about the block, the view and the school zone. From street to street, values can shift dramatically and buyers are more focused than ever on pinpointing the right fit." Key findings: Halifax saw a 9.2 per cent increase in the number of units sold priced between $1 million and $1.99 million in 2025's first half, compared to the same period in 2024. Montréal sales of homes over $4 million jumped 69 per cent in the first half of 2025 compared to 2024, signalling a strong rebound in Montréal's luxury market. Ottawa properties priced between $1 million and $1.99 million accounted for 10.8 per cent of all real estate transactions in the first half of 2025. This is up from 8.6 per cent in the second half of 2024. Toronto's ultra-luxury home prices surge by $1 million in the first half of 2025, averaging $14.8 million in the $10 million-plus segment. Vancouver's June detached sales grew by four per cent year-over-year in the $1 million to $1.99 million segment, showing signs of renewed activity. 2025 Mid-Year Canadian Luxury Real Estate Market Report About Engel & Völkers Engel & Völkers is a global luxury real estate brand. Founded in Hamburg, Germany, in 1977, Engel & Völkers draws on its rich European history to deliver a fresh approach to luxury real estate in the Americas with a focus on creating a personalized client experience at every stage of the home buying or selling process for today's savvy homeowner. The Engel & Völkers Network currently operates approximately 300 shop locations with approximately 6,000 real estate advisors in the Americas, contributing to the global network of over 16,000 real estate professionals in more than 30 countries, offering both private and institutional clients a professionally tailored range of luxury services, including real estate and yachting. Committed to exceptional service, Engel & Völkers supports its network of advisors with an array of premium quality business services; marketing programs and platforms; as well as access to its global network of real estate professionals, property listings, and market data. Each brokerage is independently owned and operated. For more information, visit MEDIA CONTACTS Lina Zhao Matte PR 416-515-7667 ext. 702 evamericas@ Chris Zoeller Senior Marketing Director Engel & Völkers Americas 973-271-7339 -30-
Bloomberg
16-07-2025
- Business
- Bloomberg
Spain Sees Historic Drop in Housing Supply With Prices Soaring
The number of homes for sale on Spain's main real estate listings website fell by 20% in the second quarter, the biggest drop since at least 2007 and a sign of the challenge the country faces to address its housing crunch. The decline was even steeper in the two largest cities, with supply dropping 25% in Madrid and 21% in Barcelona from a year earlier, said in a report on Wednesday. At the same time, house prices in the capital rose 25% in June from a year earlier, hitting an all-time high of €5,642 ($6,542) per square meter.
