The peak of the Chinese real estate bubble has been predicted for some time now, but if the price that an apartment in Shanghai’s Tomson Riviera complex recently fetched is any indication, buyers are still willing to pony up the big yuan. Late last year, a 600-square meter (6,450 square feet) apartment in Tomson Riviera sold for 96.09 million yuan ($19.6 million) to an unspecified but obviously wealthy buyer.
Infamous for how far its property markets have fallen in recent years, Dubai is seeing signs that its MF market, has touched bottom.
Kimidar Group, a developer as well as a major tour operator in Egypt, has unveiled plans for Golden Park Resort & Spa, in Hurghada, Egypt, on the Red Sea. The property will consist of apartments, villas and penthouses in a resort setting, with 300 residences for sale in the first phase.
Investors in U.S. REITs and other U.S. property companies should consider investing in publicly traded REITs and property companies abroad. Within developed markets globally, the aggregate equity market capitalization of this sector totals $600-plus billion, two thirds of which are outside of the United States. My team and I continue to identify very compelling investment opportunities in international markets and encourage investors to consider “going global” as part of their real estate allocations.
Grupo del Sol has partnered with the Mexican architectural firm GVA & Associates and Dr. Dan Chiras of The Evergreen Institute to create an exclusive island destination located off of Panama’s Pacific coast.
The Lighthouse at Oyster Bay, St. Maarten’s newest privately owned luxury condominiums, and the Pavilion, a 40-unit timeshare building is now open.
Jack Perlman is a real estate developer in Playa del Carmen (main beach town in the Riviera Maya region, by the Caribbean Sea) and owner of Condo Hotels Playa del Carmen. Perlman is opening a fifth luxury condo called El Taj Condo Hotel (pictured) this January, as well as an upscale beach club.
-Heller Manus Architects has been chosen to design the master plan for a crucial portion of Guangzhou, China’s growing metropolitan area. With a population of 10 million, Guangzhou is China’s third largest city and covers nearly 1,450 square miles.
Interest in U.S. real estate from international buyers declined due to the worldwide recession and severe credit crunch, according to the 2009 National Association of Realtors Profile of International Home Buying Activity.
While America’s green building market will likely continue its rapid growth over the coming years, architects, developers and contractors in the U.S. could still learn a lot from their European counterparts, according to engineer Jerry Yudelson, a green building proponent.