Mansion Global Daily: Dubai Poised to Have a Record-Breaking 2023 – Mansion Global

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Hong Kong Home Prices Fall to Lowest Level in Seven Years


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Hong Kong home prices fell for the seventh consecutive month to their lowest level in almost seven years, according to government data. The private residential price index stood at 316 points in November, the lowest level since February 2017 and a sharp drop from 322.4 points in October, according to the Rating and Valuation Department. In addition, property prices fell by 5.59% so far this year, and December is not expected to see an improvement. “Home prices in December continue to fall, making a full year decline of 7%,” according to Derek Chan, head of research at Ricacorp Properties. Overall, prices are down about 20.6% from the market’s peak in September 2021. South China Morning Post 

Another Slow Year in Store for Seattle, Experts Say

Subdued activity, hesitant sellers and buyers waiting on the sidelines for mortgage rates to come down defined the Seattle housing market in 2023—and next year looks like more of the same, according to expert predictions. Some changes in store for the city could be a modest uptick in buyer activity if mortgage rates decline, while home prices are expected to tick up again next year despite sluggish activity. Seattle Times

These Issues Will Turn off Luxury Home Buyers

Partial home updates are a common deal breaker in the luxury housing market, as are additional transfer fees charged by a housing association and homes with lots of stairs, according to a luxury real estate agent in Park City, Utah. “Sometimes buyers are willing to take on a project, but usually they are willing to pay more for a fully updated home,” said Josh Chapel of Berkshire Hathaway Home Services. Another major challenge in communities like Park City is when a home is almost ski-in-ski-out, but not quite, he said. Yahoo

Dubai Poised to Have a Record-Breaking 2023

Dubai is set to finish the year on a stellar note, with property sales poised to exceed AED 400 billion (US$108.9 billion), according to analysis released Tuesday. The value of real estate sales since January has so far reached more than AED 393 billion and could climb by another few billion over the next few days to achieve a new record for 2023, Dubai-based real estate brokerage firm W Capital said. “There were more than 127,000 deals [already recorded since January], and with a week before the end of the year, it is expected to exceed AED 400 billion,” said Walid Al Zarooni, CEO of W Capital, citing data from the Dubai Land Department. Zawya 

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