Mansion Global Daily: Foreign Investment in Portugal Hit Record … – Mansion Global

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New Single-Family Home Sales Fell in the U.S. Last Month

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Sales of newly built single-family homes fell more than expected across the U.S. in October, as higher mortgage rates pushed many would-be buyers out of the market, according to data from the Commerce Department. New-home sales dropped 5.6% to a seasonally adjusted annual rate of 679,000 units last month. Economists had forecast new home sales, which made up 15.2% of residential property sales nationwide, would fall to 723,000 units. The setback is likely temporary though, as a shortage of previously owned houses on the market persists. Reuters

Overseas Investment in Portuguese Real Estate Hit Record High This Summer

Foreign spending in Portugal’s real estate market hit new highs this summer with more than €1.1 billion (US$1.21 billion) invested between July and September, according to statistics from the Bank of Portugal. This summer’s spending marked a surge of 26% compared to the same time last year, and comes despite the end of the country’s golden visa program, which offered residence permits through real estate investment. Spanish investors were the highest-spending cohort of international buyers in the third-quarter, followed by those in France, the U.K. and China. The Portugal News 

Chinese Buyers Increasingly Investing in Japan’s Property Market

Affluent Chinese home buyers are increasingly relocating to Japan, particularly in cities like Tokyo and Osaka, and are “upending” the country’s luxury real estate market. Recent transplants, who are affluent and financially savvy, are attracted to Japan’s cost-effectiveness. “The cost and difficulty for Chinese nationals trying to go to the U.S. now is much higher. Also, the cost of moving to Singapore is going up, so many people think Japan is a reasonable option,” said Wang Yun, chief consultant for Support Gyoseishoshi Law Firm. The Japan Times

Australian Beach Shack on the Market for Millions

A turquoise-painted beach shack on the Australian coast is on the market for A$2.5 million (US$1.66 million), thanks to its coveted location. The humble three-bedroom, one-bathroom abode is less than 1,000 feet from Seven Mile Beach in Lennox Head, a village within the highly sought-after Northern Rivers region of New South Wales. “For over 50 years, this much-adored beachside bungalow has been owned by the same family,” said the listing, held by Elders Real Estate Lennox Head. “There is now a rare opportunity to immerse yourself in the village environment for the next 50 years.” Domain

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