Five stories making global property headlines:
Mansion tax could slow New York market further
Sales of apartments in Manhattan were down 11 per cent in the first quarter of this year, according to residential real estate broker Stribling & Associates. Reporting on the market slowdown, which came amid a flurry of new developments, the FT suggested the city’s new mansion tax — which introduces a one-time levy on purchases of apartments in New York City that sell for at least $1m — could slow the market further.
Singapore prime prices in biggest dip for a decade
Prices for prime residential property in Singapore fell 2.9 per cent in the three months to March 31, the biggest drop in almost 10 years. Bloomberg reported figures from the Urban Redevelopment Authority that showed overall private home prices dropped for the second successive quarter in the wake of government curbs on the market last July. Prices were down 0.6 per cent on the previous quarter.
Nigerian buyers drive ‘proptech’ boom
The number of property-focused technology companies in Nigeria is rising as people head online to find a new home to buy or rent. Reuters reported an increase in “proptech” companies stems from rapid population growth, faster broadband and cheaper smartphones in the country. Market leader PropertyPro, which launched in 2012, has seen the number of monthly hits on its website surge from 15,000 in 2013 to 500,000 today.
Brexit uncertainty deters investors in UK
Foreign investment in UK property fell in the first three months of this year to its lowest level since the country voted in June 2016 to leave the EU. The South China Morning Post reported data from Refinitiv that showed cross-border spending on all property, including residential, was $598.3m in the first quarter of 2019, a 10th of the $5.9bn recorded for the fourth quarter of 2018. Investment was also down on the $3.3bn in the first three months of 2018. The reduction is said to reflect uncertainty about Brexit.
Rapper takes price hit on Connecticut home
The American musician 50 Cent has sold his Connecticut mansion for 84 per cent less than the $18.5m asking price he sought 12 years ago, according to the Wall Street Journal. The publication reported that the 52-room Farmington house, which the rapper bought for $4.1m in 2003 from the former boxer Mike Tyson, went for $2.9m. Features include a nightclub, recording studio and basketball court.
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