REAL ESTATE NEWS: AMERICANS ARE BUYING HOMES IN SPAIN MORE THAN EVER BEFORE.

Welcome to your weekly Real Estate news around the globe.

Real Estate related news and updates combined into one simple article.

USA:

Real Estate agents say they can't imagine working without ChatGPT.

Real estate agents?experimenting with ChatGPT?since it was released publicly in late November. Some residential and commercial agents told CNN it has already changed the way they work, from writing listings and social media posts to drafting legal documents. Link

How Multifamily Real Estate professionals can embrace the softening market.

For those of us in the multifamily real estate sector, it can be easy to think we’re immune from larger market shifts because everyone needs a place to live. However, in today’s softening market, combined with a challenging macro environment, there are factors impacting multifamily in complex ways. Link

Mortgage refinance demand jumps 18% as interest rates drop for the fifth straight week.

• Refinance demand surged 18% week to week but was still 75% lower than the same week one year ago.
• Mortgage applications to purchase a home rose 3% for the week and were 37% lower than the same week one year ago.
• The average loan size on a purchase application increased to $428,500 — the largest average since May 2022. Link

Europe:

Americans are buying homes in Spain more than ever before.

The strength of the dollar, an increase in direct flights and an appetite for the 'Spanish way of life' has driven more U.S. buyers tot the country's Real Estate market. Link

London's rental market is in crisis. Here's why renters are struggling.

Stories about soaring rents and the search for a new place to live taking months are all too common in London right now. The city’s rental market is in crisis, and renters are facing the consequences.?Link

Finland sees uptick in Real Estate purchases by Russians

Russians bought nearly 300 properties in Finland last year, an increase of 64 percent from 2021.Link

Real Estate prices in Germany continue to fall.

The prices for residential real estate in Germany have fallen further, according to estimates of the most important financiers. In the fourth quarter of 2022,apartments and houses became cheaper by 1.8 percent compared to the third quarter. Link

Rest of the world:

Why more countries are banning foreigners from buying Real Estate.

Canada has become the most recent country to impose restrictions on non-residents buying real estate, arguing that wealthy investors from other countries are pricing out would-be local homeowners. But is singling out foreigners the best way to face a troubled housing market? Link

China Real Estate crisis is not over yet, IMF says.

• Authorities’ recent policy measures are welcome, but in our view additional action will be needed in order to end the real estate crisis,” Thomas Helbling, deputy director in the IMF’s Asia Pacific Department, said in a briefing.
• The IMF analysis was part of the organization’s latest report on China, following discussions with Chinese officials that ended in November.
• China’s property market has generally operated smoothly and “is not in a ‘crisis’ situation,” Chinese officials said in a statement included in the IMF report. Link

20 most valuable Real Estate companies in the world.

The global real estate industry involves the buying, selling, and management of properties such as residential homes, commercial buildings, and industrial spaces. It is a complex and diverse industry that includes a wide range of participants, including real estate agents and brokers, property developers, landlords and property managers, real estate investment trusts (REITs), and financial institutions. Link