REAL ESTATE NEWS OF THE WEEK: INDIA POISED TO BECOME 3RD LARGEST CONSTRUCTION MARKET IN NEXT 2–3 YEARS.

Welcome to your weekly Real Estate news around the globe.

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

USA:

Today's Homebuyers have their mortgage rate tipping point, and it is artificially low.

• Today’s homebuyers are exceptionally sensitive to mortgage rates with home prices so high.
• The majority of potential homebuyers say they will not accept a 30-year fixed mortgage rate over 5.5%, according to a new survey. The current rate, however, is around 6.4%.
• Potential home sellers, likewise, find the current rates to be unacceptable, contributing to the severe lack of supply on the market. Link

America's Most popular neighborhoods.

California and Texas had four neighborhoods in the top 20, and Arizona had three (all in Phoenix). The Upper East Side and the Upper West Side of Manhattan were the only New York neighborhoods to crack the top 20. Link

Blackstone Announces $30,4 Billion Final close for Largest Real Estate drawdown fund ever.

Blackstone (NYSE: BX) today announced the final close of its latest global real estate fund, Blackstone Real Estate Partners X (“BREP X”). BREP X has $30.4 billion of total capital commitments — the largest real estate or private equity drawdown fund ever raised. In total, Blackstone’s three opportunistic strategies (Global, Asia, Europe) now have $50 billion of capital commitments. Link

Europe:

Fears mount, European Commercial Real Estate could be the next to fall.

• Concerns are mounting around the health of Europe’s commercial real estate market, with some investors questioning whether it could be the next sector to implode.
• Following March’s banking crises, fears have arisen of a so-called doom loop, in which a potential bank run could trigger a property sector downturn.
• European funds invested directly in real estate recorded outflows of ￡172 million ($215.4 million) in February, according to Morningstar Direct data. Some analysts now see real estate stocks falling by 20%-40% by next year. Link

Belgian Real Estate developers flock to Romania with risky investments

Real estate developments flourish in Romania in a near unrestricted fashion and Belgian businessmen are in the top 10 of biggest foreign investors in the Eastern European nation, according to the PWC accounting firm.Link

Rest of the world:

India poised to become 3rd largest construction market in next 2–3 years

Union Minister of commerce and industry?Piyush Goyal?said that India is poised to become the 3rd largest construction market in the next 2–3 years, adding that the?Real Estate?sector will provide huge business opportunities, generate employment and provide big avenues for the startup ecosystem. Link

Dubai's Real Estate transactions exceed $24bn in Q1 2023.

Dubai’s property market hit a new peak in the January-March quarter of 2023, with real estate transactions reaching over $24 billion (AED88.73 billion), posting a whopping 60 percent jump over the same year-ago period, according to the latest industry data. Link

Singapore's rent to soar faster than Hong Kong, offering expats and tenants little respite.

• Hong Kong rents likely to rise by up to 5 per cent this year, while the pace of increase in Singapore may decelerate to 10 per cent from last year’s 30 per cent, analysts say
• There are signs of improvement in Hong Kong’s leasing market, with demand for premium homes picking up on The Peak and Mid-Levels Link