Dubai Faces a Luxury Home Shortage Amid a Boom in Buying

A booming economy and a growing taste for luxury goods have given a boost to India’s high-end home market. According to a report from international property consultant Knight Frank, homes worth Rs 1 crore (US$120,382) accounted for 41% of all home sales through the first half of 2024—up 11 percentage points from the same period last year. In Mumbai, the nation’s financial capital and largest residential market, total home sales reached 47,259, 16% growth over the previous year, with luxury home demand seeing a 117% rise over the same period in 2023. Bizz Buzz

An unattractive sales market has more Hong Kong residents renting and the increased competition has sent prices rising. According to Midland Realty, the average per-square-foot rent of private residential units saw a 1.2% month-over-month increase in May, marking the third consecutive month of increases and hitting a high not achieved since December 2019. Cumulative rate of increase for the first five months of 2024 reached 1.54%. Meanwhile, home sales in the city fell more than 30% in June, despite decade-low pricing on newly launched residences. South China Morning Post

It’s getting tough to find a home in the Windy City’s wealthy suburbs. Single-family home listings were down a median 20% across 12 affluent towns in Chicago’s North Shore region compared to a year ago, according to data from Jason Merel of eXp Realty. Industry insiders point to higher interest rates and lower home sales volumes as a disincentive for would-be sellers to list their properties. The Real Deal

The famous last call phrase “You don’t have to go home, but you can’t stay here” won’t apply to the new owners of this recently listed historic Australian country pub, which comes with an owner’s residence. The 133-year-old Commercial Hotel Rappville near Casino in New South Wales, which has burnt down twice and been rebuilt over its extensive history, was listed in April with a guide price of A$990,000 (US$667,601) to A$1.1 million, making it cheaper than most homes in Sydney. The new owners will have to be willing to play barkeeps, however, as the sellers are looking for someone to keep the pub running. news.com.au