Luxury Real Estate News 06/19

Trump Hotel Tower Waikiki is now taking reservations

Singapore is suffering from over-supply in the condo market, but the luxury segment is immune says Nuwire – according to six month old research.

A glut of new condo apartments in Singapore is adding to the property downturn as real estate investors adopt a wait and see attitude rather than jump into the market, it is claimed.  Jakarta’s condo market in particular is facing problems in the middle range property market while luxury units are still in demand because of a shortage of supply, according to a report from property consultants DTZ. Nuwire

Egypt’s real estate market has collapsed according to the BBC, with the price of land and property dropping rapidly amidst extremely low sales volumes.

“Prices are falling because building materials are cheaper and the market itself is unnerved by the global financial downturn. And yet potential purchasers are still not buying because they think prices may fall even more,” explained Essam Hammad, an expert on the property market in Egypt. BBC

The lawsuits are starting to fly in all sectors of the real estate business, so I think it may be a good year for certain small segments of the economy.

A lawsuit has been filed against Marriott International Inc. alleging that the hotel company gave fraudulent budget estimates to real estate developer Miller Global Properties LLC for a new resort in San Antonio, Texas. Forbes

Spanish property prices have stagnated completely, exacerbated by the fact that the government, indirectly through the banks, is now the largest property owner in the country and sales have come to a standstill.

The Spanish banks have now become the biggest property owners in Spain. At the same time, the insolvency in the banking system has forced the Spanish government to start bailing out banks beginning with the regional savings bank Caja Castilla-La Mancha, which will almost certainly not be the last. Spanish property

The Donald Trump Hotel & Tower Waikiki has started taking reservations.

Scott Ingwers, managing director of the project for Trump Hotel, said rental rates should be similar to other luxury properties in Waikiki, anywhere from $250 to $5,000 a night. Ingwers also said third-party management firms such as Ohana Beach are expected to adhere to standards established for Trump properties. “Trump is committed to upholding the level of quality and luxury that the owners first bought into back in 2006, and will provide services commensurate with that expectation,” he said. Honolulu advertiser