Las Vegas CityCenter moves forwards; CB Richard Ellis and Jones Lang LaSalle post first quarter losses; auctions are the new black; and the Queen turns down a low class tenant.
The New York Times reports that Dubai World and MGM Mirage have apparently settled their differences (most of them) and are now moving ahead with their joint CityCenter project in Las Vegas. This will be good news for the local construction industry as everything else seems to have come to a standstill. The amount of vacant commercial real estate in Las Vegas currently stands at over 28% and most projects have been abandoned. The NY Times
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Shanghai Luxury Property Immune to Downturn?
According to an “expert” in Shanghai, the luxury real estate sector in Shanghai will be the only market in the world that will continue to grow in value this year. Despite the fact that Hong Kong luxury real estate has seen massive falls in value, Dubai’s luxury market has all but collapsed and in 2008, London saw the biggest fall in luxury property prices for years, with the trend continuing downwards.
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Hong Kong’s luxury property values fell at the fastest rate since the Asian financial crisis ten years ago, according to CB Richard Ellis. Prices on the Peak, Hong Kong’s most expensive area fell over 30% in the last quarter of 2008 compared to the same quarter 2007.
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Hong Kong’s residential property prices fell 35.4% in 2008, according to CB Richard Ellis’ Q4 market report and are continuing the decline in 2009. The number of transactions in the luxury property segment – measured as sales above $HK 10 million ($US 1.29 million) – fell to 575 compared to 2,807 transactions in the last quarter of 2007. This was a slight improvement over 2008 Q3. Total sales volume in January across all sectors fell 67% to 4,875 from January 2008.
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Waterfront Dubai
Balli Real Estate Ltd, the UK and UAE based investor-developer, have launched their new website to showcase the company’s brand, services and its $3.5 billion property investment and property portfolio on the internet.
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Uncertainty on the Romanian luxury residential real estate market is causing a shift in investment strategies – for both investors and developers
In the last 6 months, prices in the luxury apartment market have fallen 10% for older apartments and newer construction sales have stalled almost completely, which is a major turn-round. The last few years have witnessed price increases of as much as 30%.
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