Apartments boosting building approvals in May: ABS
Housing loan values and construction approvals trend upwards leading into tomorrow’s RBA Board meeting on the cash rate
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The residential property market has bounced back strongly ahead of tomorrow’s RBA Board announcement on interest rates, data released by the Australian Bureau of Statistics today shows.
In signs that housing sales have rebounded, the value of new loans for housing rose by 4.8 percent in May, the equivalent of $24.9 billion. New owner-occupier loan commitment values went up by 4 percent to $16.4 billion while the value of new investor loan commitments increased by 6.2 percent to $8.5 billion.
Building approvals also rose during May, with the number of total dwelling approved up by 20.6 percent. This has overwhelmingly been driven by approvals in the apartment sector, ABS head of construction statistics, Daniel Rossi said.
“The rise in total dwellings was driven by the more volatile dwellings excluding houses series, which rose 59.4 per cent. This increase reflected a large number of apartment developments approved in New South Wales in May,” he said. “Approvals for private sector houses remain more subdued, rising 0.9 percent, following a 3.0 percent fall in April.”
All the action has been on the east coast, with total dwellings approved rising by 52.9 percent in NSW, followed by Tasmania, up by 41.1 percent and Victoria, which saw an increase of 15 percent. Total dwelling approvals fell in Western Australia (-11.1 percent) and South Australia (-4.8 percent). In the strongest indication that the residential apartment construction sector is forging ahead, building Approvals for private sector houses fell in South Australia (-7.2 percent), Western Australia (-4.5 percent), NSW, and Queensland (-1.8 percent).
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Dar Global strengthens ongoing relationship with the Trump organization
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Dar Global, an international luxury real estate developer, and The Trump Organization, known for its prestigious properties and iconic developments worldwide, have announced plans for a new project in Jeddah, Saudi Arabia.
This agreement builds on the successful Trump International Oman project within the AIDA development, one of the largest premium mixed-use real estate ventures globally, which has already garnered significant acclaim.
Aimed at the luxury Saudi Arabian market and international investors, this development advances Dar Global’s strategy of capitalizing on opportunities in key Saudi cities. As the international arm of Saudi mega-developer Dar Al Arkan, this project marks Dar Global’s debut in Jeddah and will enhance its real estate portfolio in the country. Listed on the London Stock Exchange, Dar Global currently has US$5.9 billion worth of projects in development across six countries: the UAE, Oman, Qatar, the UK, Spain, and Bosnia.
Ziad El Chaar, CEO of Dar Global, commented: “We are delighted to strengthen our ongoing relationship with The Trump Organization and expand our portfolio by delivering premium properties to redefine Saudi Arabia’s high-growth real estate market. The new agreement in Saudi Arabia will leverage the strengths of both organizations to attract more international investors and vacationers. This collaboration underscores our commitment to grow our footprint by elevating the standards of luxury living in the region.”
Eric Trump, Executive Vice President of The Trump Organization, said: “We are thrilled to expand our footprint in the Middle East and bring the Trump standard of luxury to the region through our long-standing relationship with Dar Global. This collaboration embodies our shared vision of creating landmark developments that exude luxury, quality, and sophistication. Together with Dar Global, we are setting new benchmarks for excellence, aiming to meet the demand for iconic properties in key markets.”
Dar Global PLC is a highly differentiated international real estate business, primarily focusing on developing second homes for internationally mobile customers in desirable locations across the Gulf Cooperation Council (GCC) and Europe, including downtown Dubai, Muscat in Oman, and the Costa del Sol region in Southern Spain.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
