Australian home values bounce back for third consecutive month

Gianluca and Selene Santilli have all of Rome at their feet.

Their four-storey penthouse apartment in an early 20th-century villa sits atop a hill in the Italian capital’s Parioli district. With 360-degree views from sitting rooms and outdoor areas, the property provides glimpses of the dome of St. Peter’s Basilica, residential Parioli’s towering pine trees and the winding course of the Tiber River.

The 4,010-square-foot home has free-standing pavilion-like spaces that suggest an urban compound more than an individual apartment. Now, after nearly two decades in the custom-designed space, the couple have listed the four-bedroom unit with Italy/Sotheby’s International Realty. It has an asking price of $6.1 million.

A similar level of luxury in Milan, Italy’s financial and fashion capital, would cost a lot more, says Gianluca, a 67-year-old attorney. “Rome is cheap,” he says, of both the homes for sale and for rent.

Gianluca and Selene, a 64-year-old office manager, priced their home at just under $1,500 a square foot. In Milan, by comparison, a smaller three-bedroom, 2,750-square-foot unit in a decade-old high-rise, with lavish views and similarly upscale fittings, is listed for $6.445 million, or about $2,350 a square foot.

Roman-style luxury was once associated with the gargantuan villas of ancient emperors and the frescoed palaces of Baroque-era princes, but these days it conjures up another phrase: a bargain.

Affordable Luxury

Rome’s average home prices, as of August, were about $350 a square foot—less than Italy’s Florence and Bologna, and around a third less than Milan, according to Immobiliare.it, a real-estate website.

Prices in Rome peaked in 2007, and the city has been slow to encourage new development and investment, says Antonio Martino, the Milan-based real-estate advisory leader for PwC Italy. In Milan, on the other hand, an increase in supply has been outpaced by a greater increase in demand, he says.

A one-bedroom apartment in Rome is far more affordable than the average for major European cities, coming in below Barcelona, Amsterdam and Vienna, according to an affordability index compiled by Savills, the international real-estate company, which analyzed apartments outside of the historic city centres.

An average-earning Roman might need only four years’ salary to buy the apartment, while a Parisian would likely need more than twice that, according to Savills.

Rome’s luxury sector is showing new signs of life, outpacing the rest of the market, says Danilo Orlando, managing director of Savills Residential Italy. Comparing 2023 sales of homes over $1.1 million with prepandemic 2019 levels, he says, prices in Rome have increased 4% while the number of luxury-level transactions has risen 3.6%. Overall real-estate transactions were up 3% in the second quarter of this year, compared with a year earlier, says PwC’s Martino.

Orlando says that residential luxury sales in Rome are traditionally concentrated in three nearby areas that are the city’s most expensive: The Centro Storico, or the historic center, is where centuries-old palaces are often broken up into lavish multi-bedroom apartments. Parioli is a hilly district known for its Midcentury Modern flare. And a short walk away is Trieste, which has clusters of early 20th-century apartment buildings that vie in splendour with their Baroque counterparts down in the centre.

Centro Storico and Trieste

Centro Storico is by far the most expensive, says Orlando, with average prices in the premium sector reaching $1,493 a square foot in 2023. Luxury units in Parioli average about $950 a square foot, while those in Trieste are about $900 a square foot.

Tourists may flock to Centro Storico’s celebrated sites, like the Trevi Fountain, or make their way through the Villa Borghese, a massive landscaped garden that serves as a green space for both Parioli and Trieste. But they are likely to miss the three districts’ prime residential areas, which can seem discreet, if not outright hidden.

Centro Storico’s Via Giulia, running just east of the Tiber, and Via Margutta, tucked under Piazza del Popolo, are hard-to-find streets if you’re not looking for them. Via Giulia was once the address of choice for Roman nobles, and it can still lay claim to being one of the city’s most prestigious streets. A two-bedroom Via Giulia triplex, located in a building dating back to the 16th century and outfitted with vintage coffered ceilings, is listed with Italy/Sotheby’s, with an asking price of $2 million.

The centrepiece of Trieste is the Coppedè quarter, a neighbourhood of towering 1910s and ’20s apartment buildings, decorated with Moorish arches and ghoulish gargoyles, and built around a storybook-like frog fountain. Conceived by an eccentric Florentine-born architect named Gino Coppedè, the quarter combines Art Nouveau elements with a range of historical styles.

Exclusive RE/Christie’s International Real Estate has a well-maintained, four-bedroom Coppedè listing for $3.56 million. Original details in the 3,770-square-foot home include stained-glass windows, mosaic tile floors and painted ceilings.

Parioli and Pinciano

Parioli, with its many steep streets, is a bit more remote, while Trieste is flatter and more urban. For many luxury-minded Romans, a fine compromise is Pinciano, a neighborhood beneath the heart of Parioli that is as rarefied as its hilly neighbour but as accessible as Trieste.

In 2007, Dr. Claudio Giorlandino, a Roman gynaecologist, created a sprawling family home in a Pinciano building that had been commissioned just before World War I, he says, by a member of the House of Savoy, then the Kingdom of Italy’s ruling family. Designed by a noted Venetian-Jewish architect and decorated with marble recovered from a Palladian villa in northeast Italy, the building has a small number of units, with Giorlandino’s 6,200-square-foot apartment taking up a whole floor.

“I love the elegance and the extremely refined, aristocratic atmosphere,” Giorlandino, now 70, says of his neighbourhood, which borders the Villa Borghese.

Now that two of his three children are grown and living on their own, he has listed the home with Exclusive RE/Christie’s for $6.89 million.

Rome’s three most expensive districts can seem like a self-contained world, with residents moving around between them. Giorlandino, who relocated from the Centro Storico to Pinciano, is now thinking about moving back to the historic centre. The Santillis, who moved to Parioli from Trieste, are considering looking for a more compact rental still in Parioli, which they say feels insulated from the Italian capital’s notorious traffic.

“We have the historic centre nearby, but we are not in the chaos of the centre,” says Gianluca Santilli, adding that he considers “the jewels” of his unique penthouse to be the home’s three parking spaces.

Vatican views

American buyers, traditionally drawn to the Centro Storico, are also open to Parioli and to the Aventine Hill, a very steep, purely residential area on the edge of the historic centre, says Diletta Giorgolo, head of residential at Italy/Sotheby’s.

Known for its jaw-dropping views of the Vatican and for its sedate, almost suburban quality, the Aventino, as Italians call it, may be Rome’s most elusive address. Premium listings rarely come up for sale.

Lionard Luxury Real Estate currently has a ¼-acre Aventino compound, with an early 20th-century 10,800-square-foot villa, listed for $22.2 million.

Mother-daughter apartments

A new Centro Storico development proved too good to pass up for Delphine Surel-Chang, a U.S.-born student studying business in Rome, and her French mother, former actress and investor Francoise Surel, who will also relocate.

The two are putting the finishing touches on their new homes in the Palazzo Raggi, where 21st-century details are being installed in a renovated 18th-century palazzo situated between the Trevi Fountain, Piazza Navona and the Pantheon. This summer, Surel purchased a 1,460-square-foot, two-bedroom apartment for herself, and Surel-Chang says her parents helped her buy a 645-square-feet one-bedroom. The units cost $1.88 million and about $944,000, respectively. They are set to move in later this year.

Surel-Chang, 20, says she loves how the project’s contemporary elements—which she and her mother, 60, are augmenting with kitchens and bathrooms from Italy’s sleek Boffi brand—are housed in a classical setting. And she appreciates amenities like a concierge and home automation, allowing residents to control temperature, lighting and appliances via app.

She was able to customise her unit’s interiors, she says, by drawing inspiration from her two favorite local hotels, the Bulgari Hotel Roma and Six Senses Rome. She plans to furnish the unit, where she says they will stay for at least three years, with Italian Midcentury Modern pieces.

The duo bought the apartments—which are a five-minute walk from Via Condotti, Rome’s premier shopping street—for between $1,200 and $1,500 a square foot, using Italy/Sotheby’s, which also helped develop the project.

The apartments can seem like a bargain compared with similarly situated units in other major cities. For instance, a two-bedroom, 2,025-square-foot apartment in London’s Mayfair district—a five-minute walk from Bond Street, Via Condotti’s U.K. shopping district equivalent—is asking nearly $10,000 a square foot.

Affordability played a part in their choice of the Eternal City, says Surel-Chang. They considered relocating to Paris, she says, but soon realised that “for the price of an apartment in Paris, we can afford two in Rome.”

China’s real-estate bust left behind tens of millions of empty housing units. Now that historic glut of unoccupied property is colliding with China’s shrinking population , leaving cities stuck with homes they might never be able to fill.

The country could have as many as 90 million empty housing units, according to a tally of economists’ estimates. Assuming three people per household, that’s enough for the entire population of Brazil.

Filling those homes would be hard enough even if China’s population were growing, but it’s not. Because of the country’s one-child policy , it is expected to fall by 204 million people over the next 30 years.

“Fundamentally, there are not enough people to fill the homes,” said Tianlei Huang, a research fellow at the Peterson Institute for International Economics.

Some unused real estate will be bought up and lived in, especially if more government support—which economists have been calling for —convinces Chinese buyers that values will rise again. Big cities like Beijing, Shanghai and Shenzhen will almost certainly absorb their excess housing, given their dynamic economies and migrant inflows, which have helped keep their populations growing.

The problem is much harder to solve in smaller cities, which often have weaker economic prospects and declining populations. In China, researchers informally group cities into tiers, and many of the nearly 340 cities classified as third-, fourth- and fifth-tier—with populations from few hundred thousand to several million people—are struggling economically.

Young residents are leaving. At least 60% of China’s third-, fourth- and fifth-tier cities saw their populations shrink from 2020 to 2023, according to Wall Street Journal calculations based on official data.

Those cities have more than 60% of China’s housing inventory, according to Harvard economics professor Kenneth Rogoff . Many encouraged developers to build more—even when their populations were falling—because land sales and construction boosted economic growth and fattened local governments’ wallets.

Figuring out what to do with unneeded property is becoming more urgent as China’s economy languishes . In May, Beijing unveiled a rescue package in which the central bank would provide up to $42 billion in low-interest loans for Chinese banks to lend to state-owned firms, which would then buy empty properties and turn them into affordable housing.

By the end of June, banks had only used 4% of that quota. Economists say that even with cheap loans, it doesn’t make sense to convert empty properties, because the rents would be too low for firms to earn a profit.

Beijing recently ramped up measures to support the ailing economy and the property market, including cutting interest rates, lowering down payments for second homes and allowing home buyers to refinance their mortgages . However, economists said that more is needed to pull China’s economy out of the rut.

China’s Ministry of Housing and Urban-Rural Development and the State Council Information Office didn’t respond to questions.

Robin Xing , chief China economist at Morgan Stanley, said China’s government should introduce a more comprehensive bailout that involves buying up excess inventory in China’s 30 to 50 largest cities and turning it into public housing , without worrying about profit. Estimated cost: $420 billion.

That wouldn’t include empty homes in third-, fourth- and fifth-tier Chinese cities. Putting more money into those units, many economists say, wouldn’t make sense because there aren’t enough people to live in them anyway.

Many will become long-term burdens to cities and investors who get saddled with assets they can’t sell and which have lost their value, yet still must be maintained. Some will just wither away, economists say.

Cheap as cabbage

An abandoned development called State Guest Mansions, on the edge of Shenyang, a city in northeastern China, gives an idea of what that could look like. Construction stopped years ago, with more than 100 half-built villas in the style of grand European homes.

During a recent visit, goats roamed the complex. Grandeur Place, the building that used to house the sales showroom, looked like a post-apocalyptic opera house , with a dilapidated chandelier hanging from the ceiling. It remains unclear what will be done with the complex, whose developer has defaulted on its debt.

Shenyang at least has a growing population. In Hegang, a frigid city near China’s border with Russia, the population has declined to 940,000 from 1.09 million in 2010.

A few years ago, when Hegang’s market was hot, property enthusiasts posted online messages touting homes they said were as cheap as cabbage.

Prices now are even lower, according to an online property broker, and sales have stalled. Hegang’s inventory of unsold homes more than doubled from 2019 to 2022. Assuming a typical home size of around 1,200 square feet—the average in China in its 2020 census—only 534 residential homes in Hegang sold in 2022, according to official data on total square feet for residential real estate sold.

A 650-square-feet apartment in the city centre was recently listed for just under $9,300.

Zhou Yongzhi, a part-time stock trader who grew up there, said most high-rise apartment buildings in the city centre are dark at night. “Hegang is my hometown, and I want to see it flourish. But I don’t see much hope for it in the next 10 to 20 years,” he said.

Hegang’s government didn’t respond to requests for comment.

Rogoff, the Harvard professor, said he believes there will be some cities in China in which a quarter of the housing is empty.

In such places, “it is very hard to maintain law and order, even probably in China,” he said. “I think it’s going to be a big social and governance problem in the future.”

Complex issue

China’s property glut developed over a years long construction boom that ended in 2021, when Beijing, worried about a bubble, tightened credit for builders. It quickly became clear that developers had overbuilt  .

It’s hard to determine exactly how big the problem is. China doesn’t provide an official count of empty units, so economists must devise estimates using vacancy rates, building permits and other data sources. They estimate the number is in the tens of millions—including several kinds of empty properties, each with its own challenges.

Of the up to 90 million units that are unoccupied, as many as 31 million were fully or partially built but never sold. Such properties could be bulldozed, but many are tied up in litigation related to developers’ bankruptcies. In many cases, cities and developers hope to finish them.

Another 50 to 60 million units were bought but remain empty. Many Chinese, lacking other good ways to invest their money, poured excess cash into speculative properties—often in smaller cities, where prices were cheaper—without any intention of living in them.

Approximately 74% of Chinese households in first- and second-tier cities owned more than one home across China, while nearly 20% owned three homes or more, according to a recent survey by Citi Research.

These homes are potentially more difficult to deal with because their owners still hope for appreciation. Many are in partially occupied buildings that can’t be torn down.

An additional 20 million units were sold but were left largely unbuilt by developers due to cash-flow problems and poor market conditions. The owners still want them, but developers don’t have money to finish them.

Venice on the Sea

Many builders set their sights on smaller cities when times were good. Bigger cities were getting expensive, and investors seemed willing to buy anywhere so long as prices kept climbing.

Smaller cities embraced the activity. Many issued robust population-growth forecasts, despite evidence China’s population was peaking, because it helped them secure more resources from provincial governments and justify more building projects.

In Qidong, where the Yangtze River empties into the East China Sea, local officials struggled for years to lure major investments such as factories. Selling land to developers helped them meet growth targets. Qidong’s land sales revenue more than doubled from $932 million in 2017 to $2 billion in 2021, according to data compiled by Shanghai-based Wind Information.

Developers, in turn, marketed Qidong as an ideal bedroom community for Shanghai, a two-hour drive away.

The city’s population peaked at 1.1 million in 2020 and has declined for three consecutive years. The number of local jobs has been declining since 2007.

One of the new projects, Venice on the Sea, has 40,000 units, an artificial beach and a five-star resort. Residents can enjoy faux Venetian canals and pathways dotted with Greek and Roman statues.

Xiang Dayu, a property agent there, remembers feverish demand during peak years. Some buyers openly discussed buying apartments for mistresses. Others were willing to pay without inspecting homes in person.

But most people—many from Shanghai—bought homes as investments and left them empty, Xiang says. Now, most units sit unoccupied much of the year, with occupancy rising to only around 60% during peak summer months.

Many owners are trying to sell, with dozens of units listed on auction websites or marketed on Douyin, China’s version of TikTok. In one video recently posted to Douyin, a landlord showed a property agent around a 1,030-square-foot unit, which the owner said he bought in 2016 for around $101,000 after a beach trip to Qidong with friends.

“I thought the unit had a nice view, so I bought it there and then. I never lived here, not even once, and bought it completely for investment purposes,” he said in the video. He is now trying to sell the place for around $63,100.

Venice on the Sea was built by now-bankrupt China Evergrande Group. To the north sits another massive, largely empty residential complex built by defaulted developer Country Garden . To its south is an unfinished compound developed by China Sunac Group , which also defaulted. To its west: acres of farmland.

Local government officials didn’t respond for comment.

Ghost cities

In other countries that have had overbuilt property markets, it has sometimes taken years for excess supply to be absorbed—if ever.

In Japan, a 1990s real-estate bust and a shrinking, ageing population left millions of empty homes. Tearing them down proved hard due to legal hurdles, such as when the owner can’t be located. The number of empty units grew to 9 million last year from 8.5 million in 2018, with houses littering Japan’s landscape.

In China, many owners of empty properties are likely to keep maintaining their units, since management fees in China are low and property taxes are only levied in special cases. Tough personal-bankruptcy rules in China make it hard to walk away from properties, and many want to hang on to them for a possible market rebound.

Still, some economists fear a negative spiral in which declining home prices spur more owners to try to unload empty units, depressing values for everyone.

Prices for new and existing homes in major Chinese cities fell 5.7% and 8.6% in August from a year earlier, respectively, according to National Bureau of Statistics data.

Property prices in most cities have returned to 2017 and 2018 levels, said Yi Wang, head of China real-estate research at Goldman Sachs. If prices drop to 2015 levels, many more owners might choose to sell unoccupied properties. That’s because 2015 was the beginning of the last boom, and owners who bought early won’t want to see their units’ values fall below what they paid, Wang said.

That might be inevitable, though, given China’s falling population.

“I don’t think the housing oversupply problem has a solution, really,” said Huang, of the Peterson Institute. “Fundamentally, it’s the problem of declining demographics. Ghost cities will remain ghostly.”

ST. PETERSBURG, Fla.—Kellen Driscoll bought his home here in 2019, settling in the coastal enclave of Shore Acres. It flooded for the first time four years ago after tropical storm Eta dumped more than 3 feet of water.

Hoping it was a fluke, Driscoll tore out the affected drywall and started fresh. After all, the four-bedroom home built in 1960 had no flood history.

But then it happened again, and again. Like many others in the community, he put his home up for sale in the spring of this year. After seeing little interest, he cut the asking price.

On Friday, Hurricane Helene deposited more than 6 feet of storm surge in the neighbourhood. The rushing waters ripped the “For Sale” sign off his front lawn, and etched a waterline that reached halfway up his front door, just underneath the doorbell. He reduced the asking price for a fifth time.

“We flooded here four times in the last four years,” said Driscoll, as he threw his television sets, furniture, appliances and other belongings to the curb. “I’m just hoping I can sell the house. It’s a good neighbourhood for sure, but dealing with the floods is horrible.”

In the Tampa Bay metropolitan area, which includes St. Petersburg, a real-estate boom nearly doubled median home values from 2018 to June of this year, according to Redfin data. Young people flocked to the region, looking for a coastal lifestyle at a relatively affordable price.

The Tampa Bay metro area was the fifth most popular relocation destination in the country, according to an analysis by Redfin last year. The population has soared to more than three million.

But as Shore Acres’s young residents sorted through the storm’s wreckage, only one thing was on their minds: selling.

Ballooning home insurance costs and the perennial threat of violent storms are starting to undermine housing markets throughout much of the state. But in few places has the turnaround been more dramatic than in low-lying communities up and down the coast of Florida that frequently flood.

The Tampa Bay housing market had been softening even before Helene struck. While prices have been flat, the area experienced a 58% increase in supply in August compared with a year ago, and a 10% decrease in demand, according to Parcl Labs, a real-estate data and analytics firm.

About half the homes listed for sale in Tampa experienced price reductions as of Sept. 9, the third highest share of all U.S. major metropolitan areas.

“Tampa was already heading in this direction before the hurricane hit,” said Jason Lewris, co-founder of Parcl Labs. “This hurricane may compound the market dynamics that have been occurring there over the last few months.”

While Tampa escaped a direct hit from the eye of the hurricane, it was the worst storm to hit the area in a century. The hurricane also plowed into landlocked towns well north, causing heavy damage in the Carolinas where people were just beginning  to absorb the scope of ruin.

‘Let’s roll the dice’

Bradley Tennant’s home flooded last year. But to avoid all the competition, he was waiting a year to put it up for sale.

“We saw the glut of homes for sale in the spring and thought, ‘What are the chances it’ll hit again the next year?’” said Tennant, as he cleared out the soaked contents of his waterfront home. “We went 50 years without a storm that flooded the house. So we thought, let’s roll the dice.”

While he paid around $350,000 for the house about seven years ago, Tennant says he received offers as high as $800,000 during the height of the market—before last year’s storm hit. Now he’s hoping to sell as soon as he’s able to renovate.

The area’s affordability, once a large part of its appeal, is also waning as insurance premiums soar. Jacob McFadden was paying $880 a year to insure his home when he bought it in 2020. That amount has since almost quadrupled, to $3,300.

Premiums will likely increase again now. Property damage from last week’s Category 4 storm could be as high as $26 billion, according to estimates from Moody’s Analytics.

“I don’t know how much longer I’m going to do this waterfront living,” McFadden said, standing in front of his home with a wheelbarrow and his home’s contents scattered around the front yard. “This may be the end.”

Dustin Pentz bought his home 10 years ago, and was one of the lucky few to avoid flooding. That is until Hurricane Helene. When police blocked his car from entering the neighbourhood, he paddleboarded his way home to assess the damage.

His fridge was knocked over, and the water reached up as high as his mattress. Unfortunately, his flood insurance doesn’t cover the contents of his home. A tree in his backyard fell over and hit the corner of his roof, but he was unsure that the damage would hit his $8,500 wind deductible.

“This neighbourhood’s amazing, great schools. But no one wants to deal with this all the time,” said Pentz. “It sucks because no one wants to live here anymore. There are so many houses for sale and no one’s buying.”

Working class squeezed

Down the street, Domonique Tomlinson and her husband, Leon Tomlinson, filed a claim for items they lost in last year’s flood. They didn’t want to go through the headache of filing another claim for the contents of their home this year, with a separate $5,000 deductible.

Two days before Hurricane Helene hit, they rented a moving van to haul many of their belongings to a storage unit. She bought her home four years ago for around $199,000. Because property values have increased so much in her area, she hopes to break even. But now she says she’s not so sure.

Tomlinson, who is a teacher, and her husband, who works as a manager at a grocery store, worry that people like them will be priced out of the area because they can’t afford the preventive measures and insurance.

“Basically the only people that are going to be able to live back here are rich people who can build up,” she said.

Living next to British royals comes at a premium, and in this case, the price is £20,000 (US$26,527) per week.

The London apartment, which neighbours Kensington Palace, home to Prince William and Kate Middleton, Princess of Wales, hit the rental market on Tuesday.

Its exclusive Palace Green address also puts it near Kensington Gardens and Hyde Park.

“Palace Green is famous for its privacy and security, with some of the most prestigious homes in the city,” Sarah McIntyre, head of rentals at Harrods Estates, said in a statement. “The area combines luxurious amenities, lush green spaces, and a rich sense of history, making it one of the most sought-after addresses in Prime Central London.”

Located on the second floor—accessible via elevator—the apartment spans 4,126 square feet. It has four en-suite bedrooms and an additional room that could serve as either a fifth bedroom, a home office or a more informal living space, according to the listing with Harrods Estates. The spare room features a half-bath.

Interior details include parquet flooring, crown mouldings and a sleek modern kitchen. The home also has an air-cooling system—a rare amenity in the U.K.—and a spacious private terrace.

In addition to the plethora of green spaces the Kensington neighbourhood offers, the building has communal gardens for residents. It also has underground parking and 24-hour concierge services.

“The building was the first project in London to introduce hotel-style concierge services to apartment living when it was built in the 1990s,” McIntyre told Mansion Global.

Kensington has a history of notable residents, including Winston Churchill and Freddie Mercury, and it consistently tops the list for London’s priciest areas.

Dubai’s real estate market achieved a record-breaking total sales value of AED 141.9 billion in Q3 2024, marking the highest ever for a single quarter.

This surpassed the previous record of AED 124.07 billion set in Q2 of this year and reflected a 30.1% year-on-year increase in value.

A market update issued today by fäm Properties reveals there were 50,423 overall sales transactions in Q3, a 37.9% year on year increase in volume and a 16.6% rise on Q2.

The 39,058 apartment sales worth AED 70.5 billion represented 77% of the total Q3 transactions and showed a 43.9% increase in volume on the same period last year.

Meanwhile, 8,156 villas sold for AED 39.2 billion, a rise in volume of 16.6% over Q3 2023 and an increase of 18.4% on the previous quarter.

Rising property values in recent years were highlighted by a median price of AED 1,511 per sq ft, compared with the Q3 rates of AED 1,017 in 2021, AED 1,179 in 2022 and AED 1,405 last year.

Sales of 2,102 plots for AED 29.9 billion represented a 45.9% leap in volume on Q3 last year and a 42.3% increase on Q2. In commercial real estate, 1,112 sales worth AED 2.3 billion were up 12.1% in volume on Q3 last year.

“The figures once more emphasize the resilience of the Dubai real estate market and the consistent growth we’ve seen in recent years, which continues to enhance investor confidence,” said Firas Al Msaddi, CEO of fäm Properties.

“This ongoing upward trend reinforces Dubai’s status as a leading destination for real estate investment, attracting growing interest from global investors, as well as buyers from the local and regional markets.”

Dubai’s 3Q property sales over the last five years have now risen to the current peak level from AED 18.1 billion (8,600 transactions) in 2020 to AED 42.4 billion (15,900) in 2021, AED 69.5 billion (25,500) in 2022 and AED 109.2 billion (36,700) last year.

The top five performing areas of Dubai in Q3 were Jumeirah Village Circle (4,467 transactions – AED 5.33 billion), Dubai South (2,910 – AED 8.25 billion), Business Bay (2,651 – AED 7.22 billion), Wadi Al Safa 5 (2,382 – AED 5.3 billion) and Dubai Hills Estate (2,358 – AED 7.38 billion).

The most expensive individual property sold in Q3 was a luxury One at Palm Jumeirah apartment which fetched AED 275 million.

With properties worth AED1-2 million accounting for 31% of sales, 29% were below    AED1 million, 18% between AED2-3 million, 14% between AED3-5 million, and 8% more than AED5 million.

Overall, first sales from developers significantly outnumbered re-sales in the secondary market – 68% over 32% in terms of volume and 63% against 37% in value.

Following the huge success and the sell-out of the Franck Muller Aeternitas Tower, London Gate and Franck Muller have unveiled their latest venture—the Franck Muller Vanguard Tower.

Located in the prestigious Dubai Marina, this exceptional luxury development builds on the achievements of their first collaboration and aims to revolutionize the branded real estate market in Dubai.

Combining Franck Muller‘s iconic design innovation with London Gate’s expertise in creating extraordinary living spaces, the project is valued at AED 1.6 billion. The Franck Muller Vanguard Tower promises an unparalleled luxury lifestyle, with residences starting from AED 1.25 million, and the handover is scheduled for September 2027.

According to Morgan’s 2024 report on Dubai’s Branded Residences, the number of units produced in 2024 rose almost 50% from 2022, currently accounting for 7.2% of all property transactions in Dubai.

Spanning 34 floors, the Franck Muller Vanguard Tower will feature 722 luxury units, ranging from studios to three-bedroom apartments. Studio apartments are sized between 414 and 674 sq. ft., while one-bedroom residences range from 779 to 1,010 sq. ft. Two-bedroom apartments are 1,041 sq. ft., and three-bedroom units span between 1,768 and 1,862 sq. ft. Each residence offers a meticulously designed space inspired by the sleek lines and innovative spirit of the Franck Muller Vanguard watch collection, with sweeping views of the Dubai Marina and exquisitely crafted interiors.

“We are extremely proud to unveil our latest project with our strategic partner, where architectural opulence meets timeless luxury, we bring Franck Muller’s second branded residence to Dubai with the Franck Muller Vanguard Tower. With this partnership, we aim to reinstate the standards of sophistication and elegance, creating a living experience that reflects the brand values and vision of both London Gate and Franck Muller. An exclusive branded residential project, this will stand as a testament to our commitment to crafting unparalleled and never-seen spaces that resonate with our brand partner’s essence and prestige,” said Eman Taha, CEO of London Gate.

“With London Gate our commitment to both quality and delivery always remains our top priority with every project. Three of our projects, namely Nadine 1, Nadine 2 and Maya 5, are now completed ahead of schedule. Our iconic Franck Muller Aeternitas tower is rapidly moving towards completion with 30 floors already completed,” she adds.

The Franck Muller Vanguard Tower is more than just a collection of residences – it is a destination within one of the world’s most vibrant urban settings. Offering panoramic views of the Dubai Marina, it serves as both a dream home and a top-tier investment opportunity. The unique location attracts residents who appreciate luxury, exclusivity, and unparalleled access to Dubai’s bustling tourist and business districts. The Tower is designed for those seeking a lifestyle that is both refined and dynamic. With state-of-the-art amenities, the development offers modern fitness centers with cutting-edge equipment, luxurious swimming pools and serene lounges, full concierge services, secure parking with private access and immediate proximity to Dubai’s top attractions.

“After the record-breaking success of our first project together with Aeternitas Tower, we have set a benchmark for what branded residences can achieve in Dubai. This positions our partnership with London Gate as one of the most successful collaborations between a developer and a luxury brand in the region. In less than a year, this is our second major launch, and we’re absolutely thrilled and confident to bring yet more elegance to the Dubai skyline with Franck Muller Vanguard Tower. This residential tower truly embodies the grandeur and elegance that are synonymous with our timepieces. We believe this project will resonate with our clientele and further strengthen our position in the market,” said Erol Baliyan, Managing Director, Franck Muller.

Built upon the innovative spirit that has propelled Franck Muller to the forefront of horological design, the Vanguard Tower represents a bold, new statement in residential architecture. Every aspect of the tower’s design is meticulously executed, combining modernity with enduring sophistication.

LEVA Hotels, a vibrant and innovative homegrown hospitality brand, announced the official launch of its 5-star luxury brand, Zen by Leva, coinciding with the opening of the Future Hospitality Summit in Dubai.

This new venture will offer a fresh take on luxury, with the debut property set to open in Saudi Arabia. Zen by Leva promises a refined fusion of comfort and exploration, aiming to redefine the 5-star experience by creating deeper, more meaningful guest journeys.

Since its inception in 2019, when LEVA opened its first 4-star property in Dubai, the brand has expanded rapidly, now managing 11 properties across the Middle East and Africa. A recent report by Colliers International highlights the MENA hospitality market’s potential to grow to $32 billion by 2026, driven by rising tourist numbers and regional economic diversification efforts. LEVA is well-positioned in this market, embracing innovation, technology, and personalized service to distinguish itself as a forward-looking brand. The introduction of Zen by Leva marks the next bold step in the company’s evolution within the hospitality industry.

Zen by Leva: A Luxury Brand with a Higher Purpose

Zen by Leva redefines luxury by focusing on enriching experiences that engage both the senses and the mind. More than opulence and glamour, Zen is about offering travelers soulful experiences that resonate on a personal level. In today’s market, 65% of global luxury travelers say they prefer experiences that offer personal growth and self-discovery, reflecting a shift away from traditional luxury (Skift Research). Zen by Leva is designed for guests who seek both inner journeys and external exploration, offering a carefully curated, balanced experience that reflects the best of both worlds.

JS Anand, Founder & CEO of LEVA Hotels, shared his thoughts on this exciting new chapter: “We created Zen by Leva to meet the changing desires of modern luxury travelers. Today’s guests are looking for more than just beautiful surroundings—they’re seeking meaningful experiences that resonate on a personal level. Zen represents our belief that the true luxury of tomorrow lies in enriching the soul and engaging the senses. This brand is designed to offer elevated experiences that inspire both internal reflection and external exploration.”

The First Zen by Leva Property in Saudi Arabia

The first property under the Zen by Leva banner will open in Saudi Arabia, aligning with the Kingdom’s Vision 2030 initiative, which aims to increase tourism’s contribution to the GDP from 3% to 10% by 2030. This surge in tourism is driving rapid growth in the hospitality sector, with Saudi Arabia’s hotel market expected to grow at a compound annual growth rate (CAGR) of 12% between 2022 and 2026 (KPMG Report). The new 5-star hotel will offer world-class amenities and thoughtfully curated experiences tailored to both UMRA travelers and visitors looking to explore the rich culture of the region. Designed to blend local culture with global sophistication, the property will provide an environment for guests to embark on journeys of self-discovery and outer exploration.

The essence of Zen by Leva is captured in its brand promise “Elevating Senses.” Today’s luxury travelers value experiences that engage all their senses, with 78% of global luxury consumers prioritizing personalized services that enhance their overall experience according to a report by Bain & Company. Zen by Leva focuses on enhancing guests’ sensory experiences, creating an interplay between external adventure and internal reflection. Each Zen by Leva property blends personal growth, solace, and self-discovery with sophisticated comfort and exceptional service, offering a hospitality experience that nourishes both body and soul.

Strategic Investment and Future Plans

To support the growth of the Zen by Leva brand, LEVA Hotels is committing an initial investment of $15 million, with plans to acquire 1200 keys in regions including Saudi Arabia, Egypt, Morocco, Qatar, and UAE, under the Zen brand within the next 2027. This investment reflects LEVA’s confidence in the brand’s potential and the growing demand for luxury experiences in the MENA region.

OMNIYAT officially unveiled its latest architectural marvel, The Alba, during the Monaco Yacht Show. The launch event, held on September 26th, gathered an exclusive group of VVIP customers and media representatives to celebrate this groundbreaking mixed-use development on Dubai’s coastline. Valued at AED 7 billion ($1.9 billion), the project marks a significant milestone.

One of the key moments of the event was the signing ceremony between OMNIYAT’s Founder & Executive Chairman, Mahdi Amjad, and Christopher Cowdray, President of Dorchester Collection, held at the Yacht Club de Monaco to commemorate the occasion.

Speaking at the ceremony, Mahdi Amjad, Founder & Executive Chairman of OMNIYAT, said: “The Alba, Dorchester Collection, Dubai, represents OMNIYAT’s vision of reimagined luxury by the sun and sea in Dubai. With this project, we’re providing a level of residential living previously unseen in the emirate, influenced by the incredible talent and inspirational ethos of Zaha Hadid Architects and operated by our longstanding partner, Dorchester Collection.

“This project is particularly special as it offers a harmonious blend of nature and cutting-edge design. Dubai derives so much of its charm and lifestyle from its seaside location, and The Alba – featuring OMNIYAT’s signature focus on crafting privacy-centric residences – enhances this unique connection with the water by offering a personalised waterfront experience. OMNIYAT will continue to curate unique experiences, creatively collaborating with some of the world’s most visionary minds, to surpass the traditional definition of well-living.”

Christopher Cowdray, President of Dorchester Collection, commented: “The Alba is our next luxury chapter in Dubai in partnership with OMNIYAT. Each space will be a sanctuary within an exclusive enclave that will offer residents and guests both privacy and serenity in this dynamic city. This next-level lifestyle and hospitality experience will be combined with the impeccable service of Dorchester Collection; the foundation of our culture is the care we have for our guests and people, which has been celebrated globally. With panoramic views across the sea and the city’s famous landmarks, The Alba will provide redefined luxury through exceptional design in an environment where nature and wellness converge.

“Guests and residents will enjoy exclusivity in Dorchester Collection’s first garden retreat by the sea with its expansive private terraces and immersive wellness offerings, cultivating a sophisticated oasis for reawakening, reconnection and renewal.”

Zaha Hadid Architects (ZHA) redefined architecture for the 21st Century with award-winning buildings that have captured imaginations across the globe. Continuing the legacy of their founder, ZHA’s renowned architectural projects become more spatially inventive, more artistically refined, more technologically advanced and more environmentally considerate with each new design. The Alba Residences offer exclusive living that places the resident at the very center of every space. The signature OMNIYAT vision of crafting and curating the unconventional will be evident in the residences, tailored for individuals seeking a life of privacy and serenity.

The Alba, Dorchester Collection, Dubai elevates luxury living, representing OMNIYAT’s boundless vision through a seamless blend of beachfront hospitality and ultra luxury residential experiences. At the heart of The Alba’s vision is a distilled focus on ‘well-living’ – ensuring longevity, sustainability and a deep connection to nature. Each residence also has its own private amenities, including private pools, outdoor jacuzzies, and elevated sun platforms, all placed on expansive outdoor terraces.

The Alba Residences’ interiors offer bold, bright, and expansive spaces with floor-to-ceiling heights of over three metres. Ranging from two-bedroom furnished and three-bedroom unfurnished units to three or four-bedroom simplex and duplex units, as well as capacious penthouses, the residences are designed to cater to the tailored needs of every individual.

OMNIYAT has collaborated with global leaders in interior design to create three distinct design packages, ensuring that each buyer can choose a design that best suits their lifestyle and taste.

In addition to The Alba’s own amenities, which include pools with private cabanas, sun loungers, and social gathering and entertainment areas, residents can also enjoy those of the hotel, including infinity pools, vitality pools, a fitness suite, beach areas and a branded spa with opulent treatment rooms. Destined to be one of the grandest and most luxurious in Dubai, the wellness centre will be operated by a renowned global brand partner set to be announced next year.

The landscaping, meticulously crafted by international award-winning landscape architect Vladimir Djurovic, brings a fine balance of serenity and beauty, integrating the natural world with the architectural splendor and inspired lifestyle of the Residences. The organic, arced shapes of the buildings emerge from a tropical forest and gardens enriched with cascading waterfalls and lily ponds that encompass and accentuate the architecture, fashioning shaded paths and walkways that wind right down to the waterfront.

This design not only enhances the architectural splendor of The Alba, but also highlights OMNIYAT’s commitment to creating a sustainable environment, aiming to meet the highest level of WELL CertificationTM from the WELL Building Standard®. The verdant environment not only amplifies the visual splendour of the residences but faligns with the developer’s goal of infusing luxury with ecological responsibility.

Located on the Eastern Crescent of Dubai’s iconic Palm Jumeirah, The Alba will be a breathtaking landmark offering panoramic views of Dubai Marina, Burj Al Arab and Burj Khalifa. The hotel’s singular curved creation features interiors and suites meticulously designed by Gilles & Boissier, all attended by the legendary levels of service that only Dorchester Collection can provide. Its guests will benefit from outstanding culinary experiences, indulgent branded spa treatments, and elegantly appointed rooms. They can explore the lush grounds and stand at the water’s edge, soaking in the exceptional quality of light and life.

The Alba will become the twelfth Dorchester Collection hotel globally, and the second in the Middle East region, with the first being The Lana, Dorchester Collection, Dubai. The Alba is also the seventh residential property to be managed by Dorchester Collection in Dubai.

With The Alba, OMNIYAT and Dorchester Collection have set a new benchmark in luxury coastal destinations, with the launch marking another milestone in OMNIYAT’s journey of influencing the aesthetic, cultural, and economic footprint of Dubai.

Founded in 2005 by visionary pioneer Mahdi Amjad, OMNIYAT has continuously raised the standards in ultra-luxury real estate, delivering unique living experiences that resonate globally.

Select Property, a prominent UK-based property developer and investment partner, is preparing to unveil an exclusive new residential project in the heart of Birmingham, recognized as the UK’s leading city for rental yields and capital growth. This launch is set against a backdrop of lower interest rates and recent UK visa reforms for GCC nationals, both of which are fueling renewed activity in the UK property market.

Earlier this year, the company published the survey results revealing that 73% of Saudi investors have considered investing in the UK property market. Of these, 75% were particularly interested in Birmingham or Manchester, while 65% identified real estate as their preferred investment choice. The strong alignment between GCC investors and the UK real estate market is further highlighted by market forecasts projecting over AED 11 billion in investment during 2024, among other contributing factors.

Adam Price, CEO of Select Property, said: “Birmingham, home to our latest development, a luxury residence for the UAE and GCC market, has become a key focus due to its high rental yields, promising infrastructure developments, and a robust student population. The city’s combination of luxury-branded residences, educational institutions, and thriving economic prospects mirrors the appeal seen in other key UK cities like Manchester. GCC investors, particularly from the UAE and Saudi Arabia, are leveraging their returns on local properties to invest in UK real estate, seeking the strength and stability the market offers.”

To mark the launch, Select Property will host an exclusive VIP investor event for the residential development on the 10th of October, offering attendees priority access to a pre-launch discount ahead of the global launch later in that month. This off-market opportunity allows investors to purchase at the lowest possible price with access to a development that prioritizes wellness and luxury.

The new development will enhance the resident experience like never before, with a focus on well-being and luxury amenities spanning 14,000 sq. ft. over five storeys. Notably, it will be the first residential development in Birmingham city center to feature a swimming pool. Other amenities include a spa, a climbing wall, and a 45th-floor sky lounge, offering residents a modern urban lifestyle. The exclusive event is designed to engage with VIP GCC investors, featuring coffee and breakfast sessions, expert presentations, and 1:1 meeting with property consultants. Participants will additionally gain exclusive early access to apartment selections and valuable insights into the UK property market, with Birmingham being spotlighted as the UK’s strongest investment city for rental yields and capital growth.

The event will take place on 10 October 2024, from 8:00 AM to 1:00 PM at the Capital Club, DIFC, featuring insightful presentations from experts in the UK property market and bookable 1:1 consultation. The event will additionally include a presentation from Select Property’s CEO, Adam Price, from 9:00 AM to 11:00 AM, providing an overview of the UK property market and latest insight, alongside a UK mortgage update from Enness Global (international finance brokerage), offering guidance on why now is the time for investors to diversify into UK real estate.

In just five years, Krypton Global Real Estate (KGRE) has established itself as a major player in the international real estate investment landscape, delivering tailored solutions to high-net-worth individuals (HNWIs) across the world. With its presence in the UAE, Mumbai, and London—and ambitious plans for expansion—KGRE offers a comprehensive range of services designed to help clients grow and protect their wealth.

Under the leadership of Mona Jalota, Founder and Managing Director, KGRE has been recognized with several prestigious awards, including ‘International Property Consultant of the Year’ and the ‘Business Excellence Award.’ Mona’s deep expertise in international real estate, built over years of experience with blue-chip firms such as Colliers International and Knight Frank India, has shaped the company’s reputation for excellence and innovation.

In this interview, Mona discusses KGRE’s plans for future growth, key trends in the luxury real estate market, and her commitment to empowering women in the industry. We’ll explore the company’s approach to delivering value to clients through personalized solutions, its role in global real estate trends, and Mona’s personal passion for creating opportunities for women in real estate.

Krypton Global Real Estate has grown rapidly in just five years. Can you share your vision for the future?

Krypton Global Real Estate has indeed grown rapidly in just five years, establishing itself as a trusted partner for high-net-worth individuals looking to invest in international real estate.

Our vision is to remain a bespoke global real estate portfolio advisory company. We aim to expand into other cities, following the same model we currently use in Mumbai, London, and Dubai. It’s important to us that we remain culturally sensitive and fully compliant with the regulations in every market we plan to enter.

Given KGRE’s focus on high-net-worth individuals (HNWIs), how do you foresee the investment paradigms shifting for this segment in the next five years?

Ultra-high-net-worth individuals (UHNWIs) will increasingly focus on investments that promote sustainability, potentially across various sectors. They will also look to diversify beyond traditional asset classes, exploring opportunities in real estate, hedge funds, art, collectibles, data-driven or AI-based investments, blockchain, and digital assets. While the types of investments may change, UHNWIs will continue to favor customized solutions tailored to their unique circumstances and dynamics. Personalized approaches will remain the preferred way to address the distinct needs and goals of UHNWIs.

What key trends are you observing in the luxury real estate market in Dubai, and how are you helping clients capitalize on these opportunities?

We’re seeing a growing interest in sustainable, energy-efficient projects, as well as properties featuring innovative technology and cutting-edge design.

While high-end luxury locations remain timeless, more investors are recognizing the value of strong returns on investment (ROI) and are using their luxury properties as short-term rental opportunities.

To help our clients take advantage of these trends, we provide expert market insights and continuously update them with the latest research. We focus on sourcing off-market, high-yield deals to add value and profitability to their portfolios.

Our strategies are always tailored to the individual circumstances and preferences of each client, leveraging our global market expertise to offer bespoke solutions.

With the rise of interest in second passport and residence solutions, how do you see this influencing the real estate investment landscape globally?

The growing interest in getting second passports and citizenship through investment is largely driven by UHNWIs seeking economic stability, tax optimization, and personal safety. As a result, they are increasingly focused on real estate in politically and economically stable countries with strong legal systems and a high quality of life.

This trend is likely to impact markets traditionally favored by real estate investors, as UHNWIs will now also consider the additional benefits that come with these investments. This shift will spread their wealth across markets that were previously off their radar.

Given the significant investment amounts required by many residency programs, we anticipate that demand for premium properties in these markets will increase.

You have a strong commitment to empowering women in the real estate industry. Can you elaborate on your vision for providing career opportunities for women at KGRE?

Empowering women in real estate is a cause very close to my heart. My success in this industry has motivated me to encourage more women to enter the field and foster diversity, innovation, and leadership.

At KGRE, we are committed to creating an environment where women can thrive and excel. We provide opportunities for women returning to work after a break, homemakers seeking financial independence, and those passionate about real estate who can offer valuable advice to clients.

We support them with a safe and secure environment, comprehensive training modules, one-on-one mentoring, and counseling for any personal or professional challenges they may face. At KGRE, women have a clear career path and receive continuous support and encouragement to reach their goals and progress further.

How does KGRE support working mothers, and what initiatives do you have in place to mentor women realtors?

We are focused on hiring more working mothers by offering flexible working hours and comprehensive insurance coverage. In the future, we plan to introduce a creche service to help mothers better manage their work-life balance.

Other initiatives include providing training, mentoring, access to valuable resources and tools, and setting clear goals with regular progress monitoring. These efforts aim to create a supportive environment where women realtors can thrive and advance in their careers.

What is your advice to HNWIs looking to invest in luxury properties in Dubai? Are there specific strategies KGRE employs to help them maximize their returns?

We advise HNWIs looking to invest in Dubai luxury properties to first focus on understanding market dynamics, trends, and becoming aware of the sociopolitical and economic indicators. It’s also important to look beyond well-known, established areas and consider emerging locations with strong growth potential due to upcoming infrastructure.

At KGRE, we provide our investors with in-depth knowledge of the Dubai market, unique insights, and help them navigate opportunities and local regulations.

Our strategies to maximize returns are always tailored to each client’s specific financial goals, risk tolerance, and preferences. This customized approach ensures alignment with their objectives.

We also leverage our network to offer clients exclusive access to off-market deals and high-potential properties that are not widely available. We keep them updated on upcoming luxury developments and pre-launch opportunities that offer favorable pricing and investment potential.

Additionally, KGRE offers property management services to ensure that investments are well-managed and generate optimal rental income. Our global portfolio advisory services develop strategic exit plans, whether for resale, rental, or reallocation, to help clients maximize returns when the time is right.

Ellington Properties unveiled Playa Del Sol, its second residential project on Al Marjan Island and the fourth in Ras Al Khaimah. Scheduled for completion in Q4 2027, this development builds on the success of Cala Del Mar, raising the bar for elevated coastal living. Playa Del Sol promises a perfect blend of serene surroundings and thoughtfully curated lifestyles, offering residents a truly exceptional retreat.

A Seaside Haven 

Nestled on Al Marjan Island, Playa Del Sol provides an exclusive seaside lifestyle. Adjacent to the Wynn Resort, this development balances vibrant entertainment options with a tranquil atmosphere. The property features a wide range of residences, including studios, 1, 2, and 3-bedroom apartments, 3-bedroom duplexes, 4-bedroom penthouses, and a 4-bedroom villa. Each home is designed to embrace natural light, creating a sophisticated and welcoming space that effortlessly connects indoor and outdoor living. With stunning panoramic views of the Arabian Gulf and direct access to pristine beaches, Playa Del Sol is the perfect destination for those looking for relaxation and excitement in equal measure.

Prime Location Near a Major Entertainment Destination

Playa Del Sol boasts a prime location near the iconic Wynn Resort, a landmark set to attract both international and national attention. This strategic positioning enhances the appeal of Playa Del Sol, providing residents and investors with easy access to the region’s dynamic new entertainment hub.

Resort-Style Amenities for a Curated Lifestyle

Playa Del Sol offers more than just a residence—it’s a sanctuary designed for a balanced life of relaxation and recreation. With exclusive access to a private jetty yacht, residents enjoy unparalleled experiences on the water. The development features a sophisticated clubhouse, a vibrant teens’ room, a kids’ play area, and a range of spa amenities, including massage rooms, saunas, and steam rooms. Fitness enthusiasts can enjoy the squash court, gym, and yoga studio, while outdoor spaces include a stunning multi-layered infinity pool, a kids’ splash zone, a courtyard, and playgrounds—all crafted to enhance a vibrant, connected lifestyle.

“With the rising demand for exceptional residential properties in Ras Al Khaimah, Ellington Properties is dedicated to delivering distinctive developments like Playa Del Sol,” says Elie Naaman, Co-Founder and CEO of Ellington Properties. “Playa Del Sol reflects our unwavering commitment to crafting thoughtfully designed living experiences that seamlessly integrate nature with modern living. This project is tailored for those who seek not only refined elegance and comfort but also a vibrant, connected community on the pristine shores of Al Marjan Island.”

Playa Del Sol combines it all—an exceptional beachfront location, exclusive resort-style amenities, and the added convenience of a private yacht for residents. Just steps away from the iconic Wynn Resort, this development offers the perfect balance of relaxation, convenience, and elevated living. Playa Del Sol reflects Ellington Properties’ commitment to creating not just homes, but a curated lifestyle where every detail enhances the resident experience, setting a new benchmark for living on Al Marjan Island.

When Nic and Alison Grillo bought their home seven years ago in the Seaview neighbourhood of Rancho Palos Verdes, Calif., south of Los Angeles, Nic knew that the wider Palos Verdes Peninsula had multiple landslide zones. He grew up there.

But he had never heard of any issues happening in Seaview itself. An adjacent neighbourhood, called Portuguese Bend, is where there had been slides since the 1950s. Nic studied the geologist’s report he received and hired an inspector before closing on their four-bedroom, 1,800-square-foot, 1956 ranch house for $1.195 million. “I felt comfortable buying,” he says.

Then, in the summer of 2023, his neighbourhood started coming apart.

Today, there are foot-long cracks on the outside and inside of his house. Since June, two houses nearby have partially collapsed due to landslides and have been deemed unsafe; others were abandoned by owners spooked by the constant creaking of their houses as they were pulled apart by the ground crumbling beneath them. Power and gas were cut off in September, and some worry the sewage system will be next, which would mandate evacuation.

Nic, 45, estimates that he and Alison, a 42-year-old health clerk at an elementary school, have spent more than $25,000 over the past few months in an attempt to stay in their home. He bought a Tesla power wall and solar panels a few years ago, in case there were occasional power outages, but he never anticipated having to use them indefinitely. Now he’s added a generator, a propane tank, and a tankless water heater. They are using an REI solar camp stove to cook until they get hooked up to propane. They go days without showers.

Alison says they don’t want to leave, since two of their children are still in local schools. However, she says it has been hard not to get overwhelmed by it all. “This isn’t sustainable,” she says.

Nic, who works in medical-device sales, says he can’t afford to buy another house somewhere else because he doesn’t see any chance of selling the one he already owns, even at a discount, given what’s happening around it. His homeowners insurance doesn’t cover damages caused by land movement, which is standard for policies in the U.S.

“It’s scary. We are just taking it one day at a time,” he says.

Life in a Slide Zone

The roads on the Palos Verdes Peninsula, which juts into the Pacific Ocean south of Los Angeles, have been cracking for decades. A landslide in 1956 damaged over 100 houses in Portuguese Bend and has been moving ever since. In 1980, farther up in the city of Rolling Hills, a section known as the Flying Triangle started sliding. The movement was at a rate of 5 to 7 feet a year.

Now, triggered in part by periods of exceptionally heavy rainfall over the past two years, the rate of land movement has increased significantly. Some areas had reached a velocity of 7 to 13 inches a week and are currently averaging about 8 inches a week, or about 80 times faster than it was moving, on average, in October 2022, according to Mike Phipps, a geologist whose firm was hired by the City of Rancho Palos Verdes.

Geologists discovered a second slide this summer that is about twice as deep as the other tracked slides. That has been pushing out the slide area to almost double its size, from 380 acres to nearly 700 acres, says Phipps. A major concern is that it will continue to expand farther uphill, he says. Movement in another adjacent city, Rolling Hills, led SoCalGas to shut off gas on Sept. 16 to 37 homes, with a warning that power would follow in coming days.

About 44% of the country is at risk for a landslide, according to a new report by the United States Geological Survey. Homeowners in one of the Palos Verdes Peninsula slide areas, as in any of the areas across the U.S. that have been hit by landslides, such as Washington and western Pennsylvania, find themselves in a unique kind of financial hell. Insurance companies don’t write standard homeowner policies that cover landslide losses and surplus landslide policies aren’t available right now in California, according to the Insurance Information Institute. Mortgage companies expect loans to be paid, even if the underlying asset no longer exists or is damaged with no chance of repair; forbearance and forgiveness decisions are up to the individual bank, and they are loath to grant them.

Although some state legislatures, such as in Pennsylvania, are working to address the lack of financial recourse for slide victims, no measures are currently under way in California. If the area were declared a major disaster by President Biden, it would trigger access to emergency funds for individual homeowners via the Federal Emergency Management Agency, but the state of California hasn’t yet requested this declaration, saying the current situation doesn’t meet federal requirements for such action.

As a result, owners who don’t want to declare bankruptcy must still pay their mortgages, property taxes—barring a reassessment, which can sometimes take months—homeowner association and other fees, even if their home, and the land it sat on, no longer exists. For those whose homes are damaged, owners are left with few options except to either walk away or stay put and hope their home doesn’t sustain any further damage. Others believe the landslides will abate at some point in the future and trust that they will be able to sell their home when potential buyers simply forget about the landslide threat.

Wei Yen, 74, a retired finance officer, and his wife, Leesa Yen, 66, a teacher, owned one of eight homes that, in July 2023, slid off a cliff into a canyon in Rolling Hills Estates, in an area that had never had a landslide before. It is completely separate from the Portuguese Bend slide complex. The city has a mixture of townhomes and single-family homes that sell for anywhere from $1 million to $4 million. Five other homes were badly damaged.

The Yens bought their 2,000-square-foot, three-bedroom, three-bathroom townhome on Peartree Lane in Rolling Hills Estates in 2010 for $765,000. In early July 2023, Leesa noticed a skinny, 7-foot-long crack on the tiled patio outside the front door. A few days later, Wei noticed that the crack had expanded. The next day, one of their neighbors called the fire department over similar cracks. The department advised all the homeowners in the surrounding block to pack up essentials just in case. About six hours later, Wei was given 15 minutes to evacuate by the fire chief. By 9 a.m. the next day, the house, and the land on which it sat, started sliding into the adjacent canyon. “I was lucky to get out of there in time,” says Wei.

Now, a year later, the Yens’ home equity is gone. The property had been worth $1.55 million, according to Zillow , just before the slide. Now it is worthless, according to a letter from the city assessor’s office. They have a small mortgage, which they have no plans to ask the bank to modify because they worry their credit rating will be impacted and because they say they can afford it and feel responsible.

They are renting an apartment and had to buy new furniture and clothing, all of which is eating into their retirement savings. They lost what they estimate is around $500,000 worth of items that were precious to them, including antiques and art Wei collected throughout Asia in the 16 years he lived in Hong Kong. They are worried about looters, since the bottom of the slide is right next to a public trail. The danger of the collapsed structure has kept the Yens and public officials from going in.

“Mentally it’s very challenging,” he says. “I’m talking to a therapist for the first time in my life. I’m decimated by this. I see no way out. We asked for help and everyone said they’d do their best, but it’s been empty promises.”

“I didn’t realise I would have to start worrying again about finances in my 70s, ” he says. He says he might have to find a job.

Over in Seaview, Matt Stelwagen, 44, a supply-chain manager for a hospital, and his family moved out of their home in August. He bought his house in June 2022 for $2.5875 million. It was meant to be his forever home, where he and his wife could raise their son, who was 1 year old at the time. The pool cracked in July 2023. Over the next year, the floors started coming apart and the windows and doors would no longer shut. The floors became so uneven he could feel the house tilt, he says. The creaking noises at night from the moving and cracking were terrifying.

“We got to a point where mentally it was better for our stress levels and our son to get out,” he says. They are still paying the mortgage and taxes on the house, along with the rent on the house where they now live, a financial burden he says is staggering: His housing cost is now more than half his income. He’s paying for it through his salary and from savings. “We are stretched,” he says. “You make it work because you’re a parent and you want to provide a stable home life.”

He plans to get the house reassessed so he doesn’t have to pay such high taxes.

“We are exhausted,” says Stelwagen. He says he’s gone through stages, first feeling scared, then really upset and angry, and most recently putting his head down and trying to figure out what to do. “No one will come in with a cape and save me,” he says.

No One With a Cape

Efforts to stabilise the Portuguese Bend slide complex, moving for decades, stepped up in August 2023, when the city of Rancho Palos Verdes received a $23 million federal grant from FEMA. But the discovery this past summer of the deeper slide has made mitigation much more complicated.  The project is being revised because of emergency work and the discovery of the deeper movement. Whether current attempts to slow the movement will be successful is still uncertain, says the geologist Phipps. The landslide velocity has decelerated since July, but it is still moving a foot a week in some areas. That means within a week of drilling a well to dewater the ground, that well could be damaged by the landslide. “It’s a Herculean task,” he says.

Lacking other financial recourse, dozens of residents affected by the slides in Seaview and Portuguese Bend have individually and jointly filed legal claims, alleging myriad failures that have contributed to the slide activity, including insufficient stormwater sewers and drains. Defendants include the city of Rancho Palos Verdes, the city of Rolling Hills, CalWater, Los Angeles County, and the Rolling Hills Community Association of Rancho Palos Verdes, exposing hundreds of homeowners in Rolling Hills to liability.

Rancho Palos Verdes mayor John Cruikshank says he fully understands why people are frustrated. He thinks Southern California Edison should be more open to alternative energy sources, such as power walls and solar; he’s working to get the state to expand its emergency declaration and to request FEMA funding so that both will also support individual homeowners who have been displaced. But suing the city doesn’t make sense, he says. Of its 15,000 homes, about 400 are in the landslide area. “Everyone’s tax dollars are going to help. Why are we being sued by people who we are trying to help?” he says.

These legal fights could take years to resolve and owners are in need of assistance now. Aside from some small local outreach efforts, not much has been forthcoming. One of the biggest supporters after the 2023 Peartree slide in Rolling Hills Estates was a local high-school student named Christian Yoshino, who lives down the street from where the houses collapsed. He went door to door asking for donations, raising about $5,300 that was distributed to affected homeowners, based on need, by the Rotary Club of Palos Verdes Peninsula for necessities such as medicine, clothing and beds.

A lack of help is the norm in many communities affected by landslides, which have been exacerbated in recent years due to extreme weather events such as heavy rainstorms and fires that destabilise soil. Some states are trying. In Pennsylvania, where a landslide outside Pittsburgh last January forced homeowners to evacuate, a bill to create a new state landslide-insurance program for homeowners is up for consideration by the House of Representatives.

After a landslide in the city of Ketchikan, Alaska, damaged homes and killed one person in August 2024, affected residents were allowed to apply for assistance and temporary housing programs. In Washington state, where a mudslide in 2014 east of Oso destroyed dozens of homes and killed more than two dozen people, the governor successfully got President Obama to declare a major disaster, opening up FEMA aid to homeowners and funding a one-time program to buy back properties in the Oso slide.

A Buying Opportunity?

Until the power was cut in September, homes were still selling in Portuguese Bend and Seaview, says Jason Buck, with Re/Max Estate Properties. A 1,834-square-foot house in Seaview sold for $1.78 million in July, not far off its listing price. A four-bedroom, 1,994-square-foot house in the heart of upper Portuguese Bend sold for $800,000 in May, 22% lower than its listing price. But, Buck says, news of the damage and gas and power cuts have started to affect prices on houses in areas near the slide zone.

Buyers are now backing out of deals. Charlie Raine, a real-estate agent for Coastal Legacy, currently has a listing for a four-bedroom, 4,000-square-foot house in Seaview. It first went on the market in June 2024 for $1.95 million. It is currently listed at $1.45 million. Raine says buyers terminated an agreement in August after they saw news-media images of the house in the same shot as a construction project that made it look like a disaster zone. A second buyer, five days into a 12-day escrow, backed out after the power was cut in September.

During showings, Raine uses a cardboard model he made to demonstrate how lifting a house and inserting steel I-beams can, he says, keep it from damage when the earth moves due to fissures. It is a technique his own parents used on their home in 1986 in the Flying Triangle in Rolling Hills and which other homeowners are spending hundreds of thousands of dollars to do now in Portuguese Bend.

The marketing for Raine’s listing now includes a note that warns that the home has been adversely affected by the land movement in Seaview, but assures potential buyers that “there are methods available to retrofit the foundation and isolate the affected portion of the home from the movement.”

Rancho Palos Verdes is currently waiving permit fees for what it calls “temporary solutions” such as placing homes on cargo structures and inserting I-beams. Amy Recenmacher, a professor of civil and environmental engineering practice at the University of Southern California, says even if horizontal beams under the house could stop the house from splitting apart, they wouldn’t stop it from moving in a big slide. Placing a reinforced house atop vertical footings to stop it from moving with the slide is impractical in many cases; to be effective, the footings would have to be set into stationary ground or bedrock below the active slide. The Portuguese Bend slide extends hundreds and hundreds of feet deep.

Alejandro Bustillos, president, AB Structural Design, who drew the plan for Raine, says the design isn’t aimed at big hillside collapses; he says it works when fissures appear under a house causing slow movement because adjustable supports allow the house to “follow the movement without breaking apart.”

The price on a house across the street from Raine’s listing just dropped to $999,000 on Sept. 12 from $1.39 million after an investment group backed out of a contract. The listing, advertised on Zillow as an “enchanting storybook home,” with three bedrooms, 1,800 square feet and a new renovation, now says: “Seller has found replacement home and is ready to move immediately. +Incredible Opportunity + NON CONTINGENT CASH OFFERS ONLY.” The listing also warns that gas and electricity have been disconnected by the city.

In the upper section of Portuguese Bend, an area full of artists and teachers where the damage is particularly bad, residents are thinking long term. Tyson Schilz, 40, an electrical contractor, spent $875,000 in 2014 building a 3,700-square-foot, five-bedroom home in an area called Monks Lots, where landowners won a lawsuit in 2008 to overturn a building moratorium put in place by the city in 1978 over landslide concerns.

In December, Schilz realized his house was ripping in two pieces, so he decided to finish the job, spending several hundred thousand dollars raising it and splitting the roof in two. He cut the utilities and reinstalled them into the two, separated halves, among other measures.

“We’re not crying crocodile tears,” says Schilz. “It was always in the back of my mind that it could slide one day.” He is renting a place in nearby Manhattan Beach for the next year while his son finishes high school. He is hoping that in 10 years or so the land will have settled and everyone will have forgotten what happened, at which time he will either move back or sell. “I’m long landslide,” he says.

Corrections & Amplifications undefined SoCalGas cut gas to 37 homes on Sept. 16. An earlier version of this article incorrectly said it had cut gas to 35 homes. (Corrected on Sept. 20)

QUBE Development, the renowned international real estate developer, known for their trailblazing building solutions, shares its insights on UAE’s real estate market, which continues to garner strong demand from investors from all over the world. The growing surge is due to various factors with the off-plan market being the major contributor and responsible for 65 percent of overall sales transactions for the month of August 2024, a 54% volume increase from what was recorded during the same period last year.

According to data analytics online platform, Statista, the UAE real estate market is anticipated to reach a value of AED 2.5 trillion by the end of 2024. This growth is spearheaded by the increasing influx of high-net-worth individuals (HNWIs), who have entered the market looking for strong investment opportunities with a focus on the luxury property sector, primarily in the off-plan market where a high number of ultra-luxury projects and megaprojects are currently underway.

The global interest has been recognized by QUBE, who have recently launched their first residential project ‘Cubix Residences’ located in Jumeirah Village Circle (JVC) and providing a focus on durability, reliability, sustainability, and exceptional quality to the family-oriented community in the area. This is just the first of many projects to follow as the company has announced its plans to invest an additional AED 2.6 billion worth of inventory into the Dubai market by the end of 2025 to continue expanding its portfolio in this prime market.

Construction Director of QUBE Development, Ramy Abdel Kader, commented: “Cubix Residences is progressing on schedule, with construction now reaching 25%. The surging demand for premium real estate in Dubai reinforces our commitment to deliver efficiently and to the highest standards. At QUBE Development, we provide sustainable, high-quality developments that cater to the evolving needs of urban living. As we move forward, we look forward to unveiling more innovative projects that will continue shaping Dubai’s real estate landscape.”

With a commitment to sustainable design and community engagement, QUBE Development’s ambition is to make a positive and lasting impact by enhancing the quality of life for all residents through its future developments. By contributing to the well-being of the community and encouraging a healthier, happier tomorrow for everyone, the company looks forward to continuing its efforts in building communities and fostering a strong sense of connection among UAE residents.

The Real Estate Department of the Ministry of Justice in Qatar, responsible for overseeing all real estate transactions and registrations within the country, has implemented ArcGIS technology from Esri, a global leader in geographic information systems.

In collaboration with Mannai Infotech, the official representative of Esri in Qatar, the Ministry adopted ArcGIS to enhance and modernize its real estate registration system through the development of the REGIS application. This digital solution aims to revolutionize real estate registration processes in the country.

Amer Al Ghaferi, Director of the Real Estate Registration Department, highlighted that this technology aligns with the department’s commitment to adopting the latest industry advancements. It also reflects the Ministry of Justice’s efforts to maintain Qatar’s leading global position in real estate registration procedures by ensuring compliance with standards of development, sustainability, and efficiency.

Mohammed Juma Al Kaabi, Director of the Information Systems Department, emphasized the ministry’s focus on accelerating digital transformation initiatives in collaboration with various administrative units, while maintaining quality and efficiency.

Binu M R, Senior Vice President of Mannai Infotech, noted that this partnership with the Ministry of Justice and Esri has been a successful venture that supports the digital transformation and modernization of Qatar’s real estate services.

The REGIS application, integrated with multiple systems and powered by ArcGIS, has significantly streamlined operations, reducing processing times from days to minutes and improving collaboration between stakeholders. Transactions that previously took days are now completed in minutes due to the efficiency and automation provided by REGIS.

The ministry has previously been recognized with the Special Achievement in GIS Award at Esri’s User Conference in San Diego. This international accolade reinforces the ministry’s dedication to delivering high-quality results and driving technological progress in real estate registration. As one of the first ministries featured as a success story on Esri’s website, the Ministry of Justice has gained global recognition for its achievements.

Dar Global has forged a partnership with luxury jeweler Mouawad to develop an exclusive SAR 880 million (GBP 180 million) residential project near the World Expo 2030 site in northern Riyadh.

This high-profile collaboration marks Dar Global’s entry into the Saudi market, a key milestone in the company’s global expansion plans. For Mouawad, the project signifies a strategic move into the luxury residential sector, leveraging its renowned craftsmanship to explore new ventures.

Scheduled for completion in Q4 2026, the development will feature 200 luxury villas, set to become one of Riyadh’s most prestigious addresses. The project will combine Dar Global’s expertise in innovative high-end real estate with Mouawad’s distinguished legacy of artistic mastery.

Owners of properties valued at 4 million Saudi Riyals and above will qualify for Real Estate Owner Residency under the Saudi Premium Residency Program. This initiative, along with co-branded luxury real estate offerings, has heightened Saudi Arabia’s appeal to international investors, further solidifying Riyadh’s status as a rising global hub for luxury living.

Ziad El Chaar, CEO of Dar Global, said: “This is a proud moment for Dar Global as we bring our international expertise and high standards of living to the Saudi market. Our partnership with Mouawad, a brand synonymous with diamonds, luxury and artistic craftsmanship, is an embodiment of our shared vision to offer a unique, globally inspired living experience in Riyadh. We aspire for this project to stand as a benchmark of luxury and elegance, much like the renowned Bulgari Residences. It underscores our commitment to enhancing the Kingdom’s real estate offering with developments that stand at the intersection of modernity, elegance, and timeless design.”

Pascal Mouawad, Fourth Generation Co-Guardian of Mouawad, commented: “For more than a century, Mouawad has long been a hallmark of luxury and enduring elegance. Our collaboration with Dar Global enables us to expand our legacy into the realm of branded residences, infusing our unique identity into prestigious developments around the world. We believe this milestone will set a new standard for luxury living in the real estate market.”