Nobel Prize-winning economist Joseph Stiglitz is urging Canada to levy a “very progressive tax” on property in order to combat growing inequality caused by soaring house prices.
“If you have a $50-million apartment, the property tax on it should be very large,” Stiglitz, a Columbia University professor and former chief economist at the World Bank, told The Tyee in a recent interview.
“Some of the revenues could go to help subsidize lower-income people to live in the city.”
Still half-built a decade after construction started, is Lavasa – India’s controversial $30bn mega-project – the brave new world for smart cities, or an expensive flop?
The level of investment into European commercial real estate continues to grow with €62 billion invested in the third quarter of 2015, up 18% on the same period in 2014.
France experienced the most noteworthy increase with investment activity of over €7 billion, almost double that of the same quarter in 2014, according to figures from CBRE.
Annual rent growth in the United States has slowed for the third month in a row but rents are still rising faster than historical norms, according to the latest index data.
Rents appreciated 4.5% year on year in October, down from 5.3% in September, down from a high of 6.6% in July and it is mostly due to more properties, specifically apartments, coming onto the market, the Zillow real estate market report shows.
Demand for Alpine property is rising, spurred on by a more resilient Eurozone, greater clarity over tax and the second home cap in Switzerland, as well as a weaker euro, says a new analysis report.
The latest results of the Knight Frank Prime Ski Property Index underline a broadly stable market environment with only 13% percentage points separating the strongest and weakest performer.
Shortage of supply is keeping house prices in the United States on the up across most of the nation but growth is slowing to a more healthy paces, according to the latest quarterly report.
Overall prices increased during the third quarter of the year with the median existing home single family home price up in 87% of markets.
Investors, chiefly foreign, poured a record 1.36 billion euros into Portuguese commercial property in the first 10 months of 2015, double 2014 levels, Cushman & Wakefield consultants said on Thursday.
“In Brazil, the market is really tough, a difficult market,” said Frederico Judice Araujo, director of Judice & Araujo, a Christie’s International Real Estate affiliate. After a “booming market” between 2008 and 2013, with prices rising 100 and 150 percent across Brazil and 200 percent in Rio de Janeiro, “the market started to cool down a bit,” he said. Uncertainty surfaced during last year’s presidential elections and buyers grew more selective. Accordingly, prices and sales volume are dropping “in every segment of the market,” Mr. Araujo said. With inflation and high interest rates, “many analysts say it is the perfect storm for the real estate market in Brazil,” he said, adding that “buyers have good opportunities.”
Treasurer Scott Morrison said on Wednesday the forced sale of seven properties takes to 19 the total number of homes the government has declared were bought illegally by foreigners
Australia's government has blocked the sale of the country's largest private landholding to foreign investors.
S Kidman & Co has pastoral leases covering 101,411sq/km - an area bigger than Ireland.
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