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Three countries possess over 50% of Africa’s total wealth

More than half of Africa’s total wealth is controlled by only three nations according to this year’s Africa Wealth Report (pdf) published by UK investment consultancy firm Henley & Partners in partnership with South African wealth intelligence firm New World Wealth.

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

Ranked: The Most and Least Livable Cities in 2022--Where is Lagos, Nigeria?

Pandemic restrictions changed the livability of many urban centers worldwide as cultural sites were shuttered, restaurant dining was restricted, and local economies faced the consequences. But as cities worldwide return to the status quo, many of these urban centers have become desirable places to live yet again.

https://www.propertygateplc.com/ranked-the-most-and-least-livable-cities-in-2022/

The most famous buildings that were never completed

Three billion dollars later, the gargantuan Las Vegas resort formerly known as the Fontainebleau still hasn’t been finished after falling victim to the 2008 financial crisis. Now rebranded as JW Marriott Las Vegas Blvd, the oft-delayed project is slated to be completed in 2023.

https://www.propertygateplc.com/the-most-famous-buildings-that-were-never-completed/

Mixed reactions trail Senate’s passage of real restate regulatory council bill

• Seven built environment regulatory bodies, others to form council
• Council to register, license all real estate developers

Plans to reinvigorate the real estate sector and engender confidence among operators and subscribers got a boost last week with the Senate’s passage of a bill for the establishment of the Real Estate Regulatory Council of Nigeria.

The bill seeks to curb fraudulent practices and ensure compliance with the National Building Code, standardise the business of real estate development by regulating the conduct of transactions in the real estate sector as well as provide enabling environment and transparency in the business of real estate development.

https://www.propertygateplc.com/mixed-reactions-trail-senates-passage-of-real-restate-regulatory-council-bill/

Cities where poverty and prosperity live next door to each other

Rich and poor live side by side in some of the world’s biggest cities. In his photo series Unequal Scenes, Cape Town-based photographer Johnny Miller used a drone to capture this stark contrast in living conditions around the globe. Click through to take a look at these incredible, and sometimes heartbreaking, images. All dollar amounts in US dollars.

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

Global real estate investment hits new high

Investors are citing economic confidence for year-to-date volumes’ move beyond pre-pandemic levels

Global real estate investment has breached pre-pandemic levels as economic conditions stabilize and investors realign their strategies, albeit unevenly across geographies.

With US$757 billion invested during the first three quarters of this year, global real estate investment is now at its highest ever for a nine month period, according to JLL. The total was four percent above the previous record set in 2019.

“Globally, real estate capital markets are recovering quickly,” says Sean Coghlan, Global Director, Capital Markets Research, JLL. “Liquidity is now broadening into markets that had been lagging behind.”

https://www.propertygateplc.com/global-real-estate-investment-hits-new-high/

Asia Pacific Commercial Property Investment Spikes 30 Percent in 2021

According to global real estate advisor JLL, Asia Pacific commercial real estate investment volumes continued to rebound strongly in the first nine months of 2021, up 30% compared to the same period in 2020.

Asia Pacific direct real estate transactions year-to-date reached $125 billion, just 6% below 2019 levels as investors deployed capital into more income-resilient assets, such as office and logistics sectors.

Analysis in JLL's Capital Tracker Q3 2021 showed that third quarter investment in Asia Pacific was $39.5 billion, a 10% increase year-on-year. However, transactions were down by 23% quarter-on-quarter as several regional economies were impacted by the resurgence of Covid-19 and subsequent restrictions limiting activity.

"Despite ongoing unpredictability, our interactions with clients reaffirm both the attractiveness and resilience of the Asia Pacific commercial real estate sector. Throughout 2021, investor interest in the region has remained extremely high as capital becomes more active and volumes approach pre-pandemic levels across the region, which we expect will continue into the fourth quarter," says Stuart Crow, CEO, Capital Markets, Asia Pacific, JLL.

https://www.propertygateplc.com/asia-pacific-commercial-property-investment-spikes-30-percent-in-2021/

Coworking, Flex Office Sectors Poised For Significant Growth

U.S. Companies Plan For More Flexible Work Practices

Global property consultant CBRE is reporting this week that the flex-office industry has emerged from the pandemic-induced downturn and is now poised to play a key role as companies adapt their office portfolios to accommodate more flexible work practices.

Flex-office providers have spent the past year trimming excess or unprofitable locations from their networks, resulting in a collective reduction of 10.1 million sq. ft. of flex space across 529 locations in 40 cities in the U.S. and Canada, according to CBRE. The industry now spans roughly 70 million sq. ft. in North America, a roughly 2 percent share of the overall office market.

Now, as flex providers solidify their financial and strategic footing through partnerships and other moves, their offering is gaining new traction. CBRE surveys show that most large U.S. companies favor the short-term flexibility provided by flex space for a portion of their office portfolios as they adapt to new work styles, including hybrid work practices, as part of their return-to-the-office plans. Many flex providers have informally reported record sales volumes in recent months.

https://www.propertygateplc.com/coworking-flex-office-sectors-poised-for-significant-growth/

Global Home Prices Spike 9.2 Percent in Mid-2021

Istanbul leads the world’s annual rankings



The pandemic-induced housing boom continues with prices rising by 9.2% on average across 55 countries and territories in the year to June 2021. A breakdown by developed and developing economies, however, reveals a more nuanced picture. Ten of the world’s developed economies averaged price growth of 12% in the 12 months to June, double that seen in key developing markets (4.7%).


Turkey (29.2%) leads the annual rankings, but its rate of growth is slowing.



Several key economies including New Zealand (25.9%), US (18.6%), Australia (16.4%), Canada (16%) and Russia (14.4%) also make it into the top ten. In total, 18 markets registered double digit price growth, up from 13 last quarter and seven a year ago

https://www.propertygateplc.com/global-home-prices-spike-9-2-percent-in-mid-2021/

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

Happy Customer Service Week.

Residential transactions – the post-pandemic picture

Residential property transactions are increasing across the world

As residential prices increase across the world, so too do transaction volumes. Commercial residential transactions for multifamily increased to the largest sector by investment volumes, at 28% of all transactions, overtaking offices for the first time in the first half of 2021. End-user residential also returned to pre-pandemic transaction levels nearly as soon as property markets reopened. The strength of residential property markets shows that home isn’t just where the heart is.

Global real estate investment underwent a major shift in the first half of 2021 as the multifamily residential sector overtook offices to become the largest sector globally for the first time since records began in 2007, when considering deals over $2.5 million. Over the first six months of 2021, $136 billion was invested in residential, 35% higher than the same period in 2020 and 4.1% higher than office transaction volumes. Growth was driven by the global interest in the strong fundamentals for the residential sector. Many locations remain severely undersupplied for appropriate housing, particularly to meet the demand from younger people moving to urban centres.

In the end-user residential market, there were converging factors driving increased transaction volumes in many locations. From the race for space to the shift to working from home, many buyers globally decided that their current homes weren’t working for them. As soon as they were able, buyers made the choice to move to new properties, assisted by record low interest rates and government support for property markets. Across the 15 cities analysed for this article, 80% of the locations have seen transaction volumes above 2019 figures.

https://www.propertygateplc.com/residential-transactions-the-post-pandemic-picture/

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

The total value of global real estate

Property is the world’s biggest store of wealth. Residential has pushed its value to new heights

The value of all the world’s real estate reached $326.5 trillion in 2020, a 5% increase on 2019 levels and a record high. Growth was driven by residential which is by far the largest real estate sector, accounting for 79% of all global real estate value. It saw its value increase by 8% over the year, to some $258.5 trillion.

The world’s most significant store of wealth, real estate is more valuable than all global equities and debt securities combined, and almost four times that of global GDP. The value of all gold ever mined pales by comparison at $12.1 trillion, at just 4% the value of global property.



https://www.propertygateplc.com/the-total-value-of-global-real-estate/

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

New office space requirements up by 29% in three months in Nigeria, others

Professional services, industrial, logistics top list of space

New office space requirements increased by 29 per cent in second quarter of 2021 compared to first quarter in Nigeria and other Africa countries, according to Knight Frank.

This increased office market activity has been attributed to the ‘flight to quality’ trend that has seen businesses taking advantage of weakened prime office rents to occupy office spaces that place employee wellbeing at the forefront.

Data from Knight Frank indicates that the share of new office space requirements across the nine countries they are located in was dominated by professional services (29 per cent), Industrial and Logistics (16 per cent), financial services (14 per cent), healthcare 12 per cent and Non governmental organisations (NGOs) (8 per cent), who together accounted for almost 80 per cent of new office space requirements across Africa in Q2.

The countries are Kenya, Uganda, Tanzania, Zambia, Zimbabwe, Malawi, Botswana, South Africa and Nigeria. Knight Frank also observed that businesses that had previously put office requirements on hold due to the pandemic were reactivating their searches with landlords becoming more flexible by allowing for discounted rents and lease concessions such as increased rent-free periods in a bid to attract and retain tenants.

https://www.propertygateplc.com/new-office-space-requirements-up-by-29-in-three-months-in-nigeria-others/

Worldwide, 1 in 4 People Are Looking to Move in Coming Year

Global Appetite to Buy Property Continues, Despite COVID Outbreaks

International property consultant Knight Frank's latest Global Buyer Survey released this week analyzed the impact that Covid-19 had on residential buyers' attitudes to purchasing homes around the world.

The survey, which represents the views of over 900 Knight Frank clients across 49 global markets found that:

Globally, 19% of respondents have moved house since the start of the pandemic, this rises to 25% in Australasia and North America. Of the non-movers, 20% are more inclined to move in 2021 as the pandemic continues.

Cities are back in favor. Out of those respondents who are more inclined to move in the next 12 months, 38% of them are looking at city locations with 33% opting for the suburbs.

https://www.propertygateplc.com/worldwide-1-in-4-people-are-looking-to-move-in-coming-year/

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

World Economic Forum develops a framework for the Future of Real Estate

Building back better – shaping the future of real estate where buildings are liveable, sustainable, resilient and affordable.

For years now, many of us in the real estate community have recognized the pressing need for change. The COVID-19 pandemic has accelerated certain trends and affected many of the underlying demand drivers of the real estate industry. The convergence of multiple crises – public health, social, economic, and planetary – has served to drive home the urgency of our efforts to identify a few simple imperatives and create a set of signposts that could help the industry ‘build back better’.

In our report – A Framework for the Future of Real Estate – we have developed a vision for a future in which buildings provide us with comfort, are equipped for the most unprecedented of events, support our health and the planet and are affordable and accessible for all of society.

We resolved that real estate should be liveable, creating suitable habitats for a rich, culturally vibrant existence. Typically, in major cities around the world, people spend about 90% of the day indoors, which makes buildings instrumental in ensuring liveability. A combination of factors contributes to a good quality of life, including well-developed buildings and human-centric and inclusive design.

https://www.propertygateplc.com/world-economic-forum-develops-a-framework-for-the-future-of-real-estate/

propertygate is a property development and investment company in Lagos Nigeria. Topmost property developer in lekki lagos

Real estate investment rebounds to pre-pandemic levels

Investor confidence gets a boost from vaccine rollouts and economic recovery

Global real estate investment has vaulted to pre-pandemic levels as vaccine rollouts and signs of economic recovery lure investors back into the market.

Around US$247 billion was invested in global real estate during the second quarter of this year, more than double the amount invested a year ago, when the COVID-19 pandemic heavily impacted deal making, according to JLL. Crucially, investment activity is now level with the same period in 2019.

The rebound is due in part to pent-up demand and robust pipelines, alongside expanding access to vaccines in many of the largest commercial real estate markets, particularly in the U.S., Germany, the U.K. and China.

https://www.propertygateplc.com/real-estate-investment-rebounds-to-pre-pandemic-levels/

Global E-commerce Growth Needs 1.5 Billion Square Feet of New Distribution Space

U.S. alone needs 330 million sq. ft. of new warehouse space by 2025

According to international property consultant CBRE, e-commerce pe*******on is expected to grow to 26 percent of all retail sales by 2025, the U.S. will need an additional 330 million sq. ft. of distribution space just to handle the increase in online ordering in that timeframe.

That anticipated, e-commerce-generated demand for another 330 million sq. ft. of distribution space represents 27 percent of the projected overall demand for industrial real estate in the U.S. through 2025, according to CBRE Econometric Advisors. The broader category of industrial real estate includes warehouses for traditional retail distribution, manufacturing, R&D space and data centers.

CBRE forecasted the incremental demand based on its estimate that every additional $1 billion of e-commerce sales requires 1 million sq. ft. of new distribution space. According to CBRE's forecast, which is based on Euromonitor data for 2020, U.S. e-commerce sales are expected to increase $330B from 2020 to 2025. Globally, e-commerce sales are forecast to rise by $1.5 trillion in this same time period, requiring an additional 1.5 billion sq. ft. of warehouse/distribution space to accommodate this growth. The U.S. and Mainland China are the biggest e-commerce markets in the world, accounting for 57 percent of global Internet sales.

https://www.propertygateplc.com/global-e-commerce-growth-needs-1-5-billion-square-feet-of-new-distribution-space/

Balancing convenience with experience

Buying online will always be easier, but a click is not an experience. Showfields, a department store for pop-ups in New York, is a great example of experiential shopping. It bills itself as the most interesting store in the world, with art shows, events, customisable products and the chance to play video games.

Experience also needs to be at the heart of shopping centres; people need a reason other than shopping to visit. This might be to dine, to go to the cinema, to work, for education, to play sport or to visit the doctor. All these ‘excuses to go shopping’ need mixed-use retail, either within a shopping centre or a town centre. All of them, and the people who use them, add up to a community.

https://www.propertygateplc.com/balancing-convenience-with-experience/

Luxury Markets Worldwide Enjoy Surge in $10 Million Plus Home Sales

Based on new research by international property broker Knight Frank, cities worldwide are springing back to life and are fuelling a global surge in super-prime ($10m+) luxury home sales.

There were 785 super-prime sales that took place across seven global cities analyzed during the first six months of 2021, more than double the amount of sales compared to the same period in 2020 and up 52% on the corresponding period of 2019.

https://www.propertygateplc.com/luxury-markets-worldwide-enjoy-surge-in-10-million-plus-home-sales/

Dubai property market continues to rebound in Q2 as villa values soar

ValuStrat Price Index reveals 3.8 per cent growth in real estate prices during the April to June period compared to the previous quarter

Villas continued to drive the recovery in Dubai real estate prices during the second quarter of 2021, according to consultants ValuStrat.

Its ValuStrat Price Index, which has been expanded to cover more locations in the city, grew by 3.8 per cent during the April to June period compared to the previous quarter.

This increase cancelled almost all the capital losses of the previous year, ValuStrat said in a statement.

It added that in June the index registered 69 points compared to 69.4 points in the same period last year.

Despite the recent rebound, there is still a long way to reach 100 points registered as of January 2014, not to mention the peak of June 2014, which saw the citywide VPI achieve 112.9 points.

Villas, which represent 13 per cent of the residential market in Dubai, spearheaded the Q2 growth with a quarterly growth of 7 per cent and an annual growth of 6.3 per cent.

ValuStrat said all villas monitored by the basket saw improvements not seen since 2014. The highest annual capital gains were found in The Meadows, Arabian Ranches, The Lakes, Jumeirah Islands, Dubai Hills Estate and Mudon.

https://www.propertygateplc.com/dubai-property-market-continues-to-rebound-in-q2-as-villa-values-soar/