Welcome to our 《Real Estate Briefing》 program! Today, we’re diving into some exciting developments in the housing sector. First up, Scott Turner, a former NFL player, has been chosen by President-elect Donald Trump to lead the Department of Housing and Urban Development. As the first Black member of the Republican Cabinet, Turner is set to tackle housing affordability and boost investments in struggling areas.
Next, we head over to Spain, where thousands of frustrated residents took to the streets of Barcelona. They protested against the skyrocketing rental prices that have doubled over the last decade, leaving many renters in a tough spot. With incomes lagging behind these rising costs, the call for affordable housing has never been louder, highlighting a growing housing emergency in the country.
Lastly, in Hong Kong, homebuyers are buzzing with excitement as Wang On Properties launched their new project at 101 King’s Road. A whopping 98 out of 157 units were snapped up on the first day, showing renewed interest in the market. With attractive pricing and recent government incentives, analysts are optimistic about a potential price increase next year, although some economic uncertainties linger.
Please stay tuned for more detailed coverage!
Associated Press - Scott Turner has been appointed by President-elect Donald Trump to lead the Department of Housing and Urban Development (HUD), making him the first Black member of the Republican Cabinet. A former NFL player, Turner transitioned into politics after a successful sports career, having played for teams like the Washington Redskins and the Denver Broncos. His political journey began with an internship in Congress, and he later served in the Texas House. Turner has also been active as a motivational speaker and pastor, focusing on childhood literacy through a nonprofit he co-founded. During Trump’s first term, he led the White House Opportunity and Revitalization Council, which aimed to attract investment to economically distressed areas known as “Opportunity Zones.” As head of HUD, Turner will oversee housing needs for millions of low-income families while addressing Trump’s focus on making housing more affordable.
Associated Press - In Barcelona, thousands gathered to protest against the rising rental prices that have become a pressing issue in Spain. Holding signs demanding “more homes for living,” they highlighted the stark reality that average rents have doubled over the past decade, with the cost per square meter skyrocketing. Many residents, like Samuel Saintot, expressed their fears of being forced out of their homes as landlords seek to renovate and increase rents. A Bank of Spain report revealed that nearly 40% of renters allocate a significant portion of their income to housing, much higher than the EU average. Experts are calling this a housing emergency, indicating that many are struggling to find affordable places to live, which has led to widespread frustration and a growing movement for change.
South China Morning Post - In a sign of renewed confidence in Hong Kong’s real estate market, homebuyers flocked to Wang On Properties’ new project at 101 King’s Road, where nearly 63% of the units were sold within hours of the launch. The project, located near a major transportation hub, features a variety of unit types appealing to both investors and families. Analysts attribute the market revival to recent government stimulus measures, including lower mortgage financing terms and reduced borrowing costs following a drop in US interest rates. This has led to increased expectations of property value appreciation in the coming year, although experts caution that the market may need time to stabilize fully amid ongoing uncertainties, particularly surrounding the upcoming US presidential election.
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