New Zealand Weakens Bill Banning Sale of Homes to Foreigners

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In an attempt to tackle a housing shortage and increased real estate prices on the archipelago, New Zealand lawmakers passed a bill that would ban foreign investors from purchasing more than 60% of new apartment and condo buildings. Initially, the law was much more strict and unforgiving, but now, if now non-residents and other foreigners will be able to purchase land, houses, and apartments. The rewritten law also exempts Singaporean nationals from any housing investment limitations under … [Read more...]

Hong Kong Real Estate Becoming Smaller and Even More Expensive

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Already the least affordable real estate market in the world, with median house 19.4 times higher than the median income, Hong Kong's new condos are shrinking as prices continue to soar. And the incredibly high cost of living spaces in the city is leading young professionals to rent "nano-flats" or rooms in co-shares, with as many as seven other roommates. In recent years, property prices in Hong Kong have leaped thanks to the constant stream of many being poured in from wealthy investors … [Read more...]

Toronto Starts Sales on First Smokeless Condo

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Days after Canada legalized marijuana nationwide, sales have started on Toronto's first smokeless condo. The condo, slated to open in 2021, is going against the grain of businesses trying to get in on the new profits that the recent weed bill will bring. The condo owners state that after weighing the rights of the smokers and those impacted by the smoke, they decided that going smokeless was the best decision. "We know that smoke moves between units in buildings, it's impossible to … [Read more...]

New Rates Approved, Thailand Property Taxes ‘Imminent’

The Thai cabinet is expected to review has passed the draft property taxes bill, with new tax rates and a widened tax exemption ceiling proposed by the Finance Ministry, this month, reports the Bangkok Post. Under the new proposal, properties would be taxed 0.1 percent (residential), 0.05 percent (agricultural), 0.2 percent (commercial), and 0.5 percent (vacant). The Thailand real estate lawyers at Chaninat and Leeds have specialized in assisting Thai and international clients with real … [Read more...]