Mukesh Ambani, the fifth richest man in the world and head of the Mumbai based petrochemical giant Reliance Industries is estimated to be worth some where in the region of $43 billion. He is also the owner to-be of a 27-story skyscraper in downtown Mumbai that is to cost him colossal $2 billion!
When you’ve got so much money you have to come up with ideas on how to spend it. Exactly this happened while his wife was staying in the Mandarin Oriental in New York, back in 2005. Nita Ambani was so impressed with the interior Asian style decor that she wanted something similar for her to live in.
Her inquiries about the designer soon led to the next step; drawing up plans done with expertise by architecture firm Perkins & Will and Hirsch Bedner Associates, the designers behind the Mandarin Oriental.
What resulted from that is the world’s largest and most expensive home ever. We have covered this in a past post but wanted to deliver some updated information. Every storey Antilla’s skyscraper home will be built to a different specification. The vast variation of materials to be used in it’s build has tremendously added to its overall cost.
Read the rest of this entry »
Vietnam is enjoying the property hot seat right now with many reports stating that the country’s economy is on a huge up rise. Vincom Joint Stock Co. reported a 33 percent increase in revenue for the first quarter of 2008 alone. The Vietnamese real estate developer reports that a range of clients signed contracts to rent stalls at higher rentals than usual.
A recent draft regulation that allows foreigners to “lease” property for a 70 year period has created quite a stir amongst foreign investors and foreign expatriates in Vietnam.
Read the rest of this entry »
Wednesday, April 16th, 2008
Posted by OP-Mall in
Trends
World real estate bubbles are showing cracks right now everywhere we look. The NY Times posted the ugly truth the other day on how the U.S housing market collapse is slowly but surely affecting worldwide markets such as Spain, Britain, Ireland, China, Hong Kong, as well as in eastern Europe.
It seems that the whole financial loan crisis is also being influenced by heavy stock fluctuations which in turn sours markets everywhere.
An Irish couple bought their one bedroom apartment in Dublin in 2006 at the peak of the local market for $575,00. This very same apartment is now worth around $100,000 less than then.
Read the rest of this entry »
With this years Formula 1 Grand Prix hotting up after just two races, we decided to feature special Formula 1 theme posts to bring some of the action to you. With every race we will feature some local information about real estate in the area so that you too can be a racy investor.
Melbourne, Australia offered a great start to the season on 16.March and only 8 of the 22 drivers managed to finish the race. The guys on the podium were:
- Lewis Hamilton (McLaren-Mercedes)
- Nick Heidfeld (BMW)
- Nico Rosberg (Williams-Toyota)
Read the rest of this entry »
Demand amongst overseas investors for residential and commercial property in Puerto del Carmen is currently driving the Lanzarote real estate market. According to an analysis of 636 property for sale enquiries received by Lanzarote´s busiest property portal, Lanzarote Guidebook, during the first two months of 2008.
Where are the current property hotspots for overseas investors on Lanzarote?
According to this detailed analysis of British and Irish property investment requirements, Lanzarote´s oldest resort – Puerto del Carmen – is currently top dog, accounting for 43% of all property enquiries received during January and February 2008. With Costa Teguise recording 30% and Playa Blanca trailing in third place with 19%.
Read the rest of this entry »
With all the doom and gloom surrounding the property markets, we felt it was about time to take a look at those markets that have remained robust and healthy throughout the current credit crunch. So here are five markets that have consistently performed well, regardless of the ups and downs seen recently.
Manhattan, New York
Read the rest of this entry »
Mumbai, India
Despite the current issue with lack of infrastructure and clashes with displaced locals, India’s real estate prices continue to rocket. Mumbai and Delhi are now amongst the top ten most expensive office locations in the world, comparing with London, Hong Kong and Tokyo for the top slots.
A recent report by real estate consultants, Cushman and Wakefield put Mumbai, in terms of rental costs at fifth most expensive worldwide, and Delhi in tenth.
Read the rest of this entry »
Despite exhortations from a variety of pundits pitching Kazakhstan as the next big boom market, the fact is that a growing number of analysts are looking at the market and seeing not boom times, but a potential bust.
The credit shortage is beginning to take it’s toll and there is an ever-growing number of properties doing nothing but sitting in an estate agent’s window gathering dust, as it were.
Kazakhstan, like much of the rest of the world is beginning to come to grips with the fact that a major boom is inevitably followed by a slow down or bust at some point. The country’s economic performance over the last decade has been spectacular – 10% GDP growth year on year until 2007, when it slowed to 8.7%, with predictions of a further slowdown to less than 6% in 2008.
Read the rest of this entry »
Along with many British property investors, the Koreans know a bargain when they see one and the US property market is one of them at the moment. According to a report issued by the Korean Ministry of Finance and Economy, Korea’s overseas real estate buying increased in October from a month earlier due to a higher number of purchases in North America. Korean individuals and companies bought $96 million worth of land and houses in foreign countries last month, up from $86 million the preceding month. That brings the total value of the country’s overseas property buying from January to October to $968 million.
Read the rest of this entry »
Tags: korean+real+estate, bargains, south+east+asia
