Mansion Global Daily: Dubai’s Most Expensive Home Lists for More Than US$200 Million, British Columbia Clocks ‘Surprisingly Strong’ Sales, and More
A mother-of-pearl pool room, 160 columns and a 24-carat gold hot tub are just a few details in the extravagant megamansion. Read More
LISTING OF THE DAY
The sellers of this Los Angeles-area compound have hosted the Topanga Film Festival and numerous Oktoberfests. Read More
TAX TALK
Some could see valuations rise by 20% to 40% amid a spike in sales prices, though lawmakers have introduced relief legislation. Read More
NEWS BITES
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Dubai Mega-Project Will Bring 7,000 Luxury Homes to the City
A mega-project has been announced in Dubai that is set to bring 7,000 mansions and villas to the city. Dubbed The Oasis, the nearly 2,300-acre development by Emaar Properties will be one of the largest in the city, with 25% of the land devoted to green spaces, walking trails and lakes. The project is estimated to cost AED 73.4 billion (US$20 billion), and will also feature 1.5 million square feet of retail space. The Oasis will “complement the urban landscape of Dubai and redefine the future of luxurious living amidst nature and water, blending harmonious architecture and exceptional amenities,” said Mohamed Alabbar, the founder of Emaar. The Khaleej Times
British Columbia Clocks ‘Surprisingly Strong’ May Sales
Home sales in British Columbia, Canada, bounced back in May, increasing 13% year over year, according to the B.C. Real Estate Association. The total value of sales was C$9.4 billion (US$71 million). The sales figures were "surprisingly strong," said chief economist Brendon Ogmundson of the association. In addition, the average price saw a jump as well, registering at over C$1 million (US$750,514) for the first time since April 2022. The Vancouver Sun
Zaha Hadid Architects to Design Luxury Condo on Site of Surfside, Florida, Building Collapse
A Zaha Hadid Architects-designed luxury condo project has been chosen to replace the Surfside, Florida, building that collapsed in 2021. The U.K.-based studio unveiled two designs for the site, both revealing a 12-story building connected by a glass-bottomed pool and featuring curved balcony overhangs and a lot of glass. Dubai-based developer Damac International purchased the site of the former Champlain Towers South, which killed 98 people when it collapsed. “While no work of architecture can ever remove the pain of the past, nor should it, a truly ambitious work of architecture can respect such a significant site,” said Chris Lepine, director at Zaha Hadid. Dezeen
Israel Home Sales Slumped 55% in April
Home sales in Israel plummeted 55% annually in April and about 41% month over month, as both prices and interest rates have risen, according to a Finance Ministry report on real estate transactions. About 4,001 deals closed in April, down from around 9,000 for the same month last year and roughly 11,000 in April 2021. April’s total was the lowest since at least 2002—aside from April 2020, the height of the first pandemic lockdown—when just 2,000 home sales were completed. Preliminary figures on transactions in May indicate a continued slowdown, the report said. The Times of Israel
AROUND NEWS CORP
Ferraris, Art Collections . . . The Agents Who Deal in £50 Million Houses [The Times of London]
A Tennessee Subdivision Became a Model for Modern Living. Now It’s Getting a Second Act. [The Wall Street Journal]
Home Prices Are Finally Falling: How Low Will They Go? [Realtor.com]
Malibu Homeowners Fined, Forced to Open ‘Hidden’ Beach to Public After Decades-Long Fight [New York Post]