Pick of the bunch: W/E 19th July 2024

Highlighting some of our latest opportunities across each of our disciplines, alongside global market insights for real estate professionals, weekly.

Residential Real Estate

The luxury residential market in India is witnessing a significant boom, driven by increased urbanisation and rising incomes. Sales of high-end housing units have surged by 27% in the first half of the year, with cities like Mumbai and Delhi-NCR leading the demand. High-end properties priced at ₹4 crore and above reached around 8,500 units sold across major cities. This trend reflects a growing preference for opulent lifestyles, with real estate consultancies like CBRE India and reports from India Sotheby's International Realty highlighting the continued expansion and transformation of India's luxury housing market.

In Canada, land prices in the Greater Toronto Area (GTA) have increased by 22% year-over-year, reaching $106 per buildable square foot. This spike in land costs exacerbates the housing affordability crisis, with many residents considering leaving the province due to high housing costs. The federal government, which owns a substantial portion of the land, is exploring options to make underutilised public land available for residential development. The initiative aims to ease the housing shortage by unlocking public land for the construction of up to 250,000 homes by 2031, with a focus on affordable housing solutions.

In Fort Worth, Texas, the $150 million Deco mixed-use high-rise has opened, marking the first luxury residential tower built in the city's downtown in 30 years. Developed by Southern Land Company , the 567,000-square-foot tower features over 300 apartments with upscale amenities such as a rooftop deck, pool, spa, and high-end dining options. The Deco reflects a broader trend of luxury living, enhancing Fort Worth’s urban core and providing high-end residential options that meet the growing demand for premium urban living spaces.

In Abu Dhabi, the Housing Authority has introduced a new service that allows UAE Nationals to exchange their granted residential lands. This initiative, accessible through the Iskan Abu Dhabi application, aims to promote social wellbeing and cohesion among citizens. The service facilitates land exchanges for social or familial reasons, provided the lands meet living space requirements and are free from legal and regulatory issues. This move is part of broader efforts to enhance the quality of life and address the housing needs of Abu Dhabi's residents.

Contact: Jessica MacLeod , Bradley Hellier , Michael Cartmill

In partnership with Druce

Druce, a name synonymous with luxury real estate since 1822, aims to expand its presence across multiple territories London, partnering exclusively with GKR International - Real Estate Talent Specialists, to bring top-tier talent into the business. Read the full article here.

Email: drucecareers@gkrinternational.com

Website: www.gkrinternational.com/clients/druce-careers

Contact: Lee Riley , Grant Kaveney

Property Management

Croatia's State Real Estate reported a record-breaking €16.8 million in revenue from property management for 2023, marking a 7.6% increase from the previous year. The state-owned company’s total revenues reached €20.8 million, reflecting a 19% annual growth, with a net profit of approximately €4 million. The revenue boost was attributed to enhanced efficiency in receivables management, an expanded portfolio, and income from EU-funded investments. The company also executed significant investments totaling €8.6 million, which included renovating 125 apartments for earthquake victims. The expanded property portfolio now exceeds 12,000 properties, supported by a new law that increased the company’s management scope and responsibilities.

The Crown Estate has transitioned its London property management services from JLL to in-house management for the first time. This significant shift allows the Crown Estate, which manages the British monarch's property assets, to exert direct control over its London properties. The move reflects a strategic decision to centralize management functions and enhance operational oversight within the organization's portfolio.

Hines France ’s Property Management division, under the leadership of Hicham Farhat, is set to manage ten new assets by the end of 2024, bringing its total managed portfolio to over 130,000 square meters in France. This expansion highlights the division’s successful growth strategy and solid performance since its creation in early 2023.

Contact: Rose Lock , Emma Bradshaw

Business Support

Alon Beran is revolutionising property management at the newly established Sydney Sotheby's International Realty x Lower North Shore agency by integrating sales and property management functions. Beran envisions a model where sales agents continue to manage relationships with landlords throughout their properties’ lifecycle, leveraging technology to streamline property management tasks. This approach aims to improve customer service and foster growth by reducing administrative burdens and enhancing client interactions.

Florida's new laws, effective July 1, 2024, introduced stringent requirements for homeowner associations (HOAs) and condominium associations. Key updates include mandatory reserve studies, enhanced financial transparency, and regular structural integrity inspections. The laws also impose stricter board governance and insurance requirements. Notably, the legislation mandates that HOA documents be accessible online, with penalties for non-compliance. These changes aim to improve governance, safety, and transparency within community associations.

Contact: Anuradha Deb , Emma Bradshaw

Do you have a dedicated skills section on your CV? 📄

1. ☑ Yes (74%)
2. ❎ No (24%)
3. ❔ Depends on the Job (2%)

Our recent poll results indicate that 74% of job seekers include a dedicated skills section on their CV, underscoring its importance in quickly showcasing qualifications to recruiters. Only 24% do not, and 2% vary it based on the job. This trend highlights the competitive edge a skills section provides, making it easier for hiring managers to assess suitability at a glance. At GKR International - Real Estate Talent Specialists , we can help to optimise CVs by identifying key skills, structuring them effectively, and offering customisation tips, ensuring your CV stands out and aligns with industry best practices.

Contact our team at GKR International - Real Estate Talent Specialists to enhance your CV today for your job search within property!

Commercial Real Estate

Elanor Investors Group has engaged JLL as its property management partner for a four-year term, overseeing its retail, office, healthcare, and industrial assets. This partnership aligns with Elanor's strategic growth goals and aims to leverage JLL ’s expertise to achieve a $15 billion asset management target within five years. JLL will manage 53 assets, focusing on delivering exceptional service and strategic asset management to support Elanor's ambitious objectives.

The UK commercial real estate market is seeing renewed optimism as inflation stabilises and economic growth prospects improve. The build-to-rent (BTR) sector remains robust, with substantial investments in new developments and strong demand for rental properties. Businesses are adapting to hybrid working models, which is reshaping office space needs towards more flexible and collaborative environments.

Hong Kong's commercial real estate market is experiencing mixed results due to ongoing macroeconomic uncertainties, as reported by Colliers . Grade A office rents have declined, influenced by a high vacancy rate and cautious tenant sentiment. In contrast, the retail sector benefits from a recovery in tourism, leading to modest rent increases for high-street locations. The warehouse market faces challenges with slowing demand and rising availability, while the investment scene remains subdued with a focus on distressed sales, reflecting a cautious yet opportunistic approach from investors.

Contact: Rose Lock

Built Environment

Researchers from Transport Institute TU Delft and 18 other partners receive the Horizon Europe grant for their project called UrbanAIR. UrbanAIR, is developing a digital twin to help cities design resilient urban areas against climate challenges. This tool will simulate various scenarios to improve urban planning, addressing heat stress and air pollution. The digital twin will integrate global climate models with local data and citizen behaviour, offering insights to enhance city liveability and adaptability in the face of climate change.

David Harris , CEO of Premier Modular , urges the new UK government to strengthen policies for reducing carbon emissions in construction. Despite a 53% cut in emissions since 1990, delays have pushed back net-zero targets. Harris advocates for adopting modern construction methods and circular economy practices, improving waste management, and shifting funding priorities. He also calls for better legislation on embodied carbon and a broader definition of green jobs to support these goals.

In Belgium, new legislation mandates the installation of EV charging stations in non-residential buildings and large residential car parks starting in January 2025. The requirements vary by region but include minimum numbers of charging points and infrastructure for future expansion. Property owners and developers must prepare for these changes, which include considerations for regulatory compliance and contractual arrangements for managing EV infrastructure.

Contact: Anuradha Deb

Investment, Finance & Accountancy

Singapore’s real estate investment sales are projected to reach between S$23 billion and S$25 billion in 2024, with a potential surge in the second half of the year, according to Knight Frank . Despite current market hesitation due to high interest rates and price uncertainty, sectors like hospitality and retail are expected to drive growth as tourist activity normalises. While residential collective sales remain challenging, there is strong demand for landed housing plots, particularly in prime locations. An anticipated decline in interest rates could improve market dynamics, potentially unlocking deals that are currently on hold.

Research by INREV highlighted the UK housing market is increasingly attractive to residential investors, buoyed by a strong demand for rental homes amid high living costs and elevated mortgage rates, which discourage first-time buyers. Institutional investors are especially active, with significant investments in the build-to-rent sector, reflecting a shift towards high-quality rental properties with better amenities. While institutional investors like Aviva and international players such as PGIM and Blackstone are expanding their portfolios, private investors still dominate the market. However, potential regulatory changes, such as rent controls and the Renters Reform Bill, could impact investment dynamics, though the emphasis remains on improving market standards.

The Dutch commercial real estate market has seen a notable increase in investment, with a 44% rise compared to the previous year, driven primarily by a surge in hotel investments as tourism rebounds. The logistics sector continues to attract significant interest, accounting for a substantial portion of total investments. However, growth in the office and residential sectors has been more subdued, with investors showing caution due to uncertainties surrounding hybrid working and evolving residential preferences. Overall, CBRE stated the market is adapting well to changing conditions and demonstrating resilience.

Contact: Anuradha Deb

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