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London's Royal Wharf units sold for £156M; UK housing market to stall in 2017


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London's Royal Wharf units sold for £156M; UK housing market to stall in 2017

* Singaporean property developer Oxley Holdings Ltd.'s wholly owned unit Oxley Wharf Property 3 Ltd. agreed to sell all the units within Blocks 20 and 24 of its Royal Wharf development in London for £156.2 million, The Straits Times reported.

Notting Hill Home Ownership Ltd. and Notting Hill Housing Trust, who are the buyers, have committed a deposit of about £7 million for the acquisition. The rest of the amount will be paid through instalments upon the completion of the blocks in 2018, according to the report.

* House prices in the U.K. are expected to flatline in 2017, with as little as 1% expected growth. The lack of growth is attributed to weak economic growth and a rise in inflation limiting general spending power, and bringing about sluggish housing demand, Bloomberg News reported, citing Halifax.

The (U.K.) Times also reported on the predicted housing slump in the U.K. and London.

UK and Ireland

* The rate of London residents leaving the city has recorded its highest result since 2007, as residents of the capital purchased some 74,000 homes outside London, 11,000 more than in 2015, The (U.K.) Daily Telegraph reported, citing Hamptons International. This accelerated departure rate is attributed partially to rising home prices outpacing the increase in wages in London.

Additionally, 40% of first-time buyers residing in London bought houses outside the capital, up from 20% in 2014, the report noted.

* Over in Ireland, IDA is hiring an agency to search for space for its new global headquarters as the lease on its current offices in Dublin's Wilton Park House approaches the end of its term, the Irish Independent reported. The company is seeking new offices in the capital city for when the Wilton Park House lease expires in 2019, the report noted.


* MERLIN Properties confirmed local media reports that it is holding advanced talks with Foncière des Murs to either sell or deconsolidate its noncore hotel portfolio.

* The Spanish property market is showing signs of recovery eight years after its last significant crash, with construction company La Casa por el Tejado planning to build new apartments on rooftops in Madrid and Barcelona, Reuters reported. Home prices are seen to be returning to pre-crisis levels in downtown areas of major Spanish cities, where rents and mortgages are on the rise, the report noted.

Middle East

* Bidding has opened for the acquisition and completion of Bahrain's largest stalled real estate project, Marina West, Arabian Business reported, citing local media. Work on the $750 million Marina West project began in 2007 and was supposed to have been completed in 2010, but was halted in March 2010 because of the global financial crisis, the report noted.

The development was to have comprised 10 residential towers with over 1,000 apartments and a five-star hotel.

* Emaar Properties PJSC, in a partnership with Meraas Holding, launched the second phase of Sidra at the 11 million-square-meter Dubai Hills Estate, near downtown Dubai, TradeArabia reported. Sidra offers three- to five-room villas that will range from 3,102 square feet to 4,283 square feet, the report noted.


* Brazilian shopping mall retailers reported a 3% fall in sales this Christmas season, The Rio Times reported, citing a survey by the Brazilian Shopping Tenants Association. Brazil saw the opening of 19 shopping malls in 2016, but some 18,100 stores were closed in these centers during the year, the report noted.

* Meanwhile, commercial property prices in Brazil declined 0.45% month over month in November due to the country's recession, taking the year-to-date losses to 3.18%, Reuters reported, citing the FipeZap indicator. The indicator, which covers Sao Paulo, Rio de Janeiro, Porto Alegre and Belo Horizonte, also reported a 0.35% fall in leases in the same period.

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The Daily Dose Europe, Real Estate edition, is updated as of 6:30 a.m. London time. Some links require a subscription. Articles and links are correct as of publication time.