Each week, MyNewPlace provides a compendium of news articles on apartments for rent, the rental market and interesting apartment features.
International Apartment Rental Market
This week, we’ll set our sights abroad to check out issues and developments in apartment rental and housing markets around the globe. Follow along with our Indiana Jones style maps (we’ll assume that you have had the theme song stuck in your head for the past 2 weeks.) If you need a quick refresher, however, it is provided below.
Grab your whip and fedora and let’s go!
Our quest shall begin by circling the Bay of Bengal; first, we travel to the growing city of Bangalore, atop the Deccan Plateau in the heart of Southern India, where the rent vs. buy debate is thriving. Bangoloreans are flocking to apartments because of the amenities that are possible when a group of people share resources and facilities.
Next, we head northeast to the heart of the monsoon region, where residents of Dhaka, Bangladesh’s capital city are experiencing problems with their apartments due to the lack of landlords, regulations and oversight.
Finally, before we bid adieu to Southern Asia, we note how Japanese workers in Thailand’s capital have pushed up prices on Bangkok apartments.
We embark now for the west coast of Australia, where Brisbane looks to expand vertically to ease pressures on the housing market. Heading southeast to Adelaide, vacant houses raise concerns for the rental market. Or do they?
Leaving Australia’s tight rental market, we fly northwest over the Indian Ocean to the Persian Gulf oasis of Dubai.
With land prices rising exponentially, Dubai’s Real Estate Regulatory Agency (Rera) is planning to introduce a rent pricing index. Rera hopes that this will alleviate record inflation in this capital city of the United Arab Emirates.
Rental rates have skyrocketed since 2002, when foreigners were first allowed to purchase land in Dubai. One of those foreign investors, Union Properties, plans to build mid-to-low income apartments and housing on the land it hopes to acquire.
Of course, in Dubai, when land for new apartments is scarce, it is not such a big deal, as they have built several man made islands.
In the Miami of Israel, Tel Aviv, a plan to renovate some downtown apartments to increase the amount of units and provide affordable housing is being met with some resistance. The first hurdle to the resident-initiated renovation is defining of the term “affordable apartment,” as city council members question how to apply such a vague term.
Check back with us next week, when we return stateside, to get the latest from the apartment rental industry.
As always, feel free to send us links to stories that you find interesting.