News Briefs
Zurich Emerges as One of Europe’s Hottest Housing Markets
Zurich has become one of the hottest property markets in Europe, with prices surpassing those in Paris and London. Companies such as Google have been hiring in Switzerland’s financial hub, and apartments in the city are now priced at more than €18,000 (US$19,000) per square meter—over double the cost of a London flat. Prices outside the center of the city have also risen—they were up close to 6% year over year in August, the biggest increase in 16 months, and are roughly the same as Paris prices. Bloomberg
Guangzhou to Ease Home-Buying Restrictions
The Chinese city of Guangzhou has relaxed restrictions on home buying, which will allow residents to purchase more than one property in four additional districts. It’s the first of the country’s tier-one cities to ease policy on home buying, and experts predict others—such as Beijing, Shanghai and Shenzhen—to do the same in an effort to spur home sales in the sluggish market. Non-local residents are also allowed to buy a home in the core districts of Guangzhou after only two years, as opposed to five. Previously, local residents were allowed to buy a maximum of two homes in just two districts, while non-locals could buy just one property. South China Morning Post
Waterfront Home Outside Melbourne Could Set Price Record
A waterfront home in the coastal Australian city of Jan Juc, about 65 miles southwest of Melbourne, could set a price record. If the property achieves the upper level of its guide price—its asking between A$7.9 million and A$8.3 million (US$5 million to US$5.3 million)—it would top the current record of A$8.15 million. The five-bedroom residence has north-facing ocean views toward Point Lonsdale and is surrounded by 2.7 acres of gardens that have been part of Open Gardens Victoria, a nonprofit that opens private gardens to the public. There’s also a stone labyrinth, a swimming pool, spa and basketball court. realestate.com.au
U.K. Stamp Duty Relief Set to End in 2025, Adding More Than £2,000 to the Average Tax Bill
The temporary tax break on U.K. stamp duty is set to end in March 2025, giving buyers about 18 months to seal a deal that could save them up to £2,500 (US$3,073) in transfer taxes. The price threshold exempt from stamp duty was increased to £250,000 last fall, meaning that buyers only owed tax on the amount above that figure. However, the threshold is traditionally £125,000 and will return to that number when the temporary increase ends. It will increase the tax bill on an average-priced home in England from £2,822 to £5,322, according to a report from the Coventry Building Society. GB News
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