ChangeAgent Property

Shanghai luxury real estate seen going from $15,000 per square meter to at least $18,000 within a year as Chinese sticking to home these days for high end real estate. (Image provided by Shutterstock) The Chinese can’t get enough penthouse luxury. They’re pausing overseas, as the government clamps down on capital flight, and are busy gobbling up luxury high rise apartment buildings in Beijing. So much so, in fact, that the price for luxury towers in the city just hit a record high of more than 70,000 yuan per square meter, or roughly $10,500 per square meter. (One square meter is equal to nearly 11 square feet.)

A new tax for foreign property buyers is being introduced in British Columbia in Canada in an attempt to cool escalating house prices. The 15 per cent foreign buyer tax will be effective from  August 2, 2016 at a time when prices in the province’s capital city Vancouver are escalating. Indeed, the latest global cities index from international real estate firm Knight Frank shows that prices in the city have increased by 17.3 per cent in the mainstream market and by 26.3per cent in the prime market in the year to March 2016.