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Prince’s Villa in Marbella Has Been on the Market for Two Years, and more

Princes former Marbella villa lingers on market for two years. A salmon-coloured tile-roofed villa overlooking the Mediterranean that the late pop star Prince built for his then wife, dancer Mayte Garcia, in Marbella has been sitting unsold for two years, asking 5.25 million ($5.91 million). “The house [is] very flashy; its a bit outdated in that sense the location isn’t perfect either,” said local nightclub owner Olivia Valere. (Bloomberg News) Talking Points Boston housing prices take off as demand for luxury condos rises. Home sales in Massachusetts shot up 31% in March over last year, while condominium sales climbed 27%, according to data released yesterday. At high-end condo development Pierce Boston in the Fenway neighbourhood, prices are 20% to 30% higher than developers originally planned. “Were in the midst of a very real paradigm shift,”  aid an advisor to the developer. ( Boston Globe )Dubai home prices set to fall further on lower oil prices, strong dollar. The pain in Dubai’s property market isn’t going away anytime soon. Home prices are set to fall by 10% amid low oil prices and a strong dollar-pegged local currency,  according to Standard & Poors. A slowdown in hiring and business expansion is also damping prices, which fell 13% last year. ( Bloomberg )Riyadh real estate market bottoms out after two-year decline. Sales prices bottomed out in Riyadh during the first quarter of 2016 as values stabilised for the first time since Saudi Arabia introduced mortgage regulations in 2014, said real estate services firm JLL. Sale prices for apartments and villas fell 4% and 6%respectively. ( Arabian Business )Investors and second-home buyers crowd residents out of London home market.Fewer than half of all homes sold in central London went to regular homeowners, a new report shows, casting a light on the extent of the housing crisis in the capital city. Buy-to-rent landlords accounted for 36% of transactions in the first quarter, according to real estate agents Marsh and Parsons, while 23% of sales were to second-home buyers. ( City A.M. )Lagos archbishop assists at Nigerian luxury apartment groundbreaking. Most Rev. Dr. Ephraim Adebola Ademowo presided over a ground-breaking ceremony for Zeeks Pearl, the first 10-story luxury apartment complex in the Apapa neighbourhood of Nigeria’s largest city, Lagos. The 40-unit building will have a servants quarters and its own power supply and drinking water system. ( Nigeria Today )The Short List* Five private islands for your very own paradise ( Mansion Global )* In Dubai, developer offers single hotel rooms as investment opportunity ( Arabian Business )* L.A. luxury real estate market set for further growth in 2016 ( Wealth Adviser )* Property obsession becomes key Aussie election battleground ( Bloomberg News )* Secretive Russian emigre is mystery buyer behind Sydneys $62 million sale ( Mansion Global )* Trump adviser Manafort tried to build his own luxury condos and failed ( Washington Post )* U.S. home prices continue to rise, but probably not for long ( Mansion Global )* Top four Indian cities for luxury housing ( Business Insider India)* Rocky times: Stallone slashes price on California desert vacation home ( Los Angeles Times )Listing of the Day.

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