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Acouple of years into the COVID-19 pandemic, a California state flag appeared on a front porch near my parents' home in suburban Austin. The whole thing felt a little too on the nose, as if one household was trying to sum up all of the city's recent changes — the tidal wave of coastal dwellers, the skyrocketing home values, the maddening traffic — with a single banner.The flag is gone now, and so is the gold rush. Home prices and asking rents in Austin are down significantly from a year ago. Local Zillow listings are littered with price cuts. Real-estate agents who once doubled as bouncers at crowded open houses are now hiring ice-cream trucks to lure prospective buyers into properties.The sudden shift in Austin's real-estate market can be read in two ways. Look at it through one lens, and it's a cautionary tale in which FOMO-filled buyers irrationally bid up home prices, setting the stage for an inevitable bust. Look at it another way, though, and it's a success story of a growing city: Real-estate developers saw all those millennials and out-of-towners clamoring for a piece of Austin and answered the call, building tens of thousands of new homes in just a few years. The construction boom, combined with spiking mortgage rates, kept prices from spiraling further out of control. In other words, Econ 101 happened.This isn't a bust in the traditional sense — pretty much anyone who owned a home in Austin before 2020 is substantially richer today than they were a few years ago. But as other pandemic Zoomtowns continue to see increases in prices and rents, Austin stands alone in its change of fortune. The reversal has meant short-term pain for homebuyers who bought near the peak, <a target="_blank" href="https://www.businessinsider.com/home-sellers-summer-disappointment-mortgage-rates-house-prices-real-estate-2024-5">disappointed sellers</a> who now expect smaller windfalls, and homebuilders who are eager to offload their inventory. But letting some air out of the bubble will turn out to be a great thing for Austin in the long run. The slowdown, experts told me, is a sign of a healthy market, an example of how cities can dodge a true housing crisis by allowing developers to do what they do best: build, build, build.Housing in Austin has been through so many extreme distortions that nobody really knows what "normal" even means anymore. Long before offices shuttered and remote workers started pining for more space, Austin residents were sounding the alarm on the city's rising costs. New construction practically ground to a halt after the financial crisis in 2008, but as the economy recovered, the city's population exploded. No <a target="_blank" href="https://www.businessinsider.com/2020-census-fastest-growing-and-shrinking-metro-areas-2021-8">major metropolitan area in the US grew faster</a> between 2010 and 2020 than Austin, where the number of residents surged by 33% over the decade. Real-estate developers ramped up construction to meet the demand, but they couldn't get enough shovels in the ground to keep prices in check. The median cost of a house in the Austin metro area grew by 63% during that time, Zillow found, reaching $323,000 at the cusp of the COVID-19 crisis.Then the real boom began. To well-paid workers unmoored from their desks during the pandemic, Austin <a target="_blank" href="https://www.businessinsider.com/moved-from-san-francisco-to-texas-for-work-life-balance-2023-8">looked like paradise</a>: lower taxes, cheaper homes, and a thriving business ecosystem. Big-name tech firms like Oracle, Facebook, and Google endorsed the city, as did "<a target="_blank" href="https://www.businessinsider.com/manosphere-widening-ideological-gap-between-young-men-women-gender-genz-2024-2">manosphere</a>" figureheads such as <a target="_blank" href="https://www.businessinsider.com/elon-musk-austin-joe-rogan-biggest-boom-town-50-years-2021-2">Elon Musk</a> and <a target="_blank" href="https://www.businessinsider.com/celebrities-moved-to-texas-from-california-new-york-reasons-why-2024-8">Joe Rogan</a>, who urged others to follow in their footsteps. Austin was once again the <a target="_blank" href="https://www.austinchamber.com/blog/05-09-2023-migration">fastest-growing large metro</a> from 2020 to 2022, according to the Census Bureau, surging in population by 5.3%, or more than 120,000 people.As people flocked to the city, home prices exploded. I don't need to tell you that Austin got really expensive really fast, but the raw numbers are still stunning: The typical home price rose by nearly 56% in just a couple of years, Zillow found, surpassing $500,000 by the start of 2023. Homebuyers <a target="_blank" href="https://www.businessinsider.com/moving-to-austin-buy-a-home-texas-tech-jobs-2023-10">got swept up in bidding wars</a>, reasoning that even if the price ended up being steep, it would only climb higher if they waited. Things got so crazy that one large-scale builder started accepting bids for homes on its website, sight unseen. "That never happens," Keith Hughes, an Austin-based executive at the housing-research firm Zonda, told me. "It was that kind of frothy."I'd already moved out of Texas by that point, but I worried from afar that my hometown would meet the same fate as San Francisco, the poster child of the <a target="_blank" href="https://www.businessinsider.com/economic-inequality-housing-shortage-causes-2023-1">housing shortage and all its associated woes</a>. I feared that Austin would become known as a playground for the rich, a city where displacement and mind-boggling home prices marred the natural beauty that once made it such a draw. In my hand-wringing, though, I'd overlooked one crucial detail: Texas is better at building homes than almost anywhere else in the country.Austin-area builders immediately raced to meet the new demand, securing permits for about <a target="_blank" href="https://fred.stlouisfed.org/series/AUST448BP1FH">2,600 new single-family homes</a> in April 2021 alone, a 45% jump from the same month in 2019. All told, plans for more than 130,000 new housing units of all kinds were approved from 2020 through 2022. Once the paperwork goes through, it can take anywhere from a few months to a couple of years for homes to hit the market, so for a while, it didn't feel like any relief was on the way. That couldn't have been further from the truth.Consider the following trend: In the spring of 2022, more than 3,000 new listings were hitting the market each month, <a target="_blank" href="https://www.parcllabs.com/">Parcl Labs</a>, a real-estate-analytics company, found. By the following spring, the figure had surpassed 5,000. All told, Austin's housing stock has ballooned by more than 76,000 units since 2020, an 8.34% increase that includes single-family homes, condos, and townhomes. That's to say nothing of the <a target="_blank" href="https://www.businessinsider.com/rent-decline-fall-apartment-housing-market-landlords-tenant-lease-construction-2023-3">roughly 40,000 new rental apartments</a> that also opened their doors during that time. Now compare Austin's building blitz with San Francisco, which has added a measly 14,000 homes over the same period and grew its housing stock by less than 1%."It's pretty amazing when you think about it," Jason Lewris, a cofounder of Parcl Labs, told me. Considering the size of the Austin market, moving the stock of homes by nearly 10% is a colossal feat. "These are huge housing markets," Lewris added. "Austin wasn't small in 2019."Thousands of new homes weren't the only things pumping the brakes on Austin's runaway market. Mortgage rates reached record lows during the thick of the pandemic in 2021, making it easy for homebuyers to stretch their budgets by borrowing a lot of money for cheap. Then in spring 2022, the Federal Reserve started hiking interest rates to bring down inflation, and mortgage rates leaped. In October 2023, the rate for a typical home loan hit a 20-year high, making the prospect of <a target="_blank" href="https://www.businessinsider.com/housing-market-mistake-buyers-sellers-mortgage-rates-time-to-buy-2024-3">buying</a> — <a target="_blank" href="https://www.businessinsider.com/denmark-mortgage-rates-lock-in-effect-home-buying-selling-easier-2024-5">or selling, for that matter</a> — a lot less appealing. More expensive loans forced buyers to consider the possibility of paying several hundred dollars more each month for the same home, and many decided to play the waiting game instead. The result is homes are sitting on the market longer. These days, "there's no sense of urgency," Doreen Sidney, a local real-estate agent, told me. "There's no rush. The home that you saw two weeks ago, it'll still be there."The job market cooled as companies pulled back on hiring or laid off workers in the face of higher borrowing rates. Migration to Austin also slowed considerably. Between July 2022 and July 2023, more people moved out of the city's main county than moved in for the first time in two decades. Some departed for the suburbs or cheaper Texas locales like San Antonio — 20% of new San Antonians in 2022 had <a target="_blank" href="https://www.bizjournals.com/austin/news/2023/09/14/austin-sanantonio-migration-data-2023.html">moved from Austin</a>. Others, including some tech workers from places such as California, decided Austin wasn't all it was cracked up to be and moved on. "Austin is where ambition goes to die," one disappointed founder and angel investor <a target="_blank" href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">told Business Insider</a> last year.There was no shortage of ambition among Austin's homebuilders, however. Their efforts may have been focused on chasing all the profit that comes with a crush of demand, but they ended up doing what hopeful buyers had been praying for — bringing down home prices. The typical home price in Austin was down almost 4% in July compared with the same month in 2023, according to the Freddie Mac House Price Index, while prices across the US were up more than 4%. On the one hand, a single-digit drop like Austin's "is not a huge number," Sean Kelly-Rand, a Boston lender who works with home developers, told me, adding: "On the other hand, that's massive." Overall, Austin home prices are down more than 14% from the peak in 2022, according to Freddie Mac, and more than 18% according to Zillow.Homeowners and -builders don't like to see price drops — they want to watch their wealth balloon and reap the rewards of a market that's running red hot. But just like a collapse in prices is bad news for everyone, an unsustainable run-up in home values is also unhealthy. Companies don't want to move to a place where workers can't afford to live. Wannabe sellers might choose to stay in homes they've outgrown if they can't find anything else within their budget. Add up <a target="_blank" href="https://www.businessinsider.com/san-francisco-doom-loop-fix-american-city-housing-transit-2023-7">all these problems and you get San Francisco</a>. A crash in home prices would've also been bad news for Austin, sure, but that's not what's going on here. The vast majority of homeowners in Austin are still wealthier than they were before all this craziness, and local homebuilders made plenty of hay while the sun was shining. For that reason, Austin's slowdown isn't a doom signal — it's a dazzling success."It's nice to see the positive developments in Austin," Orphe Divounguy, a senior economist at Zillow, told me. "Austin should be a model for the rest of the country in terms of allowing builders to meet demand."Austin's long-standing advantages were on full display during the building boom: Sun Belt cities in the lower half of the US have traditionally been more permissive of growth, which enabled developers to mobilize when they saw the first signs of Austin's unprecedented spike in home values. And most of the new construction was concentrated in the suburbs, where there was plenty of space to build outward. Not all cities have the luxury of ample space, but they do have the power to cut red tape and make it easier to build more types of housing. When developers can get projects approved more quickly, they're more responsive to buyer demand, which prevents prices from getting out of hand. Relaxing the zoning laws, which tell builders what they can and can't build, allows developers to get creative and add multiple housing units to lots that might have traditionally allowed only single-family homes.Nobody watching the Austin market should be having flashbacks to the Great Recession. The market's cooling is less a disturbing sign of cratering demand and more a hopeful hint that the city can adapt to people's desire to call it home."I think Austin is going to be fine in the medium to long run," Jenny Schuetz, a housing-policy expert at the Brookings Institution, told me. "The fundamentals of Austin's economy are great, and it's going to continue to grow with jobs and population over time." In fact, easing the housing crunch will probably add to Austin's allure, which has always been at least partly predicated on being cheaper than the big cities on the coasts. The next challenge will be to avoid forfeiting this success — homebuilding is prone to cycles of booms and busts, and developers are already pulling back on new construction as they try to get their already-built units off their books. Home prices in Austin may be down year over year today, but it's not like there's a glut of empty homes like there was around the country in 2008. If building in Austin dries up, prices may very well resume their rise.Kelly-Rand, the Boston lender, thought about making inroads in Austin a few years ago when the building renaissance was in full swing. But ultimately, he decided not to — buyers' behavior was too frenzied for his taste, and prices seemed likely to come down when all those homes on the horizon actually got built. Nevertheless, Kelly-Rand told me he's still a believer in the Texas capital."Long term, I think Austin will be in an even better position," Kelly-Rand told me. "I think the right thing is happening in that developers are meeting demand."<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

How Austin's real-estate boom went bust

About a month before I moved to Denver in 2018, I texted another recent transplant to ask for neighborhood suggestions. Her reply might as well have been in another language: Among the options she rattled off were RiNo, SoBo, LoDo, and the head-scratching LoHi. I couldn't find those names anywhere on the city's official maps, but the shorthand flowed freely among the youngish crowd I met there. The older real-estate types I encountered while reporting on <a target="_blank" href="https://www.businessinsider.com/moved-to-denver-colorado-and-regretted-it-2023-11">the city's housing market</a> were fond of the nicknames, too. Soon I was parroting them all.If you've relocated to an <a target="_blank" href="https://www.businessinsider.com/where-home-prices-rise-appreciate-most-next-year-cities-zillow-2024-5">up-and-coming American city</a> in the past decade, you've likely had to decipher a similar code. Developers and business associations have long slapped pithy names on fast-growing parts of town, and tenured residents have long rolled their eyes at them. But with the growing adoption of these new abbreviations, I think I'm ready to say enough is enough. <a target="_blank" href="https://www.businessinsider.com/netflix-love-is-blind-charlotte-suburban-housing-debate-walkable-density-2024-3">Charlotte, North Carolina,</a> has MoRA and LoSo; <a target="_blank" href="https://www.businessinsider.com/falling-rent-price-locations-us-housing-market-supply-florida-texas-2024-5">Nashville's</a> got SoBro; Boston has SoWa. In Louisville, Kentucky (which also has a SoBro), you may find yourself sipping a craft beer in NuLu. My <a target="_blank" href="https://www.businessinsider.com/austin-real-estate-housing-market-health-demand-sales-prices-projections-2024-3">hometown of Austin</a> already has SoCo, and the powers that be are trying to make "SoLa" happen. The path of progress is paved with nonsense nomenclature — or, as my editor calls them, "'Sound of Music'-ass names."These unholy mashups would be fine, I guess, if they were dumb yet harmless inventions. But they're not just silly nicknames or low-lift marketing ploys. They're the calling cards of developers and new arrivals as they try to wipe the slate clean on existing neighborhoods and remake them in their image. I'm all for building more housing — it's the <a target="_blank" href="https://www.businessinsider.com/economic-inequality-housing-shortage-causes-2023-1">only way out of our affordability crisis</a>, after all. If a goofy new name is all that's needed to convince well-off transplants to flock to glass towers in a once deserted part of town, then great! But often it's more about renaming a place where people already live in hopes that whitewashing its history will make it easier to attract wealthy people and drive up the property values — inevitably sending longtime residents packing.I worry that the pandemic reshuffling, which <a target="_blank" href="https://www.businessinsider.com/remote-work-home-house-prices-rent-cost-decline-cheaper-cities-2023-1">scattered white-collar workers across the country</a> in search of wide open spaces, will only encourage more of this kind of behavior. As cities bend over backward to attract a certain type of middle- and high-income worker, they often end up <a target="_blank" href="https://www.businessinsider.com/why-american-cities-look-the-same-remote-work-city-authentic-2023-7">looking the same</a>. Now they're sounding the same, too. Let's at least call these two-syllable monikers what they are: cookie-cutter attempts to herd <a target="_blank" href="https://www.businessinsider.com/henry-student-loans-six-figure-income-millennial-gen-z-retirement-2023-11">HENRYs</a> and <a target="_blank" href="https://www.businessinsider.com/net-worth-dink-child-free-couples-win-the-economy-2023-10">DINKs</a> toward new coffee shops and studio apartments in areas they would have avoided a decade ago.It seems like every undervalued neighborhood in America is at risk of this kind of rebrand. But the SoBros and SoWas of the world are just the tip of the iceberg — the most egregious outcomes of contentious battles over neighborhoods' names and boundaries. And unless we put our collective foot down, we're bound to get a lot more of them.Gill Holland moved from New York City to <a target="_blank" href="https://www.businessinsider.com/best-things-to-do-louisville-kentucky-according-to-local-2021-9">Louisville</a> in 2005. Holland, a serial entrepreneur and real-estate developer, is a country boy at heart — he was born and raised in a small town in North Carolina — but he yearned for the kind of vibrant, walkable streets he'd come to love as a resident of Manhattan's Greenwich Village neighborhood. He began renting office space at the edge of Louisville's downtown, in a run-down area that was home to, in his words, "lots of great, old buildings." Holland saw potential. But there was another issue. All the surrounding areas had "great brands": strong names with history behind them, like Butchertown, Smoketown, and Phoenix Hill. Holland's chosen zone, meanwhile, had no such calling card."I kept thinking, like, this part of town needs a brand," Holland told me.The local business association tried out "East Market District," which stuck for a little bit. But Holland was quietly floating another name, one that represented the "New-York-to-Louisville bridge" he was already building in his mind. When he opened an art gallery in the area, he lopped off the first syllable of each city and stitched them together. The result was NuLu.While some cities have processes for naming neighborhoods and defining their limits, most often things are more informal. Neighborhood names, as the law professors Nestor Davidson and David Fagundes noted in a 2019 paper, have long been a neat little trick of advertising devised by "real estate agents and developers, or community groups like neighborhood associations." An <a target="_blank" href="https://www.businessinsider.com/apartment-rent-increases-landlords-antitrust-lawsuits-real-estate-software-realpage-2024-4">apartment owner </a>might come up with a catchy name in a bid to draw new tenants, new arrivals might will a neighborhood into existence merely by saying it a lot, or some communities might band together to intentionally reclaim an area.These enterprising groups understand that neighborhood "brands" play an essential role in attracting new arrivals and helping them establish their place in a city (while also luring them to spend their dollars at the shops, art galleries, and restaurants in burgeoning areas). Neighborhood names are proxies for the kind of person you are or hope to become. We choose a neighborhood that matches our sense of self, the kind of place where we can find our people. Or we latch on to a neighborhood to craft a new identity, taking on the qualities of the area in which we live.Neighborhood names are also shorthand for your <a target="_blank" href="https://www.businessinsider.com/real-estate-renting-buying-affordability-mortgage-rates-home-prices-rent-2024-5">rent or mortgage payments</a>. A 2018 study from the online home-improvement platform Porch found that areas with "Hills," "Island," "Village," and "Oaks" tended to have the highest household incomes across the US. Areas with the Spanish words "Los" or "Las" in their names, on the other hand, were among the neighborhoods with the lowest incomes. In another 2018 study, researchers from McGill University and the University of Maryland noted that real-estate companies relied on neighborhood boundaries to compare prices across properties and that being associated with a desirable neighborhood could improve access to things like healthcare or lower mortgage rates.Neighborhood nicknames have <a target="_blank" href="https://www.businessinsider.com/new-york-city-gaudy-gilded-age-restaurants-bars-wall-street-2024-4">a rich tradition in New York</a>: There's <a target="_blank" href="https://www.businessinsider.com/soho-nyc-neighborhood-rezoning-battle-photos-2021-4">SoHo</a>, an abbreviation for South of Houston Street (which also appears to be the inspiration for the wave of two-syllable monikers that has followed), Dumbo (Down Under the Manhattan Bridge Overpass), <a target="_blank" href="https://www.businessinsider.com/how-nyc-office-buildings-towers-became-housing-2023-9">FiDi</a> (the Financial District), and Tribeca (the Triangle Below Canal Street). Landlords in the city often try to stretch the boundaries of desirable neighborhoods when advertising their properties — I've rolled my eyes at listings that claimed to be in high-demand neighborhoods like the Lower East Side or Chelsea when no reasonable local would agree. This practice isn't unique to New York. The researchers from McGill and Maryland found that affluent or otherwise desirable neighborhoods around the country appeared to be much larger in the eyes of landlords advertising their properties on Craigslist than they were according to less biased third parties like Google Maps or city planning departments. Meanwhile, landlords who advertised rental properties in areas with lower-income, nonwhite communities were less likely to include the neighborhood's name in their listings."A single neighborhood name invokes a whole lot of different connotations or feelings for people," Grant McKenzie, a geography professor at McGill who was a member of the research team, told me. Landlords are all too aware of this effect — mention a neighborhood that has a negative connotation, and "it immediately jumps out in the listing," McKenzie said. The solution? Spin up new shorthand to drum up interest in an old neighborhood. But here's where things get cringey. In 2017, real-estate brokers in the historically Black New York neighborhood of Harlem sparked backlash when they tried to rebrand its south end as SoHa. Years earlier, Hakeem Jeffries, then a Democratic lawmaker in the New York State Assembly, had proposed legislation to ban neighborhood renaming, claiming the practice artificially inflated housing prices."Neighborhoods have a history, culture, and character that should not be tossed overboard whenever a Realtor decides it would be easier to market under another name," Jeffries told The New York Times in 2011.In some cases, a new neighborhood name might signal <a target="_blank" href="https://www.businessinsider.com/miami-climate-change-gentrification-flooding-housing-crisis-real-estate-prices-2024-4">it's already too late</a>. Davidson told me that once a neighborhood has a lot of cachet, shortening its name, á la SoHo, can be a way of formally announcing its arrival."For better or worse, and I think often worse, it is a way of signaling exclusion and signaling that a certain kind of people are living in that neighborhood," Davidson said. "That can have consequences for gentrification or displacement."The SoHa controversy isn't unique to the Big Apple — in Denver, many developers proudly tout their buildings' locations in the River North Arts District, or RiNo, without mentioning that the district is a relatively new creation overlaid on part of the historically Black neighborhood of Five Points. The South Congress strip in Austin used to be home to a brothel and porn theater; today, a <a target="_blank" href="https://www.businessinsider.com/14-best-austin-texas-neighborhoods-people-moving-2021-5">visit to SoCo</a> might include a splurge at the <a target="_blank" href="https://www.businessinsider.com/hermes-gen-z-resale-birkin-bag-2024-4">Hermès store</a> or a stroll past the members-only <a target="_blank" href="https://www.businessinsider.com/gen-z-soho-house-member-club-worth-fee-2024-3">Soho House</a>. For developers, brokers, or whoever else is behind these rebrands, the abbreviations are a kind of compromise, McKenzie said. They're not total erasures, but they're clearly designed with a fresh start in mind."It's an attempt to adjust things without blatantly coming in and putting a brand-new name that has nothing to do with the region," McKenzie said. "By shortening it to this sexy acronym, you're able to sort of mask a bit of the historical name that maybe has some negative connotation."Whatever the rationale behind some of these rebrands, it's hard to argue with the results. In the case of SoCo, a thriving retail district is certainly preferable to its seedy past. Louisville's NuLu neighborhood, which eventually caught on among other residents, has received more than half a billion dollars in investment since Holland coined the term around 2006, he told me. Bob Dylan's whiskey company is opening a restaurant, bar, and live-music venue there. The times are indeed a-changin'.I'm not a <a target="_blank" href="https://www.businessinsider.com/yimbys-winning-lower-house-prices-rents-build-more-homes-neighborhoods-2023-9">NIMBY</a>. We need to build a lot more homes across all price points, and we need developers to move <a target="_blank" href="https://www.businessinsider.com/america-build-infrastructure-transportation-housing-regulation-environment-2023-11">mountains of red tape</a> in order to make it all happen. At their best, new neighborhood names bring people together over a shared sense of pride in their little corner of the world. But at their worst, they're cynical chess moves designed to grease the wheels of gentrification.Along the way, these neighborhood names have veered into parody territory. In "How I Met Your Mother," Marshall and Lily buy an apartment in the fictional neighborhood of Dowisetrepla before realizing its name stands for Downwind of the Sewage Treatment Plant. When a "South Park" character urges his fellow citizens to revamp their town, the result is a new shopping district called SoDoSoPa. Like any good piece of satire, these names aren't too far off from their real-life inspiration. When a Redditor posts a map of Charlotte with a reference to WeLoSo (West of Lower South End), it can be hard to tell if they're kidding.But while jokes at the expense of Scrabble-tile neighborhood names have been around for years, I think we're destined to see a groundswell of new targets as pandemic-era transplants settle into their chosen <a target="_blank" href="https://www.businessinsider.com/remote-workers-flooding-zoomtowns-causing-affordable-housing-crisis-2022-5">Zoomtowns</a>. I'm not saying that neighborhood names should be set in stone — in fact, I think it's natural for them to evolve alongside their populations. But I think our cities, and their residents, deserve better than the lazy rebrands we've seen of late.Recently, one X user wondered aloud whether a section of Brooklyn's East Williamsburg neighborhood, outlined on a map in a yellow box, was worthy of a new name given its appeal to a specific kind of tech professional. The post drew some earnest comments ("East Willy!") and plenty of backlash ("i'm begging u pls don't make this a thing"). But one reaction, from the downtown gadfly known as Nolita Dirtbag — his own moniker a reference to the neighborhood that gets its name from a mashup of North of Little Italy — asked simply for a little introspection."Listen to yourself, man."<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

The awful real-estate trend that's sweeping America

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>On the agenda:<ul><li>Don't make these mistakes when <a target="_blank" href="https://www.businessinsider.com/high-end-golf-course-mistakes-to-avoid-seasoned-golfer-2024-8">visiting a high-end golf course</a>.</li><li>Everyone wants to live in a Nancy Meyers home, but <a target="_blank" href="https://www.businessinsider.com/nancy-meyers-home-aesthetic-interior-design-tips-2024-7">it won't happen overnight</a>.</li><li>Real estate's next trend is Lamborghini and <a target="_blank" href="https://www.businessinsider.com/luxury-real-estate-condos-miami-branded-residences-porsche-lamborghini-homebuyers-2024-8">Dolce &amp; Gabbana-branded homes</a>.</li><li>Unlimited PTO sounds like a dream. <a target="_blank" href="https://www.businessinsider.com/unlimited-vacation-pto-wins-risks-2024-8">Is it</a>?</li></ul>But first: Parents, beware of August.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today-sunday-edition">sign up here</a>. Download Insider's app <a target="_blank" rel="" href="https://www.insider.com/app">here.</a><h3 id="2d2d81c1-e984-4ab1-b11e-26ada0d3da0b">This week's dispatch</h3><div type="image" title="A boy shields himself from the blast of a water blaster in the backyard of a home during the summer" height="1414" width="2121" msid="112590423" hostid="261" sizebytes="312062"></div><h2 id="7a9be7c5-663d-453c-8fe0-9bd3f7873c61">Parents, it's not you. It's August.</h2>Have you noticed that your family is on edge lately? Between the thunderstorms, the heat, the last of the summer vacations, and the long list of things to buy to go back to school, it's been a bit tense around the house.A child psychologist told Business Insider, it's not you — or your family. It's August."New teachers, new classmates, new apartments, new separations, gathering school supplies and loading the car trunks. It's a time of great anticipation and worry," <a target="_blank" href="https://www.businessinsider.com/youre-not-failing-as-a-parent-august-is-hard-2024-8">writes Jennifer Underwood</a>.This time of year brings different feelings for different families. While some parents are relieved they can <a target="_blank" href="https://www.businessinsider.com/back-to-school-season-homeschooling-benefits-2024-8">opt out of back-to-school</a> preparations since they homeschool their children, others are debating whether to post <a target="_blank" href="https://www.businessinsider.com/parents-experts-divided-on-back-to-school-photos-safety-concerns-2024-8">back-to-school photos</a> on social media.Regardless of your situation, August is still likely a tense time. Experts told BI there are four key ways to <a target="_blank" href="https://www.businessinsider.com/prepare-kids-back-to-school-season-tips-2024-8">alleviate back-to-school stress</a> on your children and family:<ol><li>Validate your children's feelings.</li><li>Create a new school-friendly schedule.</li><li>Connect with your child's school or educational community.</li><li>Encourage your child to think about their long-term goals.</li></ol>With these four tips, this time of year may still be stressful, but at least you and your family will be prepared.<div type="image" title="Man golfing on course with palm trees" height="853" width="1280" msid="112590420" hostid="261" sizebytes="160034"></div><h2 id="ea51ae55-4153-401a-8daf-34389e2282f6">Rookie mistake</h2>When first-timers set foot on a fancy golf course, there are a few mistakes they're sure to make. At least that's according to a golfer who's written about the sport for the past 30 years.After visiting more than 200 upscale golf courses, he's found that newcomers often forget to check the dress codes, and sometimes choose the wrong tee. Oh, and there's an important rule when it comes to packing for a golf trip.<a target="_blank" href="https://www.businessinsider.com/high-end-golf-course-mistakes-to-avoid-seasoned-golfer-2024-8">See the rest of his advice</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/phoenix-open-waste-management-golf-drunk-bros-party-2024-2">Nine hours at the most unhinged hole in golf</a></li></ul><div type="image" title="Nancy Meyers surrounded by past movies" height="1500" width="2000" msid="112590417" hostid="261" sizebytes="233350"></div><h2 id="624af23c-8c71-4fd3-853b-0735662a3328">Nancy Meyers' enchanting aesthetic</h2>The homes in Nancy Meyers' films — think "Something's Gotta Give" and "The Parent Trap" — are known for their impeccable interior design. Her homes have become one of the go-to styles for social-media users trying to create their own dream homes.Jon Hutman, a production designer and interior designer, has worked on Meyers' films. To create a similar look, he says to start with a clear idea of what you want your space to look like before buying decor.<a target="_blank" href="https://www.businessinsider.com/nancy-meyers-home-aesthetic-interior-design-tips-2024-7">How to achieve a Meyers home</a>.Also read:<ul><li><a target="_blank" href="https://www.businessinsider.com/guides/home/nancy-meyers-inspired-decor">9 'coastal grandma' decor items to make your home look like a Nancy Meyers movie</a></li></ul><h2 id="4f6d9625-e84c-47ce-ae52-f80974eac7d5">Branding is everything</h2>What do Lamborghini, Nobu, and Baccarat have in common? They're all luxury lifestyle brands, and they're all expanding into the world of luxury real estate.High-status brands from the worlds of fashion, food, and auto are all lending their names to swanky residential towers from Miami to Dubai. For brand loyalists, they're an added perk. For developers, they're a cash cow.<a target="_blank" href="https://www.businessinsider.com/luxury-real-estate-condos-miami-branded-residences-porsche-lamborghini-homebuyers-2024-8">Coming to a condo near you</a>.<div type="image" title="A calendar overlaid on top of an image of a beach" height="1500" width="2000" msid="112590424" hostid="261" sizebytes="70024"></div><h2 id="3217fc20-7e30-470e-a04e-c87cd0e35a05">To vacay or not to vacay</h2>Unlimited PTO is a double-edged sword. Take too much time off, and you risk being secretly judged or punished. Take too little, and you could burn out. While some employees have mastered the balance, others have learned that pushing the limits doesn't always pay off.BI spoke with employees who've tested the boundaries of their companies' PTO policies. They explain how they found the sweet spot.<a target="_blank" href="https://www.businessinsider.com/unlimited-vacation-pto-wins-risks-2024-8">Maximize your unlimited PTO</a>.<div type="image" title="A Television showing Chris Hemsworth in Furiosa" height="1500" width="3000" msid="112590428" hostid="261" sizebytes="303278"></div><h2 id="5f54d8d8-b53f-452b-84c6-90272df7f976">What we're watching this weekend</h2><ul><li>"Furiosa": The "Mad Max" prequel starring Anya Taylor-Joy and Chris Hemsworth is available on Max.</li><li>"Immaculate": Sydney Sweeney is a terrorized nun at an Italian convent in one of the year's best new horror movies, now streaming on Hulu.</li><li>"Emily in Paris": The frothy Netflix show is back for its fourth season.</li></ul><a target="_blank" href="https://businessinsider.com/best-tv-shows-movies-streaming-netflix-max-hulu-august-16-24">See the full list</a>.<div type="image" title="A red shopping bag surrounded by $100 bills." height="1500" width="2000" msid="112590426" hostid="261" sizebytes="244828"></div><h2 id="a09a70ef-5e7e-4bf4-80b2-3731f70bdc6e">Deals we love</h2><ul><li>Yet another trendy bottle: The Owala FreeSip Water Bottle is making its rounds on social media, but is it really worth it? <a target="_blank" href="https://www.businessinsider.com/guides/kitchen/owala-freesip-water-bottle-review">Our kitchen editor put it to the test</a>.</li><li>Rare sale on diamonds: Blue Nile, one of our top-recommended jewelry retailers, is having an anniversary sale that can save you hundreds on diamond rings, bracelets, and more. Here are <a target="_blank" href="https://www.businessinsider.com/guides/deals/blue-nile-anniversary-sale-2024-8">our favorites from the sale</a>.</li><li>iPhone 16 is on its way: September is coming soon, which is when Apple typically announces its newest iPhone. <a target="_blank" href="https://www.businessinsider.com/guides/tech/iphone-16">We've explored and debunked predictions</a> about the new device so you know what to expect.</li></ul><h2 id="3a2e4b99-8063-4f80-8653-d1ec4a2af89a">More of this week's top reads:</h2><ul><li>Olympian breakdancer Raygun is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/rachael-gunn-australian-breakdancer-online-bullying-misinformation-2024-8">the internet's newest villain</a>.</li><li>A couple tested out life in Canada and Italy. <a target="_blank" href="https://www.businessinsider.com/couple-lived-canada-italy-chose-where-salaries-lower-life-better-2024-8">Here's where they chose to move</a>.</li><li>"Shut-up rings" are <a target="_blank" href="https://www.businessinsider.com/shut-up-ring-proposal-wedding-therapist-relationship-red-flag-2024-8">relationship red flags</a>.</li><li>Why one writer hated <a target="_blank" href="https://www.businessinsider.com/paris-olympics-awful-surprises-reporter-2024-8">her experience at the Paris Olympics</a>.</li><li>A millennial and her retired parents are <a target="_blank" href="https://www.businessinsider.com/millennial-retired-parents-digital-nomad-family-live-abroad-cheaply-2024-8">living the digital nomad life</a>.</li><li>Barcelona is the latest city to effectively <a target="_blank" href="https://www.businessinsider.com/barcelona-airbnb-ban-florence-amsterdam-lisbon-are-regulations-working-2024-8">ban Airbnbs</a>.</li><li>Review: Nine hours in <a target="_blank" href="https://www.businessinsider.com/quiet-room-airport-lounge-sleeping-qatar-airways-garden-lounge-review-2024-8">Qatar Airways' newest airport lounge</a>.</li><li>One bride explains why she opted for <a target="_blank" href="https://www.businessinsider.com/bride-solo-bachelorette-trip-saved-money-stress-2024-8">a solo bachelorette party</a>.</li><li>Locals say tourism is <a target="_blank" href="https://www.businessinsider.com/tourism-is-killing-the-blue-zone-lifestyle-in-costa-rica-2024-7">killing Costa Rica's Blue Zone lifestyle</a>.</li><li>Tips for visiting the Amalfi Coast <a target="_blank" href="https://www.businessinsider.com/things-to-know-visiting-amalfi-coast-busy-season-first-time">during its peak tourism season</a>.</li><li>Here's what the wealthy are <a target="_blank" href="https://www.businessinsider.com/expensive-drinks-rich-people-order-luxury-bars-bartenders-2024-8">actually ordering at bars right now</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York City. <a target="_blank" href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York. Amanda Yen, fellow, in New York.

Insider Today: Real-estate status symbols

The Italian carmaker Pagani produces fewer than 100 vehicles a year, and each comes with a seven-figure price tag. The brand is known among gearheads for its attention to detail and air of exclusivity, qualities that Pagani hopes will translate to its next project: luxury condominiums.This spring, the company unveiled plans for Pagani Residences, a 70-unit condo development in Miami's North Bay Village. The automaker says the building will offer waterfront views and living spaces "meticulously curated" by its interior-design arm. Pagani condos, much like Pagani cars, start at about $3 million. But for people desperate to claim a piece of Pagani, the price tag may be no problem at all."I sold a unit to a guy that loves Pagani cars, and it just didn't matter to him what the location was," Carlo Dipasquale, a luxury-real-estate agent in South Florida, told me. "They could've built the building inland, anywhere in Miami, for all he cared."Pagani is the latest high-end car brand to lend its name to a shiny condo project along the Miami coast, joining the likes of Mercedes-Benz, Porsche, Aston Martin, and Bentley. Beyond automakers, there's a growing list of luxury brands hoping to use real estate to turn their cultural cachet into cold, hard cash. The owner of the trendy Italian eatery Carbone is partnering with developers on a high-rise; Dolce &amp; Gabbana also has one in the works. Even Elle magazine announced this spring that it would get in on the action with a condo project near Miami Beach, hoping to sell buyers on a lifestyle pulled straight from its glossy pages.When I heard of these plans a few months ago, I was tempted to dismiss them as the kinds of vanity projects that matter only to people with too much money and an insatiable hunger for status. Some of the announcements also struck me as a bit of a stretch. Magazines have a hard enough time peddling subscriptions these days — what makes them so sure they can sell condos? But as I talked with more people, it became clear that so-called branded residences are a global phenomenon that's here to stay, with developers laying the groundwork for branded towers in hot spots like Dubai, London, and New York. The hottest — and weirdest — trend in condominiums could actually tell us a lot about the future of real estate, not to mention our brand-addled brains.The concept of branded real-estate projects isn't new. New York's five-star Sherry-Netherland Hotel began welcoming long-term residents almost a century ago, and since then roughly 700 branded residences have graced skylines around the world. But the recent boom in these projects makes it clear that we've entered a new era: More than 650 branded projects are set to open over the next five years, a doubling that Riyan Itani, the founder of the specialty consulting firm Global Branded Residences, told me is "pretty much unprecedented in any sector." Condo developers these days are laser-focused on the bottom line, and they believe linking up with a well-known label will help them sell units faster and at higher prices. Brands like Elle or Pagani stand to collect some nice licensing fees, too. But that's not what they're really after."It's about outreach to a customer base beyond your core business," Itani said. Whether you sell handbags or golf clubs, "you're able to reach out in a different way and get brand loyalty."<div type="image" title="A digital rendering of a Pagani car parked outside the planned Pagani Residences condo development at sunset." height="1754" width="3200" msid="112521069" hostid="261" sizebytes="412604"></div>Most of these projects are tied to big, swanky hospitality names like Four Seasons or Ritz-Carlton, which set aside parts of their buildings as for-sale units. These arrangements feel like natural unions — if you're a big-money traveler with a fierce loyalty to the Four Seasons, for example, you might be inclined to purchase a home that promises the same level of comfort, service, and brand recognition. But a smaller slice of branded residences, about 20%, are partnerships between forward-thinking real-estate developers and companies that appear to have nothing to do with housing. These are the most attention-grabbing, and sometimes head-scratching, marriages: Lamborghini villas in Dubai and Spain; Nobu Residences in Toronto, named for the Japanese Peruvian restaurant favored by celebrities like Drake; a Miami tower branded by the fine crystal maker Baccarat that touts the tagline "Where life forever sparkles."It's not as if these luxury-goods companies suddenly morphed into real-estate experts. They typically license their names to seasoned development firms that front the money for these projects, shepherd them to the finish line, and ultimately bear the risk and reward of the actual condo sales. While the brands leave the number crunching and floor planning to the developers, they weigh in on design flourishes — Giorgio Armani himself apparently lends a personal touch to the interiors of Residences by Armani Casa in South Florida — and the condos' marketing campaigns. The contributions may appear comparatively small, but adding a well-known company to the marquee can deliver real results for the building's owner. Itani estimates that developers working on a branded residence spend an extra 10% to 15% of what they would spend on a standard condo project, since they have to pay for all the additional amenities and the right to splash the brand's logo across the building. But in crowded cities like New York or Miami, a recognizable logo can help a new building stand out. It also translates to cash: Itani told me units in branded towers go for a global average of 30% more than comparable non-branded units."It's kind of a no-brainer for a developer," Itani told me. "From a financial standpoint, it's a very profitable enterprise."No-brainers for developers aren't always a win for consumers (take, for instance, the recent <a target="_blank" href="https://www.businessinsider.com/why-are-new-homes-ugly-construction-builders-design-materials-architecture-2024-7">race toward the bottom in homebuilding</a>). But when it comes to branded residences, there are real selling points for buyers. Brand loyalists may be eager to welcome their favorite company into yet another corner of their lives. They're invited to consider what it might feel like to live inside a Lambo rather than merely speed down the coastal highway in one. There's a novelty aspect to these purchases, too. Plenty of people own luxury condos, but far fewer get to flex a prestigious name like Bentley or Porsche when directing visitors to their new pad. Developers load up these buildings with amenities to help discerning buyers feel like they're getting bang for their buck. Convenience waits around every corner: infinity pools and thermal spas, private boat slips, rooftop helipads. The Bentley Residences allows owners to park their cars in their units via a vehicle elevator. Villa Miami, the 58-story Miami condo project from Major Food Group, which owns a slew of exclusive restaurants such as the impossible-to-get-a-table-at Carbone, promises residents private dining experiences and VIP status at all its outposts. Hotels, meanwhile, offer to list branded condos on Airbnb and manage them when their owners aren't there, helping buyers make a return on investment even in their absence.The biggest attraction of these glitzy homes, however, may be peace of mind. Plenty of condos are vying for rich buyers' eyes and wallets, and they're not all created equal. But when a prestigious name like Aston Martin or Dolce &amp; Gabbana stakes its reputation on a project, buyers get some added assurance that the units will meet — or exceed — their lofty standards."These are all very well-known, established brands that people feel comfortable buying into," Laura Steinbruckner, a luxury agent in the Miami area, told me.Developers aren't likely to stray too far from this lucrative pitch. Luxury brands will probably always offer the biggest upside for builders, and even the "non-luxury" projects in the pipeline are still tied to respected brands like Hilton and are only slightly cheaper than the big-name buildings. But developers interested in branded residences have a plethora of other candidates, some of which could stretch the boundaries of the sector even further. The Elle project may seem out of left field, but Itani told me he's talking with another publication interested in making similar inroads. After all, magazines like Elle portray enviable lifestyles tied to fashion, celebrity, health, and beauty. All those things could translate to experiences within buildings, Itani told me. That's not to say all branded residences offer the same gilded path to profits. Car companies and fashion labels, unlike hotels, aren't known for their property-management chops, and there's a risk that buyers eventually tire of the marketing schtick. In a few years, you may well see some condo owners complaining that they got a Fiat level of service when they were promised a Ferrari. Rob Sykes, an associate principal at the global design firm WATG who advises companies on hotels and branded residences, told me developers shouldn't count on slapping a big name on a building and instantly reaping rewards. But he does expect to see the sector expand as non-hotel brands enter the market — just last year he was in conversations with a client who was interested in bringing a luxury jewelry brand (he wouldn't name names) into the fray.Itani was still amazed that two sectors in particular — tech and food — hadn't made more of a splash in the world of branded residences. There are a few big restaurant names, including Nobu, Major Food Group, and Cipriani, the famed Italian eatery. But Itani envisions a world in which many other newcomers turn corner-table regulars into corner-unit owners. He also sees an opening for ubiquitous tech companies like Apple or Google to sell loyal fans yet another product, one tricked out with all the latest tech and infused with their design ethos."If there are two things that a modern human being cares most about, it's what they're putting in their mouth and what phone they've got in their pocket," Itani told me. "So I would expect to see those two elements represented."<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

The next big status symbol in real estate

<ul class="summary-list"><li>The growing ranks of boomers aged 65-plus could spark a boom in the senior housing market.</li><li>Demand for senior housing is expected to surge 50% by 2040, Capital Economics estimated.</li></ul>A big investment opportunity is brewing in one corner of the real estate market, thanks to a wave of <a target="_blank" class="" href="https://www.businessinsider.com/how-retirement-of-peak-boomers-could-affect-economy-social-security-2024-4">baby boomers</a> that are about to age into retirement, according to Capital Economics.The research firm pointed to the so-called "<a target="_blank" class="" href="https://www.businessinsider.com/what-will-happen-baby-boomer-homes-die-millennials-gen-z-2024-1">silver tsunami</a>," the moniker that's been given to describe the imminent surge of Americans over the age of 65 entering prime retirement age. It says this will drive strong demand for <a target="_blank" class="" href="https://www.businessinsider.com/cost-of-a-retirement-home-community-in-every-state-2019-7">senior housing</a> facilities, including assisted living, independent living, skilled nursing, and memory care.For real-estate investors faced with a prolonged slump in the <a target="_blank" class="" href="https://www.businessinsider.com/commercial-real-estate-office-debt-investing-outlook-blackstone-jon-gray-2024-11">commercial real estate</a> space, senior housing offers an enticing alternative, wrote Imogen Pattison, an assistant economist at Capital Economics."With an <a target="_blank" class="" href="https://www.businessinsider.com/baby-boomer-gen-z-millennials-economy-housing-job-market-stocks-2024-2">aging population</a>, senior housing has a clear long run structural demand driver pointing to further growth in the sector. Our analysis shows rent prospects appear strong on the back of undersupply and solid wage growth," Pattison wrote. "That makes senior housing a compelling option for investors looking to break away from traditional property investment."The 65-plus population is on track to grow 30% over the next 16 years, encompassing 80 million Americans by 2040, according to estimates from the US Census Bureau.<div type="image" title="Graph showing number of Americans over age of 65" height="964" width="1396" msid="115427149" hostid="261" sizebytes="21546"></div>Meanwhile, around 11% of those over the age of 65 are currently living in a form of senior housing, according to the American Senior Housing Association. Assuming that percentage holds steady, that implies demand for senior housing will grow 50% over the next 16 years, per Capital Economics' analysis, up from 6 million in 2023 to 9 million in 2040.Rents, meanwhile, are seeing a strong uptrend, thanks to the supply of senior housing growing tighter after the pandemic. The sector posted more than 5% year-per-year rent growth in 2023, nearly double its 20-year average, the firm added.<div type="image" title="Chart showing senior housing rent growth" height="1001" width="1413" msid="115427143" hostid="261" sizebytes="26652"></div>That puts the senior housing sector on track to see average annual returns of 13% for the next four years, the firm estimated. Yearly returns are also set to peak in 2026 at around 16%, it added, more than triple the 4.5% yearly growth expected in 2024."We expect continued tight supply to bolster rents over the next year or so," Pattison added. "Taken together, strong capital value growth and income returns mean the sector looks relatively attractive compared to the other real estate sectors."The <a target="_blank" class="" href="https://www.businessinsider.com/commercial-real-estate-office-outlook-fire-sales-apartment-conversions-housing-2024-10">commercial real estate</a> space has been challenged in recent years, with the demand for offices being weighed down by work-from-home trends while borrowing costs rise in the sector. That means the most troubled office buildings could see a wave of fire sales and conversions, potentially sparking steep losses for property owners, real estate experts told Business Insider.

A 'silver tsunami' of retirement-age baby boomers is creating a big opportunity for real-estate investors, research firm says

New Delhi [India], June 13 (ANI): Mumbai and New Delhi are among cities in India that recorded a sharp annual increase in their <keyword id="6354553" type="General" weightage="100" keywordseo="real-estate" source="Orion">real estate</keyword> prices in the first quarter of 2024, according to a report by London-headquartered global property consultancy firm <keyword id="6363605" type="General" weightage="20" keywordseo="Knight-Frank" source="Orion">Knight Frank</keyword>. In case of Bengaluru, the average real estate prices witnessed a modest 4.8 per cent rise in prime residential or luxury homes during the January-March quarter of 2024. According to the report by the property consultant, titled '<keyword id="22041946" type="General" weightage="20" keywordseo="Prime-Global-Cities-Index-Q1-2024" source="Orion">Prime Global Cities Index Q1 2024</keyword>', Mumbai's significant rise on the international index was largely due to the rise in demand in the city. While the demand has been strong for all segments, there has been a rise in the sale of higher value products. Mumbai recorded the third highest year-on-year growth in prime residential prices in Q1-2024, pushing it up the ranking table by three places to 3rd position from its 6th position in Q1-2023. Delhi NCR rose from 17th rank in Q1-2023 to 5th in Q1-2024 with a growth of 10.5 per cent on a yearly basis. However, Bengaluru observed a slight decline in ranking from 16th place in Q1-2024 to 17th rank in Q1-2024, even while it recorded a 4.8 per cent yearly growth in residential prices. India's main cities, notably New Delhi and Mumbai, have witnessed a surge in house prices driven by robust economic growth, with annual GDP growth exceeding 8 per cent in the just concluded financial year 2023-24. Manila, the capital city of Philippines, claimed the top spot in the ranking with a 26.2 per cent annual rise in prices. The growth, as per the Knight Frank report, can be attributed to two key factors: purchasing power, and substantial infrastructure investments within and around the city. Tokyo in Japan jumped 17 places up with 12.5 per cent yearly price growth and ranked 2nd in the index. Despite Japan's overall population decline, Tokyo sustains a net population growth owing to migration from other regions within the country. Shishir Baijal, Chairman and Managing Director at Knight Frank India said, "The strong demand trend for residential properties has been a global phenomenon, led by gateway markets of Asia- Pacific and EMEA (Europe, Middle East, and Africa)." "Like its peers in these regions, the improved rankings of Mumbai and New Delhi on the Prime Global Cities Index was underscored by the resilience in sales growth volume. We expect the momentum of sales to remain stable over the next few quarters as the economic conditions are likely to remain broadly unchanged." The Prime Global Cities Index is a valuation-based index tracking the movement of prime residential prices across 44 cities worldwide. The index tracks nominal prices in local currency.

Mumbai, Delhi record real estate price appreciation in double digits; Ranked 3rd and 5th globally

<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword>, widely known as the "King of <keyword id="19897820" type="General" weightage="20" keywordseo="Bollywood" source="keywords">Bollywood</keyword>," has officially joined the ranks of India’s wealthiest, debuting on the 2024 <keyword id="21075617" type="General" weightage="20" keywordseo="Hurun-India-Rich-List" source="keywords">Hurun India Rich List</keyword> with an impressive wealth of Rs 7,300 crores. But how did a Delhi boy with dreams of making it big in Mumbai become one of India’s richest individuals? Let’s dive into the ventures that propelled King Khan into the billionaires' club. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="20033371" type="General" weightage="20" keywordseo="Red-Chillies-Entertainment" source="keywords" meta.keywordsubtype="org" meta.entityname="Red Chillies Entertainment" meta.hostid="261" meta.entityid="Red Chillies Entertainment">Red Chillies Entertainment</keyword></h3>Shah Rukh Khan’s production company, Red Chillies Entertainment, has been a significant contributor to his wealth. Founded in 2002, Red Chillies has become a key player in Bollywood, producing blockbuster films and investing in high-quality visual effects. From chart-topping films like Chennai Express and Raees to the massive success of Pathaan in 2023, Red Chillies has consistently delivered box office hits. <div type="Article" hostid="261" msid="112412196" title="&amp;#39;Deadpool &amp;amp; Wolverine&amp;#39; screenwriters reveal secrets and spoilers, including the movie&amp;#39;s original villain and who wrote that Hugh Jackman divorce joke" mstype="2" mssubtype="0"></div>With an estimated revenue consistently in the hundreds of crores and a profit of Rs 85 crores last year, the company has not only cemented SRK’s position as a top actor but also as a successful producer. Furthermore, the company’s VFX division, Red Chillies VFX, has set new benchmarks in the <keyword id="20161413" type="General" weightage="20" keywordseo="Indian-film-industry" source="keywords">Indian film industry</keyword>, working on major projects that have earned critical and commercial acclaim, such as Ra.One, Fan, and Laal Singh Chaddha. These ventures have significantly bolstered SRK’s wealth, making Red Chillies Entertainment a cornerstone of his business empire. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;"><keyword id="19899758" type="General" weightage="20" keywordseo="Kolkata-Knight-Riders" source="keywords" meta.keywordsubtype="org" meta.entityname="Kolkata Knight Riders" meta.hostid="261" meta.entityid="Kolkata Knight Riders">Kolkata Knight Riders</keyword></h3>Shah Rukh Khan’s entry into the sports business with the IPL franchise Kolkata Knight Riders (KKR) has been a masterstroke. Co-owned by SRK, Juhi Chawla, and Jay Mehta, KKR has become one of the most successful and profitable franchises not just in the Indian Premier League, but also in the sporting world. The team’s consistent performance on the field has been matched by its financial success off it, with KKR’s brand value rising steadily over the years. As per Forbes, the cricket team was valued at over $1 billion in 2022. This surge in valuation played a crucial role in boosting SRK’s wealth, contributing significantly to his fortune. The success of KKR, coupled with its passionate fan base and strong marketing, has made it a jewel in SRK’s business portfolio, further solidifying his status as a businessman. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Brand SRK: The most followed Indian on social media</h3>More than just a business mogul, Shah Rukh Khan is also a brand unto himself. With 44.1 million followers on Twitter, SRK is the most followed individual from the 2024 Hurun India Rich List on Indian social media. His massive <keyword id="20462299" type="General" weightage="20" keywordseo="social-media-presence" source="keywords">social media presence</keyword> has translated into lucrative endorsement deals and collaborations with global brands. <div type="Article" hostid="261" msid="112249289" title="One of Singapore&amp;#39;s flashiest CEOs was planning to throw a Tomorrowland-style party for the books. Then the mirage started to fall apart." mstype="2" mssubtype="0"></div>Consistently being one of the most visible endorsers, SRK earns substantially from <keyword id="20004407" type="General" weightage="20" keywordseo="brand-endorsements" source="keywords">brand endorsements</keyword>, with an estimated fee of Rs 4-5 crores per endorsement. His portfolio includes major brands like Hyundai, Dubai Tourism, and BYJU'S, further adding to his immense wealth. His ability to leverage his celebrity status into profitable business ventures has undoubtedly been a key factor in his <keyword id="21015152" type="General" weightage="20" keywordseo="wealth-accumulation" source="keywords">wealth accumulation</keyword>. <h3 style="line-height:1.2;margin-top:14pt;margin-bottom:4pt;">Real estate</h3>Real estate has always been a key component of wealth building, and Shah Rukh Khan is no exception. Shah Rukh Khan’s <keyword id="22962036" type="General" weightage="20" keywordseo="real-estate-ventures" source="keywords">real estate ventures</keyword> extend far beyond his iconic Mumbai residence, Mannat. One of his lesser-known yet highly lucrative ventures is in Dubai, where he and his wife Gauri Khan launched a luxurious beachfront residential project, the "SRK Boulevard," located in the posh Dana Islands. This mega project, worth over Rs 18,000 crore, features 10 residential buildings with high-end facilities, including marine sports and leisure amenities. Designed by Los Angeles architect Tony Ashai, with interiors by Gauri Khan, this project highlights SRK’s foray into international real estate <h3>And of course, films</h3>Shah Rukh Khan’s earnings from films and endorsements are a significant part of his wealth. Known as one of the highest-paid actors in India, SRK reportedly charges over Rs 100 crores per film. This is certainly no small amount, but it is unlikely that filmmakers will find fault with it, considering how his films regularly break box office records. As per IMdB, both 2023 films Jawan and Pathaan grossed over Rs 1000 crores worldwide. All in all, King Khan’s entry into the Hurun India Rich List is significant not just for him, but for the entire entertainment industry. SRK’s success reflects the growing financial clout of Indian film stars and the increasing importance of entertainment in wealth creation. In 2024 alone, Hurun India Rich Listers from the entertainment industry added Rs 40,500 crores to their wealth, with SRK leading the charge. This trend highlights the expanding influence of Bollywood and the entertainment sector in India’s broader economic landscape.

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