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<ul class="summary-list"><li>A residential cruise line offers a four-year voyage for passengers seeking an extra-long vacation.</li><li>A single-person room on the ship for four years costs $255,999, promising visits to 140 countries.</li></ul>If the state of the world — or the latest <a target="_blank" class="" href="https://www.businessinsider.com/left-america-when-trump-won-happily-living-abroad-asia-love-2024-11">election results</a> — have got you considering whether you want to leave the United States, Villa Vie Residences wants to throw its hat in the ring as an option for temporary relocation.The <a target="_blank" class="" href="https://www.businessinsider.com/villa-vie-couple-sold-business-never-ending-residential-cruise-2024-8">residential cruise</a> line on Thursday announced new "Skip Forward" packages for passengers to set sail aboard the Villa Vie Odyssey for as long as four years. All-inclusive tickets start at $255,999 for single-occupancy rooms. A <a target="_blank" class="" href="https://www.businessinsider.com/inside-cabin-residential-cruise-ship-villa-vie-photos-retired-couple-2024-8">double-occupancy room</a> starts at $319,998 for the four-year trip, promising visits to 140 countries across all seven continents.You can also book a two-year "Midterm Selection" package for $150,399 for a single cruiser or $187,998 for two if you'd like to try things out at home again after the results of the 2026 election. One-year and three-year tickets aboard the never-ending cruise are also available.The ship comes equipped with spa facilities and fitness programs, and tickets include meals — with complimentary beer and wine served during lunch and dinner.Business Insider previously reported millions of Americans were considering <a target="_blank" class="" href="https://www.businessinsider.com/trump-reelected-americans-are-planning-to-flee-in-droves-2024-3">leaving the country</a> if former President Donald Trump won reelection during the 2024 campaign. On early Wednesday morning, his victory was announced, and searches for the phrase "<a target="_blank" class="" href="https://www.businessinsider.com/moving-to-canada-from-us-pros-cons-heathcare-home-prices">moving to Canada</a>" spiked.While a trip on the Odyssey doesn't offer citizenship anywhere else in the world, it gives passengers "flexibility to escape traffic jams, politics, and the monotony of city life," a Villa Vie Residences spokesperson told Business Insider.The <a target="_blank" class="" href="https://www.businessinsider.com/residential-around-the-world-cruise-villa-vie-sets-sail-2024-9">Odyssey first set sail</a> in September after being docked in Belfast, Ireland, for four months due to delays. Business Insider previously reported that two passengers who repeatedly complained about the <a target="_blank" href="https://www.businessinsider.com/villa-vie-residential-around-the-world-cruise-delayed-again-hotels-2024-9">delays</a> were <a target="_blank" href="https://www.businessinsider.com/world-cruise-villa-vie-kicked-off-complaining-guests-amid-delays-2024-9">kicked off the ship</a> and had their contracts canceled.Other passengers aboard the ship have said they are "<a target="_blank" class="" href="https://www.businessinsider.com/residential-around-world-cruise-ship-villa-vie-odyssey-interior-2024-9">very impressed</a>" with the vessel despite the setbacks.

A residential cruise ship has a 4-year, round-the-world voyage to 'escape' politics

<keyword id="20503776" type="General" weightage="100" keywordseo="rental-income" source="keywords">Rental income</keyword> in major <keyword id="20026638" type="General" weightage="20" keywordseo="Indian-cities" source="keywords">Indian cities</keyword> has risen by 14.6% every year, and a meager 2.6% on a quarterly basis, said a recent report by Magicbricks, a <keyword id="19895040" type="General" weightage="20" keywordseo="real-estate" source="keywords">real estate</keyword> platform. Explaining the rental income dynamics, Abhishek Bhadra, Head of Research, Magicbricks, noted that with economic activity peaking, they anticipate continued growth in both <keyword id="21466032" type="General" weightage="20" keywordseo="rental-demand" source="keywords">rental demand</keyword> and rents in the short to medium term. "Additionally, the supply of rental units is expected to improve as the stock of under-construction properties nears completion. Overall, the current landscape presents a promising opportunity for landlords and investors, encouraging greater participation in the <keyword id="20052080" type="General" weightage="20" keywordseo="rental-market" source="keywords">rental market</keyword>," said the Head of Research. Rental income is a major source of earning for millions of Indians. <keyword id="19932272" type="General" weightage="20" keywordseo="navi-mumbai" source="keywords">Navi Mumbai</keyword> saw 6.2 % jump quarterly, while Hyderabad (4.2%), and Ahmedabad (4%) exhibited the most significant increase in average rents. In Navi Mumbai, the average rent increased from Rs 28.99 per square feet (psf) per month in Jan-Mar 2024 to Rs 30.78 psf per month in Apr-Jun 2024. Similarly, average rents in Hyderabad increased from Rs 22.01 psf to Rs 22.93 psf per month, while in Ahmedabad, rents rose from Rs 17.25 psf to Rs 17.94 psf per month. The report observed a significant 14.8% quarterly increase in rental demand during this period, following a 16% quarterly increase in the previous quarter. However, the report asserted that the supply has decreased by 2.2% quarterly across the cities due to high absorption rates, leading to a rise in rents. The highest rents are in cities of Mumbai (Rs 82.28 psf) per month, Delhi (Rs 33.72 psf) per month and <keyword id="19919131" type="General" weightage="20" keywordseo="thane" source="keywords">Thane</keyword> (Rs 29.84 psf) per month. The <keyword id="22641758" type="General" weightage="20" keywordseo="Magicbricks-report" source="keywords">Magicbricks report</keyword> further observed that average rents in Greater Noida is Rs 14.52 psf per month, Rs 20.10 psf per month in Noida and Rs 28 psf per month in Bengaluru. With high rental demand and rents, <keyword id="19951618" type="General" weightage="20" keywordseo="residential-real-estate" source="keywords">residential real estate</keyword> continues to be a lucrative investment market. While across the top 13 cities, the average rental yield is 3.6%, investments in Ahmedabad, Pune and Kolkata demonstrated the highest rental yields (3.8%), observed the report.

Rental income in key Indian cities spiked over 14%, says Magicbricks report

<ul class="summary-list"><li>Jeremy Ng and Amanda Misso bought the first floor of a 1950s house in Singapore for about $1.34 million.</li><li>The house had previously been split into 7 bedrooms and was rented out to foreign workers.</li></ul>After three years in their condo in Geylang, a neighborhood in the eastern region of <a target="_blank" class="" href="https://www.businessinsider.com/singapore-lifestyle-food-shopping-malls-weather-heat-misconceptions-2023-9">Singapore</a>, Jeremy Ng and Amanda Misso were on the hunt for a new space.While they were keen to stay in the same part of the city, they wanted something with a bit more character than the typical, run-of-the-mill apartment.It took about 20 viewings before they settled on a first-floor residential unit in Joo Chiat, a quaint neighborhood known for its <a target="_blank" class="" href="https://www.businessinsider.com/shophouses-singapore-renovation-figment-coliving-spaces-before-after-photos-2022-4">colorful shophouses</a>, cozy cafés, and quaint boutiques. There's a wide array of food options nearby, from <a target="_blank" class="" href="https://www.businessinsider.com/best-chicken-rice-singapore-hawker-maxwell-tian-tian-review-michelin-2023-12">hawker fare</a> to <a target="_blank" class="" href="https://www.businessinsider.com/chef-left-michelin-restaurant-open-hawker-prawn-noodles-singapore-2024-10">fancy restaurants</a>.<div type="image" title="A couple poses for a photo" height="960" width="1280" msid="115324789" hostid="261" sizebytes="132218"></div>Built in the 1950s, the couple's 1,900-square-foot unit isn't quite a <a target="_blank" class="" href="https://www.businessinsider.com/coliving-shophouse-experience-figment-tenants-singapore-2022-4">shophouse</a> but features a similar layout thanks to its narrow frontage and long floor plan."In the 1950s, if you had bought it, you would have bought both floors as a single unit," Misso, 35, told Business InsiderBut over the years, the house — along with other homes that sit in the same row — had been split into separate upstairs and downstairs units, she said. Now, they have neighbors living above.<div type="image" title="The exterior of the house." height="960" width="1280" msid="115324797" hostid="261" sizebytes="80562"></div>"Sometimes, when you go to viewings, every other condo looks the same. The same windows, the same layout," Misso, who works in finance, said. "This was something that came up that was a bit out of the blue."<h2 id="21bf64fc-f307-40ca-b0d4-4e663e4e415a">Turning a rundown unit into a home</h2><a target="_blank" class="" href="https://www.businessinsider.com/singapore-urban-planner-regrets-liu-thai-ker-architect-bicycle-squatter-2024-7">Singapore</a> — tied with Zurich — is the most expensive city to live in, according to The Economist Intelligence's <a target="_blank" class="" href="https://www.economist.com/graphic-detail/2023/11/29/these-are-the-worlds-most-expensive-cities">Worldwide Cost of Living survey</a> in 2023. The city-state was ranked first place in nine of the past 11 years.Housing is expensive, largely because the country is small; Singapore's total land mass measures about 284 square miles. Despite that, it has one of the highest homeownership rates in the world, at nearly 90%, according to the <a target="_blank" class="" href="https://knowledge.uli.org/-/media/files/research-reports/2024/uli-hai-report-2024.pdf?rev=fa8ccf919aab4719b7c11b5818f9436a&amp;hash=4C197578A9232F6CAB93EE954CAE4717">2024 Home Attainability Index</a> published by the Urban Land Institute Asia Pacific Centre for Housing.Most people in Singapore live in <a target="_blank" rel="" class="" href="https://www.businessinsider.com/see-inside-public-housing-singapore-hdb-million-dollars-blue-zone-2023-11">public housing apartments,</a> known as HDB flats. In recent years, the success of the country's public housing plan has seen prices of these flats <a target="_blank" class="" href="https://www.straitstimes.com/singapore/housing/number-of-million-dollar-hdb-flats-resold-hit-all-time-high-in-june-prices-up-18-srx-99co">soaring above $1 million Singapore dollars</a>, or about $743,000.<div type="image" title="The primary living area." height="854" width="1280" msid="115324801" hostid="261" sizebytes="52130"></div>About a fifth of the country's resident population lives in private housing, which includes condominiums and landed property. The median price of private homes in Singapore was 13.5 times that of the median annual household income of $97,124, per the Home Attainability Index report.The couple had chanced upon the listing while browsing for homes online, Ng, 44, told BI. The large, rectangular floor plan drew them in.The unit had been divided into seven different rooms and was being rented out to foreign workers, he said: "It was very rundown — it looked nothing like this."<div type="image" title="A collage of an old bathroom and a dirty bedroom in the house." height="1080" width="1440" msid="115324807" hostid="261" sizebytes="21260"></div>It was still tenanted when the couple showed up to tour the unit, Ng, who works in hospitality and entertainment, said."When we came in, the agent was trying to show us the bedrooms. He wanted to knock on every bedroom door to open it, and we were like, 'It's OK, we don't even need to see those,'" Misso said. "Because we're going to gut everything anyway, we just needed to see what had to be done."The couple paid almost $1.8 million Singapore dollars, or about $1.34 million, for the property in 2022.<div type="image" title="A shelf dedicated to vinyl records." height="960" width="1280" msid="115324791" hostid="261" sizebytes="43458"></div>Despite the extent of the work required, the renovations went smoothly. In addition to an <a target="_blank" class="" href="https://www.businessinsider.com/interior-design-trends-that-are-making-your-home-look-dated-2021-5">interior designer</a>, the couple also had an architect to help them plan the space."This would have been our fourth place together, and we kind of already knew the functionalities we wanted in the house, so we built the space around it," Misso said.For instance, the couple knew they wanted a large dining and kitchen area where they could have an island counter. While the master bedroom would have an ensuite, they wanted a Jack and Jill bathroom for the other two bedrooms.<div type="image" title="The bathroom." height="1280" width="854" msid="115324802" hostid="261" sizebytes="55108"></div>They also wanted to preserve some of the house's original features, like the red brick wall that runs along the hallway and into the courtyard in the back.That got them thinking about using other pops of colors to brighten their space, Ng said.They went with olive green cabinets for the kitchen and got a dining table in a matching shade.<div type="image" title="The kitchen features pops of color." height="854" width="1280" msid="115324793" hostid="261" sizebytes="22764"></div>To spice things up, they opted for an icy blue water dispenser, which occupies a prime position in the center of their kitchen island. An orange sculptural lamp hangs overhead."Our previous place was more <a target="_blank" class="" href="https://www.businessinsider.com/make-home-look-mid-century-for-cheap-according-to-designers">mid-century</a> and grunge. Now when our friends come by, they're always like, 'Oh, it's so different!'" Misso said.It took about eight months for the renovation to be completed.<div type="image" title="The master bedroom." height="854" width="1280" msid="115324804" hostid="261" sizebytes="22402"></div>"This was a bit different from what we were used to when we renovated our condo," Misso said. "Even after we moved in, we were still mending a few things, which we didn't realize we needed to until we moved in."The couple estimates that they spent about SG$500,000 on the entire renovation.<h2 id="8c7ed784-62af-4994-aa3d-85dafcc27621">Simple in the front, party in the back</h2>The living room and the study are located in the front part of the house. Bedrooms are off to the left, and a long corridor covered with a skylight leads to the open kitchen and the courtyard in the back.<div type="image" title="A long corridor that leads from the primary living area to the kitchen and dining space, which is at the back of the house." height="854" width="1280" msid="115324811" hostid="261" sizebytes="104490"></div>And it's the back of the house that the two of them love."I think the front is more functional. It's really just a living room where we watch TV, but I think the back is where we spend quite a bit of time," Misso said. "We have dinners here, and when we have friends over, they hang out here. I think everybody just naturally gravitates here."Likewise, for Ng, the dining area is his favorite.<div type="image" title="Three paintings hand along the walls of the dining space." height="1280" width="854" msid="115324795" hostid="261" sizebytes="60274"></div>"I'm quite pleased with how it turned out because, in our previous place, our dining area was on the balcony to <a target="_blank" class="" href="https://www.businessinsider.com/how-to-make-bedroom-look-bigger-tips-interior-designer-2023-3">maximize the space,</a>" he said. "So here, it's so nice to still be able to do things, have a drink, and have everyone gather around here."Automated metal shutters flank a glass brick wall that separates the courtyard from the back alley, where the couple sometimes hosts barbecue parties.<div type="image" title="A bike parked by a glass brick wall, flanked by two automated shutter doors." height="853" width="1280" msid="115324814" hostid="261" sizebytes="72306"></div>Thanks to the shutters, the courtyard also functions as a mini motorcycle garage for the couple's bikes: A gray Vespa scooter and a black Triumph motorbike."Everyone who sees them goes, 'Amanda, your bike is so cute!' And I'm like, 'That's not mine,'" Misso said. She rides the black Triumph.The shutters offer a streamlined way for the couple to park their bikes."So what happens is one bike comes in and goes out, while the other one comes in and reverses out," Misso said.<div type="image" title="The dining space." height="960" width="1280" msid="115324790" hostid="261" sizebytes="80768"></div>Ng started riding as a teenager, and Misso picked it up some years ago. For them, riding is a more economical and convenient way of getting around the city compared to <a target="_blank" class="" href="https://www.businessinsider.com/singapore-car-expensive-city-buy-certificate-of-entitlement-millennial-cost-2024-1">driving a car</a>."It's so much easier to get to work in the morning and come home in the evening when you're not stuck in traffic," Misso said. Now both of their commutes to work are about 15 minutes.<div type="image" title="Two bikes parked in a courtyard by a small plant." height="854" width="1280" msid="115324805" hostid="261" sizebytes="130606"></div>As much as they love their house, there's just one tiny thing they wish they'd changed about the place."It's just that the bathroom mirror in the master bedroom is a bit too far from you. So when you're doing your makeup or something, you've got to lean in quite a bit because our vanity top is quite big," Misso said. "It's such a small thing, but I look at it every day."Have you recently bought and renovated your dream home? If you've got a story to share, get in touch with me at <a target="_blank" href="mailto:agoh@businessinsider.com">agoh@businessinsider.com</a>.

A millennial couple in Singapore spent 8 months turning a rundown unit into their dream home. Take a look inside.

<ul class="summary-list"><li>An Israeli airstrike on a Beirut suburb killed at least 37 people.</li><li>Two Hezbollah commanders, Ibrahim Aqil and Ahmed Wahbi, are said to have died in the strike.</li></ul>An Israeli airstrike on a Beirut suburb on Friday killed at least 37 people, including three children, Lebanon's health ministry said Saturday.Two Hezbollah commanders, Ibrahim Aqil and Ahmed Wahbi, were among 16 of the group's members to have also died in the strike, the group has said, per Reuters.RAdm. Daniel Hagari, a spokesperson for the Israel Defense Forces (IDF), said the strike had come as Aqil and other commanders "were gathered underground under a residential building."The IDF said Aqil was the commander of Hezbollah's Radwan special forces unit.The IDF added later that further strikes on southern Lebanon had "dismantled" around 180 Hezbollah targets and thousands of launcher barrels.Nasser Kanaani, a spokesperson for Iran's foreign ministry, said that the international community should condemn Friday's strike "in the strongest terms" while also reiterating Iran's support for Lebanon.Reacting to the news on X, Iran's foreign minister, Seyed Abbas Araghchi, added that almost a year into the conflict, Israeli Prime Minister Benjamin Netanyahu had "achieved none of his aims" and was "desperate" to drag the region into war.Fears have been mounting in recent months over the <a target="_blank" class="" href="https://www.businessinsider.com/israel-hezbollah-exchange-fire-major-regional-escalation-2024-8">potential for an all-out war between Hezbollah and Israel</a>.Tensions between the two sides have been on the rise since October when Hezbollah began launching rockets into Israel in what it says has been a show of solidarity with Palestinians affected by the Israel-Hamas conflict.The latest strikes come after a suspected <a target="_blank" class="" href="https://www.businessinsider.com/hezbollah-pager-attacks-reveal-textbook-covert-operation-ex-spies-say-2024-9">covert Israeli operation</a> that caused hundreds of electronic devices across Lebanon to detonate, killing at least 37 people and injuring thousands.Israel has neither confirmed nor denied its involvement in the attacks.

Israeli airstrike on Beirut killed at least 37, including the commander of a Hezbollah special forces unit

<keyword id="1390483" type="General" weightage="20" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36 per cent year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, real estate consultant Anarock said average <keyword id="6468581" type="General" weightage="20" keywordseo="housing-prices" source="Orion">housing prices</keyword> across the seven cities grew 11 per cent annually in the July-September period this year. Hyderabad saw the highest rise of 18 per cent. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51 per cent of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept <keyword id="173069" type="General" weightage="20" keywordseo="home-loan-interest" source="Orion">home loan interest</keyword> rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6 per cent to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46 per cent to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29 per cent to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63 per cent to 22,885 units from 14,080 units. Sales of <keyword id="135249" type="General" weightage="20" keywordseo="residential-properties" source="Orion">residential properties</keyword> in Hyderabad increased 41 per cent to 16,375 units from 11,650 units. In Chennai, housing sales rose 42 per cent to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7 per cent to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for <keyword id="457183" type="General" weightage="20" keywordseo="luxury-housing" source="Orion">luxury housing</keyword> too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

Housing sales up 36 pc in Jul-Sep in top 7 cities to record 1,20,280 units: Anarock

Residential property demand in India at a 10-year high with mid and premium buyers on the rise

India’s tech hubs see property prices zoom by around 30%

<ul><li>India climbed 18 spots up to 14th rank in Knight Frank’s global house price index in Q3.</li><li>Globally, <keyword id="112918" type="General" weightage="20" keywordseo="home-prices" source="Orion">home prices</keyword> across the 56 markets grew at an average of 3.5% YoY.</li><li>Home prices in micro markets of tech hubs in India grew in double digits over three years. </li></ul>India climbed 18 spots up to 14th rank in Knight Frank’s global house price index in the third quarter of 2023. Home prices in the country increased 5.9% year-on-year, resulting in a significant upward momentum. Globally, home prices across the 56 markets covered by the Knight Frank’s Global House Price Index grew at an average of 3.5% YoY in September 2023. In the previous quarter, global home prices moved up by 2.2%. As per Knight Frank, the growth in India’s residential market, despite the challenges of higher home loan rates as well as threats of inflation, is due to its stable economic growth. During the pandemic, central and state governments provided sops that triggered the market. "In light of an increased interest cost environment stemming from heightened inflation levels, the robust domestic economic fundamentals, and the escalating aspirational attributes of residential real estate, are driving heightened demand among homebuyers in prominent residential markets within the country,” said <keyword id="1417134" type="General" weightage="50" keywordseo="shishir-baijal" source="Orion">Shishir Baijal</keyword>, CMD of Knight Frank India. A few micro markets in India, especially tech hubs in Hyderabad, Bangalore and Pune, saw sharp prices increase. The price rises in these markets are anywhere between 28-33% in three years, said a report by Anarock. “The upsurge in urbanisation is providing additional momentum to infrastructure development, paving the way for emerging residential hubs in the urban centres of India," said Baijal. In spite of price rises, the Indian housing market has been robust. By the end of the third quarter of 2023, as many as 3.49 lakh units were sold in the top 7 cities, against 3.65 lakh units in 2022. Concurrently, the overall sales value of sold housing inventory also inched up to ₹3.48 lakh crore. In the first nine months of 2023, the total residential property sales value is already 7% higher than all of 2022. “Property prices remained stagnant or experienced a decline for 5-6 years starting from 2013. During this period, the demand was notably low. However, post-Covid, we observed a substantial revival in demand, surpassing the previous highs,” said Prashant Rao, MD of Poulomi Estates. Several factors contributed to the rise in property prices, including pent-up demand, a desire to upgrade, a willingness to spend more for better and modern amenities. Additionally, improvements in the economic scenario and infrastructure development led to an increase in property prices. While property prices surged significantly across the country, Hyderabad consistently outpaced other metros year-on-year, experiencing the highest price rise due to an influx of corporates relocating their base to the city. This trend is expected to persist. Turkey leads the way in global price rises Turkey held the top spot in the rankings since Q1 of 2020. It’s once again the strongest growth of 89.2% on a year on year basis. The south-eastern corner of Europe dominates the top five spots of rankings, with Greece (14%), Croatia (13.7%) and North Macedonia (11%). Japan is the standout performer in the Asia-Pacific region, with 6.3% annual growth, followed by India with 5.9% annual growth. “The resilience of global house prices is surprising in light of rising costs for mortgage borrowers, however strong savings, above inflation pay settlements and low supply of stock for sale are all acting as market supports. The big issue for housing markets in 2024 will remain low market liquidity, with sales volumes down by up to a quarter compared to their recent peaks- only a shift to lower interest rates will lift sales activity,” said Liam Bailey, global head of research, Knight Frank.

India now the 14th priciest residential real estate market

<ul class="summary-list"><li>Office-to-residential conversions are up 357% since 2021, according to a report from <a href="https://www.resiclubanalytics.com/p/20-housing-markets-planned-officetoapartment-conversions" target="_blank" rel="noopener">ResiClub</a></li><li>There's $150 billion in office mortgages set to come due in 2024.</li></ul>The pandemic made "work-from-home" a seemingly permanent part of our lives, but the ailing commercial real estate sector is trying to give new meaning to "live-at-work" as an increasing number of offices are converted into homes.Since 2021, the number of office-to-residential conversions has skyrocketed 357%, according to a Monday report from <a href="https://www.resiclubanalytics.com/p/20-housing-markets-planned-officetoapartment-conversions" target="_blank" rel="noopener">ResiClub Analytics</a>, which cited data from <a href="https://www.rentcafe.com/blog/rental-market/adaptive-reuse-office-to-apartments-2024/" target="_blank" rel="noopener">RentCafe</a>. Three years ago, the US had 12,100 office-to-apartment units ready to be converted. That now stands at 55,300.The commercial real estate sector continues to wade through <a href="https://www.businessinsider.com/real-estate-outlook-office-buildings-vacancies-commerical-markets-investors-remote-2024-1">uncharted territory</a> as debt mounts and work-from-home trends appear to be a lasting legacy of COVID, all while the Federal Reserve has hiked borrowing costs at a historic pace.Markets expect policymakers to ease interest rates sometime in 2024, but that might not bring much relief for office owners. A January report from Moody's said the national office vacancy rate hit a record 19.6% last quarter, roughly 280 basis points above pre-pandemic levels. According to ResiClub, Washington DC, New York, and Dallas lead the way with the most office-to-apartment conversions planned. "Nearly $150 billion of mortgages on U.S. office buildings are maturing by the end of 2024, and just over $300 billion of loans will mature by the end of 2026," a separate report from CommercialEdge said. <div type="image" title="ResiClub US office-to-apartment conversion pipeline" height="863" width="1270" msid="107498768" hostid="261"></div>Owners of big office buildings are under pressure to refinance maturing mortgages at a time when vacancies are up and continuing to rise. Commentators have been warning for months of an <a href="https://www.businessinsider.com/office-apocalypse-commerical-real-estate-price-drop-outlook-housing-supply-2024-1">apocalypse coming for office real estate</a> as owners look to refinance debt at higher rates and lower property values. Research group <a href="https://www.businessinsider.com/commercial-real-estate-crash-property-price-drop-defaults-interest-rates-2024-1">Capital Economics</a> has forecasted that this year will bring the sector to its breaking point, and has predicted the full 20% peak-to-trough decline in values to be felt in 2024. Last year, about $541 billion of commercial real estate debt officially matured. The firm said the fallout proved muted as many loans were extended, though the strategy of "extended and pretend" cannot last forever. By 2027, $2.2 trillion of commercial real estate debt is set to mature, Capital Economics said. ResiClub cofounder Lance Lambert pointed out that commercial buildings aren't all designed or constructed to be repurposed as living spaces. Converting offices into residential units can be useful, yet they often cost more than building from the ground up. Still, the trend is "gaining momentum," Lambert told Business Insider."It makes sense given the wave of expired leases and vacant office buildings," Lambert said. "Developers and cities just need time to figure out the economics of the model."

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