New York | ReNews International Desk News

A 21 year old British man who declared the establishment of his own country on a small stretch of disputed territory between Croatia and Serbia has received a humanitarian award at a ceremony held at the United Nations headquarters in New York.

According to the New York Post, Daniel Jackson, founder and self declared president of the Free Republic of Verdis, was honoured for humanitarian initiatives undertaken by his micronation, particularly its assistance to Ivory Coast in West Africa.

The award was presented on October 9, 2026, by the Institute of Public Policy and Diplomacy Research during an event at the UN Delegates Dining Room. Although the ceremony took place at UN headquarters, the award was issued by the independent organisation rather than the United Nations itself.

Jackson first developed the idea of creating an independent country with a group of friends when he was just 14 years old.

On May 30, 2019, he declared the establishment of the Free Republic of Verdis on a small territory along the Danube River between Croatia and Serbia.

The approximately 125 acre area, identified on maps as Pocket-3, lies within a region affected by a longstanding border dispute between the two countries.

Jackson maintains that neither Croatia nor Serbia claims sovereignty over this particular piece of land, although his declaration has not resulted in international recognition.

According to reports, Verdis claims approximately 400 registered citizens and has established its own flag, passports, constitution, legal framework and government cabinet.

Despite these developments, Verdis is not recognised as an independent sovereign state by the United Nations or the international community.

Attempts by Jackson and his supporters to establish a permanent settlement on the territory have also been unsuccessful.

Croatian authorities have restricted access to the area, and Jackson has been barred from entering Croatia. Consequently, he and his associates continue operating what they describe as a government in exile.

The self proclaimed micronation has nevertheless pursued international engagement and humanitarian initiatives in an effort to expand its global presence.

Its activities in Ivory Coast, including support for community development and educational facilities, contributed to the recognition Jackson received at the New York ceremony.

On October 9, Verdis representative Jeffrey Li, who serves as its Minister of Humanitarian Affairs, also addressed a youth forum associated with the United Nations General Assembly.

During his remarks, Li discussed the importance of youth participation in international humanitarian efforts and outlined the micronation's previous activities and future objectives.

Jackson described attending the international gathering at such a young age as an extraordinary experience, acknowledging that he was still becoming accustomed to engaging with influential personalities at major international events.

The Free Republic of Verdis continues to attract interest from individuals seeking citizenship and involvement in its activities.

However, its future remains uncertain because of unresolved territorial issues, restrictions on physical access and the absence of international diplomatic recognition.

Dubai | ReNews International Desk News

Residential property sales in Dubai South have reached their highest level in six years, with 12,428 transactions recorded during the first eight months of 2026, surpassing the total number of homes sold in any full year over the previous six years.

The latest figures reflect sustained activity in one of Dubai's emerging residential and commercial corridors, even as buyers increasingly favour smaller, relatively affordable housing units over larger, more expensive properties.

According to a report by international property consultancy Anarock, residential transactions during January-August 2026 were 27% higher than the 9,788 transactions registered throughout 2025.

The total value of residential property sales reached AED 15.9 billion during the eight-month period, representing approximately 81% of the AED 19.6 billion recorded in the previous full year.

The report highlights significant long-term growth in Dubai South's real estate market. In 2020, the area recorded just 672 residential transactions worth AED 720 million. By 2025, annual sales had increased to 9,788 transactions with a combined value of AED 19.6 billion, representing approximately 27 fold growth in sales value.

A major shift in buyer preferences has emerged, with studio apartments accounting for 45% of residential transactions between January and August 2026, compared with only 19.5% in 2025.

One-bedroom apartments contributed another 31%, bringing the combined share of smaller residential units to approximately 76% of total transactions.

The growing preference for smaller homes has also significantly affected the average value of individual property transactions.

According to Anarock, the average transaction value declined to AED 1.28 million during the first eight months of 2026, compared with its peak of AED 2.57 million in 2023.

However, the consultancy emphasised that the reduction in average transaction value should not be interpreted as a general decline in property prices.

The average residential price per square foot actually increased from AED 650 in 2020 to AED 1,656 during January-August 2026, indicating that lower overall purchase values largely reflect the growing proportion of smaller apartments being sold.

Aayush Puri, CEO of Residential Middle East and Anarock Channel Partners, said the most important change in the market was the type of properties buyers were purchasing.

He noted that studios and one-bedroom apartments now represent approximately three-quarters of residential transactions, making smaller and lower-ticket properties the primary drivers of sales activity.

The report also found that apartments accounted for 94.5% of total residential sales volume, compared with 31% in 2020.

Off-plan properties continued to dominate the market, representing 94% of residential transactions during the first eight months of 2026, up from 73% in 2020.

Dubai South is a 145-square-kilometre master-planned development centred around Al Maktoum International Airport. The airport's AED 128 billion expansion, approved in April 2024, is expected to play a major role in supporting the area's long-term economic and real estate development.

The report also identified a substantial pipeline of new residential projects, with 38,116 units scheduled for delivery between 2027 and 2029.

Of these, approximately 16,094 units are expected to be completed in 2028 alone, marking the largest annual handover volume within the projected period.

Property analysts have cautioned that such a concentrated supply pipeline will require sustained demand to maintain market balance and avoid pressure on occupancy and rental performance.

The latest trends suggest that Dubai South's residential market is evolving beyond its earlier dependence on larger properties, with smaller apartments increasingly driving transaction volumes and broadening the area's appeal among buyers seeking lower overall purchase costs.

London | ReNews Pakistan

Nearly one kilometre of London's world famous Oxford Street has been closed to general traffic and transformed into a pedestrian-only zone under a major £150 million regeneration initiative aimed at revitalising one of Britain's most prominent shopping destinations.

The new restrictions, which came into effect on October 26, 2026, prohibit cars, buses, taxis, bicycles and electric scooters from entering the section between Orchard Street and Great Portland Street.

Traffic has been diverted to surrounding roads, while emergency vehicles retain access. Authorised delivery and servicing vehicles are permitted to enter through designated routes between midnight and 7am.

Oxford Street is among the world's busiest shopping destinations, attracting approximately 500,000 visitors daily and generating an estimated £3.1 billion in annual retail spending.

The transformation forms part of London Mayor Sadiq Khan's wider vision to create a safer, greener and more attractive shopping environment while strengthening the capital's retail economy.

Planned improvements include additional trees, public seating, improved lighting, clearer signage and open spaces for cultural and community activities. The initiative is also intended to enhance the overall shopping experience and encourage further investment in the surrounding commercial district.

According to the Oxford Street Development Corporation, the initial phase involves temporary arrangements designed to minimise disruption and allow authorities to assess how pedestrians, businesses, residents and workers use the newly created public space.

Feedback collected during this phase will help shape permanent improvements, with a transitional design expected to be introduced by spring 2027.

Mayor Sadiq Khan has described the transformation as an important step towards boosting economic growth, supporting employment and making central London more welcoming to residents and international visitors.

However, the traffic restrictions have also raised concerns about congestion on nearby roads as buses, taxis and private vehicles are redirected away from the shopping street.

Transport for London has advised commuters and visitors to use public transport wherever possible and allow additional journey time when travelling through the area.

The initiative has been launched ahead of the busy Christmas shopping season, with authorities hoping that a more accessible, pedestrian-friendly Oxford Street will attract visitors, improve the shopping experience and support long-term commercial growth.

New Delhi | ReNews Pakistan

Indian real estate developer Godrej Properties has reported a sharp decline in quarterly profit as rising construction and raw material costs weighed on its financial performance.

According to Reuters, the company's results, reported on October 23, highlight the increasing pressure that project development expenses are placing on property developers despite continued demand for residential housing.

Higher input costs affected profitability, demonstrating that strong housing demand does not necessarily translate into improved earnings when construction expenses rise at a faster pace.

The results underline the importance of construction budgets, material procurement and project pricing in determining financial returns for residential developers.

For India's property sector, managing input costs while maintaining competitive selling prices remains a significant commercial consideration.

The company's performance also illustrates why developers and investors must assess profitability alongside housing sales, project bookings and broader market demand.

Continued increases in construction expenses could prompt developers to review project pricing, procurement strategies and cost management practices to protect investment returns.

London | ReNews Pakistan

British Land has paused the second phase of its Canada Water regeneration project in south London, citing slow apartment sales, rising construction expenses and challenging property market conditions.

The developer completed the first phase earlier this year but has decided to defer further construction until market conditions improve.

The Canada Water regeneration scheme covers approximately 53 acres and had planning approval for more than 4,000 homes alongside commercial and community facilities.

The company may reconsider the project's development mix, potentially reducing the number of residential apartments while increasing commercial space.

The decision comes amid broader pressure on London's housing development sector, where labour shortages, higher material costs, regulatory requirements and weak sales have affected project viability.

Other major developers have also delayed, reduced or abandoned residential developments as they reassess investment returns.

Land Securities recently abandoned a redevelopment proposal for Lewisham shopping centre valued at approximately £1.5 billion, citing difficulties in achieving a viable development.

London continues to face a substantial housing supply challenge. Industry figures indicate that construction began on only 2,876 homes during the second quarter of 2026, against a government target of 88,000 additional homes annually.

The latest development highlights the growing gap between London's housing requirements and the commercial conditions needed to deliver new residential projects.

For developers and investors, construction costs, sales absorption and financing viability remain critical factors influencing decisions on major urban regeneration schemes.

Washington | ReNews Pakistan

US President Donald Trump has signed an executive order aimed at reducing the cost of homeownership by addressing mortgage insurance expenses, refinancing requirements and interest rates on certain government-backed housing loans.

The order, signed on October 22, directs the Federal Housing Finance Agency to introduce a pilot programme allowing eligible borrowers to cancel mortgage insurance premiums when their home equity meets specified requirements based on current property values.

The administration has also moved to make permanent an existing pilot programme that waives certain title insurance requirements during mortgage refinancing.

Another component of the initiative involves establishing a task force to encourage innovation in manufactured housing and expand the range of factory-built homes eligible for federal housing programmes.

The order also directs the departments responsible for agriculture and veterans affairs to pursue lower interest rates on qualifying single-family housing loans.

The measures come as the US housing market continues to face affordability challenges caused by elevated property prices and expensive mortgage financing.

Official figures indicate that single-family housing starts declined by 4.6 percent in September, while building permits fell by four percent.

The ultimate impact on homebuyers will depend on the implementation of the new measures, eligibility requirements and broader mortgage market conditions.

Washington | ReNews Pakistan

US President Donald Trump has signed an executive order aimed at reducing the cost of homeownership by addressing mortgage insurance expenses, refinancing requirements and interest rates on certain government-backed housing loans.

The order, signed on October 22, directs the Federal Housing Finance Agency to introduce a pilot programme allowing eligible borrowers to cancel mortgage insurance premiums when their home equity meets specified requirements based on current property values.

The administration has also moved to make permanent an existing pilot programme that waives certain title insurance requirements during mortgage refinancing.

Another component of the initiative involves establishing a task force to encourage innovation in manufactured housing and expand the range of factory-built homes eligible for federal housing programmes.

The order also directs the departments responsible for agriculture and veterans affairs to pursue lower interest rates on qualifying single-family housing loans.

The measures come as the US housing market continues to face affordability challenges caused by elevated property prices and expensive mortgage financing.

Official figures indicate that single-family housing starts declined by 4.6 percent in September, while building permits fell by four percent.

The ultimate impact on homebuyers will depend on the implementation of the new measures, eligibility requirements and broader mortgage market conditions.

Riyadh | ReNews International Desk News

Saudi Arabia's real estate market recorded contrasting price trends during the third quarter of 2026, with residential land and apartment prices increasing while villa values and commercial property prices declined.

According to the latest official figures released by the General Authority for Statistics (GASTAT) on October 20, 2026, residential land prices increased by 4.9 percent year-on-year, while apartment prices rose by 1.7 percent.

Villa prices, however, recorded a significant annual decline of 7.7 percent, reflecting different pricing trends across the Kingdom's residential property categories.

The official Real Estate Price Index (REPI) showed that overall property prices increased by 1.2 percent in the July–September 2026 quarter compared with the corresponding period of 2025.

The index reached 105.1 points during the third quarter of 2026, compared with 103.9 points a year earlier, using 2023 as the base year.

According to GASTAT, residential property prices increased by 2.3 percent annually, supported primarily by higher prices for residential land plots.

Within the residential sector, land prices recorded the strongest annual growth at 4.9 percent, followed by apartments at 1.7 percent and residential floor units at 0.8 percent.

In contrast, villa prices fell by 7.7 percent, indicating that the market for standalone residential properties experienced different conditions from those affecting land plots and apartments.

The residential sector accounts for approximately 72.7 percent of the overall real estate price index, making its performance a significant factor in determining national property price trends.

Madrid | ReNews Internationa Desk News

Spain's deepening housing affordability crisis has triggered a major dispute over rental regulations, eviction protections and property investment as the government introduces measures aimed at protecting vulnerable tenants while landlords and investors raise concerns about their potential impact on housing supply.

The controversy has intensified following a series of high-profile eviction cases, rising residential property prices and growing public demonstrations demanding greater protection for tenants.

According to a Reuters investigation published on October 21, 2026, residential property prices in Spain have increased by approximately 58 percent over the past five years, while rents have risen by 44 percent.

The sharp increases have placed considerable financial pressure on households, particularly young people, pensioners and lower-income families struggling to secure affordable accommodation in major cities.

Public anger escalated following the eviction of 87-year-old Maricarmen Abascal from her Madrid apartment, where she had lived for approximately seven decades.

The case sparked widespread demonstrations and renewed calls for restrictions on evictions, rent increases and speculative property investment.

Reuters reported that Abascal died approximately two weeks after her eviction, further intensifying scrutiny of Spain's housing policies and the treatment of vulnerable tenants.

In response to the growing crisis, Prime Minister Pedro Sánchez's government approved two housing decrees on October 6, introducing measures designed to strengthen tenant protections and address speculative activity in the residential property market.

The measures include restrictions on rent increases, temporary protections against certain evictions and tighter controls on corporate purchases of residential properties.