Dear Readers,

Welcome to the latest edition of XEROF's weekly newsletter. The latest news in high-end real estate and digital currency, as reported by our European research team.

Here are our featured cryptoasset news pieces this week:

  • Ethereum (ETH) Outperforms Bitcoin (BTC) Price in H2 2023
  • Cryptoasset Community Criticises New US Tax Rules
  • Solana Pay Teams Up with Shopify for Enhanced Commerce

We also feature the latest developments in luxury real estate, including:

  • Mumbai and Auckland Prime Residential Prices to Rise by 5%
  • Dubai's Ultra-Luxury Property Sector: Anticipating 24% UNHWI Growth
  • Azabudai Hills: A Striking Addition to Tokyo's Skyline

Cryptoasset News

Ethereum (ETH) Outperforms Bitcoin (BTC) Price in H2 2023

After trailing in the year's first half, Ethereum (ETH) has outperformed Bitcoin (BTC) in the latter half of 2023. There has been improved investor sentiment towards Ethereum recently since Bitcoin's dominance has decreased, leading investors to shift attention to altcoins. XEROF suggests that Ethereum, as the flagship altcoin, could continue to outpace BTC in H2 if this trend continues.

Cryptoasset Community Criticises New US Tax Rules

On August 25, the IRS unveiled new guidelines for brokers selling and trading digital assets. To streamline tax processes and reduce opportunities for fraud, a new form is being proposed. The US Treasury Department has highlighted that these rules align digital asset reporting more closely with reporting standards for traditional assets; however, many believe this will negatively impact the cryptoasset industry in the US. XEROF expects many US investors will look to more cryptoasset-friendly jurisdictions to avoid restrictions.

Solana Pay Teams Up with Shopify for Enhanced Commerce

Solana Pay is partnering with Shopify and expanding its reach to numerous businesses. The partnership streamlines access to funds and management of working capital by doing away with the need for bank fees and delays. In addition, payments enable attributes of Web3 commerce such as token offers, international trade, and NFT-based loyalty programs. Brands on Solana are integrating Solana Pay as a Web3 payment choice on Shopify stores. According to XEROF, Shopify selected USDC as its initial payment gateway because it believes doing so will encourage more businesses to begin accepting payments in dollars.

Luxury Real Estate News

2024 Forecast: Mumbai and Auckland Prime Residential Prices to Rise by 5%, Knight Frank Report Finds

In 2024, Mumbai and Auckland are set to experience a 5% annual rise in prime residential prices, according to Knight Frank's recent report. The report claims that high-net-worth individuals are drawn to these locations because of their stable economies and recent investments in infrastructure. The research looked at 46 different housing markets and found that prices increased by 1.5% annually, on average.

Dubai's Ultra-Luxury Property Sector: AED 3.1 Billion Sales in H1, Anticipating 24% UNHWI Growth

Dubai's ultra-luxury property sector has witnessed the sale of 176 high-end homes, amounting to AED 3.1 billion (€782.81 million) in the first half of the year, as per Unique Properties analysis. The Middle East anticipates a 24% surge in UNHWI (Ultra High Net Worth Individuals) growth over the next five years. Knight Frank's data reveals the Middle East is home to 9,717 UHNWIs, with expectations of surpassing 12,000 by 2026. Furthermore, most individuals are expected to choose Dubai as their primary residential destination.

Azabudai Hills: A Striking Addition to Tokyo's Skyline

Azabudai Hills, an ambitious Mori Building Co. project, is set to debut in late November. Nestled northwest of Tokyo Tower, its centrepiece is the towering Mori JP Tower, matching Tokyo Tower's height. The building will house 91 opulent condo units; pricing remains undisclosed. Insiders hint that the most expensive unit may surpass ¥10 billion (€63,256,740). The Aman Group, renowned for its luxury hotels, manages these exclusive dwellings.


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