APT Soars 11.6% Post Microsoft Partnership Agreement

Dear Readers,

Welcome to the latest instalment of XEROF's weekly newsletter. Our European research team has compiled the latest headlines from the digital currency market and the high-end property market.

Our biggest cryptoasset news stories this week are as follows:

• Weekend Cryptoasset Spotlight: Shiba Inu, Pepe, and XRP Lead the Way
• Visa Pilots Innovative Blockchain Gas Solution
• APT Surges 11.6% Following Microsoft Partnership Announcement

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

• Dubai Luxury Real Estate Booms in 2023
• International Buyers Flock to Spain's Luxury Real Estate Market
• US Home Prices Rise 3% Amidst Low Supply, High Demand

Cryptoasset News

Weekend Cryptoasset Spotlight: Shiba Inu, Pepe, and XRP Lead the Way

This weekend, Shiba Inu (SHIB), Pepe (PEPE), and XRP secured the top three positions, according to CoinMarketCap. On Friday, SHIB crossed the $6 billion market capitalisation threshold and reported a weekly growth of almost 20%. XEROF attributes the overnight surge to heightened trader interest in SHIB, driven by the upcoming launch of Shibarium on the mainnet. The PEPE meme coin also showcased impressive growth, recording a 9% increase within 24 hours.

Visa Pilots Innovative Blockchain Gas Solution

Visa is developing a solution to alleviate the need for users to hold ETH solely to cover gas fees. The company is exploring allowing users to pay on-chain gas fees directly with fiat money through their Visa cards, aiming to simplify blockchain transactions. Visa tested this concept on the Ethereum Goerli testnet; the "Paymaster" effectively managed the fees during the trial transactions. XEROF notes that this approach aims to provide significant relief for current users and streamline the onboarding for newcomers.

APT Surges 11.6% Following Microsoft Partnership Announcement

Aptos surged by 11.6% following its announcement of leveraging Microsoft's AI tools to drive Web3 adoption in the financial sector. This partnership enables the Aptos Network to explore advancements in asset tokenisation, on-chain payments, and central bank digital currencies through Microsoft's Azure OpenAI service. XEROF remarks that after the news was revealed, APT had an impressive 17.6%  price increase to $7.92 within 50 minutes before stabilising at $7.51.

Luxury Real Estate News

Dubai Luxury Real Estate Booms in 2023

High-end luxury units in Dubai yield exceptional returns, with a record-breaking 335 luxury unit sales this year, marking 2023 as one of Dubai's best years for luxury real estate. Demand for luxury residences and villas will likely remain strong throughout the year, reflecting Dubai's opulent real estate market. This is a significant shift from the mere 12 luxury unit sales in 2014, mainly concentrated in Downtown Dubai.

International Buyers Flock to Spain's Luxury Real Estate Market

The Spanish luxury property sector is seeing an influx of foreign investors, comprising 85% of buyers. South Tenerife, in particular, offers a relatively safer investment option, with less exposure to price devaluation than mainland Spain, as evidenced during the 2008 crisis, when South Tenerife saw a drop of 30%-35% compared to mainland Spain's 65% decrease. This resilience is due to local market size, favourable climate, and potential for short-term property rentals.

US Home Prices Rise 3% Amidst Low Supply, High Demand

Despite modest demand, US home prices have surged 3% since 2022 due to a significant shortage of available homes. In Miami and Milwaukee, prices are spiking even further, with double-digit increases driven by limited inventory. Total homes for sale are down 18% year over year, coupled with a 16% drop in new listings, as homeowners hold onto their properties due to relatively low mortgage rates.