ICYMI: Review of May 1-14

Hold on tight, because the world of mobility is a whirlwind of constant change and unexpected twists! From ever-shifting tax laws to immigration challenges, geopolitical unrest, and even the wrath of Mother Nature, we relocation industry folks must always be ready for anything. 

Get ready to stay informed and stay ahead in the fast-paced world of global mobility! In Case You Missed It:

1. Australia: Per EIG, there is a new permanent resident visa for participating countries across the Pacific and Timor-Leste which will deepen connections between Australia and the region.  Primary applicants must apply by registering for a ballot. If randomly selected in the ballot, the primary applicant or their spouse/partner must secure a formal ongoing job offer in Australia and meet basic English language requirements. Countries currently participating in the Pacific Engagement Visa include the Federated States of Micronesia, Fiji, Nauru, Palau, Papua New Guinea, Solomon Islands, Timor-Leste, Tonga, Tuvalu, and Vanuatu. Each country has a limited number of visas allocated.
    
2. Europe: Strikes are continuing to affect employee movement and travel. EuroNews offers the latest on the flight and train disruptions you can expect in May, including strikes and walkouts in the UK, Germany, France, Italy, and Iceland.
    
3. Turkey: Turkey might be a favorite destination for British expats, but there's a flip side to the story. This article points out that Turkey is one of Europe's most dangerous countries. According to the latest Global Peace Index, a study that analyzes safety around the globe, Turkey is only considered safer than Russia and Ukraine. 
   Envoy Global also has an update on Turkey's new digital nomad visa. This visa is for select foreign nationals working for an employer located outside the country. Eligible nationals include those from Austria, Belarus, Belgium, Bulgaria, Canada, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Russia, Slovakia, Slovenia, Spain, Sweden, Switzerland, Ukraine, the United Kingdom, and the U.S.  
    
4. United States: According to CoreLogic, home prices are 5.3% higher when you compare March 2024 to March 2023. The index predicts home prices will go up another .8% in April and 3.7% in the year ahead. Northeastern states lead the U.S. for annual home price growth in March. Here's a look at year-over-year home price changes by select metro areas, with Miami shoowing the highest gain at 10.6% year over year:T However, Dwellworks points out that the average increase rate for rental units has slowed to 2.5% nationally. The national vacancy rate is 6.6%, which is good news for renters in most markets. There is good availability in most Midwest markets while coastal locations are still struggling. Renters are still heading to major urban locations – NYC now has one of the lowest vacancy rates in the country at 1.4%.
    
5. Puerto Rico: Heavy rainfall and flooding have Puerto Rico under a state of emergency for 22 municipalities. This may also affect shipments and services across the island. 
    
6. Canada: According to Envoy Global, Canada has introduced more accurate visa tracking by introducing a processing timeline tool. The tool will help estimate wait times for applications and final decisions for a number of different visa categories. Estimated timelines will be updated monthly so foreign nationals can make plans based on an accurate timeline.  Additionally, Dwellworks is reporting low rental vacancy rates of 1-2% in Toronto, Montreal, and Vancouver. Low unit turnover plus limited new construction means demand far exceeds supply. Federal and provincial governments continue to review and regulate short-term ‘Airbnb-like’ rentals in an effort to increase rental inventory overall.
    
7. Mexico: Economic growth is positive, but there is anxiety about the upcoming election on June 2 and future economic policies. Per Dwellworks, housing is in good supply in most markets, keeping prices manageable. Rental costs in preferred Mexico City neighborhoods have increased due to increased expat activity and are now comparable to rents in most major US metros. Short-term and long-term rentals are available in secondary markets such as Monterrey, Guadalajara, and San Luis Potosi, but inventory is more limited.
    
8. Brazil: Paramount Transportation Systems shares that torrential rainfall has inundated the state of Rio Grande do Sul. The extensive flooding has destroyed infrastructure and significant damage has been reported in more than 300 municipalities. Further evacuations and disruptions in transportation and utilities services are ongoing. Ground travel to other areas of Rio Grande do Sul state is also severely disrupted. Salgado Filho Porto Alegre International Airport (SBPA/POA) has suspended operations indefinitely in the wake of structural damage at the facility, meaning that shipment and travel delays are inevitable. You can learn even more through this update.
    
9. South Africa: Expat Insider ranked South Africa as one of the worst locations for sending expats in 2024, as explained by this post in Visit World. Quality of life is low, in terms of happiness and health. Security is also difficult, making job prospects in the country less than ideal. Most expats have expressed disappointment with their salaries and job security. However, South Africa can offer a low cost of living and more financial satisfaction. From their own country page, the cons of South Africa are economic problems, political instability, traffic congestion, and urban pollution.

To wrap up this bi-weekly update, we have some other resources that might be helpful for your mobility teams. Here are a few reports and data publications to bookmark:

• Dwellworks Market Reports: Find Q2 rental market reports for the Americas and EMEA and a global corporate housing update.
• CEOWORLD Magazine's Safest Countries in the World: Topping this list of the world’s safest nations is Andorra, located in the Pyrenees mountains between Spain and France. Despite being one of the smallest and least-populated countries in Europe, it attracts over 3.5 million overseas visitors each year, making it the country with the most tourists per capita.
• CEOWORLD Magazine's Most Attractive Cities for Global Talent 2024: New York City was ranked the world’s most desirable city for global talent, according to CEOWORLD magazine. Being the world’s top ‘talent magnet’ means that New York is officially the most attractive city to workers around the globe.