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Lawsuit seeks to halt Empire State Building IPO

Posted on 30 April 2013 by Laxman  |  Email |Print

Minority owners of New York’s Empire State Building want a state judge to block a proposal that would roll the skyscraper and 17 other Manhattan buildings into a common ownership group known as a real estate investment trust, or REIT.
The 82-year old Empire State was the tallest in the world from its opening until the completion of the World Trade Center in 1973. It has played a central part in numerous movies, including “King Kong,” “An Affair to Remember” and “Sleepless in Seattle.”……………………………………….Full Article: Source

Stamp duty rise splits prime country house market

Posted on 02 April 2013 by Laxman  |  Email |Print

Britain’s country houses have split into a “two-speed” market, estate agents report, as wealthy foreign buyers chase the priciest estates, but City cutbacks and tax changes depress demand for less expensive homes.
Prices in the prime country house market showed a 0.4pc rise in the first quarter of this year compared to the previous three months, according to an index tracking the prices of homes sold by estate agency Knight Frank. That marked its first increase in two years………………………………………..Full Article: Source

Saudi: New property law favors consumers, says law firm official

Posted on 25 March 2013 by Laxman  |  Email |Print

New property law taking effect soon lean to ward the end-consumer rather than banks, Dr. Eyad Reda, Country Managing Partner of DLA Piper KSA, an international law firm, said.
The law is part of the ongoing judicial reforms and hope to alleviate the current housing crisis and population influx. “The new Saudi property law regulates the relationship between the end-consumer and the banks,” said Reda. “It (the legislation) has been years in the making and will be implemented in its final stage within two weeks.”……………………………………….Full Article: Source

Taiwan: Academics split on effect of luxury tax on property market

Posted on 19 February 2013 by Laxman  |  Email |Print

Academics were divided over the effectiveness of the special sales levy in helping curb property speculation, but agreed that the measure needed to be reviewed two years after its implementation.
The debate came after the Ministry of Finance said on Friday that it would re-evaluate the tax, with houses resold within two years after purchase being subjected to a levy of up to 15 percent starting in June 2011…………………………………….Full Article: Source

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U.S. sues S&P ratings agency over housing-market collapse

Posted on 06 February 2013 by Laxman  |  Email |Print

The federal government has lodged a civil complaint against Standard & Poor’s, alleging the ratings agency of driving the mortgage crisis by giving high marks to risky bonds. This is the first action related to the housing crisis taken by the government against a major ratings agency, the Associated Press reported.
S&P said that it didn’t do anything wrong — and that the government itself failed to predict the housing-market collapse. The government’s suit, however, says S&P knowingly and willfully enticed investors to mortgage bonds with shaky numbers, AP reports. ……………………………………….Full Article: Source

India’s booming land values spark family feuds

Posted on 29 January 2013 by Laxman  |  Email |Print

The dramatic rise in the value of land in India has resulted in a growing number of families of Indian origin returning from the UK to cash in on their inheritances. But many discover that the land is either sold, occupied or disputed - resulting in bitter feuds and lengthy legal battles.
At his home in the English city of Wolverhampton, Iqbal Singh pores over a thick pile of court papers, the result of 16 years of legal wrangling in the Indian courts. He has inherited a legal battle to reclaim his parents’ farmland in the rural Indian state of Punjab………………………………………..Full Article: Source

Italy’s Monti says change property tax as polls improve

Posted on 07 January 2013 by Laxman  |  Email |Print

Italy’s outgoing prime minister, Mario Monti, said on Sunday he would alter an unpopular property tax imposed by his own government, as a poll showed his centrist bloc gaining in popularity ahead of next month’s election.
Monti’s new centrist formation was third in a survey published on Sunday ahead of the February 24-25 parliamentary vote, behind a centre-left coalition led by Pier Luigi Bersani and the centre-right bloc of former prime minister Silvio Berlusconi………………………………………..Full Article: Source

S.Arabia: New housing laws to take effect in mid-2013

Posted on 02 January 2013 by Laxman  |  Email |Print

At a time when the Ministry of Housing is tightening the noose on those who stall to pay their residential rents, the ministry will implement the “Ijarah” system in mid-2013. The system protects the rights of tenants and landlords with the participation of seven government agencies, sources said.
The Ministry of Housing declared that the Ijarah project operates in accordance with a time plan. It pointed out it had entered the second phase, which is related to monitor real estates as well as tracking the payments of tenants………………………………………..Full Article: Source

Cuba’s ‘new’ real property rights — one year later

Posted on 14 December 2012 by Laxman  |  Email |Print

A year ago, the buzz in Miami about the incipient real estate market in Cuba was almost deafening. My phone rang and rang, and I had to recharge its battery every three hours or so. But once again, we have to concede that Cuba moves at a pace that neither Americans, nor even Cuban-Americans seem to be able to grasp.
Sure, there are some who have gone ahead and ‘invested’ — through straw friends or relatives living in Cuba — in Cuban real estate, bent on benefiting from being among the “first movers.” But all indications are that such ‘investments’ have only had a negligible impact in Cuba, if any (which is not to say they might not still have a significant, and likely negative, impact on the pockets of those intrepid ‘investors’ who dared to make their moves while skirting present Cuban laws)………………………………………..Full Article: Source

Mexico: Real estate and construction

Posted on 12 December 2012 by Laxman  |  Email |Print

The Mexican real estate market is coming back following a lull caused by the recession, and the lawyers we spoke to have been very busy over the past year. Several commented on the increased amount of commercial work linked to the real estate sector as well as a growing number of development projects. We identify 29 superb practitioners who are considered experts in real estate and construction.
Creel García-Cuéllar Aiza y Enríquez SC has a “very strong” real estate practice and is one of the leading firms in this market. It has a trio of “fabulous professionals” featured in this chapter. Carlos Aiza is widely recognised as “one of the best real estate financing lawyers in Mexico”………………………………………..Full Article: Source

New law ‘to transform Saudi property market’

Posted on 11 December 2012 by Laxman  |  Email |Print

The new regulations on real estate financing, leasing and supervision of financial companies issued by the Saudi Arabian Monetary Agency (Sama) are set to transform the Kingdom’s property landscape, said a property expert.
Masood Al Awar, the CEO of Abu Dhabi-based Tasweek Real Estate Marketing and Development commented on short-term investment risks and the impact of Sama legislation in this regard………………………………………..Full Article: Source

Reforming the housing transaction

Posted on 14 November 2012 by Laxman  |  Email |Print

The process of buying a home in the United States is archaic and expensive. To understand why, you have to remember that one person’s wasted expense is another person’s income. What to consumers are unnecessary fees are the bread-and-butter of real estate agents, attorneys, and mortgage lenders. And remember that these interest groups make up one of the most successful lobbying coalitions in all of politics.
When the government looks for ways to help home buyers, it usually thinks in terms of subsidies in the mortgage market. However, if policymakers truly want to make things better for home buyers, they should look for ways to streamline and modernize the housing transaction itself………………………………………..Full Article: Source

Mainland China home sales fall amid new law

Posted on 12 November 2012 by Laxman  |  Email |Print

According to the South China Morning Post, the value of private housing sold on the mainland fell 6.8 per cent in October, despite strong sales gains in previous months. Data from the National Bureau of Statistics showed October’s sales amounted to 503.7 billion yuan (HK$620.22 billion), versus 540.4 billion yuan in September.
“Home sales in early September and in previous months were very strong. Developers also sped up launches of their new projects and offered sweeteners to lure buyers, which is why sales were strong, but then declined in October,” said Clement Luk, chief executive at Centaline (China), in eastern and northeastern China………………………………………..Full Article: Source

New real estate law envisages fines on erring establishments

Posted on 24 October 2012 by Laxman  |  Email |Print

The new law for the operation of real estate offices envisages strict action against erring establishments including warnings and imposition of fines. Establishments found guilty of repeat violations may also face closure according to the new law awaiting approval from the higher authorities.
The 11-clause law, already approved by the Shoura Council, also stipulates that the establishment’s owner or the manager be a Saudi with no criminal record. Besides, he has no other business activity other than real estate………………………………………..Full Article: Source

China: Right to housing: Who can grant it?

Posted on 22 October 2012 by Laxman  |  Email |Print

‘Housing for people” is an ancient Chinese utopia. In modern times, this idea has become the “right to housing”. However, it does not mean that everyone should become a homeowner. Rather it means granting people access to decent housing as a basic right. During the Industrial Revolution, the working class didn’t have the right to housing. The same is true of the poor living in the slums of developing countries.
But who can provide the right to housing? In the post-war era, it was the welfare state. However, despite the large-scale construction of public housing, the mission failed. In many developing countries, incapable governments facilitated the spread of slums, in which self-help and informal housing became the norm rather than the exception. Either too much or too little state intervention can be a problem………………………………………..Full Article: Source

New Turkish property law opens market to the world

Posted on 13 September 2012 by Laxman  |  Email |Print

When the Turkish property market was first opened to foreign buyers in 2002, foreigners were allowed to buy only in a few zones. And because of the so-called reciprocity clause, only those from countries that allowed Turks to buy were allowed to buy in Turkey. The zones were then dropped in 2005, but reciprocity remained.
In May this year, the Turkish government passed a bill putting an end to reciprocity and potentially opening up the Turkish property market to nationals from hundreds more countries………………………………………..Full Article: Source

UK: Has your property been affected by squatters?

Posted on 22 August 2012 by Laxman  |  Email |Print

There are 20,000 squatters in England, according to government estimates - people unlawfully occupying uninhabited buildings or unused land. Currently squatting is prosecuted in the civil courts, but the law surrounding it is set to change making it a criminal offence to squat in residential property.
Once the changes come into force people in residential squats can be arrested and will face a £5000 fine or a six month jail sentence. The proposed date for this change is 1 September. Squatting in a commercial property, however, will remain a civil offence………………………………………..Full Article: Source

Myanmar: Real estate market to slow after govt ends tax break

Posted on 14 August 2012 by Laxman  |  Email |Print

The government’s decision to discontinue a property sales tax break five years after it was introduced is likely to slow sales, particularly in the high end of the market, real estate industry sources said last week.
The tax break, introduced in 2007, cut the property purchase tax from 30pc of the purchase price to 15pc, and to 12pc for properties over K5 billion. State media announced on August 9 that the tax break, which was due to expire on August 11, would not be renewed………………………………………..Full Article: Source

S.Arabia: Law may force rent hikes

Posted on 16 July 2012 by Laxman  |  Email |Print

Saudi real estate developers and economy experts fear the mortgage law will contribute to short-term hikes in rent rates thanks to expected increases in the prices of construction materials. Some developers said the mechanism to implement the law will determine rent rates and expected them to drop within five years once the legislation is implemented.
The Saudi Council of Ministers recently approved real estate regulations governing mortgages, real estate financing and financing companies among others in a session presided over by Custodian of the Two Holy Mosques King Abdullah………………………………………..Full Article: Source

New law to boost confidence in Dubai’s real estate market

Posted on 16 July 2012 by Laxman  |  Email |Print

Dubai’s real estate sector, currently ranked as the most transparent market in the Middle East North Africa region, is on course to get a further fillip with the enforcement of an impending law aimed at protecting investors, according to a global financial and professional services company specialising in real estate.
Dubai Land’s new law, which allows investors to cancel their contracts and get their money back in cases where developers violate the terms and conditions, is expected to boost investors confidence, Jones Lang LaSalle, or JLL, said in its half-yearly review of the property market. It will also pressurise developers to finish their projects, the review said………………………………………..Full Article: Source

French property tax: will François Hollande’s plans affect you?

Posted on 11 July 2012 by Laxman  |  Email |Print

If you own a second home in France, you might be concerned about Francois Hollande’s planned tax increase. Lorna Bourke investigates.
Are proposed tax increases on rental income and capital gains (CGT) on French holiday homes really that bad? Probably not, because there are ways of minimising liability. In addition, few people pay rental income tax anyway………………………………………..Full Article: Source

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Italians openly dodge property tax in test for Monti’s austerity

Posted on 21 June 2012 by Laxman  |  Email |Print

The new levy, which should have cost Di Pardo about 500 euros ($630) when the first payment was due on June 18, may mark the limit of how much Prime Minister Mario Monti can squeeze out of taxpayers. The belt-tightening is also sinking the prospects of Monti’s supporters in parliament and deepening Italy’s fourth recession since 2001.
Italy’s main political parties, which agreed to suspend their rivalries and back the unelected Monti when he was appointed in November, have seen their support plummet to the lowest in about two decades………………………………………..Full Article: Source

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Probe widens into mortgage lenders

Posted on 08 June 2012 by Laxman  |  Email |Print

Federal officials are broadening their investigations of mortgage lenders that use a popular federally backed mortgage program, a move that could force more banks to pick up some of the rising tab for losses at the Federal Housing Administration.
U.S. attorneys already have reached settlements with four banks, Bank of America Corp., Deutsche Bank AG, Citigroup Inc.and Flagstar Bancorp Inc., recouping $1 billion for the FHA………………………………………..Full Article: Source

China: Property tax to be levied in more cities

Posted on 11 May 2012 by Laxman  |  Email |Print

Though the property tax currently on trial has had a moderate impact on the property market so far, industry experts said it will have a bigger impact in the future as the program progresses.
The property tax imposed in Chongqing and Shanghai on a trial basis will be expanded by the end of this year, said Qin Hong, vice director of the policy research center of with the Ministry of Housing and Urban-Rural Development (MOHURD), Wednesday in Shenzhen that the State Council has made it clear that the government will expand the pilot property tax this year, though a final list of cities to be covered has not been decided………………………………………..Full Article: Source

New York city rent limits left intact by Supreme Court

Posted on 24 April 2012 by Laxman  |  Email |Print

The U.S. Supreme Court rejected a challenge to New York City’s decades-old rent-stabilization system, leaving intact rules capping prices on almost a million units in one of the country’s most expensive cities.
The justices today turned away an appeal by James and Jeanne Harmon, who said the city was violating their constitutional rights by limiting rents on three one-bedroom apartments in their Upper West Side brownstone. The units rent for about $1,000 a month, less than half the price of three similar, unregulated units in the building, the Harmons say………………………………………..Full Article: Source

Malta: Property developers on warpath over 12pct tax, government valuations

Posted on 19 April 2012 by Laxman  |  Email |Print

The president of the Malta Developers Association has claimed government-appointed architects are being “guided” by the Inland Revenue Department on the ‘discerned’ market value of properties, resulting in higher tax claims on purchased property.
Michael Falzon, a former Nationalist minister, has suggested that buyers and vendors who find bargain properties in the current dampened market are being taxed on the difference between the bargain price and the discerned market price………………………………………..Full Article: Source

Zimbabwe property market flooded with fake title deeds

Posted on 12 April 2012 by Laxman  |  Email |Print

Fake title deeds have flooded the property market in Zimbabwe. According to cases dealt with by the Zimbabwe economic crimes courts have something to do with fake documentation and the sale of non-existent stands and houses.
Fraud victims are thronging the police commercial crimes unit to report their cases before they are referred to the CID fraud squad.The Office of the Chief Registrar of Deeds in the Ministry of Justice and Legal Affairs has expressed concern over fake title deeds and the swindling of unsuspecting home seekers………………………………………..Full Article: Source

Dubai to issue law to protect real estate investors

Posted on 02 April 2012 by Laxman  |  Email |Print

Dubai is planning to enforce a new law in mid 2012 intended to protect property investors to prevent fresh crisis that jolted the local real estate market in the wake of the 2008 global fiscal distress, an official has said.
The new law will likely be enforced in June and will ban developers from selling property to investors before at least 20 per cent of the project is completed, said Sultan bin Mujrin, director of the Department of Land and Property in Dubai………………………………………..Full Article: Source

Canada: Real estate rules don’t discriminate against foreigners

Posted on 20 March 2012 by Laxman  |  Email |Print

Last week’s $1-million sale of a modest bungalow in north Toronto to a university student from China got tongues wagging and tempers flaring about the supposed encroachment of foreign buyers into the Canadian real estate market.
Stories of wealthy foreigners snapping up properties and pricing Canadians out of their local real estate markets abound………………………………………..Full Article: Source

Could your property taxes actually be getting cheaper?

Posted on 15 March 2012 by Laxman  |  Email |Print

ApartmentsProperty taxes are based on the value of one’s home. But as the real estate market collapsed and owners watched in horror as home values dropped by one-third, or perhaps half, their property taxes probably didn’t budge.
Through the Great Recession and years of a stagnant market that followed, it’s more likely that your property taxes have kept creeping upward. Finally, though, five years after the market first began to stumble, property taxes seem to be declining in parts of the country………………………………………..Full Article: Source

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How to avoid unfair property taxes; Top 15 highest property tax counties

Posted on 15 March 2012 by Laxman  |  Email |Print

The battered real estate market has another side effect that often goes overlooked, consumer finance and tax experts say: Millions of homeowners are unknowingly paying too much property tax.
According to the National Taxpayers Union, about 30 percent of properties in the U.S. are assessed at higher values than they are really worth. That means their owners pay inflated property tax bills while other taxpayers in their towns reap the benefits………………………………………..Full Article: Source

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Politics push China’s property tax toward Beijing

Posted on 14 March 2012 by Laxman  |  Email |Print

China’s capital could be the next major testing ground for a national property tax, putting the central government at risk of vocal criticism close to home that underscores its determination to roll out an unpopular fiscal plan that has been a decade in the making.
Premier Wen Jiabao’s opening address last week to the largely rubber-stamp annual meeting of parliament, the National People’s Congress (NPC), made it crystal clear that the leadership will push ahead with property tax reform………………………………………..Full Article: Source

Housing settlement details filed in court

Posted on 13 March 2012 by Laxman  |  Email |Print

Shaun DonovanFinal details were filed in federal court Monday in the $26 billion settlement to help struggling homeowners and settle charges against big banks of abusive and negligent foreclosure practices.
The Department of Justice filed five separate consent agreements, each more than 300 pages, between 49 states, federal agencies and the largest bank servicers……………………………………….Full Article: Source

China mulling further property tax reform

Posted on 07 March 2012 by Laxman  |  Email |Print

China is mulling further property tax reforms and property tax trial expansions in order to consolidate its efforts in real estate market regulation, the country’s top financial official said Tuesday.
The reform will be promoted “actively yet steadily,” and property tax trials should be expanded to other cities in the nation “on a proper scale,” Finance Minister Xie Xuren said at a press conference on the sidelines of the annual parliamentary session………………………………………..Full Article: Source

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VietNam: Property market needs solid legal footing

Posted on 17 February 2012 by Laxman  |  Email |Print

The domestic property market needs a legal system that can manage activities on the market and develop housing and apartment building for lease projects, said the deputy prime minister.
Deputy Prime Minister Hoang Trung Hai said while meeting the central steering committee of housing policy and real estate market on Tuesday that this year, the legal system for housing management and the real estate market should be completed, including property tax and prices, individual income from property trading, registration of property and mortgage of land use rights………………………………………..Full Article: Source

Russia: Real market value to determine property tax

Posted on 15 February 2012 by Laxman  |  Email |Print

If the government’s plans come to fruition, this year will be spent completing property evaluations across the country according to market-based standards, paving the way for the implementation of a new property tax, which could partially enter into force as early as 2013.
The idea of introducing the new tax — which is called the unified property tax and is supposed to replace the existing land tax and individual property tax — was first voiced by the government 11 years ago, and Prime Minister Vladimir Putin said in 2009 that the move should lower the tax burden on owners of small apartments. Analysts said it might put more properties on the market and bring down prices………………………………………..Full Article: Source

Cyprus: European Commission replies to property complaints

Posted on 13 February 2012 by Laxman  |  Email |Print

The Civil Justice Directorate of the European Commission has replied to numerous letters of complaint it has received concerning Cyprus property developers and unfair commercial practices.
Numerous letters have been sent the European Commission Vice-president and commissioner responsible for justice, fundamental rights and citizenship, Viviane Reding, complaining about the unfair practices of the property industry in Cyprus………………………………………..Full Article: Source

US housing regulator acted on ideology -lawmakers

Posted on 09 February 2012 by Laxman  |  Email |Print

Two Democratic lawmakers on Wednesday accused the regulator of Fannie Mae and Freddie Mac from blocking the firms from reducing principal on the mortgages they back for ideological reasons.
Representatives Elijah Cummings and John Tierney claimed that analysis from the regulator itself, the Federal Housing Finance Agency, showed that principal reduction would serve the interest of U.S. taxpayers, who have bailed the firms out to the tune of $169 billion………………………………………..Full Article: Source

Indonesia costliest on property registration

Posted on 01 February 2012 by Laxman  |  Email |Print

Indonesia is deemed the costliest country in terms of property registration compared to other Asia-Pacific countries. Property registration fee in Indonesia is worth 11 percent of the property value.
The report says that Indonesia applies high-cost property registration despite the fact that it has become one of the indicators of doing business worldwide………………………………………..Full Article: Source

Contracts to purchase existing U.S. homes hold near 19-month high

Posted on 26 January 2012 by Laxman  |  Email |Print

The number of Americans signing contracts to buy previously owned homes in December held near a 19-month high, showing the stabilization in the market that began in late 2011 will extend into the new year.
The index of pending home sales decreased 3.5 percent last month after jumping a combined 18 percent in October and November, figures from the National Association of Realtors showed today in Washington. It was the best back-to-back reading since a buyer tax credit boosted demand in early 2010………………………………………..Full Article: Source

Jordan apartment rents rise on property law amendment

Posted on 11 January 2012 by Laxman  |  Email |Print

Apartment rental rates rose in certain areas in Jordan during the fourth quarter of 2011 due to an amendment to the landlord and tenant law which permits landlords to increase rents to current market values, according to leading property consultancy Asteco.

The amendment allows landlords to discontinue existing agreements, which in some cases were entered into over five years ago. “Rental rates in some areas are expected to continue rising in 2012 as landlords continue to bring prices up to current values,” said Elaine Jones, CEO, Asteco…………………………………….Full Article: Source

Stamp duty hike targets foreign buyers of residential property

Posted on 08 December 2011 by Laxman  |  Email |Print

The Government unveiled a set of unprecedented stamp duty taxes on Wednesday night, in what many industry watchers have called the toughest round of curbs yet on Singapore’s private property market.
The changes take effect on Thursday. Hardest hit are foreigners, who have been snapping up a rising share of non-landed homes in recent years. They now must pay a hefty additional buyer’s stamp duty of 10 per cent on any purchase of a residential property here………………………………………..Full Article: Source

U.K. REIT law changes may trigger takeovers from overseas

Posted on 07 December 2011 by Laxman  |  Email |Print

U.K. real estate investment trusts will be more vulnerable to takeover by investors from outside of Britain under rules proposed today for the tax-exempt companies.
The changes “will allow more cross-border M&A activity,” said Phil Nicklin, head of accounting firm Deloitte LLP’s unit specializing in REITs. “Investment banks are already talking to me about this.”……………………………………….Full Article: Source

French property investment requires legal advice

Posted on 02 December 2011 by Laxman  |  Email |Print

Property owners and investors interested in looking at property en Francais have been advised to treat with caution and take solid legal advice before signing on the dotted line.
That advice comes from the managing director at Leapfrog-properties.com, Niclas Dowlatshahi, who claims that on top of purchasing adequate commercial property insurance, legal advice is a must………………………………………..Full Article: Source

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House prices fall ahead of tax hike on homebuyers

Posted on 29 November 2011 by Laxman  |  Email |Print

Government plans to increase tax on first time homebuyers next March should be scrapped, Britain’s biggest building society claims, as fresh evidence of falling confidence in the housing market emerges from Land Registry figures which show house prices fell 3.2pc last year.
According to official figures based on property sales and Stamp Duty receipts, house prices are now 7pc lower than a year ago in the North East and North West, while London is the only part of the country where house prices increased during the last 12 months – and then only by 0.3pc………………………………………..Full Article: Source

States moving on smaller U.S. mortgage probe deal

Posted on 23 November 2011 by Laxman  |  Email |Print

States are crafting a scaled-back mortgage abuses settlement with top U.S. banks that would exclude California, one of the states hardest hit by foreclosures and falling home prices.
The smaller settlement would mean that the big banks would pay less in fines. The proposed $25 billion deal could come down by as much as a quarter without California, according to people familiar with the discussions………………………………………..Full Article: Source

China: Property vacancy tax put forward

Posted on 22 November 2011 by Laxman  |  Email |Print

Govt warns that housing bubble is still a danger. The government will consider a tax on vacant properties, said Financial Secretary John Tsang on Monday, as he warned of an asset price bubble in the local property market.
At a Legislative Council financial affairs panel meeting, Tsang said that the measures aimed at curbing speculative activities in the property sector have taken effect as property transactions in the third quarter have slumped 40 percent on a quarterly basis and 60 percent year-on-year………………………………………..Full Article: Source

Cuban homes for sale in new housing law

Posted on 11 November 2011 by Laxman  |  Email |Print

Listings on a Craigslist-style website have mushroomed since the law was announced last week, with prices ranging from the tens of thousands into the hundreds of thousands of dollars, even a cool $1 million for an oceanside villa in the resort town of Varadero.
The law is the highest-profile economic reform yet undertaken by President Raul Castro, who has spearheaded a year of economic changes that has let Cubans go into business for themselves in unprecedented numbers, to legally rent out rooms and automobiles and even to buy and sell used cars………………………………………..Full Article: Source

New law creates real estate market in Cuba

Posted on 04 November 2011 by Laxman  |  Email |Print

In a move that could reshape the Cuban economy, the government on Thursday announced a new law that allows for the sale of real estate. The National Assembly in August approved a plan to permit the sale of real estate, and the legislation itself officially was put on the books Wednesday. It goes into effect November 10, the state-run newspaper Granma reported.
The new law allows for the sale, exchange, donation and gifting of real estate even in cases of divorce, death, or the owner leaving the country permanently………………………………………..Full Article: Source

India: Now real estate sector needs reform

Posted on 31 October 2011 by Laxman  |  Email |Print

The Supreme Court ruling banning real estate transactions on the basis of power of attorney and making sale deed compulsory for property sale is a welcome step that will make secondary market transactions fool-proof.
It will check the evasion of stamp duty and black money dealings no doubt. But there is still an urgent need for an overall reform of real estate that is facing a credibility crisis among consumers and investors alike………………………………………..Full Article: Source

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