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Canadian house prices edge higher in April

Posted on 15 May 2013 by Laxman  |  Email |Print

Canadian home prices rose in April from March as three strong cities in Western Canada more than offset weak showings elsewhere, while the annual gain in prices slowed, the Teranet-National Bank Composite House Price Index showed on Tuesday.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.2% in April from a month earlier, but the weakest April gain in 15 years except for the 2009 recession. The index was up 2.0% from a year earlier, the smallest 12-month gain since November 2009……………………………………Full Article: Source

Canada: Flaherty dismisses worries over housing market amid ‘healthy’ correction

Posted on 15 May 2013 by Laxman  |  Email |Print

Finance Minister Jim Flaherty is dismissing fears about Canada’s housing market, saying the current slowdown is welcome news and that there is no need for further government intervention.
While some observers are expressing fears that a steep correction is underway that will bring down housing values and possibly affect bank credit ratings, Flaherty said Tuesday that he believes government mortgage tightening last July actually helped avert what could have turned into a housing bubble……………………………………Full Article: Source

US: A reality check on real estate

Posted on 15 May 2013 by Laxman  |  Email |Print

New statistics on the real estate market show home prices have risen by about 9% over the past year. Does this mean that real estate is back? On April 30, the Standard & Poors/Case-Shiller Home Price Indices release showed that a composite of real estate prices in 20 major metropolitan markets had increased by 9.3% over the past year, the best annual gain since May 2006.
Does that mean the housing market is back to the heady days of the real estate boom? A quick reality check shows that not to be the case — which may be good news for would-be home buyers……………………………………Full Article: Source

UK housing demand and home prices rise strongly, surveyors say

Posted on 15 May 2013 by Laxman  |  Email |Print

The post-recession recovery of the UK housing market revival is in full swing, an industry survey has shown. New buying inquiries soared last month and home prices continued to rise as property investment sentiment benefitted from government initiatives that give potential buyers greater access to mortgages.
The Royal Institution of Chartered Surveyors (RICS) said on Tuesday, May 14 that the combination of the government-backed Funding for Lending and Help to Buy schemes was the reason for a strong pick-up in demand for residential property that was not yet being matched by an increase in the supply of homes…………………………………..Full Article: Source

Gov’t schemes boosting housing market: Rics

Posted on 15 May 2013 by Laxman  |  Email |Print

Demand for property rose to its highest level in over three years during April, as the government’s ‘Help to Buy’ scheme began to make an impact on the UK’s housing market, the latest residential market survey from the Royal Institution of Chartered Surveyors has revealed.
Last month, new buyer enquiries rose to their highest level in over three years, with 25 per cent more chartered surveyors reporting demand for property rose rather than fell……………………………………Full Article: Source

George Osborne’s housing market sweeteners set to leave a bitter taste

Posted on 15 May 2013 by Laxman  |  Email |Print

Boosting the housing market to provide a feelgood factor is unlikely to work in the long term – and an economic study from Denmark suggests it won’t work in the short term either.
George Osborne was adamant when he became chancellor of the exchequer three years ago that Britain’s economic model had to change. Out would go an over-reliance on public and private debt, in would come the “march of the makers”……………………………………Full Article: Source

British Land to exit mainland Europe amid economic woes

Posted on 15 May 2013 by Laxman  |  Email |Print

British Land is looking to exit its £255m retail property business in mainland Europe after their assets lost almost a fifth of their value on the back of the economic crisis in Spain and Portugal.
British Land said its mainland European properties, which account for 2.4pc of its £10.5bn portfolio, fell 17pc in value in the year to the end of March, hit by rental concessions and widening yields……………………………………Full Article: Source

JLL: Good beginning to the year for the investment market in Poland

Posted on 15 May 2013 by Laxman  |  Email |Print

The period from January to the end of April of 2013 in Poland came in strong with an investment volume of €748 million. So far, the office sector has the largest share 2013 transactions (€424 million), followed by industrial (€184 million) and retail (€126 million), with the hotel sector rounding things off with €14 million.
In terms of the number of transactions, 2013 outpaced the same period in 2012 with 70% more transactions (17 deals in 2013 versus 10 closed in the corresponding period last year)……………………………………Full Article: Source

Doha residential realty market remains stable

Posted on 15 May 2013 by Laxman  |  Email |Print

The residential property market in Doha appears to be stable and may see steady growth both in outright sales and rentals in the upcoming quarters, according to Al Asmakh Real Estate report.
Qatar’s population was at 1.92mn as of March 31, 2013 with year-on-year growth of 8.5%, which may realise higher demand for new housing units, especially from expatriate population. Doha and Al Rayyan municipalities remain as main hub for new supply, it said in its first quarter report……………………………………Full Article: Source

China: Property market maintains stable growth momentum

Posted on 15 May 2013 by Laxman  |  Email |Print

Investment rises 21.1% in past four months, sales value eases to 59.8%. China’s real estate investment growth quickened in the first four months of the year, but property sales growth dipped slightly due to the government’s latest round of policy tightening.
Property in-vestment, which affects more than 40 industries ranging from steel to furniture, increased 21.1 percent year-on-year from January to April, up 0.9 percentage points on the first quarter, the National Bureau of Statistics said on Monday……………………………………Full Article: Source

Coming soon to Singapore: Relief for home buyers, renters

Posted on 15 May 2013 by Laxman  |  Email |Print

A flood of new homes is headed toward Singapore and it will carry with it a buyer’s market, analysts say. Developers in Singapore are already offering discounts and freebies such as furniture vouchers and will probably give away more expensive “toys”–maybe even cars–as new properties begin hitting the market in force, says Chris Comer, CEO of Castlewood Group, developer of Nikki Beach properties in Asia.
Comer is a Singapore resident with global experience, including in Dubai, where he worked during the boom and bust of the past decade. He said the downturn could hit Singapore within the next 12 months, and “you’ll start to see properties resold for less than they paid for them” as investors try to cash out, he said…………………………………..Full Article: Source

NZ housing market overcooked: IMF

Posted on 15 May 2013 by Laxman  |  Email |Print

New Zealand housing is already overvalued by about 25 percent and if it continues to rise may force the Reserve Bank to hike interest rates, according to the International Monetary Fund.
Property in New Zealand has become less affordable in the past two decades with the median house price at about four times income, some 20 percent higher than the average of the past 30 years, it said……………………………………Full Article: Source

Distortions of US housing markets

Posted on 14 May 2013 by Laxman  |  Email |Print

Housing is usually more stable because the motivations of the buyers are for long-term occupancy rather than exclusively for profit. But by rigging the market toward speculators, the Fed may have queered the pitch.
Sadly, once the money has fuelled a boom, you can’t just take it back. One of the brightest parts of the American economy is the housing market. It is considered the strongest proof of a recovery. Recent numbers appear to create a very optimistic story………………………………………..Full Article: Source

Is the Canadian housing market falling apart?

Posted on 14 May 2013 by Laxman  |  Email |Print

Home prices in the greater Vancouver area are down 3.9 percent from a year ago, according to the Real Estate Board of Greater Vancouver. In West Vancouver, which is sometimes said to be the wealthiest municipality in Canada, home prices have fallen 5.6 percent. Sales are down 20 percent from a year ago.
Vancouver is not alone. All over Canada there is fear that the country is in a housing bubble that is now in the process of popping. In March, Montreal saw sales decline 17 percent year over year, even while inventory continues to climb. In Ottawa, sales have fallen 16 percent………………………………………..Full Article: Source

U.K. house-price gauge rises to highest in almost three years

Posted on 14 May 2013 by Laxman  |  Email |Print

A U.K. house-price gauge rose to the highest in almost three years last month as government measures to support the housing market spurred demand, the Royal Institution of Chartered Surveyors said.
The index rose to 1 from minus 2 in March, the first reading above zero since June 2010, London-based RICS said in an e-mailed report today, citing a monthly poll of property surveyors. A positive number means more respondents saw values increase rather than decline. A measure of inquiries from new buyers rose to 25 from 13, the highest since November 2009………………………………………..Full Article: Source

German asset managers join forces to launch US property boutique

Posted on 14 May 2013 by Laxman  |  Email |Print

A German asset management boutique and a US property investor, both based in Germany, have launched a joint venture to create a new company targeting institutional and private clients looking to invest in US real estate.
The Feri group, based in Bad Homburg near Frankfurt, and US Treuhand, based in Darmstadt, will form new company UST Immobilien GmbH. US Treuhand manages at present a multi-billion euro portfolio through a third-party firm, Florida-based Estein & Associates USA, that oversees the buying and selling of US properties………………………………………..Full Article: Source

Dubai: Hiring spree as property market rebounds

Posted on 14 May 2013 by Laxman  |  Email |Print

Property brokerage firms in Dubai are on a hiring spree with hundreds of new brokers likely to join company rosters in coming months. The local firms have stepped up hiring following Dubai property transactions rising 63 per cent to Dh44 billion in first quarter 2013 following rising global investor confidence in the emirate’s realty sector.
In the latest Knight Frank report, Dubai took the second position on the list of the most hottest property market in the world, with prices shooting up by 19 per cent in 2012………………………………………..Full Article: Source

Average property prices rise across most of Asia in first quarter of 2013

Posted on 14 May 2013 by Laxman  |  Email |Print

Average luxury property prices in Asia are continuing to increase with only Hong Kong and Singapore seeing values fall, according to the latest residential index from Jones Lang LaSalle.
The firms says that it has been a steady start to the year, and the first quarter of 2013 saw average capital values rise across seven of the nine luxury residential markets monitored by its index. Average capital values across the nine markets monitored were up 2.2% quarter on quarter and 6.1% year on year………………………………………..Full Article: Source

China April home sales fall 13pct as property curbs take toll

Posted on 14 May 2013 by Laxman  |  Email |Print

China’s home sales transaction value fell 13 percent in April from the previous month as the government’s new property curbs started to take effect.
The value of homes sold declined to 494.6 billion yuan ($80 billion) from 569.4 billion yuan in March, according to the difference between National Statistics Bureau data for the first four months of the year and the first quarter. The value of sales from January to April rose 65 percent to 1.69 trillion yuan from a year earlier, the data showed………………………………………..Full Article: Source

China likely to ease property controls by year-end -Former PBOC Adviser

Posted on 14 May 2013 by Laxman  |  Email |Print

China’s policymakers will likely ease back on controls over the property market by the end of the year as such measures could hurt growth, a former academic adviser to the nation’s central bank said Monday.
“If the new government is too eager in slowing down the housing market that will do no favors for the Chinese economy,” said Li Daokui, former adviser to the People’s Bank of China. “In the long term growth is the solution,” he told a financial forum. He didn’t give any specific predictions of what form the policy retreat might take………………………………………..Full Article: Source

Australian March home-loan approvals rise by most in four years

Posted on 14 May 2013 by Laxman  |  Email |Print

Australian home-loan approvals rose the most in four years in March as central bank interest-rate cuts lured buyers into the market.
The number of loans granted to build or buy houses and apartments advanced 5.2 percent from February, when they rose a revised 2.1 percent, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 16 economists was for approvals to rise 4 percent………………………………………..Full Article: Source

10 hottest U.S. housing markets of 2013

Posted on 10 May 2013 by Laxman  |  Email |Print

After a long and painful downturn in the housing market, home prices in many—but not all—regions of the U.S. are showing signs of recovery. According to Zillow, a real estate listing website, home values rose 5.1% across the U.S. between February 2012 and February 2013.
Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. Most of the 10 housing markets on the list were disproportionately hurt by the housing crisis………………………………….Full Article: Source

U.S. housing market: 5 things every homebuyer needs to know right now

Posted on 10 May 2013 by Laxman  |  Email |Print

The U.S. housing market’s recovery is gaining momentum, but there are still a number of issues for homebuyers to be cautious of.To get to the bottom of what’s really going on in the housing market, we talked to Gerri Willis, author of “Home Rich”, about the key things homebuyers need to know in today’s challenging market.
With the housing market gaining momentum, a housing market expert and author offers tip on what every homebuyer needs to know………………………………….Full Article: Source

Real estate markets in the emirate of Sharja remain resilient says Cluttons

Posted on 10 May 2013 by Laxman  |  Email |Print

The real estate market in Sharjah remains resilient and is one of the Emirate’s top performing sectors, according to the latest report from property firm Cluttons.
Residential apartments in popular areas have witnessed an average rental increase of 10 to 15% and in the commercial sector landlords are becoming increasingly flexible with their office leasing agreements, boosting demand………………………………….Full Article: Source

India: Weak demand for real estate may continue in June quarter

Posted on 10 May 2013 by Laxman  |  Email |Print

India’s real estate market is likely to continue to remain sluggish in the quarter ending 30 June and developers may have to drop prices to revive demand for offices and homes, according to industry reports and analysts.
The real estate sector remained weak in the year ended 31 March as investors, buyers and tenants kept away from a market that is bearing the brunt of delays in approvals, rising construction costs and high interest rates. New investments in the real estate sector across India slumped by about 55% in the March quarter to Rs.42,000 crore from Rs.92,600 crore in the corresponding period last year, according to a 6 May report by industry lobby group, Associated Chambers of Commerce and Industry of India or Assocham………………………………….Full Article: Source

Australia: Confused by reports on what the property market is doing? You’re not alone

Posted on 10 May 2013 by Laxman  |  Email |Print

Did city prices stagnate in the March quarter? Or did they show moderate growth? Or perhaps they rose strongly? All three interpretations are possible, depending on which information source you choose to highlight.
The publication this week of the house price indexes from the ABS highlight how important it is for reporters to do more than simply parrot the figures from that single source, with their own inexpert interpretation. Data released earlier from other sources contradict those interpretations………………………………….Full Article: Source

Moody’s: US commercial property market outlook broadly stable in 1Q 2013

Posted on 09 May 2013 by Laxman  |  Email |Print

The outlook for the major US property markets was broadly stable in the first quarter, consistent with the generally slow pace of both construction and absorption, the supply and demand components of real estate, according to Moody’s Investors Service’s Red-Yellow-Green quarterly property assessment.
“While overall levels of construction and absorption remained modest, strong revenue per available room or RevPAR growth from the hotel sectors pushed the overall composite score up to Green 68, a one-point increase over the prior quarter,” said Moody’s Vice President - Senior Credit Officer Keith Banhazl………………………………….Full Article: Source

Is the U.S. housing market shortage just a mirage?

Posted on 09 May 2013 by Laxman  |  Email |Print

Thanks to the near-record-low interest rates, many Americans are ready to jump back into the housing market. Unfortunately, many are running into one obstacle—there aren’t enough homes for sale. That’s a good sign, though! After all, a leading indicator of economic growth is a healthy housing market, and a lack of housing should mean that builders can’t keep up with demand.
Part of the reason there is a lack of supply is that many people don’t want to sell. Many homeowners lost a lot of equity in 2006 when the housing market collapsed. Today, 21.5% of all residential homes in the U.S. are worth less than their mortgages………………………………….Full Article: Source

US housing market passes half way mark in return of ‘normal’

Posted on 09 May 2013 by Laxman  |  Email |Print

Most of us already realize “normal” is relative. Yet, we are only human. And as such, we can scarcely stop ourselves from the very-human behavior of seizing every available opportunity to try to quantify and define the term.
Thanks to the folks at real estate data company Trulia, we don’t need to try very hard to define what’s “normal” for the housing industry. They’ve done it for us with the Housing Barometer, a monthly report that charts how quickly the housing market is moving back to normal based on the performance of construction starts, existing home sales and delinquency-plus-foreclosure rates………………………………….Full Article: Source

Apartment market in Germany builds

Posted on 09 May 2013 by Laxman  |  Email |Print

The firm that owns more rental apartments than any other closely held company in Germany is getting nearer to an initial public offering, hoping to cash in on rising rents and demand for a stock with the potential to offer attractive yields in a low-interest-rate environment.
But the timing might have been better if Deutsche Annington Immobilien GmbH had moved earlier. The company, which owns about 200,000 apartments, mostly in Germany’s central and western regions, is planning to go to market in early July with its IPO………………………………….Full Article: Source

S.Arabia: Rent set to increase every 5 years

Posted on 09 May 2013 by Laxman  |  Email |Print

Rents will increase every five years due to the negative impact of recent decisions that obligate owners of vacant lands to either build or sell the land altogether. Owners not able to build on their vacant lands may be forced to sell, according to experts in real estate.
Talal Samarqandi, chairman of the Engineering Houses Commission at the Jeddah Chamber of Commerce and Industry (JCCI), said, “The percentage of vacant lands in Saudi cities lies at 50 percent. However, selling such lands will cause a rise in the price of housing units every five years because of the increase in the volume of sales.”…………………………………Full Article: Source

Stronger housing market raises financial risk for NZ - RBNZ

Posted on 09 May 2013 by Laxman  |  Email |Print

A surging New Zealand housing market is raising the risks to the country’s financial system, prompting a move to tighten lending rules for major banks, while an overvalued currency is hindering the rebalancing of the economy, the central bank said on Wednesday.
The Reserve Bank of New Zealand (RBNZ) repeated warnings that house prices are overvalued in some areas and banks have loosened their lending rules, which is leading to households becoming more indebted and more vulnerable………………………………….Full Article: Source

Over 50pct of Americans expect home prices to rise

Posted on 08 May 2013 by Laxman  |  Email |Print

More than half of Americans now expect the country’s home prices to climb within the next year, illustrating a growing optimism toward the health of the housing industry, according to new data from mortgage-finance company Fannie Mae.
“For the first time in the survey’s three-year history, the majority of Americans surveyed now expect home prices to increase,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Crossing the 50% threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country.”……………………………………….Full Article: Source

American housing market is slowly recovering momentum

Posted on 08 May 2013 by Laxman  |  Email |Print

Properties in America are hot for Chinese investors, but what can we expect as the “new normal” for housing in the United States? The American housing recovery is absolutely underway. The operative part of this phrase is “way” since America has a “way-to-go” before the recovery actually takes hold.
The 1950s were a post WWII society in America that involved larger families and boomers who had, on average, 2.3 children. As those children were born and came of age, there was an unnaturally large housing cycle which, on a per capita basis, made for an unusual level of housing demand relative to the historic norms in America………………………………………..Full Article: Source

Qatari real estate transactions down

Posted on 08 May 2013 by Laxman  |  Email |Print

The value of total real estate transactions during last week of April (April 21 to 25) amounted to QR807.2m, down 5.5 percent compared to QR854.4m the previous week, according to Ezdan Holding Group’s weekly report.
The main reason for the decline was caused due to the absence of grand deals. The report forecast that the real estate transactions will continue its recovery during the coming weeks, especially in the sector of plots with the existing trend of real estate investors and developers coming up with more new projects………………………………………..Full Article: Source

Singapore luxury property – A dormant market worth exploring

Posted on 08 May 2013 by Laxman  |  Email |Print

With personal income tax capped at a modest 20% and no capital-gains tax, it’s unsurprising that Singapore has become a magnet for wealth around the region. In a recent survey of 1,000 mobile millionaires, Singapore was deemed the most desirable place to call home in Asia – billionaires Richard Chandler and Eduardo Saverin are amongst the notable individuals who have chosen Singapore as their home-away-from-home.
According to Boston Consulting Group’s 2012 Global Wealth Report, Singapore has the world’s highest density of millionaire households at 17.1% or 188,000 households………………………………………..Full Article: Source

NZ: Raging housing market a headache

Posted on 08 May 2013 by Laxman  |  Email |Print

Increasing pressure in a housing market where supply is failing to meet demand is posing a growing risk to New Zealand’s financial stability, the Reserve Bank warns. In the bank’s six-monthly financial stability report, released on Wednesday, governor Graeme Wheeler says the country’s financial health is still sound, but growing private sector credit and rising house prices which are already high pose a concern.
The fears have emerged as Auckland and Christchurch stand out as struggling to meet demand for housing and as banks become more tolerant of lending on smaller deposits………………………………………..Full Article: Source

Returning to the housing market after a short sale, foreclosure

Posted on 07 May 2013 by Laxman  |  Email |Print

For the millions of Americans who lost their homes in a foreclosure or short sale during the recession, things are starting to look up. In addition to receiving a piece of the $3.6 billion settlement that banks are distributing to borrowers who were wrongfully foreclosed on, some homeowners are now becoming “boomerang buyers” and re-entering the market after a foreclosure or short sale.
Neal Katz, a mortgage agent at All Western Mortgage in Las Vegas, says he fields calls from a number of people wondering how long they have to wait before qualifying for another mortgage. “The biggest hurdle is time,” he says. “Time is the only thing that makes things better.”……………………………………….Full Article: Source

US housing perks up, but too few homes for sale

Posted on 07 May 2013 by Laxman  |  Email |Print

Beth Heinen Bell and her husband, Christian — like a rising number of Americans — are ready to jump into the real estate market and become homeowners. Yet they’re running into an obstacle that’s keeping the national housing recovery in check: There aren’t enough homes for sale.
The housing shortage they face in Grand Rapids, Mich., a city known for its furniture industry and sleek downtown hospital complex, is fairly typical of what the country as a whole is facing this spring………………………………………..Full Article: Source

Secret ‘pocket listings’ return in hot housing markets

Posted on 07 May 2013 by Laxman  |  Email |Print

The housing rebound has given new life to an old, but little-known sales practice called “pocket listings,” where agents reserve homes for serious buyers only.
Most homes that are put up for sale are posted on databases called multiple listing services (MLS), on which agents share information with one another in order to find buyers. There are open houses on Sunday afternoons and listings posted on real estate websites………………………………………..Full Article: Source

CMHC sees momentum building in Canada’s housing market

Posted on 07 May 2013 by Laxman  |  Email |Print

The current slump in Canada’s housing market may be short lived. Canada Mortgage and Housing Corp. – with its pulse on the market as the country’s biggest provider of taxpayer-backed mortgage default insurance – expects the housing market to stabilize by July and then begin to pick up steam.
“We see some stabilization as of mid-year and some more momentum at the end of the year and into 2014, and that of course will be related to an improvement in overall economic conditions next year,” Mathieu Laberge, CMHC’s deputy chief economist, said on a call earlier Monday………………………………………..Full Article: Source

Saudi houing market: Pros vs. cons

Posted on 07 May 2013 by Laxman  |  Email |Print

According to the statistics that have been conducted in 2013 Saudi Arabia is a country of approximately 18 million citizens with a land area of about 1.96 million square kilometers (756,981 square miles). It has the second largest oil reserves, and the world’s biggest crude exporter, and also expects to become the top producer of refined products such as fuel and petrochemicals, so what’s the problem? Why can’t almost 60 percent of the Saudi citizens own their own houses given the fact that Saudi Arabia is a big country in the Arabian Gulf?
The land prices in Saudi Arabia’s main cities have jumped 50 percent in the last few years due to the absence of property tax, which have made the land owners keep their lands as a long term investment, whom the government nor the market can force them, owners of what are known as ‘white lands’ to lower their prices………………………………………..Full Article: Source

Housing market slows in China’s first-tier cities

Posted on 07 May 2013 by Laxman  |  Email |Print

China’s rocketing real estate market has decelerated since the State Council announced five new policies in March intended to curb the alarmingly rapid growth. Policies designed to stabilize housing prices and stifle speculation included a 20 percent capital gains tax, higher down payments, and increased mortgage interest rates in heated up markets, as well as curbs on second properties.
Some cities had experienced prices multiplying by factors of 10 recently, causing official concern, and locking prospective homeowners out of the market, CNBC reported………………………………………..Full Article: Source

Japan is property ‘market to watch’

Posted on 07 May 2013 by Laxman  |  Email |Print

Direct investment in global real estate hit the highest level since 2008 in the first quarter, led by a surge in investment in Asia Pacific commercial property. More than $27 billion was directly invested in Asia Pacific commercial real estate in the first quarter, a 26 percent increase from the same quarter of 2012, according to the last capital flows report from Jones Lang LaSalle. Of the total, $20 billion came from domestic deals, while cross-border transactions in the region slipped 24 percent from a year earlier.
Japan is the “one [market] to watch,” said Stuart Crow, head of Asia Pacific capital markets at Jones Lang LaSalle. Investment in Japan property rose to $10.6 billion, up 32 percent year from a year ago and 38 percent from the previous quarter………………………………………..Full Article: Source

New home approvals fell again in Australia in March after revival in previous month

Posted on 07 May 2013 by Laxman  |  Email |Print

The number of residential building approvals in Australia fell by 5.5% during March, the largest monthly decline since July of last year. The latest figures represent a disappointing reversal of the growth which occurred in February, according to the Housing Industry Association, the voice of Australia’s residential building industry.
‘The decline in approvals for units was particularly pronounced in March with a fall of 7.7% occurring. This is in comparison to the 4.1% decline in detached house approvals during March,’ said HIA senior economist, Shane Garrett………………………………………..Full Article: Source

Worldwide luxury housing market nosedives

Posted on 07 May 2013 by Laxman  |  Email |Print

A senior figure has predicted a return to luxury home price growth this year despite a mini-crash around the globe in the first three months of this year. Property consultants Knight Frank found that the average price of prime residential units fell by 0.4 per cent in the first quarter of 2013.
Tokyo, Paris and New York all saw 10 per cent falls in luxury home values between the end of December 2012 and the end of March 2013………………………………………..Full Article: Source

The property market: Cat and house

Posted on 03 May 2013 by Laxman  |  Email |Print

Ask ordinary people about their own Chinese dream, and you find owning a home is high on the list. But years of rising house prices have put that dream out of reach of many. A slowing economy appeared to take some of the heat out. Now, alas, the residential property market is soaring again. A new survey of developers and property firms on May 2nd showed average house prices up more than 5% in April on a year earlier.
Taking the long view, rising property values seem defensible. The country is undergoing the largest wave of urbanisation in human history and homes must be built for all of those new city dwellers………………………………………..Full Article: Source

How 30-year mortgages saved the housing market

Posted on 03 May 2013 by Laxman  |  Email |Print

In most of the world, homeownership isn’t seen as a natural step in the progress toward responsible adulthood. Outside the U.S., mortgages are for small amounts, for shorter times, and have adjustable interest rates. The popular U.S. 30-year mortgage with a fixed rate, which makes possible low monthly payments and a more certain future, is an oddity. How did Americans develop such a peculiar financial practice? The New Deal.
In many ways, the mortgages of the 1920s resembled the more exotic ones of today. Balloon loans with terms of just three to five years were common. Homeowners, like those of the 2000s, simply expected to be able to refinance. The money for these mortgages, in an eerie echo of today, came from debt that banks sold to investors, and the bond-repayment periods were equally short………………………………………..Full Article: Source

Cohousing considered as solution for crisis in Italian real estate

Posted on 03 May 2013 by Laxman  |  Email |Print

The property market in Italy has been in free fall and people are worried about housing. With most people in the country being too poor for traditional homes or too rich for social housing, the approach of cohousing seems to be the best possible solution. The spokeswoman of the website cohousing.it, Nadia Simionato said that this concept evolved in the northern part of the continent during the 1960s.
It then spread to countries across the continent before reaching Italy in the mid 2000s………………………………………..Full Article: Source

Will series of Dubai mega-projects create market glut?

Posted on 03 May 2013 by Laxman  |  Email |Print

The first phase of Mohammad Bin Rashid City is being promoted as a tourist destination but with a rush of similar entertainment, residential and retail projects announced recently, is there a danger of a glut in the market? Some analysts suggest that despite the return of mega-projects to the market, there is a more calculated approach by developers to execute them.
“The development time line for these recently announced projects will likely be linked more closely to demand. Even with the most rapid construction and absorption these projects may see a 10 year delivery cycle,” said David Macadam, a real estate expert………………………………………..Full Article: Source

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