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Riyadh completes regulations for new mortgage law

Posted on 25 February 2013 by Laxman  |  Email |Print

Saudi Arabia issued final regulations on real estate financing, leasing and supervision of financial firms as the kingdom works to ease a housing shortage by opening up its mortgage market and enacting the country’s first home-loans law. The regulations outlining three of the five laws that make up the package of changes were posted Sunday on the website of the Saudi Arabian Monetary Agency.
Rules on the enforcement of foreclosures and mortgage registrations have yet to be completed………………………………………..Full Article: Source

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Hong Kong takes steps to avert real estate bubble

Posted on 25 February 2013 by Laxman  |  Email |Print

Hong Kong is raising stamp duties and trying to restrict home loans, officials said Friday, to cool down a real estate market that has some of the most expensive apartments in the world.
Financial Secretary John Tsang said “exuberance has regained momentum” in the Hong Kong market, and for this reason stamp duties for apartments would be increased across the board for most buyers………………………………………..Full Article: Source

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India: Budget 2013: Industry status and Regulatory Bill for the real estate market

Posted on 22 February 2013 by Laxman  |  Email |Print

The realty players are pinning their hopes on the forthcoming Budget 2013-14 for a much needed Regulatory Bill and attainment of Industry status. The Confederation of Real Estate Developers’ Associations of India (CREDAI) - NCR and Federation of Indian Chambers of Commerce and Industry ( FICCI) have been rooting for the same to the government for some time now.
The cry for Industry status is being echoed this year by experts after it was left unheard in the last budget. This is of foremost importance since this will help the real estate sector to easily get finance from banks……………………………………Full Article: Source

China orders more cities to restrict housing purchases

Posted on 21 February 2013 by Laxman  |  Email |Print

Chinese Premier Wen Jiabao called on local authorities to “decisively” curb real estate speculation and take steps to rein in the property market after data showed prices surged the most in two years last month.
Cities that have had “excessively fast” price gains should promptly impose home-purchase restrictions if they’ve not done so already, China said in a statement released yesterday after a State Council meeting headed by Wen. Provincial capitals and municipalities reporting directly to the central government should also publish annual price control targets to keep new- home costs “basically stable,” according to the statement……………………………………Full Article: Source

Israel sets new mortgage restrictions after home prices jump 5pct

Posted on 20 February 2013 by Laxman  |  Email |Print

On mortgages covering 45% to 60% of the property value, banks will need to set aside 50% in capital instead of 35%, while for those covering more than 60% banks will have to set aside 75%.
The Bank of Israel said Tuesday it was imposing new restrictions on home loans, just hours after the government reported that home prices had jumped 5% last year. In a draft directive presented by banks commissioner David Zaken, lenders will have to boost their capital buffers on mortgages exceeding 45% of the property value…………………………………Full Article: Source

Wanted: Infrastructure status for affordable housing

Posted on 20 February 2013 by Laxman  |  Email |Print

Having failed to impress the Union Government to acknowledge it as an industry, the real estate sector is now hoping to get an “infrastructure status for affordable housing” in this Union Budget.
Increasing tax benefits on home loans and the now three-year-old hope of industry status remain the other key points. According to industry sources, the last three Budgets have left the sector “untouched” depriving it of major benefits. Developers and investors are fishing in troubled waters with a demand slowdown and project delays on account of liquidity crisis…………………………………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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Swiss government moves in to damp down property market

Posted on 15 February 2013 by Laxman  |  Email |Print

The Swiss government would order banks to raise their capital holdings in a move aimed to cool property prices and dissuade borrowers from taking on too much debt“From September 30, 2013, banks will be obliged to hold additional capital for residential mortgages,” the Federal Council said in a statement.
The government was following the recommendations of the Swiss National Bank (SNB), which last week had requested that “partially activate the counter-cyclical buffer” in a bid to “strengthen the resistance of the banking sector and the overall economy against the risks posed by excessive credit growth.”……………………………………….Full Article: Source

Switzerland orders banks to hold buffer for real estate

Posted on 14 February 2013 by Laxman  |  Email |Print

The Swiss government ordered banks to hold additional capital as a buffer against risks posed by the country’s biggest property boom in two decades.
Banks will be forced to hold an extra 1 percent of risk- weighted assets linked to domestic residential mortgages, the government in Bern said in a statement today. Lenders would have to add about 3 billion francs ($3.26 billion) to comply with the new rules, which will be enforced from Sept. 30………………………………………..Full Article: Source

Swiss government bids to cool housing bubble

Posted on 14 February 2013 by Laxman  |  Email |Print

The Swiss government announced steps on Wednesday to try to dampen a housing market boom that has been fuelled by ultra-low interest rates, immigration and Switzerland’s appeal as a safe-haven for financial investors.
The government said it is demanding banks hold additional capital against their mortgage books to restrain an “excessive” rise in real estate prices and “exorbitant” mortgage debt because the central bank could not lift interest rates due to its desire to keep a lid on the strong Swiss franc………………………………………..Full Article: Source

Government intervention is chief risk for Singapore’s property market

Posted on 13 February 2013 by Laxman  |  Email |Print

Government intervention is the main risk faced by Singapore’s property market this year, according to a recent report published by property management firm Jones Lang LaSalle. Record levels of units expected to be completed in coming years are also likely to increase risk in Singapore’s property market, according to the report.
Jones Lang LaSalle expect buyers in Singapore to take advantage of cheap mortgage rates this year by purchasing properties in good locations, as there are no indicators to suggest that interest rates will rise in the coming 12 months………………………………………..Full Article: Source

Hong Kong: Property `cure’ that could kill the market

Posted on 08 February 2013 by Laxman  |  Email |Print

Government measures to regulate the property market get tougher with each move, but market reaction has grown calmer and calmer. The corrections in property prices get smaller and smaller too as they last shorter periods.
Some in the market consider the Buyer’s Stamp Duty and Special Stamp Duty to be heavy-handed, but the Centa-City Index that reflects property prices dropped slightly from the 116.8 high in November to 114.3, a correction of 2percent, and that lasted for only four weeks………………………………………..Full Article: Source

China: Stricter controls possible on property market

Posted on 07 February 2013 by Laxman  |  Email |Print

Stricter controls could be imposed on China’s property market after house prices in some cities went up faster than expected, Shanghai Securities Journal reported Wednesday.
The report cited an anonymous source close to the Beijing Municipal Commission of Housing and Urban-Rural Development as saying that major cities such as Beijing are “basically sure” to announce new measures in the near term, including restraining demand and creating higher purchase barriers. These new measures will probably be announced before early March, when the country opens the year’s major political meetings, the report said………………………………………..Full Article: Source

‘Out of sync’ housing market in Norway prompts FSA warning

Posted on 06 February 2013 by Laxman  |  Email |Print

Norway’s regulator will need to set stricter standards than those enforced elsewhere as record house prices and private debt levels grow more out of step with developments in other nations, its top official signaled.
“Our starting point is a concern for overheated Norwegian household borrowing and house price development,” Morten Baltzersen, the Financial Supervisory Authority director general, said in a Jan. 31 interview in Oslo. “As our cycle is out of sync with the rest of Europe, so is our starting point.”……………………………………….Full Article: Source

India: Proposed Bill to safeguard the interests of home buyers, says housing minister

Posted on 06 February 2013 by Laxman  |  Email |Print

The interests of home buyers will be safeguarded under the proposed Real Estate Regulatory Authority Bill, said Ajay Maken, Union minister for housing and poverty alleviation. He said buyers may get a bigger say while buying a house as per the provisions of the Bill that will be tabled during the forthcoming Budget session.
The minister was addressing the ongoing international conference on ‘Governance of Mega City Regions’ in Mumbai………………………………………..Full Article: Source

Brazil scraps 6 pct financial tax on real estate trusts

Posted on 01 February 2013 by Laxman  |  Email |Print

Brazil on Thursday exempted foreign investors from paying a financial transaction tax on purchases of real estate investment trusts traded on the country’s stock exchange, hoping to spur investments and support an economic recovery.
For the last year the government of President Dilma Rousseff has aimed to develop funding alternatives for local builders, many of which are overly dependent on loans from state development bank BNDES, the main source of long-term corporate financing in Brazil………………………………………..Full Article: Source

India: Real estate industry says RBI rate cut to boost housing demand by buyers

Posted on 30 January 2013 by Laxman  |  Email |Print

Real estate industry and property consultants today hailed the RBI’s decision to cut key policy rates, saying that it is a positive step that would boost housing demand and encourage foreign investment in the sector.
The RBI cut short-term lending rate, called repo, by 0.25 per cent to 7.75 per cent and Cash Reserve Ratio (CRR) by a similar margin to 4 per cent, releasing Rs 18,000 crore primary liquidity into the system. Developers and consultants expect the move would lead to reduction in interest rates for buyers as well as builders………………………………………..Full Article: Source

Korea: Deregulation can save sluggish real estate market

Posted on 29 January 2013 by Laxman  |  Email |Print

The sluggish real estate market in Korea is bound to hurt the people`s livelihood since real estate comprises 70 percent of their assets. The number of apartment transactions has reached just 796 this month in Seoul, which is home to 10 million people or a fifth of the population.
The figure is just half the combined transactions made over the same period last year. Amid lackluster demand, apartment prices have plunged while rental fees have skyrocketed. Many who put up their homes for sale years ago are still waiting for buyers, while others are having a hard time repaying housing loans………………………………………..Full Article: Source

Irish property tax penalises Dublin residents, warn critics

Posted on 28 January 2013 by Laxman  |  Email |Print

Dublin politicians fear bulk of taxes will be collected from its residents, who own most of Ireland’s expensive homes. Plans by Ireland’s government for a property tax have come under fire from the main opposition party amid concerns the move will land homeowners with a bumper bill as they struggle to pay a string of other new taxes.
Protest meetings have heaped pressure on Ireland’s finance minister, Michael Noonan, to drop the plan, which is expected to raise €500m (£425m) for the cash-strapped coalition government in its first full year………………………………………..Full Article: Source

Singapore’s biggest deals hit by property curbs

Posted on 25 January 2013 by Laxman  |  Email |Print

Singapore’s latest round of measures to curb record property prices has become a stumbling block in the city-state’s two-biggest corporate takeover deals.
Overseas Union Enterprise Ltd. (OUE) this week gave up its two- month S$13.8 billion ($11.2 billion) tussle against Thai billionaire Charoen Sirivadhanabhakdi for property and drinks company Fraser & Neave Ltd., citing the measures. Wheelock Properties Ltd., which tried to thwart a plan by SC Global Developments Ltd.’s chief executive officer to buy out the company, dropped the fight less than a week after the new rules, citing “market developments.”……………………………………….Full Article: Source

Australia: RBA likely to avoid February rate cut with home prices up 1.3pct since start of year

Posted on 23 January 2013 by Laxman  |  Email |Print

The Reserve Bank is likely to leave the cash rate on hold in February as previous cash rate reductions starting to flow through into rising property prices, says CommSec economist Craig James. According to the RP Data-Rismark Daily Home Value Index, capital city property prices are up 1.3% in the first three weeks of the year, though the results are lumpy across different capital city markets.
James says rate cuts, an improvement in confidence, better global news, an improved share market performance and a more positive start to the year are the key factors why home prices have risen to their highest level since early November 2011………………………………………..Full Article: Source

Singapore gets tough on foreign property buyers

Posted on 17 January 2013 by Laxman  |  Email |Print

Additional stamp duty of up to 15 per cent for non-Singaporeans to cool booming property market. New property cooling measures have been introduced in Singapore as part of a worrying trend in Asia to block foreigners from the market.
The Singapore government has increased the additional buyer’s stamp duty (ABSD) for non-Singaporeans from 10 per cent to 15 per cent. The 10 per cent levy was introduced just over a year ago but has not had the desired effect of slowing property prices………………………………………..Full Article: Source

VietNam: Government aims to rescue ailing property market

Posted on 17 January 2013 by Laxman  |  Email |Print

The Government has issued a resolution dealing with problems in the property market and bad debt. To solve the inventories and support the market, the Government has asked relevant ministries to implement effective measures to rapidly spur disbursement for construction project.
The Government has also asked the ministries to allocate investment capital for cities and provinces and focus on building social housing and hostel. Under the resolution, cities and provinces with large inventories are required to limit the use of State budget to invest in developing new residential housing for displaced people………………………………………..Full Article: Source

China’s property tax trial expansion in doubt

Posted on 15 January 2013 by Laxman  |  Email |Print

China may not expand experimental property taxes to more cities in the near future because of inadequate planning and law making, local media reported on Monday.
The government is conducting “active research” on a plan to expand the property tax trials currently in place in Shanghai and Chongqing to other Chinese cities, but it has proved difficult to hammer out a scheme for doing so, the Economic Information Daily quoted a tax official as saying………………………………………..Full Article: Source

Singapore steps up property curbs to bring down prices

Posted on 15 January 2013 by Laxman  |  Email |Print

Singapore has moved to curb its red-hot property market, hitting the share prices of its major property firms. Shares of CapitaLand fell almost 6%, Keppel Land fell 7.5% and City Developments fell 7.3% in early trading.
Authorities have introduced higher taxes on industrial as well as residential property. Prices have continued to rise despite a weak economy and previous government efforts to bring them down………………………………………..Full Article: Source

Ten questions on the new mortgage rules

Posted on 14 January 2013 by Laxman  |  Email |Print

Regulators issued new mortgage rules on Thursday designed to prevent a return to lending practices that cratered the housing market and brought the financial system to its knees during the past decade. Here’s a look at some frequently asked questions:
What is a qualified mortgage? Congress amended federal lending laws in 2010 to give greater legal rights to borrowers who get mortgages they can’t afford. The new law, part of the Dodd-Frank financial-regulation overhaul, said if banks made a qualified mortgage—one that meets certain easy-to-identify criteria—regulators and courts would presume that lenders had reason to assume a borrower could repay………………………………………..Full Article: Source

Consumer groups criticize new mortgage rules

Posted on 14 January 2013 by Laxman  |  Email |Print

New rules from the Consumer Financial Protection Bureau aim to make mortgages safer for borrowers, but consumer groups argue that the rules offer more protection for lenders than benefits for borrowers.
The new rules, released Thursday, include an “ability-to-repay” provision that prohibits lenders from issuing mortgages to people who are unable to prove they can afford the loans. But, consumer advocates charge, the rules also provide a legal shield for banks that is detrimental to borrowers………………………………………..Full Article: Source

$450 bln in Federal subsidies tilt U.S. real estate market toward sprawl

Posted on 10 January 2013 by Laxman  |  Email |Print

Real estate in the United States, it turns out, isn’t really guided by “the invisible hand” of the free market. In truth, federal policy puts a finger on the scale in a major way. Even apart from the quasi-governmental Freddie Mac and Fanny Mae, the federal government is the single largest investor in the American real estate market.
And according to a new report from Smart Growth America, each year an assortment of subsidies, tax credits, and deductions exerts $450 billion worth of influence on the location and character of American residences and commercial spaces………………………………………..Full Article: Source

Chinese real estate market may see toughened supervision

Posted on 10 January 2013 by Laxman  |  Email |Print

Xinhua reports that real estate prices in China have been demonstrating an increase over the past seven months. Results of a recent survey announced by Deutsche Bank, Goldman Sachs, Citygroup and other financial organizations confirmed that the recovery going on in China’s real estate market was beyond expectations and in the near future the growth would reach about 5%.
The Chinese Ministry of Housing and Urban-Rural Development announced its readiness for further supervision and control of the real estate market. It is also ready to continue to limit the purchase of housing and toughen up the control of the investment and speculative demand in the country………………………………………..Full Article: Source

U.S: Real estate is far from a free market, report says

Posted on 09 January 2013 by Laxman  |  Email |Print

The federal government spends about $450 billion a year on real estate, a sum that includes direct spending, loan guarantees and tax breaks like the mortgage-interest deduction, according to a report by Smart Growth America, an organization that pushes for so-called smart growth that centers around denser neighborhoods and public transit.
Smart Growth came up with the $450 billion estimate by tallying up the $2.23 trillion in federal real estate spending from 2007 to 2011 (that equates to $450 billion a year over five years)………………………………………..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

Bulgaria vows action against construction in ecologically sensitive areas

Posted on 07 January 2013 by Laxman  |  Email |Print

With the resounding thud of a stable door and the receding clip-clop of horses’ hooves, Bulgaria’s government is to look into damages and threats to the country’s Black Sea coast from construction in ecologically sensitive areas.
All of this is a consequence of a controversy that captured the attention of national media and social networks when conservation groups said that a construction project was proceeding in a dune area near the coastal town of Nessebur on Bulgaria’s Black Sea coast………………………………………..Full Article: Source

Corruption threat to China housing plan:

Posted on 07 January 2013 by Laxman  |  Email |Print

A high-profile effort by the Chinese government to build affordable houses for the millions priced-out of the country’s property market is marred by official corruption, state run media said on Saturday.
China in 2010 launched a massive “affordable housing” drive as part of an effort to defuse widespread discontent about the country’s house prices, which have skyrocketed over the last decade………………………………………..Full Article: Source

China: Housing curbs take toll on sales

Posted on 04 January 2013 by Laxman  |  Email |Print

A pick-up is unlikely in the short term after residential transactions plunge 53 per cent in December and total value slumps 59 per cent. Home sales fell last month to their lowest level since late 2008, at the start of the global financial crisis, indicating government measures have succeeded in curbing demand.
The number of residential transactions plunged 53.3 per cent to 3,286 from November, while the total consideration tumbled 59.1 per cent to HK$17.2 billon, data released by the Land Registry yesterday showed………………………………………..Full Article: Source

Threat of new curbs looms over Singapore property market

Posted on 04 January 2013 by Laxman  |  Email |Print

Sluggish economic growth and six rounds of property cooling measures over the past three years, yet Singapore home prices remained on the boil in 2012. That can only mean one thing, say analysts: fresh curbs to cool the housing market in the months ahead.
Private home prices in Asia’s financial hub, ranked as one of the world’s most expensive cities to live in, climbed 2.8 percent last year, according to flash estimates by the city’s Urban Redevelopment Authority (URA), after a 1.8 percent rise in the final quarter of 2012 – the fastest pace since the second quarter of 2011………………………………………..Full Article: Source

Norway’s housing market cooled down by new policy

Posted on 03 January 2013 by Laxman  |  Email |Print

After reaching record highs in property prices in 2012, activity on Norway’s housing market is expected to drop in 2013 as new policies are introduced. According to a release by two industry associations, house prices will still rise this year, but the percentage would be somewhere between 4 and 6, after a 7.7% spike in 2012.
The slower rise of prices will be the consequence of new rules on bank loan reserves are introduced, directly affecting mortgage lending, Norwegian realtor association NEF and real estate agency body EFF said………………………………………..Full Article: Source

China: Curbs to stay in 2013

Posted on 02 January 2013 by Laxman  |  Email |Print

China’s home prices rose in November from a month earlier as stimulative policies from Beijing underpinned demand despite property purchase restrictions in place since early 2010.
Critics have said Beijing must use market instruments such as property taxes to control home prices, not ad hoc controls such as restrictions on the number of homes Chinese can buy. Property investment accounted for 14.4 percent of China’s gross domestic product in the first nine months of 2012………………………………………..Full Article: Source

HK: Does housing plan really care about trying to cool market?

Posted on 21 December 2012 by Laxman  |  Email |Print

Albert Cheng says many alternative plans exist to help increase public housing, yet the chief executive and his team are not tapping them. Chief Executive Leung Chun-ying won the election and got to where he is because of the support from Beijing’s liaison office in Hong Kong. After six months in office, he has made no contributions to show for it. To be honest, he is merely a “paper general”, which means he’s all talk and no action.
Being a paper general, he will disappoint us with his empty promises on policies such as his long-term housing strategy. Most of us will remember the notorious plan to build 85,000 flats annually that he proposed to former chief executive Tung Chee-hwa in 1997………………………………………..Full Article: Source

HKMA warns of risk to economy from soaring property prices

Posted on 20 December 2012 by Laxman  |  Email |Print

The Hong Kong Monetary Authority has sounded another warning about the risk of runaway home prices to the economy, which also faces a poor short-term outlook because of weak foreign demand.
In its latest quarterly report on the health of the city’s economy and the banking sector, the authority said the city could be thrown back into recession if the European sovereign debt crisis escalated and if the United States failed to moderate tax increase and government spending cuts due to take effect next month………………………………………..Full Article: Source

Government housing help benefits 1 million homeowners in 3rd quarter

Posted on 18 December 2012 by Laxman  |  Email |Print

For much of the last year, the housing market has generally been on a slow but steady path toward improvement, and that trend continued in November. A number of federal initiatives to make consumers struggling in the housing market more financially capable seem to be working, according to the latest housing scorecard from the U.S. Department of Housing and Urban Development.
For instance, in the month of November alone, federal initiatives such as the Home Affordable Modification Program helped 13,400 Americans obtain trial modifications for the terms of their home loans, which is down from the 15,200 who received them in the previous month. Another 16,000 received permanent modifications, though, and that was up from 13,800 the month before……………………………………..Full Article: Source

China to continue property market control policies in 2013 to check excessive speculation

Posted on 17 December 2012 by Laxman  |  Email |Print

China’s new leadership today said it would continue the nation’s property market control policies next year in order to keep a check on excessive speculation, which in the recent past made housing virtually un-affordable for middle and low income groups. The country will step up the construction and management of low-income housing, as well as the renovation of run-down areas, said a statement issued at the end of two-day central economic work conference conducted by the new leaders here.
Stubbornly high real estate prices have been a significant source of public complaint in recent years, forcing the government to implement a string of policies to keep prices down………………………………………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

India: Property prices likely to rise as Land Bill gets Cabinet nod

Posted on 14 December 2012 by Laxman  |  Email |Print

The Cabinet approved the Land Acquisition Bill, leaving real estate developers and consultants a little apprehensive on the move. They say this would lead to a hike in property prices in the country.
“It is not a good development for the industry. This will definitely increase land cost and housing prices,” Confederation of Real Estate Developers’ Associations of India (CREDAI) National President Lalit Kumar Jain told PTI. If the Bill gets the Parliament’s nod, developers will also hesitate to go for big projects, he added………………………………………..Full Article: Source

China must thwart big jump in home prices - think-tank

Posted on 14 December 2012 by Laxman  |  Email |Print

China should enforce new property controls next year to curb speculation and prevent an expected modest recovery in house prices from turning into a steep rebound, a top state think-tank said on Thursday.
The Chinese Academy of Social Sciences called on the government to expand property taxes to more cities and stop developers from getting too much financing by barring them from selling homes before they are built………………………………………..Full Article: Source

Taiwan: Policies leading to high house prices: academics

Posted on 30 November 2012 by Laxman  |  Email |Print

Although the government has been attempting to stop house prices from rising rapidly, academics yesterday said that it was actually the government’s policies that had led to skyrocketing real-estate prices and urged it to take a turn in its policy direction.
“Although the government has implemented some policies — such as building low-cost or social housing projects, giving subsidies on mortgages and granting loans with favorable interest rates — none of the policies are helping to reduce real-estate prices,” Taipei Association for Development of Real Estate and Land chairman Chen Kuang-hsiung said………………………………………..Full Article: Source

U.S: Housing regulator sees recovery taking root

Posted on 29 November 2012 by Laxman  |  Email |Print

The chief U.S. housing regulator on Wednesday expressed optimism that the deep downturn in the nation’s property market was finally over, but said the future of the government’s role in housing finance needed to be settled for long-term health.
“I am cautiously optimistic that the signs of stability - and in some areas, strength - that have started to emerge in certain sectors of the housing market are signals that it is beginning to recover,” Edward DeMarco, acting director of the Federal Housing Finance Agency, said………………………………………..Full Article: Source

HongKong: Home market in stalemate after curbs

Posted on 29 November 2012 by Laxman  |  Email |Print

Property market buyers and sellers seen adopting wait-and-see attitude. A month after the Hong Kong government unveiled its toughest measures to curb skyrocketing home prices, the market is now at a stalemate as the transaction volume is stuck at an extremely low level while home prices are continuing to stay at record high levels, with both buyers and sellers adopting a wait-and-see attitude.
The stalemate is likely to stay for a few months, analysts believe………………………………………..Full Article: Source

Chilean government creates special group to monitor real estate sector risk

Posted on 28 November 2012 by Laxman  |  Email |Print

Due to concerns regarding an increase of residential real estate prices, the Chilean Financial Stability Council (Consejo de Estabilidad Financiero) has announced the creation of a new group to monitor residential real estate sector risk.
The group, comprised of representatives of the Ministry of Finance, the Central Bank and Superintendents of Pensions, Securities and Insurance and Banks, will seek to identify and monitor systemic threats to local financial stability………………………………………..Full Article: Source

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HK efforts to cool property market take effect

Posted on 28 November 2012 by Laxman  |  Email |Print

Government efforts to rein in Hong Kong’s soaring housing market appearing to be showing results. Home prices in the city fell last week, according to the Centa-City Leading Index, marking the first week-on-week easing after eight straight weeks of gains.
The index showed prices cooling an average 0.55% from a week earlier, paring the-year-to-date price gain to 21.7%. Nomura analysts said the price cooling is the first sign that government efforts to curb soaring real estate prices are beginning to have a meaningful impact………………………………………..Full Article: Source

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UK: FSA warns of fraud risks in quick property sales

Posted on 21 November 2012 by Laxman  |  Email |Print

The FSA has warned borrowers in financial difficulties who are looking to sell their home quickly to beware committing fraud. The regulator says it has evidence that some below market value or distressed property sales involve fraud, where the buyer - a company or an individual - asks the seller to state the property has been sold for full market value, rather than the agreed price.
The FSA says this is usually done so the buyer can borrow the full amount they have agreed to pay for the property, which would not happen in the current market as lenders require at least a 5 per cent deposit……………………………………….Full Article: Source

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