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US: Existing home sales edge down, prices rise

Posted on 23 April 2013 by Laxman  |  Email |Print

Home resales edged downward in March, pointing to some slowdown in the housing market recovery pace as overall economic activity cools.The National Association of Realtors said on Monday existing home sales slipped 0.6 percent last month to a seasonally adjusted annual rate of 4.92 million units.
Economists polled by Reuters had expected home resales to rise to a 5.01 million-unit rate.”The disappointing pace of home sales provides some evidence that positive momentum in the housing sector is beginning to leak lower,” said Millan Mulraine, a senior economist at TD Securities in New York………………………………………..Full Article: Source

Home prices up 12 pct as investors bet on real estate

Posted on 23 April 2013 by Laxman  |  Email |Print

Prices of existing homes in the US rose 12 percent in March from the same month last year, as the real estate market continues to bounce back, providing much-needed help to the nation’s economy.
A key factor in housing’s recovery is strong demand from major corporate investors, who see profit in the combination of still-depressed real estate prices, near-record-low interest rates, and strong demand for rental housing………………………………………..Full Article: Source

Big investment firms jumping into housing market, pushing up prices

Posted on 23 April 2013 by Laxman  |  Email |Print

Investment firms are scooping up homes in distressed real estate markets, like Florida, blocking out individual bidders, experts say.
“There is the possibility that Wall Street and the banks and the affluent 1 percent stand to gain the most from this. Meanwhile, lower-income Americans will lose their opportunity for the American dream of building wealth through owning a home,” said Jack McCable a real estate consultant in Deerfield Beach, Fla………………………………………..Full Article: Source

How to profit from the housing recovery

Posted on 23 April 2013 by Laxman  |  Email |Print

The U.S. housing market is on the mend. According to the S&P/Case-Shiller Home Price Index, the average price of U.S. homes hit bottom in January 2012 and rallied 8% through January of this year, the most recent month for which data is available.
Shares of homebuilders, which were brutalized during the 2007-09 bear market, have soared as the housing outlook has improved. On average, the stocks have climbed 260%, or 38% annualized, since the group hit its bear-market low on March 6, 2009 (prices are through April 19 unless otherwise noted)………………………………………..Full Article: Source

Netherlands: Housing market may be picking up, more inquiries made to advisors

Posted on 23 April 2013 by Laxman  |  Email |Print

The Netherlands two biggest mortgage advisory groups are reporting signs that the housing market may be picking up, the Financieele Dagblad reports on Monday.
The paper says the high-street chains Hypotheker and Hypotheekshop have noted the first rise in the number of clients asking for information about buying a house for some time………………………………………..Full Article: Source

Greece offers residence to foreign investors

Posted on 23 April 2013 by Laxman  |  Email |Print

Greece will be offering residence to non-EU investors purchasing or renting property over 250,000 euros ($326,000), in a bid to revive its moribund real estate industry, officials said on Monday.
The initiative, voted into law by parliament last week, comes in response to strong demand from Arab, Chinese and Russian investors, the officials from the interior ministry and property groups told a news conference………………………………………..Full Article: Source

Riyadh needs 30,000 new residential units annually

Posted on 23 April 2013 by Laxman  |  Email |Print

Surplus, undeveloped residential plots around Riyadh are estimated to be 490 square kilometers in total, a new study by the High Commission for the Development of Riyadh (HCDR) shows. The present demand for residential lands in the city can be met by only 30 percent of these plots.
The study measures supply and demand indicators of property development in Riyadh in 2012 and estimated that there would be a total demand for 510,000 homes in the city by 2028. The study calculated that 30,000 residential units would be required annually………………………………………..Full Article: Source

Chinese home prices rise

Posted on 23 April 2013 by Laxman  |  Email |Print

Average home prices in key Chinese cities rose in March, indicating that recent government efforts to control the unruly real-estate market are having little effect.
Despite a move to enforce a tax on home-sale profits, the overall average price for 70 Chinese cities was up from the previous month and from a year earlier, with new homes in major cities showing the largest gains………………………………………..Full Article: Source

Hong Kong home prices to drop as much as 25pct, Bernstein says

Posted on 23 April 2013 by Laxman  |  Email |Print

Hong Kong home prices will fall as much as 25 percent after the government stepped up measures to curb an asset bubble and as banks raised mortgage rates, according to Sanford C. Bernstein H.K. Ltd.
The number of new apartment sales will “remain largely subdued” with developers shifting their focus to cheaper and smaller units to boost sales, analysts led by Kenneth Tsang wrote……………………………………….Full Article: Source

Korea: Parliament passes tax bill to boost housing market

Posted on 23 April 2013 by Laxman  |  Email |Print

A parliamentary committee on Monday passed a government-proposed bill that calls for the temporary exemption of capital gains taxes on homes, in a move expected to boost housing transactions.
The exemption applies to people who purchase homes worth up to 600 million won (US$536,400) or no bigger than 85 square meters between Monday and the end of December this year. They will be exempt from capital gains taxes if they sell them over the next five years………………………………………..Full Article: Source

NZ: Economist warns of further pressure on housing stock

Posted on 23 April 2013 by Laxman  |  Email |Print

ANZ senior economist Mark Smith warns that the increasing number of people moving to New Zealand will put pressure on the housing market - particularly in Auckland and Canterbury.
Official figures from Statistics New Zealand show 1200 more people permanently moved to the country in March than departed………………………………………..Full Article: Source

Wall Street betting billions on single-family homes in distressed markets

Posted on 22 April 2013 by Laxman  |  Email |Print

Big investors are pouring unprecedented amounts of money into real estate hard hit by the housing crash, bringing those moribund markets back to life but raising the prospect of another Wall Street-fueled bubble that won’t be sustainable.
Drawn by the prospect of double-figure profit margins on rents and the resale of homes whose prices plummeted in the crash, hedge funds, Wall Street investors and other institutions are crowding out individual home buyers………………………………………..Full Article: Source

In China, housing prices soar as regulators get nervous about defaults

Posted on 22 April 2013 by Laxman  |  Email |Print

Housing prices rose in 68 out of the 70 cities monitored by the National Bureau of Statistics in the month of March. Mid-size Wenzhou was the only city on the list to experience a price dip last month. And now regulators are starting to get nervous.
A vice-chairman from China’s Banking Regulatory Commission warned last week that risks related to property loans remain high, and said that regulators vowed to keep a close watch on lending………………………………………..Full Article: Source

US: Rules of house flipping adapt to rebounding market

Posted on 19 April 2013 by Laxman  |  Email |Print

When the housing market went bust, house flippers went into hibernation. Now, as the recovery creeps along, bargain-hunters are once again looking for homes to fix up and resell for a quick profit.
Just take a look at the numbers. Home values are on the rise, with a year-over-year price increase of 11.6 percent, according to the National Association of Realtors. Inventory has cratered to levels not seen since 2005………………………………………Full Article: Source

Inside America’s billionaire housing boom

Posted on 19 April 2013 by Laxman  |  Email |Print

“The U.S. is just coming out of a housing downturn and it’s become a global safe haven for investors,” says Jonathan Miller, chief executive of Miller Samuel, a New York-based real estate appraisal firm. “But this time it’s not carpenters and nurses quitting their jobs to become mom-and-pop investors; it’s billionaires looking to sink money into unique properties.”
Miller believes these unique properties have become a “new global currency,” as investors view prime trophy real estate as a safe, relatively low-risk place to park cash that hedges against inflation while diversifying an investment portfolio………………………………………Full Article: Source

3 reasons the housing recovery may not last

Posted on 19 April 2013 by Laxman  |  Email |Print

The housing market has made a big comeback over the past year; home prices have surged some 8% and homebuyers can’t seem to buy up properties fast enough.
But just as quickly as the market is gaining ground, some industry experts worry it will come crashing back to Earth. Here are three reasons the housing market recovery may not last:……………………………………..Full Article: Source

Safer way to get exposure to U.S. housing market

Posted on 19 April 2013 by Laxman  |  Email |Print

It’s clear the housing market is on the right path, but whether it can continue to be as hot as it has been is uncertain; my feeling is that the easy money has already been made. And what has been impressive has been the housing market’s recovery in spite of the lack of a strong recovery in the jobs market, which continues to struggle along, as demonstrated by the creation of a mere 88,000 new jobs in March and the edging up of the unemployment rate.
Once the jobs situation improves to where we are seeing the consistent creation of hundreds of thousands of new jobs monthly, I expect the housing market to follow suit. The housing starts and building permits reports support the housing market recovery. In March, there were an impressive annualized 1.04 million housing starts, which was above the Briefing.com estimate of 935,000 and the upwardly revised 968,000 in February………………………………………Full Article: Source

UK: Who will benefit from the housing market recovery?

Posted on 19 April 2013 by Laxman  |  Email |Print

Upbeat assessments of the U.K. economy are few and far between. The latest quarterly report from the influential ITEM Club predicted a modest 0.6% rise in GDP this year and says the housing market is now seeing a “win-win of rising disposable incomes and increasing affordability factors.”
The house price-to-wages ratio is 4.5, down from 2007’s peak of 5.8, and the ITEM Club sees disposable incomes gaining from rises in personal income tax allowance and strong employment levels. Affordability is increased by the government’s “Help to Buy” scheme. The ITEM Club thinks one million families will move house this year, up a quarter from recent levels, driving higher house prices, additional housing-related spending and ultimately construction………………………………………Full Article: Source

S.Arabia: Real estate experts expect the housing bubble to burst soon

Posted on 19 April 2013 by Laxman  |  Email |Print

The royal order related to land grants and construction loans will lead to a reduction in the Kingdom’s current exorbitant rents and property prices, a spokesman for the Ministry of Housing was quoted as saying in local media.
Custodian of the Two Holy Mosques King Abdullah has ordered the Ministry of Municipal and Rural Affairs, municipalities and localities, to hand over all developed pieces of land and plots ready for construction to the Ministry of Housing which will, in turn, distribute them to citizens with loans. Real estate experts say the king’s ruling will see a drop in real estate prices. Some expect a huge decline in rents because the land will be available to citizens within a year………………………………………Full Article: Source

Dubai housing market is seen bouncing back

Posted on 19 April 2013 by Laxman  |  Email |Print

Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse of the emirate’s real estate market, a report said. The new properties to be built between 2013 and 2015 will represent 11 percent of the current stock of 357,000 units, consultants Jones Lang LaSalle said in a report on Dubai’s real estate market for the first quarter of 2013.
It said that a total of 28,000 dwellings are expected to be completed in 2013. Around 2,200 residential units, mostly apartments, have already been handed over in Q1 of the year, which include the Spirit Tower in Dubai Sports City, Lakeside Tower in JLT, Bay Central in Dubai Marina, as well as the Al-Furjan Villas by developer Nakheel………………………………………Full Article: Source

Kuwait government takes steps to tackle housing shortage

Posted on 19 April 2013 by Laxman  |  Email |Print

As the waiting list for government-subsidised housing in Kuwait has grown to more than 100,000 in 2013, projects aimed at combating the shortage will see a number of new construction projects in the coming years. Sluggish residential real estate growth and restrictive legislation have created difficulties for the sector, but new public-private partnerships (PPPs) and improved credit access could help alleviate Kuwait’s housing problems.
In March 2013 the government revealed plans to build 174,000 new houses and three separate cities by 2020, two near the Iraqi border in the north, and one on the Saudi border in the south. Although no official price tag has been given for the project, estimates put the cost at around $5bn………………………………………Full Article: Source

Widening gap between housing supply and demand

Posted on 19 April 2013 by Laxman  |  Email |Print

China has a sufficient amount of real estate and construction space to provide housing for 120 million people, according to the National Bureau of Statistics, 21st Century Business Herald reported. According to the data released on April 15, there are 424 million square meters of real estate for sale and 353 million square meters of construction area.
Qin Hong, director of the Department of Housing and Urban Policy Research Center, believes that the biggest problem in housing development is not the imbalance between supply and demand, but housing resources………………………………………Full Article: Source

Is Canada’s condo boom coming apart at the seams?

Posted on 18 April 2013 by Laxman  |  Email |Print

Perhaps nothing is as emblematic of the Canadian housing boom of the past decade as the hundreds of high-rise condo towers currently under construction across the country. Indeed, the story of Canada’s decade-long explosion in housing is to a large degree the story of a construction boom in the condo sector.
But that boom now appears to be coming apart at the seams leaving many wondering what’s in store for the condo markets in Canada’s largest cities…………………………………..Full Article: Source

US: Should home prices rise over time?

Posted on 18 April 2013 by Laxman  |  Email |Print

Nationwide home prices are up 8% over the last year, according to the Case-Shiller housing index. This isn’t surprising. The supply of existing homes for sale is at a seven-year low. Construction of new homes is still well below the rate of household formation. Prices will almost always rise in that situation. It’s simple supply and demand.
And it’s pulled millions of homeowners out from being underwater on their mortgage and brought new hope to the housing industry, boosting shares of D.R. Horton and NVR as the outlook for construction rises. ………………………………….Full Article: Source

U.S. investors move into U.K. housing

Posted on 18 April 2013 by Laxman  |  Email |Print

With the U.S. housing market recovering, some investors are looking across the Atlantic for opportunities in the U.K. housing market, as well. U.S. investors contributed more than 50% of the £200 million ($307 million) raised last month in an initial public offering by Countrywide PLC, the U.K.’s largest residential brokerage, according to people who worked on the deal.
Oaktree Capital Management LLC is now a majority shareholder of Countrywide, which relisted on the London Stock Exchange after a six-year stint as a private company…………………………………..Full Article: Source

Signs of life in the UK housing market

Posted on 18 April 2013 by Laxman  |  Email |Print

The UK housing market has been at the sharp end of the recession. Prices have fallen by 18% from the August 2007 peak and the number of transactions is running at half the levels seen before the financial crisis. Housebuilding has collapsed. In 2011/12 the number of new homes built fell to the lowest level since 1923.
Yet despite the decline in prices UK housing still looks relatively pricey on a long-term basis. The price of an average house in the UK, at £172,000, is now 4.5 times annual earnings…………………………………..Full Article: Source

German residential unit sales reach 5-year high

Posted on 18 April 2013 by Laxman  |  Email |Print

Strong investor demand for German residential property lifted both the volume and number of traded units in the first three months of 2013. Figures published by Savills indicate 68,600 housing units traded in Q1 this year, generating a total volume of just under €3.8 bn and representing 5% growth year-on-year.
The number of units sold rose 3% compared with the first quarter of 2012, marking a five-year-high, according to Savills…………………………………..Full Article: Source

China local authority debt could be worse than US housing market crash

Posted on 18 April 2013 by Laxman  |  Email |Print

China can face a similar or even bigger financial crisis than the United States if the local Government debt remains out of control for long, says a Senior Chinese auditor Zhang Kew Hoc, who is also the vice chairman of China’s accounting association, report CNBC.
Zhang Ke said that his accounting firm Shine Wing, due to mounting concerns, is not signing off on bond sales by local governments. Zhang said that they audited local government bond issues, which was full of risks. “Most don’t have strong debt servicing abilities. Things could become very serious” he said………………………………….Full Article: Source

U.S. housing starts surpass 1 mln in March

Posted on 17 April 2013 by Laxman  |  Email |Print

U.S. builders broke ground in March on homes at a seasonally adjusted rate of 1.04 million, the fastest since June 2008. The gain was driven by a surge in apartment construction and showed continued strength in the housing market at the start of the spring buying season.
The Commerce Department says that builders increased their construction pace by 7 percent in March from February. Apartment construction jumped 31.1 percent to a seasonally adjusted rate of 392,000 — the fastest pace since January 2006. Single-family home construction, which represents nearly two-thirds of the market, fell 4.8 percent to a seasonally adjusted 619,000. That was down from February’s pace of 650,000, which was the fastest pace since May 2008……………………………………Full Article: Source

UK: Spring bounce for the housing market

Posted on 17 April 2013 by Laxman  |  Email |Print

The housing market looks primed for a spring bounce as first-time buyers return in force and increasingly confident sellers start hiking prices. The average UK asking price has just hit £244,706, up £15,717 since the start of the year, according to new figures from Rightmove, with the biggest rises outside London.
First-time buyers are streaming back into the market, with an extra 3 per cent in February alone, the best start to a year since 2008 according to the Council of Mortgage Lenders. Numbers are up 17 per cent on 12 months ago……………………………………Full Article: Source

London’s luxury-home boom may be ending, Grosvenor says

Posted on 17 April 2013 by Laxman  |  Email |Print

Grosvenor Group Ltd., the real estate company owned by the Duke of Westminster’s family trusts, said it’s looking to buy rental properties for middle-income tenants as London’s five-year luxury-home boom may be ending.
Grosvenor will target rental-home purchases because the value of luxury properties may climb at a slower rate, Chief Executive Officer Mark Preston said in a telephone interview today. The London-based company may partner with pension funds in the investments, he said……………………………………Full Article: Source

Housing prices in Ukraine stable in Q1, market could stir up in autumn 2013, say experts

Posted on 17 April 2013 by Laxman  |  Email |Print

There were no large fluctuations of prices for property in January-March 2013 in Ukraine, and the average housing price on the secondary market in Kyiv at the end of the first quarter of 2013 came to $1,800 per square meter. This information was presented by representatives of the Association of Realtors of Ukraine (ASNU) at a press conference at Interfax-Ukraine on Tuesday.
“The prices on the secondary market have not changed for around a year if we take the prices in Ukraine… [and] prices are stable today on the primary market too,” Head of the Information Technologies, Services, Analytics and MLS Committee at the Association of Ukrainian Realtors Eduard Brazas said……………………………………Full Article: Source

Delhi-NCR residential housing market still on slow burner: Report

Posted on 17 April 2013 by Laxman  |  Email |Print

The Delhi-National Capital Region (NCR) residential market seems to be going slow on new launches, with the segment witnessing a 31 per cent dip compared with the second half of fiscal 2012-13.
A report by property portal Knight Frank India says developers are struggling with liquidity crunch due to project delays, while consumer confidence is marred due to higher interest rates, inflation and the current economic outlook……………………………………Full Article: Source

Japan apartment real estate proving best: Riskless return

Posted on 17 April 2013 by Laxman  |  Email |Print

Investing in Tokyo apartments beat putting money into office buildings, malls and the domestic stock and bond markets over the past five years as a housing shortage cushioned rental incomes from years of deflation.
Apartment real estate investment trusts produced the best returns, adjusted for price swings, of Japanese REITs in the five years through March, the BLOOMBERG RISKLESS RETURN RANKING shows. Daiwahouse Residential Investment Corp. (8984) led all REITs with a 5.5 percent risk-adjusted return, followed by Advance Residence Investment (3269) with a 5.4 percent gain……………………………………Full Article: Source

Canadian home sales edge up in March

Posted on 16 April 2013 by Laxman  |  Email |Print

Home sales in Canada rose modestly from February to March, but remained far below levels seen a year ago before regulators tightened lending rules. Seasonally adjusted national home sales rose 2.4 percent from February to March, but were down 15.3 percent from a year ago, the Canadian Real Estate Association (CREA) reported.
CREA said the Canadian real estate market continues to feel the effects of stricter mortgage rules that introduced by regulators in July of 2012 to cool what some perceived to be an overheating market………………………………………..Full Article: Source

At bank of Canada, all eyes on housing market

Posted on 16 April 2013 by Laxman  |  Email |Print

When Finance Minister Jim Flaherty tightened home lending standards last year, Bay Street economists shrugged. It wasn’t the first time Mr. Flaherty had attempted to deflate the housing bubble. Nor was it the second or third. That was enough history to suggest a cycle.
On all previous occasions, sales immediately jumped as buyers rushed to beat the new restrictions. In the next phase, demand cratered when the stricter lending conditions kicked in. Finally, sales popped back up once potential buyers realized that interest rates still were at once-in-a-lifetime levels………………………………………..Full Article: Source

US: Home-builder confidence lowest in six months

Posted on 16 April 2013 by Laxman  |  Email |Print

A gauge of confidence among home builders fell in April — a third straight monthly decline — indicating demand concerns despite a strengthening market, according to data released Monday.
The overall index for confidence among home builders decreased to 42 in April from 44 in March, hitting the lowest level in six months, dragged down by concerns over present sales and buyer traffic, according to the National Association of Home Builders/Wells Fargo housing-market index………………………………………..Full Article: Source

Italy housing market slumps, sales drop 23pct, mortgages 39pct

Posted on 16 April 2013 by Laxman  |  Email |Print

The big impact the recession is having on Italy’s housing market was shown on Monday when Istat said property sales in the third quarter of last year were down by over 23%. It said 134,984 property sales were closed at notaries between July and September last year, 23.1% down on the same three months in the previous year.
The national statistics agency added that the number of mortgages granted in the first nine months of 2012 was 39.5% lower than in the same period of 2011……………………………………….Full Article: Source

Dubai developers to revive housing projects

Posted on 16 April 2013 by Laxman  |  Email |Print

Developers are reviving building plans after nearly three years of inactivity, encouraged by a gradual recovery in real estate. Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse of the emirate’s real estate market, a report said on Sunday.
The new properties to be built between 2013 and 2015 will represent 11 per cent of the current stock of 357,000 units, consultants Jones Lang LaSalle said in a report on Dubai’s real estate market for the first quarter of 2013………………………………………..Full Article: Source

China’s cities drag feet on home-price curbs

Posted on 16 April 2013 by Laxman  |  Email |Print

All real estate markets are local, says the industry axiom, one that China’s central government is painfully aware of as its efforts to rein in home prices are undermined by uncooperative municipal authorities.
Former Premier Wen Jiabao, in his final endeavor to make housing affordable, set an April 1 deadline for higher down payments and interest rates for second-home loans in cities with “excessively fast” price gains and ordered stricter enforcement of taxes on sales. Thirty-five provincial-level cities responded with measures insufficient to curb prices that climbed 150 percent from 2003 to 2012………………………………………..Full Article: Source

China home sales surge 69pct in Q1

Posted on 16 April 2013 by Laxman  |  Email |Print

China’s home sales rose 69 per cent in the first quarter as buyers rushed into the market before local governments implemented property curbs, Bloomberg News reported. The value of homes sold climbed to 1.2 trillion yuan (S$242 billion) from a year earlier, China’s statistics bureau said on Monday, the biggest first-quarter increase in three years. Overall real estate sales, including commercial buildings, rose 61 per cent to 1.4 trillion yuan from last year.
“Quite a lot of buyers bought homes as they expected local governments would issue harsh property curbs,” said Mr Zhao Zhenyi, Shanghai-based analyst at Industrial Securities………………………………………..Full Article: Source

Singapore: Private home sales jumped a whopping 295pct in March

Posted on 16 April 2013 by Laxman  |  Email |Print

According to PropNex Realty, a subsidiary of P & N Holdings, the private residential market rebounded sharply last month—as developers returned to the market with a plethora of new launches to entice homebuyers. Despite the onset of January’s cooling measures, transactions in March reversed the 65% plunge in the previous month to register a healthy 2,793 units sold excluding ECs (or a 295% increase comparing M-O-M).
“Despite the resale market not performing as well, the new sale market has remained robust. With the recent cooling measures, the rebound in March is indicative of robust demand from genuine first-time homebuyers………………………………………..Full Article: Source

US: Hopes housing data will buck weak March trend

Posted on 15 April 2013 by Laxman  |  Email |Print

Housing and manufacturing reports will lead the data parade next week. Economists expect the numbers to buck the recent trend of weaker activity last month. But forecasters have been wrong before about March data. Next week’s factory reports will cover March and April.
The first of two regional Federal Reserve surveys is scheduled to be reported Monday. The New York Fed’s Empire State survey is expected to show continued expansion although at a slightly weaker pace. The business conditions index is forecast to slow to 7.5 in April from 9.24 in March, according to the median forecast of economists surveyed by Dow Jones Newswires………………………………………..Full Article: Source

UK: Housing market predicted to revive in 2013 with more than 1m to move home

Posted on 15 April 2013 by Laxman  |  Email |Print

Forecasters Item Club say chancellor’s Help to Buy scheme will get people moving but broader economic outlook still gloomy. The housing market will finally return to life this year with more than a million people expected to move home – the highest number since the financial crisis struck.
The Ernst & Young Item Club, which uses the Treasury’s economic models, predicted that housing transactions this year will rise by 7.5% to 1m. In its spring forecast the respected economic forecaster said the chancellor’s plan to use £12bn of taxpayer funds to underwrite up to £130bn of mortgages will push home moves up a further 7.8% next year to 1.08m………………………………………..Full Article: Source

UK: Housing market set to return to pre-crash levels

Posted on 15 April 2013 by Laxman  |  Email |Print

Britain is poised for a housing market revival as the market gives its strongest performance since the crash, according to a leading economic forecaster. More than 1m transactions will take place by the end of the year, representing the most activity since 2007 when there were nearly 1.8m, according to the Ernst & Young ITEM Club. The following year, the market dipped to a low of around 900,000.
After staying roughly flat this year, house prices will start to rise in tandem, up by 2.1pc in 2014, before rises of 5pc and 6pc over the following two years, according to its spring forecasts published on Monday………………………………………..Full Article: Source

Dubai property market surges

Posted on 15 April 2013 by Laxman  |  Email |Print

Residential property sales prices in Dubai rose by about 18 per cent in the first quarter of 2013 compared to the year earlier period even as 2,200 units were added to the stock inventory amid rising investor confidence and stronger macroeconomic fundamentals, Jones Lang LaSalle said on Sunday.
Dubai apartment prices were up 18 per cent and villa prices by 17 per cent in the first quarter, according to the REIDIN general Residential Sale Index………………………………………..Full Article: Source

Tycoon tests Singapore market with priciest home: Southeast Asia

Posted on 15 April 2013 by Laxman  |  Email |Print

Tycoon Cheng Wai Keung’s plan to sell Singapore’s most expensive private property faces the dual challenge of additional government taxes designed to cool the market and restrictions limiting the sale to locals.
Wing Tai Holdings Ltd. (WINGT) Chairman Cheng is seeking a record S$300 million ($242 million) for a home near the Orchard Road shopping belt. The 85,000-square-foot site on an elevated lot at 33 Nassim Road, near the Botanic Gardens, includes a two-story home, swimming pool and tennis court, according to Jones Lang LaSalle Inc., the sole marketing agent………………………………………..Full Article: Source

Malaysian secondary home market to remain slow in H1

Posted on 15 April 2013 by Laxman  |  Email |Print

Demand in Malaysia’s secondary property market is expected to remain slow during the first half of this year, a reflection of last year’s trend due to Bank Negara’s lending guidelines, The Star newspaper says.
Quoting Property Hub Sdn Bhd resident manager Wan Choy Heng, the daily said the situation was expected to remain slow as house buyers preferred project launches that come with a developer’s interest bearing scheme (DIBS), in which the developer will bear the interest of the loans until the property is completed………………………………………..Full Article: Source

Australian residential market could be on road to recovery: CBRE

Posted on 15 April 2013 by Laxman  |  Email |Print

The Australian residential market could be on the road to recovery with pre-conditions now existing for the market to grow, according to CBRE. The Australian Residential MarketView report for the December 2012 quarter shows an improvement in sales volumes but suggests previous significant growth cycles are unlikely to be seen in the immediate future.
“A low interest rate environment, modest improvement in building approvals, an increase in population growth, improving rental yields, expanding buyer enquiry levels, sales volumes improving and recent equity market growth are all necessary for a market geared towards recovery,” says CBRE’s regional director of residential valuations Tom Edwards………………………………………..Full Article: Source

The Boomer housing bust: coming to Australia?

Posted on 15 April 2013 by Laxman  |  Email |Print

They’re calling it the great “senior sell off” and it’s scaring suburban America. Still recovering from the housing market crisis of 2007-09, America’s latest concern is a looming glut of unsellable suburban homes as ageing baby boomers seek to downsize.
Respected demographer Arthur C. Nelson, Director of the Metropolitan Research Centre, University of Utah, has analysed data from the American Housing Survey, finding that over the past 30 years, 80% of new homes built in the US were detached single family dwellings. Much of this new construction was of the McMansion variety, exceeding 230 square metres in size, as the post war baby boomers (born in between 1946-1968) raised their families………………………………………..Full Article: Source

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