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Real Estate Briefing - Archive | June, 2012

Bidding war hype damages housing market

Posted on 27 June 2012 by Laxman  |  Email |Print

Recent media reports that real estate bidding wars are back look likely to do damage to the slight uptick we’re seeing in the housing market. They’re frightening off potential homebuyers who feel they’re not going to get the house they want at the price they can afford.
And sellers who read the reports expect a quick victory – an easy sale at a good price – and then end up turning down lucrative offers, thinking there’s a higher one around the corner………………………………………..Full Article: Source

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Cantor Fitzgerald CEO: ‘Real estate’s got life’

Posted on 27 June 2012 by Laxman  |  Email |Print

Seeing little upside in the stock market, Cantor Fitzgerald CEO Howard Lutnick said Tuesday on CNBC that low interest rates were making commercial real estate a strong bet.
“I think the stock market is in a tough spot, right? There’s no growth. The Fed couldn’t have made it more clear. You know what Operation Twist means? It means we’re all getting twisted,” he said on “The Kudlow Report.” “There’s not really an economy out there.” The one bright spot, however, was commercial real estate………………………………………..Full Article: Source

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Hope for London housing

Posted on 27 June 2012 by Laxman  |  Email |Print

Some relief may be on the horizon for London’s chronic housing shortage in the form of four master-planned developments that are moving slowly forward. The mixed-use projects are expected to create 25,000 new homes as well as stores and offices over the next decade.
They include the Earls Court Master Plan in West London; Wapping Village and Greenwich Peninsula in the east of London; and Nine Elms, which includes the conversion of the old Battersea Power Station property to residential use………………………………………..Full Article: Source

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Ireland: House price rise sparks hope of market recovery

Posted on 27 June 2012 by Laxman  |  Email |Print

House prices rose in May as the property market nationally recorded its first rise in five years. Prices in Dublin were up for the third month in a row, sparking hopes that the worst could be over for the housing market in the capital.
The news came as NAMA announced it would knock down the first of the properties it owns. The numbers are expected to increase as debtors and receivers start to get to grips with particularly difficult sites, a spokesman said………………………………………..Full Article: Source

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Norway: Of housing booms and busts

Posted on 27 June 2012 by Laxman  |  Email |Print

And why Norway’s property market is still looking ever so slightly peaky. And then there is Norway… where house prices have just kept rising and the IMF estimates an overvaluation of in the region of 15-20 per cent.
The San Francisco Fed likes Norway’s ever so buoyant property market so much they have used it in a paper looking at whether one can spot a bubble in advance of it bursting………………………………………..Full Article: Source

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India: Investors exit from 80 deals in real estate sector in last four years

Posted on 27 June 2012 by Laxman  |  Email |Print

India has witnessed $3.2 billion of investor exits over 80 deals in the real estate sector in the last four years. While the level of activity between domestic and offshore investors/ PE funds has been almost equal in terms of the number of deals, however, in terms of value, 74% of the total exits were attributed to foreign funds, says a recent report by Jones Lang LaSalle.
The divergence was largely on account of large deal sizes in case of offshore investors. The average ticket size of an offshore investor exit has been three times the deal size of domestic investors………………………………………..Full Article: Source

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China property continues to outperform

Posted on 27 June 2012 by Laxman  |  Email |Print

Asia’s credit markets endured another quiet day, but with the price action again resilient in the face of poor US equity market price action overnight as deep skepticism towards the upcoming European summit dented sentiment.
The iTraxx series 17 is ending 2bp wider at 185bp/187bp on thin two-way flow. Spanish 10-year bonds are holding in decently at 6.68% at the open and help explain the solid end to the day’s trading………………………………………..Full Article: Source

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Sotheby’s to enter Chinese luxury property market in 2013

Posted on 27 June 2012 by Laxman  |  Email |Print

With eyes on the country’s wealthy homebuyers, Sotheby’s International Realty Affiliates LLC, a unit of Realogy Corp., plans to enter China’s luxury property market by the first half of next year, targeting first-tier cities such as Beijing and Shanghai.
Already affiliated with 45 countries and regions, including Japan, Hong Kong, Taiwan, Thailand and Vietnam, Sotheby’s International, like many other realty companies, is eager yet cautious to add China to their portfolio. Earlier this year, Christie’s International established a real estate franchise in Hong Kong, its first in Asia………………………………………..Full Article: Source

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Singapore homes most affordable as rents climb: Mortgages

Posted on 27 June 2012 by Laxman  |  Email |Print

Homebuyers are taking advantage of mortgage rates at an all-time low in the Southeast Asian island- state, even as prices are almost at a record high and the government introduced measures to cool the property market.
Home affordability in Singapore has risen to the highest in a decade because of historically low interest rates and flexible payment options available to buyers, according to Jefferies Group Inc………………………………………..Full Article: Source

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Indonesia property market in its prime: Developer

Posted on 27 June 2012 by Laxman  |  Email |Print

Indonesian property stocks have fallen 18 percent this year from their peaks, but one of the country’s biggest property developers, Lippo Karawaci says the real estate sector is in its prime.
The CEO of the company’s shopping malls division, Michael Riady, told CNBC’s “Cash Flow” on Tuesday that “If you look everywhere there are shopping malls, condos, hotels, all sub sectors are performing really well right now. I think the Indonesian real estate sector today is at a prime time.”……………………………………….Full Article: Source

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To flood or not to flood: Thailand property market awaits the wet season

Posted on 27 June 2012 by Laxman  |  Email |Print

If there is no severe flooding this year home sales will recover, according to the Kasikorn Research Center.
The center has conducted research on the property markets across Thailand in the first half of the year, and found that overall the market remained fairly active in the first six months………………………………………..Full Article: Source

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Korea different from Japan in property bubble: experts

Posted on 27 June 2012 by Laxman  |  Email |Print

A group of real estate experts downplayed the possibility of a Japan-like property bubble burst at a forum hosted by the Korea Chamber of Commerce and Industry on Tuesday.
Participants who shared the view that the nation’s property market is different from Japan included professor Choi Hee-gap from Ajou University. Choi said that Japan suffered a property market crash ― “which was initiated by enterprises in the 1980s” ― in the wake of policymakers’ rapid hikes in interest rates in the 1990s………………………………………..Full Article: Source

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South Korea’s aging society could burst housing bubble

Posted on 27 June 2012 by Laxman  |  Email |Print

The shrinking proportion of Korea’s working age population could burst a real estate market bubble and trigger a financial crisis, a private think tank said in a report.
Hyundai Research Institute warned that Korea may follow the footsteps of Spain and Ireland as the country is now past its demographic window, the period when the percentage of people able to work is at its heights………………………………………..Full Article: Source

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RBA reassures on housing market

Posted on 27 June 2012 by Laxman  |  Email |Print

There is no danger of a collapse in Australia’s housing market. Indeed, if anything the market is undersupplied, according to assistant Reserve Bank governor Guy Debelle.
Dr Debelle told a mortgage conference in Adelaide the only signs of oversupply were in south-east Queensland. For the nation as a whole there weren’t enough houses to go around. ”Nationally the level of housing construction is about where it was 10 years ago, but the population is 15 per cent higher,” he told the conference………………………………………..Full Article: Source

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US: Broad economic changes find a home

Posted on 26 June 2012 by Laxman  |  Email |Print

“Blink, and you’ll miss it.” That isn’t a phrase associated with the lumbering housing market. And with so many pundits still wiping egg off their faces from prematurely calling a housing bottom in recent years, there is no rush to over-interpret blips in indicators such as the S&P/Case-Shiller Home Price index.
Although the last reading of Case-Shiller’s gauge of prices for 20 cities was flat against a month earlier and down 2.6% year over year, it may be missing a robust turn in housing. That could continue when the indexes are updated Tuesday………………………………………..Full Article: Source

Home sales reach two-year high as U.S. rates fall

Posted on 26 June 2012 by Laxman  |  Email |Print

Demand for new U.S. homes rose more than forecast in May as mortgage rates dropped, bolstering the residential real-estate market while other parts of the world’s largest economy cool.
Purchases climbed to a 369,000 annual rate, the most since April 2010 and up 7.6 percent from the prior month, the Commerce Department reported today in Washington. The median estimate in a Bloomberg News survey of 67 economists was 347,000. The number of houses on the market held near a record low………………………………………..Full Article: Source

Rising new home sales point to a strengthening housing market

Posted on 26 June 2012 by Laxman  |  Email |Print

May sales of new single-family houses reached the highest level since April 2010, adding to evidence that the industry is no longer a drag on the broader U.S. recovery.
Sales of newly built single-family homes rose to their highest level in more than two years last month, adding to evidence that the U.S. housing market is on the mend and no longer dragging down the broader national recovery………………………………………..Full Article: Source

Zillow: Home prices will bottom by 2013

Posted on 26 June 2012 by Laxman  |  Email |Print

Economists predict home prices nationwide will drop slightly in 2012, falling 0.4 percent for the year, according to the Zillow Home Price Expectations Survey.
For the first time, the economists surveyed were largely in agreement on the trajectory of home prices nationally, signaling that a true bottom may be imminent………………………………………..Full Article: Source

Housing inventory plunges in some places

Posted on 26 June 2012 by Laxman  |  Email |Print

In the Seattle area, it’s not unusual for there to be multiple offers on homes in the most popular neighborhoods. In Washington, D.C., some prospective buyers aren’t finding a home they want on the market so they’re online daily, hoping a new listing for a property with their requirements will appear.
Even hard-hit areas like Phoenix and Sacramento have seen substantial decreases in for-sale inventory………………………………………..Full Article: Source

UK: The decade of booming house prices revealed…

Posted on 26 June 2012 by Laxman  |  Email |Print

House prices in the UK’s most economically active areas surged upwards by an average of £228 a week. Homeowners in parts of the country with a high gross value added (GVA) score – a measure of the local economy – saw their properties rise in value by nearly £110,000 between 1999 and 2009, the Halifax revealed.
But even in these areas, price growth has slowed dramatically from 2009 onwards, as the effects of the recession are felt. In the top 10 economically active areas from 1999 to 2009 (see graphic, right), prices have slipped by 4.3 per cent from 2009 to 2012………………………………………..Full Article: Source

Jones Lang LaSalle delivers latest UK commercial property forecasts

Posted on 26 June 2012 by Laxman  |  Email |Print

Jones Lang LaSalle’s latest property forecasts indicate that the sluggish economic recovery is continuing to take a toll on UK commercial property markets.
The UK economy slid back into technical recession in the first quarter of 2012 and is expected to grow by under 0.5% for the whole of 2012, according to latest forecasts. A lack of debt finance, coupled with the on-going uncertainty in the wider Eurozone region has further heightened investor caution………………………………………..Full Article: Source

Taiwan seen as potential market for U.K. premium houses

Posted on 26 June 2012 by Laxman  |  Email |Print

Taiwan could become a viable market for premium houses in the United Kingdom as investors in the country gain more knowledge about the British real estate market, according to property consultancy Savills Plc.
Last week, U.K.-based Savills hosted a number of one-on-one and group meetings in Taipei during the real estate broker’s first stop on its Asian roadshow to solicit pre-orders of units in a planned apartment complex to be located in central London………………………………………..Full Article: Source

Irish house prices rise for first month in five years

Posted on 26 June 2012 by Laxman  |  Email |Print

Data is latest sign that market is stabilising after bursting of epic property bubble devastated economy. Irish house prices posted their first monthly rise since 2007 in May, data showed on Monday, in the latest sign that the market is stabilising after the bursting of an epic property bubble devastated the economy.
A stabilisation would ease pressure on the country’s banks, whose mortgage portfolios have been devastated by the price collapse. One in seven Irish home loans were not being fully repaid in the first three months of the year………………………………………..Full Article: Source

Norway: The likeliest country to suffer next housing crisis

Posted on 26 June 2012 by Laxman  |  Email |Print

Data from the U.S. housing boom and bust suggests that Norway’s exuberant real estate market is likely a bubble whose bursting could deal a blow to the Norwegian economy, a paper published by the San Francisco Fed said on Monday.
Asset bubbles are notoriously hard to identify as they build because it is hard to tell whether price rises are being fueled by excessive risk-taking or by plausible economic fundamentals………………………………………..Full Article: Source

Swedish property prices have risen hugely

Posted on 26 June 2012 by Laxman  |  Email |Print

The Swedish Housing Credit Board, BKN, believes that the Swedish housing market is significantly overvalued. Now the agency has worked out the implications of the housing bubble for the Swedish people. According to a study by the ECB covering 18 industrialized countries, the Swedish housing market is the most overvalued.
A drop of 40 percent is what it takes to reach equilibrium in the Swedish housing market. BKN is not prepared to go that far but they foresee a drop of 20 percent……………………………………….Full Article: Source

Swedish logistics market picks up steam: Savills

Posted on 26 June 2012 by Laxman  |  Email |Print

Around 400,000 m2 of new logistics space will be delivered in Sweden by the end of 2012, up from 350,000 m2 in 2011, according to new research published by Savills.
The property adviser expects the trend to continue as there are a number of larger projects (over 100,000 m2) scheduled for completion in 2013. According to Savills, the rise in activity is a result of a combination of an undersupplied market and an increase in demand with occupiers preferring new, purpose-built facilities………………………………………..Full Article: Source

Housing at Baku primary market continues becoming cheaper

Posted on 26 June 2012 by Laxman  |  Email |Print

Prices at the primary housing market of Baku fell by 0.2% in May - to 819.9 manat per sq m. Public Organization “Property Market Participants” informs that the prices fell by 2.3% versus 2011, by 3.3% against early 2012, and by 31.3% versus the beginning of the crisis period (September 2008). By the start of the crisis the price of sq m was 1,194 manat.
“Last month the share of apartments at a price of 500-600 manat per sq m in the market portfolio increased. Most of the new buildings were proposed in May in the Yasamal (array Yeni Yasamal), Khatai and Nasimi districts of Baku, which make up two thirds of the total portfolio,” it was reported………………………………………..Full Article: Source

Riyadh, Jeddah residential prices rise in Q1

Posted on 26 June 2012 by Laxman  |  Email |Print

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, has published its first quarter 2012 Jeddah and Riyadh Real Estate Overview reports. The findings revealed that with more new stock entering the market, occupiers have an increased choice of options, which is resulting in greater competition and more variation in performance as tenants increasingly focus on better quality projects.
Older and poorer performing projects are losing out in the competition and are consequently requiring repositioning and more active property management………………………………………..Full Article: Source

India: Unsold housing may trigger price cuts

Posted on 26 June 2012 by Laxman  |  Email |Print

If the sales pitch for real estate has suddenly gone up, as have the discounts, don’t think it is the generosity of the builders driving this largesse. Poor sales in newly developing areas and a dip in demand from homebuyers is leading to an inventory pile up.
This in addition to regular launches of projects in the past six months has added to the inventory of unsold flats across key regions such as Delhi-National Capital Region (NCR) and Mumbai Metropolitan Region (MMR)……………………………………….Full Article: Source

China moves to lift property market

Posted on 26 June 2012 by Laxman  |  Email |Print

Century Town, a vast property development 30km from the centre of the eastern Chinese port city of Qingdao, proclaims its “Spanish building quality” complete with archways and red tiled roofs. But the empty apartments and falling prices evoke another side of Spain – the housing market bubble that has savaged the Mediterranean economy.
The question facing China, say analysts, is whether it will suffer a similar fate, depriving the fragile global economy of its most important growth engine and spelling the end of the past decade’s commodity boom………………………………………..Full Article: Source

Real estate speculative demand restrained

Posted on 26 June 2012 by Laxman  |  Email |Print

Two years after the real estate regulation had been implemented, the speculative demands are basically out of the market now, reported Shanghai Securities News on Monday, citing an official.
According to the report, Qin Hong, director of the Policy Research Center of Housing and Urban-Rural Development Ministry, said at the 2012 Strait Real Estate Forum in Fuzhou, Fujian province that real estate speculative demand has been effectively restrained………………………………………..Full Article: Source

China: Property developers pledge shares to borrow funds

Posted on 26 June 2012 by Laxman  |  Email |Print

Listed property developers have pledged 11.6 billion of their own shares to borrow funds, as persistent tightening measures cut them off from other sources of financing.
Fifty-eight A-share developers have each pledged an average of 132 million shares as of June 21, website China.com.cn reported………………………………………..Full Article: Source

Positive outlook for Malaysia’s real estate investment trusts

Posted on 26 June 2012 by Laxman  |  Email |Print

The outlook for Malaysia’s real estate investment trusts (M-REITs) continues to be positive, with plenty of room for further growth, according to speakers at the two-day REITs conference at Hotel Istana.
Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said M-REITs were considered to be at the “infancy stage.” He pointed out that the market capitalisation of M-REITs was expected to rise 30% to around RM20bil this year, from RM15bil in 2011………………………………………..Full Article: Source

Australia: Property market to fragment by 2015 as returns in mining states blast ahead, BIS report warns

Posted on 26 June 2012 by Laxman  |  Email |Print

The property market should get used to single digit growth for a while, according to the latest BIS Shrapnel report into the residential property market, which says returns will become even more fragmented and start to emulate the two-speed economy.
On one side, the resource-rich states of the Northern Territory, Western Australia and Queensland will see their property prices boosted, but the rest of the country, including New South Wales, will see lower rates of growth over the next three years………………………………………..Full Article: Source

Why home prices are better and worse

Posted on 25 June 2012 by Laxman  |  Email |Print

Kyle LundstedtA home is worth exactly what someone is willing to pay for it. We could end it right there, but for the fact that in the middle of the most closely-watched housing recovery in history, the sheer number of monthly and quarterly home price reports has proliferated to the point of almost weekly readings.
The trouble is that they each use different data sets and methodologies. That’s why this week we heard national home prices were up 8% from a year ago in May, and we also heard that home prices were down 0.1% from a year ago………………………………………..Full Article: Source

Key reasons why U.S. housing market is not coming back

Posted on 25 June 2012 by Laxman  |  Email |Print

Ben BernankeBen Bernanke is trying like mad to stimulate credit and lending but to no avail. It’s an uphill debt because of demographics, student debt, and lack of jobs. Citing falling debt-service needs, some economists think consumers may be ready to go on a borrowing. They are badly mistaken.
Considering where more of the income is coming from (government supports), who’s earning a bigger share of wages (baby boomers) and which type of debt has been on the rise (student loans), re-leveraging may be a long way off………………………………………..Full Article: Source

UK: House prices could fall by 11pct, predicts Coutts

Posted on 25 June 2012 by Laxman  |  Email |Print

House prices could fall by 11pc, predicts Coutts – Her Majesty the Queen’s bank – as it turns bearish about the property market. While there are only two types of ‘expert’ when it comes to predicting house prices – those who don’t know and those who don’t know they don’t know – Coutts’ analysis is more methodical than most.
The bank considers five factors to assess the prospects for house prices – economic activity, valuation, liquidity, risk and momentum – and reckons that the negatives currently outweigh the positives for UK residential property………………………………………..Full Article: Source

German property market soars amid Euro crisis

Posted on 25 June 2012 by Laxman  |  Email |Print

German real estate market prices have increased sharply over the last two years as investors look for solid returns and safe havens in the midst of the euro crisis. That has some worried about the formation of a bubble that could collapse if the German economy falters.
Indeed, German real estate prices rose 3.5 percent between September 2010 and the same month the following year, according to the Organization for Economic Cooperation and Development (OECD)………………………………………..Full Article: Source

Germans panic-buy over-priced Swiss houses

Posted on 25 June 2012 by Laxman  |  Email |Print

Wealthy Germans are being pushed into panic-buying property at sky-high prices in Switzerland as fears grow for the safety of their euro assets, a newspaper reported on Sunday.
“Do something before the euro finally splutters its last cough and dies, taking your assets down with it.” This is the message Swiss investment companies are sending to wealthy Germans, Die Welt said on Sunday………………………………………..Full Article: Source

Borg bashes banks in Sweden shielding housing bubble: Mortgages

Posted on 25 June 2012 by Laxman  |  Email |Print

Sweden’s banks have drawn criticism from Finance Minister Anders Borg for failing to cut mortgage rates. Their reluctance to do so is about the only thing preventing a full-blown housing bubble.
“What Borg wants is for banks to hand out cheaper loans without that increasing demand for loans,” Par Magnusson, chief analyst for Scandinavian rates at Royal Bank of Scotland Group Plc in Stockholm, said in an interview. “That’s an impossible equation.”……………………………………….Full Article: Source

Turkey’s real real estate boom

Posted on 25 June 2012 by Laxman  |  Email |Print

Rachel Ziemba, regional director at myblog’s host Roubini Global Economics, was in town to meet up with market participants last week, so I invited her and a few finance professional friends to dinner on Wednesday.
Just as we sat down, the Fed announced that it was expanding its OperationTwist, where it is extending the maturities of assets on its balance sheet. This would be a natural way to start our conversation, but it didn’t get mentioned until later. Similarly, the morning’s Turkeyratings upgrade by Moody’s came up after the food arrived at the table. Instead, we spent the first half hour discussing the Turkish housing boom……………………………………….Full Article: Source

Saudi residential market posts solid Q1 growth

Posted on 25 June 2012 by Laxman  |  Email |Print

The Saudi real estate market witnessed solid growth in the first quarter with the residential prices on the rise in both capital Riyadh and the Kingdom’s leisure destination Jeddah, according to a report.
During the period, Riyadh saw an increase in both sale prices and rental levels across all sectors of residential market with the average sale price for villas increasing to SR4,200 ( $1120) per sq m and apartment prices also higher at SR2,600 per sq m, said the report by property expert Jones Lang LaSalle (JLL)………………………………………..Full Article: Source

Riyadh, Jeddah house prices, rentals continue to increase

Posted on 25 June 2012 by Laxman  |  Email |Print

Home prices and rents in Saudi Arabia’s two largest cities increased during the first quarter amid limited residential supply and an easing in bank lending conditions, Jones Lang LaSalle (JLS) said in a report Sunday.
In Riyadh, villa and apartment prices increased to SR4,236 and SR2,628 ($1,129 and $700) a square meter, respectively, the report from the global real estate services firm specializing in commercial property management, leasing and investment management said………………………………………..Full Article: Source

India: Retail real estate sector is showing positive growth

Posted on 25 June 2012 by Laxman  |  Email |Print

Retail in real estate basically focuses on development of retail assets, which begins right from land acquisition and ends with managing the property for commercial purposes, for example-a mall. In the last 10 years or so, there has been a change in the shopping culture of people.
Shopping malls have evolved and have become the new destination for shopping needs. While most development till the recent past was restricted to the top seven cities in India, mall development has moved on to tier II and III cities. This sector has immense potential, which is still untapped………………………………………..Full Article: Source

India: Why are home prices stubbornly high despite slumping demand?

Posted on 25 June 2012 by Laxman  |  Email |Print

Reserve Bank data shows housing loan growth slowed to 12.1% for the year ended March 2012 from 16% in the previous year. Also, before real estate prices peaked in 2008, big lenders were managing to grow their home loan portfolio at an annual average of 25%.
“Demand in metros has slowed down in April-May. This is mainly due to high interest rates, which have made buyers hesitant to buy property. There are also very few new projects being announced as builders’ communities have been affected by high interest rates too,” said VK Sharma, CEO of LIC Housing Finance, the country’s third-largest housing finance company………………………………………..Full Article: Source

China: Property curbs a bitter, but necessary pill for economy

Posted on 25 June 2012 by Laxman  |  Email |Print

Nobody likes it when a government steps in to stop property prices from rising too far, or too fast, as is currently being undertaken in China.
The Chinese housing market fell by 18 percent in 2012’s first quarter, due to home purchasing restrictions which officials last month pledged to continue. The restrictions vary depending on locality but in general limit house purchases to those with permanent residency, as well as restricting multiple purchases………………………………………..Full Article: Source

China researcher: Almost no property speculation

Posted on 25 June 2012 by Laxman  |  Email |Print

There is basically no speculative demand in China’s property market after a more than two-year strict control in the market, state-run Xinhua News Agency reported Sunday, citing a government researcher.
Qin Hong, head of the policy research center under the Ministry of Housing and Urban-Rural Development, said in the report that China will continue to implement the strict measures to curb speculative demand and guide the property prices back to a reasonable level, adding that currently 80%-90% of purchase is based on genuine demand………………………………………..Full Article: Source

Are there bubbles in Korea’s property prices?

Posted on 25 June 2012 by Laxman  |  Email |Print

It’s not easy to answer this question but a correct diagnosis of the property market is more important than ever before, given warnings that Korea might become another Spain or Japan struggling with the bursting of property bubbles.
Since the 2008 Lehman Brothers debacle, the country’s real estate market has been in the doldrums with property prices, especially those of apartments, falling and transactions almost at a standstill………………………………………..Full Article: Source

Australia: Real estate market shows recovery signs

Posted on 25 June 2012 by Laxman  |  Email |Print

Home buyers are expected to become more active over the next three years as conditions in the property market improve, a report says. The Residential Property Prospects, 2012 to 2015 report from economic forecaster BIS Shrapnel says NSW and the resource-rich states of Queensland, Western Australia and the Northern Territory are already showing signs of recovery.
However, the rest of the country - Victoria, South Australia, Tasmania and the Australian Capital Territory - will lag behind because of what the report says is an emerging excess of housing………………………………………..Full Article: Source

US: Housing market recovery on track, despite bumps

Posted on 22 June 2012 by Laxman  |  Email |Print

Jed KolkoA backward baby step in home sales last month is little more than a momentary bobble amid what appears to be an otherwise mending U.S. housing market, many industry analysts and some Realtors agreed Thursday.
While purchases of previously owned homes slipped by 1.5 percent last month as compared to April, many experts brushed off the decrease by pointing to a vastly limited stock of available listings — especially a dearth of more-upscale houses in nicer neighborhoods………………………………………..Full Article: Source

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