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Real Estate Briefing - Archive | May, 2013

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

Posted on 07 May 2013 by Laxman  |  Email |Print

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

Worldwide luxury housing market nosedives

Posted on 07 May 2013 by Laxman  |  Email |Print

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

The property market: Cat and house

Posted on 03 May 2013 by Laxman  |  Email |Print

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

Buenos Aires lures foreign buyers with tumbling prices

Posted on 03 May 2013 by Laxman  |  Email |Print

Roderick Chapman, a 50-year-old marketing specialist from Vancouver, British Columbia, was in Buenos Aires last month, looking at one-bedrooms in the city’s posh Recoleta district.
“I’m absolutely amazed by the number of choices,” said Mr. Chapman whose budget for a vacation property is 130,000 U.S. dollars—the currency in which most Buenos Aires real estate typically is traded. “It is overwhelming, really.”……………………………………….Full Article: Source

Canadian housing: Bursting bubble or gentle landing?

Posted on 03 May 2013 by Laxman  |  Email |Print

It’s looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States.
In what is traditionally the best season of the year for real estate agents, Toronto agent Ecko Jay says the industry is seeing far fewer buyers, a result of tighter lending rules, high prices and fear of a bubble. In Toronto alone, sales dropped 40 percent in the first quarter from a year earlier, making homeowners and investors jumpy………………………………………..Full Article: Source

New housing barons widen their sights and bets

Posted on 03 May 2013 by Laxman  |  Email |Print

As home prices rise, there are fewer bargains in single family homes, but not fewer investors. Their ranks and property portfolios continue to grow. Last month Five Ten Capital, a Piedmont, California-based asset manager, inked a one hundred million dollar deal with Deutsche Bank to open a new fund to buy and manage single family rental homes, expanding Five Ten’s range to Texas and Missouri.
“Obviously, home prices are up, so did you miss an opportunity? Yes, you’d have been better off buying a year ago than today, but we think for the most part we are in the third inning of this housing recovery,” said Rob Bloemker, Five Ten’s CEO………………………………………..Full Article: Source

Housing recovery checked by cost increases, labor shortages

Posted on 03 May 2013 by Laxman  |  Email |Print

Marty Mitchell’s company in Rockville, Md., builds homes priced from $700,000 to $1.6 million. Business is brisk and could be better. Costs of everything from lumber to labor have been rising faster than anyone in the industry imagined only a short time ago.
“We certainly expected some increases as the market improved, but costs have really shot up in the past six months or so,” says the deputy chief executive officer of Mitchell & Best Homebuilders. That’s putting the squeeze on margins even as companies like Mitchell’s raise home prices. As the U.S. housing industry recovers from its worst downturn since the 1930s, builders are having to cope with steep cost increases for various materials as well as rising land prices and shortages of skilled labor………………………………………..Full Article: Source

How 30-year mortgages saved the housing market

Posted on 03 May 2013 by Laxman  |  Email |Print

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

UK: Increased optimism as property market shows early signs of recovery

Posted on 03 May 2013 by Laxman  |  Email |Print

The number of homes sold in the UK reached a three-year high during March as increased confidence in the market translated into sales, according to the latest Royal Institution of Chartered Surveyors survey.
Chartered surveyors reported selling an average of 17.4 homes over the previous three months, the highest number since March 2010. Confidence has been slowly returning to the housing market since the end of 2012 and transactions have also risen for three consecutive months………………………………………..Full Article: Source

Housing market forges on with April house price rise

Posted on 03 May 2013 by Laxman  |  Email |Print

Further evidence of a recovery in the housing market emerged today, with figures showing house prices rose 0.3% in April – the third consecutive month that values have increased across the country.
The monthly survey by Hometrack – which tracks sentiment among over 5,000 estate agents and surveyors – also found demand in London has grown three times faster than supply over the last quarter………………………………………..Full Article: Source

Cohousing considered as solution for crisis in Italian real estate

Posted on 03 May 2013 by Laxman  |  Email |Print

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

S.Arabia: ‘Real estate authority needed’

Posted on 03 May 2013 by Laxman  |  Email |Print

Experts have called for the creation of a “real estate authority” following in the footsteps of the Capital Market Authority (CMA) to draft legislation, safeguard the rights of landlords and tenants and regulate the relationships between the two parties.
Experts have predicted that the real estate market will witness a decline in prices during the next period in light of the recent rulings on the housing sector by Custodian of the Two Holy Mosques King Abdullah. The Ministry of Municipal and Rural Affairs and other agencies will have to hand over all developed pieces of land to the Ministry of Housing which will, in turn, distribute them to citizens along with construction loans………………………………………..Full Article: Source

Will series of Dubai mega-projects create market glut?

Posted on 03 May 2013 by Laxman  |  Email |Print

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

Mumbai: Realtors turn office space into homes

Posted on 03 May 2013 by Laxman  |  Email |Print

A number of builders in Mumbai are converting their office projects into residential ones amid poor sales and falling rentals in the commercial space. In the backdrop of tight liquidity, builders are also finding it easier to work on housing projects, given the self-financing ability of residential projects through customer advances as against back-ended commercial developments.
Among major developers, Oberoi Realty is now contemplating to convert its office space project Oberoi Splendor Commercial on Jogeshwari-Vikhroli Link Road in Andheri , a suburb of Mumbai, into a residential project. Brokerages like Motilal OswalBSE -0.23 % and IDFC Securities have termed Oberoi Realty’s decision as a positive trigger, given the possibility of better sales volume………………………………………..Full Article: Source

House hunting on China’s vacation frontiers

Posted on 03 May 2013 by Laxman  |  Email |Print

Chinese property buyers have made splashes in the world’s best-known cities. But as their focus shifts toward enjoyment from pure investment, their next stops are likely to be closer to home.
One in eight Chinese families own more than one home, according to a recent report by Zhejiang University and Tsinghua University. But very few own vacation or retirement homes. Typically, Chinese start to amass their real-estate empires with markets they know, often in the cities where they live………………………………………..Full Article: Source

China: Home prices continue rising in April

Posted on 03 May 2013 by Laxman  |  Email |Print

Despite the government’s recent efforts to reinforce cooling measures for the real estate sector, the average home prices across 100 major Chinese cities continued rising in April, according to data released Thursday.
The average new residential home price in the 100 cities in April reached 10,098 yuan ($1,638.91) per square meter, up 1 percent from March and up 5.34 percent year-on-year, according to data from the China Real Estate Index System. Beijing saw its average home price jump by 3.11 percent month-on-month and 15.26 percent year-on-year in April………………………………………..Full Article: Source

Housing market growth in March

Posted on 03 May 2013 by Laxman  |  Email |Print

Western Australia, Victoria and Tasmania took the housing market cake in March, according to the latest figures from market research group Residex. Each market experienced growth in the house and land market as well as the unit market.
New South Wales, however, was the worst country performer for the month, recording negative growth in both the house and land market and the unit market………………………………………..Full Article: Source

World’s most expensive property prices set to grow by 27pct in next five years

Posted on 03 May 2013 by Laxman  |  Email |Print

The value of residential property purchases over £10 million in the world’s top financial hubs of London, New York, Hong Kong and Singapore is set to grow by 27% in the next five years according to a report released today by developers Candy & Candy.
The research, which has been produced by Candy & Candy, Savills and Deutsche Bank and examines the recent and immediate future of ultra prime property markets in these four cities which are regarded as being at the forefront of global private wealth flows………………………………………..Full Article: Source

US: Housing market accelerates

Posted on 02 May 2013 by Laxman  |  Email |Print

Home prices are rising at the fastest rate in seven years, with some communities seeing double-digit gains, as buyers are returning to a market where the number of properties for sale is in short supply.
Prices increased 9.3% in February from a year earlier while mortgage-interest rates hovered near record lows, according to the Standard & Poor’s/Case-Shiller index that tracks home prices in 20 major metropolitan areas. All 20 cities posted year-over-year gains for the second consecutive month, which hasn’t happened since 2005, before the crash………………………………………..Full Article: Source

Enough with the happy housing talk — House prices will be flat for 10 years

Posted on 02 May 2013 by Laxman  |  Email |Print

More good news on the housing market. The S&P/Case-Shiller Home Price index posted its biggest annual increase since 2006—just before the housing market crash.
Home prices in all 20 metro areas included in the index rose for the second month running. Phoenix led, with a 23% annual increase followed by San Francisco (18.9%), Las Vegas (17.6%) and Atlanta (16.5%). Still, Robert Shiller, co-creator of the index, is cautious. “There’s a lot of excitement in the housing market now but it might be just short term,” he tells The Daily Ticker………………………………………..Full Article: Source

Construction spending decreases on U.S. government slump

Posted on 02 May 2013 by Laxman  |  Email |Print

Construction spending in the U.S. unexpectedly fell in March, reflecting the biggest slump in government projects in 11 years.
Outlays decreased 1.7 percent to a $856.7 billion annual rate, the least since August, the Commerce Department reported today in Washington. The median forecast of 46 economists surveyed by Bloomberg called for a 0.6 percent rise. Public projects dropped by 4.1 percent, the biggest decrease since March 2002………………………………………..Full Article: Source

Canada: The real cost of home ownership

Posted on 02 May 2013 by Laxman  |  Email |Print

The sucker’s analysis of whether it’s affordable to buy a first home is to compare the cost of rent and a mortgage payment.
Any veteran homeowner can tell you that mortgage payments are only a portion of what it costs to own a home. First-time buyers may be familiar with additional costs such as property taxes, but there’s a whole range of other expenses that are sporadic and thus hard to quantify………………………………………..Full Article: Source

U.K. property prices little changed as Nationwide sees momentum

Posted on 02 May 2013 by Laxman  |  Email |Print

U.K. house prices were little changed in April, according to Nationwide Building Society, which said there are signs of momentum in the property market.
The average cost of a home fell 0.1 percent from March to a seasonally adjusted 165,586 pounds ($257,000), the Swindon, England-based customer-owned lender said today. From a year earlier, prices rose 0.9 percent, the biggest annual increase in 14 months………………………………………..Full Article: Source

First people to buy through UK’s help to buy scheme move in

Posted on 02 May 2013 by Laxman  |  Email |Print

The first people to buy their home under the UK’s new £4.5 billion Help to Buy scheme have the keys to their new three bedroom semi detached house. The first time buyers have moved into their Taylor Wimpey home in Liverpool after securing a 20% loan under the government scheme which then enabled them to obtain a 75% loan to value mortgage. They put down a 5% deposit.
It means that former Queens Guardsman Nikolai Invanovic, 25, and nurse Catherine McClean, 26, who have moved from Northern Ireland, will now benefit from lower monthly payments while they progress their careers………………………………………..Full Article: Source

London commercial property deals jump on foreign buyers

Posted on 02 May 2013 by Laxman  |  Email |Print

Investors bought more commercial real estate in central London last year than in the rest of Britain for the first time as buyers from the U.S. to Malaysia favored the U.K. capital, according to broker DTZ (UGL).
Investors purchased a record 16.1 billion pounds ($25 billion) of income-producing office buildings, stores, and warehouses in London last year, a 48 percent increase, compared with an 18 percent drop to 15.9 billion pounds in the rest of the U.K., according to DTZ………………………………………..Full Article: Source

Scotland: Housing market showing signs of recovery

Posted on 02 May 2013 by Laxman  |  Email |Print

House prices recorded their strongest annual increase in more than a year in April, amid further signs that the market is seeing a pick-up, Nationwide reported.
The 0.9 per cent year-on-year rise took average prices to £165,586, and activity is likely to strengthen further in 2013, the building society’s latest study said. On a month-on-month basis, prices dipped by 0.1 per cent following a flat March………………………………………..Full Article: Source

Austrian housing market to remain buoyant in 2013

Posted on 02 May 2013 by Laxman  |  Email |Print

After almost nine years of continuous house price rises, the Viennese housing market remains buoyant. However, house price rises are now slowing.
The residential property price index in Vienna, the capital, rose by 13.09% (10.02% inflation-adjusted) during 2012, its ninth consecutive year of continuous house price rises, according to Oesterreichische Nationalbank. However on a quarterly basis, house prices in Vienna actually dropped 0.65% (-1.61% inflation-adjusted) in Q4 2012, its first quarterly drop since Q2 2011………………………………………..Full Article: Source

Turkey campaigns for foreign home buyers

Posted on 02 May 2013 by Laxman  |  Email |Print

Turkey has announced plans to issue one-year residency permits to foreigners who purchase property in the country, as part of a larger campaign from the Turkish government to attract more foreign homeowners.
The law is a major change from the three-month permit currently allowed to foreigners. It would also make home buying more attractive to the Middle East and non-European nations who have previously had a hard time obtaining visas, according to local media reports………………………………………..Full Article: Source

State of the S.Africa property market

Posted on 02 May 2013 by Laxman  |  Email |Print

The latest issue of Rode’s Report on the SA Property Market reveals a modicum of good news for the industrial property market, says property valuer and economist Erwin Rode of Rode & Associates.
On a national basis, the yearly growth in industrial rentals is slowly heating up, seemingly benefiting from the lagged impact of declining vacancy rates. “In fact, such has been the acceleration in the growth of market rentals in this sector that in the fourth quarter of 2012, prime rentals recorded a nationally averaged growth rate of 7%, with the strongest yearly growth of 9% being achieved in the Cape Peninsula.” Disappointing, however, is that the national average still failed to be in excess of building-cost inflation. “Hence, we are not yet out of the woods,” cautions Rode………………………………………..Full Article: Source

Doha property market stable

Posted on 02 May 2013 by Laxman  |  Email |Print

Property sales in Doha have carried on at a swift pace, with the total value of transactions increasing by an estimated 2% in the first quarter of 2013.
The latest Asteco Q1 2013 Qatar report points out that, compared to fourth quarter 2012, there has been a 6% increase in total transaction value and an 8% growth in the number of villa transactions. During the same period, the total value of transactions for apartments fell by 56%. On the whole, there was a 2% decline in sale volume across all sectors………………………………………..Full Article: Source

HK property market begins to adjust under gov’t cooling measures

Posted on 02 May 2013 by Laxman  |  Email |Print

The second-hand home sales in Hong Kong are picking up slightly recently after an unusually sluggish transaction volume in March, with property owners axing prices to entice home buyers.
The transaction volume of the city’s secondary residential properties plunged to around 2,300 in March, the lowest monthly volume in almost 10 years compared with the 2,135 during the SARS outbreak in 2003, according to the data provided by Centaline Property Agency Limited………………………………………..Full Article: Source

Is Hong Kong’s property bubble about to burst?

Posted on 02 May 2013 by Laxman  |  Email |Print

It’s one of the big questions in global finance these days. Hong Kong has the highest home prices among major global cities, including London, New York and Tokyo, according to a report by the international property consultancy Savills.
Many believe the market is ripe for a setback, although opinions differ on how serious………………………………………..Full Article: Source

PH property market to remain buoyant

Posted on 02 May 2013 by Laxman  |  Email |Print

The local property market remains buoyant on the back of “momentous” economic growth and confidence arising from the Philippines’ new investment grade rating, resulting in a sustained increase in property values and rental rates in key central business districts of Metro Manila.
This was based on the first quarter 2013 report issued by property consultants Colliers International that was released Tuesday, which said that the government’s newly minted investment grade status would result in greater activity in the property market for years to come………………………………………..Full Article: Source

Australia: Housing prices fall in April

Posted on 02 May 2013 by Laxman  |  Email |Print

The fledgling recovery in the Australian housing market stalled in April as property prices drifted lower. Home prices across Australia’s eight capital cities fell by half a per cent in April, partly reversing gains made since the start of 2013.
Prices rose by an average of 2.8 per cent in the first three months of the year, according to the RP Data-Rismark Home Value Index………………………………………..Full Article: Source

NZ: Housing a sellers’ market says real estate website

Posted on 02 May 2013 by Laxman  |  Email |Print

The realestate.co.nz website says the housing market is very much a sellers’ market. It recorded that new listings of houses available for sale fell 21% in April following a 3% decline in March.
The website, on which about 95% of the houses available for sale in New Zealand are listed, says new listings are far from matching demand with sales across the country up 11%………………………………………..Full Article: Source

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