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Real Estate Briefing 15.Nov 2010

Posted on 15 November 2010 by Laxman |  Email |Print

From Propertywire.com: Residential real estate values in the US have seen a near unprecedented decline with prices falling for the 17th consecutive quarter, according to new figures, Property values are now 25% below their June 2006 peak and the current real estate downturn is approaching Great Depression era declines when prices fell 25.9% in five years, says the latest Zillow Real Estate Market Report.
Home values fell from the second to the third quarter in 77% of markets covered in Zillow’s report……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From CNN: America may be on the ropes, but its neighbor to the North wants everybody to know that, in contrast, it’s doing just fine. Canada, once known mainly for its Mounties, maple leaves, and muscular peacekeeping presence, now can crow about how it managed to avoid the financial crisis that devastated many of the economies of the Western world.
For instance, not one Canadian bank failed during the crash and only one reported a loss……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Themovechannel.com: The election of Dilma Rousseff as the first female president of Brazil has been widely welcomed by the country’s growing real estate market. Industry professionals believe that she will push on with reforms and incentives when she takes office in January 2011 which will see the Brazilian property market continue to prosper.
‘With the election of Rousseff, the Brazilian property market has at least another ten years of growth……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Guardian: UK property asking prices have recorded their biggest monthly drop in nearly three years as desperate sellers try to get the market moving ahead of the Christmas slowdown.
According to the Rightmove House Price Index, new sellers cut their asking prices by 3.2% in November – the largest decline seen since December 2007. The index said there was now an “unseasonably high number” of unsold properties on the market amid a dearth of first-time buyers and buy-to-let investors……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Independent.ie: Pre-budget jitters and intense speculation that Finance Minister Brian Lenihan will abolish or cut stamp duty to 1 per cent is holding up hundreds of house sales as buyers refuse to close deals until after December 7.
Auctioneers around the country say the lack of clarity and fears of a wide-ranging property tax is making a desolate property market even worse……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From AFP: Knock-down home prices, idle cranes and builders forced to retrain for new jobs: despite sliding prices the spectre of a Spanish property bubble is hurting a fragile economic recovery.
The new labour minister, Valeriano Gomez, summed it up when he took over at the end of October: “Three out of four jobs lost in the crisis are in construction and related sectors.”………………………………………Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Haaretz.com: Desperate to stop the upward spiral of housing prices in Israel, the Bank of Israel has been changing the rules governing mortgages. The ones who will suffer the most from the changes will be overseas investors purchasing vacation homes or other properties in Israel.
Foreign buyers tend to cluster in specific areas. Property values in such areas are very likely to drop because of the new rules that are raising the cost of mortgages……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Emirates247.com: Abu Dhabi’s real estate sector jumped by nearly five times during 2004-2009 to surpass Dh46 billion and become one of the largest components of the emirate’s GDP, government figures showed on Saturday.
From around Dh9.5 billion in 2004, the value added of the sector, or its contribution to GDP, leaped to a record high level of Dh46.03 billion in 2009, the Abu Dhabi Department of Economic Development (ADDED) said in it a report……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Thepeninsulaqatar.com: Ever since Qatar faced an acute housing shortage during 2006-08, it has become a trend with some local and regional real estate companies to periodically release “analytical reports” on the country’s property market projecting supply and demand.
There have been enough reports since the housing shortfall began easing in early 2009 suggesting that rents have been falling as a result of supply exceeding demand……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Emirates247.com: Dubai is currently witnessing a drop in rents of old buildings, according to Saeed Al Kindi, Chairman, Dubai Rental Dispute Settlement Committee. A drop in rents of old buildings in the emirate is because people are increasingly shifting to newer ones, he added.
Most of these buildings lack modern infrastructural facilities such as health clubs, underground parking, entertainment units, dedicated security, etc……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Livemint.com: India is on top in remittance flow with $55 billion (Rs. 2.45 trillion) expected to come in the country in 2010 alone, according to World Bank’s report titled Migration and Remittance Factbook 2011. A part of this non-resident Indian (NRI) money is going into real estate investments, especially since they have the facility of taking a home loan in India.
The Reserve Bank of India permits NRIs and persons of Indian origin (PIO) to buy residential and commercial property in India through a home loan……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Reuters: China’s four biggest state banks have used up their full-year credit quotas for property developers and will stop extending new loans to them for the rest of the year, an official newspaper reported on Sunday.
China Real Estate Business, run under the Ministry of Housing and Urban-rural Development, said the four banks had halted approval of new loans since the end of October. It quoted several unnamed executives from the lenders……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Bloomberg: Most global investors think China is experiencing a real estate bubble, even as they say the world’s fastest-growing major economy offers the best opportunity for making money over the next year.
Two-thirds of the people surveyed in the latest Bloomberg Global Poll say a bubble is inflating property values in China, where the economy grew at a 9.6 percent annual rate in the third quarter……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Property-report.com: Vietnam’s property market has been booming. Unfortunately, it has been a boom largely unavailable to foreign buyers based on strict foreign ownership laws. That may, however, see some change come the new year.
Chinese investors are eyeing Vietnam, says the founders of VinaCapital. Open-ended funds and higher foreign ownership limits may arrive next year in Vietnam, after the Communist Party congress in January that will establish the government’s cabinet and direction for the next five years……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Globalpropertyguide.com: Residential real estate prices in Singapore continue to rise in the 3rd quarter of 2010, but at a slightly slower rate, especially for non-landed properties. House price increases have been restrained by government measures to prevent a property bubble.
There was a 2.9% rise in the private residential property price index in the 3rd quarter of 2010 from the previous quarter, after a 5.6% and 5.3% q-o-q rises in Q1 and Q2 2010, respectively, according to the Urban Redevelopment Authority……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Property-report.com: With a population of anywhere between 11.5 to 16 million people according to official estimates, space is indeed a luxury in Metro Manila. A luxury that developers are moving quickly to attract buyers to and within the Philippines. At the forefront of which are new gated town-home community developments.
Woodsville Residences, to the south of the metropolis, developed by Robinsons Residences over nine hectares in Merville, Parañaque City, is a case in point……………………………………….Full Article: Source

Posted on 15 November 2010 by Laxman |  Email |Print

From Smh.com.au: As price growth continues to weaken, the Bureau of Statistics has revealed that finance commitments for owner-occupied housing fell by 2.1 per cent in Victoria in September and was nearly 17 per cent below September 2009.
Building approvals for housing also fell significantly - by 4.1 per cent - in September compared with the previous month. Further market weakness is also evident with auction clearance rates softening - falling to 56 per cent last weekend according to Australian Property Monitors……………………………………….Full Article: Source

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