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Real Estate Briefing 16.May 2011

Posted on 16 May 2011 by Laxman |  Email |Print

Jonathan J. MillerRussians in London, Brazilians in Miami—and Chinese almost everywhere. The biggest players in the residential-real-estate scene today often come from halfway around the world.
In London, one report finds that 65% of buyers in the luxury market hail from abroad. According to the Miami Association of Realtors, nearly 60% of all sales last year throughout the city were to buyers from foreign countries. About half of the buyers in one new luxury condominium on Manhattan’s Fifth Avenue are from overseas……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Dale A. WaltersDepressed real estate prices in the U.S. sun belt, coupled with the strength of Canada’s currency and economy, are creating a powerful buying opportunity for aspiring snowbirds.
The latest S&P/Case-Shiller Home Price Indices data show prices are lower than those a year ago and only slightly above their April, 2009, bottom. It’s bad news for those selling homes in such cities as Phoenix, Tampa, Las Vegas and Los Angeles, but great news for Canadians looking to purchase a vacation home or investment property……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

More Americans are renting out their vacation homes, either because they can’t sell them or are unwilling to sell for a loss.That allows them to pick up extra income while waiting for the vacation home market to revive.
The result: The vacation rental market is flooded with new listings, keeping rental rates largely unchanged and creating a wide choice for Americans seeking a summer rental……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Americans are reducing mortgage payments at a record clip, directing cash that once went for debt into consumer spending and savings. Low interest rates, defaults and refinancings have shaved more than $100 billion off the nation’s annual mortgage bill — an amount comparable to all unemployment benefits for one year or this year’s Social Security payroll tax cut.
“This is a form of economic stimulus that goes to Main Street rather than Wall Street,” says Nicholas Carroll, a journalist on consumer finance and author of Walk Away From Debt for a Better Future……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Investor sentiment is improving in Central and Eastern Europe, according to transaction data published over Q1 in the May edition of PropertyEU Magazine.
The biggest CEE property deal since 2008 took place in the Czech Republic when European Property Investors Special Opportunities (EPISO) entered into a 80:20 joint venture with VGP for a logistics portfolio focused around Prague……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Attractive investment opportunities exist in European real estate markets but rental growth and active management are likely to be the key to success, according to analysts.
Central and Eastern European markets are forecast to deliver the strongest medium term returns on the back of 3% GDP growth, says the Invesco Real Estate spring 2011 House View report……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

U.K. home sellers raised asking prices to the highest since June 2008 this month after public holidays in April limited the supply of property for sale.
Average asking prices rose 1.3 percent from the previous month to 238,874 pounds ($388,700), London-based Rightmove Plc, the operator of the U.K.’s biggest property website, said in a report today. From a year ago, prices are up 0.7 percent……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

The financial crisis was supposed to spell the end for buy-to-let mortgages, which turned thousands of Brits into amateur property tycoons. In fact, the 150 billion pounds ($243 billion) market is coming back; lending was 40% higher year-on-year in the first quarter.
But would-be landlords shouldn’t expect to get rich quick. Investors are being drawn back into the market partly by the prospect of rising rents. Last year, rents rose 7.6% on average across the country, according to Investment Property Databank, while Greater London rents soared 16%, reckons agent Savills……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

The Spanish property market continues to suffer acutely, according to the latest reports. Some 600,000 homes are currently languishing on the market unable to find a buyer, and a further 200,000 partially completed properties are in the same boat. Most of these are in the popular holiday areas.
According to the Bank of Spain, house prices in the country have fallen 17% since 2007. While this may be good news for buyers, sellers are forced to slash their prices much further before they can even think about getting an offer……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

While the South African economy may not match the rest of the BRICS nations, the country is ranked 23rd out of 81 in Jones Lang LaSalle’s World’s Most Transparent Real Estate Markets, placing it well ahead of its emerging counterparts and on the African continent.
According to Jones Lang LaSalle’s Global Foresight research paper on local real estate, factors that contribute to South Africa’s high transparency ranking include robust listed vehicle governance, strong auditing and reporting standards, a highly-developed legal system, the fairness and efficiency of the regulatory framework relating to real estate taxation, planning and building codes, enforceability of contracts and title, and a strong tradition of property rights……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

The strength of Oman’s real estate stems mainly from both proactive government foresight and the nature of the market here. The country’s growing population means housing demand will continue to rise. Approximately 73 per cent of the country’s population is now urbanised.
As a result, demand is buoyant for residential leasing sector with positive growth in the number of tenants seeking housing in comparison to previous years. The higher demand is the result of establishment of more and more companies and expansion of the existing ones creating more jobs……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

The average rents will continue to fall in Dubai and Abu Dhabi across the residential and commercial sectors this year, a senior official of Jones Lang LaSalle said.
“The recovery of real estate in Dubai will vary by sector with the hotel and retail sectors recovering first in Dubai; however, even for these sectors, it could take time for average prices to recover,” Jesse Downs, Director of Management Consulting of Jones Lang LaSalle MENA, said……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

If you’re fretting over the increasing property rates in your city, how about buying a house in a place where the average prices are 60% cheaper than those in Mumbai? And no, we’re not talking about a tin shack in the boondocks. Actually, we aren’t talking of India at all. It’s in the heart of a country, where water, sanitation and transport facilities are better than in any Indian city.
Yes, Dubai is back on the radar of Indian buyers after a sharp drop in realty prices in the past couple of years……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

You could call it a buyer’s aversion after a year that saw a price surge. Real estate industry experts say that mid-tier and high-end apartments are finding few takers, suggesting a pile-up or peaking of prices that could lead to a correction in the coming months. Industry trackers say only apartments in the Rs 2,000 to 5,000 per square foot range are witnessing demand.
“Anything priced above is seeing fewer transactions,” said Gagan Banga, CEO of financial services firm Indiabulls, which also has a real estate arm, adding that the lower range flats were also growing slower this year……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

As China’s government was trying to cool its hot real-estate sector by clamping down on construction last year, UBS AG analyst Mick Mi tipped the stocks of cement and backhoe makers. The counterintuitive view proved smart, landing Shanghai-based Mr. Mi at the top of The Wall Street Journal’s Asia’s Best Analysts 2010 ranking for China.
“(This view) could be a surprise for some investors,” says the 31-year-old Mr. Mi. “Investment is still a very important driver for the economy.”………………………………………Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

They call them Hong Kong’s “sandwich class”, stuck between the very rich and the very poor. Since Britain handed the territory back to China in 1997, more and more Hong Kong Chinese have seen their incomes improve as the economy has grown on the back of breakneck economic growth in mainland China.
Economists now describe Hong Kong as a “world city” on a par with London and New York. It has always been an expensive place to live but rocketing property prices in recent months have left many in the sandwich class feeling more squeezed than ever……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Indonesia’s property boom is at unprecedented levels, with prices in major cities rising 20 percent or more per year and foreign investors pouring into the market. Unless the government fixes the land laws, though, the vast majority of Indonesians will not enjoy the benefits of the boom, industry players said.
Growing consumer purchasing power has created a new segment in the property market that is expected to grow exponentially in the coming years……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Have you been to Myeongdong recently? Or Times Square in Yeongdeungpo? How about the new premium outlet in Paju? Shopping used to be considered only for females but a trip to one of these shopping malls or districts will convince you that it is fun for the entire family.
Many Japanese and Chinese tourists flock to these shopping areas in much the same way many Koreans like to visit the Pacific Place in Hong Kong or Orchard Road in Singapore……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

South Korea’s financial watchdog said in early May that it will establish a bad bank, a special entity to purchase soured loans owed by builders and property developers.
The Project Financing Stabilization Bank (PFSB), often called bad bank, will take on as much as 1 trillion won (922 million U.S. dollars) worth of non-performing project financing loans starting June, according to the Financial Services Commission.(FSC)……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

Housing transactions shrank 20 percent to 30 percent in different parts of the nation last month from a month earlier, as cautious sentiment deepened ahead of the implementation of the luxury tax on June 1, analysts said.
Taipei bore the brunt of the forthcoming levy, with home sales plunged 28.5 percent to 3,957 units last month, from 5,537 in March, city government statistics released showed last week……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

The Australian housing market is not experiencing a shortage and rising interest rates will keep a lid on any further price growth, one property expert has warned.
The comments come as this week’s auctions results have showed the market is still recording fairly underwhelming results, with clearance rates at levels consistent with the past few months……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

A highly favourable exchange rate, low interest rates and attractive yields have boosted Australian activity in the New Zealand commercial property market, according to Ray White Commercial.
Ray White Commercial Auckland Managing Director Bruce Whillans said the New Zealand market returning to positive growth following a three year downturn was proving to be another magnet for Australian investors……………………………………….Full Article: Source

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Posted on 16 May 2011 by Laxman |  Email |Print

There has been a strong lift in farm sales for the first time in three years. The Real Estate Institute says 290 farms changed hands in the three months to the end of April.
That compares with 190 in the three months to the end of March and 267 in the three months to the end of April in 2010……………………………………….Full Article: Source

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