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Real Estate Briefing 02.Aug 2011

Posted on 02 August 2011 by Laxman |  Email |Print

Greg McBrideDebt deal or not, confidence in America has taken a hit, and it could affect the housing market. Nevertheless, America’s chronic debt problem could still have far-reaching consequences, damaging not only the United States’ reputation as a fiscally responsible nation, but further hobbling an already haggard housing market.
Experts say a downgrade would likely trigger an increase in interest rates and put further downward pressure on home prices. “We’re on track for an inevitable downgrade at some point,” says Greg McBride, senior financial analyst at Bankrate.com……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Construction spending in the U.S. rose in June for a third consecutive month, led by a gain in nonresidential building, including factories, communications plants and commercial structures.
The 0.2 percent increase followed a revised 0.3 percent gain in May that was previously reported as a drop, Commerce Department figures showed today in Washington. The median estimate of economists in a Bloomberg News survey projected a 0.1 percent increase……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Much as the risk of tornadoes, hurricanes, wild fires and other destructive weather forces vary from state to state, so does property insurance for homeowners. With costs and coverage levels as inconsistent as the weather itself, consumers must navigate a complex market to pick the right policies.
“Given the variability, it is worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages provided are appropriate,” says Don Griffin, vice president of Property Casualty Insurers Association of America, or PCI……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

The U.S. housing market continues to struggle, and many Canadians are looking to take advantage of the low prices in climates that are warmer than here.
If you’re planning to retire to Florida or Arizona, housing prices are probably looking too good to pass up. I can’t offer too much advice about what to look for in a house, but once you become an owner of a U.S. property, there could be some tax implications depending on your plans……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Real estate investment in Central and Eastern Europe (CEE) reached EUR 5.3 bn in the first six months of the year, largely fuelled by strong performances in Moscow and Warsaw, according to new research by CB Richard Ellis (CBRE).
This figure brings the year-to-date investment volume in the region close to the full year level reached in 2010 (EUR 5.6 bn)……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

June data from Land Registry’s flagship House Price Index shows an annual price decrease of -2.5% which takes the average property value in England and Wales to £161,479. The monthly change from May to June is 0.0%.
The only region in England and Wales to experience an increase in its average property value over the last 12 months is London with a movement of 0.8%. Wales experienced the greatest monthly rise with a movement of 2.8%……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

The gap in performance between London’s commercial property investment market and other areas of Britain is starting to close, a commercial development expert has stated. In the UK market, there are leaders and laggers, with London seeming to recover the fastest, before other areas begin to start their own recoveries, a representative from Savills has insisted.
Mat Oakley, director of commercial research at Savills, said: “If you are looking at the best regional office markets and the best regional retail markets then we are starting to see the beginnings of a pick-up in take-up……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Central London luxury-home prices jumped the most in six months in July as buyers from mainland Europe sought a haven from economic instability, driving values to record highs, Knight Frank LLP said.
Values of houses and apartments costing an average of 3.7 million pounds ($6.1 million) rose 9.6 percent in the 12 months through July, according to an index compiled by the London-based real-estate broker………………………………………Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Prices of luxury homes in the capital are soaring – while slumping in the rest of the country. New figures show prices of central London properties worth more than £1million rose by almost 10 per cent in the past year – compared with homes across the UK, which lost 0.4 per cent of their value.
Since March 2009, luxury mansions and apartments in the capital’s most fashionable districts have seen their value increase by more than a third. In the same period, the average increase for UK homes has been just seven per cent……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

About 6,000 square meters was added to the some 2 million square meters of commercial property in Hungary in the first half of the year but rents have stagnated, property consultancy DTZ and broker GVA Robertson told MTI.
The 6,000sqm Europeum is the only big commercial property to have opened so far this year, but more than 100,000sqm is to be inaugurated by year-end, including the 55,000sqm Koki Terminal and 11,000sqm Vaci1 in Budapest, as well as the 41,000sqm Arkad in Szeged, the 10,000sqm Magellan Center in Szombathely and the 7,000sqm Sio Plaza in Siofok……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Real estate experts are split over the impact granting three-year property visas to some UAE home owners will have on Dubai’s beleaguered housing market.
The decision by the UAE government in June to offer extended visas to owners of properties worth AED1m or more, replacing visas that require renewal every six months, has divided analysts, with some suggesting the move could spur sales among foreign buyers……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

The Securities & Exchange Board of India proposes to regulate fund pools, such as private equity and real estate funds, to reduce fraud and risk to public markets. However, the move may not be received well by the industry which has had a free run for more than a decade.
The regulator, which last week ushered in takeover norms, widely seen favouring private funds, may be neutralising some possible negative effects of them, by proposing many limits and definitions of alternative investments……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

India’s real estate sector will face a funding shortfall to the tune of $70 billion (around Rs.3.1 trillion) in the 12th Plan period (2012-2017), says the Confederation of Real Estate Developers’ Association of India (Credai), an industry body.
The country will require 27 million housing units during the five years, entailing an estimated investment of $3.2 trillion, Credai president Lalit Kumar Jain said in an interview during a recent visit to Hyderabad……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Title insurance ensures that the current owner is safe from past claims and title faults and puts the property firmly in his possession. Any residential property, even with all legal safeguards are apparently in place, is ultimately built on land. One cannot automatically assume that this land did not have previous owners.
Title insurance ensures that the current owner is safe from past claims and title faults and puts the property firmly in his possession. One should see it as a shield of protection against loss arising from such legal proceedings – a shield that protects the owner as long as he or his heirs remain in ownership……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

More than sixty percent of China’s cities posted a month-on-month rise in property prices in July, reports the China Index Academy. In July, average residential property prices in 100 cities hit 8,874 yuan per square meter, up 0.21 percent from June.
Some 33 of the 100 cities saw a month-on-month fall in transaction price while only one city’s price was unchanged. Property prices in the 100 cities in July rose 6.81 percent on average from the same month last year, and 39 of them saw an increase of between five and 10 percent……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

China’s home prices rose at the slowest pace in 11 months in July after the government expanded efforts to curb the risk of an asset bubble, according to SouFun Holdings Ltd. (SFUN).
Home prices gained 0.2 percent in July from June, the slowest since August last year. Residential prices increased in 66 out of 100 cities tracked by the nation’s biggest real-estate website owner, with average home values nationwide climbing to 8,874 yuan ($1,378) a square meter (10.76 square feet), SouFun said………………………………………Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

With growing uncertainty surrounding Hong Kong’s property market, one of the territory’s biggest property developers is joining the chorus of voices predicting a drop in real estate prices.
“Every market tanks; what doesn’t change is cycles,” Ronnie Chan, Chaiman of Hong Kong’s third-largest developer Hang Lung Properties said……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

Singapore property prices may continue climbing this year, contrary to a widely expected downturn, according to results of a survey by online portal PropertyGuru.com.sg.
Most respondents said property in Singapore will remain expensive, and they are setting their sights on alternatives like commercial property and real estate investments overseas, the survey showed……………………………………….Full Article: Source

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Posted on 02 August 2011 by Laxman |  Email |Print

A continuing slide in new listings has turned Wellington’s housing market into a seller’s market, says property website Realestate.co.nz. Average asking prices in Wellington fell 4.4 per cent to $413,000 in the past three months.
The number of new listings in Wellington was down 18 per cent on the same month last year and the Wellington area’s inventory of houses for sale represented just 21 weeks of sales. Just three months ago that figure was over 26 weeks……………………………………….Full Article: Source

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