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Real Estate Briefing 22.Nov 2011

Posted on 22 November 2011 by Laxman |  Email |Print

Sal GuatieriSales of previously owned homes in the U.S. unexpectedly rose in October, a sign falling prices may be attracting buyers. Purchases increased 1.4 percent to a 4.97 million annual rate, the National Association of Realtors said today in Washington. The median forecast of 75 economists surveyed by Bloomberg News was for a 4.8 million rate.
The median house price dropped 4.7 percent from a year earlier, and the number of properties for sale was the lowest for any October since 2005………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Sales of previously owned homes improved in October and are on pace to surpass last year’s anemic tally. But prices continued to fall, underscoring the broader market weaknesses.
The National Association of Realtors, which released its home-sales report Monday, said sales rose 1.4% in October from a month earlier and were running at a seasonally adjusted annual rate of 4.97 million units. That puts sales on track to beat last year’s level of 4.91 million units, which was the lowest level in 13 years………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Some of the Sunbelt cities hardest-hit by the housing bust could get a boost from a traditional flock of migrants – snowbirds and retirees – as well as residents of nearby bigger cities looking for cheaper housing.
Real estate listings site Trulia.com says a slew of metropolitan areas in Florida and California boast the highest proportion of home searches from people outside the area as compared to local residents searching for property elsewhere………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

A declining workforce population means that Europe is set to see a drop in demand for office space over the next few decades, according to the latest research from Colliers International.
The findings of the report reveal Europe is witnessing a shrinking working population, creating a base case scenario of a 10% reduction in demand for commercial office and industrial space across Europe over the next 20 years………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

House sellers have cut their asking prices by the largest amount for four years, as the relentless flow of bad economic news damages confidence, according to the latest figures from Rightmove.
The average asking price was cut by £7,528, or 3.1pc, from the previous month in November - the biggest sum since December 2007. The average asking price is now £232,144………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

UK housebuilders say proposals to boost the availability of 95pc mortgages will allow more homes to be built and are a “great deal” for potential home buyers.
The Prime Minister has unveiled a taxpayer and industry-backed insurance scheme that will protect mortgage lenders against a borrower defaulting. It is hoped this will lead to banks requiring smaller deposits from home buyers for a mortgage and lead to more buyers in the housing market………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

The government’s strategy for housing, published today, aims to promote choice, flexibility and affordability and to “get the housing market moving again”.
Unveiling the strategy, David Cameron and Nick Clegg said it would “unlock the housing market, get Britain building again, and give many more people the satisfaction and security that comes from stepping over their own threshold”. They claimed that the plans were “ambitious”, but that the government was determined to deliver on them. So what does the strategy promise?……………………………………….Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Ireland’s residential property prices decreased at a faster pace in October, data released by the Central Statistics Office showed Monday.
The residential property price index declined 15.1 percent on an annual basis in October, faster than September’s 14.3 percent fall. Prices have been falling regularly since January 2008. In Dublin, residential property prices decreased 17.5 percent in October, faster than the 15.6 percent decline seen in September………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Spain is suffering from a real estate hangover. One of the biggest problems facing Spanish banks is what to do with the real estate loans and foreclosed properties left over from the construction boom and bust. Now the opposition People’s party, which is expected to decisively win elections on Nov. 20, is said to be mulling the creation of a state-backed bad bank.
Such an approach has been tried in Ireland with mixed success. It would be a high-risk strategy for Spain………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Investments in Eastern European real estate will almost double to about 10 billion euros ($14 billion) this year, the most since 2007, as economies in the region strengthened, KPMG said.
Property transactions reached 5.2 billion euros in the first half, 300 million euros less than in the whole of 2010, the accounting firm said in a report last week. Russia and Poland each had a 35 percent share of the total, followed by the Czech Republic with 14 percent and Hungary with 6 percent, KPMG said………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

The most expensive square meter in Moscow and Russia is being sold for $61,000 in the Patriarch residential complex located at 44/15 Malaya Bronnaya Ulitsa. The maximum price on the primary housing market in Moscow is 22 percent cheaper at $50,000 per square meter. Apartments sell for this price in the residential complex at 11/17 Ulitsa Ostozhenka.
According to IntermarkSavills, the weighted average price in the most expensive complexes is $27,900 per square meter for new buildings and $32,300 on the secondary market………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

After decades of steady rise followed by a boom and correction, the realty sector finds stability in strong fundamentals and economic growth. Such is the short-term nature of man’s memory that it is very easy to define the UAE’s property market purely by what has happened since September 2008. But it would be such a disservice to omit the many elements that made the sector one of the most compelling real estate plays in the world from 2002 until then.
Yes, there were many projects that were announced during those turbo-charged days that will never see the light of day — and not many can deny the marketplace is better off for that………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Abu Dhabi’s real estate sector has nearly doubled over the past five years to record one of the highest growth rates in the domestic economy before it began to slow down in the aftermath of the 2008 global fiscal crisis.
Official data showed the sector’s contribution to GDP leaped from around Dh25.6 billion in 2005 to a record high of Dh53.4 billion in 2010. This boosted its share from about 5.3 to 9.8 per cent in the same period………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

China’s property market has reached a “tipping point” and the slowdown in the housing industry will have a spillover effect on demand for steel and other construction materials, according to Nomura Holdings Inc.
The risk of the nation’s economic growth falling to less than 8 percent in the first quarter is also higher than before because of the housing market, Zhang Zhiwei, a Hong Kong-based economist at Nomura, said……………………………………….Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

Govt warns that housing bubble is still a danger. The government will consider a tax on vacant properties, said Financial Secretary John Tsang on Monday, as he warned of an asset price bubble in the local property market.
At a Legislative Council financial affairs panel meeting, Tsang said that the measures aimed at curbing speculative activities in the property sector have taken effect as property transactions in the third quarter have slumped 40 percent on a quarterly basis and 60 percent year-on-year………………………………………..Full Article: Source

Posted on 22 November 2011 by Laxman |  Email |Print

The winds buffeting the property industry may become stronger with the introduction of guidelines by Bank Negara to rein in household debt which becomes effective from Jan 1.
RHB Research Institute Sdn Bhd analyst Loong Kok Wen said in a report that these regulations would have an impact on the industry with the high-end segment of the market being more sensitive to regulatory tightening as financing availability gets narrower………………………………………..Full Article: Source

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