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Real Estate Briefing 29.Mar 2012

Posted on 29 March 2012 by Laxman |  Email |Print

If you think real-estate in Manhattan or San Francisco is expensive, consider Monaco. The price of real-estate in Monaco — the world’s most expensive locale — is now an average of $5,408 a square foot, according to a report from Citi Private Bank and Knight Frank, the London real-estate firm.
Spending $1 million will get you a 200 square-foot closet – presumably without a water view.
The second most expensive locale is Cap Ferrat in the south of France, at more than $4,800 a square foot. That’s followed by London, at $4,534 a square foot, and then by Hong Kong, at $4,406 a square foot………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Want to make money from property? We look at the best places in the world to buy. Fancy a des res in Delhi or a mansion in Moscow? They may not be the first places you think of when you consider a holiday home location, but perhaps you should take a closer look.
Because property prices in India and Russia have risen faster than anywhere else in the world, according to new research from Lloyds TSB. It says that house prices in India have soared by a whopping 284% in the last ten years - the biggest jump recorded in its Global Housing Market Review………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

First, the good news: The real estate market has clawed its way back from the brink and is about a third of the way to a normal, pre-bubble market. The bad news: It’s going to take until the end of 2015 to get us the rest of the way, and recovery could take even longer if the economy loses steam again.
Real estate website Trulia’s new housing barometer shows that real estate is starting to recover from the battering it sustained during the recession……………………………………….Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

The first few months of 2012 have seen some pretty encouraging stats, but after years of nothing but bad news about the housing market, it can be hard to gauge what “normal” is anymore.
According to new measure from real estate website Trulia, we’re about a third of the way back to a normal housing market. The bad news? We’ve got a long way to go. Based on Trulia’s calculations, the United States won’t see a full housing market recovery until 2015………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

The housing market may finally be on the path to a sustainable recovery, according to a new report, but it’s not the cork-popping celebration many under-water homeowners may have hoped for.
The Urban Land Institute, a nonprofit land-use think tank, released on Wednesday its real-estate forecast for the next three years, which shows some encouraging trends in both the residential and commercial sectors through 2014………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Homeowners hoping the $26 billion foreclosure abuse settlement would mean big savings on their mortgages were mostly disappointed. Even though a million borrowers will have their principals slashed by as much as $100,000 or more, most are not eligible for a workout simply because the bank that issued their mortgages, didn’t hold their mortgages.
During the housing boom years of the early 2000s through 2007, about 20% of loans went into the bank’s own portfolios. The rest were sold off, either to Fannie Mae or Freddie Mac or to investors………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Homebuyers from Ontario — Canada’s wealthiest and most populous province — were among the most active in 10 U.S. real estate markets identified as international hot spots in an Inman News report released this month.
In that report, “10 Hot Spots for Global Homebuyers,” Inman News explores the 10 most popular areas in the U.S. for foreign homebuyers, based on public records of foreign buyers who cite a non-U.S. address. Six of the 10 market areas are in Florida, while the remaining four are in Arizona, New York, Hawaii and Nevada………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Canadian home resale prices edged up in January from December after two months of declines as the big Toronto market showed strength but Vancouver continued to falter, the Teranet-National Bank Composite House Price Index showed on Wednesday.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose just 0.1 percent in January from December but were up 6.5 percent from a year earlier. It does not provide actual prices………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Canada’s booming house prices are 10% to 15% over-valued, the country’s second-biggest bank Toronto-Dominion warned this week, as its chief economist Craig Alexander called for the government to put the brakes on lending growth.
According to Alexander, if Canada’s overvalued residential market were to suddenly unravel, the market correction would be three times the magnitude of the country’s housing market crash in the early 1990s………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Prime property in Europe is no longer driven by fundamentals and looks expensive, warned speakers at the launch of IPD’s pan-European Property Fund Index. At the same time, a panel of industry experts described a cautious optimism about the European macro-economic outlook.
Ben Penalligon, managing director of Prameriga, warned of ‘nosebleed prices’ on prime real estate. On the same panel Matt Ridley, director of research at Fidelity’s real estate department, described a market where prime assets are defined less by their location than by their lease length………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Buyers from the UK are continuing to look towards Spain for possible investments in the property market abroad. This is according to Rightmove Overseas, which has reported that properties such as villas in Spain are the most popular with those searching the website.
In fact, the country accounted for more than one-fifth (22 per cent) of searches made on the portal over the past month and head of Rightmove Overseas Shameen Golamy said: “Despite nervousness around the Spanish economy in recent weeks, property buyers are undeterred.”……………………………………….Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Bulgaria’s real estate brokerage business is set for a cleanup, with plans to table legislation in Parliament later in 2012 to professionalise the business and drive out rogues and rip-off artists from its ranks.
Currently, the property business in Bulgaria is in the doldrums, a sharp contrast to the heady days of the real estate boom of a few years back – a boom that led a number of unscrupulous operators to seek to take advantage, especially because of the unregulated nature of the business………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

New research from German property company IVG shows that Poland remains highly favoured among international investors and is set to increasingly outperform its Central European neighbours.
The report, entitled ‘Poland: Focal Point of International Investors’, cites two major trends which explain the country’s continuing appeal for investors………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Moscow has overtaken Berlin in Western Europe as the number six city in Europe for property investment.
And Paris became the number one city in Europe in the second half of 2011 (H2 2011) in terms of property investment, overtaking Central London to lead global property adviser CBRE’s top 10 list of European investment markets for the first time………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Burma attracts a large number of foreign investors looking to invest in office buildings, hotels condominiums and serviced apartments. Tony Picon, associate director for research at Colliers International believes foreign investors are hindered by the investment law in Burma according to The Nation.
“Many foreign investors are looking to invest in the property business. The problem is the current regulation does not support them to do it right now. This is not fair to the Burmese people, who are hopeful that a lot of investment projects are coming into the country. Property is seeing a lot of speculation………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

The leader-elect of Hong Kong said his government would launch a pilot project to build middle-class housing for residents only, hoping to cool soaring property prices that have sparked a backlash against unlimited sales to overseas buyers.
Mr Leung Chun-ying, who last Sunday won an election to become the next Chief Executive of the territory, said the idea is to sell land for developments that would be restricted to Hong Kong residents. The government owns all land in the city and sells it on long leases………………………………………..Full Article: Source

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Posted on 29 March 2012 by Laxman |  Email |Print

Home owners and developers have felt the icy blast of the deteriorating conditions in the residential market which have triggered a rise in mortgage arrears and profit warnings.
Late payments on mortgages jumped unexpectedly at the end of last year despite a stable economy, a credit ratings agency said. The increase suggests mortgage pain is taking its toll on the already stagnant housing market………………………………………..Full Article: Source

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