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Real Estate Briefing 17.Apr 2012

Posted on 17 April 2012 by Laxman |  Email |Print

Gregory KlumpThe average price of a Canadian resale home was $369,677 in March, a slight decline from the same month last year, according to the Canadian Real Estate Association. That’s the first time the average price has declined since September 2010, the agency said.
The number of home sales rose slightly, by 1.6 per cent over the previous 12 months, the smallest annual increase since last April………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Jim FlahertyIt’s a title Vancouver is more than happy to relinquish. Canada’s hottest real estate market is finally cooling off, new sales figures show, much to the relief of those who have grown weary of talk of a West Coast property bubble.
At more than $761,000, the average cost of a Vancouver home is still higher than anywhere, but was 3.1 per cent lower in March than in the same month last year. Sales activity is slower, too, down 22.3 per cent through the first three months of 2012………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Canada’s overall housing market appears to be tame, though Toronto has stolen the label of “hottest” from Vancouver.
Sales of existing homes in Canada picked up by 2.5 per cent in March from February, though the year-over-year level was slower at 1.6 per cent, the slowest since last April, in fact………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Confidence among U.S. homebuilders fell in April to a three-month low, a sign the industry is still trying to gain its footing. The National Association of Home Builders/Wells Fargo index of builder confidence decreased to 25 this month from 28 in March, the Washington-based group said.
Economists projected no change in the index, according to the median forecast in a Bloomberg News survey. Readings below 50 mean more respondents said conditions were poor………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

In a slight letdown for housing bulls, homebuilder confidence slipped in April against the backdrop of uninspiring market signs that have tempered the view that a market recovery is accelerating.
The National Association of Home Builders/Housing Market Index dipped to 25 in April, the NAHB says, marking a three-point drop from what had been the index’s highest level since the housing bust………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

For the second month in a row, home prices have risen higher than a year ago. Median prices in March were an impressive 5.8% higher than March 2011 in the 53 metro areas surveyed for the RE/MAX National Housing Report.
February marked the first time in 18 months that home prices rose higher than the previous year, and year-to-year price increases haven’t occurred in two consecutive months since August 2010. Home sales in March were 25.4% higher than February and 1.5% higher than March last year. (Press Release)

Posted on 17 April 2012 by Laxman |  Email |Print

Figures from US consulting group Trepp estimate that more than $US360 billion ($A347 billion) in debt is due to mature in the property sector this year and the total for the five-year period 2012-16 is nearly $US1.73 trillion.
In New York City alone, nearly $US70 billion worth of commercial mortgages that were bundled together and issued as collateral for bonds mature this year. It is expected to result in a rise in recapitalisations, refinancings and building sales………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

With a flourishing hotel sector as well as booming office and industrial markets, commercial real estate in Brazil looks set to continue growing well into the future with Jones Lang LaSalle Hotels citing that the nation’s hospitality sector offers a great deal of prospects for those who wish to invest in Brazilian real estate.
Indeed, with increasing demand for hotels propelled by upcoming global events in Brazil such as the 2014 World Cup and the summer Olympic Games in 2016 as well as the predicted 3.5% GDP growth in 2012 ……………………………………….Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

The average asking price for a property coming on to the market hit an all-time high this month, a survey said, beating the record set nearly four years ago. Average asking prices are up 0.5% at £243,737 compared with the last peak in May 2008, at the start of the recession, according to the Rightmove House Price Index.
The number of properties for sale increased by 8.1% outside of London but overall supply is still down 30% compared with April 2007. This, and the more active spring market, are buoying up seller confidence, Rightmove said………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Latest figures from the property world suggest that the market is becoming increasingly active again. According to the LSL Acad E&W house price index, first time buyers have been active in a bid to beat stamp duty with transactions rising by 32% in March following a 10% rise in February.
David Brown, commercial director of LSL Property Services, said: “The bulk of the boost in activity came from first time buyers rushing to complete their purchases before the end of the stamp duty holiday………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

International agencies based in Bulgaria released new data this week showing that homes sales volumes are starting to climb again, despite being way below the numbers reached in 2007.
The overall number of real estate transactions in 2011 was up 22% year-on-year – but the majority of deals were for agricultural land. The number of housing transactions involving mortgages rose by 4.2% YoY and housing deals represented 15% of all property activity, agency group Yavlena said………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

The economic crisis caused by the credit crunch in the USA has exerted a strong impact on the global real estate market.
While the drop in residential market transactions and decline in apartment prices were caused by limited availability of mortgages, the breakdown of the commercial market was also connected with the stock market crash………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

The Dubai residential real estate market appears to have bottomed out as prices are now at rates similar to early 2008 levels and the general rental trend being positive, Jones Lang LaSalle said on Monday.
Dubai is expected to see completion of 28,000 new units in 2012 with Dubailand and Jumeirah Park likely to see completion of 4,380 and 4,242 units, respectively………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Jeddah’s Kingdom Tower, set to become the world’s tallest building, will be completed in 63 months, according to Kingdom Holding Company ( KHC ) Chairman Prince Alwaleed bin Talal.
His remarks came as the Jeddah Economic Company (JEC) yesterday announced a capital increase from SR7.3 billion to SR8.8 billion for the mega project that includes the 1,000m high Kingdom Tower………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

In the latest office market report from real estate consultancy Cushman and Wakefield, the first quarter of the 2012, noted absorption across top eight cities at 7.0 million sq.ft. registering a decline of 32% over last quarter and 6% over the same period last year. Mumbai, Kolkata, and Ahmedabad were the only markets showing a rise in absorption at 35%, 33.7% and 5.6% respectively.
In contrast to declining absorption levels there was a rise by 140% in pre-commitments compared to the previous quarter and by 41% compared to the same quarter last year………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Singapore’s private-housing market is off to a flying start this year, with monthly sales at their highest levels in 2 ½ years. But some analysts warn this surge in sales could ironically spell tougher times ahead for the city-state’s buoyant real-estate sector.
Government data released Monday indicate that 2,393 new private homes were sold in March, easing only slightly from February’s tally of 2,417 units—which was the highest since July 2009, when 2,772 units were sold………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

Malaysia is looking to double the entry price at which foreigners can buy property in an attempt to curb spiralling prices.
Presently non-Malaysians can buy a home as long as it costs RM500,000 (about £100,000) or more. But the government wants to raise the bar to RM1 million………………………………………..Full Article: Source

Posted on 17 April 2012 by Laxman |  Email |Print

The cost of breaking swaps contracts taken out by real estate investors who borrowed in euros at the peak of the property market in 2006/07 has increased substantially, according to an analysis by global real estate advisor, CBRE.
Created as a hedging instrument, swaps were intended to protect real estate loans with high LTV ratios, which typically have low interest rate cover, against interest rate rises………………………………………..Full Article: Source

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