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Real Estate Briefing 03.Oct 2012

Posted on 03 October 2012 by Laxman |  Email |Print

Mark FlemingA measure of U.S. home prices jumped 4.6 per cent in August compared with a year ago, the largest year-over-year increase in more than six years. CoreLogic, a private real estate data provider, also said Tuesday that prices rose 0.3 per cent in August from July, the sixth straight monthly gain.
Steady price increases, combined with greater home sales and rising builder confidence, suggest the housing recovery may be sustainable………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

Sean SnaithIt’s been a long time coming, but economists surveyed by CNNMoney believe the nation’s housing market has finally turned the corner. Of the 14 economists who answered questions about home prices in the survey, nine believe that prices have already turned higher or will make that turn later this year. Only three months ago, half of the economists surveyed by CNNMoney believed a turnaround in prices would not take place until 2013 or later.
Economists have been encouraged by a variety of readings, including three straight months of increases in the S&P/Case-Shiller home price index, a pick-up in sales of existing homes and home construction and a big jump in the price of new home sales………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

House prices in America have climbed for the sixth month in a row, raising hopes the economy is strengthening. Two separate reports are showing increases in house prices in the US, with one pointing to a 4.6 per cent jump in August compared with the same time last year.
Economists are split over whether the housing recovery is sustainable. They believe a steady improvement in prices might reassure Americans that the recession is behind them and encourage further spending. Mortgage rates remain at record lows in the US but economic growth is still sluggish………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

If you’re fed up with the paltry returns you get on bonds, the insulting interest rates paid by banks, and the frenetic fits of the stock market, you might consider turning to rental real estate to supplement your retirement income. But it’s not for everyone.
Walk through these six tips to see if real estate can help you construct a sound retirement portfolio. If the idea still seems solid, the next step is to do your homework. 1. Assess your goals. The days of buying real estate and flipping it for a quick profit are long gone. Rental real estate can provide a steady, long-term income, but it takes work. Are you prepared to do lots of research to secure a property in a good location that will be attractive to people in the rental market?……………………………………….Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

The residential real estate market in Metro Vancouver continues to plunge, with home and apartment sales in September down 32 per cent from the same month last year, according to the Real Estate Board of Greater Vancouver.
The REBGV is also reporting an eight per cent decline from August. Eugen Klein, REBGV president, blames the drop on new government mortgage regulations. “There’s been a clear reduction in buyer demand in the three months since the federal government eliminated the availability of a 30-year amortization on government-insured mortgages,” Klein said in a release. “This makes homes less affordable for the people of the region.”……………………………………….Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

Uncertainty in the eurozone has continued to plague real estate funds in 2012, with weak performance continuing in most European markets, according to latest analysis from IPD property fund indexes.
It update found that the direction of real estate markets, and whether or not returns have now hit the bottom - still looks “very unclear”………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

House prices will stay flat or drop slightly over the next year despite a gradual recovery in the UK economy, a lender has predicted. The Nationwide has suggested that the Bank of England’s new Funding for Lending scheme, aimed at boosting credit, could support the market.
Prices fell by 1.4% in the year to the end of September, the Nationwide said. A 0.4% drop compared to August left the average UK home valued at £163,964, the lender said………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

Estate agents are divided about whether higher taxes will hit house prices, with experts disagreeing about the impact of increased Stamp Duty and the proposed mansion tax.
New research suggests the global wealthy are not much bothered by Stamp Duty at 5pc on properties priced at more than £1m or 7pc above £2m – even though the latter impost means a taxbill of at least £140,000 nominally just to update the Land Registry………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

Homeowners saw 0.4 per cent wiped off the average price of a property last month as the market remained sluggish, with transaction levels remaining low.
Nationwide said the average price of a home was £163,964 in September, down from £164,729 the month before. This leaves house prices 1.4 per cent lower than they were a year ago, a rate which has been fairly consistent throughout the past year, according to Nationwide………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

It’s been a tough few years for the Bulgarian property market. After some substantial price growth in the mid-2000’s, the price of homes in Bulgaria has fallen significantly since 2008. Now, however, research has found that property values in the country have risen for the first time in four years.
Could the troubles in Bulgaria be over, and is now the time to buy property in the country? We investigate. Values of property in Bulgaria rise in the second quarter of 2012……………………………………….Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

The prices of residential property shrank by 2 percent last year on an annual basis, but a more pronounced drop was seen in some other European Union member countries, analysts from Poštová Banka said.
“A much steeper, double-digit fall in the prices of flats and houses was seen in Romania (14.3 percent) and Ireland (14 percent),” said the bank, citing figures from Eurostat. Analysts pointed to so-called ghost houses in Ireland, where 300,000 out of more than half a million houses and flats built during the real estate boom are now vacant. Spain is experiencing similar problems, with their property prices dropping by 7.4 percent in 2011 year-on-year………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

According to the CEO of Deyaar Properties, Dubai’s real estate market “is back”. And judging by the crowds that flocked to this city’s preeminent real estate exhibition on Tuesday, it’s hard to argue with Saeed Al Qatami’s observation.
Among the throng of visitors, live entertainment, glitzy video presentations and sprawling model-sized building plans, salesman and investors sat huddled around tables talking all things property………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

The real estate markets in both Abu Dhabi and Dubai have witnessed improvements in performance, a report by Jones Lang LaSalle (JLL) shows. The report, published on Monday, predicts selective growth for Dubai’s real estate sector as rents and values continue to improve for prime properties in the hotel, retail and residential segments.
It also reveals that despite demand for high quality retail space, the Abu Dhabi market remain tenant-favourable, with rents yet to bottom out………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

The Iraqi government is in close talks with UAE developers, including Emaar Properties, to develop properties that will help the war-torn country meet its housing demand, officials said.
According to the Iraqi Ministry of Construction and Housing (MoCH), the country’s federal budget is estimated to reach $120 billion (Dh440.76 billion) in 2013, increasing to $200 billion by 2015, highlighting a concerted effort to improve infrastructure and open up investment opportunities………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

There is a shortage of 31 million houses in India of which 26 million are in the economically weak and low income group category and this gap is widening. So we have told the Government that it is time we move towards reforms that will help satisfy the needs of these sections.
These reforms include administrative reforms relating to faster approvals, land reforms to protect green land and making urban infrastructure viable through higher density and removal of FSI norms as has happened in Andhra Pradesh. We have also asked for fiscal reforms relating to tax, banking and procedural issues………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

Hong Kong developers, seeking funds to tap an expanding government land supply, are this month preparing to sell the most homes in six years as expectations for prolonged low-interest rates fuel demand.
Real estate companies led by New World Development Co., this year’s best performer in Hong Kong’s benchmark property gauge, may sell more than 3,300 units from eight new projects in October, according to Buggle Lau, chief analyst at Midland Holdings Ltd., the city’s biggest publicly traded realtor. That would be the highest monthly figure since August 2006, Lau said………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

Home prices in this city-state have kept surging almost without interruption since the global financial crisis, even as residential real estate in many big global markets—including major U.S. cities—has continued to drag. Now, some experts are starting to wonder how long Singapore’s residential high-wire act can go on.
In many ways, the market still looks solid. Singapore remains one of Asia’s most dynamic economies, although its growth rate is falling, and low interest rates are likely to persist for some time following recent stimulus steps by the world’s major central banks………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

The South Korean Cabinet approved a bill on Tuesday to promulgate rules that temporarily reduce tax rates on purchases and transfers of homes to boost the slumping housing market.
South Korea’s property market has been in a long slump with a sharp drop in home purchases pressing household economies and affecting development-related investment. The government announced earlier this year measures to halve acquisition taxes and scrap transfer taxes, and the parliament passed the revision last month………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

There will be many opportunities in the Thai real estate market as a result of the formation of the ASEAN Economic Community (AEC). The AEC will see countries in south-east Asia co-operate to achieve a host of economic goals, with the aim to create a “highly competitive economic region”.
Full implementation of the AEC is expected in 2015, and the director-general of the Real Estate Information Centre in Thailand Samma Kitsin told The Nation that this will deliver benefits for Thailand’s property sector………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

If you asked the RBA what was the intention of interest rate cut, you’d get a vague answer that they are only responding to the economy, not directing it. In a sense that’s true. The RBA does not force anyone to borrow money. But in reality, the rest of us see the RBA not as some uncaring and unconcerned data-driven machine, but as a money tree, which is sometimes in full bloom and sometimes denuded of foliage.
Thus, when interest rates are high we tend to bunker down and wait for spring. When they are low we enter a frenzied harvest and store the debt in the nearest house………………………………………..Full Article: Source

Posted on 03 October 2012 by Laxman |  Email |Print

We were doing all right after the GFC. It wasn’t comfortable, but comfort could be taken from having a look at Europe and the US. But then the US recovery was pushed out further and further, China faltered and Europe found itself in the midst of a second economic crisis. All the while, Australia kept chugging on.
That is until 2012. The European debt crisis seemed determined to never end, the US recovery kind of stopped recovering and then we were smacked in the face by new found issues in China, namely the sustainability of the growth that has been underpinning Australia’s recent outperformance………………………………………..Full Article: Source

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