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Real Estate Briefing 08.Oct 2012

Posted on 08 October 2012 by Laxman |  Email |Print

Although there is some truth to the oft-repeated idea that Canada regulates its banking industry more conservatively, there is more than just circumstantial evidence that the generally conservative outlook has not prevented a housing bubble from forming.
Housing prices have doubled across Canada over the last 10 years, despite broadly-flat wages. While higher prices in markets such as Calgary, Edmonton or Fort McMurray could, perhaps, be explained by an influx of workers tied to the energy industry (and a shortage of housing in place), it’s harder to explain why housing prices in Toronto and Vancouver should be about three and four times higher than average prices in the United States and more than double their historical average price ratios………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

With yet another month of data, we’re seeing the continued recovery in the housing market. Research firm CoreLogic, Inc. just reported that August home prices were up 4.6% from a year ago. This big increase in year-over-year home prices is the largest in six years.
Don’t get me wrong; the housing market will not reach the highs of the past decade anytime soon. But we are clearly off the bottom and that is a crucial development. To buy such a large asset, buyers need to feel somewhat secure that home prices won’t keep dropping. While no one is looking for massive returns, having a stable housing market is extremely important in this economic recovery………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

There’s plenty of debate about - and money riding on - the question of whether we are in the midst of a sustainable recovery in the housing market. Nobody knows for sure, of course, but there are plenty of reasons to be pessimistic.
For one thing, the supply of homes, in terms of what is currently on the market and what is potentially for sale whether or not prices rebound further - the so-called shadow inventory - remains significant relative to demand, even though data from the National Association of Realtors (NAR) shows that inventories of existing homes are back to where they were eight years ago………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

Overheated US housing prices started dropping in 2006. Homeowners were going underwater (they owed more than the house was worth) and many had questionable credit - “fog the mirror loans” were common, if you breathed you got a loan. *Banks sold these mortgages to agencies like Fannie Mae and Freddie Mac.
They bundled the mortgages with other loans bearing similar interest rates and then sold them as Mortgage-backed securities (MBS), so called because their value was backed or secured by the value of the underlying mortgages………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

A new era in opportunistic property investment is opening up in Europe, according to Joe Valente, head of research and strategy at JP Morgan Asset Management. ‘This time, returns will not be driven by financial engineering, but by the ability of the manager to add value and de-risk assets,’ he said.
Valente made the comments following the publication of a new report by the asset manager which highlights how real estate market conditions, the macro economy, capital scarcity and apprehensive investors have created a new profile and opportunity set for European property investment………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

Since the peak of the market six years ago, Irish residential property has lost two-thirds of its average value. But the latest data offered a glimmer of hope as Dublin house prices enjoyed their first quarterly increase in six years.
The estate agency DNG says there are signs of price stabilisation, as average price are now less than 1% lower than they were at start of year. Dublin house prices rose by an average of 3.1% in the past three months………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

According to real-estate agents and financial advisers, a large group of high-end properties are hitting the market as business folks are trying to leave France before a stiff tax rise hits. “It’s nearly a general panic. Some 400 to 500 residences worth more than €1 million have come onto the Paris market,” a manager at Daniel Feau, a real-estate broker that specialises in high-end property, told AFP France.
While it is not yet as serious as the exodus of rich Frenchmen after the election of Socialist president Francois Mitterrand in 1981, real-estate agents said the tax plans of new Socialist President Francois Hollande are having a noticeable effect………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

According to Jones Lang LaSalle research, no new high quality shopping centers were opened in Moscow in the third quarter of 2012 for the second consecutive quarter. However, Moscow Region has seen the opening of several schemes, including an absolutely new format for the Russian market - outlet shopping center.
No new schemes were opened in July to October 2011 either. As a result, completions volume reached the lowest historical level of 126,250 m² in 2011………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

Dubai Real Estate Regulatory Authority (Rera) will start registration of property marketing deals and offers through its online property registration portal (Semsari) for real estate brokers, which aims to regulate the real estate market and eliminate the phenomenon of unlicensed brokers.
Engineer Marwan Bin Galita, CEO of Rera, said the implementation of phase 2 of Semsari system is designed to manage and regulate real estate brokers registered with Rera. Simsari is an electronic web based product designed and developed by the Emirates Real Estate Solutions-an authorised agency to provide technological solutions for the real estate industry in the UAE. ……………………………………….Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

Asking prices for apartments in International City, which had dropped below their 2002 launch price, have shot up by over 40 per cent in the past one year. The current asking prices for studios range between Dh250,000 and Dh270,000 in October 2012 from Dh150,000 to Dh170,000 during the same period last year, data analyzed by Emirates 24|7 has revealed.
While studios were sold for Dh220,000 and one-beds for Dh320,000 during the launch, property owners last year offered discounts of 10 to 15 per cent to lure buyers………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

We all know that Karachi is probably the worst place to live in if you own an expensive mobile phone. Really bad choice that. Karachi is widely touted to be the real estate capital of the country. But that title is now under threat from both Lahore and Islamabad. Despite having taken a huge hit over the past couple of years, the city’s real estate market still has some life left in it, but maybe not for long.
According to data provided by Zameen.com – which is Pakistan’s largest real estate portal – recent trends show that investors no longer consider Karachi their first, or even second choice for that matter, when it comes to making investment decisions………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

China’s new home prices rose for a fourth month as a rebound in property sales eased developers’ funding woes, according to SouFun Holdings Ltd. (SFUN).
Prices in September climbed 0.17 percent from August to 8,753 yuan ($1,393) per square meter (10.76 square feet), the country’s biggest real estate website owner said, based on its survey of 100 cities. The city of Kunshan in the eastern Jiangsu province had the biggest gain, with prices rising 2 percent………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

The government has warned of further inflationary pressure and the formation of a property bubble due to the US’s launching of its third round of quantitative easing (QE3), and disclosed that the authority is studying new measures to counteract rises in food and property prices.
Three weeks after the US announced its QE3 intended to stimulate the property market and consumer spending, the Macau SAR Policy Research Office released a report analyzing QE3’s possible impacts on Macau’s economy and the viable countermeasures………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

Singapore’s residential real estate sector is still, to quote NBA Jam, on fire, despite the Singaporean government’s attempts to cool the market to keep prices in control, according to Savills’ Residential Sales Briefing for October.
According to the briefing, July saw 1,946 new homes sales, a rise of 42 percent month-on-month. That puts the total sales figure for the first eight months of 2012 at 15,300 new properties, close to the full-year total of 2011………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

Property investment has become so attractive to so many people here, it seems, that it may actually have reached the point where it is increasing risk and crowding out other investments that could be better for the Singapore economy.
In many countries, income from investment in residential property is a blip in overall economic indicators and a small percentage of GDP. Deutsche Bank noted in its Real Assets report, many private households in other regions “mainly hold residential property for owner-occupation”………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

The property market will likely get a boost next quarter from the launch of several new developments and the high level of liquidity in the market, a real estate broker said on Saturday.
After the US Federal Reserve started a third round of quantitative easing (QE3) in the middle of last month, putting upward pressure on consumer prices, investors have tended to move their funds to property assets in a bid to counter rising inflation, Sinyi Realty Inc said………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

South Korea’s top financial regulator said Monday he will beef up measures to prevent a further slump in the metropolitan property market as part of efforts to expedite the economic recovery. “Chances for a protracted economic slowdown are high, thus a strong possibility that household debts will worsen on a sagging property market,” said Gov. Kim Seok-dong, the head of the Financial Services Commission (FSC), at the annual parliamentary inspection.
He pointed out that a lot of mortgage holders are having trouble managing their debts they took out when the housing market hit a boom, until they began to take a dive as the local property market faltered mainly due to an oversupply………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

According to some, Australia has an (under-supplied) housing crisis and an affordability crisis. I don’t subscribe to either claim. I agree we have a crisis. A very big one. But it’s got nothing to do with undersupply or affordability. Our crisis is a financial literacy one.
Let’s get this clear: there is a big difference between general intelligence and financial intelligence. A respectable occupation, a university degree, business ownership and a six-figure salary may imply a person has above average intelligence. But these are simply the byproducts of that person using general intelligence to generate income………………………………………..Full Article: Source

Posted on 08 October 2012 by Laxman |  Email |Print

A shortage of new listings is causing buyers to make rapid decisions lifting house prices around the country. “The traditional rush of spring listings has not eventuated this year and the market is tightening as buyers face a limited choice of offerings,” said REINZ Chief Executive Helen O’Sullivan. “This has been reflected by increases in the median price across much of the country.”
“Auckland continues to be the key region in terms of price increases and demand for housing, however, other regions are now starting to see pressure building with the median price in five regions within 10% of their record medians and the number of days to sell falling quite rapidly in some parts of the country.”……………………………………….Full Article: Source

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