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Real Estate Briefing 29.Nov 2012

Posted on 29 November 2012 by Laxman |  Email |Print

The chief U.S. housing regulator on Wednesday expressed optimism that the deep downturn in the nation’s property market was finally over, but said the future of the government’s role in housing finance needed to be settled for long-term health.
“I am cautiously optimistic that the signs of stability - and in some areas, strength - that have started to emerge in certain sectors of the housing market are signals that it is beginning to recover,” Edward DeMarco, acting director of the Federal Housing Finance Agency, said………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Trulia‘s Chief Economist reveals the latest findings from the Trulia Housing Barometer. In October, the housing recovery made the biggest three-month jump to date, putting it near the halfway point now.
Each month, Trulia’s Housing Barometer charts how quickly the housing market is moving back to “normal.” We summarize three key housing market indicators: construction starts (Census), existing-home sales (NAR), and the delinquency+ foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

The U.S. housing market may be in a recovery after a long decline but the difference in price between the most expensive and affordable regions remains as stark as ever. The city with the most expensive average listing price was Los Altos, Calif., according to real estate firm Coldwell Banker, which released its annual home listing report Wednesday.
In Los Altos, about 40 miles south of San Francisco, the average listing price of a four-bedroom, two-bathroom home is $1,706,688………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

A real estate company says the average four-bedroom, two-bathroom home is more expensive in Hawaii than any other state in the nation. Coldwell Banker said Wednesday says the average listing for a house that size is more than $742,000 in Hawaii. That’s well above Massachusetts, which ranked second with an average listing price just over $489,000.
The company’s U.S. Home Listing Report analyzes the average listing price of four-bedroom, two-bathroom properties on coldwellbanker.com between January 2012 and June 2012………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Housing values are poised to outpace expectations, real estate whiz Barbara Corcoran said Wednesday on CNBC. “You have 30 percent reduction in sale price. You have cheap money around,” she said, adding that in nine out of 10 real estate markets, buyers are likely to be outbid on a housing purchase at least once. “You don’t think that until you go shopping for a house.”
In response to a question from “Fast Money” pro Tim Seymour about whether people should borrow as much as they can if they can, Corcoran said she agreed with the premise. Multifamily housing wasn’t Corcoran’s first choice………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Hurricane Sandy made it painfully clear how fragile a city composed mostly of low-lying islands can be, and that reality has put New Yorkers in an uncharacteristically insecure mood. The New York Times expressed these anxieties this weekend in an article titled “Is This the End?” which pondered the mortality of America’s largest metropolis.
Of course all good things — even New York City — must come to an end at some point. But in the meantime, what will a world filled with higher sea levels and more extreme weather mean for New York City and other coastal communities?……………………………………….Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Detached homes have seen the smallest rise in prices of all property types in England and Wales in the last year, figures suggest. The typical home rose in value by 1.1% in the year to the end of October, according to the Land Registry.
But the typical detached house only increased by 0.1%, the latest data suggests. The typical detached home was valued at £254,378 compared with an average of £161,605 overall………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

As 2012 draws to a close, national estate agent Strutt & Parker looks forward to what is in store for the property market next year and its agents predict an increase in migration to counties outside of London as sellers in the capital take advantage of one of the widest price gaps between London and the country in history.
The expected influx of foreign investment in London, particularly from France and Italy, whose own national housing markets are looking less and less stable, will keep prices in the city high. Some of the eye catching prices that London sellers will be able to obtain next year, compared with the relatively low prices in the country will be too hard to resist for those who have been considering making the move………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

The capital’s property market serves the demands of the wealthy and global speculators, rather than the needs of the majority. London’s housing market is already strained by the needs of its residents. Too many are priced out of a secure, affordable home, whether they want to buy or rent.
More supply is always given as the answer, but can we ever meet the demands placed on London, including those of foreign buyers?……………………………………….Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Nordic property fund returns improved slightly in the third quarter of 2012, delivering a 1.9% return compared to 1.7% in Q2 2012, according to the IPD Nordic Quarterly Property Fund Index.
Over the last 12 months the Index has returned 8.2%, although the continued depreciation of the euro continues to contribute positively to the overall return. Of the 10 participating funds, seven continued to produce positive returns for this quarter and nine recorded positive returns in the last 12 months………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

The Turkish property market continues to go from strength to strength and its plans for future growth are even more ambitious. GYODER is the country’s Association of Real Estate Investment Trusts. The association issues a monthly index of new home prices in the country, which has shown double digit annualised growth month-in-month-out for over 2 years.
The latest index is no exception, with new home prices up 0.73% on the month and 10.25% on the year in October according to the report. This follows September’s performance of 0.32% month on month growth and 12.23% growth on the year, and Augusts’ of 0.32% and 11.78% respectively………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Saudi Arabia is witnessing significant activity in real estate auction mainly in the Eastern region, where development plots sold in auction netted about SR3 billion ($800 million) during the last five months, up 20 per cent over last year, said an expert.
The Eastern Province and Riyadh are expected to unlock more lucrative prospects in the Saudi real estate market in 2013, given the rapid population growth and increasing number of businesses that are in continuous search of full-service projects to provide housing for their employees, remarked Omar Al-Kadi, the CEO and managing director of Injaz Development Company………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

For all the talk of an economic slowdown and sluggishness in consumer spending, housing prices continue to rise. Barring Kolkata, home prices have continued to rise in most big Indian cities in the past seven quarters.
Prices have increased although absorption of residential property declined by 16% in the first half of the year to March from the preceding fiscal and absorption of commercial real estate by 29% in the same period, according to Citigroup Inc. “This is attributed to the slowdown in economy, rising interest rates and affordability issues,” Citigroup economists said in their latest macro survey………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

The Reserve Bank has turned down banks’ demand for restructuring stressed real estate loans without providing for potential losses, a move that could mount pressure on builders to lower prices as banks push to recover loans.
The central bank believes that if banks are permitted to restructure the loans without providing for losses, they will lose the urge to insist on prompt payments from builders, who in turn would continue to hold onto prices even if sales are slack, two bankers familiar with the discussions said………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

A land parcel sold at a record high price for the year in Shanghai’s property market on Tuesday, signaling China’s warming property market. The land parcel, adjacent to the Shiliupu Dock area in downtown Huangpu District, was sold for 2.77 billion yuan ($445 million), which equates to 36,000 yuan per square meter.
In the same day, the Beijing Municipal Bureau of Land and Resources listed a residential land parcel in the Chaoyang district to be auctioned, setting the opening price at 2 billion yuan ($320 million) or 33,800 yuan per square meter of gross floor area, a new high for this year………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Property market buyers and sellers seen adopting wait-and-see attitude. A month after the Hong Kong government unveiled its toughest measures to curb skyrocketing home prices, the market is now at a stalemate as the transaction volume is stuck at an extremely low level while home prices are continuing to stay at record high levels, with both buyers and sellers adopting a wait-and-see attitude.
The stalemate is likely to stay for a few months, analysts believe………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Tackling the issue of rising property prices will take a while, but Prime Minister Lee Hsien Loong felt it can be done. In an interview with Bloomberg, Mr Lee was asked if he would be addressing the issue of home prices here in his annual New Year’s address to Singaporeans.
“We have had a property boom, almost a bubble,” Mr Lee replied. “It’s because liquidity is sloshing around worldwide and real interest rates are negative … That’s a difficult problem for us on the overall property market.”……………………………………….Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

The Philippines and Indonesia, emerging Southeast Asian economies, are showing resilience in the midst of weakening European economies. This is according to the most recent property report of Jones Lang La Salle (JLL).
With its 6.1% GDP growth rate for 1st quarter 2012, the Philippines — now with one of the fastest growing GDP rates in Asia — is also among the few in the region which has shown the most resilience. JLL’s 3rd quarter 2012 Asia Pacific Property Digest pointed out the resilience is evident despite falling demand in the West and China………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

The housing market may trend down in the near future in terms of transaction units and prices, as more people become familiar with the government’s real-estate transaction price disclosure system, an economist said yesterday.
The comment from Chang Chin-oh, a land economics professor at National Chengchi University, came after the Ministry of the Interior’s latest data showed 47,174 housing units changed hands in the July-to-September period, down 11.8 percent from the second quarter. On an annual basis, the figure represented a 0.8 percent increase in the third quarter, the data showed………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Tokyo property is not going to offer ‘explosive’ growth any time soon but the time is right for international investors to become reacquainted with a strong, stable market that has been largely forgotten, PropertyEU’s recent Japan Investment Briefing heard.
Professor Lawrence Longua, director of New York REIT Centre, said during his presentation that Tokyo, relative to US, European and other East Asian markets, has gone relatively unnoticed as a source of real estate investment opportunities since the economic crash at the end of the 1980s………………………………………..Full Article: Source

Posted on 29 November 2012 by Laxman |  Email |Print

Only a few years ago, buying a property in the UK was seen as a sure-fire way to make money. However, the property market is now seemingly stuck in a period of prolonged stagnation and buyers and developers are looking at other regions and countries to invest. It seems like a long time since the days of guaranteed returns and increasing values.
So where’s a good place to invest then? Virtually the entire Western world has seen house prices crumble since 2007 but Australia’s residential market has defied gravity……………………………………….Full Article: Source

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