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Real Estate Briefing 06.Dec 2012

Posted on 06 December 2012 by Laxman |  Email |Print

Just as the weather gets colder, parts of the Canadian housing market are also seeing a chill. Home sales in Toronto, Canada’s biggest city, were down a sharp 16% in November from the same month last year, according to the Toronto Real Estate Board, a trade association.
After hitting a 2012 peak of 10,546 units sold in May, Toronto home sales have steadily declined, totaling 5,793 units last month………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Current rock-bottom mortgage interest rates make it a buyer’s market in most of the country, but there’s more good news for homebuyers: their money will also go further. Buyers can get a four-bedroom house in many parts of the U.S. and it won’t cost them more than $200,000, according to a new home prices survey by real estate firm Coldwell Banker.
“In 35% of all the markets in this survey the average price for a four-bedroom home is under $200,000,” says Budge Huskey, president and chief executive of Coldwell Banker. “When you look at interest rates where they are today: with a $200,000 home purchase you are looking at a monthly mortgage of around $1,000.”……………………………………….Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Many residential real estate markets finally seem to be getting better. In fact, some are getting a lot better. That means there are more people with hugely appreciated homes. If you fit into this category, please don’t sell without considering the heavy tax hit that would result.
Selling a Hugely Appreciated Home: The Basics: If you sell a hugely appreciated principal residence, your profit will likely exceed the federal home sale gain exclusion. That means part of the profit will be taxed as capital gain (unless you have offsetting capital losses). The maximum exclusion is $500,000 for married couples; $250,000 for singles………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Just about everybody agrees that the housing market is finally recovering — but don’t expect big price gains. Nearly two-thirds of the nation’s housing markets will see price declines for the year through next June, according to analytics firm Fiserv. Overall, the gains will be just 0.3%.
One big factor that could weigh on prices: The fiscal cliff. If Congress can’t agree on a deal to halt a series of tax increases and spending cuts, a recession is likely, and that would hit the housing recovery hard………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

While the autumn statement seemed to offer little to boost flat mortgage market, results of Bank scheme are yet to be seen.So, where was residential property in the Autumn Statement? On the face of it, nowhere.
No mansion tax - this was largely leaked prior to the statement - and no increase in stamp duty land tax were welcomed by those owning or planning to purchase higher-value properties, while there was just a fleeting mention of the £70bn funding for lending scheme and the plan to build 120,000 new homes………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Property prices in France have fallen by an average of 1.3% in the last year with sales also falling and fewer new homes being built, according to the country’s leading estate agent association.
The latest figures from government also show that the number of new build property sales in France fell nearly 25% in the third quarter of 2012, there was also a fall of 21% in the number of house building starts and a 6.9% fall in building permits for the same quarter. Industry association, the Fédération des Promoteurs Immobiliers, said that its members report a 30% fall in the number of new build sales………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Sweden’s biggest mortgage lender is deliberately losing market share in an effort to protect itself from impairments amid record household indebtedness.
Sweden’s housing market probably faces “some sort of adjustment,” Michael Wolf, Swedbank AB (SWEDA) chief executive officer, said in an interview at the bank’s headquarters in Stockholm yesterday. “You are seeing it gradually as we speak. I am not concerned about a house bubble — I am more concerned about the debt level.”……………………………………….Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Spanish property prices won’t be increasing in the near term. Gerald Beck, managing director of Raiffeisen, told Property Investor Europe that across the continent a real estate recovery will not occur during 2012/2013, as was originally envisaged.
“We think that the market recovery will not come as quickly as we all had hoped,” he said. “As things stand now, we will not see it happen next year.”……………………………………….Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

In parts of Somalia’s capital, rubble-strewn lots that once served as sniper positions have been rebuilt into well-maintained homes, hotels and shopping plazas.
Housing prices have doubled, or even gone up tenfold. More than a year of relative peace in Mogadishu has led to a property boom, but one that comes at a bitter price for the poor and those who were victimized by two decades of war and anarchy in this Horn of Africa nation………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

The average price index of the Saudi real estate market has held steady according to a recent study by Injaz. However, the sector is expected to achieve a sustained increase in demand and supply within the next several months in light of the newly approved Saudi Mortgage Law.
The projected rise in real estate prices may be attributed to the Kingdom’s strategic location, nature of land and quality of planning, as demand for integrated urban projects continues to help generate new investment opportunities. ……………………………………….Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

The strong appreciation in real estate sales prices seen this year in selected areas of Dubai is likely to decelerate by mid-2013 on the back of new offerings in the primary market, says EFG Hermes.
Emaar Properties’ participation in the Mohammad Bin Rashid City project is positive for the market sentiment alone. “However, we think that the success of this venture will be strictly dependent on the availability and cost of financing, which currently remains scarce.”……………………………………….Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Seeking to cement its position as a Middle East center for transport and tourism, Dubai has unveiled several grandiose construction projects that bear some of the hallmarks of the debt-laden boom years that nearly brought the emirate to its knees.
Last month, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum ordered the construction of a new city development named after himself, a project that could cost $10 billion, according to some estimates. It envisages 100 hotels, the world’s largest shopping mall, parks, art galleries and exhibition centers. Soon after, he announced plans for a $2.7 billion leisure complex of five theme parks………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Forget the red-hot property market of mainland China — a new forecast says investors should be looking south. Jakarta — Indonesia’s burgeoning capital of nearly 10 million people — is predicted to be Asia’s top real estate market in 2013, ahead of cities such as Hong Kong, Singapore and Sydney in “Emerging Trends in Real Estate — Asia Pacific 2013,” a real estate forecast released this week by PriceWaterhouseCoopers and the Washington D.C.-based Urban Land Institute.
The recommendation to buy into Jakarta-based property may raise eyebrows, but PriceWatershouseCoopers says Indonesia’s economic turnaround over the past few years has impressed international investors………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Asian commercial property prices will be supported by increased demand from the region’s investment funds as they look to boost their exposure to the sector, real estate firm LaSalle Investment Management said.
The firm said Asian institutions are under-allocated compared with their European and North American peers which invest around 5 to 10 percent of their portfolios to real estate………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

South-east Asian cities will lead real-estate investment opportunities next year, even as the entire Asia-Pacific region is expected to see steady economic growth and increasing property values.
Such cities dominated three out of the top five spots in a survey on investment and development prospects of 22 cities in the Asia-Pacific next year. The findings were released by the Urban Land Institute and PricewaterhouseCoopers (PwC)………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Blackstone Group LP is starting a new real estate fund focused on Asia as it seizes on a “golden moment” to buy and sell in the property market, its president said on Wednesday.
Blackstone, founded by Stephen Schwarzman and Peter Peterson in 1985, is still best-known for its private equity business, yet is now the world’s largest private real estate firm with $53.5 billion of property assets under management………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Mortgage major HDF today said a correction is unlikely in the runaway property prices in the metropolis, where the demand continues to be robust.
“I can’t see any big drop in prices. The inherent demand for real estate in Mumbai is always going to remain strong,” HDFC Vice-Chairman and Chief Executive Keki Mistry said……………………………………….Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

Several big Chinese property developers have reported stronger sales for November, in a fresh sign that the sector is on the mend even as Beijing vows to keep a firm grip on the market. Analysts said that demand remains fairly strong and many developers are scrapping or cutting back on special discounts rolled out when the housing market was struggling late last year.
China’s housing prices have remained largely unchanged since the beginning of the year, though the sales have been creeping up since June, aided by government policies that favor first-time home buyers and improve access to funding for developers………………………………………..Full Article: Source

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Posted on 06 December 2012 by Laxman |  Email |Print

The Reserve Bank is keeping a watchful eye on the country’s property market, which has started heating up as low mortgage rates and easier lending criteria encourage first-home buyers.
RBNZ governor Graeme Wheeler, who held the official cash rate at 2.5% today, says the housing market, particularly Auckland, is starting to strengthen with cheaper bank funding costs leading to increased competition and lower mortgage rates………………………………………..Full Article: Source

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