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Real Estate Briefing 09.Jan 2013

Posted on 09 January 2013 by Laxman |  Email |Print

While the drop in Canadian house sales that began in the second half of 2012 is likely to continue, the market is headed for a soft landing rather than a crash, one of the country’s largest real estate agencies and a number of bank CEOs predicted Tuesday.
Their comments came as the latest data suggest that the steep drop in year-over-year home sales persisted through to the end of the year………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

The Canadians are coming. Pension funds north of the border have poured about $9 billion into U.S. commercial real estate in the past three years, after largely steering clear of owning hotels, office buildings and apartments in the U.S. before then.
While there are only a handful of big funds that are active abroad, they are having a disproportionate impact on the U.S. market by funding ambitious plans that domestic investors have been afraid to touch………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

The federal government spends about $450 billion a year on real estate, a sum that includes direct spending, loan guarantees and tax breaks like the mortgage-interest deduction, according to a report by Smart Growth America, an organization that pushes for so-called smart growth that centers around denser neighborhoods and public transit.
Smart Growth came up with the $450 billion estimate by tallying up the $2.23 trillion in federal real estate spending from 2007 to 2011 (that equates to $450 billion a year over five years)………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Sales of luxury homes spiked in the final months of 2012 as high-end homeowners rushed to take advantage of lower tax rates before January 1.
Many sellers wanted to cash in on their homes before a widely expected capital gains hike — to 20% from 15% — that was part of the fiscal cliff budget deal. High-income earners (singles with income of $200,000 or more and couples making more than $250,000) also wanted to close sales ahead of a 3.8% Medicare surtax on investment income that was already slated to go into effect this year as part of the Affordable Care Act………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Though one of the biggest sighs of relief for the housing market last year was a decrease in foreclosure activity across the country, not every city followed the trend. As online foreclosure marketplace RealtyTrac noted, some metros actually experienced an uptick in foreclosure starts and foreclosure completions for the year.
And that means one thing: Those cities can expect an influx of foreclosure home sales in 2013………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Real estate related searches on Google have grown 253% over the past four years, according to a joint study from the National Association of Realtors in the United States and Google.
NAR president Gary Thomas said that it shows that as home sales and prices continue to trend up more people are regaining confidence to invest in their future through home ownership………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

The United States dominates the list of places global commercial property investors would prefer to put their money this year, an annual survey shows. The results reflect a rapidly growing optimism about the world’s biggest economy.
For the first time since 2001, four of the top five cities investors said they favour were in the US, according to an annual survey that the Association of Foreign Investors in Real Estate (Afire)………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Eco homes, Generation Rent and homes that earn their keep. It’s time to find out what awaits the property sector this year. Strange but true. Around 43 per cent of homes in prime central London are valued at £1 million, an increase of 8 per cent on a year ago, according to the Marsh & Parsons London Prime Market Monitor.
Property wealth is, however, spreading out of the traditional Kensington and Chelsea zones, south and west to areas such as Balham, Clapham and Brook Green. “Properties no longer have to be palatial to be worth £1 million,” says Peter Rollings, chief executive of Marsh & Parsons………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Cushman & Wakefield has revealed there were around £13.57 billion worth of Central London commercial property transactions in 2012 - the highest figure since 2007. This is a 25 per cent increase on 2011’s total of £10.9 billion.
In Q4, overseas investors continued to flock to the capital and accounted for 70 per cent of City commercial property transactions. However, for the year in total, this figure is nearly at 80 per cent. Specifically, investors from Asia made up 45 per cent of transactions completed in the City in Q4 and 25 per cent of all City deals transacted for the year………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Ratings agency Fitch expects house prices in Ireland to decline by a further 20% from current levels. In its latest residential mortgage briefing Fitch outlines what it refers to as “substantial concerns” for the peripheral eurozone markets of Spain, Portugal, Greece, Ireland and Italy.
“Fitch anticipates depressed mortgage lending, continued declines in house prices and pressure on incomes and consumer confidence,” it said………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

A pivotal change in the Saudi real estate market is expected in 2013, according to a number of financiers and developers specialized in this field.
Al Eqtisadiah newspaper pointed out that this year will witness a boom in the real estate market, as housing projects with affordable prices for citizens with limited income will be implemented, stressing that growth in this sector will exceed 20 percent………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

After enjoying strong rises in average prices and rents over the past 12 months, the biggest threat facing Dubai’s residential real estate market in 2013 is overconfidence, which could result in unsustainable growth, according to a new report by Jones Lang Lasalle.
Its fourth-quarter report on the emirate’s property sector said the market recorded a positive year in 2012, with the villa market continuing to outperform the apartment sector. However, while optimism returned to the Dubai market over the second half of 2012, the recovery has been very selective and focused on only the best quality projects, locations and developers, JLL said………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Part of Bahrain’s real estate sector has halved in value as a result of the unrest, said a new study, adding that only a handful of investors have gone ahead with development projects since February 2011.
It will take years for the market to fully recover due to the absence of demand compared to supply, the report’s author and Manama Municipal Council vice-chairman Mohammed Mansoor was quoted as saying………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Housing sales have declined by 16 per cent to nearly 2.10 lakh units during 2012 in the top six cities as high property prices and costlier home loan affected demand, property consultant Knight Frank said in a report.
The new launches of homes, too, fell by 30 per cent with developers shying away from announcing fresh projects. Delhi- NCR, Mumbai, Pune, Bengaluru, Hyderabad and Chennai are the six cities tracked by the Knight Frank………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Beijing home prices are usually a crucial gauge for the property market in China. Fresh data released by the Beijing Real Estate Association shows that in 2012, Beijing’s property prices dropped slightly. Still, home prices located within the fourth ring road saw a major increase.
Looking at the big picture over the past year, the average newly built commodity housing price in Beijing was 20,700 yuan per square meter, about 3,300 U.S. dollars, dropping 7.6 percent from the previous year………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

The BBC’s Beijing bureau looks at the housing market in the Chinese capital - and how many residents’ dreams exceed their reach. It was a bargain China’s zealous real estate buyers couldn’t refuse: at the East Asia Impressions Lake compound in suburban Beijing, apartments were selling for just 13,000 yuan ($2,086; £1,282) per square metre.
Similar apartments located closer to Beijing’s central business district cost approximately 20,000 yuan per square metre, according to Savills, a global real estate broker. In comparison, an average flat near London’s financial centre costs 50,000 yuan, while in New York the figure rises to a whopping 68,000 yuan………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

Property analysts expect resale prices of public housing flats to remain high this year, after trending up by 2.5 per cent in the fourth quarter of 2012. But they said prices could start to weaken in 2014 to 2016 as over 8,000 units of resale flats could be available in the market.
G.Sharmene and her family are expecting to move into their new executive condominium (EC) unit at Austville Residences early next year. But they have already sold their public housing flat to cash in on the high property prices………………………………………..Full Article: Source

Posted on 09 January 2013 by Laxman |  Email |Print

The Australian housing market is expected to be among the more stable global markets in 2013 but house prices won’t rise, according to forecasts from credit rating agency Fitch. Fitch‘s most favourable house price outlooks are for Germany, Australia and the US, which is “finally expected to turn a corner in 2013″.
“Fitch expects stable house prices [in Australia] in 2013, although some areas may still continue to decline,” says the credit rating agency in its latest Residential Mortgage Briefing………………………………………..Full Article: Source

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