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Real Estate Briefing 16.Jan 2013

Posted on 16 January 2013 by Laxman |  Email |Print

So far it’s looking like a soft landing for Canada’s housing market, analysts, economists and realtors generally agree, despite the fact home sales were down 17.4 per cent in December over a year earlier, according to figures released Tuesday by the Canadian Real Estate Association.
With prices up an average 1.6 per cent across Canada in December year over year — six per cent in Toronto — housing experts are looking to the spring market, the busiest time of year for home sales, as the best barometer of where the housing market is ultimately headed. So far it is “defying gravity and logic,” says Queen’s University real estate expert John Andrew……………………………………….Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Calgary was the only major Canadian market to see a year-over-year rise in MLS residential sales in December as the national market plunged and the city finished 2012 with the best annual sales growth in the country, according to the Canadian Real Estate Association.
In releasing a report Tuesday, the association’s data indicated Calgary MLS sales in December of 1,343 were up 7.2 per cent from December 2011 while Canada saw a decline of 17.4 per cent to 20,538 sales………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

One of the enduring mysteries of the financial crisis was how Canada managed to avoid it. There have been various arguments about the structure of its banking system, but I didn’t find many of them convincing; they all seemed to basically be lists of ways that the Canadian banking system differs from America’s.
And it does differ, in significant ways, but the analysis was far too US centric. Many of the features cited as its crisis prevention are shared by systems in other countries that did have housing bubbles and banking crisis crises. It’s not as if Canada had discovered some amazing new way of regulating banks; its methods were at best different in degree, not in kind………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

U.S. housing markets are in a recovery. But the rebound from the depth is modest, and how long the housing recovery will last is anybody’s guess. Evidence of an upswing is so plentiful that Rick Sharga, executive vice president of Carrington Mortgage Holdings, a real estate company in Aliso Viejo, Calif., says “virtually every metric” points to a housing recovery.
Specific numbers vary, as always, from one month and one locale to the next, yet it’s clear that, on a national basis, sales of both brand-new and existing homes are up, prices are up, residential building permits are up, and sales of bank-owned foreclosure properties are down………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

The U.S. housing market is becoming a main topic again in the mainstream media these days. I keep reading about how rising home prices will now get the U.S. economy going again. The National Association of Realtors (NAR) expects average existing home prices in 2013 to be around $185,800, with an increase to $193,600 by the end of 2014. (Source: National Association of Realtors, January 2013.)
But what’s fuelling the soft rebound in the U.S. housing market and home prices is something that’s never happened in our history. It’s not individuals buying houses who are moving prices and demand higher; it’s institutions. Yes, big institutional investors are buying houses—and in a big way!……………………………………….Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

The housing market is rebounding faster than anyone thought possible, according to Blackstone Group LP (BX)’s global head of real estate Jonathan Gray, as the Federal Reserve buys mortgage bonds to keep rates near record lows and investors sop up a diminishing supply of properties for sale.
Housing construction could boost U.S. gross domestic product by 0.4 percentage point and home price appreciation may add another 0.2 percentage point, Bank of America Corp. (BAC)’s senior economist Michelle Meyer forecasts………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

A recent poll conducted by Costa Rica real estate firm CRREC shows that 2013 could be an above-average year for sales of both commercial and residential properties.
After a successful close in 2012, this year appears to be off to a great start with Costa Rica homes for sale within the price points $200,000-$450,000, drawing attention to real estate websites throughout the country, the study states………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

A more stable economy–complete with the historically low interest rates that prove it–will help make mortgage lending the Brazilian credit market leader again in 2013. The total volume of mortgage lending will likely surpass all other credit categories this year for the first time in more than a decade, according to a study this week by consumer credit rating bureau Serasa Experian.
As of November, the last month for which official figures are available, total mortgage lending reached 270 billion Brazilian reais ($133 billion), slightly behind the BRL281 billion total for the first-placed lending category, which was individual consumer loans………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

An index of U.K. house prices rose to the highest in 2 1/2 years last month as measures to boost credit lifted optimism at real-estate agents about the outlook, the Royal Institution of Chartered Surveyors said.
The price gauge advanced to zero from minus 9 in November, London-based RICS said in an e-mailed report today, citing a monthly poll of property surveyors. Its the first time since June 2010 that the measure hasn’t been below zero. A gauge of sales expectations for the next three months also rose………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

The UK housing market is showing signs it may be “over the very worst” of its current slump, according to a monthly survey of chartered surveyors. A balance of 24pc more surveyors predicted that the number of house sales will increase over the next three months, compared to those expecting transactions to fall.
The pick-up sentiment in the survey by trade body RICS came after a “notable” increase in buyer interest in recent months, with signs that this is translating into a higher sales rate………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

In the wake of a struggling real estate market and a recession hit economy, financial institutions and banks of U.K. have been trying to come up with generous schemes and lending formats that could risk a sudden upsurge in the housing market of the country. To control the boom, British Parliament has given regulating powers to the Financial Policy Committee (FPC) of The Bank of England.
In a recent “Credit Conditions Survey” conducted by the bank, it was found that new lending methods helped increase the influx of money into real estate markets and the trend would continue in the coming year, reports the BBC………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

The ONS says house prices in London and the South-East are still rising while the influential RICS study suggests the market may be “over the very worst”. House prices continued to rise in 2012, official figures showed today, driven largely by demand for property in London and the South-East of England.
Despite a return to recession for the economy last year, UK house prices increased by 2.1pc to £232,000 in the year to November, up from 1.5pc in October………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

German residential portfolio transaction volumes hit €10.45 bn in 2012, the highest level since 2007, according to Savills. The 2012 volume marked a 46% year-on-year increase.
Savills said that 2012 was characterised by large transactions of above 10,000 units - a trend that was last at the forefront of the market in 2008………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

According to a survey carried out by the business advisor Ernst & Young, about 90% of the interviewees think that Austria´s real estate market is attractive. The attractiveness of Austria´s real estate sector is increasing. In 2012, 65% of the respondents said that Austria would be a recommendable investment location. Now, 90% of the respondents were of this opining.
This year, the turnover in the Austrian property market is expected to grow again. Also the property prices for commercial, office and residential properties will increase again, Ernst & Young says. This is mainly due to the fear of an increase in inflation and the debt crisis in the Eurozone………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Danish house prices rose in December for the first time in seven months and the number of homes for sale dropped as the nation’s property market shows signs of recovering. The Home House Price Index rose 1.9 percent last month from November, the real estate brokerage of Danske Bank A/S, said.
The figures are adjusted for seasonal swings and based on a three-month rolling average. Prices slipped 1.9 percent from a year earlier, it said. The number of homes for sale dropped 2.6 percent last month and sank 12 percent from a year earlier, according to a separate release published by the Association Danish Mortgage Banks………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

The average asking sales prices for residential property in Bulgaria continued to fall, though slightly, in 2012, data of realtors shows. Even though prime neighborhoods had a negligible, average decrease of below 5% in an year-on-year comparison, 2012 was the fourth year in a row when residential property prices in Bulgaria edged down, according to a report of imot.bg.
The average asking sales prices in prime neighborhoods such as the Doctor’s Garden marked an average decrease of around 15%, but this is an exception, experts say. Most Sofia districts saw a decrease in the average asking prices of 4-6% year-on-year, Novinite reports………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

In 2012 the Kazakhstan real estate market showed differently directed pace and grew by 5%. Just like in the pre-crisis period, such large cities with high level of employment of the population as Astana, Almaty and Atyrau were among the leaders in the number of deals.
Specialists of the Kazakhstan Real Estate Federation noted that the highest buying activity was observed in Astana, while in Almaty the market experienced fluctuations………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Saudi Arabia will build more than 12,400 homes once the Real Estate Development Fund has sanctions new loans worth SR5bn ($1.3bn), Arab News reported.
The housing units will be constructed in different parts of the kingdom, the Jeddah based newspaper reported, citing Muhammad al-Abdani, director general of the fund………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Buying a property is a resolution for many Indians this year. People are seeking property not only for accommodation purpose but also as an investment option. Despite sluggish economic condition, investing in property has never lost its sheen.
According to a recent report released by global real estate consultancy Knight Frank, Mumbai, Delhi-NCR, Pune, Chennai and Bangalore have emerged as the top five cities in India for investment in residential segment………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Since 2009, average disposable income in China’s cities has risen around 43%, but house prices only 11% according to official data. An average-priced apartment purchased outright would now cost around 16 years of average income, still high by international comparisons but down from a high of 21 years in 2007.
That raises hopes that millions of young professionals will be able to get a hand on the first rung of the housing ladder, buoying demand………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

New house sales have surged in major Chinese cities in recent weeks, as consumers expect prices to rise further in future, according to new industry figures. The number of newly-built housing units sold in 54 major Chinese cities soared 103 percent year on year in the first 13 days of 2013, reaching 104,800 units, figures from the Hong Kong-based real estate agency Centaline Group showed.
During the first two weeks of the year, more than 90 percent of 40 major cities monitored by the China Index Academy posted larger housing transaction volumes than a year earlier………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

China’s land price inflation for residential homes is expected to quicken this year after picking up in the fourth quarter, the Ministry of Land and Resources said on Tuesday, amid growing expectations that the property market is rebounding.
The average price of land for residential homes rose 1.2 percent to 4,620 yuan ($740) per square meter in 105 cities between October and December compared to the third quarter, the ministry said. Prices had risen 0.9 percent in the third quarter………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Singapore and Hong Kong now have identical 15 percent levies to slow the foreign money that has added fuel to their overheated property markets - measures that will help first-time buyers but throw the spotlight on investors’ next targets.
The curbs on residential real estate purchases could shift demand to retail and industrial spaces, diverting billions of dollars to those sectors as well as to housing markets in the United States, Canada, Australia and Malaysia………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Singapore has become the latest government in Asia to take steps to cool an over-heated property market. New rules introduced last week, including higher purchase taxes, have led to a sharp fall in the share prices of property firms.
But with significant immigration, and limited land for development, will property prices really fall any time soon?……………………………………….Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Capital city home values have increased at an average annual rate of just 1.9% over the past five years, which is significantly lower than the previous two five-year periods, according to RP Data’s Cameron Kusher.
It reflects changing consumer attitudes towards debt following the global financial crisis. Looking at three five-year periods, the research by the senior research analyst at RP Data indicated the strongest growth period as 1997 to 2002 when the annual growth was 12%………………………………………..Full Article: Source

Posted on 16 January 2013 by Laxman |  Email |Print

Timaru’s housing market continues to enjoy strong growth, with the median house price increasing by $12,500 last month. Latest statistics from the Real Estate Institute of New Zealand show the median house price for Timaru last December rose from November’s $238,000 to $250,500. That puts it just above December 2011’s median price of $250,000.
There were 48 recorded residential house sales in the Timaru market for December 2012, compared to 65 in November. Houses are selling a lot quicker, taking a median of only 27 days in December 2012, compared to 65 in December 2011………………………………………..Full Article: Source

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