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Real Estate Briefing 01.Feb 2013

Posted on 01 February 2013 by Laxman |  Email |Print

According to RealtyTrac’s 2012 Year-End Metropolitan Foreclosure Market Report, foreclosure activity increased from 2011 in 120 (57 percent) out of the nation’s 212 metropolitan statistical areas with a population of 200,000 or more. Foreclosure activity during the year decreased from 2010 — when foreclosures peaked in most markets — in 181 out of the 212 markets tracked in the report (85 percent).
Foreclosure activity in 2012 decreased from 2011 in 12 out of the nation’s 20 largest metro areas, led by Phoenix (down 37 percent), San Francisco (down 30 percent), Detroit (down 26 percent), Los Angeles (down 24 percent), and San Diego (down 24 percent)………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

In 2005, a mania for residential real estate reached such a fever pitch that a series of cable television shows became entirely devoted to house “flipping.” Flipping involves buying a worse-for-wear house, making the minimum repairs necessary, then turning right around and selling it - ideally for a fast and handsome profit.
Two years before the housing bust became painfully obvious to U.S. homeowners, EWI’s publications warned subscribers that the housing market had reached extremes and was about to bust………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

New York City’s housing market is poised to lag behind other markets for the next two years even as a national recovery in real estate continues.
That’s the assessment of Capital Economics Ltd. Property Economist Paul Diggle and assistant Michael Pearce, who in a Jan. 28 report said “conditions look less amenable to rising prices in New York City, particularly in Manhattan and Brooklyn.” By contrast, average U.S. prices may gain 5 percent a year, they said………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

With the real estate market gaining solid footing across the country and interest rates holding near record lows, many consumers are taking the leap into home ownership.
In recent years, homes have been selling for less than the true value or replacement construction costs, according to Walter Molony, spokesperson for the National Association of Realtors. “Even though prices are up, they’re still below their peak.” But real estate is very local—some markets are experiencing price drops while bidding wars break out in other areas of the country. ……………………………………….Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Brazil on Thursday exempted foreign investors from paying a financial transaction tax on purchases of real estate investment trusts traded on the country’s stock exchange, hoping to spur investments and support an economic recovery.
For the last year the government of President Dilma Rousseff has aimed to develop funding alternatives for local builders, many of which are overly dependent on loans from state development bank BNDES, the main source of long-term corporate financing in Brazil………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

In Nov. 2008, just as the subprime-mortgage bust in the U.S. was driving the world financial system into meltdown, European Union finance ministers had an idea: Let’s add real-estate prices to the list of indicators we use to assess the economic situation in the euro zone.
Four years and two months later, Eurostat, the EU’s statistics agency, finally released its first EU-wide house-price index on Thursday. The headline result was somewhat underwhelming. Residential-property prices in the euro zone were down 2.5% in the third quarter compared with a year earlier. ……………………………………….Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Residential property prices in Ireland have tumbled by 50 percent since their peak in late 2007, while Spain’s real estate values have fallen by almost a third, the EU’s statistics office Eurostat said on Thursday.
The data, which has been released by Eurostat for the first time, shows the extent of the property crash that followed the global financial crisis from 2008 and propelled the euro zone into its own debt crisis that nearly broke up the currency area………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

A lack of first-time house buyers in the UK is a “cause for concern”, the Nationwide Building Society has said. Its comments came as it said house prices in January were unchanged from a year earlier, although they had risen by 0.5% compared with the month before.
It said that there were 20,000 first-time buyers a month now compared with 32,000 before the financial crisis. Housing charity Shelter said that rising rents were preventing people from saving to buy their own property………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

UK commercial property total returns fell to 2.7% in 2012 (7.8% in 2011), dragged down by falling capital values across the regions. Values fell by 3.1% for the year, while income returns held up at 6%, according to the IPD UK Quarterly Property Index. Negative valuer sentiment drove the fall in values, as UK property underwent its most challenging year since the downturn and the economy slipped briefly back into recession.
Steady income returns will bring some relief to investors, who have maintained cash flows despite muted occupier demand (rents remained flat for the year). Income continues to make property an attractive investment medium for investors, amidst the volatility of equities and low yields off gilts………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

A growing proportion of homeowners in the prime areas of London are cashing in on capital gains to trade up or down, according to Marsh & Parsons’ latest figures.
Home buyers upsizing in the prime areas of London accounted for nearly one-fifth of all moves in the last three months of 2012, says the estate agent, making it the highest level since the beginning of 2011 and 17 per cent higher than a year ago. Those trading up are taking advantage of capital gains – 11.2 per cent in the last year alone – and a favourable mortgage market for those with equity………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Property investors who bought in the Dutch market have been hit with prices that have dropped for five straight years – and the decrease is accelerating, according to figures. Average house prices fell by 11.4% in real terms last year to make it the biggest drop in values for five years.
The figure comes from the Dutch Association of Real Estate Agents (NVM) which adds that the future is bleak for investors and warns that property prices will inevitably fall again in 2013………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Before the economic crisis brought Greece to its knees, investing in real estate was always seen as the safest bet. Now, instead, the situation has been turned on its head and buying property has become unprofitable.
According to several local economic analysts, the first reason concerns the government’s chronic inability to fight tax evasion. As many of them point out, over the past few years every failed attempt by the government to crack down on tax evaders invariably led to an increase in real estate taxes. ……………………………………….Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

New completions in Q4 reached 124,000 m², which is a 40% y-o-y drop for new supply. Demand remains strong, with vacancy rates falling to 0.65%, the lowest they have been for the last five years, reported Jones Lang LaSalle experts.
With robust demand continuing, the majority of new supply reaching the market is fully leased or sold prior to the end of construction. Total new supply for 2012 in Moscow Region, measured slightly more than 592,000 m². Availability remains largely unaffected……………………………………….Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Last year ended on something of a high note in respect of the Dubai real estate market, with the rents and prices in select locations resulting in a return of confidence and a rash of major new project launches. As we look to 2013, we are cautiously optimistic, expecting the Dubai market to experience a broader based recovery but certainly not a boom.
The Abu Dhabi market remains 18 to 24 months behind Dubai in its real estate cycle, with most sectors continuing to move in favour of the tenant or occupier. While the government has introduced steps to control development and promote demand, these are not expected to result in any recovery in prices or rentals until 2014 at the earliest………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Divergent views are emerging over whether there is a bubble building in the Chinese property sector, which has produced a string of aggressive high-yield issues this year, the most recent of which was Greentown China’s conveniently successful US$400m bond this week.
The recent hot flow of money into Chinese high-yield property bonds, much of it from private banks unable to earn a decent return elsewhere, had the look and feel of a sector overheating, and many have indeed traded down in secondary………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Some 11,156 homes were sold in the capital from the beginning of the year to January 28, a 570 percent increase compared to the same period in 2012, a property agency says.
Nearly 400 units were sold on average every day from January 22 to 28, HomeLink said, despite the fact that the beginning of the year was usually slow. The average housing price was 23,259 yuan per square meter on January 28………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

The Philippines is experiencing a boom in the real estate market. The growth movers of the industry are funds sent home by Overseas Filipino Workers (OFWs) and the robust Business Process Outsourcing (BPO) industry. The real estate sector registered growth of 18.8 percent in the third quarter of 2012, making it the country’s fastest-growing industry.
BPO companies are fueling the demand for office space, said United States of America global property manager CBRE Global Corporate Services, noting that 80% of transactions in 2012 were made by BPOs. The trend is expected to continue in 2013 with the continued growth of offshore outsourcing and the call center industry………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

Home prices in Australia’s major cities rebounded in January, according to industry data, a sign lower mortgage rates are finally gaining some traction in the economy.
Figures from property consultant RP Data-Rismark showed dwelling prices climbed 1.2 percent in January, from December. The increase turned annual growth in prices positive, with a gain of 1.8 percent compared to January 2012………………………………………..Full Article: Source

Posted on 01 February 2013 by Laxman |  Email |Print

The New Zealand property market remained tight in January as new listings maintained their traditionally low levels for summer, while asking prices rebounded to near record levels on the back of continued seller confidence and no ease in buyer demand.
Data released in the NZ Property Report – a monthly report of housing market activity compiled by Realestate.co.nz – showed 8,849 new listings arrived on the market in January – a lift of 4% on levels recorded in both the previous month and at the same time last year. Paul McKenzie, Marketing Manager for Realestate.co.nz, says that while January’s numbers of new listings always tend to be low in comparison to the rest of the year, buyer interest in property for sale has never been higher. (Press Release)

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