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Real Estate Briefing 21.Feb 2013

Posted on 21 February 2013 by Laxman |  Email |Print

Home prices slipped in January in Canada for the fifth consecutive month, a development not entirely unwelcome, the country’s central bank governor has said. The Teranet-National Bank House Price Index showed prices down 0.3 percent in an 11-city index, the Canadian Broadcasting Corp. reported Wednesday.
Prices fell in seven of the 11 cities tracked, with the exceptions being Victoria, Halifax, Quebec City and Ottawa. Bank of Canada Gov. Mark Carney in recent remarks said, “real wealth is build through innovation, and it’s gained through hard work. It’s not through some magical asset inflation.”…………………………………..Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Housing starts fell 8.5% in January after surging 15.7% the month before, the Commerce Department said Wednesday. The government’s report suggests home builders began work at a slower pace in 2013 than expected though the level was still the third highest since 2008. And new-home starts are likely to pick up in coming months. The number of houses built in 2012 was the most in four years.
The number disappointed analysts who had been expecting January to add on to several months of evidence the housing market rebound is gaining momentum……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Work began in January on the most U.S. single-family houses in over four years and permits for future projects climbed, setting the stage for construction to keep adding to economic growth in 2013.
Builders broke ground on 613,000 houses at an annualized rate last month, the most since July 2008 and up 0.8 percent from December, Commerce Department figures showed today in Washington. Total housing starts dropped to an 890,000 rate, lower than forecast and restrained by a slump in construction of multifamily units, which is often volatile……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Between the pent up demand and low inventory, this year is shaping up to favor sellers in the housing market—something not seen in about six years. Data from real estate website Zillow shows housing inventor y in the U.S. is down close to 18% from last year, which means competition for homes on the market is severe. Stories of bidding wars and all-cash offers are plentiful in some markets, and are forcing buyers to play offense.
“It varies by market, but in certain areas, like in the Bay Area or Orange County [in California], there is fierce competition for homes,” says Jani Strand, a spokeswoman for real estate company Redfin. “The majority of homes in areas like this are receiving multiple offers—and not just a handful—dozens in many cases.”…………………………………..Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

The industrial real estate market is making a comeback. Net demand for warehouse space was 40.8 million square feet in fourth quarter 2012, making it the second strongest quarter since record-keeping began in 1993 at Cassidy Turley, a commercial real estate company with offices around the US.
Industrial vacancies are tightening quickly, according to a report by Cassidy Turley. In the fourth quarter, vacancies declined by 20 basis points from the previous quarter to 8.9%. The national industrial vacancy rate was at its lowest point in three years in the fourth quarter of 2012……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Construction output fell by 1.7% in December in the Eurozone countries and by 2.7% across all 27 countries of the EU compared with November. The figures are first estimates released by Eurostat, the statistical office of the European Union. In November 2012, monthly production had decreased by 0.4% and 0.6% respectively.
Compared with December 2011, production in December 2012 dropped by 4.8% in the 17 countries of the Euro area and by 8.5% in the EU27. Compared with 2011, the average production index for 2012 decreased by 5.4% in the euro area and by 5.8% in the EU27……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Less than a third of current house sellers have knocked some cash off their asking price, in a further sign that confidence is returning to the market, a property website said. Some 31% of homes on the market have had the asking price cut, marking the lowest proportion recorded in two-and-a-half years and a sharp drop from 37% a year ago, Zoopla said.
The website suggested that sellers are becoming more likely to hold firm on their asking prices amid signs that the market is improving……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

2013 will be good year for the property market in the UK, following strong sales results from last year. This year could be a good one for the UK property market, as Chesterton Humberts revealed positive sales results in 2012.
The property consultants released its CHROME report, showing sales figures for property in the UK reached their highest level since 2007. It also revealed mortgage lending increased by £3 billion from 2011, which is partly the result of government initiatives to encourage banks to boost the amount they let customers borrow……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

A new report says the average cost of paying off a mortgage is now £120 a month cheaper than paying rent. But is it that simple? A combination of plummeting mortgage costs and soaring monthly rents has meant that buying a home is now on average £120 cheaper than renting across the UK – and the gap has widened in the last year.
According to Halifax, the monthly costs associated with buying a three-bedroom house are now 16% lower than renting one, and this has risen from 14% in 2011. Average mortgage costs are £621 a month, compared to typical monthly rent of £741, says the bank. Over a year this amounts to a healthy saving of £1,140 for homeowners……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

It is the banks which are the biggest player on the field in the capital intensive real estate industry. The Government Assessor’s report that the average price of a four-room apartment rose by 5% in 2012, coming on top of the Central Bureau of Statistics report that prices rose by 6.7% last year, once again demonstrates the helplessness of policy-makers.
The banks also pump out cheap mortgages for us, at least so long as the interest rate stays low, in order to feed the housing demand monster. The banks also increase, limit, delay, and invent fees of various kinds for developers and contractors in order to control the supply and control of land purchases for new homes……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

According to the latest research by CBRE, in the fourth quarter of 2012 the volume of investment in Russian commercial real estate amounted to US $1.73 billion (approx. €1.28 billion).
In 2012, the office sector was the most popular, with investment volumes totaling US $2.6 billion (approx. €1.9 billion), accounting for 52% of the total volume of registered investment. In absolute volumes, investment in the office sector is at an all-time high……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

The serviced office market in the Middle East has been volatile in the last two years, with the number of open centres in Dubai falling by almost 30%, but growing by 72% in Abu Dhabi. These are the findings of Instant, the flexible office specialist, which says in its latest research report “Emerging Markets Serviced Office Review 2013″ that the serviced office sector of the property industry- led by the likes of Regus- is set to boom in emerging markets over the next five years, with the number of office centres forecast to double to over 1,500.
Volatility in the Middle East’s serviced office market has also been reflected in rates for individual workstations or desks. In Dubai rents for a desk fell from a high of $1,675 per month in 2008 to $900 per month in 2011. Workstation rates in Dubai currently stand at $955 and at $1,075 in Abu Dhabi. (Press Release)

Posted on 21 February 2013 by Laxman |  Email |Print

Chinese Premier Wen Jiabao called on local authorities to “decisively” curb real estate speculation and take steps to rein in the property market after data showed prices surged the most in two years last month.
Cities that have had “excessively fast” price gains should promptly impose home-purchase restrictions if they’ve not done so already, China said in a statement released yesterday after a State Council meeting headed by Wen. Provincial capitals and municipalities reporting directly to the central government should also publish annual price control targets to keep new- home costs “basically stable,” according to the statement……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

The central government has issued a fresh warning that it will roll out a property tax trial across the nation to rein in any sharp rises in home prices. In the latest sign that it remains determined to keep the lid on prices, the State Council announced yesterday after a meeting chaired by outgoing Premier Wen Jiabao that it would stick with austerity measures to ensure healthy growth of the housing sector. The warning comes in the wake of recent price rises.
Among the measures the cabinet warned it would take was the expansion of a property tax, presently implemented only in Shanghai and Chongqing on a pilot basis, to other cities……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Standard & Poor’s raised its outlook for China’s housing sector from negative to stable, with the rating agency highlighting strong sales momentum and stable financing for developers.
The upgrade, coming less than two years after S&P cut the country’s property developers to a negative outlook, is the latest sign of a turnround in China’s real estate market that began last year……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Just three months after Hong Kong rolled out a tough new round of property cooling measures, home prices have again climbed to record highs with demand unusually strong for new flats over the normally quiet Lunar New Year holiday break.
Hong Kong officials have stressed repeatedly that reining in the city’s property market, now one of the world’s most expensive, is a policy priority to restore affordability and to mitigate a major threat to the economy of the affluent Asian financial hub……………………………………Full Article: Source

Posted on 21 February 2013 by Laxman |  Email |Print

Malaysia is set to take in a deluge of foreign investors avoiding the very high taxes in Singapore and Hong Kong. Property analysts in Kuala Lumpur are optimistic that the southeast Asian country will be the new hot spot for foreign property investors due to the newly imposed higher levies on properties in HK and Singapore.
Singaporeans, in particular, have preferred residential areas in Kuala Lumpur, Kota Kinabalu, Iskandar-Malaysia and Penang as viable alternatives for property holdings next to their city, Malaysiainsider.com reports……………………………………Full Article: Source

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