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Real Estate Briefing 05.Mar 2013

Posted on 05 March 2013 by Laxman |  Email |Print

American-based agency Fitch says house prices are overvalued by approximately 20 per cent in real terms across Canada, with regional variations. But in releasing its ratings on Monday, it said Alberta’s market is overvalued by 15 per cent.
“Because of the effects of inflation and price momentum, it is not expected that prices would drop by this amount,” said the Fitch report. “If growth halted and prices began to drop, it would be expected to take several years for home prices to revert to their sustainable values, depending on a number of factors such as government support and credit availability. With this time frame, the actual observed decline in prices could be as low as 10 per cent.”……………………………………….Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

The sucker’s bet on housing is to pounce on that five-year, 2.99-per-cent mortgage deal offered so controversially by Bank of Montreal. Oh, it’s a great rate. There’s next to no chance over the next five years that you’ll kick yourself for having chosen to lock in such a historically low cost of borrowing.
But the low-rate argument for getting into the housing market for the first time just isn’t compelling enough to jump in right now………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

The U.S. housing market has been in stabilization mode for only the past year or so following an eight-year run-up to the peak of the housing bubble in 2006 followed by what most homeowners who bought in that period know: a bursting of a massive speculative bubble that sent the nation into recession and millions of homebuyers into foreclosure.
But, according to a recent analysis of more than 380 U.S. housing markets, home prices have in recent months begun to resemble “something recognizable as normal,” David Stiff, chief economist of Fiserv, Inc., a global provider of financial services technology, said………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

National home prices are expected to climb 0.6 percent in the next year, according to the latest home price report by Fiserv Case-Shiller. But over the next five years, home prices are expected to rise 3.3 percent. We drew on Fiserv Case-Shiller’s latest data to identify the best housing markets for the next five years.
The top 15 cities are ranked by the projected annualized change in home prices between the third quarter of 2012 and the third quarter of 2017. We also included the median home price, median household income, unemployment rate, and the change in home prices since their peak to offer a broader view of the local economy and housing market………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

A new stamp duty enacted last year on London luxury homes caused a 15 percent drop in sales, Knight Frank reports in a study. But the tax has done little to stem increases in the prices for homes in prime central London, which rose 8.4 percent in the last year. London luxury home prices are now 55 percent higher than in March 2009, the market low, the consultancy says.
The government imposed the seven percent stamp duty on properties priced over £2 million last March, hoping to raise revenue from skyrocketing interest in London’s most luxurious homes. In the next few months, sales dropped 25 to 35 percent, Knight Frank says………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

Scotland’s housing market remains “muted”, with only a slight rise in prices over the last year, according to a report from Lloyds TSB Scotland. The average price of a property rose by 0.2% to £151,320 during 2012.
But the number of sales fell towards the end of the year because of a small number of festive-period sales. The TSB’s Donald MacRae said: “The Scottish housing market had adjusted to the recession with a halving of sales and a period of price volatility.”……………………………………….Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

The level of investments in real estate projects in Saudi Arabia has been valued at around $533bn (SR: 2tn), according to the chairman of Taifah Al-Aqar. Khaled Al-Ghamdi said that housing is one of the major problems facing the Kingdom, with the city of Jeddah alone requiring one million new units by 2020 as the population rises, according to Arab News.
“The Kingdom’s housing need in 2020 is estimated at 4.5m units at an estimated cost of SR: 117bn ($31.2bn) annually,” said Al-Ghamdi………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

India faces shortage of fresh supply of houses, the Technical Group on the Estimation of Housing Shortage, projects the total shortage of dwelling units in urban areas in 2012 to be 18.78 million, said a report by Knight Frank Research.
The estimated slum population in India is 94.98 million in 2012. As against this, the number of dwelling units sanctioned under JNNURM during a seven-year mission period was 1.6 million. The report further said, by 2031, about 600 million Indians will reside in urban areas, an increase of over 200 million in just 20 years. This change in the socio-economic landscape will have a bearing on several things, housing being the foremost………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

China’s real-estate developers have been served an eviction notice. A new round of tightening measures, announced by the State Council on Friday, threatens stricter controls on who can buy a home and a 20% capital-gains tax on property transactions. Stocks have taken a pounding, with sector heavyweight China Overseas Land & Investment plunging 7.1% on the Hong Kong market Monday.
The new measures have teeth. Home sellers face a steep tax increase. In many cities, restrictions on who can buy a home will be expanded from downtowns to city limits. Banks may raise the down payment and mortgage rates for second-home purchases. Cities will be responsible for keeping house prices stable, which will make it difficult for developers to bring high-end projects to market………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

Chinese shares fell the most in two years on Monday as the Shanghai stock exchange’s property index tumbled 9.25 percent. Late on Friday, China’s State Council had announced a new set of policies designed to cool down the housing market.
Economic data released in the last few days has called into question the strength of China’s recovery. It may be that Beijing is so confident in the health of the economy that it can afford to squeeze the real estate sector harder………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

Newly-issued property curbs to reduce housing speculation and cool the overheated property market have stirred fierce discussion online. As of Monday, Sina Weibo users had posted more than 1.5 million comments to voice their recognition of, or concerns about, the policy that features a much higher tax on used home transactions.
On March 1, the central government announced an array of measures comprised of higher transaction duties, increased down payments and mortgage interest rates, and strict purchase qualifications to further tighten its grip on the real estate sector………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

The latest release of the University of Hong Kong’s Hong Kong Residential Real Estate Series (HKU-REIS) indicates that, in December, the price of residential properties declined 0.8% since November. However, prices climbed 26.77% above the level seen in December 2011.
The HKU-REIS is a set of property price indices constructed monthly using a modified repeat-sale methodology similar to that of the S&P/Case-Shiller indices, yet suited to the Hong Kong property market………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

Residential real estate prices across South Korea declined in February. This marks the eighth straight month to report their worst annual decline in about three and a half years, according to data from the country’s top lender disclosed.
The data from Kookmin Bank showed that home prices last month dropped 0.1 percent as compared to January and fell 0.5 percent from a year ago, highlighting a continued weakness in the local property market weighed down by doubtful economic expansion outlook. The annual pace of fall scored the sharpest since September 2009, the data showed………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

Tokyo’s office market is showing signs of recovery after a two-decade decline, prompting companies such as Apple Inc. and Morgan Stanley to relocate before rents rise and vacancies fall.
Real estate broker Jones Lang LaSalle Inc. and Barclays Plc are forecasting leasing costs for prime office space will climb this year and next. The vacancy rate for grade-A buildings in the city’s major business districts fell for a second quarter to 8.8 percent as of December from a record 10.3 percent in the three months to June, according to broker CBRE Group Inc………………………………………..Full Article: Source

Posted on 05 March 2013 by Laxman |  Email |Print

Good news for those who follow the market - Australians borrowed $200 billion to buy residential property last year. That’s just 7 per cent (or $15 billion) less than the 2007/08 market peak.
The three main buyer types are owner residents buying for the second or subsequent time, investors and first-time buyers. Owner-residents were the largest buyer segment last year at 44 per cent; followed by investors at 42 per cent; and first-timers at just 14 per cent of the market………………………………………..Full Article: Source

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