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Real Estate Briefing 11.Mar 2013

Posted on 11 March 2013 by Laxman |  Email |Print

Many observers believe Canada’s housing market is headed for a soft landing, but expect Friday’s sales numbers to raise the worry meter regardless. The market has been cooling markedly in the wake of new mortgage restrictions last summer, and a report expected Friday from the Canadian Real Estate Association will drive that point home.
“The Canadian housing market is undeniably cooling; the only question is whether it will come in for a soft or hard landing,” said senior economist Benjamin Reitzes of BMO Nesbitt Burns Inc. “We expect sales to remain weak through the rest of this year and prices to fall only modestly, putting us squarely in the soft landing camp.”……………………………………….Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

With the spring selling season approaching, all eyes are on a crucial segment of the real estate market – the first-time home buyer. It’s a group that includes people such as Tyler Padley and his wife Jamie McGovern, who have been renting in the west end of Toronto and are now looking to buy their first house and start a family.
Like many prospective homeowners, they are struggling to find what they want at a price they can afford – even though they’ve saved up a sizable down payment. With the average home price hovering at around $510,000, they’re realizing they may have to settle for a place that’s smaller or further from the city’s core than they wanted – assuming they take the plunge at all………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Prices for U.S. commercial property are expected to climb in the next six months, extending a rebound that has sent values close to levels reached at the market’s peak in 2007, according to Green Street Advisors Inc.
There is an 80 percent likelihood that commercial real estate prices will rise over the next six months, the Newport Beach, California-based research firm said in a report yesterday. Prices climbed 1 percent in February and are within 1 percentage point of their August 2007 high, according to the company, which tracks real estate investment trusts………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

The demand for foreclosed homes is so high that investors have picked clean some of the most obvious markets – Phoenix and Las Vegas, for example. But there are still deals if you look in other metropolitan areas in the United States, according to RealtyTrac, an online marketplace for foreclosure properties based in Irvine, Calif.
By adding up each metro’s inventory of foreclosed homes, foreclosure sales as a percentage of all sales, average foreclosure discount, and the annual increase in foreclosure activity, RealtyTrac found the Top 10 best places to buy a foreclosed home: 10. Chicago – 46 percent discount on foreclosed homes……………………………………….Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

The entire housing market is facing a logjam as home owners hoping to rise up the property ladder cannot afford the cost of moving. More than half of “second steppers” – or first-time sellers – believe that new Government-backed schemes such as Funding for Lending and NewBuy will have no influence on their struggle to buy their second home, according to a Lloyds TSB report.
Three quarters of this group would like more support from the Government, the research shows, and 86pc want more help from their mortgage lender………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Investors’ attempts to acquire new German properties are being frustrated by the shortage of development finance which in turn is severely limiting the supply of new product. This was one of the key findings of PropertyEU’s latest Investment briefing on the German market.
Panel members told the briefing that a significantly limited supply across all sectors is reducing the opportunities for funds and developers to invest and hampering any demand for new space. This is particularly the case in the office sector where new investment opportunities are acutely short, the panel said………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

The IPD Norway Annual Property Index released on Wednesday, showed that Norwegian commercial property delivered a total return of 4.7% in 2012. This compares with a 7.3% return for 2011.
Bolstered by higher risk appetite among investors in 2012, direct property under-performed equities, which delivered a total return of 11.6% (MSCI Norway), but performed better than the 4.0% total return from bonds (ST5X Oslo Stock Exchange)………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

The Finnish property market produced a total return of 6% in 2012, according to an index compiled by Helsinki-based real estate data provider KTI.
The result for 2012 was up 0.1% on the previous year. The income return in 2012 increased to 6.3%, while capital growth showed a negative -0.3%………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Property consultancy firm Knight Frank has predicted that Kenya’s real estate market will pick up later this year. Knight Frank’s Africa Report 2013 says that recovery it expects recovery in construction of residential houses from March this year when the effects of falling interest rates become palpable and after the General Election mood passes.
“With interest rates slowly falling and a relatively stable economy, a post-election recovery is expected in this sector in the second quarter of 2013,” says the Africa Report 2013………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

At midday, the piazza in front of the famous Monte Carlo Casino teems with life. Men in handmade suits conduct business meetings al fresco, well-groomed teens take a break from shopping to flick their hair and check their phones and ladies of a certain age exercise minuscule dogs.
This is the heart of Monaco, the tiny seaside tax haven long known as a playground of the international jet set and one of the world’s most expensive real-estate markets………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

The residential property market in Saudi Arabia is set to be transformed with the country’s central bank allowing foreign companies to provide mortgages, it is claimed. There is huge demand for homes in the country but until now getting funding has been difficult. Now a draft law approved last year is set to open up the market.
According to rating agency Standard & Poor’s the new legislation will transform home financing and overall the lending market is set to grow substantially………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Even though luxury property prices in the UAE climbed by around 20 percent in 2012, it remained more affordable than some of the other top global cities. The Wealth Report 2013, prepared by Knight Frank, a global property company, shows that the price of prime luxury property in Dubai as at least 10 times lower than Monaco, the world’s most expensive residential property market.
Figures of the report suggest that, in fourth quarter of 2012, property prices in Dubai ranged between USD 520 and USD 580 per square feet. On the other hand, prime real estate cost between USD 5,350 and USD 5,920 per square feet in Monaco during the same period last year. In the list of 20 cities, Dubai was positioned on 19th rank, only ahead of Cape Town………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Luxury property in Dubai recorded the world’s second highest price increase last year, according to international property consultancy group Knight Frank. The value of top end homes in the emirate rose 20 percent, equal to the island of Bali and behind only the Indonesian capital, Jakarta, which saw luxury property prices increase by 38.1 percent.
According to Knight Frank, the rapid price rise was led by the world’s rich searching for safe haven investments and a recovery from the global financial crisis………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

In the week since stricter measures were rolled out to tame China’s property market, 9,400 units of second-hand homes were sold in Beijing, local authorities said Saturday. The figure marked a 140.5-percent week-on-week increase and a 279.5-percent increase from the period of Feb. 2-8, according to statistics published on the website of the Beijing Municipal Commission of Housing and Urban-Rural Development.
Amid expectations for rising home prices, China’s central government issued rules to further tighten controls on the property market on March 1………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Investment in China’s property sector rose 22.8 percent year on year to 667 billion yuan (106.2 billion U.S. dollars) in the first two months, the National Bureau of Statistics (NBS) announced Saturday.
The growth rate was 5 percentage points lower than the same period last year, but up 6.6 percentage points from the pace for all of 2012, the NBS said in a statement on its website. In the first two months, investment in residential housing registered an increase of 23.4 percent from the same period last year, up 12 percentage points from the pace of 2012………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

HK chief executive Leung Chun-ying must reboot his government or leave office before his term ends. Hong Kong chief executive Leung Chun-ying has been dogged by scandal from his first days in office, and his integrity is routinely impugned by much of the public. So it is no surprise that his popularity is plummeting.
Leung has only himself to blame. He seems incapable of connecting with Hong Kong citizens, instead coming across as a shifty politician who often dodges direct questions, offers vague answers and evades responsibility for major failings by apologising for minor shortcomings………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

National Development Minister Khaw Boon Wan says the government is open to raising the income ceiling to allow more singles to buy new HDB flats. But this will depend on how manageable application rates are for the new scheme, which was announced on Friday during the Committee of Supply debate for the Ministry for National Development.
Singaporeans aged 35 and above, who are singles and earn up to S$5,000 a month, can soon apply to buy two-room Build-To-Order (BTO) flats in non-mature estates………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

Investors are about 70 percent of visitors at broker Andrew Ienna’s open houses in Sydney’s western suburbs as low borrowing costs lift returns on rentals, and high prices and down payments scare off first-time buyers.
The value of home-loan approvals for investors rose 4 percent in December from a year ago in seasonally adjusted terms, while mortgages for owner-occupiers fell 1.8 percent in the same period, government data show………………………………………..Full Article: Source

Posted on 11 March 2013 by Laxman |  Email |Print

For the third week in a row Sydney’s property market had a clearance rate above 70%, with analysts forecasting a return to strength not seen since autumn 2010. Australian Property Monitors reported a 72.7% clearance rate for the weekend, significantly higher than the 56.6% of properties sold in the corresponding weekend last year.
Analysts are growing steadily more confident the market may maintain these high numbers, but the real test will be over the Easter period, with thousands of houses up for grabs throughout Australia. AMP senior economist Andrew Wilson told SmartCompany the period leading up to Easter will be a “strong, solid test for the market” in Melbourne and Sydney………………………………………..Full Article: Source

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