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Real Estate Briefing 25.Mar 2013

Posted on 25 March 2013 by Laxman |  Email |Print

Hong Kong is home to the world’s most expensive luxury real estate market, with top-end properties in the Chinese city fetching on average of US$11,800 per sqm, research found. According to real estate services provider Savills’ World Cities Review, values in the formerly British territory have soared 113.3 percent in the last seven years, despite a stalling in the second half of last year.
The report found that prices across several major Asian cities has sky rocketed in recent years on the back of a buying spree by the world’s mega-rich, causing premium property prices to outstrip mainstream real estate markets………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Record-high prices for corn, soybeans, wheat and other commodities have left growers flush with cash to purchase more land. And what the farmers don’t pay for out of their own pockets, historically low interest rates provide them with easy and cheap access to money to close the deal.
The favorable mix of both cash and credit has provided fuel to drive up land values across the Midwest, stoking fears of a bubble ready to burst. In Iowa, where rich soil, favorable weather and ethanol and livestock production help foster demand for limited growing space, farmland values have soared 90 percent since 2009. An acre of farmland that a decade ago sold for an average of $2,275 now goes for $8,700, according to Mike Duffy, an economist at Iowa State University who watches land prices………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

“Real estate is back!” exclaimed a talking head on a financial network last week. The cause of the enthusiasm was the surprisingly strong Housing Starts report. In case you missed it, starts were up a better-than-expected 0.8 percent to a seasonally adjusted annual rate of 917,000 from February.
Building permits, an indication of future demand, were up 4.6 percent to a seasonally adjusted annual rate of 946,000, the highest rate since June 2008………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

U.K. house prices rose the most in three years this month, led by a surge in London, as demand outstripped supply. Average values in England and Wales increased 0.3 percent, the biggest advance since March 2010, property researcher Hometrack Ltd. said. In London, prices jumped 0.7 percent, the most since February 2010.
The Bank of England’s Funding for Lending program has helped ease credit conditions, while plans announced by the government last week to assist prospective homebuyers will also support the market, Hometrack said………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Munich has successfully defended its lead in the latest office market scoring of IVG. This is the upshot of the IVG Germany Report published today. “Given the low number of completions and the decline in vacancies in the city, Munich is one of the few locations where rent increases in the core segment are to be expected,” said Dr. Thomas Beyerle, Head of CS & Research at IVG.
At 4.23 out of a possible score of 5 points, the Bavarian state capital remained ahead of Hamburg (4.16), Frankfurt (3.85), Cologne (3.84), Berlin (3.82), and Stuttgart (3.81). Last among Germany’s “Big Seven” was Düsseldorf with a 3.79 score………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

New property law taking effect soon lean to ward the end-consumer rather than banks, Dr. Eyad Reda, Country Managing Partner of DLA Piper KSA, an international law firm, said.
The law is part of the ongoing judicial reforms and hope to alleviate the current housing crisis and population influx. “The new Saudi property law regulates the relationship between the end-consumer and the banks,” said Reda. “It (the legislation) has been years in the making and will be implemented in its final stage within two weeks.”……………………………………….Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Saudi Arabia’s King Abdullah is paying the price for his own generosity as past land giveaways undermine his plans to build half a million homes and open up the country’s mortgage market.
State gifts of urban land complete with roads, water and power have left the government with almost no space of its own to develop within Saudi Arabia’s cities, according to Adnan Ghosheh, an adviser to the country’s Housing Ministry………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Female investors spent Dh13.3 billion on property in Dubai last year, representing 23 per cent of the emirate’s real estate market. According to data from the Dubai Land Department (DLD), 5,434 women invested in property. This was only a slight increase from last year when 4,704 female investors poured Dh10.5 billion into the real estate market, making up 22 per cent of total investments, the DLD said.
Personal finance advisers and property analysts say they have seen an increase in demand by female investors for real estate recently………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Suspecting investor frauds in the projects being launched by numerous real estate developers, capital markets regulator Sebi is probing them for possible violations of Collective Investment Scheme regulations.
The regulator has been flooded with complaints of investors being duped by the real estate companies promising huge returns in the projects proposed to be developed from the scratch through public money, prompting it to launch probe against 50-60 such developers, a senior official said………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Unsophisticated investors who once sought a quick profit on property speculation seem now to be turning to stock market speculation instead. The Hong Kong government has been keen to curb fast-rising property prices since late last year, but all its efforts may be creating a new problem: more speculation in the city’s stock market.
Some local stock brokers have noticed a new trend recently. They say more financially unsophisticated individual clients are calling on them for ideas for investments in the stock market. They prefer “small cap” stocks, rather than heavyweights, and aim to make quick short-term profits………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

China does not regard its property market as a pillar sector for its economy, according to an official with the country’s economic planner. Zhu Zhixin, deputy director of the National Development and Reform Commission, made the remark Sunday in response to the widespread misunderstanding of the importance of the housing market.
He was speaking at the ongoing China Development Forum held in Beijing. Instead, the central government considers the construction industry as a pillar one, he said………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

There has been no shortage of land in China for residential houses, and the land-supply plan for this year will be publicized no late than April, said a senior official on Saturday. Hu Cunzhi, vice-minister of land and resources, made the statement at a summit held by China Development Research Center, a think tank under the State Council.
Hu denied claims that the Chinese government had supplied insufficient land for home building, thus limiting supply and pushing up home prices. He said almost 8.44 billion square meters of floor space could have been built on China’s available land for residential houses over the past eight years, and if one person occupies 30 sq m on average, that space could house 281 million people………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

The armies of young real-estate agents that flood Hong Kong’s shopping malls on weekends could see their ranks thinning out in the coming months, the chief analyst at Hong Kong’s largest listed real-estate broker says.
Thanks to the government’s latest round of cooling measures, transactions across the city have dropped dramatically, Midland Realty’s Buggle Lau said Thursday. Since late February, when the government doubled the stamp duty on most property purchases, transactions on the secondary market at the city’s 10 most popular housing estates have plummeted to as few as four or five on recent weekends, Lau said………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

The central bank is expected to focus on the local property market in an upcoming quarterly policymaking meeting, in addition to its monetary policy, market analysts said Saturday.
The central bank, which has made efforts to rein in high-flying local housing prices, is likely to address the property market issue in the March 28 meeting, while market analysts said the bank will probably leave key interest rates unchanged………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Japan’s long-troubled property market is showing fresh signs of stabilizing, another encouraging sign for investors amid high expectations for the government’s attempts to turn the economy around. In a report released last week, the government said land prices fell for the fifth straight year—but by just 1.8%, the slowest pace since 2008, as demand in Japan’s main urban centers helped slow the downward trend.
Analysts said real estate could do even better this year, with the possibility overall prices may even rise, as Prime Minister Shinzo Abe tries to haul the nation out of a decade-and-a-half long deflationary funk………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

After almost a decade of relentless foreign investment, the bang of Australia’s mining boom may have finally popped – and as the smoke clears, a resurgent property market has revealed itself as the next quarry for foreign investors. The strength of Australia’s housing market has amazed observers, resolutely standing tall, while competitors such as France and the United States have been battered by the global financial crisis.
According to China-based property analyst Marcus Lin with Sunrise Property Group (SPG), Australia avoided a similar fate due to critical structural factors that will only strengthen in the medium to long term………………………………………..Full Article: Source

Posted on 25 March 2013 by Laxman |  Email |Print

Sydney’s housing market showed positive signs of recovery after 700 houses went under the hammer in the Super Saturday sales. Thousands crowded into courtyards, backyards and laneways at more than 700 auctions around Sydney, and the results did not disappoint.
Cooley Auctions director Damien Cooley had 85 auctions on his group’s books, and with 10 remaining had cleared more than 60 per cent. A property at 11 Kimberley Grove, Rosebery, sold for $1.76 million, well over the $1.55 million reserve………………………………………..Full Article: Source

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