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Real Estate Briefing 02.Apr 2013

Posted on 02 April 2013 by Laxman |  Email |Print

Back in 2009 and 2010, I was quite worried about Canadian house prices sliding down a slippery slope. But the more I looked into the specifics of the Canadian situation, the more it appeared I had a case of “recency bias.” I believe the same can be said of the housing bears who are still voicing their worries.
The collapse in U.S. house prices was traumatic and it gets a lot of weight when people reflect on the Canadian market. Too much, it would seem: busts of such magnitude are exceedingly rare historically, especially in reflationary environments where printing presses are going into overdrive………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years. Outlays climbed 1.2 percent to an $885.1 billion annual rate, following a 2.1 percent decrease in January, the Commerce Department reported today in Washington. The median forecast of 41 economists surveyed by Bloomberg called for a 1 percent rise.
Near record-low borrowing costs and an improved outlook for jobs are lifting demand for residential real estate, giving a boost to homebuilders including KB Home. (KBH) Faster hiring would ensure a more sustained rebound in the industry, allowing for bigger gains in construction spending………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

One of the biggest obstacles to improvements in the US job market since the Great Recession struck has been the fact that many Americans were stuck geographically, weighed down by an inability to sell houses that were “underwater”—that is, worth less than the mortgage on them.
That effects the efficiency of the economy. Put simply, a car mechanic with a family and an underwater house in Schenectady, New York is going to have a tough time getting one of the plentiful jobs in the North Dakota gas fields, even if his skills are somewhat transferable, because he can’t move his family. But that’s changing………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Figuring out whether it’s better to buy or rent rests on three main factors: where you live, how long you plan to stay and how home prices compare to rents in the area. Real estate website Trulia analyzed data from 100 major metro areas to help determine that last factor.
While markets vary wildly, prices are so reasonable and interest rates so low that buying is the better option in most of major U.S. cities, said Jed Kolko, Trulia’s chief economist. Nationwide, home buyers who remain in their homes for three years will save an average of 19% over renting. If they hold onto their homes for 7 years, the savings advantage grows to 44%………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

The IPD Central and Eastern European Annual Property Index, released yesterday, delivered a positive total return on all property of 5.6% in 2012, albeit 2% lower than the total return for 2011.
In common with other European countries that IPD has reported on thus far for 2012, income return was the key component of performance, returning 6.8% although somewhat below its long-term trend of 7.0%, while capital growth stood at -1.1% for 2012………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Investors seeking income are looking again at commercial property as returns from cash and bonds continue to fall. But experts are divided over whether now is the right time to get back into bricks and mortar.
While commercial property funds used to be a popular option for a stocks and shares individual savings account (Isa), investors have largely steered clear of the sector following the big price falls seen in the aftermath of the credit crisis. Many funds were forced to close in 2008 as savers flocked to withdraw their money………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

U.K. property analysts are scratching their heads and rethinking forecasts after a year of flat prices and the introduction of new government measures designed to spur sales. Nationwide chief economist Robert Gardner, who oversees the Nationwide House Index, describes the market as “unusually uncertain.”
Outside of London, where prices continue to soar, the U.K. housing market is still wallowing in post-recession malaise. There is little demand, few new housing developments and both buyers and sellers are wary of another European catastrophe around the corner………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Britain’s country houses have split into a “two-speed” market, estate agents report, as wealthy foreign buyers chase the priciest estates, but City cutbacks and tax changes depress demand for less expensive homes.
Prices in the prime country house market showed a 0.4pc rise in the first quarter of this year compared to the previous three months, according to an index tracking the prices of homes sold by estate agency Knight Frank. That marked its first increase in two years………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Insurer Prudential is set to become the first institutional investor to enter Britain’s rented housing market in recent times, the Financial Times reported on Monday citing people familiar with the matter.
The Prudential Property Investment Management division - part of M&G, the insurer’s asset management arm - is close to a deal to buy more than 500 homes from housebuilder Berkeley, the FT reported………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

The Shoura Council Housing Committee plans to submit a proposal on the construction and sale of housing units to employees on installment within the next two weeks. The proposal, prepared by Zainabdeen Barri, a former Shoura Council member, is based on a government plan to build housing units of different sizes whose costs will range between SR 500,000 and SR 1 million.
According to the proposal, the government will sell housing units to government employees in installments for a period of up to 30 years………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Dubai’s property market is strongly recovering after reaching its lowest point since the 2008 global fiscal distress although the recovery remains uneven through the emirate’s various areas, according to a key Saudi bank.
Indications point to a continued recovery in this sector, a key component of the emirate’s GDP, but the momentum could be hampered by supply overhang and government plans to introduce caps on mortgage credit to individuals, the Saudi American Bank Group (SAMBA) said in its monthly bulletin………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Concerns surrounding the world economy continued to have an influence on the office occupier property markets in Asia Pacific in the final months of last year, according to the latest index.
The Knight Frank Asia Pacific Prime Office Index rose 2% in the fourth quarter of 2012, up from a 0.8% increase in the previous quarter and the firm says that with some of the constraints holding back international corporates dissipating, a less uncertain outlook is expected to lead to more leasing activity in 2013………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

China’s March new home prices posted the biggest gain in more than two years as buyers rushed into the market ahead of property curbs by local governments, driving real estate stocks higher.
Prices climbed for the 10th month, rising 1.1 percent to 9,998 yuan ($1,610) per square meter (10.76 square feet) from February, SouFun Holdings Ltd. (SFUN), the country’s biggest real estate website owner, said in a statement today after a survey of 100 cities. That’s the biggest increase since January 2011………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

China’s latest attempt to curb rising property prices has had the opposite effect. Last month, the country’s State Council told local governments to introduce strict, new controls on residential property sales and a 20% capital-gains tax, too. The disclosure surprised the market: Shares of some listed property developers plunged.
In the short term, though, disclosing the new measures has only quickened the pace of house-price increases. Nationally, the average house price rose 3.9% year on year in March, up from 2.5% in February, according to data from property agency Soufun. Major cities saw sharper increases, with prices in Guangzhou and Beijing up 11.7% and 11.3%, respectively………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Beijing and Shanghai on Saturday announced detailed regulations following the central government’s recent policies to further cool down the real estate market. In Beijing, single adults with the capital’s hukou - registered permanent residence - are allowed to purchase only one apartment, as opposed to two previously.
“The move is aimed at meeting the needs of self-occupancy home buyers, given the limited supply. It will also help to curb investment-oriented purchase,” said Wang Rongwu, deputy director of Beijing Municipal Commission of Housing and Urban-Rural Development………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Singapore home prices climbed at the slowest pace in three quarters after the government imposed more curbs such as higher stamp duties for housing transactions, a government report showed.
The island state’s private residential property price index rose 0.5 percent to a record 213.1 points in the three months ended March 31, easing from a 1.8 percent increase in the fourth quarter, according to preliminary estimates released by the Urban Redevelopment Authority . The advance was the smallest since the second quarter last year………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

South Korea unveiled measures on Monday aimed at stimulating the property market, the first of an expected string of moves from the government of President Park Geun-hye to lift the faltering economy.
Under the plan, first-time home buyers with lower incomes would be allowed to borrow more than the maximum amount set under the existing regulations and would enjoy a lower interest rate than usual when borrowing from a government-run fund………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

South Korea introduced a package of measures on Monday to boost home sales, as prices in greater Seoul continue to fall and transactions have hit their lowest ebb on record. The measures come just a month after President Park Geun-hye’s inauguration, as she moves quickly to meet a campaign pledge to reduce household debt—most of which is related to homeownership.
The new measures—announced in statement from the Ministry of Land, Infrastructure and Transport, together with other government ministries—range from cutting the supply of public housing, to tax breaks for first-time home buyers, to relief for the “house-poor,” those who are struggling to pay off the principle on their mortgage as the value of their home declines………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Difficulties in real estate market in the second half of 2011 have extended till the end of 2012. All regions and segments experienced lack of liquidity; many businesses went bankrupt, and many brokers gave up their jobs, etc. The confidence in the market hardly increases even when investors decrease property prices and provide buyers with many great deals.
First of all, difficulties of the macro economy should be mentioned. Vietnam’s economy in particular and the global one in general continue to face recessions and crises. In 2011 and 2012, the fact that businesses made lower profits led to limited investments in the real estate market. Many people had to sell their properties to address difficulties in other businesses………………………………………..Full Article: Source

Posted on 02 April 2013 by Laxman |  Email |Print

Perth property prices have set a record, with the median house price hitting $510,000. It tops the previous record of $505,000 set in 2010. But experts poured cold water on expectations of a new housing boom, saying the pace of recent gains may not be sustainable and voicing concerns about WA’s continuing economic strength.
Real Estate Institute of WA figures for the March 2013 quarter show a 2 per cent increase in the median price since December. REIWA president David Airey said the growth was driven by an increase in turnover and more houses being sold above the median price………………………………………..Full Article: Source

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