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Real Estate Briefing 03.Apr 2013

Posted on 03 April 2013 by Laxman |  Email |Print

Home prices have been zooming up over the past year in many of the housing markets that saw the biggest declines. Recently, some pundits have grown wary of the rally, arguing that it’s unsupported by fundamentals and marks the beginning of another housing bubble.
Housing is recovering due to the extremely low supply of homes for sale. Demand, meanwhile, is up amid strong appetite from investors and from extremely favorable affordability conditions thanks to record-low interest rates………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Efforts to revamp U.S. immigration laws may bring at least one unintended benefit for the economy: The nascent housing recovery will probably get an added boost. The number of foreign-born homeowners will increase by 2.8 million in the decade ending 2020, compared with a 2.4 million gain in the previous 10 years, according to a Mortgage Bankers Association study that didn’t assess the potential impact of any new legislation.
Research by a group of Hispanic real-estate agents concludes the increase could be even bigger if undocumented workers were put on a path to citizenship………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

The negative equity situation in the residential property market in the United States is improving as a new analysis shows around 200,000 more homes returned to a state of positive equity during the fourth quarter of 2012.
The data from analytics firm Core Logic reveals that the total number of properties that moved from negative to positive equity in 2012 was 1.7 million and the number of mortgaged residential properties was 38.1 million………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Construction output in the US was up +7.9% in the 12 months to the end of February, according to data from the US Census Bureau. The rise to an annual output of US$ 885 billion was driven by a +19.2% rise in residential building, which stood at US$ 310 billion for the rolling 12 months to February.
In contrast to the sharp rise in residential construction, the non-residential sector was up just +2.6% compared to a year ago. There were strong rises in the lodging and office sectors, among others, but significant falls in construction linked to public safety, amusement and recreation and the sewage & waste disposal segments………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

The Dow Jones Industrial Average continues to climb into uncharted territory, trading above 14,500. This is in spite of weak underlying economic indicators. On Main Street, unemployment remains high, consumer confidence is low, and gross domestic product (GDP) remains bleak. On Wall Street, it’s confetti, unicorns, and a raging bull.
But for how much longer? Every four to six years, the U.S. experiences an economic slowdown. It happens like clockwork. The current bull market is now in its fourth year (if you were fortunate enough to even realize we’re in a bull market)………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

The U.S. housing recovery has been causing home prices to rise. Las Vegas stands out as one of the hottest markets in America with home prices up 15 percent year-over-year.
“More traditional buyers and sellers are sitting out of the market and investors are bidding up prices for foreclosed homes and [homes] at the lower end of the market,” Quinn Eddins at RadarLogic tells Business Insider………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Office space vacancies in downtown Boston fell below 10 percent in the first months of 2013 for the first time since 2009. High employment in the high-tech sector and life sciences are the industry’s major drivers in the region’s recovery, growing at 9.8 percent and 5.0 percent year-over-year, respectively, according to new data from Jones Lang LaSalle.
Businesses are increasingly making the move into the downtown area, creating a shortage of space, the consultancy said. The vacancy rate is evidence that the market is “officially in full recovery,” the firm announced in its latest report………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

The laws of supply and demand are on full display in first-quarter real-estate market reports released today by the city’s major brokerage and database firms. According to the Douglas Elliman report by appraisal firm Miller Samuel, the median price of an apartment in Manhattan is $820,555, up 5.9 percent from the first three months of 2012. (The average price is now $1.354 million.)
In fact, says Jonathan Miller, who prepared the Miller Samuel survey, “all price indicators increased from year ago levels,” in large part due to a big slump in inventory; there were 4,960 active listings in the first quarter, an astonishing 34.4 percent dip from the same time last year. Miller says inventory, which had been falling for a while, has actually “accelerated in [its decline] the last six months.”……………………………………….Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Investment activity in Central European commercial property reached €958 million in the first quarter of 2012, a six percent increase over the five year average, but down from €1.8 billion in the previous quarter, according to a new study.
The Czech market reported an upward trend with six closed transactions in the first quarter worth €237 million, compared to a mere €20 million during the same quarter in 2012, Cushman & Wakefield reports. Hungary also saw an uptick, posting €159 million in transactions in the first quarter………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

There’s been a glut of research released in the last couple of weeks about the nicest/cheapest/most affordable places to live in the UK (good news for Harrogate, maybe not so much for Oxford). Here’s another one, from Adzuna but still worth looking at since it contains details about renting too.
So, according to their research, Stoke on Trent, Dudley and Middlesbrough are the UK’s rental hotspots with up to 30% more properties affordable ‘to rent’ than ‘to buy’ in these areas………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Savills shrugged off fears that London’s high-end residential property market was in danger of overheating, after reporting an “unprecedented” two and a half years of price growth.
The property advisory firm said its prime London residential property index shows 10 quarters of single-digit growth, marking a period of stability not seen since the index was launched thirty years ago. Average price growth across prime London homes totalled 17.6 per cent since the end of 2010, it said………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

A two-tier property market in Ireland is emerging, with house prices rising or stabilising in Dublin but continuing to drop in cities and towns outside of the capital. Two reports published today provide slightly different results about the property market in Dublin but show prices have begun to climb in some areas of the city.
Research by Daft.ie claims general asking prices in Dublin have increased by 0.5% over the past year, while similar research by Myhome.ie found average asking prices in Dublin fell by 4.8%. Nevertheless both studies agree that prices have stabilised in the capital………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

IPD, a measurement group based in the United Kingdom, reports that commercial real estate in Italy delivered an overall return of only 0.5 per cent during the second half of 2012, marking a decrease of 1.3 per cent in comparison with the first six months of the year.
The total returns for 2012 stood at 1.8 per cent, and IPD believes that it is a positive outcome considering the crisis that currently engulfs the Eurozone………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

South Africa’s property market showed its highest return in 2012 since the 2008-09 global financial crisis, according to the SAPOA/IPD South Africa Annual Property Index released in Johannesburg last week. The index showed that the country’s property sector delivered a 15.2% total return last year, an increase on the 10.3% return in 2011.
“A real divergence in the market has occurred,” managing director of IPD South Africa, Stan Garrun, said in a statement. “We have seen a good turnaround for retail and industrial properties, [but] concern remains over the health of the office sector, as evidenced by high vacancies particularly in the inner cities………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Demand for property in sought after locations in Dubai is increasing and pushing up prices, according to the latest research report from property company Asteco.
The figures show that the average cost of an apartment in Dubai increased 12% in the first three months of 2103 and prices have now risen 27% year on year………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

With Beijing’s notoriously cold winter behind us, those living in the Chinese capital are looking forward to warm weather and perhaps a wind of change in the second quarter. Now that the country has new leaders, everyone is watching to see if President Xi Jinping and his administration will start pushing through much-needed economic reforms.
Many in the public are hopeful that Xi will make good on his pledges to set the country on a new path and help over 1.3bn achieve what he described as the China dream. Investors are waiting for signs the government will take serious steps to put more money in the pockets of its people and improve access to China’s vast consumer market………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

The latest government measures to reverse rising property prices are chilling speculation in Shanghai, while prospective homebuyers are waiting for the rules to take effect.
In Shimao Riviera Garden Shanghai, a high-end residential development that has attracted well-heeled buyers from across the region, an owner is offering his apartment for up to 10 percent less than the average market price. The owner, who also owns six other apartments, is offering discounts ranging from 5 percent to 10 percent on all the properties………………………………………..Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

House prices around the world rose by an average of 4.3% in 2012 according to Knight Frank’s Global House Price Index as Europe lags many other regions
In the latest number crunching from Knight Frank’s international property division, it seems that Hong Kong recorded the largest price rise in 2012, while Greece had the largest fall. They also found that South America experienced the strongest growth, an increase of 8.4% on average, said Kate Everett- Allen from Knight Frank. ……………………………………….Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Over the past decade, car-repair shop owner Benny Chan has seen more than 70 percent of his small-business peers disappear as his Hong Kong neighborhood fills up with high-end Western bars and Japanese restaurants.
“Rents here are going up multiple times,” said Chan, who’s been in business since 1985 in the Tai Hang area, just east of the ritzy Causeway Bay shopping district. “We’ll all be out of here in the next four to five years.”……………………………………….Full Article: Source

Posted on 03 April 2013 by Laxman |  Email |Print

Private data shows Australia’s housing market has started to show signs of recovery with home prices rising close to 3 percent on average over the past three months, local media reported on Tuesday.
The latest RP Data-Rismark Home Value Index shows that home prices across Australia’s capital cities rose by 2.8 percent on average in the March quarter. The index found Hobart experienced the largest growth in house prices in the quarter, up 6.1 percent, followed by Perth, with a rise of 4.3 percent………………………………………..Full Article: Source

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