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Real Estate Briefing 08.Apr 2013

Posted on 08 April 2013 by Laxman |  Email |Print

The U.S. housing market has broken out of a deep slump, and prices are shooting up faster than anyone thought possible a year ago. For many homeowners, that is a cause for celebration. But the speed at which prices are rising is prompting murmurs of concern that the Federal Reserve’s campaign to reduce interest rates could be giving the housing market a sugar high.
Prices of existing homes rose 10% in February nationally from a year ago. They have been rising during the seasonally slow winter months—and they show signs of jumping further as the spring buying season gets under way. What’s going on?……………………………………….Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

Whether it’s due to crime, a lack of jobs or Mother Nature, these cities lost residents faster than any others last year, according to the Census Bureau. Pine Bluff, Ark: One of the nation’s poorest cities, Pine Bluff’s population has been declining fast.
Severe economic and social problems have plagued the area. Close to a third of the metro area’s population lives below the poverty level and it ranks second only to the Detroit for crime………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

Miami is entering a new real estate “boom,” fed mainly by the investments of Latin Americans which have transformed the face of the city and, with its luxury homes, become one of its greatest draws.
Miami and its surroundings, according to the latest report on the luxury real estate market by Christie’s, in 2012 burst into the group of the world’s main markets of this type, thanks to the general recovery in demand and low prices………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

Insurers and pension funds are poised to spend £7 billion on rental homes in the UK because they believe that the current shortage of housing and mortgages is producing a generation of renters rather than owners.
About 30 institutions including British pension funds and American private equity firms plan to develop or buy blocks of homes to let, encouraged by stable returns compared with shops or offices and by government pledges of financial support, according to property consultant CBRE………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

The attractions of central London for overseas investors were underscored in data showing commercial property sales of £2.75bn for the first three months of the year, more than two-thirds accounted for by international buyers. Foreign buyers made up 71 per cent of the sales figure, reinforcing London’s status as a property market favourite among US, Middle Eastern and Asian investors.
But the total value of transactions fell by 31 per cent on the previous quarter, when it reached £3.98bn, according to figures from Cushman & Wakefield, the property advisory group………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

Yusuf Al-Ahmadi, a member of the Real Estate Appraisal Committees in the Makkah Chamber of Commerce and Industry (MCCI), said the value of demolished properties lacking title deeds has reached SR6 billion at an average rate of SR600,000 per property, Al-Sharq Arabic daily reported.
Al-Ahmadi said the properties, about 1,000 in total, are distributed in districts such as Jabal Al-Sharashef, the parallel road (Al-Tariq Al-Muwazi), Shaab Amer and Dahlat Harb. He demanded that the situation of these properties be finalized so that the owners are compensated. He added that there are over 60 unplanned sites in Makkah that have been demolished………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

If Sultan bin Nasser al Suwaidi has his way, by the end of this year it will be that little bit harder for people in the UAE to buy their own homes. The central bank governor is preparing to impose new limits on the amount that anyone can borrow to buy a house or apartment in an effort to prevent a return to the days of uncontrolled property speculation which proved so damaging in the past.
The limits have yet to be finalised, and are part of an ongoing consultation exercise between the central bank and lenders, but expatriates are likely to find them more restrictive than locals………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

UAE citizens will need about 48,000 plots of land for building houses in the emirate of Sharjah until 2025, according to Salah Butti Al Muhairi, head of the Sharjah Directorate of Town Planning and Survey (DTPS).
13,616 residential plots of land in the emirate were allocated to citizens from 2006 to 2012, he added. Al Muhairi said this during a meeting of the Sharjah Advisory Council which discussed DTPS policies………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

The residential property market in Dubai recorded robust growth in nearly all sectors in the last six months with the lower budget end of the villa market registering the sharpest rise in values of 20.2 per cent, a report said.
The average prices for high-end villas rising by 8.9 per cent, while mid-range villas saw gains of 14.9 per cent, added Q1 market report for Dubai’s residential market 2013 released by real estate specialist Cluttons………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

The facts are simple: Alongside Asia’s dramatic rate of growth lies the inherent problem of property prices skyrocketing. Even Singapore is trying to reverse a situation where the market was threatening to price itself over and above what its own citizens could pay. Meanwhile, buy-to-let property is simply not giving back the promised or indeed even the required returns.
Everyday investors are starved of available and affordable options for their dollar. Yet even here there are exciting options. Previous options that only the super-rich could afford are becoming available to the savvy investor. A case in point is buy-to-lease hotel rooms………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

The demand for office space is likely to increase to 30.5 million sq ft this year, global real estate advisor DTZ said. “Fears of downside risks for the global economy have started to fade, which combined with local economic policy amendments including the opening of 51 per cent FDI in multi- brand retail, climb-down of repo rates by the Reserve Bank of India (RBI) and stronger economic outlook, have resulted in improved market sentiment,” DTZ India CEO Anshul Jain said.
These emerging positive indicators are expected to help stimulate the real estate sector. “Consequently, demand for office space is expected to increase and reach to around 30.5 million sq ft this year, representing an increase of nearly 12 per cent year-on-year,” he said………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

Properties in the former US industrial city Detroit started to fall to as low as $100, attracting Chinese investors who have found their investments in the Chinese property market becoming harder under the central government’s tightening policies.
As real estate hits rock bottom in Detroit, Chinese investors are planning to purchase properties there, the People’s Daily reported. There are more than a dozen properties priced lower than $100, with some extreme cases on offer for $1………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

Chinese property developers are increasingly expanding their businesses abroad following Chinese people’s desires to purchase properties overseas. Shanghai-based property developer Greenland Group is to invest A$480 million ($498 million) in an Australian property project, becoming the latest Chinese developer to explore an overseas market.
Greenland said it has reached a deal with Canadian company Brookfield Asset Management Inc to buy two buildings in downtown Sydney. It is the largest single investment made by Chinese developers in Australia………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

They’re calling it the great “senior sell off” and it’s scaring suburban America. Still recovering from the housing market crisis of 2007-09, America’s latest concern is a looming glut of unsellable suburban homes as ageing baby boomers seek to downsize.
Respected demographer Arthur C. Nelson, Director of the Metropolitan Research Centre, University of Utah, has analysed data from the American Housing Survey, finding that over the past 30 years, 80 per cent of new homes built in the US were detached single family dwellings. Much of this new construction was of the McMansion variety, exceeding 230 square metres in size, as the post war baby boomers (born in between 1946-1968) raised their families………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

New Zealand house prices are definitely overvalued, but that won’t stop them continuing to rise, according to the BNZ. The BNZ’s head of research Stephen Toplis says in a research paper titled “The Housing Dilemma” that it is “widely accepted” that our house prices are overvalued. He says a “significant correction” in house prices is warranted, but won’t happen till current shortages of housing are addressed.
“Often cited is the inability of prospective new home owners to fund the purchase of a new dwelling; elevated house prices relative to wages and rents; the cost of housing relative to the other countries; and the amount of debt householders have built up relative to the value of their assets,” he says………………………………………..Full Article: Source

Posted on 08 April 2013 by Laxman |  Email |Print

The average asking price for houses in Auckland and Canterbury climbed further in March, reaching their second-highest recorded figures of $610,628 and $438,298 respectively. Nationally, the property market stabilised, and the 12,732 new listings in March did little to ease the record low in inventory seen in February, according to the New Zealand Property Report compiled by website Realestate.co.nz.
The average asking price, a seasonally adjusted mean, of $444,883 was only a small increase on February, but was 4 per cent up on the same time last year, and close to the $446,277 record set in November 2012………………………………………..Full Article: Source

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