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Real Estate Briefing 16.Apr 2013

Posted on 16 April 2013 by Laxman |  Email |Print

Home sales in Canada rose modestly from February to March, but remained far below levels seen a year ago before regulators tightened lending rules. Seasonally adjusted national home sales rose 2.4 percent from February to March, but were down 15.3 percent from a year ago, the Canadian Real Estate Association (CREA) reported.
CREA said the Canadian real estate market continues to feel the effects of stricter mortgage rules that introduced by regulators in July of 2012 to cool what some perceived to be an overheating market………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

When Finance Minister Jim Flaherty tightened home lending standards last year, Bay Street economists shrugged. It wasn’t the first time Mr. Flaherty had attempted to deflate the housing bubble. Nor was it the second or third. That was enough history to suggest a cycle.
On all previous occasions, sales immediately jumped as buyers rushed to beat the new restrictions. In the next phase, demand cratered when the stricter lending conditions kicked in. Finally, sales popped back up once potential buyers realized that interest rates still were at once-in-a-lifetime levels………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

A gauge of confidence among home builders fell in April — a third straight monthly decline — indicating demand concerns despite a strengthening market, according to data released Monday.
The overall index for confidence among home builders decreased to 42 in April from 44 in March, hitting the lowest level in six months, dragged down by concerns over present sales and buyer traffic, according to the National Association of Home Builders/Wells Fargo housing-market index………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

According to the debut edition of the ZipRealty Housing Trends Report, median home prices in the cities examined increased 14.6% to $242,519 on a year-over-year basis, with the highest gains in San Francisco, where home prices shot up 38% as of March 15, 2013. Real estate prices in both Las Vegas and Phoenix jumped 31% during the same period.
Total housing inventory in the 24 metropolitan areas declined 34% as of March 15, 2013, as did the level of distressed home sales. The report shows 35% of the homes sold in the 2012 period were either foreclosures, short sales or REOs, compared to only 23% of the homes in 2013, a decline of 12 percentage points in the prevalence of distressed property sales. (Press Release)

Posted on 16 April 2013 by Laxman |  Email |Print

The number of first-time buyers active in the property market increased by 3 per cent in February, the best start to any year since the start of the financial crisis in 2008, data released today by the Council of Mortgage Lenders has revealed.
The CML, which represents 97 per cent of mortgage lenders, added activity in the first-time buyer sector was 17 per cent stronger in February than the same month a year earlier. But it wasn’t all good news. Lending to homeowners looking to move up the property ladder fell leading to an overall dip in mortgage lending, while the number of those remortgaging also saw a dip………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

The big impact the recession is having on Italy’s housing market was shown on Monday when Istat said property sales in the third quarter of last year were down by over 23%. It said 134,984 property sales were closed at notaries between July and September last year, 23.1% down on the same three months in the previous year.
The national statistics agency added that the number of mortgages granted in the first nine months of 2012 was 39.5% lower than in the same period of 2011……………………………………….Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

First quarter investment in the Russian commercial real estate market soared to a record high of $2.4 billion, a figure nearly 25 times higher than the first quarter of 2012 and almost three times higher than the previous record in 2006.
Investments in commercial real estate reached a new all-time high of $2.4 billion in the first quarter of 2013, according to a report by the CBRE Group. By comparison, the first quarter of 2012 saw investments at $101 million, a figure almost 25 times lower than that of this year. The previous record was set in 2006, when investors channeled $843 million into commercial property during the first quarter………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

Developers are reviving building plans after nearly three years of inactivity, encouraged by a gradual recovery in real estate. Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse of the emirate’s real estate market, a report said on Sunday.
The new properties to be built between 2013 and 2015 will represent 11 per cent of the current stock of 357,000 units, consultants Jones Lang LaSalle said in a report on Dubai’s real estate market for the first quarter of 2013………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

The gap in rental and sales prices between the UAE’s capital Abu Dhabi and Dubai is narrowing in the first quarter of 2013, reflecting that Abu Dhabi’s property market is following Dubai’s growth path, a report said Sunday.
According to the report released by Dubai-based real estate agency Asteco Property Management, average rental rates in Abu Dhabi rose by eight percent in the first three months this year, while sales prices in upscale areas soared by 13.5 percent………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

All real estate markets are local, says the industry axiom, one that China’s central government is painfully aware of as its efforts to rein in home prices are undermined by uncooperative municipal authorities.
Former Premier Wen Jiabao, in his final endeavor to make housing affordable, set an April 1 deadline for higher down payments and interest rates for second-home loans in cities with “excessively fast” price gains and ordered stricter enforcement of taxes on sales. Thirty-five provincial-level cities responded with measures insufficient to curb prices that climbed 150 percent from 2003 to 2012………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

Global luxury residential markets are always interesting. It really does indicate where the wealthy are hanging out, migrating to and moving away from. The never-ending search for safe haven investments keeps pushing prices up, in spite of stock market blips and financial crisis fallout.
It seems you just need nerves of steel and the courage to jump in at the bottom. Whatever happened to the dreadful doom and gloom in the US property market only a few months back? Last week in New York all anyone could talk about was how it was simply too expensive to live in town any more. Formerly cheap arty areas like the lower East side are cheap and full of artists no more………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

China’s land transfer revenue, a major source of income for local governments, totaled 770 billion yuan ($124 billion) in the first quarter of the year, up 46.6% from a year earlier, the Finance Ministry said Monday. Land sales revenue dropped 34.6% in the first quarter of last year, the ministry said in a statement on its website.
China began a campaign in the then-red hot property market three years ago in a bid to check speculation and head off potential social unrest. But the drive against spiraling prices, which included an outright ban on purchases of second and third homes in some areas as well as curbs on credit, took a toll on local government revenue collection last year………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

China’s home sales rose 69 per cent in the first quarter as buyers rushed into the market before local governments implemented property curbs, Bloomberg News reported. The value of homes sold climbed to 1.2 trillion yuan (S$242 billion) from a year earlier, China’s statistics bureau said on Monday, the biggest first-quarter increase in three years. Overall real estate sales, including commercial buildings, rose 61 per cent to 1.4 trillion yuan from last year.
“Quite a lot of buyers bought homes as they expected local governments would issue harsh property curbs,” said Mr Zhao Zhenyi, Shanghai-based analyst at Industrial Securities………………………………………..Full Article: Source

Posted on 16 April 2013 by Laxman |  Email |Print

According to PropNex Realty, a subsidiary of P & N Holdings, the private residential market rebounded sharply last month—as developers returned to the market with a plethora of new launches to entice homebuyers. Despite the onset of January’s cooling measures, transactions in March reversed the 65% plunge in the previous month to register a healthy 2,793 units sold excluding ECs (or a 295% increase comparing M-O-M).
“Despite the resale market not performing as well, the new sale market has remained robust. With the recent cooling measures, the rebound in March is indicative of robust demand from genuine first-time homebuyers………………………………………..Full Article: Source

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