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Real Estate Briefing 02.May 2013

Posted on 02 May 2013 by Laxman |  Email |Print

Home prices are rising at the fastest rate in seven years, with some communities seeing double-digit gains, as buyers are returning to a market where the number of properties for sale is in short supply.
Prices increased 9.3% in February from a year earlier while mortgage-interest rates hovered near record lows, according to the Standard & Poor’s/Case-Shiller index that tracks home prices in 20 major metropolitan areas. All 20 cities posted year-over-year gains for the second consecutive month, which hasn’t happened since 2005, before the crash………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

More good news on the housing market. The S&P/Case-Shiller Home Price index posted its biggest annual increase since 2006—just before the housing market crash.
Home prices in all 20 metro areas included in the index rose for the second month running. Phoenix led, with a 23% annual increase followed by San Francisco (18.9%), Las Vegas (17.6%) and Atlanta (16.5%). Still, Robert Shiller, co-creator of the index, is cautious. “There’s a lot of excitement in the housing market now but it might be just short term,” he tells The Daily Ticker………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

Construction spending in the U.S. unexpectedly fell in March, reflecting the biggest slump in government projects in 11 years.
Outlays decreased 1.7 percent to a $856.7 billion annual rate, the least since August, the Commerce Department reported today in Washington. The median forecast of 46 economists surveyed by Bloomberg called for a 0.6 percent rise. Public projects dropped by 4.1 percent, the biggest decrease since March 2002………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The sucker’s analysis of whether it’s affordable to buy a first home is to compare the cost of rent and a mortgage payment.
Any veteran homeowner can tell you that mortgage payments are only a portion of what it costs to own a home. First-time buyers may be familiar with additional costs such as property taxes, but there’s a whole range of other expenses that are sporadic and thus hard to quantify………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

U.K. house prices were little changed in April, according to Nationwide Building Society, which said there are signs of momentum in the property market.
The average cost of a home fell 0.1 percent from March to a seasonally adjusted 165,586 pounds ($257,000), the Swindon, England-based customer-owned lender said today. From a year earlier, prices rose 0.9 percent, the biggest annual increase in 14 months………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The first people to buy their home under the UK’s new £4.5 billion Help to Buy scheme have the keys to their new three bedroom semi detached house. The first time buyers have moved into their Taylor Wimpey home in Liverpool after securing a 20% loan under the government scheme which then enabled them to obtain a 75% loan to value mortgage. They put down a 5% deposit.
It means that former Queens Guardsman Nikolai Invanovic, 25, and nurse Catherine McClean, 26, who have moved from Northern Ireland, will now benefit from lower monthly payments while they progress their careers………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

Investors bought more commercial real estate in central London last year than in the rest of Britain for the first time as buyers from the U.S. to Malaysia favored the U.K. capital, according to broker DTZ (UGL).
Investors purchased a record 16.1 billion pounds ($25 billion) of income-producing office buildings, stores, and warehouses in London last year, a 48 percent increase, compared with an 18 percent drop to 15.9 billion pounds in the rest of the U.K., according to DTZ………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

House prices recorded their strongest annual increase in more than a year in April, amid further signs that the market is seeing a pick-up, Nationwide reported.
The 0.9 per cent year-on-year rise took average prices to £165,586, and activity is likely to strengthen further in 2013, the building society’s latest study said. On a month-on-month basis, prices dipped by 0.1 per cent following a flat March………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

After almost nine years of continuous house price rises, the Viennese housing market remains buoyant. However, house price rises are now slowing.
The residential property price index in Vienna, the capital, rose by 13.09% (10.02% inflation-adjusted) during 2012, its ninth consecutive year of continuous house price rises, according to Oesterreichische Nationalbank. However on a quarterly basis, house prices in Vienna actually dropped 0.65% (-1.61% inflation-adjusted) in Q4 2012, its first quarterly drop since Q2 2011………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

Turkey has announced plans to issue one-year residency permits to foreigners who purchase property in the country, as part of a larger campaign from the Turkish government to attract more foreign homeowners.
The law is a major change from the three-month permit currently allowed to foreigners. It would also make home buying more attractive to the Middle East and non-European nations who have previously had a hard time obtaining visas, according to local media reports………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The latest issue of Rode’s Report on the SA Property Market reveals a modicum of good news for the industrial property market, says property valuer and economist Erwin Rode of Rode & Associates.
On a national basis, the yearly growth in industrial rentals is slowly heating up, seemingly benefiting from the lagged impact of declining vacancy rates. “In fact, such has been the acceleration in the growth of market rentals in this sector that in the fourth quarter of 2012, prime rentals recorded a nationally averaged growth rate of 7%, with the strongest yearly growth of 9% being achieved in the Cape Peninsula.” Disappointing, however, is that the national average still failed to be in excess of building-cost inflation. “Hence, we are not yet out of the woods,” cautions Rode………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

Property sales in Doha have carried on at a swift pace, with the total value of transactions increasing by an estimated 2% in the first quarter of 2013.
The latest Asteco Q1 2013 Qatar report points out that, compared to fourth quarter 2012, there has been a 6% increase in total transaction value and an 8% growth in the number of villa transactions. During the same period, the total value of transactions for apartments fell by 56%. On the whole, there was a 2% decline in sale volume across all sectors………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The second-hand home sales in Hong Kong are picking up slightly recently after an unusually sluggish transaction volume in March, with property owners axing prices to entice home buyers.
The transaction volume of the city’s secondary residential properties plunged to around 2,300 in March, the lowest monthly volume in almost 10 years compared with the 2,135 during the SARS outbreak in 2003, according to the data provided by Centaline Property Agency Limited………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

It’s one of the big questions in global finance these days. Hong Kong has the highest home prices among major global cities, including London, New York and Tokyo, according to a report by the international property consultancy Savills.
Many believe the market is ripe for a setback, although opinions differ on how serious………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The local property market remains buoyant on the back of “momentous” economic growth and confidence arising from the Philippines’ new investment grade rating, resulting in a sustained increase in property values and rental rates in key central business districts of Metro Manila.
This was based on the first quarter 2013 report issued by property consultants Colliers International that was released Tuesday, which said that the government’s newly minted investment grade status would result in greater activity in the property market for years to come………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The fledgling recovery in the Australian housing market stalled in April as property prices drifted lower. Home prices across Australia’s eight capital cities fell by half a per cent in April, partly reversing gains made since the start of 2013.
Prices rose by an average of 2.8 per cent in the first three months of the year, according to the RP Data-Rismark Home Value Index………………………………………..Full Article: Source

Posted on 02 May 2013 by Laxman |  Email |Print

The realestate.co.nz website says the housing market is very much a sellers’ market. It recorded that new listings of houses available for sale fell 21% in April following a 3% decline in March.
The website, on which about 95% of the houses available for sale in New Zealand are listed, says new listings are far from matching demand with sales across the country up 11%………………………………………..Full Article: Source

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