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Real Estate Briefing 03.May 2013

Posted on 03 May 2013 by Laxman |  Email |Print

Ask ordinary people about their own Chinese dream, and you find owning a home is high on the list. But years of rising house prices have put that dream out of reach of many. A slowing economy appeared to take some of the heat out. Now, alas, the residential property market is soaring again. A new survey of developers and property firms on May 2nd showed average house prices up more than 5% in April on a year earlier.
Taking the long view, rising property values seem defensible. The country is undergoing the largest wave of urbanisation in human history and homes must be built for all of those new city dwellers………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Roderick Chapman, a 50-year-old marketing specialist from Vancouver, British Columbia, was in Buenos Aires last month, looking at one-bedrooms in the city’s posh Recoleta district.
“I’m absolutely amazed by the number of choices,” said Mr. Chapman whose budget for a vacation property is 130,000 U.S. dollars—the currency in which most Buenos Aires real estate typically is traded. “It is overwhelming, really.”……………………………………….Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

It’s looking like an unsettling spring in Canadian housing, a market that has proven far more even-keeled and less scary for investors in recent years than in the United States.
In what is traditionally the best season of the year for real estate agents, Toronto agent Ecko Jay says the industry is seeing far fewer buyers, a result of tighter lending rules, high prices and fear of a bubble. In Toronto alone, sales dropped 40 percent in the first quarter from a year earlier, making homeowners and investors jumpy………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

As home prices rise, there are fewer bargains in single family homes, but not fewer investors. Their ranks and property portfolios continue to grow. Last month Five Ten Capital, a Piedmont, California-based asset manager, inked a one hundred million dollar deal with Deutsche Bank to open a new fund to buy and manage single family rental homes, expanding Five Ten’s range to Texas and Missouri.
“Obviously, home prices are up, so did you miss an opportunity? Yes, you’d have been better off buying a year ago than today, but we think for the most part we are in the third inning of this housing recovery,” said Rob Bloemker, Five Ten’s CEO………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Marty Mitchell’s company in Rockville, Md., builds homes priced from $700,000 to $1.6 million. Business is brisk and could be better. Costs of everything from lumber to labor have been rising faster than anyone in the industry imagined only a short time ago.
“We certainly expected some increases as the market improved, but costs have really shot up in the past six months or so,” says the deputy chief executive officer of Mitchell & Best Homebuilders. That’s putting the squeeze on margins even as companies like Mitchell’s raise home prices. As the U.S. housing industry recovers from its worst downturn since the 1930s, builders are having to cope with steep cost increases for various materials as well as rising land prices and shortages of skilled labor………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

In most of the world, homeownership isn’t seen as a natural step in the progress toward responsible adulthood. Outside the U.S., mortgages are for small amounts, for shorter times, and have adjustable interest rates. The popular U.S. 30-year mortgage with a fixed rate, which makes possible low monthly payments and a more certain future, is an oddity. How did Americans develop such a peculiar financial practice? The New Deal.
In many ways, the mortgages of the 1920s resembled the more exotic ones of today. Balloon loans with terms of just three to five years were common. Homeowners, like those of the 2000s, simply expected to be able to refinance. The money for these mortgages, in an eerie echo of today, came from debt that banks sold to investors, and the bond-repayment periods were equally short………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

The number of homes sold in the UK reached a three-year high during March as increased confidence in the market translated into sales, according to the latest Royal Institution of Chartered Surveyors survey.
Chartered surveyors reported selling an average of 17.4 homes over the previous three months, the highest number since March 2010. Confidence has been slowly returning to the housing market since the end of 2012 and transactions have also risen for three consecutive months………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Further evidence of a recovery in the housing market emerged today, with figures showing house prices rose 0.3% in April – the third consecutive month that values have increased across the country.
The monthly survey by Hometrack – which tracks sentiment among over 5,000 estate agents and surveyors – also found demand in London has grown three times faster than supply over the last quarter………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

The property market in Italy has been in free fall and people are worried about housing. With most people in the country being too poor for traditional homes or too rich for social housing, the approach of cohousing seems to be the best possible solution. The spokeswoman of the website cohousing.it, Nadia Simionato said that this concept evolved in the northern part of the continent during the 1960s.
It then spread to countries across the continent before reaching Italy in the mid 2000s………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Experts have called for the creation of a “real estate authority” following in the footsteps of the Capital Market Authority (CMA) to draft legislation, safeguard the rights of landlords and tenants and regulate the relationships between the two parties.
Experts have predicted that the real estate market will witness a decline in prices during the next period in light of the recent rulings on the housing sector by Custodian of the Two Holy Mosques King Abdullah. The Ministry of Municipal and Rural Affairs and other agencies will have to hand over all developed pieces of land to the Ministry of Housing which will, in turn, distribute them to citizens along with construction loans………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

The first phase of Mohammad Bin Rashid City is being promoted as a tourist destination but with a rush of similar entertainment, residential and retail projects announced recently, is there a danger of a glut in the market? Some analysts suggest that despite the return of mega-projects to the market, there is a more calculated approach by developers to execute them.
“The development time line for these recently announced projects will likely be linked more closely to demand. Even with the most rapid construction and absorption these projects may see a 10 year delivery cycle,” said David Macadam, a real estate expert………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

A number of builders in Mumbai are converting their office projects into residential ones amid poor sales and falling rentals in the commercial space. In the backdrop of tight liquidity, builders are also finding it easier to work on housing projects, given the self-financing ability of residential projects through customer advances as against back-ended commercial developments.
Among major developers, Oberoi Realty is now contemplating to convert its office space project Oberoi Splendor Commercial on Jogeshwari-Vikhroli Link Road in Andheri , a suburb of Mumbai, into a residential project. Brokerages like Motilal OswalBSE -0.23 % and IDFC Securities have termed Oberoi Realty’s decision as a positive trigger, given the possibility of better sales volume………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Chinese property buyers have made splashes in the world’s best-known cities. But as their focus shifts toward enjoyment from pure investment, their next stops are likely to be closer to home.
One in eight Chinese families own more than one home, according to a recent report by Zhejiang University and Tsinghua University. But very few own vacation or retirement homes. Typically, Chinese start to amass their real-estate empires with markets they know, often in the cities where they live………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Despite the government’s recent efforts to reinforce cooling measures for the real estate sector, the average home prices across 100 major Chinese cities continued rising in April, according to data released Thursday.
The average new residential home price in the 100 cities in April reached 10,098 yuan ($1,638.91) per square meter, up 1 percent from March and up 5.34 percent year-on-year, according to data from the China Real Estate Index System. Beijing saw its average home price jump by 3.11 percent month-on-month and 15.26 percent year-on-year in April………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

Western Australia, Victoria and Tasmania took the housing market cake in March, according to the latest figures from market research group Residex. Each market experienced growth in the house and land market as well as the unit market.
New South Wales, however, was the worst country performer for the month, recording negative growth in both the house and land market and the unit market………………………………………..Full Article: Source

Posted on 03 May 2013 by Laxman |  Email |Print

The value of residential property purchases over £10 million in the world’s top financial hubs of London, New York, Hong Kong and Singapore is set to grow by 27% in the next five years according to a report released today by developers Candy & Candy.
The research, which has been produced by Candy & Candy, Savills and Deutsche Bank and examines the recent and immediate future of ultra prime property markets in these four cities which are regarded as being at the forefront of global private wealth flows………………………………………..Full Article: Source

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