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Real Estate Briefing 08.May 2013

Posted on 08 May 2013 by Laxman |  Email |Print

More than half of Americans now expect the country’s home prices to climb within the next year, illustrating a growing optimism toward the health of the housing industry, according to new data from mortgage-finance company Fannie Mae.
“For the first time in the survey’s three-year history, the majority of Americans surveyed now expect home prices to increase,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “Crossing the 50% threshold marks a significant milestone as most Americans believe a housing recovery is truly occurring throughout the country.”……………………………………….Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Properties in America are hot for Chinese investors, but what can we expect as the “new normal” for housing in the United States? The American housing recovery is absolutely underway. The operative part of this phrase is “way” since America has a “way-to-go” before the recovery actually takes hold.
The 1950s were a post WWII society in America that involved larger families and boomers who had, on average, 2.3 children. As those children were born and came of age, there was an unnaturally large housing cycle which, on a per capita basis, made for an unusual level of housing demand relative to the historic norms in America………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Home prices are heating up, as the flow of new homes and permits continue to steadily increase and the attraction of historically low mortgage rates motivates buyers. The buyers that are driving up the housing market are not only the buyers of principal homes, but also the investors who are attracted to the relatively lower home prices and cheap financing.
What is interesting is that we are seeing major buying from not only the smaller investor who may dabble in an investment property, but also the large institutions and hedge funds that are getting into the swing of things, gobbling up hundreds and thousands of properties at lower prices………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Deep in the president’s new budget is a plan that could transform public housing in the nation by allowing housing authorities to increasingly set time limits or work requirements for participants.
Currently, government housing benefits are generally open ended. Unlike welfare—which has a five-year limit—federal housing programs allow low-income Americans to receive rent vouchers or live in government complexes for decades………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

U.S. commercial property prices hit record levels last month, a new report suggests. Green Streets Advisors’ commercial property index moved one percent higher than the record achieved in August, 2007, fueled by low interest rates and “modest economic growth.” The index rose one percent in April, after a two percent increase the month before, Bloomberg reports.
“It’s likely we’ll see more gains,” Green Street analyst Peter Rothemund said in the statement. “Real estate continues to be attractively priced relative to the returns on offer in the bond market.”……………………………………….Full Article: Source

Posted on 08 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 08 May 2013 by Laxman |  Email |Print

With a limp-wristed tearing of the reams of planning law and a hit-and-hope punt at helping the consumer mortgage market - does the government actually want any new homes to be built?
Housing demand means we need to build about 250,000 new homes a year just to keep up. In 2012, not even 100,000 housing starts were made. This is one of the reasons the UK’s housing costs are the third highest in Europe as families’ earnings are drained just on shelter………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

According to HM Land Registry All Transaction Data, prices in the area rose 25% across the year to reach an average of £1,186,817. LCP said this price increase is equivalent to earning £122 an hour for a working week, 14 times the London Living Wage (£8.55).
Two years down the line from the 2011 Budget, headline results show a complete recovery from the rise in Stamp Duty from 4% to 5% for purchases above £1m. The bunching in sales under £1m, which occurred following the 2011 stamp duty increases, has now burst through and the £1m - £2m price band has seen a staggering increase in transactions of 84% since last March………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Yasemin Rosenmaier has been selling homes in northern Italy since 2005 and she’s finding that there’s never been a better time to work for a German broker.
“I’d say 60 percent of our closings are with Germans, which is much higher than in previous years,” Rosenmaier said by telephone from her Engel & Voelkers office in Cernobbio on Lake Como. “Why? Fear of inflation, the uncertainty on the financial markets, fear of what happened in Cyprus,” the latest European country to get an international bailout………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

In April the Baku real estate market observed a price rise by 1.2%. At that, the prices grew by 3.54% since early 2013 and by 7.8% versus the 2012 same term. MBA Group consulting company’s general director Nusret Ibrahimov says that in April prices on the primary housing market of Baku grew by 9.6% from $914 up to $977 per sq m and by 14.68% against last year’s same term.
“Prices on the secondary housing market grew by 2.34% from $1,582 up to $1,619 per sq m. Prices increased by 7.36% against early 2013 and by 12.64% versus last April. Growth of prices was registered in April on the land market of Baku where they increased by 3.5% from $19,026 up to $19,606 per are………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Property values have fully recovered the ground that was lost during the last downturn and values are now one percentage point above their ‘07 highs. Commercial real estate values continue to benefit from a backdrop of low interest rates coupled with modest economic growth and it’s likely the upward momentum in values witnessed so far will be sustained.
Green Street’s Commercial Property Price Index is a time series of unleveraged U.S. commercial property values that captures the prices at which commercial real estate transactions are currently being negotiated and contracted………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

The value of total real estate transactions during last week of April (April 21 to 25) amounted to QR807.2m, down 5.5 percent compared to QR854.4m the previous week, according to Ezdan Holding Group’s weekly report.
The main reason for the decline was caused due to the absence of grand deals. The report forecast that the real estate transactions will continue its recovery during the coming weeks, especially in the sector of plots with the existing trend of real estate investors and developers coming up with more new projects………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Supply of office properties from developers struggling to fund, complete or sell their projects is likely to increase further in the April-June quarter, according to the latest RICS India Commercial Property Survey.
This continues from a marked pick-up in the supply of such distressed office properties in the January-March period, the property consultancy said in a report released Tuesday, without giving specific numbers or estimates. While distressed properties would be available at prices lower than market rates, the rise in their supply could dampen the capital values of office spaces, say experts………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Investment in India’s real estate sector is falling fast – yet another bit of bad news for the economy. In the fiscal year just ended, new investment into real estate was down 55 per cent from Rs926bn to Rs420bn (from $18bn to $8bn) according to the Associated Chambers of Commerce and Industry of India (Assocham).
The sector is suffering as sales fall, the cost of construction rises and banks refuse to pass on reductions in the base rate after the recent round of interest rate cuts………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

The two-acre site at 421 Kent Avenue in Williamsburg, Brooklyn, is nothing more than concrete rubble and rusted steel rods – remnants of a previous property project gone wrong.
But if Xinyuan Real Estate has its way, a gleaming 216-unit upmarket condominium building will soon take its place. This would make Xinyuan probably the first listed Chinese company to build a significant residential development in the US, according to Dan Fasulo, managing director at Real Capital Analytics………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Commercial property deals in the city fell sharply over the past three months as short-term investors shied away after the doubling of stamp duty on the purchase of both residential and non-residential properties.
“Buyers held off in the hope that vendors would cut their asking prices to compensate for the increased investment cost caused by the doubled stamp duty,” the executive director of Asia investment services at agency Colliers International, Antonio Wu, said. “But vendors were reluctant to cut the prices as they are still enjoying high rental yields.”……………………………………….Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Hong Kong has the highest home prices among major global cities, including London, New York, and Tokyo, according to a report by global property consultancy Savills, and one of the big questions in global finance these days is predicting when the Hong Kong property bubble will burst.
Consensus is growing that the market is getting ready for some kind of setback, though opinions differ on how serious. There are elements in Hong Kong’s situation that are all too familiar in Ireland. Since returning to China in 1997, Hong Kong’s economy has become irrevocably intertwined with China, and it needs Chinese trade flows and tourists to keep it simmering………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

With personal income tax capped at a modest 20% and no capital-gains tax, it’s unsurprising that Singapore has become a magnet for wealth around the region. In a recent survey of 1,000 mobile millionaires, Singapore was deemed the most desirable place to call home in Asia – billionaires Richard Chandler and Eduardo Saverin are amongst the notable individuals who have chosen Singapore as their home-away-from-home.
According to Boston Consulting Group’s 2012 Global Wealth Report, Singapore has the world’s highest density of millionaire households at 17.1% or 188,000 households………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

The Philippines real estate market is not only attracting investments from Filipino expatriates but also from foreigners who are either buying retirement homes or expanding assets in the country.
The relatively cheap properties and the opportunity to make significant returns are a major draw for foreign buyers. Philippine laws allow foreign nationals to own condominiums or residential units in high-rise buildings. The property market in the country has been growing in recent years, largely due to high demand from Filipinos working abroad………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Expectations of house price inflation have hit a record high in ASB’s quarterly survey, while the numbers who consider it a good time to buy a house continue to fall. In the bank’s latest survey, 63 per cent of respondents expected house prices to rise over the year ahead, up from 59 per cent three months ago and above the peak 10 years ago.
A seller’s market is also evident in the net balance who consider it a good time to buy, which has fallen to 8 per cent from 13 per cent in the previous survey………………………………………..Full Article: Source

Posted on 08 May 2013 by Laxman |  Email |Print

Increasing pressure in a housing market where supply is failing to meet demand is posing a growing risk to New Zealand’s financial stability, the Reserve Bank warns. In the bank’s six-monthly financial stability report, released on Wednesday, governor Graeme Wheeler says the country’s financial health is still sound, but growing private sector credit and rising house prices which are already high pose a concern.
The fears have emerged as Auckland and Christchurch stand out as struggling to meet demand for housing and as banks become more tolerant of lending on smaller deposits………………………………………..Full Article: Source

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