International Property news and articles from www.PropertyShowrooms.com

Buyers 'should take advantage of cheaper Italian property'
(Thu, 9 Feb 2012 00:00:00 GMT)  Many sellers in Italy have reduced the asking price of their properties in recent months, prompting one local real estate expert to urge buyers to take advantage of the situation. Linda Travella, of Casa Travella, explained Italian vendors were slower to cut the amount they were asking for their homes than other Europeans. However, she noted they have recently realised doing so is encouraging investors to look elsewhere for their next purchase and many have therefore started to offer Italian properties for sale at "below market value". Ms Travella added the strength of sterling against the euro means buyers from the UK can also benefit from the exchange rate. Buyers may want to bear in mind the reintroduction of a property tax on first homes, announced by the Italian government in December last year. New prime minister Mario Monti set out his plans to bring back the levy, which was abolished under previous leader Silvio Berlusconi, among other austerity measures aimed at getting Italy's budget deficit under control.

Mortgage availability "surprisingly good" in Spain
(Thu, 9 Feb 2012 00:00:00 GMT)  There is still finance on offer for buyers who are keen to own a property in Spain. Operations director at Conti, an overseas mortgage specialist, Clare Nessling told Mortgage Introducer that the availability of home loans in the nation is "surprisingly good, despite the negative reports about its property market". She explained the maximum loan-to-value still sits between 65 per cent and 70 per cent, but noted this can be higher in regions where the real estate market is considered to be more resilient, such as the Canary Islands and Madrid. Ms Nessling also pointed out that Spain remains a popular target among overseas property buyers thanks to its accessibility and strong rental potential. Last month, sales and marketing manager at Taylor Wimpey de Espana Marc Pritchard highlighted Spain's enduring appeal among holidaymakers, noting a predicted influx of tourists in 2012 is good news for the country's real estate industry. He singled out Alicante as one area to watch, thanks to the growing number of airlines flying into and out of its airport.

US house prices 'broadly stable in Q4'
(Thu, 9 Feb 2012 00:00:00 GMT)  House prices in the US were relatively stable in the final quarter of 2011, with the Midwest region experiencing the biggest declines. Data published by Clear Capital revealed, on average, the value of residential property in the US fell by 1.6 per cent in the three months from October to December, compared with the previous quarter. In three out of the four regions, this figure stood at between 0.9 per cent and 0.6 per cent, however, in the Midwest, the decline hit four per cent in this period. Dr Alex Villacorta, director of research and analytics at the firm, explained the Midwest pushed average prices lower, but he was optimistic things could improve. "The lower priced segments of several specific markets are bucking the trend and seeing appreciation, suggesting that recoveries could be occurring from the bottom up," he stated. According to the most recent research published by CoreLogic, distressed sales are the driving force behind price depreciation in US property markets. Figures for December 2011 revealed US residential real estate values fell by 4.7 per cent year-on-year. However, when distressed sales were taken out of the picture, this decline was only 0.9 per cent.

Overseas investors 'looking for deals in up-and-coming Paris districts'
(Wed, 8 Feb 2012 00:00:00 GMT)  International property investors are increasingly targeting up-and-coming districts in Paris in order to find the best opportunities. This is according to Thomas Elisian of Paris Attitude Vente, who told the Telegraph overseas buyers are "increasingly willing to look at 'newer' neighbourhoods if they can get an advantageous deal". Among the districts that may interest investors looking for a French property are the tenth, 17th and 15th arrondissements. Managing director of Sifex Sarah Francis told the newspaper that real estate assets in the tenth arrondissement experienced capital appreciation of ten per cent over the course of 2011. The Canal St Martin and Boulevard Magenta are just two areas that have been singled out as sought-after addresses in the district. It seems it is not only residential property that is attracting investors to Paris, with a recent Jones Lang LaSalle report highlighting the city's popularity for commercial real estate deals. The French capital was the third most-active market for global property deals in the final quarter of 2011, with only London and New York experiencing higher transaction volumes.

Exchange rates 'favourable for Brits buying property in Spain'
(Wed, 8 Feb 2012 00:00:00 GMT)  UK buyers who want to purchase a property in Spain may decide now is the time to do so after one currency exchange organisation pointed out the favourable rate between sterling and the euro. According to managing director of Currency Index Robin Haynes, those who are keen to invest in real estate in the south European nation could benefit from the strength of the British pound. "Overseas property buyers should rest assured that the single currency devaluation will mean that they will currently be able to get over eight per cent more for their money than if they were buying euros in July last year," he stated. The firm noted the highest proportion of its currency transactions were sent to Spain in 2011, indicating the nation has not lost its appeal among tourists and expats. Bob Atkinson, travel expert at Travelsupermarket, recently highlighted Spain's popularity as a holiday destination, which may bode well for anyone investing in a rental property in the country. He noted it is "cheap" and "accessible" for Brits and, in the current climate, Spain offers good value for money, especially for families.

Dubai residential property 'will outperform commercial'
(Wed, 8 Feb 2012 00:00:00 GMT)  Residential property in Dubai will perform better than commercial assets, such as offices, over the course of 2012. This is one of the predictions featured in an overview of the emirate's real estate market published by the Dubai Chronicle, which noted there was an increase in the number of transactions in the residential sector in the final quarter of 2011, compared to the previous three-month period. While rents for offices in prime locations remained broadly stable during this timeframe, the secondary market struggled with oversupply and weakening demand, the publication stated. According to the news provider, Dubai's residential real estate industry is in a better position because "stronger demand fundamentals are sustained by solid population growth". Last month, Jones Lang LaSalle highlighted villa developments as more favourable investments than flats, noting the former are "generally expected to outperform apartments this year". The firm was optimistic there will be an increase in the number of transactions completed in the United Arab Emirate's real estate market during 2012, with private investors and high net worth individuals expected to account for a larger proportion of purchases.

Cape Verde 'proving popular among property buyers'
(Tue, 7 Feb 2012 00:00:00 GMT)  There was a rise in the number of enquiries about property in Cape Verde during January. According to TheMoveChannel, searches for real estate in the island nation jumped by 2.8 per cent at the start of 2012, compared to the final month of 2011. Director of the firm Dan Johnson explained some investors are looking for alternatives to the more popular markets of Spain and the US. "With its building tourist numbers and relatively un-crowded real estate market, Cape Verde's imbalance between supply and demand is seeing these buyers turn to somewhere smaller in the hope of bigger returns," he stated. Last month, The Heritage Foundation 2012 Index of Economic Freedom highlighted Cape Verde's strengths as a place to do business, noting it is ranked fourth in Sub-Saharan Africa based on its economic credentials. The organisation commented private property is "fairly well protected" and revealed the investment climate in the nation has become more favourable over the past year.

'Opportunities for investors' in Spanish retail property
(Tue, 7 Feb 2012 00:00:00 GMT)  There are expected to be "attractive opportunities" for investors in the Spanish retail real estate sector over the course of 2012. Danny Kinnoch, international investment director at Savills, commented that buyers who are not relying on finance from banks will be able to take advantage of some of the best deals on offer. He stated: "There is scope for strong returns assuming market recovery over the medium term, which will keep international players acquisitive." Meanwhile, debt sales of such Spanish real estate assets will provide chances for "opportunistic investors", Mr Kinnoch added. Savills has predicted that yields in the country's retail property sector will be steady over the course of 2012, with returns currently standing at 6.5 per cent for prime shopping centres and seven per cent for prime retail parks. Research published by Jones Lang LaSalle last month revealed the volume of investment in Europe's retail sector was expected to break the €28 billion (£23 billion) mark in 2011, a significant increase over the €20.7 billion recorded in 2010.

US house price decrease in 2011
(Tue, 7 Feb 2012 00:00:00 GMT)  Figures for the full year to December 2011 have revealed the value of residential property in the US fell by 4.7 per cent, compared to 2010. However, CoreLogic noted in its December House Price Index that, excluding distressed sales, the cost of buying a home in the nation only fell by 0.9 per cent. Mark Fleming, chief economist at the firm, commented: "While overall prices declined by almost five per cent in 2011, non-distressed prices showed only a small decrease. Until distressed sales in the market recede, we will see continued downward pressure on prices." There are some states where the value of residential real estate climbed last year, even when distressed assets were taken into account. Montana experienced the biggest increase at 4.4 per cent, while Vermont, South Dakota, Nebraska and New York also saw property values climb by between 1.7 and four per cent. Research published by the National Association of Realtors in January revealed pending home sales in the US fell by 3.5 per cent in December, compared to the previous month, but that they still remain 5.6 per cent higher than at the same time in 2010.

Property investment activity dips in Romania
(Mon, 6 Feb 2012 00:00:00 GMT)  There has been a decline in the level of investment flowing into the Romanian commercial property sector in 2011. Head of valuations and consulting at DTZ Echinox Bogdan Sergentu explained the amount of money invested in Romanian real estate dropped by 13 per cent in 2011, compared to the previous year. Bucharest was the main target for those seeking such assets in the country, with developments in the city accounting for six out of the 13 transactions completed last year. Mr Sergentu added 69 per cent of the total investment volume for 2011 was spent on mixed-use developments, despite a greater number of deals being agreed in the retail sector. However, it appears the new year has started well for the nation's commercial real estate sector, with Romania Business Insider reporting this week (February 2nd) that New Europe Property Investment - a South African-based fund - has purchased the City Business Center in Timisoara. The complex comprises three office buildings, with two more premises still to be constructed. Managing director for Jones Lang LaSalle in Romania Troy Javaher explained it is the "first major institutional office transaction outside Bucharest".

'Positive outlook' for South Africa commercial property
(Mon, 6 Feb 2012 00:00:00 GMT)  There is reason to be optimistic about the future performance of commercial real estate assets in South Africa. This is according to Malcolm Horne, chief executive officer of Broll Property Group, who is confident demand for properties to rent in the nation will pick up, thereby reducing the amount of vacant space on the market. A yearly report published by the company predicted income from commercial properties in South Africa will rise, while capitalisation rates will become steadier. Speaking to SA Commercial Prop News, he commented: "The South African property fundamentals remain strong, landlords and tenants have become more educated about the costs involved and the pressure is on all to find effective means to reduce operating costs." Last month, head of capital markets at Jones Lang LaSalle South Africa Andrew Bradford asserted investors in the nation are better off purchasing existing buildings, rather than ploughing their money into new developments. He explained expenses associated with established assets are usually considerably lower than with new builds, while there is also less hassle and more predictability over a deal's timeline when opting for finished projects.

Spanish banks 'must up provisions' for bad property loans
(Mon, 6 Feb 2012 00:00:00 GMT)  Financial institutions in Spain have been told they need to find an additional €50 billion (£41.5 billion) to cover a higher proportion of the bad real estate loans and foreclosed properties on their books. The banks will also have to increase their provisions against Spanish real estate losses to between 35 and 80 per cent, depending on the asset class or type of loan in question, the government announced. A deadline of the end of December 2012 has been set by the country's politicians for the changes, however, financial organisations that choose to merge will be given additional time to raise the funds. Speaking at a news conference about the reforms, economy minister Luis de Guindos commented: "The aim is for housing to come on to the market and for Spanish banks, by being cleaner, stronger and more transparent, to be able to extend credit, which is something that's not happening at the moment," Bloomberg reported. Banco Santander recently announced it had made provisions of €1.8 billion to cover its anticipated losses on its property portfolio. Chief executive of the firm Alfredo Saenz told AFP the business had taken the measures - which significantly lowered the bank's 2011 profits - in anticipation of legislation to this effect being announced by the government.

Australian house prices fall
(Fri, 3 Feb 2012 00:00:00 GMT)  The value of homes in Australia dropped by 4.8 per cent in the final quarter of 2011, compared to the same three-month period in 2010. Data collected by the Australian Bureau of Statistics examining the performance of the real estate markets in the country's eight state capitals revealed Brisbane's property prices took the biggest hit, falling by 6.7 per cent annually. Meanwhile, Canberra held up the best, recording a decline of just 2.6 per cent, while Sydney put in a similar performance with a 2.7 per cent slide. The quarterly figures released by the organisation indicate that in certain markets, Australian property prices may be making a recovery. Perth, Canberra and Hobart all posted increases in real estate values in the final three months of 2011 of 0.5 per cent, 0.7 per cent and 0.8 per cent respectively. Last month, the Housing Industry Association (HIA) published mortgage figures for November 2011, which pointed towards a "modest revival" in the established lending market. Dr Harley Dale, HIA chief economist, explained lending for purchases of existing homes have now risen in five out of the previous six months.

Investors 'finding alternative ways' to fund Portugal property purchases
(Fri, 3 Feb 2012 00:00:00 GMT)  Buying a property in Portugal has become more difficult recently, thanks to stricter lending conditions imposed by the country's banks. However, managing director of Portuguese agent Infinito Real Stephen Anderson noted investors are increasingly finding other avenues to raise money for their purchases. "Recently, we have seen a few savvy developers offering an alternative method of funding to avoid the stumbling block of acquiring finance from the bank, thus helping to get the property market moving," he stated. Mr Anderson went on to explain such deals usually involve a 30 per cent deposit from the buyer, with the remainder of the property's value being paid off over a period of years agreed by both parties. He added the buyer can then use the flat or house as they wish, either living there themselves or renting it out. Last month, a report published by the Royal Institution of Chartered Surveyors (Rics) indicated there are opportunities for investors in the Portuguese lettings market. According to the organisation, the restrictions on lending are forcing more people to move into rented accommodation, with Rics senior economist Josh Miller commenting the sector is exhibiting "robust demand and strong transaction expectations".

Is Murcia set to be a hotspot for Spanish property investment?
(Fri, 3 Feb 2012 00:00:00 GMT)  Murcia looks set to be the next big destination in Spain and buyers may want to consider their investment options here, if one local agent is to be believed. Steve Long, chief executive officer of CasaCalida Property Group, has highlighted several attractions that make the Spanish region stand out. Among them are Europe's largest shopping mall, a new continental airport and the proposed development of the Paramount theme park. Mr Long commented: "I have been telling people for years that Murcia is the best place in Spain, if not in Europe, to invest in property." He added there are comparatively few Spanish real estate developments on the market in the area, which means demand will far outweigh supply should the projected visitor numbers - of three to five million tourists each year - for the new amusement park prove to be correct. In December last year, Proyectos Emblematicos Murcianos SA, the promoter behind the Paramount attraction, announced it would complete the purchase of the land required for the project on February 6th.

Rising number of homes for sale on the French Riviera
(Thu, 2 Feb 2012 00:00:00 GMT)  There has been a significant increase in the number of properties being put on the market in the French Riviera in the first month of this year. EstateNetFrance revealed nearly 16 per cent more homes were for sale in January, compared to December. This also represents a 12 per cent rise in comparison to the same month in 2010. According to the organisation, many sellers were waiting until the new tax regulations relating to property in France came into force at the start of January to put their houses up for sale. In addition, assets that had previously been taken off the market have been listed again, increasing the pool of available real estate. The company pointed out it is a "buyer's market" in France, even in the luxury sector on the French Riviera, where the average price of a high-end home has fallen below €2 million (£1.7 million) for the first time. Last month, EstateNetFrance asserted buyers still view property on the French Riviera as "a secure, long-term investment", which is why there was substantial growth in the number of real estate transactions recorded in the area during 2011.

Luxury property prices in Kuala Lumpur fall
(Thu, 2 Feb 2012 00:00:00 GMT)  The value of prime residential property in Kuala Lumpur in Malaysia fell by 5.6 per cent over the course of 2011. In the latest Knight Frank Prime Global Cities Index, the city was ranked 20th out of 23 locations surveyed based on the annual decline in real estate prices. However, the data indicates this downward trend in Kuala Lumpur is beginning to slow, with such assets shedding just 0.6 per cent of their value during the final quarter of last year. Kate Everett-Allen, of Knight Frank's international residential research team, explained prime property markets around the world continued to outperform their mainstream counterparts, despite seeing prices slide over the last 12 months. She added any climb in real estate values experienced in 2012 will be bolstered by a "flight of capital from troubled world regions", coupled with a desire among investors to expand their property portfolios rather than focus on other asset classes. A report published last month by the Real Estate Housing Developers' Association Malaysia found increasing optimism among the nation's house builders, with 74 per cent of those questioned expecting prices of homes to rise this year.

Spanish real estate assets hit Santander profits
(Thu, 2 Feb 2012 00:00:00 GMT)  Banco Santander, the largest lender in Spain, has revealed its net profits in the final quarter of 2011 fell by 98 per cent, coming in at €47 million (£39 million). This is compared to profits of €2.1 billion recorded in the same three-month period in 2010. One of the reasons given by the company for its poor performance is its exposure to toxic Spanish property assets. The financial institution has set aside €1.8 billion to cover losses on repossessed dwellings in the south European nation at 50 per cent of their book value. Alfredo Saenz, Santander chief executive, told AFP the bank is taking a "conservative" approach to the economy. He added the firm wants to be "a step ahead" of the anticipated legislation in Spain that will require such organisations to recognise the extent of their bad real estate loans. Last month, Bloomberg reported on a statement made by Spanish economy minister Luis de Guindos to state broadcaster TVE, where he predicted the price of buying a home in Spain will fall as banks release their real estate portfolios on to the market.

Brazilian commercial real estate 'demonstrating resilience'
(Wed, 1 Feb 2012 00:00:00 GMT)  Brazil's commercial property sector is one of the few in the world to record positive sentiment towards rental expectations and capital value growth during the first quarter of 2012. According to the Royal Institution of Chartered Surveyors (Rics) Global Commercial Property Survey for the final three months of 2011, Brazil's real estate market has shown resilience in the face of a largely negative picture elsewhere in the world. Respondents in the country are predicting a rise in rental values, as well as capital growth, in the period from January to March this year. Canada is the only nation where sentiment is more positive in these two respects. Property professionals in Brazil also anticipate demand from occupiers will continue to outpace the supply of available premises over the next few months. Writing for Global Property Guide earlier this month, developer Ruban Selvanayagam stated there are "massive" opportunities for investors in Brazilian real estate, although he urged potential buyers to approach the market with caution and to carry out extensive research to ensure the property they purchase will meet their expectations.

Girona real estate sees higher demand
(Wed, 1 Feb 2012 00:00:00 GMT)  There has been a rise in the number of overseas buyers looking for properties in certain provinces of Girona, Spain. PGA Catalunya Resort highlighted research conducted by The Spanish Valuation Society, which found there was more demand from French, Scandinavian, English and Russian purchasers for real estate in Girona in 2011 than in the previous year. As a result of the greater level of interest in Girona's property markets, prices have remained more stable here than elsewhere in Spain. Some of the reasons for this include the region's proximity to the coast, its favourable climate and the selection of leisure facilities in the area, PGA Catalunya Resort asserted. Investors seeking real estate in Spain that is ideal for holiday rentals may also be encouraged by comments made earlier this month by head of Spanish Property Insight Mark Stucklin. He asserted it is "a buyer's market" in the country, particularly in "consolidated areas that are well-established with a good range of amenities and services".

Selling distressed property 'important for South African market recovery'
(Tue, 31 Jan 2012 00:00:00 GMT)  Quickening the process of selling distressed real estate assets in South Africa is vital if the country's property market is to recover. This is according to SA Commercial Prop News, which outlined several areas that need to improve before the real estate sector in the nation can get better. Among them are employment growth, more support from lenders to borrowers who are struggling to pay their mortgages and an upturn in the global economy. Commenting on the state of the South African residential real estate market, chief executive officer of Auction Alliance Rael Levitt said: "There's likely to be more pain before there are any real gains for the sector, primarily because of the giant inventory of homes on the market." Earlier this month, chief executive officer of ooba Saul Geffen stated that it is a buyer's market in South Africa at the moment, partly because of the low interest rates in the nation.

Property buyers in Spain 'should focus on consolidated areas'
(Tue, 31 Jan 2012 00:00:00 GMT)  People who are keen to purchase real estate in Spain should focus their search on consolidated areas in the most popular destinations. So says Mark Stucklin, head of Spanish Property Insight, who explained looking in these locations means buyers "can now be picky and fussy about what they go for". He highlighted the Costa del Sol, Costa Blanca and Alicante as the three most popular regions for property investors at present. "Consolidated areas that are well-established with a good range of amenities and services will be the most interesting and will be where people are looking," Mr Stucklin stated. However, he warned there is over-priced property on sale, so buyers need to do their research before committing to a purchase. Managing director of Currency Index Robin Haynes pointed out last week (January 26th) that people investing in property in the eurozone - including Spain - can now expect to get approximately eight per cent more for their money than in July 2011, thanks to the reduced value of the euro compared to sterling.

Investors 'still keen to buy property in Spain'
(Mon, 30 Jan 2012 00:00:00 GMT)  Despite the current financial problems in the eurozone, Brits are still interested in buying property in Spain. This is the assertion of the Currency Index, a firm specialising in foreign exchange services, which recorded a 32 per cent increase in the volume of euros transferred to Spain by Brits in December 2011, compared with the same month a year earlier. Robin Haynes, managing director of the firm, commented: "Buyers who are worried about any currency devaluing could even consider holding debt (such as a mortgage) as well as assets (such as property) to balance out the perceived risk." Next week (January 30th) will see leaders from the European Union meet at a summit to discuss further measures to bring greater stability to the euro. Currency Index stressed, though, that with the exchange rate for the single currency at an almost 16-month high against sterling, now is "one of the cheapest times to buy a place abroad in recent memory". Earlier this month, A Place in the Sun magazine revealed Spain remains the top choice for Brits looking for real estate overseas. The publication added seven out of the ten most popular destinations are in the eurozone.

Sales of Pattaya condominiums rise
(Mon, 30 Jan 2012 00:00:00 GMT)  A significant increase in the number of condominiums sold in Pattaya has been recorded. Knight Frank Thailand noted a rise of 120 per cent in the volume of transactions completed for this kind of property in the city in 2011, compared with 2010. However, the firm pointed out the supply of condominiums in Pattaya climbed substantially last year, which has resulted in a lower sales rate in comparison to the number of units available. The organisation added there is a trend among developers to build more one-bedroom apartments, with the Jomtein district of the city expected to be the location of the majority of the new construction projects. One-bedroom units are often favoured by investors, head of the residential department at the company Frank Kahn explained; adding this may be one reason why developers are focusing on this size of apartment. Earlier this month, director of Knight Frank Phuket Nattha Kahapana highlighted the rising level of condominium developments in the Kata and Karon Beach areas of Thailand's western coastal resort, noting a lack of affordable land in sought-after districts like Patong Beach is encouraging construction firms to look elsewhere.

Is now a good time to buy Panama property?
(Fri, 27 Jan 2012 00:00:00 GMT)  The latter part of 2012 could be the right time to invest in real estate in Panama, with one expert in the country expecting property prices to begin to rise from 2013. In an article for The Panama Report, Kent Davis, from Panama Equity Real Estate, explained that values are likely to fall by between 10 and 20 per cent in Panama City this year, largely as a result of the number of construction projects coming to an end. However, he went on to predict that prices will pick up again in 2013, and this will happen "in a manner never seen before due in part to a completely modernised transport system and increased revenue from an expanded Panama Canal". Mr Davis added it will "most definitely be a buyer's market" in the country over the next 12 months, highlighting areas such as Amador Causeway and the beach district near San Carlos as places where price appreciation is most likely. Earlier this month, features editor of Caribbean World Magazine Sarah Woods suggested Bocas del Toro in Panama could be a good place to look for a real estate investment. She stated: "Pretty much the entire Caribbean is good value right now", adding many buyers are turning to the southern and central regions along the Caribbean Sea with the aim of finding "dirt-cheap deals".

Spanish property prices 'will fall as banks sell assets'
(Fri, 27 Jan 2012 00:00:00 GMT)  When Spanish financial institutions begin to sell-off their real estate portfolios, the price of buying a home in the nation is likely to fall. This is the assertion of economy minister Luis de Guindos, who told state broadcaster TVE many residential properties held by the country's banks are not going to market because they are not being valued correctly, Bloomberg reported. He added when they are put up for sale at their true worth "we'll find that the price of housing in Spain will fall more, there'll be an adjustment and it will be more available for a lot more people," the news agency quoted Mr de Guindos as saying. The publication cited data from the Bank of Spain, which shows financial organisations in the country hold around €176 billion (£147 billion) of "troubled" Spanish real estate assets on their books. According to the most recent figures published by Tinsa, the value of property in Spain fell by 8.1 per cent over the course of 2011. Capitals and major cities experienced the biggest decline in prices, sliding by 9.1 per cent between December last year and the same month in 2010.

Abu Dhabi property deals rise in 2011
(Fri, 27 Jan 2012 00:00:00 GMT)  The value of real estate transactions completed in Abu Dhabi in 2011 reached AED 42.9 billion (£7.5 billion), authorities in the emirate have revealed. Adel Hussain, a media consultant for the municipality, told Gulf News that this represents a five per cent increase compared to the volume of deals recorded in 2010. Acting executive director of municipal services Awaidah Al Qubaisi told the publication there is now more positive sentiment surrounding property in Abu Dhabi than there was 12 months ago. "There was increased investor confidence last year in the Abu Dhabi economy, which resulted in the high number of transactions. The municipality has also worked to simplify transaction processes," he stated. Earlier this month, Jones Lang LaSalle predicted there will be a greater volume of property deals in the United Arab Emirates (UAE) in 2012 than in 2011, as a growing number of high net worth individuals and private investors are showing an interest in the UAE's residential market.

Bulgaria property prices fall in 2011
(Thu, 26 Jan 2012 00:00:00 GMT)  New research has revealed the value of Bulgarian property fell by between five and ten per cent in 2011, compared to 2010. Propertywire reported on the data, which was gathered from brokers operating in the nation, noting that the situation is not expected to change over the course of the next 12 months. Operations director at a Bulgarian real estate firm Polina Stoikova told the publication that the greatest demand is for properties in a low price bracket that are located in major cities. Bansko, a ski resort, is one of the places that has experienced some of the biggest falls, with real estate values there sliding by 25 per cent during 2011, the news provider revealed. In addition, an article in Focus earlier this month cited a study published by Presa Daily, which found home loans in Bulgaria have become more accessible. According to the research, last year it was possible to obtain finance of between 80 per cent and 90 per cent of a residential property's value, while interest rates on mortgages have fallen and are now close to their 2008 level.

Luxury Spanish property market 'performing well'
(Thu, 26 Jan 2012 00:00:00 GMT)  There continues to be an appetite among investors for luxury real estate in Spain, one agency has revealed. Lucas Fox International Properties announced this week that 2011 was its "most successful operational year to date", with the firm citing its strong client base and portfolio of desirable assets among the factors that have helped it perform well. Aimar Valls, head of commercial and investment property at the organisation, commented: "In the last year we have received a dramatic rise in both the quantity and quality of enquiries for commercial and investment property." He added real estate in central Barcelona is particularly sought after, with hotel developments and tourist apartment rentals among the main targets for investors. Director of Lucas Fox Alex Vaughan highlighted the company's strong position at the start of 2012, explaining that more than 5,000 active buyers have registered with the firm. Interest in Spanish property is coming from investors based all over the world, including those in Russia, China, Scandinavia and the US, he added. Earlier this month, International Property Success stressed Marbella and Murcia are among the top locations to consider when searching for a real estate investment in Spain.

Is the US property market improving?
(Thu, 26 Jan 2012 00:00:00 GMT)  There are indications that now may be a good time to buy real estate in the US, with signs that the market in some parts of the nation is improving. Liz Rowlinson, editor of A Place in the Sun magazine, said there is anecdotal evidence that real estate sectors in destinations such as Florida are recovering. "Good properties are being sought by more than one buyer and that is a healthy sign. It does definitely seem as if it is a situation to buy in 2012," she asserted. Ms Rowlinson added the most popular areas of Florida for British purchasers are around Orlando, as well as Naples, Tampa and Sarasota. The National Association of Realtors (NAR) released data earlier this week showing the number of existing home sales in the US increased in December for the third consecutive month. According to the NAR, there was a five per cent rise in the volume of transactions completed in December, compared to November.

Opportunities for investors in Portuguese lettings market?
(Wed, 25 Jan 2012 00:00:00 GMT)  The lettings market in Portugal appears to be benefiting from restricted lending to potential buyers, as more people are turning to rentals rather than purchasing their own home. This is the finding of the latest Royal Institution of Chartered Surveyors (Rics)/Ci Portuguese Housing Market Survey for December 2011. According to the research, the demand, supply and the price of homes in Portugal have all continued to fall, while the rental market has grown thanks to the difficulties faced by domestic buyers in raising finance to purchase a property. However, this has created opportunities for investors, who are in a position to take advantage of the strength in the rental sector and pick up real estate assets at lower prices, the report added. Senior economist at Rics Josh Miller commented: "The weak labour market and uncertain economic outlook in Portugal is forcing potential homeowners into the lettings market, which is showing robust demand and strong transaction expectations." Earlier this month, Cushman & Wakefield predicted there will be little change in Portuguese real estate in 2012, although noted there is likely to be a higher transaction volume over the next 12 months due to forced sales and banks looking to offload some of their property stock.

Rising tourist numbers 'good for Spanish property'
(Wed, 25 Jan 2012 00:00:00 GMT)  Owners of property in Spain are likely to be encouraged by the rising tourist numbers recorded in the country. This is the opinion of Marc Pritchard, sales and marketing manager at Taylor Wimpey de Espana, who noted that even more people are expected to holiday in the nation during 2012 than in 2011. He highlighted figures from the Spanish airport authority, which revealed 500,000 more passengers passed through Alicante last year compared with 2010, while there has been a 15 per cent rise in the number of requests for flight slots at the Costa Blanca hub. Mr Pritchard commented such data is "great news for Spanish tourism and property markets this year". Those considering purchasing real estate in Spain may want to take note of the latest report published by Tinsa. In its December General IMIE Index of house prices, the organisation revealed the value of properties on the country's Mediterranean coast - which includes the Costa Blanca - fell by 7.1 per cent year-on-year. This may encourage investors to make a purchase while the market is low.

More transactions predicted in UAE property market
(Wed, 25 Jan 2012 00:00:00 GMT)  A rise in the number of real estate transactions carried out in the United Arab Emirates (UAE) has been predicted this year. In its Top Trends for UAE Real Estate in 2012 report, Jones Lang LaSalle stated that the UAE property market will be driven forward by private investors and high net worth individuals. The firm added the majority of purchases are likely to be in the residential sector, although cautioned there will be increasing polarisation between the highest quality assets and less desirable projects. Craig Plumb, head of research at Jones Lang LaSalle in the Middle East and North Africa, commented: "Lower prices, more choice of higher quality product and its role as a regional safe haven will increase the attractiveness of the UAE market to both occupiers and investors in 2012." Earlier this month, the REIDIN.com December property price index for Dubai and Abu Dhabi revealed the value of real estate in Dubai climbed by 1.09 per cent, compared to November, while in Abu Dhabi, prices dropped by 0.65 per cent during the same period.

South Africa property prices up
(Tue, 24 Jan 2012 00:00:00 GMT)  The value of homes in South Africa climbed in December compared to a year earlier, it has been revealed. Figures from the latest oobarometer - a measure of the performance of the South African property market by mortgage originator ooba - showed house prices increased by 6.2 per cent year-on-year last month. A rise of 3.6 per cent was also recorded between November and December in 2011, the firm noted. However, chief executive officer of the organisation Saul Geffen does not expect there to be significant increases in house prices this year. "With the interest rate anticipated to remain low in 2012, and with property prices remaining depressed, the current market represents a favourable environment for buyers," he stated. Earlier this month, home loan strategist for First National Bank John Loos predicted the residential real estate sector in South Africa would remain flat over the next 12 months. He cited "strong supply relative to demand and a mediocre economic performance" as the main factors that are likely to hold the market back.

New NIE procedure 'won't affect Spanish property market'
(Tue, 24 Jan 2012 00:00:00 GMT)  The new regulations relating to obtaining a Numero de Identificacion de Extranjero (NIE) in Spain won't have an adverse effect on the property market. This is the opinion of Chris Mercer, of real estate agency Mercers, who believes, while the bureaucracy may be frustrating, it won't put serious buyers off. Since January 3rd 2012, all foreigners have been required to attend the local police station in person to receive an NIE - an identity number for tax purposes - which is needed to buy or sell property in Spain. Before this year, it was possible to send a lawyer in your place by signing a power of attorney. Mr Mercer commented: "Admittedly, it can be a hassle, but if people are pre-warned and prepared they simply accept it." He added most people "don't mind a few tedious hours at a police station to get the home of their dreams". It appears Brits are still keen to purchase real estate in Spain, after a recent survey conducted by A Place in the Sun magazine at two of its exhibitions revealed the nation is the top choice among many potential buyers looking for a home overseas.

US existing home sales rise in December
(Tue, 24 Jan 2012 00:00:00 GMT)  The number of sales of existing homes taking place in the US increased in December compared to November, the latest figures show. Research conducted by the National Association of Realtors (NAR) found the volume of such transactions climbed by five per cent between the final two months of 2011. This was the third consecutive month of rises in the US residential property market, while the number of deals climbed by 1.7 per cent over the course of last year, compared to 2010. NAR chief economist Lawrence Yun stated: "The pattern of home sales in recent months demonstrates a market in recovery. Record low mortgage interest rates, job growth and bargain home prices are giving more consumers the confidence they need to enter the market." He added a reduction in the level of housing stock available indicates prices in many regions are likely to stabilise or grow over the course of 2012. At the end of December, the NAR revealed pending home sales in the country had reached their highest level since April 2010.

Malaysia house prices expected to climb
(Mon, 23 Jan 2012 00:00:00 GMT)  Developers in Malaysia believe house prices in the nation are likely to increase over the coming 12 months, new research has revealed. A survey conducted by the Real Estate Housing Developers' Association Malaysia (REHDA) found that around 74 per cent of respondents anticipate a rise in the cost of residential property during 2012. Of those, 36 per cent are predicting a ten to 20 per cent jump, while 31 per cent believe the hike will be under ten per cent. The remaining seven per cent thought prices could rise by more than one-fifth. The increasing cost of purchasing a property in Malaysia has been attributed to the higher price of labour and materials. As a result, optimism about the state of the country's real estate sector is lower than it was six months ago, the REHDA study found. Speaking at the launch of the research, president of the organisation Datuk Seri Michael Yam said: "Our members are more cautious towards market conditions due to more compliance requirements imposed on the housing industry, global economic uncertainty and inadequate information and data with regards to on-stream demand and supply." In March, the REHDA will host the Malaysia Property Exhibition, which is expected to lead to real estate sales of between 50 million and 100 million Malaysian ringgits (£10.4 million and £20.8 million), Bernama News Agency reported.

Spanish expats 'among the happiest'
(Mon, 23 Jan 2012 00:00:00 GMT)  Brits who have moved to Spain are the happiest expatriates (expats), according to a new survey. The research, carried out by Lloyds TSB International and published by The Telegraph, revealed that 75.9 per cent of those questioned said they were happier living in Spain than they had been in the UK. On average, 68 per cent of expats claimed they were more content when residing abroad than they were in Britain. John Kramer, an expat living in Andalucia, told the news provider Spain offers an "outdoor lifestyle, traditional family values and positive outlook on life". Those considering purchasing a property in Spain with the intention of moving to the nation may be encouraged by the findings of this study. A Place in the Sun magazine recently revealed the country remains the top choice for Brits looking to buy real estate overseas. The publication quizzed visitors at two of its live exhibitions and found Spain was a more popular option than other favourites such as France, Portugal, Italy and the USA.

Orlando property market 'buoyed by tourism'
(Mon, 23 Jan 2012 00:00:00 GMT)  The real estate market in Orlando, Florida has been boosted by its appeal as a tourist destination, one local expert has claimed. Jonathan de Jesus of the Dominium Realty Group explained the property sector in this region of Florida has fared better than elsewhere in the US for a few reasons. "There are still plenty of homes being bought and sold, particularly in a market like here in Orlando where we have plenty of warm weather and international tourism to keep things interesting," he stated. Mr de Jesus added large attractions like Walt Disney World enhance the appeal of purchasing a property in Florida, while the lower prices available at present are also attracting buyers. He noted European investors can do particularly well at the moment, thanks to the weak dollar against the euro. Editor of A Place in the Sun magazine Liz Rowlinson recently commented that there are "some amazing bargains" available in the US real estate market. She singled out Orlando as a destination where investors can get a lot for their money, noting that looking for villa-style homes could be a good option due to an oversupply of this kind of property.

Coastal property in north-east Brazil 'popular'
(Fri, 20 Jan 2012 00:00:00 GMT)  Property located in one of north-east Brazil's beachside destinations is proving to be desirable among real estate investors. This is the assertion of sales manager for uv10 Samantha Gore, who pointed out that Ponta Negra, a district in the city of Natal, is a sought-after location. She highlighted its growing popularity among travellers, noting a visit to the beach here was recently placed at the top of a list of things to do in north-east Brazil by travel guide Lonely Planet. Ms Gore described the area as having "the perfect package of white sand, reliable surf, stunning dunes and a lively, youthful nightlife". "Real estate around this area is very popular and, if close to the beach, often comes at a high price," she added. With the nation due to host both the football World Cup and the Olympic Games within the next four years, buying a Brazilian property may appeal to a wider demographic of investors.

Dominican Republic plans property survey
(Fri, 20 Jan 2012 00:00:00 GMT)  The Dominican Republic is to spend $27 million (£17.5 million) carrying out an aerial survey of several districts in order to create a record of the properties located in particular areas. Dominican Today reported on the project, with director of the National Cadastre Agency Bolivar Marte announcing that Informatica El Corte Ingles won the contract to conduct the study. Santo Domingo East, the National District, San Pedro de Macoris and La Romana are the areas set to be surveyed from the air, the publication revealed. Data about the Dominican Republic real estate covered by the survey will be available on the Cadastre website, while the findings will also be used to establish the correct taxation for the homes and land in these areas. One of the other aims is to enable users to "obtain an exact evaluation of their properties", the news provider stated. The Dominican Republic was recently named as one of the top 19 countries in the world to retire to in the International Living 2012 Retirement Index.

Real estate on Spain's coast 'may be a top investment choice'
(Fri, 20 Jan 2012 00:00:00 GMT)  There are certain areas on the coast of Spain that are ideal for people seeking a property investment, it has been claimed. International Property Success recently highlighted Marbella as a good destination to consider, thanks to the large amount of investment currently being ploughed into the region. Meanwhile, Spanish property prices here remain approximately 20 to 30 per cent lower than the original asking price, while new development means the resort has the scope for growth. The firm stated the value of real estate in Marbella will "definitely change" as the developments are completed over the coming years. Another Spanish coastal location to consider is Murcia, according to the organisation, which noted the opening of a new Paramount theme park in 2015 is expected to attract around four million visitors in its first year of operation. Director at the company Jon Ainge commented: "Prices have come down to the point where ordinary investors can buy some fantastic properties on the Spanish coast." Murcia-based estate agent Chris Mercer believes the Paramount theme park will have a positive impact on the region, and expects the value of homes and apartments in the area to rise once the attraction opens.

Recovery signs in Australia's home lending market
(Thu, 19 Jan 2012 00:00:00 GMT)  There are indications that a recovery is underway in the established lending market in Australia, although finance for new homes "remains soft", a report has stated. According to the Housing Industry Association (HIA), figures from November last year show an improvement in lending for those purchasing established property in Australia. However, loans for new homes were "effectively flat" during the same period, with HIA chief economist Dr Harley Dale noting the data represents a fall of eight per cent when compared to November 2010. Dr Dale commented that several things need to happen if the Australian real estate market is to improve. "A sustained recovery in new housing, including investment in new rental stock, won't occur without the combination of interest rate cuts, short-term government stimulus and longer-term policy reform," he asserted. The recent Property Council-ANZ Property Industry Confidence Survey found that sentiment across the Australian real estate sector was broadly positive in December, with professionals in the Northern Territory recording the biggest rise in confidence.

Rising investment in French commercial property
(Thu, 19 Jan 2012 00:00:00 GMT)  During the final three months of 2011, France recorded its highest commercial property transaction volume since the third quarter of 2007. Figures released by CB Richard Ellis (CBRE) revealed that investment in French commercial real estate climbed by 65 per cent between the third and fourth quarters of last year. In total, €6.5 billion (£5.4 billion) was transacted between October and December 2011, making it the second most popular market in Europe after the UK. The CBRE report stated: "Investment activity in France was heavily biased towards the Paris office sector and included large portfolio and single-asset deals." According to the Savills European Office Markets bulletin released in autumn last year, yields for Parisian offices stood at just over five per cent in the third quarter of 2011. The organisation noted that both demand and rents were on an upward trend at this time, while the supply of such real estate assets in the French capital was falling. Head of Europe, the Middle East and Africa capital markets at CBRE Jonathan Hull stated that data from the final quarter indicates France, along with the UK, Germany and the Nordic nations, "are key to core strategies" among investors.

Spain 'top destination' for Brits buying property abroad
(Thu, 19 Jan 2012 00:00:00 GMT)  Spain is still the first choice for British buyers looking for a property overseas, a new survey has revealed. Research conducted by A Place in the Sun magazine at two of its live exhibitions found that real estate in Spain has retained its appeal among the British market. France, Portugal, Italy and the USA completed the top five, with eight out of the ten most popular destinations in Europe. Liz Rowlinson, editor of the publication, commented: "What's really interesting about our annual Ten Best Places to Buy Abroad survey is that it shows UK buyers are sticking to tried and tested European countries." Director at Conti Clare Nessling recently made a similar observation in an interview with Mortgage Introducer. She told the publication that investors are being drawn to overseas property by the potential for higher returns than those generated by UK-based assets. Ms Nessling added that strong rental prospects and capital growth are among the factors buyers are considering when searching for a real estate investment abroad.

Luxury home prices fall in French Riviera
(Wed, 18 Jan 2012 00:00:00 GMT)  The value of luxury properties in the French Riviera fell in 2011, according to one estate agency specialising in the region. EstateNetFrance revealed that the average price of real estate in the French Riviera and Monaco dropped by 5.06 per cent over the past 12 months, however, the rate of sales increased. The agency recorded a 16.29 per cent jump in the number of transactions completed during 2011, with the firm noting the region is considered a "secure, long-term investment", which has helped drive interest in property here. On average, a luxury home in the French Riviera or Monaco now costs €2,117,349 (£1,754,580), with the majority of high-end real estate assets on the market in the €1 million to €3 million price range. According to the most recent Global House Price Index published by Knight Frank, France is one of the European nations to see the value of its residential property rise in 2011. In the firm's latest table, the country saw real estate prices climb by 6.7 per cent between the third quarter of 2011 and the same period in 2010.

Property Investors turning to "tried and trusted locations"
(Wed, 18 Jan 2012 00:00:00 GMT)  An increasing number of property investors are searching for real estate in destinations they believe are historically strong. This is the observation made by Clare Nessling, director at Conti, who told Mortgage Introducer there are many British buyers who are prepared to look abroad in order to find better returns on a property investment. She cited figures from the latest PrimeLocation.com International Search Index, which showed real estate in Spain is one of the most popular options at present. "It's clear that investors are favouring the tried and trusted locations when it comes to overseas property. But they also want easy access, good rental opportunities and security with price appreciation over the long term," Ms Nessling stated. With some commentators asserting that the property market in prime Spanish destinations has reached the bottom, now may be a good time to consider making an investment. Marc Prtichard, sales and marketing director at Taylor Wimpey de Espana, recently predicted the value of homes in the most sought-after locations will begin to rise in 2012, having stabilised during 2011.

Turkey 'a good target' for property investors
(Wed, 18 Jan 2012 00:00:00 GMT)  Property investors may want to turn their attention to Turkey this year after one organisation claimed its real estate market will continue to exhibit strong growth in 2012. According to Gem Invest, there are several locations that are ideal for investors hoping to purchase property in Turkey. Istanbul was highlighted as a particularly good choice due to "rental yields in excess of eight per cent for smaller apartments", the firm noted. Other destinations to look out for include the coastal resorts of Fethiye and Antalya, with the company adding that Kalkan is an "outside bet" that may pay off. Residential real estate assets in Turkey have experienced price growth during 2011, with the most recent figures from REIDIN.com revealing that, in December, values climbed by 0.89 per cent compared to November. Istanbul performed above this national average, with house prices rising by 1.08 per cent in the same period, while Antalya was the best-performing location with values increasing by 1.27 per cent. Over the course of the year, the cost of purchasing a home in Turkey has jumped by 7.77 per cent, according to the REIDIN.com figures, with Istanbul seeing prices up by 9.07 per cent during 2011.

Correction in Spanish house prices 'could slow due to new tax rules'
(Tue, 17 Jan 2012 00:00:00 GMT)  Changes to the Spanish personal income tax law 35/2006 introduced on December 31st 2011 may hold back a correction in the country's real estate prices, it has been claimed. Fitch Ratings asserted that the extension of benefits to those purchasing a property in Spain for the first time and homeowners making improvements to their dwelling may have short-term advantages, but added this could support higher house prices in the long term. Under the new law, a tax deduction of up to €1,350 per year (£1,115) can be made annually over the life of a mortgage for any first-time buyer or owner regardless of income. Previously, only those earning less than €24,100 per year were eligible for the tax relief. However, the firm stated it expects the value of residential real estate in Spain to continue to fall due to the "lack of credit in the economy, the significant property overhang and the weak state of the broader macroeconomic environment". Figures published at the beginning of January by Sociedad de Tasacion revealed the value of Spanish homes dropped by four per cent over the course of 2011, with the organisation predicting further price falls in 2012.

Dubai property prices climb in December
(Tue, 17 Jan 2012 00:00:00 GMT)  The value of residential real estate in Dubai increased in December by 1.09 per cent, compared to the previous month, new figures show. In the latest REIDIN.com index, the price of villas rose by 1.46 per cent during the final month of 2011, while apartments only saw their value climb by 0.6 per cent during the same timeframe. However, neighbouring emirate Abu Dhabi experienced declining real estate values, with an overall fall of 0.65 per cent recorded between November and December last year. Apartments took the biggest hit, with prices sliding by 0.99 per cent, while villas saw 0.55 per cent wiped off their value. Earlier this month, Assetz suggested that "adventurous investors" may want to target Dubai property in 2012. According to the organisation, there is a lack of supply of homes in completed developments, which has helped construction work pick up in a few "quality locations" in the emirate.

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