Global Real Estate & Other News from Propertyshowrooms.com

Buying Spanish golf property "a wise move"

Fri, 18 May 2012 00:00:00 GMT

Spain's popularity as a golfing holiday destination makes property within easy reach of a course a good investment.

This is according to Marc Pritchard, sales and marketing manager of Taylor Wimpey de Espana, who explained it has a strong international reputation among golfers.

"It's certainly the most popular European golf location and anyone thinking of buying a golf property in Spain would definitely be making a wise move," he asserted.

Mr Pritchard highlighted figures published recently by KPMG, which revealed almost two-thirds (60 per cent) of the golf tour operators surveyed experienced a rise in the number of bookings for golfing trips in 2011.

There are over 300 golf courses in Spain, with Andalusia in the south of the country a particular hotspot due largely to the warm year-round climate. According to the Spanish tourism association, there are more golf courses per sq m in Malaga and Cadiz - provinces in Andalusia - than anywhere else in Europe.

Former homeowners re-entering US property market

Fri, 18 May 2012 00:00:00 GMT

An increasing number of former homeowners who lost their US property in a foreclosure are re-entering the housing market.

According to a report by Reuters, there has been a rise in the volume of mortgages backed by Federal Housing Agency (FHA), with this type of finance accounting for 30 per cent of residential real estate purchases at the end of last year.

In 2005, this figure stood at 4.5 per cent, indicating a growing number of Americans are turning to the FHA for help funding a property transaction.

People applying for an FHA-insured loan do not require as high a credit rating as with conventional lenders and can pay a lower deposit. However, interest rates tend to be higher and an upfront mortgage insurance premium is included in the finance package.

Research published recently by RealtyTrac revealed the rate of US foreclosures has hit its lowest level since July 2007. In April, the number of repossessed properties fell by five per cent month-on-month and dropped 14 per cent on an annual basis.

French election results 'to create opportunities' for property investors

Thu, 10 May 2012 00:00:00 GMT

International investors in the French real estate market may find there are more opportunities to enter the sector following Francois Hollande's victory in the country's presidential elections.

Mr Hollande beat incumbent president Nicolas Sarkozy in the polls and has pledged to focus on growth, rather than spending cuts, in a bid to improve France's and the eurozone's economic position.

Managing director of estate agency Leggett Immobilier Trevor Leggett said the new direction set to be taken by the French president will lead to opportunities for real estate investors.

"We are already seeing the euro/sterling rate hitting the 1.25 mark and with French mortgages already among the cheapest in Europe, it looks like there will be plenty of people looking to both buy and sell," he asserted.

However, Danny Silver, managing director of The Villages Group, pointed out that, as the vote was only for the president and not the entire government, there will be very little fundamental change for the French property sector.

Signs of recovery in US property market

Wed, 2 May 2012 00:00:00 GMT

The number of pending home sales in the US increased by 4.1 per cent in March, compared to the previous month, and are up by 12.8 per cent year-on-year.

According to the National Association of Realtors (NAR) this is a sign the US property market is beginning to recover, with chief economist Lawrence Yun explaining inventory is falling as a result of the increasing volume of transactions.

Mr Yun added this has led to "much more balanced conditions around the country, which means home prices will be rising in more areas as the year progresses".

Data published in the Standard & Poor's/Case-Shiller home price indices last month revealed that, despite values continuing to slide in February, the rate of decline slowed when compared to January.

The NAR figures showed demand for new homes is strongest in the south and west of the country, while pending sales fell marginally in the mid-west and north-east of the US.

Portuguese lettings market 'outperforms sales'

Tue, 1 May 2012 00:00:00 GMT

The Portuguese property sales market remains weak, despite strong lettings activity, according to the Royal Institution of Chartered Surveyors (Rics)/Ci Portuguese Housing Market Survey (PHMS).

Results from the March PHMS show the continued weakness of the sales market, across price, activity and expectations. While the national price balance and confidence index improved slightly, they still remain in negative territory.

Falling demand is one of the reasons cited behind the decline in property prices in Portugal.

By contrast, the lettings market has benefited from a lack of available finance, as households who cannot afford a mortgage are deciding to rent instead.

Josh Miller, senior economist at Rics, said rents were also declining, despite being more robust than the rest of the property market.

He stated: "[This] may be indicative of the current stresses on the household sector, reflected in a 15% unemployment rate."

The Financial Times recently reported that property prices are lower in central and northern Portugal, compared to those in the popular tourist areas further south and around Lisbon.

"Challenging" outlook for Abu Dhabi property

Tue, 1 May 2012 00:00:00 GMT

The Abu Dhabi real estate market has experienced a decline in sales and falling rents over the past few months.

Cluttons stated the outlook for the emirate's residential property sector will continue to be "challenging" in 2012, but stressed an improvement is on the horizon.

The REIDIN residential property price indices for Abu Dhabi in March revealed the value of homes declined by 1.02 per cent month-on-month, while rents slipped by 0.36 per cent.

According to Cluttons, rents for apartments have fallen by between six and ten per cent and this downward trend is likely to continue, as more stock is due to come on to the market this year.

However, the firm pointed out there is strong demand for homes in Abu Dhabi, while the government announcement that several "landmark projects" are to be resumed is a further positive step.

Optimism in the sector has also been boosted by the significant profits posted for 2011 by several major developers - including Sorouh and Aldar - in the emirate.

Property prices in Brittany 'attractive'

Wed, 25 Apr 2012 00:00:00 GMT

Brittany is a good option for buyers seeking real estate in France due to the current pricing in the region.

This is the assertion of Town & Country Property France, with Richard Dannreuther, a spokesperson from the firm, explaining the value of homes in the area has stabilised recently, with "plenty of bargains to be had".

"The lower end of the market is very buoyant and those who don't have a restricted budget can make the most of a huge selection of Brittany properties," he concluded.

In a recent blog post, the company highlighted some other parts of France that real estate investors may want to consider.

Paris and the Cote d'Azur were named as relatively expensive locations in which to buy property, but demand for rental homes in both destinations is strong, making them a good option for those who can afford the initial outlay.

Bordeaux was singled out as another area to consider, with its reputation as a world-class wine making centre helping boost its appeal among those seeking a vineyard with their home.

New Thai property exhibition announced

Fri, 13 Apr 2012 00:00:00 GMT

An international property event called Thai +Overseas Property & Lifestyle is due to take place in Bangkok later this year.

The exhibition, which will run between November 9th and 11th, will offer Thai and international developers, as well as real estate agents from around the world, the opportunity to interact with one another and learn more about Thailand's property market.

Chief executive officer at Ensign Media - one of the event's media partners - Terry Blackburn commented: "We have seen huge growth and diversity in the Thailand real estate market since we launched eight years ago, so [we] are delighted to be supporting this event."

Meanwhile, organiser Mike Bridge is confident November is the right time to hold the exhibition, pointing to several large-scale developments that are due to come on to the market towards the end of this year.

Data published recently by the Thai Home Constructors Association revealed there is increasing demand for new homes throughout the country.

Reporting on the research, the Bangkok Post highlighted the north, north-east and south of Thailand as areas where more residential properties are needed.

Sales and prices of Larnaca property fall

Wed, 11 Apr 2012 00:00:00 GMT

There has been a decrease in the number of properties sold in Larnaca, Cyprus, over the last few years.

Findings revealed by Leaf Research showed that, between 2007 and 2011, there was a decline in the number of property transactions in the area of 71 per cent. An 80 per cent fall in land sales was also recorded, Cyprus Property News reported.

The results were based on Land Registry data and were compiled by Leaf Research for an analysis scheme called Project RED.

In addition to the number of people who search for real estate in Larnaca falling over the last few years, there has also been a decline in the price of property in the area.

Figures showed that median declared values for apartments and houses have dropped by 20 and 11 per cent respectively since the property peak in 2008.

These results mirror findings released in the Royal Institution of Chartered Surveyors' Cyprus Property Price Index for the last quarter of 2011. It revealed that the price of Cypriot residential real estate dropped by 1.3 per cent from the previous quarter, while apartment values fell by 1.6 per cent during this period.

Estonia 'top-scoring CEE nation for property rights'

Tue, 3 Apr 2012 00:00:00 GMT

Estonia has been named as the best nation in the central and eastern Europe (CEE) region in terms of its physical and intellectual property rights.

In the International Property Rights Index (IPRI) 2012, compiled by Property Rights Alliance, Estonia was ranked 28th in the world and first in the CEE area.

The IPRI noted its performance in the physical property rights section slid marginally, due to a fall in the level of finance available to those buying real estate in Estonia. Despite this decline, globally the country is still rated 25th in this category.

Meanwhile, the nation also scored well in terms of registering property and the protection of this type of asset.

The legal stability in Estonia is not the only reason to consider investing here, either. The Knight Frank Global House Price Index for the final quarter of 2011 revealed the country experienced the second-highest annual growth in real estate values in the world.

According to the firm's figures, the cost of buying a home in the nation increased by 12.3 per cent, with only Brazil recording more robust growth.

Cyprus property sales fall

Fri, 9 Mar 2012 00:00:00 GMT

The number of homes sold in Cyprus in February tumbled by 26 per cent compared to the same month in 2011.

Cyprus Property News reported on the figures from the Department of Land and Surveys, which revealed just 445 contracts were received by the agency last month, down on the 602 it was sent a year earlier.

According to the organisation, overseas buyers accounted for 18 per cent of the real estate deals in Cyprus in February.

Famagusta and Larnaca did not record a drop in interest from foreign purchasers; however, fewer investors are targeting the property markets in Paphos, Limassol and Nicosia.

Overall, the level of transactions concluded by non-Cypriot buyers dropped by 17.7 per cent year-on-year.

In its European Housing Review 2012 published last month, the Royal Institution of Chartered Surveyors pointed out Cyprus's residential property market has been in decline for three years. It noted that, based on data for the first nine months of 2011, apartment prices had fallen by 11 per cent, while the value of houses was down six per cent.

Thai real estate 'still presents opportunities'

Wed, 7 Mar 2012 00:00:00 GMT

One of the biggest property investment companies in Asia has voiced its confidence in the Thai real estate market.

Pacific Star Group's country manager for Thailand Pritpal Singh told The Nation his firm remains optimistic about the future of the property sector.

"Despite the political uncertainty of the last few years, our view is that the Bangkok property market continues to offer attractive opportunities," he asserted.

Political stability is returning to the nation, while work to rebuild after the flooding last year continues.

Mr Singh added it is encouraging to see an increase in the number of tourists travelling to the country, noting that Thailand is "domestically resilient" and that rising activity in the tourism sector will have a knock-on effect for development in the hospitality industry.

Pacific Star Group has been involved in the construction and management of four properties in the Thai capital, the majority of which are residential schemes, with one building - Eight Thonglor Residences - also featuring retail and food outlets in a three-storey mall.

Property buyers 'should look beyond Panama City'

Fri, 24 Feb 2012 00:00:00 GMT

People looking for a property to buy in Panama should be willing to consider homes in locations outside Panama City.

This is the advice of International Living Magazine, which noted there is a "world of choice" for those who explore beyond the country's main metropolis.

According to the publication, destinations such as Boquete are a good choice, with this town in the highlands singled out because it boasts a favourable, year-round climate, as well as being within easy reach of Panama City.

Meanwhile, those looking for a bargain Panama property may want to consider Volcan, another highland settlement where homes are available for as little as $50,000 (£31,900). Coronado, situated on Panama's coast, is another option for buyers and is recommended for people seeking a beachside house.

Last month, Kent Davis, of Panama Equity Real Estate, told the Panama Report that 2012 will be a "buyer's market", predicting price falls in Panama City over the next 12 months. However, he anticipated real estate values will start to climb again in 2013.

Egypt property prices 'stabilising'

Wed, 22 Feb 2012 00:00:00 GMT

A degree of stability is returning to Egypt's real estate sector, with property prices beginning to recover.

This is the opinion of Harshjit Oza, a real estate analyst at Beltone Investment Bank, who told Daily News Egypt many of the nation's biggest developers have dealt with problems relating to the acquisition of land under former president Hosni Mubarak's government.

"Prices are starting to stabilise again, the confidence is back and land issues are being resolved. TMG (Talaat Moustafa Group) is fairly out of its land disputes and that was a big relief for them, as well as the whole sector and investors," Mr Oza stated.

TMG is one of the country's largest property developers and has been involved in numerous large-scale residential projects, such as the construction of the 10 million sq m scheme Al-Rehab City, which is situated 20 minutes away from downtown Cairo.

Mr Oza went on to predict there will be a rise in the level of sales completed in 2012, compared to 2011, with the final two quarters of this year expected to be particularly strong.

Investors' interest in Romanian real estate rises

Mon, 13 Feb 2012 00:00:00 GMT

Investors have been showing a greater interest in purchasing land and property in Romania.

This is the finding of IMOPEDIA, a Romanian real estate website, which recorded a 28 per cent increase in 2011 in the number of enquiries relating to assets in built-up areas, compared to 2010, Global Property Guide reported.

According to the organisation, a fall in the value of property in Romania has helped encourage more investors to consider making a purchase in the country.

Razvan Muntean, general manager at IMOPEDIA, told the publication: "The interest for land follows a positive trend, quite stable, which has not been influenced by external factors, such as the First House governmental buying program."

However, he advised potential purchasers to conduct thorough research, as some assets may be a long way from the main road or not have access to utilities like water and electricity.

While it appears interest in residential Romanian property may be on the rise, head of valuations and consulting at DTZ Echinox Bogdan Sergentu recently revealed the volume of money invested in the nation's commercial real estate markets fell by 13 per cent in 2011, compared to the previous year.

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.

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.

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.

Paphos 'a top target' among overseas property buyers

Fri, 13 Jan 2012 00:00:00 GMT

The real estate market in Paphos had the highest percentage of overseas buyers in 2011, according to new figures.

Cyprus Property News highlighted the data published this week by the country's land registry, which revealed international investors accounted for 35 per cent of house purchases in Paphos.

Famagusta and Larnaca were not far behind, with 32 per cent and 31 per cent of deals completed with foreigners respectively.

Nicosia, the nation's capital, is less reliant on overseas purchasers, however, with just 14 per cent of its property deals made by this demographic.

Overall, the level of real estate transactions in Cyprus fell by 18 per cent in 2011, compared with 2010, the publication revealed.

Larnaca experienced the greatest fall in activity, with a 28 per cent decline, despite the number of overseas buyers in the city rising by four per cent last year.

In December, the news provider reported on data published by the European Central Bank, which indicated property prices in Cyprus slid by 4.9 per cent in the first six months of 2011.

Distressed sales 'push US property prices lower'

Thu, 12 Jan 2012 00:00:00 GMT

The rise in the number of distressed sales is causing US property prices to fall, it has been revealed.

According to CoreLogic's November Home Price Index, which was released earlier this week, the average cost of a US home - including distressed sales - reduced by 1.4 per cent on a month-to-month basis in November 2011.

This marks the fourth month in a row where real estate prices have declined, while values dropped by 4.3 per cent between November 2010 and November 2011.

Mark Fleming, chief economist for CoreLogic, said: "Distressed sales continue to put downward pressure on prices, and is a factor that must be addressed in 2012 for a housing recovery to become a reality."

Findings also showed that, excluding distressed sales, US real estate prices dropped by just 0.6 per cent year-on-year in November 2011.

This comes after the Federal Reserve Bond released the US Housing Market: Current Conditions and Policy Considerations white paper, stating that restoring the housing market in the US is key to helping the wider economy.

Panama 'a top destination for retirees'

Tue, 10 Jan 2012 00:00:00 GMT

Panama has been named among the most desirable destinations for people to retire to by a new study.

Reuters reported on the Retirement Index 2012 released by International Living magazine, which cited the South American nation among the top three places in the world to live after retirement.

One of the reasons why buying a property in Panama may be an attractive prospect is the low cost of living in the country, one expert claimed.

Speaking to the news provider, special projects editor for International Living magazine Dan Prescher commented: "The proposition is that you can live better for less, and not sacrifice anything, if at all, in quality of life and still live on half or less of what your cost of living would be in the US or Canada."

Panama is not only a good place for retirees, with a recent International Living survey describing the nation as "the most business-friendly country for expatriates anywhere in the Americas".

Factors such as market opportunities, access to finance and the ease of start-up were all taken into account, along with the cost of leasing or buying commercial property.

South African property prices up slightly

Thu, 22 Dec 2011 00:00:00 GMT

The value of homes in South Africa has risen marginally for the first time in three months, new figures show.

According to a report released by bond originator ooba, the average cost of buying a property in South Africa climbed by 2.4 per cent year-on-year during November.

A monthly rise of two per cent was also recorded last month, the organisation revealed.

Meanwhile, the number of applications for mortgages increased sharply in November, compared to the same time in 2010, ooba noted.

Chief executive officer of the firm Saul Geffen is upbeat about the future of the real estate sector in South Africa.

"The record-low interest rates, coupled with subdued property price inflation, increased bank approval rates and lower deposit requirements and increased bond sizes, will continue to positively influence the property market," he asserted.

Earlier this month, co-founder of Spacesa Sue McDermott noted that Hout Bay on the coast near Cape Town is a popular location for property investment.

She stated this location offers more value than other coastal sites nearby, enhancing its appeal among buyers seeking a home in the area.

Minor correction predicted for Malaysia property prices

Tue, 20 Dec 2011 00:00:00 GMT

Property values in Malaysia, particularly in the office, luxury condominium and serviced apartment sectors in Kuala Lumpur, are expected to undergo a marginal correction in 2012.

Bernama, the Malaysian news agency, reported on a statement made by James Wong, immediate past president of the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector, Malaysia (PEPS), ahead of the Malaysian Property Summit 2012.

Mr Wong commented: "Prices for landed property, industrial and retail sector, would however remain stable."

He also predicted tightening lending criteria will reduce the number of potential buyers in the country's real estate market.

Mr Wong went on to highlight certain areas of the nation where both sales and prices have climbed recently. Among them are Setiawan, Segamat and Kota Kinabalu, he stated.

Last month, government agency Malaysia Property Inc attended a real estate exhibition in Hong Kong with the intention of promoting the country as an investment hotspot, Bernama reported.

US house prices 'continue to fall'

Tue, 13 Dec 2011 00:00:00 GMT

The value of residential real estate in the US has slid for the third consecutive month, new research shows.

Data published by CoreLogic noted a 1.3 per cent decline in house prices between September and October of this year.

According to the firm, the latest figures also represent a 3.9 per cent annual fall in the value of US property.

Commenting on the report, chief economist for the company Mark Fleming said: "Home prices continue to decline in response to the weak demand for housing."

He added that predictions for any future movement in residential property values are flat through to 2013.

However, the National Association of Realtors recently highlighted a rising number of pending home sales in the US during October.

The organisation recorded a 10.4 per cent increase in the volume of transactions in the pipeline in the residential property sector between September and October of 2011, while the latest data represents a 9.4 per cent rise over the same month a year earlier.

'Positive future' for French property market

Mon, 5 Dec 2011 00:00:00 GMT

One expert in the French real estate sector has stressed that the country's property market can have an "extremely healthy mid to long-term future".

Trevor Leggett, of Leggett Immobilier, explained that the best way to achieve this is to be cautious in the short term and adopt a "sensible view on pricing".

He stressed that both agents and owners in the nation need to be "realistic with their expectations and valuations".

Should this happen, Mr Leggett anticipates that the French property sector will remain one of the most attractive and healthy in Europe.

"In troubled times owners and investors seek 'safe havens' and they simply don't come more secure or enjoyable than France," he added.

The perception of France as a brand outside the country appears to be particularly strong at present, with a recent FutureBrand survey placing it among the top nations in the world in this regard.

It performed particularly well in terms of its heritage and culture, while it was 13th in the list of countries people would most like to live in.

US property prices 'likely to fall further'

Tue, 29 Nov 2011 00:00:00 GMT

Prices for property in the US are likely to see more falls in the next 12 months, it has been suggested.

PropertyJournalist.com founder and freelance journalist Marc Da-Silva says the sector is still struggling to kick start a real recovery - and the fact that banks in the country are yet to put up repossessed real estate for sale could further hamper growth in the future.

"There are reports coming out that they are planning on unleashing a lot of this stock on to the market over the next year or two. What this effectively will do is flood the market," he explains, adding that this will only serve to drive down prices.

Despite this, several areas are bucking the prevailing trend, with New York and Florida seeing more positive movements in real estate demand.

Furthermore, recent statistics from the National Association of Realtors pointed to a 1.4 per cent increase in US existing-home sales last month compared with September and a 13.5 per cent rise over October 2010.

Miami real estate market performing well

Thu, 24 Nov 2011 00:00:00 GMT

Despite a general slowdown in the US housing sector, Miami appears to be bucking the trend.

According to the latest figures released by the Miami Association of Realtors, sales of both single-family homes and condominiums increased during October, compared to a year earlier.

The organisation revealed that condominium transactions were up 63 per cent in this period, while purchases of single-family homes climbed by 41 per cent.

Meanwhile, the value of properties in Miami is also on the rise and is expected to continue into next year.

Chairman of the board of the Miami Association of Realtors Jack Levine commented: "Rising demand and limited supply is yielding higher average and median sales prices and we expect to see double-digit appreciation in 2012."

Data published earlier this month by the National Association of Realtors showed that the level of home sales in the US as a whole climbed by 13.5 per cent between October 2011 and the same month a year earlier.

However, the average price of a residential property in the US slid by 4.7 per cent in the corresponding timeframe.

US housing starts slide, building permits up

Tue, 22 Nov 2011 00:00:00 GMT

The number of US new homes construction project starts fell marginally in October compared to September, the latest figures from the US Department of Housing and Urban Development show.

However, the amount of building permits issued climbed by 10.9 per cent in the same period. This data is regarded as an indication of future construction activity.

Chief market economist at TD Securities Eric Green told Bloomberg there remains a long way to go.

"We're still at the bottom but gently beginning to move up in the right direction," he commented about the report.

Meanwhile, the number of housing completions also dropped during October.

Earlier this month, the National Association of Realtors (NAR) and other property experts called on the government to take measures to boost the US housing market.

At an NAR event, political media consultant Alex Castellanos stated: "We build the economy on homeownership, however, until the housing market is restored, the nation and economy can't move forward."

Italian property prices fall

Mon, 21 Nov 2011 00:00:00 GMT

Property prices in Italy slid by 0.7 per cent during the year to June 2011, figures from think-tank Nomisma show.

Citing the data in a report about the state of the country's real estate market, Global Property Guide noted that there is a mixed outlook for the sector.

The publication highlighted a Bank of Italy survey from October this year, which found that estate agents in the nation expected sales to increase over the coming months.

However, Nomisma predicted that the downturn in the Italian property market is not yet over, with further falls still to come.

According to the news provider, Italy is a nation of owner-occupiers, with 80 per cent of houses in the country falling into this category.

It also pointed out that restrictions on the rental industry make this unattractive to many property investors, with rental homes typically generating a yield of between three and five per cent.

Linda Travella, of estate agency Casa Travella based in the Italian lakes, recently stated that real estate around Lake Como and Lake Maggiore is becoming more popular among buyers.

Foreign buyers 'target Turkish resorts'

Fri, 18 Nov 2011 00:00:00 GMT

Foreign owners of property in Turkey tend to buy homes in the country's large resort cities, new data shows.

The Anatolia News Agency published figures released by the Land Registry Directorate General, which revealed that 113,687 immovable properties in the nation are owned by those from overseas.

According to the research, destinations such as Antalya, Mugla and Aydin are among the most popular locations among this demographic.

Meanwhile, Istanbul and Bursa also attract their fair share of foreigners who are interested in purchasing real estate in Turkey.

Brits, Greeks and Germans hold the most homes in the country, the statistics show, with UK citizens the most active in the Turkish property sector.

Earlier this month, director of Conti Clare Nessling wrote in an article for Mortgage Strategy that Turkey is "one of the biggest hotspots" for buyers from Britain.

She noted that "great property prices" can be found in the country, while the growing tourism industry means good rental returns can also be achieved.

Estonian house prices rise

Mon, 14 Nov 2011 00:00:00 GMT

A recovery in the value of residential properties in Estonia has been recorded by the country's statistical office.

Global Property Guide reported on the figures, which revealed that average house prices in the nation climbed by 10.6 per cent during the year ended in June 2011.

The increase comes after Estonia's housing market experienced significant fluctuations in property values, with meteoric rises between 2004 and 2006, followed by large falls until midway through 2010.

According to the publication, construction activity in Estonia is beginning to pick up. Data from the Register of Construction Works showed a 21 per cent rise in the number of building permits granted in the third quarter of 2011, compared to the same period a year earlier.

However, the news provider stressed that the effects of the eurozone debt crisis have yet to filter through and have an impact on Estonia.

Greece, Spain and Italy are among the European nations battling with substantial public debts at present.

Romanian real estate market 'changing'

Wed, 9 Nov 2011 00:00:00 GMT

Many of those involved in the Romanian property sector are unsure of what to expect over the coming years.

Delegates at the 11th Romanian Real Estate Market Forum expressed uncertainty over the course of the industry.

The event, which was organised by Business Review, brought together developers, estate agents and consultants to discuss the state of the sector and what can be done to move things forward.

Speaking to the news provider, chief executive officer of property developer Tagor Capital Ofer Drori-Lieberson commented that there are some signs of change, but that these are not always easy to see.

He stressed that Romania needs to focus on its domestic market and "stop waiting for signs of stabilisation from Europe".

"The days in which investment funds bought apartments are gone for a while and this is not necessarily a bad thing because the domestic potential is great," Mr Drori-Lieberson stated.

Earlier this month, More Real Estate chief executive officer Ilias Papageorgaidis told Romania-Insider.com that the Old Town of Bucharest has potential for investors, because many of the properties in this part of the city are in need of renovation.

Dubai real estate 'held back by global problems'

Wed, 26 Oct 2011 00:00:00 GMT

Economic issues in the eurozone will stall a recovery in Dubai's property sector, a new survey has found.

In a poll conducted by Reuters, respondents predicted a 37 per cent chance that the emirate's real estate market will recover in 2012, rising to 70 per cent the following year.

Meanwhile, those questioned predicted that, on average, property prices in Dubai will drop by a further ten per cent before any improvement is noted.

The majority of respondents also stated that the eurozone debt crisis will further slow a recovery in the Middle Eastern region.

Speaking to the news provider, Harshit Oza, from Beltone Financial, commented: "Although we have witnessed better volumes and a slight increase in prices at few property transactions, the overall sector is still facing oversupply and lack of volumes/investor interest."

The most recent figures from REIDIN.com, published earlier this month, recorded a 1.48 per cent rise in property prices in Dubai during September, compared to August.

According to the organisation's findings, capital values among villas increased at a faster pace than for apartments.

Estonian property foreclosures increase

Fri, 21 Oct 2011 00:00:00 GMT

There has been a rise in the number of foreclosed properties coming on to the market in Estonia, it has been revealed.

Baltic Business News reported on an article published by Estonian news provider Eesti Paevaleht Daily, which claimed people living in the nation are not only struggling to pay their own mortgages, but may lose their homes after guaranteeing a loan for someone else.

According to the report, almost twice as many properties have been foreclosed by Swedbank than at this point in 2010.

Debt councillor Terje Laats explained that in some cases, the guarantor did not fully understand their responsibilities when signing a contract, which has created problems.

Meanwhile, Propertywire recently revealed that real estate in the country's capital Tallinn is experiencing significant growth in values.

The news resource cited the Ober-Haus Baltic Apartment Price Index, which found that properties in Tallinn were worth 11.1 per cent more in September than they were in August.

In comparison to other Baltic countries, the Estonian real estate market is performing well, with house prices in Lithuania stable and those in Poland declining, the Ober-Haus study found.

Melbourne housing market 'could see price correction'

Thu, 20 Oct 2011 00:00:00 GMT

The housing market in Melbourne is one of the most likely in the country to experience "a significant price correction", according to new research.

In the Macro Business Melbourne Housing Valuation Report, it is claimed that the residential property market fundamentals in the city are weak, for several reasons.

Among them are the low rental yields, higher-than-average house price growth and the large number of homes currently on the market.

The study also pointed out that Melbourne property prices are "relatively expensive on a price-to-income basis".

Meanwhile, a rise in construction activity coupled with a slowdown in population is resulting in more supply of dwellings than there is demand.

The organisation cited figures from SQM Research, which revealed that there were 65 per cent more residential properties on the market at the end of September this year than 12 months earlier.

However, things are different when you look at Melbourne's commercial real estate sector, with a recent Savills report on the prospects for the city's central business district noting that overseas investors are encouraged by its "strong fundamentals".

Santander 'to sell some property assets'

Wed, 19 Oct 2011 00:00:00 GMT

Spanish-based Banco Santander SA is reportedly in talks with two interested parties about selling some of its property portfolio.

Expansion, a Spanish-language news publication, reported on comments made by a source close to the negotiations, who claimed that the major sticking point was over price.

Santander is apparently aiming to sell one-third of its Spanish real estate assets for €3 billion (£2.6 billion) - but so far €1.3 billion is the highest offer it has received.

It is believed that two private equity funds are currently in talks with the financial institution over the sale of its property assets, although neither of these has been named.

Earlier this month, two of Spain's regional governments announced they intended to sell part of their real estate portfolios in a bid to raise money that can go towards cutting their respective budget deficits.

Bloomberg revealed that Catalonia and Andalusia are aiming to offload $1.3 billion (£825 million) worth of property assets by the end of this year.

'Valuation gap' emerging in Spanish real estate market

Thu, 6 Oct 2011 00:00:00 GMT

Banks and investors are clashing over the valuation of Spanish properties, it has been revealed.

According to an article in the Financial Times, there have been instances where financial institutions have refused to sell real estate assets because the price offered by the buyer has been considered too low.

Speaking to the publication, head of Credit Suisse's European real estate group Wences Bunge said: "Sellers have not adjusted expectations to the new reality. But I believe we are starting to see that reality."

He went on to point out that risk-averse investors are staying away from the country's property market, adding that he does not expect this to change over the next year or so.

Representative of Jones Day in Madrid Victor Casarrubios told the news provider that economic uncertainty is causing many buyers to hold back.

Meanwhile, Enrique Marazuela, chief investment officer for the private banking division at BBVA, recently informed delegates at the Reuters Global Wealth Management summit that property prices in some of Spain's coastal regions have reached rock bottom and that transaction levels are beginning to recover.

Outdoor living 'important' to those buying property in Spain

Thu, 29 Sep 2011 00:00:00 GMT

People purchasing a property in Spain often look for homes with balconies or terraces in order to make the most of the better weather, new research has found.

A survey conducted by Savills International and HomeAway.co.uk revealed that air conditioning and access to a swimming pool - either private or shared - are among the other features buyers look for in properties overseas.

Meanwhile, the study also highlighted the importance of being close to amenities, such as restaurants, bars and shops, with the location of a home in relation to these facilities top of the list among UK buyers.

Owning real estate within easy reach of the airport was also popular, due to the reduced travel time this offers.

Research analyst at Savills International and author of the report Rebecca Gill commented: "Strong underlying "lifestyle demand" for a property helps support an investment case. It is these fundamentals that drive longer term capital appreciation and attract rental income."

Spanish Hot Properties recently offered some advice to those considering purchasing real estate in Spain, noting that people looking for an investment will consider different factors compared to those planning to retire in the country.

The organisation suggested that those in the latter demographic are likely to want to be within easy reach of good healthcare facilities, for example.

Spain 'still popular' among British buyers

Wed, 21 Sep 2011 00:00:00 GMT

Spain remains one of the most popular nations among Brits looking for a property abroad, new research has revealed.

Overseas mortgage specialist Conti registered a seven per cent rise in enquiries about Spanish real estate during August, compared to the same month in the previous year, with the country accounting for 31 per cent of all queries received by the company.

France was the only nation to garner more interest from Brits seeking a home abroad.

Clare Nessling, operations director at Conti, commented: "Spain is definitely making a comeback, experiencing a particularly busy August."

She added that this may be because those returning from summer holidays in the country have been inspired to seek out their own home away from home.

Developer Taylor Wimpey de Espana announced earlier this month that it has experienced a significant increase in interest from international buyers relating to property in Spain.

In fact, the company recorded 70 per cent more enquiries about real estate in the nation during the first half of the year, compared to the same six-month period in 2010.

Greek and Turkish Cypriot leaders hold talks over Cyprus property

Thu, 8 Sep 2011 00:00:00 GMT

The United Nations (UN) is leading talks between Greek Cypriot and Turkish Cypriot leaders over the issues surrounding property in Cyprus.

Following the first of two meetings scheduled for this week, UN special advisor on Cyprus Alexander Downer told reporters that the atmosphere between the two sides had been "good".

It is hoped that Greek Cypriot leader Dimitris Christofias and Dervis Eroglu, who is head of the Turkish half of the island, can come to a consensus about creating a unified federal government that represents the interests of both sides of the population. In addition, discussions will centre on the issue of reinstatement for Greeks who own property in the north of the island.

The difficulties over real estate are one of the most crucial parts of the negotiations, with Mr Eroglu claiming that if all Greek Cypriots are granted reinstatement, it would not be possible for their Turkish counterparts to set up a bi-zonal country.

Advice from the UK's Foreign and Commonwealth Office suggests that anyone considering purchasing a property in northern Cyprus should think very carefully before doing so.

This is because many Greek Cypriots were displaced from the region during 1974 and families with claims to land in the area could see it returned to them should the Greek and Turkish leaders on the island reach an agreement to this effect.

Sporting events 'should boost Brazil property investment'

Mon, 8 Aug 2011 00:00:00 GMT

People looking for property in Brazil may want to find somewhere sooner rather than later after one expert noted that the sporting events due to take place in the country over the coming years may boost prices.

Mark Sharp, chief executive officer of the Association of International Property Professionals, explained that based on other locations that have hosted the Olympics and World Cup, real estate values could increase by as much as 25 per cent.

"Experience from around the world tends to show that, on the whole, big tournaments have a positive effect on property prices," he stated.

Brazil is gearing up to host the football World Cup in 2014 and two years later it will be holding the Olympic Games.

Mr Sharp pointed out that improvements to the country's infrastructure ahead of the tournaments, as well as a growing economy are both factors that are encouraging investors to look into the returns available from property in Brazil.

Rio de Janeiro, Sao Paulo, Salvador, Brasilia and Fortaleza are just some of the cities where World Cup games will be played.

Croatia Presses Ahead for 2013 EU Entry - Invest Now?

Tue, 12 Jul 2011 00:00:00 GMT

Croatia's lengthy negotiations to join the EU were finally concluded June 30 after just shy of 6 years (talks started October 3 2005). According to experts on the issue, this makes July 2013 a likely timeframe for Croatia to become the 28th member of the European Union. We all know that EU accession has a tendency to bring fantastic growth to property prices, so, with this now on the cards for Croatia should property investors one and all be booking flights to this Adriatic paradise?

Normally my answer to that question would be an almost unequivocal yes, but in the case of Croatia it is a yes with caveats.

What Makes Croatia Different?

Croatia has already had a day under the impeding-accession-sun. Everyone expected Croatia to achieve membership by 2008. As a result investors poured into the country thinking that this was their chance to make the gains seen by those who had invested in Estonia, Bulgaria and Ukraine as they headed for accession.

This caused prices to grow rapidly, and then the market suffered when Slovenia blocked Croatia's accession on the grounds that the agreement could be prejudicial to their dispute over borders. Its suffering was compounded by the international financial crisis.

Prices rise on EU accession because prices in the countries that are joining are usually much lower than the rest of the EU, and there is a natural balancing process of as people flow to and fro across the borders renting, buying and selling property. But Croatian prices are not that much lower than the rest of the EU because of the escalation already seen.

And it Still Might Not Join This Time

Even after Croatia signs the accession treaty, and if it is signed by all member states (including France and Austria), the Croatian government is putting it to a referendum. The Croatian people are a predominantly disillusioned bunch right now, and a lot of this is directed at Europe. However, most analysts agree that they are far more likely to vote yes than no.

What, So We Shouldn't Invest Then?

To say that we shouldn't invest in Croatia would be foolhardy; in fact we can't even say that the opportunity is less significant than it was in 2007. Like most of Europe, Croatia property prices have crashed. The tourism sector didn't fare too well either, but things are picking up now. Global tourism is once again growing, the global population is growing and no one likes an overcrowded beach, even if it is on the Mediterranean coast. Thus more and more tourists are spreading out from the hotspots causing continually rising tourism in places like Croatia.

As I always say and especially now, property investments should be looked at on the strength of individual opportunities, not countries. If you can get in and buy a top quality villa on the Mediterranean Coast at a bargain basement price it will enjoy rising occupancy as the tourism market grows. Buying at a low price into a property with rising yields makes it a near certainty that it will grow in capital value as well.

Article supplied by Liam Bailey on behalf of Novrealty, an overseas property agent with a difference; a company focussed on making buying property abroad as easy as it should be.

Spain to host Arab Investment Forum

Thu, 16 Jun 2011 00:00:00 GMT

Demand for property in Spain could be set to increase following news that the city of Murcia has been chosen to host the Arab Investment Forum.

The event gathers together over 70 per cent of the Arab world's most prominent investors for two days of networking and discussion, Select Property reports.

Salvador Marin, regional minister of universities, business and research in Murcia said the main objective of the forum would be to "promote investment and the potential of the region".

Event organisers noted that the region has been selected specifically for its economic importance. It has a strong business sector, growing tourism and real-estate sectors and "has many future investment possibilities".

This event is the second in recent weeks in which there has been shared investment sentiment between Spain and the Middle East.

In May, the real estate arm of one of Spain's largest banks travelled to Dubai to hold an investment seminar showcasing a range of properties and assets.

Portugal confirms opening of new 27-hole golf course

Mon, 13 Jun 2011 00:00:00 GMT

Golf tourism is an ever-expanding market, with demand for high-quality courses in desirable locations growing.

So news that the new Onyria Palmares Beach & Golf Resort, in Portugal’s Algarve, will be opened this week is sure to be welcomed by investors with property in the region.

The course, which was designed by American course architect Robert Trent Jones, is made up of 27 holes arranged around three loops of nine above the Bay of Lagos.

It could prompt a number of international investors to buy property in Portugal in order to cash in on the ever-expanding market.

Meanwhile, no less than 13 new golf courses are due to open in Morocco over the course of the next three years, the country's national tourism office has revealed.

Currently, there are a total of 27 courses located across the nation, with the expansion planned as part of its Vision 2010 and Vision 2020 schemes.

Will Erdogan Get Third Term?

Thu, 2 Jun 2011 00:00:00 GMT

The Turkish general election will be held on June 12th and the question on everyone's lips is, will Prime Minister Recep Tayyip Erdogan win the vote for a record third term in office at the head of the AK (Freedom and Justice) Party?

The consensus of opinion is that a third term for the AK Party is all but a foregone conclusion, because of the growth and prosperity they have brought to the country.

The Turkish people elected the AK Party in anger at previous party's inability to break the violent boom bust cycle or even to quell runaway inflation, and at the massive level of corruption lying mainly in the link between government and the military, which would see "sweet deals" going to the sons and brothers of high ranking military officials.

The AK Party was elected during Turkey's latest bust, but the word bust doesn't really do justice to just how bad the crash was, which crippled the banking system and the entire economy.

It is hard to miss the fact that the election of the AK Party is a pretty big turning point in Turkey's modern-era history.

The AK Party was elected on the promise to end corruption, military interference and economic instability. Over the last 8 years, the AK party have been delivering on this:

Reducing military involvement in governance:

Since taking office the AK Party has enacted many policies that have gradually reduced the militaries involvement in and control over the governance of Turkey, culminating in the Constitutional Reform Bill, which will eventually bring the military under the control of civil courts for the first time in Turkish history. This could have an impact on Turkey property purchases, as military approval must currently be sought for every foreign purchase.

Turning the economy around:

Reforms made to the banking sector in 2002 and since -- including increasing the levels of reserves held by the banks -- are one of the main reasons why Turkish banks survived the financial crisis largely unscathed, although the immature mortgage market is also a factor.

Paying down public debt:

Between 2002 and 2009 the AK Party reduced Turkish public debt from 74% of GDP to 39% of GDP and reduced debt to the IMF from $23.5 billion to $7 billion, which allowed them to come out of the IMF support program and stand on their own two feet in 2009. This is particularly significant given that both Ireland and Greece have since been forced to ask for IMF assistance.

Reducing Inflation and Budget Deficit:

In 2010 inflation in Turkey stood at 6.4%, a 41 year low. The budget deficit also came down to around 2%.

Above and Beyond with Soaring Growth

The Turkish economy grew 8.9% in 2010 and is expected to grow by over 6% this year. One of the main problems now being faced is the widening trade gap as soaring domestic demand fuels soaring imports well above what Turkey is currently exporting.

However, the AK Party has enacted a foreign policy of zero-problems with neighbouring countries, and has gone to great lengths to increase Turkey's trade ties with a multitude of countries. These efforts have started bearing real fruit this year, as Turkish exports grew by 25% in April reaching a new monthly record.

Falling Unemployment

According to the CIA World Factbook, unemployment stood at 14.1% in 2009. The Organisation for Economic Cooperation and Development said this fell to 11.7% in 2010, and expects it to fall further to 10.6% this year and 10.4% next year.

What's Not to Like?

There are fears among some analysts that the economy may be overheating, but the level of this seems to be directly proportionate to confidence and faith in Erdogan and the government's ability to manage the economy. As this is currently running at an all time high in Turkey, it is likely that these fears will barely come into play, leaving the public to focus on what sure is a lot of positives. Thereby leaving us to gesticulate that indeed, it is highly likely that Erdogan and the AK Party will be reelected for a third term.

Article written by Aydin Cakir - Director of New Home in Turkey. Antalya property agency offering properties across Turkey.

Panama property could be popular with Brits

Tue, 31 May 2011 00:00:00 GMT

Individuals looking for property in Panama have been told that beach homes in Coronado are particularly popular.

Alternatively, Gorgona is another place that savvy buyers are finding opportunities within.

"There's a growing expat community here and even a new international school. Best of all, the real estate is much less expensive … as much as 50 per cent less than in Coronado," International Living reports.

The news provider explains that a plot of land about 6,000 square feet in size can be purchased for just $25,000.

"Considering it's just five minutes from the beach and boasts municipal water and power lines, this property is a steal."

Meanwhile, a growing number of older Britons are planning to relocate abroad by 2012, new research from the Centre for Future Studies has revealed.

The organisation notes that as well as the traditional overseas destinations favoured by emigrating Brits, a number of more leftfield locations are now cropping up, such as Panama.

Morocco plans new golf courses

Mon, 30 May 2011 00:00:00 GMT

No less than 13 new golf courses are due to open in Morocco over the course of the next three years, the country's national tourism office has revealed.

Currently, there are a total of 27 courses located across the nation, with the expansion planned as part of its Vision 2010 and Vision 2020 schemes.

The news could prompt a number of international investors to buy property in Morocco in order to cash in on the ever-expanding market.

It follows the release of figures by the Moroccan National Tourist Office which show that golf tourism has increased by 40 per cent in the last three years, with the number of golfing visitors exceeding 170,000.

Meanwhile, Philip Arnott of Morocco Properties, recently claimed that property buyers are looking at prime sites located just on the outskirts of Marrakesh.

He added in an interview with Overseas Property Professional that the strongest growth in the country's real estate sector is within the top end of the market.

Egyptian property market to be 'subdued' in 2011

Wed, 13 Apr 2011 00:00:00 GMT

Recent political upheaval in Egypt means that the country's property market is unlikely to attract a great deal of foreign investment in 2011.

But the long-term outlook for the market is more positive, the latest report from consultancy Jones Lang LaSalle (JLL) has claimed.

JLL explained that short-term activity in Cairo will remain subdued, with much uncertainty remaining in the market post-revolution. However, analysts are more upbeat about the medium to long-term forecast.

"2011 could therefore represent something of a lost year with decisions to lease or purchase real estate delayed until the 'dust settles' and greater certainty returns to the market after the elections later in the year," the consultancy said.

Indeed, with the first half of the year expected to yield little activity, JLL has claimed that the tourism industry will lead the rebound.

"Egypt was and will remain as one of the most attractive real estate markets in the MENA region in terms of its potential long term opportunities, growth and diversity," it added.

Indecision costing Brits looking at real estate in Italy

Tue, 5 Apr 2011 00:00:00 GMT

British buyers looking to purchase property in Italy are finding that their indecision is causing them to lose out on “some of the best real estate”.

This is according to Linda Travella, of Casa Travella, who noted that a number of her clients are missing out on their ideal properties because they are hesitant to make a final decision.

She explained that the housing market in Italy has not suffered on the same scale as other areas of Europe as a result of the banking crisis. This means that Italian property prices have not dropped as much as in other countries.

According to Gabetti, the Italian Real Estate Franchise Group, the overall market in Italy is improving but is a little uneven, with high end and luxury property faring the best.

"Now is a great time to buy," said Ms Travella. "With 25 year mortgages on offer at low interest rates why wait any longer?"

The comments follow the release of figures from the Bank of Italy that show house prices in the country recorded declines of just 0.3 per cent last year, with some areas of the country even seeing values rise.

UK home buyers are 'satisfied'

Mon, 4 Apr 2011 00:00:00 GMT

New home buyers in the UK are satisfied with the all-round quality of their purchases, the results of a new survey have found.

This is according to the latest House Builder Federation's (HBF) 2011 customer satisfaction study, which reported that some 88 per cent of buyers are very or fairly satisfied with their new home.

A similar number, 86 per cent, added that they would recommend their builder to a friend - underlining the standard of workmanship on offer in the UK construction sector.

"These results are truly outstanding and a testament to the efforts made by our industry to deliver ever increasing satisfaction levels to new home buyers," said Stewart Baseley, executive chairman at HBF.

"All the evidence we now have demonstrates categorically that as an industry we are delivering in the overwhelming majority of cases the type of product our customer's want, in a manner with which they are satisfied."

The results of the survey follow figures released by the Land Registry which show that average house prices in the UK fell by 1.7 per cent in February.