Vancouver is one of North America’s hottest real estate markets—a city of million-dollar teardowns that’s become notoriously unaffordable for the young and the middle class. And potential homebuyers aren’t the only ones feeling the squeeze.
The Port of Vancouver, Canada’s biggest, is being hemmed in as property is snapped up for housing, offices, and even movie sets. The regional port authority estimates the region may run out of industrial land within 10 years. This could push some of the port’s $200 billion in trade to rival gateways if related businesses “can’t get a site or can’t do it in an economic way,” says Peter Xotta, vice president for planning and operations for the authority.
Residential property sales in Spain increased by 23.6% in May year on year, the highest figures since January 2013, the latest official figures show.
The figures from the National Statistics Institute also show that home sales have now increased year on year for four months in a row. However, sales did fall back slightly from the year on year figure of 29% recorded in April.
Asking prices have fallen in four English regions, London and Scotland with the UK’s decision to leave the European Union being blamed for the change to a 19 month long rise in values.
Overall mix-adjusted average asking price dropped 0.2% since June as confidence among sellers was dampened by the outcome of the referendum vote, according to the latest asking price index from Home.co.uk.
Some 74% of key global cities saw house prices increase in the year to March 2016 but there is a widening gap between the strongest and weakest residential markets.
The latest global residential cities index from Knight Frank, which tracks prices across 150 cities, shows that overall values were up by 4.5% year on year.
However, the gap between the strongest and weakest performing housing market has expanded from 55% points in the last quarter of 2015 to 74% in the first quarter of 2016 and the report says that this is largely due to the phenomenal rate of growth recorded in the Chinese city of Shenzhen.
UK house prices increased by 1.8% during the second quarter of 2016 and were up 8.5% compared to the same period a year earlier, according to the latest quarterly index data.
This took the typical price of a standardised UK property to a record of £215,582 from £211,868 in the first quarter of 2016, the Halifax House Price Index administered by market shows.
Four more UK property funds froze withdrawals as investors sought to dump real estate holdings in the aftermath of Britain's vote to leave the European Union.
Henderson Global Investors, Columbia Threadneedle Investments and Canada Life suspended trading in at least £5.7 billion ($9.8 billion) of funds. Aberdeen Fund Managers cut the value of a property fund by 17 per cent and briefly halted redemptions so that investors who asked for their money back have time to reconsider.
UK Housing Minister Brandon Lewis and Communities Secretary Greg Clark have reaffirmed that new homes are still a top priority of the Government post Brexit.
At a meeting with the Home Builders Federation (HBF), whose members build around 80% of new homes in England and Wales, they reiterated the Government’s ambition to build a million more homes.
Up to one in 10 home owners aged 55 and over across the UK are still paying interest only mortgages with some unsure of how they will pay off their debt.
Research shows that 10% of the 1.4 million owners in this age group still paying a mortgage have an interest only deal, amounting to 143,500 households, according to research from Homewise.
Entry level home values in the United States for properties popular with first time buyers have increased by 8% in the last year, twice as fast as top tier home prices, new research shows.
It means that first time byers are facing stiff competition and buyers looking for more expensive homes have more choice, according to the data from the latest real estate market report from property firm Zillow.
The prime property market in Spain has recovered strongly with buyers from Latin America and the Middle East rising, according to the latest index report.
The recovery of the market mirrors the recovery of Spain’s economy which is expected to see growth of 2.6% in 2016, more than the UK and Germany, says the analysis from international real estate firm Knight Frank.
M&G Investments, Aviva Investors and Standard Life Investments have suspended trading in U.K. real estate funds in the latest market fallout from Britain’s vote to leave the European Union. Industry watchers are warning that London office values could fall by as much as 20 percent within three years of the country’s split from the EU.
Three of the U.K.’s largest real estate funds have frozen almost 9.1 billion pounds ($12 billion) of assets after Britain’s shock vote to leave the European Union sparked a flurry of redemptions.
M&G Investments, Aviva Investors and Standard Life Investments halted withdrawals because they don’t have enough cash to immediately repay investors. About 24.5 billion pounds is allocated to U.K. real estate funds, according to the Investment Association.
New York’s landmark Waldorf Astoria hotel is scheduled to close in spring 2017 so owner Anbang Insurance Group Co. can begin converting most of the more than 1,400 rooms to luxury condominiums, said a person with knowledge of the plans.
The luxury hotel, managed by Hilton Worldwide Holdings Inc., is set to reopen as many as three years later, with about 300 to 500 hotel rooms remaining, said the person, who asked not to be identified because the plans aren’t public.
The Crown Estate, the property company that generates income for Queen Elizabeth II, said the value of its real estate rose 9.7 percent to a record 12 billion pounds ($15.8 billion).
Total return, comprising of rental income and value increases, from its properties, wind farms and other assets was about 17 percent over the past year, the London-based company said in a statement on Tuesday. The real estate includes most of the St. James’s district in London’s West End.
The Bank of England said some U.K. businesses may have postponed spending decisions in the run-up to Britain’s referendum on its membership of the European Union, with spillover effects seen at legal and financial firms.
The central bank’s quarterly summary from its agents showed some reports of delays in decision-taking on corporate spending amid uncertainty before Thursday’s vote. Professional and financial services companies also said new business declined and capital market issuance slowed as investor appetite waned.
Starwood Capital Group LLC hired Eastdil Secured LLC to broker the sale of U.S. malls valued at about $1.2 billion, according to two people with knowledge of the matter.
Starwood is selling malls it had acquired from Westfield Corp. including assets in Chicago, San Francisco and Cleveland, the people said, asking not to be identified as the sales process is private. Starwood and Eastdil declined to comment.
BEIJING, June 20 (Xinhua) -- China has a long way to go in destocking its real estate inventories given the huge overhang of unsold homes, property experts have said.
"The destocking efforts should pay more attention to sales instead of prices," David D. Li, Center for China in the World Economy director, was quoted Monday by People's Daily.
A skills shortage is set to affect Ireland’s ability to address its housing crisis and infrastructure deficit, it is claimed.
In particular there is a shortfall of qualified graduates coming into the profession, according to the newly elected president of the Society of Chartered Surveyors Ireland (SCSI) Claire Solon, a chartered planning and development surveyor.
More than 148,000 renting households in England were put at risk of losing their home in the past year, equivalent to 350,000 renters, according to new research.
The figures from housing charity Shelter come from an analysis of statistics from the Ministry of Justice. Shelter identified 'home threat hotspots' across the country where renters face the greatest risk of losing their home, which comes as a result of the chronic shortage of affordable homes combined with crippling welfare cuts.
New home lending to owner occupiers in Australia saw solid growth during April, up 4% month on month but still 5.9% lower than a year ago.
The figures, published by the Australian Bureau of Statistics, also show that loans for building new homes increased by 4.4% and for buying new homes there was a 3.3% rise.
The official figures confirm that demand for new home purchase across Australia remains very strong, according to Housing Industry Association, the voice of the residential building industry.
Commercial property rental values grew by 0.1% across the UK in May, slightly down on 0.2% per month for the last three months, according to the latest index.
Capital values grew by 0.2%, continuing the growth trend seen since the start of the year, the data from the CBRE monthly index also shows.
Rental growth in May was weighed down by West End and Midtown offices and these two submarkets recorded rental value growth of 0.1%, their weakest since October 2013, leading Central London offices rental values to their weakest growth of 0.2% since June 2013.
Frasers Logistics & Industrial Trust, a real estate investment trust backed by Frasers Centrepoint Ltd., opened 1.7 percent higher on its first day of trading in Singapore after raising the most in an initial share sale in the city-state in three years.
The units opened at 90.5 Singapore cents apiece at 9 a.m. local time, compared with the offering price of 89 Singapore cents. Indications of interest from institutional investors outstripped the number of units available by six times, the company said in a statement on June 17. The units offer a 6.83 percent annualized yield for the period from June 1 to Sept. 30 and a 7.3 percent yield for the year ending Sept. 30, 2017, according to the statement.
U.S. commercial real estate prices may fall as much as 5 percent in the next 12 months amid tightened regulations, a wall of debt maturities and property sales by publicly traded landlords, Pacific Investment Management Co. said in a report Monday.
A global surge in demand for U.S. property investments that pushed real estate values to records may wane as slowing growth in China, lower oil prices and dislocated debt markets threaten to halt six years of price growth, Pimco portfolio managers John Murray and Anthony Clarke said in their report, titled “U.S. Real Estate: A Storm Is Brewing.”
Lisbon has seen a surge in residential investment and development activity in the last two years, according to new research.
The city is emerging from economic difficulties in a nation which underwent an European Union and International Monetary Fund bailout in 2011 and various initiatives are helping to revive its property markets, says the report from international real estate firm Savills.
More than half of developers and builders in the UK are planning to increase housing starts and completions over the next 12 months, according to a new survey report.
Some 56% said they were planning to recruit more skilled workers in the next three years but many want to see more resources in local authority planning departments, the House Building Report 2016 from real estate consultants Knight Frank shows.
London’s housing market is facing a “major shock” as private landlords offload properties because tax increases will reduce returns on their investments to near zero, according to analysts at Deutsche Bank AG.
New lending rules will also severely restrict the ability of investors, who have accounted for about 40 percent of purchases in recent years, to fund property purchases with debt, Deutsche Bank analysts Oliver Reiff and Markus Scheufler wrote in a report Wednesday. Landlords selling homes may create an excess of properties on the market, damping prices.
Buy to let investors could face paying an extra £10,000 to get a mortgage after a crackdown on dangerous debts by UK lenders.
Watchdog the Prudential Regulation Authority is concerned that some landlords are overstretching themselves and will face difficulties when interest rates rise and it is expected that the banks and building societies will start making new hefty charges from September 2016.
A weakened investment performance suggests that confidence in the rural land market in the UK is cooling after years of great returns.
The IPD UK annual rural property index shows that total return recorded in 2015 was 5.5%, down from the 10.4% recorded in 2014.
It is the most subdued return since 2008 and reflected a market cooling after several years of very robust returns in line with other investment classes. Sentiment was tempered by weakening commodity prices, and more recently by political discussions around Britain exiting the European Union.
As the housing market continues to recover in the United States, home owners who are underwater on their mortgages are increasingly concentrated in the Rust Belt, according to the latest real estate report.
The data from the Negative Equity Report from real estate firm Zillow also shows that West Coast home owners are less likely to be in negative equity.
Property prices in the UK increased by 0.6% in April month on month and by 8.2% year on year, according to the first single index for the whole of the country.
It merges previous indices that were published separately for England and Wales, Scotland and Northern Ireland taking data from the Land Registry, Registers of Scotland, Land & Property Services Northern Ireland and the Valuation Office Agency.
China’s use of administrative measures to control property prices can have painful repercussions for its swelling ranks of homeowners. Just ask Shanghai resident Yi Miaowen.
Yi had to cut the price of the apartment he was selling by at least 8 percent after local authorities in March restricted purchases by non-residents, causing two prospective buyers to pull out.
“I needed the money ready within two months to pay for a larger apartment I just bought,” said the 42-year-old engineer, who sold his apartment for 5.31 million yuan ($808,502). “The buyers spotted my weakness and then asked for lower prices.”
An estimated 840 non-landed private residential units were resold in May, which is an increase of 35.7 per cent compared to the 619 units resold last month, according to SRX.
SINGAPORE: The resale prices for non-landed private residential flats inched up in May, with resale volume also increasing, according to estimates released by SRX Property on Thursday (Jun 9).
On a month-on-month basis, resale prices were up 0.4 per cent last month. Compared to a year ago, prices increased by 0.2 per cent.
"MAS is resolved to ensure that Singapore remains a clean and trusted financial centre,” says Ravi Menon, the managing director of the central bank.
SINGAPORE: Starting Aug 1, the Monetary Authority of Singapore (MAS) will have dedicated departments to combat money laundering and strengthen enforcement respectively.
In a press release on Monday (Jun 13), MAS said it will form a dedicated Anti-Money Laundering (AML) Department that will streamline the existing responsibilities for regulatory policies relating to money laundering and other illicit financing risks. In addition, a dedicated supervisory team will be set up to monitor these risks and carry out onsite supervision of how financial institutions manage these risks.
Foreign investors will be slugged with a 4 per cent stamp duty surcharge when buying homes or apartments in NSW under a new measure in next week's state budget.
The State Government said the move would raise more than $1 billion over four years.
Overseas investors would also pay an extra 0.75 per cent land tax surcharge on residential real estate.
Treasurer Gladys Berejiklian said she was confident the extra cost would not deter foreign buyers.
A further slowdown in home lending in May ahead of the referendum on the future of the UK in the European Union means house purchase lending activity has fallen to a 12 month low.
There were 65,113 house purchase approvals, down 1.7% from 66,250 the previous month, according to the latest Mortgage Monitor from residential chartered surveyor e.surv.
This marks a 12 month low in lending levels and is the lowest monthly figure for home purchase loans since the 64,626 granted in May 2015.
Although generally the housing market in Spain is perceived as recovering well there are signs of growth slowing, according to some of the latest figures to be published.
Residential prices grew by 1.3% in May and by 1.5% in the first five months of the year, but this is lower than the 1.9% registered up until the end of April.
The data from the latest index property appraisers, Tinsa, also shows that the average price of a property in Spain is still down 41.4% since 2007.
Residential property supply in the UK increased by 4.8% in May but a breakdown of the figures show that the number of homes for sale fell in half of the towns covered by the index.
In total month on month supply was down in 50.4% of towns with the biggest falls coming in the towns of Southport and Loughborough at 28% and 24.1% respectively.
With the European Championship football tournament underway new research shows which countries have done best in terms of house prices since the last cup four years ago.
The price of mainstream homes have increases in more than 74% of the countries competing in the tournament, according to the study from international real estate agent Knight Frank.
Consumer confidence hit a fresh high this year as the number of Canadians expecting a decline in real-estate prices dropped, telephone polling shows.
The Bloomberg Nanos Canadian Confidence Index rose to 57.9 from 57.8 a week earlier, reaching the highest level since November. The gain was driven by increased housing optimism: the difference between the share of those expecting a price increase over six months and those expecting a decrease rose to 30.2 percent, the widest gap since October 2014.
Canada should consider further housing-market restrictions to avoid a crash, the Organisation for Economic Cooperation and Development said, adding another voice to the recent chorus of those warning rapid price gains may be unsustainable.
The country has the highest ratio of residential investment to gross domestic product among the 34 OECD nations, and household debt equal to 168 percent of disposable income is also near the top of the group, the Paris-based group said in its annual review of the Canada’s economy published Monday.