The prices of new properties in Turkey have been increasing steadily over the last 12 months and experts expect them to continue doing so in 2012.
According to the latest figures from the REIDIN New Home Price Index prices increased 0.78% in November and are now 9.88% up on November 2010.
Trademarked projects in the of European side of Istanbul increased 1.17% month on months while those on the Asian side were up 0.47%.
The index also shows prices for existing homes increased 0.89% in Turkey overall, 0.93% in Adana, 0.55% in Ankara, 1.27% in Antalya, 1.08% in Istanbul and 1.14% in Izmir. Prices were stable in Kocaeli and decreased 0.11% in Bursa during December 2011.
Rents are also creeping up. Rental prices for existing homes increased 0.70% in Turkey overall and were up...
There is a need for London specific mortgage products to meet the growing demand for property in the UK’s capital city, according to research by property management firms Chainbow and Berkeley Way.
The inaugural Residential Yardstick shows that one in five respondents were renters and 86% of these were Londoners, leading the researchers to suggest that private rented sector (PRS) lending products for the capital would help keep property in local hands rather than relying on foreign investment as has been the trend in the past two to three years.
The survey revealed 45% of private owners, 55% of investors and 50% of renters want to invest in a property during 2012, however, 35% said a lack of mortgage availability and 19% said unattainable lending criteria were among the main ba...
Residential property sales in Canada increased 1.8% from November to December, according to the latest figures published by the Canadian Real Estate Association (CREA).
Annual activity totalled 456,749 sales in 2011, up 2.2% from 2010 and the number of newly listed homes increased 3% month on month.
A simultaneous increase in sales and new listings kept the national resale housing in balanced territory, CREA said.
Prices have not increased much, the national average home price was up just 0.9% on a year on year basis in December, marking the smallest increase since October 2010.
Activity rose in more than half of all local markets, including some of Canada’s most active, with monthly declines posted in most of the remaining markets.
Actual, not seasonally adju...
Although residential land sales in Australia remain at low levels by historical standards, sales are improving, according to the latest data available.
The volume of land sales increased by 1.3% in the September 2011 quarter. However, volumes were still 16.8% lower than in the September 2010 quarter, the HIA-RP Data Residential Land Report shows.
‘It’s a long climb back, but at least we have now seen three consecutive quarters in which land sales volumes have increased, although there is no avoiding the fact that overall levels remain low,’ said Andrew Harvey, senior economist at the Housing Industry Association, the voice of Australia’s residential building industry.
‘Land sales are an early leading indicator so an upturn in trajectory is es...
The UK property sector had a better end to the year in 2011 but faces considerable challenged in 2012, according to an analysis by accountants Pricewaterhouse Cooper.
It found that a total of 123 UK real estate companies became insolvent in the last quarter of 2011, a 6% decrease on the previous quarter, when 131 companies entered insolvency. It also shows a 6% fall in comparison with the same quarter of 2011, when 131 companies became insolvent.
On a rolling 12-month basis, the numbers show a 3.7% decrease in insolvencies. There were 596 in the real estate sector in the year to 2010, compared with 574 in the year to December 2011.
‘The reduction in insolvencies is welcome and suggests an improved outlook, at least in some parts of the real estate sector. There are some...
One in five British people are living with their parents more than a decade longer than they intended to as they struggle to get onto the property ladder, according to research from house builder Taylor Wimpey.
More than two thirds also felt that their relationship with their parents would be better if they moved out. Only 7% of respondents said they enjoyed living at home with their parents, but one in 10 thought they could be in their late forties or early fifties before they were able to move out.
The survey of 1,000 would be home owners also found that although the Hotel of Mum and Dad may still be open for business, the Bank of Mum and Dad seems firmly shut. Some 65% of parents said they simply didn't have the spare funds to help their children with a deposit for a house, wi...
The end of the UK government’s flood insurance agreement could leave property worth over £200 billion uninsured, it is claimed.
The government’s statement of principles on insuring properties at risk of flooding will end on 30 June 2013 and one in four UK properties is at risk of flooding, meaning up to £214 billion n of property could be uninsured, according to research by property search firm SearchFlow.
It says that property owners could find themselves unable to insure their properties from the summer of 2012 as insurers become unwilling to offer policies which expire after the principles agreement.
It is warning that uninsured properties could leave owners in breach of their mortgage contract as well as making properties harder to sell or remortgage...
Australian property trusts are likely to deliver a total return of 12 to 15% this year, outperforming local equities and other Asia-Pacific property markets, analysts said.
Australian REITs have proved resilient last year, slipping 7% against a decline of 14.5% in the broader S&P/ASX 200 index.
In comparison, Singapore's FT ST Real Estate Investment Trusts Index dropped 16%, while Hong Kong's property sub-index has declined 24%.
Simon Garing, analyst at Bank of America Merrill Lynch, said Singapore property stocks faced a slowdown after the government rolled out measures to cool the residential market.
‘We expect they (Asian REITs) will continue to underperform for the first half of the calendar year. Australian REITs have been sort of a safe haven,&rsqu...
Residential property sales in Hong Kong shrank further in December 2011 with continuing uncertainties in the global economy and potential home buyers and landlords travelling abroad on vacation, says the latest monthly report from Knight Frank.
It points out that according to the Land Registry, home sales dropped 10.3% month on month to 4,301 in December, the lowest figure since November 2008.
Sales of luxury real estate valued at over HK$10 million dropped 32.9% to 466, the largest decrease among all price categories. Over 2011, transactions of residential units plunged 40% year on year to 84,462.
The primary market outperformed with developers pricing their new developments competitively close to secondary levels. Individual developments received a good sales response,...
Falling property values in the UK’s prime regional residential market during 2011 opened the gap between London and regional house prices to its widest ever, making the best regional real estate look good value compared to the capital where values rose throughout the year.
The latest market report from Savills shows that prices across the UK’s prime markets fell by an average of 3.3% against an increase of 8.7% across all prime London and 14.1% in prime central London.
This takes prime London prices to a record high and means that £1 million invested in prime regional property at the peak of the market is now worth on average just £829,000 compared to almost £1.1 million in prime London and £1.2 million in prime central London.
Very few areas...