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International property / Articles and reviews / Research, opinions and forecasts / News and analytical reports of the week (17-23.05.2010)
News and analytical reports of the week (17-23.05.2010)
May 25, 2010Germany: secondary housing market demonstrates stability. Netherlands: the average cost of second homes is on the rise. USA: every tenth owner of residential property falls behind on mortgage payments.
Germany: according to the vdpResearch company, In Q1 2010 prices for German second homes have only declined by 0.9%, compared to the preceding quarter, while decreasing by 1.5% in annualized terms. Company experts claim that the statistics speak for relative stability of residential property market in Germany, in comparison with other European states.
Netherlands: the average cost of Dutch second homes has increased by 0.8%, April-to-March. Experts say that prices for local secondary housing have not yet fully recovered after the crisis: in yearly comparisons the April decline of the indicator has worked out 2.2%.
Lithuania: over Q1, the total value of transactions with Lithuanian property has increased by 10%, year-on-year. As suggested by Vytas Zabilius, head of the Ober-Haus company, the energizing of Lithuanian property market is related to the mortgage credit easing, as well as to low property prices.
Cyprus: over the period from February to April, houses and apartments on the island have depreciated by 4.5% and 1.6%, respectively, compared to the preceding three-month period. Prices for retail and warehouse properties have decreased by 1.4% and 2.9%, respectively. Price increases were only observed in the segment of office property.
Israel: in yearly calculations, the rate of growth in Israeli apartment prices has slowed down. Over Q1 2010, local apartments have appreciated by 2%, compared to the preceding quarter. In Q4 2009, the corresponding figures worked out 4%, while generally, over 2009, Israeli apartment prices have increased by 16%
China: a land parcel designated for residential property construction, located in the special administrative center of the PRC, was sold for $233 million, or $85.000 per a sq. m. Such amount breaks all records previously set on the Hong Kong’s auction of elite land for housing construction.
Singapore: in April, the number of transactions with private housing in the city-state has soared by 25.3%, compared to the preceding month, up to 2200 deals. This is the highest indicator since July 2009, when a historic maximum of buying activity has been registered (2,700 transactions).
USA: in Q1, the number of US homeowners, who have fallen behind on mortgage payments at least once, has exceeded 10%. 4.3 million American homeowners (8% of all mortgage borrowers in the country) are late on payments for more than three months, or their property is already in the process of foreclosure.
Brazil: The Equity International Company, owned by American billionaire Sam Zell who was dubbed “real estate guru” for a number of successful investments, is going to buy a stake in several Brazilian companies that deal with commercial and residential properties. The billionaire plans to allocate $500 million for these purposes.
Office property: the Q1 results of increase in average European prime office rentals were summed up by Jones Lang LaSalle specialists. Brussels (17%) has become the leader in this indicator. The second and third places are occupied by Moscow (14.3%) and London (5.6%), respectively.
Commercial property: during the first four months of 2010, investment in commercial property of the CEE region (Central and Eastern Europe) has skyrocketed by 169%, compared to the same period last year.
P.S.
The author of such musicals as the “Phantom of the Opera” and “Evita”, Andrew Lloyd Webber, has once again decided to sell his New York duplex. For the first time, a two-level apartment in Trump Tower was put on sale in 2000. The screenwriter did it again in 2007. Nonetheless, he apparently failed to sell his property. In 2000, the asking price of a unit worked out $15 million. In 2007, Webber requested approximately $19.2 million. Now he has decided to make a 15% discount and expects to receive $19 million upon the successful sale of the apartment.
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