News
News and analytical reports of the week (03 – 09.08.2009)
UK: data regarding the growth of property prices has been approved. Canada: the number of issued building permits is on the rise. Latvia: commercial property market of Riga has bottomed out.
According to the UK-largest mortgage bank, Halifax, national residential property prices have increased by 1.1% July to June, up to £159 623 (€187.7 thousand). Formerly the National Home Builders Federation (HBF) has also reported of an increase in housing prices. According to them, during the same period, British housing prices have climbed by 1.3%, up to £158.9 thousand (ˆ186.2 thousand).
The number of construction permits issued in Canada has increased by 1%, June to May. The total value of permits granted for construction of homes, offices and other buildings has worked out $4.7 billion.
The Prian.ru portal has prepared another monthly report dedicated to the markets most popular among Russian overseas property buyers. The difference between the traditional leader of the rating, Bulgarian property market and the second country continues to increase. Germany, Spain, Finland and the USA have also been included in the TOP-5. Interest expressed towards Czech property market has significantly increased in July.
Upon results of the first half of 2009, the net loss of a German mortgage lender Hypo Real Estate has exceeded ˆ1.1 billion. An action in the amount of ˆ320 million has been filed against the bank. Equity-holders claim that Hypo Real Estate managers have been aware of the bank’s pitiful economic condition, but have kept this matter in secret.
US commercial property has depreciated by 18.1% in Q2, compared to the preceding quarter. The Index of prices, at which sellers are ready to sell their units have declined even further – by 18.5%. David Geltner, director of research at MIT/CRE Company, says that this may speak for a “capitulation”, which might help the US commercial property market to bottom out.
Rental prices for offices located in Latvian capital have reached their minimal level and will not decline any further. Monthly rents for grade A offices have plunged down to ˆ10-ˆ14 per a sq. m. Grade B office rents have decreased to ˆ6-ˆ8 per a sq. m.
According to the Jones Lang LaSalle international consulting agency, European office rentals have declined by 4.6% in Q2, compared to Q1. In yearly comparisons the sharpest decrease (-32%) was registered in London. British capital is followed by Moscow (-30%), Dublin (-18%) and Madrid.
Experts of the US construction market are assured that the adoption of a new law regulating energy efficiency requisitions for new homes, given the current conditions, is going to obstruct the recovery of national property market. Under the specified law new homes would be required to have more insulation, more-efficient doors and windows, and heating and cooling systems that consume less energy
P.S.
It seems like the crisis have left certain places absolutely intact. The most expensive home in the world has been put on the market in a German city of Kampen. Its asking price works out ˆ4.8 million. The overall floor area of the building amounts to barely 30 sq. m., thus one square meter this home costs ˆ160 thousand. The owners claim that the price may soon reach ˆ6.3, or ˆ210 thousand per a sq. m.
The number of construction permits issued in Canada has increased by 1%, June to May. The total value of permits granted for construction of homes, offices and other buildings has worked out $4.7 billion.
The Prian.ru portal has prepared another monthly report dedicated to the markets most popular among Russian overseas property buyers. The difference between the traditional leader of the rating, Bulgarian property market and the second country continues to increase. Germany, Spain, Finland and the USA have also been included in the TOP-5. Interest expressed towards Czech property market has significantly increased in July.
Upon results of the first half of 2009, the net loss of a German mortgage lender Hypo Real Estate has exceeded ˆ1.1 billion. An action in the amount of ˆ320 million has been filed against the bank. Equity-holders claim that Hypo Real Estate managers have been aware of the bank’s pitiful economic condition, but have kept this matter in secret.
US commercial property has depreciated by 18.1% in Q2, compared to the preceding quarter. The Index of prices, at which sellers are ready to sell their units have declined even further – by 18.5%. David Geltner, director of research at MIT/CRE Company, says that this may speak for a “capitulation”, which might help the US commercial property market to bottom out.
Rental prices for offices located in Latvian capital have reached their minimal level and will not decline any further. Monthly rents for grade A offices have plunged down to ˆ10-ˆ14 per a sq. m. Grade B office rents have decreased to ˆ6-ˆ8 per a sq. m.
According to the Jones Lang LaSalle international consulting agency, European office rentals have declined by 4.6% in Q2, compared to Q1. In yearly comparisons the sharpest decrease (-32%) was registered in London. British capital is followed by Moscow (-30%), Dublin (-18%) and Madrid.
Experts of the US construction market are assured that the adoption of a new law regulating energy efficiency requisitions for new homes, given the current conditions, is going to obstruct the recovery of national property market. Under the specified law new homes would be required to have more insulation, more-efficient doors and windows, and heating and cooling systems that consume less energy
P.S.
It seems like the crisis have left certain places absolutely intact. The most expensive home in the world has been put on the market in a German city of Kampen. Its asking price works out ˆ4.8 million. The overall floor area of the building amounts to barely 30 sq. m., thus one square meter this home costs ˆ160 thousand. The owners claim that the price may soon reach ˆ6.3, or ˆ210 thousand per a sq. m.
12.08.2009 00:00