Own A House - real estate market news

International consulting agency Jones Lang LaSalle prove that volume of the investments, enclosed in the commercial real estate of the Europe in 2008, will decrease on 55 % in comparison with last year’s parameters.
Investments into the given sector of economy of the Europe can reach €99 billion by the end of current year. In the fourth quarter of year the total cost of the concluded transactions will make €14,4 billion -it is on 30 % less, than for the similar period year earlier.
The chapter of a department of studying of the markets of capital Jones Lang LaSalle of Toni Horrell has declared that reduction of volumes of investments into the commercial real estate of the Europe is caused by a global economic crisis and decrease in a level of trust of investors.
In the beginning of 2009 investment activity will remain low.

Corporation Mirax Group is ready to give discounts at the rate to 25 % from initial cost at real estate sale on under construction objects of the company. Such information has been declared by Deputy Chairman of Mirax Group Corporation Andrey Kletsko.
Andrey Kletsko has also stressed that according to Mirax Group’s strategic problems the next year, the company will be ready to give 25 percent discounts for maintenance of level of money, received from sales. Price change under two priority projects - complex “Federation” and Mirax Plaza - is about 10 %.
As it has become known, discounts for the corporation real estate will be given only in the course of negotiations with potential buyers and will not be reflected in the starting price.
Andrey Kletsko has told that their company is not the first Russian real estate discounter.
Now the necessary sum for finishing construction of complex “Federation” makes $270 million, for Mirax Plaza is sum is $350 million, and it is planned to finish construction of both objects by the end of 2010.
Mirax Group’s portfolio includes 6 projects on stages of building and two projects at a stage of preparation of the documentation, construction of which is to be started in 1-2nd quarter of 2009.

Company Azizi Investments - is one of leading builders of region of Persian Gulf -declared the unwillingness to begin new building projects in the light of a global economic crisis.
Representatives of the company have declared, that their arrogant plans of growth for 2009 can be changed, taking into consideration current situation in the world markets. However, Merwiss Azizi, Founder and Chairman of Azizi Investments, proves that all projects, which are being realized now, will be finished.
According to Merwiss Azizi, steady fundamental indicators of economy of Dubai show, that the local market will suffer from crisis less than others.
Company Azizi Investments participates in realization of such projects, as Emirates City, Ajman, Palm Jebel Ali, Dubai World Central and Mina Rashid.

Freddie Mac - the second-largest hypothec company of the USA - has informed on the losses, suffered already for the fifth quarter successively, because of write-off of taxable actives and deterioration in the habitation market.
In the third quarter of 2008 losses of the hypothec giant, sponsored by the state, have made $25,3 billion, or $19,44 per share, against losses before payment of taxes in $1,24 billion, or $2,07 on the action, year before.
On share Freddie Mac and Fannie Mae it is necessary more than half of all hypothec credits which are given out in the USA, for a total sum $5 bln.

At National Association of Realtors annual conference, which took place in Florida, many delegates openly shared pleasure because of outcome of presidential race in the USA.
According to Peter Bolton-King, chief executive of the National Association of Estate Agents, political uncertainty has come to the end and realtors are convinced that if the economy will start to be stabilized, buyers will return to the real estate market.
Let’s remind that Barack Obama promised to found special fund in volume of $10 billion for the help to house owners, who face the problem of eviction for nonpayments under the mortgage, threatens.
According to the international real estate agency Hamptons International, in case if Obama will keep the promises and will bring changes to the USA real estate market, it will have positive influence on the real estate markets all over the world.

On results of 2008 the volume of transactions under direct investments into the commercial real estate will decrease approximately twice in comparison with 2007. Such information has been represented in the report, prepared by experts of consulting company Jones Lang LaSalle.
Experts have made such forecast proceeding from significant decrease in volumes of direct investments into the commercial real estate in the world on results of first six months of 2008.
According to their calculations, in January-June of this year the total amount of transactions in the world under direct investments into the commercial real estate has reduced, in comparison with the similar period of 2007,it has reduced on 41 % - up to $233 billion, and volume of transactions under the international direct investments into the commercial real estate - has reduced on 43 % up to $104 billion.
Jones Lang LaSalle analysts consider that expected further easing economic during the remained part of 2008 and all 2009 will keep pressure upon cost of real estate objects. Investment activity will proceed, but it will not reflect re-establishment of demand.
In their opinion, during last months of 2008 and in the beginning of 2009 the majority of transactions under direct investments into the commercial real estate will occur due to own means of the companies.

Ex-chairman of board of governors of Federal Reserve System of the USA (FRS) Alan Greenspen believes, that the American real estate market will leave crisis in the first half of 2009.

in clause for newspaper Emerging Markets Greenspen has told that the recent delay of recession rates of the prices for real estate in the USA has come to the end and more obvious attributes of the future stabilization of the prices will become obvious in the first half-year 2009.

According to ex-chairman, the frozen credit market will become alive as soon as the investors will start to do their first steps towards to new meetings with risks.

Greenspen has positively noted actions of the governments of some countries of the world on buying up of “toxic” actives and return of capitalization to banks.

The prices for houses in the Great Britain have fallen on 1,7 % in monthly calculation in September, 2008, that has led to the maximal annual decrease for 17 years. Data, given by Nationwide, prove it.
According to Nationwide, the prices for houses in September have decreased on 12,4 % in comparison with the similar period of the last year. In result of September decrease, the average price for the house has made 161,797 thousand pounds sterling ($286,06 thousand). It is the lowest price level since February, 2006.
Consecutive reduction of cost of houses in the Great Britain and behind its limits became the key factor of crisis, which has brought down bank sector and threatens to lead many industrial countries to recession.
Dr. Howard Archer, Managing Director of European Forecasting and Analysis for Global Insight’s Country Intelligence Group, has declared that even if the Bank of England will reduce the key rate next week as they now expect, it, possibly, will render only very small support to the housing market, considering, that of rates of monetary market growth renders increasing pressure upon interest rates under the mortgage.

Five years on end London has invariably borrowed the first line in the list of places with the most expensive elite habitation, however, this year the leadership has passed to princedom of Monaco. According to index, formed by Knight Frank LLP - the international consulting company in real estate sphere, cost of habitation in the British capital for last half-year has grown on 1,8 % and has made 60 thousand dollars for one square meter. In Monaco the average rise in prices in the real estate market has made 30 % and has reached up to 70 thousand dollars for one square meter - it is a record parameter for today. To a word, similar results are not surprising: according to one of last researches, the most expensive street in the world in is Monaco.
The full list of the countries and cities with the most expensive habitation:
1. Monaco
2. London (Great Britain)
3. Cap Ferrat (France)
4. Courchevel (France)
5. New York (USA)
6. Moscow (Russia)
7. Tokyo (Japan)
8. Hong Kong (China)

Now both project of Mirax Group become participants of international competition Fiabci Prix d’Exellence, which will pass within the limits of the Congress in Peking.
Russian market has left on world level, and today domestic developers are already ready to compete with leading foreign companies.
Russian real estate market is constantly improving. Now Mirax Group has a lot of projects, which are allocated under the consumer characteristics.