Own A House - real estate market news

In Italy attributes of recession of the market of the real estate are officially fixed. They were promulgated in the July report of ground cadastre of Italy Agenzia del Territorio.
In 2007 the sales volume of habitation in the country has decreased on 4,7 % in comparison with the last year. The greatest recession was observed in administrative centers of provinces - in Milan it has made 11,8 %, in Palermo - 12,4 %, and in Naples - 16,2 %.
Also for the first time since 2000 falling of the market in small communes, which is a parameter that the branch is under threat of crisis, has been noted. Falling of a sales volume is accompanied with growth of number of offers. Especially there are too much offers in the north of the country - in regions Veneto, Romania and Lombardy.
Despite of falling of a sales volume, the price continued to grow during 2007. Before it in 2006 prices have risen on 6,1 %: average cost of one square meter in the country has made 1,536 thousand euro.

From the beginning of 2007 prices for real estate in Dubai have grown on 79 % and by 2010, most likely, will fall to 10 % as the offer in the market today considerably exceeds the demand.
Such forecast has been made by investing bank Morgan Stanley. In the report of bank it is spoken, that sharper correction of Emirates real estate sector can render wave effect on neighbors across the Near East, and stock quotes of 12 regional companies of the real estate will decrease on the average on 35 %.
Under the worst script, the prices for the real estate in Dubai will follow in the steps of Singapore. We shall remind that there in the end of 90th years prices have fallen on 80 % within one year.
In the first half-year of 2008 prices for habitation in the Emirates have grown on 25 % and it was promoted by such factors as demand, gamble and growth of cost of construction. In 2009, under forecasts of bank, prices will start to feel pressure of surplus of the offer and by 2010 can already decrease on 10 %.

First townhouses for large capital families will be constructed in village Zaharino, which is in the southwest of Moscow.

As it has become known, some apartment houses for large families will be placed on a site by the area of 1,77 hectares, and the total area of under construction objects will make 7,7 thousand square meters.

The site of building is located in 300 meters from the architecture monument - a temple of the Sign of Icon Mother in Zaharino and near to the landscape gardening art monument “Manor Zaharino-Znamenskoe”.

In total in 2008 in Moscow construction of 190 cottages for large families is planned.

Cost of rent of offices in the Israeli capital has risen on 18 % in comparison with summer, 2007.
Experts predict that the prices for short-term rent of offices will grow; especially it concerns the small areas. In 2009, commissioning of new objects will promote reduction of cost of rent.
Recession in the USA has not affected demand in the Israeli real estate market of office though some international companies have refused expansion of the area of their offices.

Real estate market of the largest Canadian city shows positive price dynamics, unusual on a background of the general recession, spreading almost in all Northern America.
Now the standard house for one family in Vancouver costs at least 750 thousand Canadian dollars ($774 thousand). In total since 2001 till 2007 the cost of the inhabited real estate in Vancouver has grown on 120 %.
Thus if last year the rise in prices has made 11 %, this year, under forecasts of the Canadian housing agency, it will make at least 8 %.
Canadian Hypothec Crediting Association senior analysts prove that they, of course, expect some changes in the market: the prices will grow all the same and more slowly, than earlier.
Experts name a developing economy of region and the low rate of unemployment, attracting here people not only from other areas of Canada, but also from the world, as the reasons of growth.

In comparison with February parameters, the total cost of being in stage of construction real estate objects in Slovenia has grown on 10,6 %.
The annual gain, which was compared to March of the last year, has made 8,4 %. Term of money cost of habitation adjusted for a quarter, has grown on 82,2 %, concerning an average level of eight-year prescription.
All this time in Slovenia volumes of buildings construction has most confidently increased on 98 %. The works above objects of a civil infrastructure are on the second a place: the rates of construction have grown on 76,8 %.

Activity in a segment of elite habitation recently has decreased in the Italian real estate market.

Experts connect it, first of all, with the fact that the offer in elite sector is not simply limited, but it is also very specific: new “elite” real estate objects are not built yet, and buyers should be content with old and often historical objects.

In the joint report of company Tirelli&Partner and agencies of economic researches Nomisma have given the detailed analysis of situation.

In Rome activity decrease is more brightly expressed, than in Milan. During 2007 prices for business class habitation in ancient capital have grown only on 1,6 %, while in business and vigorous Milan rise in prices has made 6,7 %.

In Milan for last two years time of transaction closing has increased since 5,3 up to 7,9 months while in Rome the transaction comes to the end for 4 months. In Rome the difference between requested and final price makes 16,8 %, and in Milan - only 3,5 % (on the average on the country, for classes habitation this parameter makes 10 %).

The most expensive purchases of last quarter 2007 were 7,225 million euro in Milan and 5,8 million euro - in Rome.

The cost price of construction of square meter of habitation in Moscow does not exceed $1,5 thousand.
According to real estate experts the cost price of square meter of skyscrapers makes almost $1,5 thousand. In older houses the cost price of one square meter does not exceed $800.
Experts prove that five years ago the cost price of construction in Moscow was approximately twice below.
Thus the cost price includes only charges on human resources and building materials, without taking into account requisitions and recoils which considerably make cost of the constructed building higher.
The expert also has noted that, despite of greater charges on “recoils”, profitability of construction in Moscow is very high and averages from 400 %.

The British - masters of marketing, they always the first come on the new market and promote it. The script is simple. At the initial stage, when the habitation and land is very cheap somewhere far away, the most brave investors buy up actives. Then goes massed promotion in the mass-media with the description of local life, unappreciated real estate and the promise of further growth. Frequently game is built around any important event in a history of the given country: for example, joining the EU. At this stage begin mass purchases of the real estate by Englishmen: they are sent in “cottage-tours,” though the British frequently buy without going to a place of the future purchase, during real estate exhibitions. At the third stage the business involves investors from other countries. The prices really grow even more. The Englishmen, who have bought actives some years prior to it, can easy fix super-profit and start to develop the new country with cheap real estate. Now, for example, everything begins in Vietnam.

The situation when a lot of middle class representatives appear owners of real estate abroad is fundamentally new. On the one hand people have a “wardrobe” of the real estate. English pensioners are closest to realization of this principle: one third of the year they can spend in the apartment in London, a third - in a small house in Southern Africa, and the last third - in Brazil. On the other hand, formation of built-up areas, which high-grade exist only a part of the year, is at early stages of development and viability of this model is not clear.

The main buyers of real estate abroad - Englishmen: more than 5 million people have already got houses or apartments outside the island. The main cause of such transactions is in big difference in the prices for real estate between expensive Britain and other countries. For young Englishmen real estate abroad is the first step in «a staircase of real estate» as on the native land they can buy nothing. Middle-aged and old people frequently sell their houses and move to other countries to get rid of mortgage credits - 37 % of Englishmen are ready to leave Britain for this reason.

Recently the British have started to practice selling the big house, and buying for this money a smaller one. The difference is invested in the second habitation abroad, trips and entertainments.
The British foreign real estate investment Internet-portal Homesgofast.com has studied inquiries of 170 thousand visitors and has found out, that Dubai, Brazil, Egypt, the USA (the western part of New York state and Florida) and Turkey are the most popular among potential buyers.

English pensioners like Spain, Australia or New Zealand (became fashionable due to fantastic landscapes in the movie Lord of the Rings). Developers have at once responded the demand and started to build for pensioners special inhabited complexes «60 +».