Own A House - real estate market news

The American economy still cannot recover from August crediting crisis. Real estate and a labor market of the USA became the largest victims of crisis.
However, recently American real estate market has started to show attributes of stabilization: the prices for houses decrease with not so fast rates, and they even grow in some cities, and many experts start talking about fast restoration of the market and the American economy.
It is necessary to note, that during last year the market of habitation became one of the basic problems of the world’s largest economy. Even Federal Reserve System and the Ministry of Finance of the USA recognize that while the market of habitation will not return to norm, restoration of the American economy can’t be expected. Wellesley College’s representatives prove that nobody actually knows when the market of habitation of the USA will reach a bottom. But also it is impossible to tell, that the situation has worsened.
This point of view is confirmed by statistics: value of S&P/Case-Shiller index shows that prices for real estate have started to stabilize gradually.

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.

According to company MagazinuldeCase, in July average cost of apartments in the secondary market of habitation in Bucharest has decreased on 3 % in comparison with the last month and on the whole of 13 % - in comparison with January.
According to MagazinuldeCase’ report, in July the average price of houses in capital of Romania made 113,628 thousand euro. For comparison, in June it was equaled to 116,999 thousand euro, in January - 119,901 thousand euro.
Also the cost of a rent and if in June it reached 616,9 euros a month in July has fallen up to 594,8 euros has decreased. Rent of three-and four-room apartments has fallen in price on 11 % - up to 894 euros.
In total in July in the secondary real estate market about 3,178 thousand apartments has been sold - it is on 3 % less, than in June.

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 %.

Germans buy offices in Australia

Six German real estate funds are going to buy offices in east part of Australia for the sum of $1 billion.

Funds can already come to the agreement within the nearest weeks. It is supposed to spend for each object from $50 million up to $200 million. Management of German investment company Real IS has come to the decision on purchase of office skyscraper, located in the western part of Sydney. Cost of the transaction is estimated in $104,5 million

Actives of company Real IS in Australia total $500 million