Own A House - real estate market news

By words to the Minor Exhaust, the chairman of the largest private developer company of Japan Mori Building, the prices for habitation in Tokyo can fall because of surplus of the offer and reduction in demand.
Delay of rates of growth of a national economy and credit crisis, which has led to toughening of terms of credits delivery, have negatively affected demand for the commercial and inhabited real estate of Japan.
So, in the first half of 2008 the offer in the real estate market of Tokyo has reduced on 24 % concerning the similar period of last year.
The market of the commercial real estate of the city, meanwhile, remains rather healthy, and Mori considers, that recession of the prices in this segment will not exceed 10 %.

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)