Own A House - real estate market news

For last week during from December, 14th, till December, 20th situation in the market of hypothec crediting in the most demanded segment of the market (purchase of apartment, rubles) was stabilized.
For the first time for some last months the average rate under the best hypothec programs has ceased to grow, having reached the maximal mark in 17,4 %. It became known on results of data processing of base of hypothec programs IPEX, which is conducted by the company.
The same tendency was outlined in the policy of banks in relation to borrowers - to owners of business, whose income can be confirmed by the accounting reporting. Here the rate has reached a mark in 19,7 %, which also remains constant.

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.

Unlike Europe, the market of the commercial real estate in Russia is still far from saturation. And even in such megacity as Moscow, huge possibilities for investments and growth prospect remain.
Russian real estate market substantially depends on a situation in the financial market, which is facing difficulties now. It has caused a new coil of interest to real estate purchase in the European countries.
The similar tendency, which has recently outlined, caused a new rate of interest to real estate objects in such habitual for Russian investors countries as Spain, Cyprus, Czech Republic, Croatia, and in less habitual countries as Panama, Bulgaria, Turkey, the Baltic countries.
Real estate purchase in the European Union countries - Spain, and Latvia, Cyprus, and Czech Republic, will shortly concern Turkey and Croatia - gives obvious pluses (possibility to have a rest in own house or apartment at any time of the year) as it is the acquisition of a valuable active, which in long-term prospect will grow in the price.

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.