Own A House - real estate market news

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)

According to Blackwood experts’ forecasts in the nearest future Russian country real estate market will be under rearrangement of forces due to elimination of weaker players.
Despite of favorable forecasts of the Russian experts, it is obvious, that events in the USA have also influenced Russian markets. The situated near Moscow country real estate market did not become exception: the small companies, trying to survive in such situations, are looking for active investors, some of them even aspire to resell their projects.
All this can be characterized as a panic. However, according to Blackwood experts’ forecasts, situation of the first stress will pass quickly: within one-two months.
Experts believe that the outlined updating of the prices in the country real estate market will not mention liquid objects in the primary market, but dynamics of their growth will be slowed down.
In analysts’ opinion, all complex and illiquid the objects, located in not prestigious directions, and also the projects, which are not having sufficient volume of an infrastructure, and settlements with the overestimated prices, are the most risky for today.
It is necessary to note, that activity of the basic players of the market is kept.

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.

In August the number of the approved hypothec credits in the Great Britain has decreased on 64 % in comparison with parameter of the last year. Result became record-breaking low level of crediting.
As British bank association has informed, the quantity of the approved credits for purchase of real estate objects in August has made 21,086 units. It is below July parameter - 22,239 units, and on 12,000 below average value for last half a year.
The total sum of crediting in August has made 2,1 billion pounds and it is less than half from total sum of crediting in July.

Inhabited and commercial real estate will sharply fall in price, if banks will stop financing Russian companies, working in building sector. Such information has been given in the message of international rating agency Fitch Ratings.
According to rating agency, companies of the real estate sector and building branch are under the risk.
Fitch declares that if banks will stop crediting, cost of the commercial and inhabited real estate (which is at a peak level now) will decrease in process of distribution of compelled sales cases.
As it always happens during the stressful periods, the key factor for preservation of financial support relies in trust and the settled mutual relations. Fitch assumes that, it looks like, credit lines will be prolonged to the companies which have the adjusted attitudes with three largest banks got and access to liquidity in the form of accommodation of budgetary funds (Savings Bank, VTB and Gazprombank).
Thus, rating agency stresses, that developing companies should be careful with there bank collecting on the objects, which are being maintenance under credits and for retail companies - there is a great risk of consumers’ charges reduction.

The list of the designers, decided to expand sphere of the activity up to interiors design, has replenished with one more name. Italian House Salvatore Ferragamo has decided to follow the example of Armani, Valentino, Versace and Hermes, engaged in creation of interiors for apartments, helicopters and cars.

Italian luxury goods manufacturer Salvatore Ferragamo will create exclusive design of the penthouses, located in Dubai and the United Arab Emirates. Designer will cooperate with Dubai real estate company Trident International Holdings.

As representatives of the well-known Florentine trade mark have informed, the interior of several magnificent penthouses in tower Pentominium will be created till 2012. The tower, consisting of 120 floors and 120 penthouses (each penthouse will occupy the whole floor) promises to become the highest residential building in the world.

Michele Norsa, chief executive of Salvatore Ferragamo, has noted, Ferragamo’s introduction into the modern real estate world is the important step for brand’s expansion, which opens prospects for the further development.

The tower with designed by Ferragamo apartments will be settle down not far from other project, which is being carried out by Gianfranco Ferre and Galadari Investment Office.

Mirax Group starts cooperation with Sotheby’s International Realty. As it has become known the agreement on partnership with representation of company Sotheby’s International Realty in Florida (USA) has been signed.

The agreement provides marketing promotion and realization of project Aqua by Mirax in Miami among international clients Sotheby’s.

As Mirax Group’s mass-media representatives have explained, the choice of the partner on behalf of Sotheby’s has allowed Mirax Group to get support in the USA market and to expect for the further expansion of the international market. In turn, company Sotheby’s International Realty has got access to exclusive product of corporation Mirax Group and new opportunities on clients attraction.

Senior Vice President of International Relations at SOL Sotheby’s International Realty, Michael Valdes has stressed that their company is considering Mirax projects as an exclusive product, worthy our clients, and project Aqua by Mirax became bright example. He said that he is assured, that expansion of mutual cooperation will allow both companies to raise a level of product, offered to their users.

Executive director of Moscow Exclusive Sotheby’s International Realty has told that the first stage of cooperation of Russian representation Sotheby’s International Realty with corporation Mirax Group became the agreement on realization of the elite inhabited real estate in Moscow. For two months the agency already realized a number of objects of corporation.

Now Sotheby’s International Realty plans to develop a network of regional branches in Russia.

The prices for the elite real estate in New York establish new records. Manhattan penthouse almost is exposed on sale for $49 million. Young couple sells apartment to establish the record price in $48 million, which one American businessman has agreed to pay for other apartments several months ago.
Today the penthouse for $49 million is the most expensive apartment, which has been ever sold in Manhattan. And the couple has bought this apartment several months ago - in January, 2008. In winter they have paid $46 million for it, and then it was also very expensive.
Selling recently got habitation, young couple has decided to earn some superfluous millions. They wish to interrupt the price of the businessman and to keep superiority, and for this purpose it is necessary to rise the price again.
It is not clear yet who buys a penthouse with a winter garden and a spacious terrace. The owner, in turn, has told that the apartment requires some completions and additional investments.

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.