Some Chinese developers are playing a game of cat-and-mouse with local governments by delaying the launch of new home sales in the hope of riding out tightening measures in the property market that have dampened prices in some major cities.
The global real estate crisis hit Spain in early 2007. In Barcelona, home prices plunged by as much as 40 percent and sales didn’t pick up until 2014, said Alexander Vaughan, a partner at Lucas Fox International Properties.
“From 2014, there were a lot of international and institutional investors coming into Spain, and that really brought confidence back into the market,” he said. “Only last year prices started going up slightly, but they’re not yet close to recovery.”
The sale of new Norwegian homes rose by 12 percent year-on-year in January, while housing starts increased by 42 percent, the Norwegian Home Builders' Association (NHBA) said on Tuesday.
Steady turnover will drive home prices to rise at almost double the current rate of expected underlying consumer inflation and wages over the next few years, according to the survey conducted Feb 16-23.
“The market had been depressed for several years,” Mr. Montanaro said. “Houses were just sitting.”
Low interest rates, a shift in local politics and an increase in consumer confidence have helped to improve the market, said Louise Remillard, president of Profusion Realty, an affiliate of Christie’s International Real Estate. In addition, “Montreal prices are ridiculously low compared to Toronto and Vancouver,” she said.
Chinese real estate developers surveyed by Reuters mostly plan to increase their land investments in 2017 as they shrug off record prices and government tightening measures while seeking to expand their market share.
The average price of a resold home in Greater Toronto shot up to $770,745 in January, according to data released by the city's real estate board -- an increase of more than $40,000 from December, and a jump of 22.3 per cent from a year earlier.
China's recent clampdown on capital outflows is expected to bite into outbound overseas property investment this year, real estate advisory firms said on Tuesday.
Norwegian seasonally adjusted housing prices rose by 0.6 percent to a new record level in January from December, a real estate industry association said on Friday.
After a long pause, the auctioneer commissioned to sell a northern Sydney beach-side apartment for in excess of A$800,000 ($614,391) puts his gavel away, unable to entice a single bid.
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