A jump in Manhattan office leasing activity in July indicates more resilience in New York's commercial real estate market than recent data has suggested, with asking prices poised to surpass their record high in 2008.
Data showing more companies are renewing their leases rather than moving to a new location have been seen as a sign of market weakness because a move is more costly than signing a new lease.
The number of new home approvals in Australia fell by 0.9% in June, the second monthly fall in a row, according to the latest data to be published.
In seasonally adjusted terms, total approvals decreased 2.9% with both total other residential dwelling approvals and total houses down by 3.4% and 2.4% respectively.
The figures from the Australian Bureau of Statistics (ABS) also show that the value of total building approved rose 1.2% in June, in trend terms, and has risen for six months. The value of residential building rose 0.1% while non-residential building rose 3.7%.
New home lending in Australia saw a healthy rise during June, up 2.3% and up 6.3% compared to the same month in 2015, the latest data from the Australian Bureau of Statistics shows.
The Reserve Bank of Australia cut its interest rate at the beginning of May so June’s housing finance results are the first month’s data to fully capture the effect of cheaper mortgage costs.
According to Shane Garrett, Housing Industry Association (HIA) senior economist, prospective home buyers seem to have taken advantage of the lower interest rate environment.
Home ownership in the United States has slowly fallen in recent years to currently its lowest level since 1965 but new research from the National Association of Realtors suggests that could be halted.
The research shows that there are many affordable metro areas and a large segment of current people who rent their home earn enough income to qualify to buy a property.
NAR reviewed employment growth, household income and qualifying income levels in nearly100 of the largest metropolitan statistical areas across the country to determine which areas with employment gains above the recent national average also have the largest share of renters who can currently afford to buy a home.
Some €200 million it to be put into an Infrastructure Housing Activation Fund in Ireland aimed at opening up large sites in areas where people need homes.
This is to relieve critical infrastructural blockages to allow for the delivery of homes on key sites and to improve the economic viability and purchaser affordability of new housing projects and deliver 20,000 new homes by 2020.
The Irish Government has also announced under its Housing Action Plan that €5.35 billion will be allocated to the development of social housing with the aim of building 47,000 more social housing units by 2021.
Investment in Italy’s commercial real estate markets is going from strength to strength with the first half of 2016 seeing over €3.4 billion of sales, up 35% on the same period last year.
The latest investment analysis report from international real estate advsor Savills says that favourable market conditions are fuelling supply in the Italian market through fund liquidations or equity fund investors who are taking advantage of the point in the market’s cycle to dispose of some of the most liquid assets in their portfolios.
It says that it is significant that cross border investment into Italy accounted for more than half of the total investment volume in the first six months of 2016, and close to 65% of all deals. Savills has recorded that international funds are increasingly dominating the market, with 80% of foreign capital coming from Europe.
Residential property prices in Ireland fell by 0.1% in June, the first monthly fall since January, but are still 6.6% higher than a year ago, according to the latest official figures to be published.
This compares to a 0.2% rise in May with the data showing that price growth has slowed considerably from the 10.7% annual rise recorded in June 2015.
The figures from the Central Statistics Office (CSO) also show that in Dublin property prices decreased by 0.7% in June and were 4.5% higher than a year ago. House prices decreased by 1% but are still 5% higher compared to a year earlier while apartment prices were 0.5% lower when compared with the same month of 2015.
British investors are one of the largest group of investors in Dubai’s property markets but the decision by the UK to leave the European Union is unlikely to have much of an impact, according to experts.
As the most open real estate market in the Middle East, Dubai has always found itself more susceptible to external factors. But, despite the interim uncertainty brought about as a result of Brexit the emirate unlikely to feel any long term effects, says a report from international real estate firm JLL.
British citizens are the third largest investors into Dubai’s real estate market, potentially leaving them more susceptible to any negative impacts from Brexit, however, JLL’s Craig Plumb, head of research for The Middle East and North Africa, believes that any negative ramifications will only be temporary.
Four regions in New Zealand saw record sale prices in July with the average median value up to $505,000, according to the latest data to be published.
It means that the median sale price increased by $5,000, just $1,000 short of the record median price reached in May 2016, the data from the Real Estate Institute of New Zealand shows.
The Waikato/Bay of Plenty region recorded its eighth record median sale price in nine months, reaching $450,000, up 2.7% on June 2016, while the median price in Auckland reached $825,000, up 0.5%. Northland reached $376,000, up 4.4% and Manawatu/Wanganui reached $265,000, up 6.4%.
Sales in Lima have been slow for the last year, agents say. There is no official government data tracking real estate, but prices dropped as much as 30 percent in some neighborhoods after hitting a peak in 2014, said Nella Pinto, general manager and an owner of Peru Sotheby’s International Realty.
The higher end of the market has been particularly slow, after years of new construction, she said.
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