Changes and trends in foreign real estate market in 2012.
If we consider the changes that have occurred in the overseas property market in 2012, one of the key events, of course, is to provide opportunities for the authorities of Latvia "entry ticket" to the countries of the Schengen union. As an "entry ticket" stands a residence permit (permit), which is granted to foreign nationals if they acquire real estate in Latvia. The main condition for obtaining a residence permit is to purchase one or more objects of the Latvian real estate. The cost of the purchased real property must be at least 100 000 lats (141 thousand euros) to Riga, and not less than 50 000 lats (about 71,000 euros) for areas outside the territorial boundaries of the capital of Latvia.
Recall that Latvia joined the Schengen Agreement in 2004. Due to the fact that the borders between the Schengen States parties are virtually no union, foreign nationals with the Latvian residence permit are opportunities for free travel throughout Europe. It should be noted that reside permanently in the territory of the Latvian state is not necessary - will need to visit the country once a year for the renewal of the document. It should be understood that the sale of real estate in Latvia the right to extend the residence permit loses its validity.
"Bubble" in 2012 can be called the real estate market in China. In 2012, Chinese authorities regularly implement various measures aimed at reducing the price dynamics in major metropolitan real estate markets in the country. In the first half of 2012 increased the value of real estate in cities such as Beijing and Shanghai, accounting for 37% and 25% respectively. If we consider a two-year period (2009-2010 gg.), Then during this time the valuation of housing in Hong Kong increased by half.
Based on analysts' opinions, the cost of apartments in buildings that were built in Chinese cities, is overstated by an average of 30%. Among the measures taken by the Government of China to reduce the hype, the following:
More stringent standards for construction.
Cancel a residence permit for foreign buyers of real estate (Hong Kong).
The ban on the purchase of third apartment (Shanghai).
A tax on real estate (Shanghai, Wuhan, Beijing).
Thus most of the population does not believe in the efficacy of these measures. 80% of Chinese citizens believe the government has not fulfilled its promises in ostuzhennoy market. Negative attitudes of ordinary Chinese people are clear - they do not have the financial capacity to purchase housing. Based on 2012 statistics, about 85% of Chinese families who live in cities can not afford to purchase real estate.Real estate investors how the country is called "disappointment" in 2012?
Throughout 2010 investors, who sent the cash flows in foreign real estate objects, were waiting for the termination of price decline in the market in Spain. By the end of 2012 the average cost of a Spanish real estate has declined, according to various estimates, 15-30% as compared to pre-crisis peaks. Moreover, in 2012, stocks of unsold housing only increased, threatening new price collapses. The so-called objects "on the implementation of the" Spain has about 1.5 million, of which 100,000 - the apartments, which became the property of the industry. Trying to sell the excluded items, banks offer huge discounts (on average 30%), and offer mortgage products for up to 40 years.Property which state has the status of "locomotive" in 2012?
"Locomotive" in 2010 called the real estate market in Israel. In 2010, prices for items of Israeli real estate amounted to about 20%. There are two main reasons for this growth - namely, shortage of suggestions and a very low rate mortgage products.
In early 2010 the authorities have formed and implemented a series of measures aimed at "cooling" and the stabilization of the real estate market in Israel. But these measures did not lead to the desired result. The level of demand continued to grow, resulting in upward price movements. Thus, 2012 was marked by the steady increase in the valuation of the Israeli real estate.2010 UAE real estate market.
2010 can safely be called a negative period for the UAE real estate market, especially for Dubai. If we consider the price of real estate performance in Dubai, they are at the end of 2010 were fixed at a level that is 60% below pre-crisis peak level. Despite the fact that the property market in Dubai is at the stage of stagnation, the state authorities do not conduct activities to support it. This is due to the fact that this segment of the economy has always depended on foreign investment, and now, when foreign investors exclude investments in real estate in Dubai, the market is in free-swimming, without government support. Thus, in 2010 showed that the boom in the UAE real estate market finally completed and re-revival of the forecast is not possible. Moreover, based on analysts' opinions, the downward price dynamics will still take place at least in the medium term.How effective the event was held by the U.S. in 2010?
In 2010 there was the continuation of the Great Depression in the U.S. real estate market. Autumn 2010 was marked by the fact that the country has significantly reduced sales volume and pace of construction. To stabilize the market power of the United States introduced a legislative instrument, namely - introduced a moratorium on the alienation of immovable property of members of the banking sector. This measure was based on objective reasons: the U.S. has increased the number of errors and outright fraud episodes during procedures associated with the disposal of housing. In addition, numerous facts came to light that the bank managers to sign documents for exemption of real estate "is not looking." Moratorium has been effective: in the November 2010 number of reported foreclosures in the U.S. was the lowest in the last 2 years.
Recall that Latvia joined the Schengen Agreement in 2004. Due to the fact that the borders between the Schengen States parties are virtually no union, foreign nationals with the Latvian residence permit are opportunities for free travel throughout Europe. It should be noted that reside permanently in the territory of the Latvian state is not necessary - will need to visit the country once a year for the renewal of the document. It should be understood that the sale of real estate in Latvia the right to extend the residence permit loses its validity.
"Bubble" in 2012 can be called the real estate market in China. In 2012, Chinese authorities regularly implement various measures aimed at reducing the price dynamics in major metropolitan real estate markets in the country. In the first half of 2012 increased the value of real estate in cities such as Beijing and Shanghai, accounting for 37% and 25% respectively. If we consider a two-year period (2009-2010 gg.), Then during this time the valuation of housing in Hong Kong increased by half.
Based on analysts' opinions, the cost of apartments in buildings that were built in Chinese cities, is overstated by an average of 30%. Among the measures taken by the Government of China to reduce the hype, the following:
More stringent standards for construction.
Cancel a residence permit for foreign buyers of real estate (Hong Kong).
The ban on the purchase of third apartment (Shanghai).
A tax on real estate (Shanghai, Wuhan, Beijing).
Thus most of the population does not believe in the efficacy of these measures. 80% of Chinese citizens believe the government has not fulfilled its promises in ostuzhennoy market. Negative attitudes of ordinary Chinese people are clear - they do not have the financial capacity to purchase housing. Based on 2012 statistics, about 85% of Chinese families who live in cities can not afford to purchase real estate.Real estate investors how the country is called "disappointment" in 2012?
Throughout 2010 investors, who sent the cash flows in foreign real estate objects, were waiting for the termination of price decline in the market in Spain. By the end of 2012 the average cost of a Spanish real estate has declined, according to various estimates, 15-30% as compared to pre-crisis peaks. Moreover, in 2012, stocks of unsold housing only increased, threatening new price collapses. The so-called objects "on the implementation of the" Spain has about 1.5 million, of which 100,000 - the apartments, which became the property of the industry. Trying to sell the excluded items, banks offer huge discounts (on average 30%), and offer mortgage products for up to 40 years.Property which state has the status of "locomotive" in 2012?
"Locomotive" in 2010 called the real estate market in Israel. In 2010, prices for items of Israeli real estate amounted to about 20%. There are two main reasons for this growth - namely, shortage of suggestions and a very low rate mortgage products.
In early 2010 the authorities have formed and implemented a series of measures aimed at "cooling" and the stabilization of the real estate market in Israel. But these measures did not lead to the desired result. The level of demand continued to grow, resulting in upward price movements. Thus, 2012 was marked by the steady increase in the valuation of the Israeli real estate.2010 UAE real estate market.
2010 can safely be called a negative period for the UAE real estate market, especially for Dubai. If we consider the price of real estate performance in Dubai, they are at the end of 2010 were fixed at a level that is 60% below pre-crisis peak level. Despite the fact that the property market in Dubai is at the stage of stagnation, the state authorities do not conduct activities to support it. This is due to the fact that this segment of the economy has always depended on foreign investment, and now, when foreign investors exclude investments in real estate in Dubai, the market is in free-swimming, without government support. Thus, in 2010 showed that the boom in the UAE real estate market finally completed and re-revival of the forecast is not possible. Moreover, based on analysts' opinions, the downward price dynamics will still take place at least in the medium term.How effective the event was held by the U.S. in 2010?
In 2010 there was the continuation of the Great Depression in the U.S. real estate market. Autumn 2010 was marked by the fact that the country has significantly reduced sales volume and pace of construction. To stabilize the market power of the United States introduced a legislative instrument, namely - introduced a moratorium on the alienation of immovable property of members of the banking sector. This measure was based on objective reasons: the U.S. has increased the number of errors and outright fraud episodes during procedures associated with the disposal of housing. In addition, numerous facts came to light that the bank managers to sign documents for exemption of real estate "is not looking." Moratorium has been effective: in the November 2010 number of reported foreclosures in the U.S. was the lowest in the last 2 years.
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