Emerging Markets Set to Lead the Way in Online Property Search
In many emerging markets, online property searches are accelerating past more traditional search methods. As these markets develop they’re finding they have a requirement for real estate purchase and sale infrastructure, but unlike in more developed markets, there’s no pre-existing traditional realty infrastructure. Online property search is stepping into the gap.
30% of Auckland Property Valuations Could be 'Wildly Wrong’
Auckland is one of New Zealand’s most rapidly-growing markets and a global leader in mature markets. It’s also the destination of many British buyers who may feel dismayed by rapidly rising property prices. Behind the scenes, however, there are concerns that Auckland’s prices may be inflated or otherwise incorrect. Steve McNamara and Steve Tucker, of Property InDepth, told the New Zealand Herald that valuations on as many as 30% of Auckland properties could be ‘wildly wrong’: ‘The magnitude of inconsistencies in the latest Auckland property revaluation is becoming glaringly obvious,’ they said.
However, an Auckland Council spokesman said the valuations were approved by the Valuer-General and met the Ratings Valuation Rules. The objection from Property InDepth was based on individual properties selling for prices well outside their official valuations, leading to ‘a serious situation where individual property owners have no idea whether their property is either over - or under - valued,’ Mr McNamara said.
BBVA Releases Optimistic 2015 Forecast
Spain’s BBVA bank has released a report on the Spanish property sector in which it foresees a moderate recovery in 2015. The bank says it believes that demand for Spanish property is now likely to begin growing again and points to the increase in the number of building permits and other positive signs of growth. However, while 2014 has been an improvement on 2012, promises of recovery will be taken with a pinch of salt by many. Daniel Talevera, of The Spanish Brick, points out that, ‘an in-depth analysis of the figures invites us to be prudent and to maintain caution.’
Romanian Real Estate Transactions Worth More €1bn This Year
Real Estate transactions in Romania are likely to total €1bn this year, a record since the 2007-8 crisis. While that’s only half the €2bn record, from 2007, it’s still a gigantic step forward from the €300m market total for last year. Over €250m was accounted for by a single firm’s commercial transactions, but it’s good news for the Romanian market as a whole.
Sharp Rise in Irish Mortgage Approvals
Figures released by Ireland’s banking industry indicate that Ireland’s mortgage market is improving; while it remains 90% below the pre-collapse peak. The majority of the 2, 582 mortgages approved each month were for house purchases, according to Banking and Payments Federation. Up to October this year, there were over 21 thousand mortgage approvals, up 41% on the same period last year and a clear sign of an improving market fuelled by local demand.
Falling Oil Prices Expected To Boost US Housing Market
The US housing market is likely to be a major beneficiary of tumbling global oil prices. Frank Northaft, chief economist at Freddie Mac, said, ‘the recent drop in oil prices has been an unexpected boon for consumers’ pocketbooks and most businesses.’ The US economy has picked up slightly and the combination of more income and reduced fuel bills may free up a significant amount of dollars to enter the real estate market.
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