New Home Builds in Australia Reach Record Levels
New home building in Australia has exceeded even the most optimistic expectations for the year. Overall new housing starts totalled 45,527 in seasonally-adjusted terms, which represents a 6.9% decline in quarterly terms, but the numbers still show the highest starts in a year since 1980. The new HIA Economics report Housing Australia’s Future estimates that about 186,000 new homes will be needed every year between now and 2050, but that, ‘even in such a strong upturn, we are still short of this requirement today’ at 180,833 for the year 2013/2014, says HIA senior economist Shane Garret.
Singapore Property on the Slide?
Singapore’s property prices have begun to fall sharply and are expected to decline further next year, with some analysts forecasting a 20% fall in prices. In August this year, sales fell 15% month on month and 43% year on year, and home prices are down 3.8% across the board on an annual basis. According to a report from Barclays, ‘we expect both volume and prices to slide given the ongoing government curbs, looming oversupply, and rising interest/mortgage rates in the second half of 2015.’
Asian Investors More Than Double Investment in US Multifamily Units
Asian investors are on track to spend more on US multifamily properties that ever before. The sector has already seen a significant increase in investment volumes from Asian investors and Asian investors now account for 18% of all crossregional investment in multifamily units in the US and the figure is forecast to rise.
Brazil Extends Housing Program
Brazil has extended its ‘Minha Casa, Minha Vida’ (‘My Home, My Life’) program, announcing the addition of 350,000 housing units to phase 2 of the program which is due to begin in 2015. Tax incentives have also been extended for four more years beginning in January. The program is designed to allow Brazilians to buy their own homes.
Dubai Sees Developments Rise
The pace of price increases in Dubai’s property market has slowed, but developers are undeterred, and they are ready with new projects to launch, primarily in the residential and serviced apartments sector. In September alone, developers unveiled 27 projects worth UAD40bn (£6.8bn), and Dubai is seeing ongoing increases in mortgage uptake too.
British Buyers Prefer Spain and France, but Switzerland is Catching Up
British buyers are turning their attention to Switzerland, though France and Spain remain in the lead, and Italy has slipped badly in our estimation. That’s the news from foreign exchange form HiFX, which says that France and Spain remain Britain’s favourite overseas destinations, accounting for nearly three quarters of overseas purchases. Italy was once the main rival to France and Spain, but is now trailing badly: making up over 11% of enquiries in 2005, it now accounts for just 2% of enquiries. Switzerland has taken its place.
Switzerland is also a favourite for ex-pats from many other countries: in fact, it tops a global list of favourite countries for ex-pats. Its trusted economy, good quality of life and high salaries make it a popular choice, with over a quarter of respondents saying they earned more than £150,000 yearly.
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