Property Prices in Singapore ‘Will Fall 20% This Year’
Singapore’s property prices are forecast to fall by as much as a fifth over the coming year, according to data released by the Urban Redevelopment Authority. Private home prices have already fallen by 3.8% year-on-year, and sales tumbled by 43% year-on-year.
Canadian Home Sales Fell 6% in December
Home sales in Canada dropped by 6% in December, according to CREA. Newly listed homes actually rose, by 1.1% month-on-month in December, and the national average sales price jumped by 3.8% year-on-year. CREA president Beth Crosbie said: ‘Home sales activity remained above year ago levels in most local housing markets. Sales were also stronger in December than they were the previous month in about one third of all local markets in Canada.’ December sales fell in peripheral markets like Calgary and Edmonton, but there was also a 5% drop-off in the Greater Toronto Area.
Sales Surge in New Zealand
Meanwhile, the last quarter saw a leap in sales in New Zealand. The Kiwi residential real estate market saw transactions jump 24.2% year-on-year in December, the second strongest December performance on record and the strongest since 2006, according to the Real Estate Institute of New Zealand (REINZ). National median prices are also up yearly but suffered a slight fall from November.
Property Hotspots in Emerging Markets
Emerging markets may be home to this year’s hottest property locations.
While the majority of property shopping focusses on France, the UK, the US and Spain and other traditional expat destinations, emerging cities in Africa, Asia, the Middle East and Latin America may offer opportunities for investors. That’s good for residential buyers, who won’t face as much competition from investment purchasers.
Spain Remains Brits’ Top Emigration Destination - And Europe’s Economic Problems Help Us Buy
Travel money experts ICE released the results of a survey showing that Spain remains the UK’s most popular immigration destination, trailed by the USA, Australia and New Zealand. Part of the reason Spain tops the list is accessibility, and living costs are lower there too. The economic troubles in the Eurozone have also helped make Spain a more attractive destination. As Alex Edwards, at currency service UKForex, says: ‘Last year was strong for sterling, making it a great time for Brits to buy in Europe.’ The pound now fetches €0.08 more than it did a year ago- small change on your holiday money, but thousands off the price of a house.
Chinese Premier Tells Davos: Don’t Worry About Slowdown
Foreign governments - and investors - don’t need to worry about China’s slowing economy, says Premier Li Keqiang. Speaking to global leaders in Davos, Mr Li said China was shifting its focus to long term, medium-to-fast growth and away from the boom of recent years, but that the situation was under control - China, he said, doesn’t face systemic financial risks and will seek to improve the quality of growth and ensure an ‘appropriate’ pace of growth, Mr.Li told the meeting.
Read more market updates