French Property Index
France is to get a real-time, monthly property index for the first time. It will now be possible to track the French property market’s vital statistics on a monthly basis from a centralized source, rather than to rely on comment from contacts or realtors’ impressions to compile a picture of the market.
‘French notaires have had a monopoly on house price data for a long time and when reports are published they are always six months behind,’ explains Nicholas Leach of Athena Advisors, a company with deep roots in French real estate. Now, though, the Prix de l’Immobilier index will be published weekly, beginning in September.
US Foreclosures Down
US foreclosures have fallen to just 49,000 nationwide in June 2014, down from 54,000 in June 2013: that’s a year-on-year decrease of 9.9%. CoreLogic’s June 2014 National Foreclosure Report reports on the number of completed foreclosures – the homes actually lost to foreclosure. Since the 2008 crash, about 5.1 million US homes have been lost to foreclosure. In June 2014, the number of homes at some stage of the foreclosure process was 648,000, compared to 1 million in June 2013, a year-on-year decrease of 35%.
San Francisco’s real estate market isn’t North America’s most expensive – that honour goes to Vancouver, in Canada’s British Columbia- but the traditionally expensive city has bounced back into unaffordability, joining the small number of American cities where even a million dollars doesn’t guarantee you a home. Between April and June, homes selling for more than $1 million accounted for over a quarter of properties changing hands in the Bay Area.
Ireland Looks to Recovery
Ireland’s residential property market has made a significant recovery in the first quarter of 2014. The latest figures from Savills show a 34% increase in sales activity across Ireland in Q1 2014 compared to the same period in 2013, and up 88% on the 2011 low point. Ireland still has relatively few housing transactions per head compared to other European countries, but saw a 3% jump in employment in 2013, the highest of any European state, indicating solid economic support for a housing recovery.
Russia Starts to Move
Russia is experiencing an uptick in home sales, according to one of its major players. Developer Etalon Group, one of Russia’s largest residential property developers, announced a 27% increase in sales in the fourth quarter of 2013 as the company constructed its first Moscow project.
Shanghai’s market is seeing the results of government efforts at cooling, as well as suffering from the deceseration of the Chinese economy. As a result, rents are softening and the business and retail markets are diverging. That’s the news from the latest Savills report on the region.
Geopolitical unrest is destabilizing the real estate markets in several emerging nations, according to a new white paper from Cushman and Wakefield. While the report acknowledges that ‘emerging and frontier markets present some of the most significant opportunities for occupiers and investors,’ it also highlights the risk to both assets and people which is on the rise in several economies. However, John Santora, Cushman and Wakefield’s president and CEO, says that while ‘the coming months will bring challenges,’ he expects ‘the growth opportunities in most markets should outweigh the risks.’
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