International Real Estate News Round-Up: Week 7, 2012

A round-up of the week’s news, courtesy of the Lead Galaxy overseas property portal TheMoveChannel.com.

$25bn settlement divides America

The landmark $25 billion mortgage settlement, agreed last week between leading US lenders and 49 states, has split the country down the middle, as officials welcome help for the housing market and homeowners continue to battle with foreclosure.

Read the full story

Spanish property can “sell in a day”

A Spanish property expert has claimed that houses in Spain will sell in a day if sellers stop overpricing and reduce values by 40 per cent. “[They] have nothing but [their] own unrealistic expecations” if the property doesn’t sell, said the Managing Director of Noteges.

Read the full story.

Russia plans new property tax

Russia is planning to tinroduce a new tax, based on the real market value. Property evaluations will take place throughout 2012 to determine the true worth of the country’s real estate, rather than basing the levy on the current low house prices. The tax will be introduced next year.

Read the full story.

Foreign buyers go back to Budapest

Foreign buyers are going back to Budapest’s property market, according to one Hungary newspaper. Overseas investment used to account for one-tenth of all property purchases in the capital, but after the housing crisis, investors are beginning to return.

Read the full story

Dubai 2011 almost rivals boom levels

Dubai’s figures for 2011 show that against all expectations, the market almost matched levels last seen during the country’s real estate boom. Transactions were up by 20 per cent compared to 2010, just 9.5 per cent below the total value of AED158 billion in 2009.

Read the full story

London developments double in size

London developments are doubling in size, according to Jones Lang LaSalle. Developers are increasing the capacity of their projects to try and accommodate “inexhaustible demand” for property in the city centre.

Read the full story

Foreclosures rise in Florida

Foreclosures increased “for the first time in more than a year” in Florida, a RealtyTrac report revealed. The Sunshine State, severely affected by the housing crash, saw the number of foreclosure filings rise by 14 per cent in January, as the market struggles to clear its inventory of repossessed property.

Read the full story

Kuwait recovery on the cards?

A recovery in the property market is on the cards, predicts the National Bank of Kuwait. The total value of real estate transactions in 2011 reached KD2.7 billion, according to the bank’s latest report, marking an increase of 53 per cent from investors.

Read the full story

Malaysia good for long-term investment

Malaysia has been highlighted for its long-term investment prospects by the Malaysia Institute of Estate Agents. The MIEA commented that the market is “one of the cheapest in the region” and that over the coming decade, property values will rise considerably.

Read the full story

Barbados prices may rise this year

Barbados property has seen a rise in demand, according to a new Knight Frank report, which could see house prices rise again after a fall of 5 per cent in 2011.

Read the full story

Ireland prices bottoming as buyers pour back in

Ireland’s property appears to be bottoming out as US and Russian investors flood back into the market following a drop in values of “at least 55 per cent”.

Read the full story

Romanian real estate generates interest

Romanian property is generating increasing interest from investors, Global Property Guide has reported. 28 per cent more enquiries were made in 2011 than the year before, as low prices attracted attention from overseas buyers.

Read the full story

Property sales in New Zealand hit record high

The number of residential property transactions in New Zealand hit a four-year high in January. Prices have increased by 1.1 per cent over the past three months, Quotable Value’s data shows, but remain far below the boom levels of 2007.

Read the full story

London rents continue to skyrocket

London rental rates continue to skyrocket, according to a new report from Colliers International. Residential property values have returned to pre-crisis levels, reveals the report, but rents are “regularly exceeding £1,000-plus per week”.

Read the full story

Wuhu scraps week-old housing policy

The Chinese city of Wuhu cancelled a housing policy just seven days after it had been introduced. The policy, which would have given subsidies to new homeowners and excluded buyers from paying deed tax, was swiftly scrapped by the Wuhu government as China continues to insist on the cooling of the country’s property market.

Read the full story