real estate news
How much does the average UK home cost?
via Thisismoney UK
In the UK, there are at least three top companies which spew out in-depth reports and forecasts on real estate and housing trends. These are Halifax, Nationwide, and Hometrack. Halifax said that the average home in the UK “rose by 9.9% last year to reach £186,035. They have also predicted a further rise in 2007 of 4%.” Nationwide stated that it “rose by 10.5%, in 2006, to £173,746, and they have forecast a rise of 7% in 2007.” Whereas Hometrack declared that UK homes‘ cost rose by 5.7% last year to £170,100.
Elswhere, the National Association of Estate Agents chief executive Peter Bolton-King predicts that there will be a 5% growth for 2007.
However, The Royal Institution of Chartered Surveyor determine that the prices rose by 8% last year and predicts a further 7% increase for 2007.
This may at some point coincide with reports that UK and the rest of Northern Europe will continue to experience real estate boom. Note, however, that the RICS says that last year housing affordability deteriorated by 14% and a first-time buyer couple would now need to save £32,800 to buy a home.
The bottom line is that experts do not see a double-digit increase on house prices.
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Read Full Post | Make a Comment ( 1 so far )Is the Orlando real estate facing trouble?
by Global Property Guide team
It’s been known that the Orlando real estate is undergoing a phase, now that the government of Florida has issued a new insurance law that will take effect beginning the second half of year 2007.
Yahoo Finance reports that “The new law gives a state-created insurer wider latitude to compete with private insurers like Allstate Corp. and State Farm Insurance Cos. in selling homeowners insurance.”
Correspondents from Sun Sentinel state that “The new Florida law allows Citizens Property, whose board is appointed by state officials, to have rates that are lower than those of private carriers, under some circumstances. Previously, Citizens was required to keep its rates as high or higher than the private market. The state’s separate hurricane fund could end up taking on a larger role in catastrophe reinsurance. The U.S. market for property catastrophe reinsurance is estimated at $70 billion to $80 billion, according to the Reinsurance Association of America, and the hurricane fund’s reinsurance capacity was increased to as much as $35 billion.”
There were exceptions to the rule, of course. Just recently, it has been reported that “the Florida Insurance Council is dropping its court challenge to an emergency order that temporarily stops property insurers from dropping policies or raising premiums before provisions in Florida’s new insurance law take effect June 1.
The council acted after Insurance Commissioner Kevin McCarty ruled that insurance companies could proceed with plans not to renew policies for customers who had already been notified they were being dropped. Companies also can resume cancellation of policies when they file their new rates in March, as long as policyholders get 100 days’ notice.”
Consider this as a turning point for agencies and brokerage companies doing business in Orlando real estate. We would like to echo what the correspondents have demanded: Who really should have the back of Americans when disaster strikes?
via: Orlando Sentinel
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Read Full Post | Make a Comment ( None so far )Latest real estate news
by Marie C. N.
Real estate executives confident in local prospects
The old Soviet cashes in on high real estate prices in Moscow
PA’s Chester County’s real estate market has down year
Optimistic report challenges the correction consensus on Dubai real estate
Home prices fall in more than half of nation’s biggest markets
Estonian real estate market grew about 33% in Q4
Bulgaria’s popularity as ski destination boosted
January statistics released for the Austin real estate market
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AMB Property Corporation(R) Starts First Phase of 1.5 MSF Distribution Park in Milan, Italy
via PR Newswire
SAN FRANCISCO, Feb. 21 /PRNewswire-FirstCall/ — AMB Property Corporation(R) (NYSE: AMB), a leading global developer and owner of industrial real estate, today announced it has begun development of the first phase of AMB Siziano Business Park in Milan, Italy. When fully developed, the park is expected to total approximately 1.5 million square feet of distribution space.
“Milan is the economic heart of Italy and a strategically located distribution market, making it a natural fit for AMB’s focused investments in areas tied to global trade,” said Guy Jaquier, AMB’s president, Europe & Asia. “AMB’s expansion into Milan continues our program of entering new markets to serve our growing customer base.”
AMB Siziano Business Park is located 10 miles south of Milan’s city center; provides easy access to the Lombardia-Piedmont industrial region of Italy; and is situated along route SP40, linking the A1 and the A7, which connect southern Italy and the Port of Genoa, respectively.
“AMB Siziano Business Park is unique, as it is the only state-of-the-art distribution park of a large scale this close to Milan’s city center,” commented Mo Barzegar, AMB’s managing director, Europe.
“AMB’s portfolio of development facilities in Europe includes projects in Amsterdam, Hamburg, Dusseldorf, Paris, Lyon and Madrid, and we now look forward to accommodating customer growth in Milan.” Building 1, currently under development, is expected to total 437,000 square feet, and is anticipated to be completed in the fourth quarter of 2007. AMB’s joint venture partner in the development of AMB Siziano
Business Park is Milan-based Redilco Group. AMB’s portfolio in Europe now totals more than 7.7 million square feet of operating and development properties located in major markets tied to global trade.
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