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INTERNATIONAL MARKET NEWS www.opp.org.uk
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JULY 2009
US
Y
Overseas buyers drive Florida sales rebound
Agents in Florida have reported National Association of Realtors (NAR).
INDUSTR
an increase in sales as year-on- “The national median is around
year transaction figures for existing $170,000 so people are looking to buy
properties rose for the eighth month here from other states, especially those
in a row. The sales follow price cuts that who plan to retire here and want to buy
have seen the value of new properties a property now and hold onto it,” said
fall to one third of their original building Sebree.
cost. Government incentives are also
The Florida Association of Realtors encouraging first time buyers to enter
(FAR) reported that last month’s existing the market. A federal tax credit of
home sales increased by 18% compared $8,000 was introduced for homebuyers
PEOPLE
to April 2008, and existing condo sales earlier this year. From 1 July, Florida
rose by 21%. Transaction levels were citizens will be able to borrow money
also slightly higher compared to March from the state government for use as a
this year. downpayment. This will then be repaid
“Investors have really discovered when their tax is refunded.
the low prices, and bank-owned and Investing in holidays
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International buyers can now afford to buy higher end homes
distressed property is quickly being Overseas cash influx
snatched up,” said John Sebree, FAR’s Overseas agents are also benefiting “There are families who can now afford since the beginning of March have
TION
vice president, public policy. from the fall in prices thanks to an to buy a holiday home in Orlando been tremendous,” said director of
Florida’s existing home median price influx of cash-rich buyers. “We’ve had and investors looking for cheap bank- international business development,
has fallen 31% to $138,500 in the last a lot of interest from people looking owned properties.” Carla Rayman (pictured).
year, although this figure is skewed for a bargain,” said Jayne Townsend of Florida-based agent Prudential “Our international division alone
DESTINA by the high number of discounted Colossal Property Investments, a Spain- Palms Realty is reporting its highest has put more than 20 properties under
distressed properties, according to the based agent selling homes in Florida. sales of the last three years. “Sales contract.”
HONG KONG
World Cup
HK prices
boost for Brazil
‘could return Following the announcement of the
BUSINESS
to peak’
2014 World Cup venues, 12 Brazilian
locations have been confirmed as
host cities, including four – Natal,
Hong Kong property prices could Salvador, Recife and Fortaleza – in
return to peak levels by the end of the the country’s northeast. Other host
year thanks to low interest rates and cities include Rio de Janeiro, Sao
high demand, analysts are predicting. Paulo and the capital Brasilia.
“Prices may recover to the highest level “It is recognition of the country’s
OPER
(March 2008) in the later part of 2009 efforts during the last 15 years,” said
VEL
then remain stable and wait for the a spokesperson for ADIT Nordeste,
economy to improve,” said Wong Leung the northeast’s association for real
DE
Sing, senior manager at Centaline Cheap credit
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Low interest rates are encouraging more people to invest in property estate and tourism development.
Property Agency. “Foreign populations are taking note
The city has already seen prices rise and investment group CLSA. “There was Hong Kong Monetary Authority. of how serious and attainable Brazil
by 15% this year and developers are a 22% correction between September The current rise is unlikely to be really is. It is a great opportunity
showing greater confidence in the and October last year but within the sustained without full economic for infrastructural investments, real
market. One of Hong Kong’s biggest first three months of 2009 prices went recovery, according to local observers. estate and tourism.”
developers, Sino Land, plans to raise up 10%.” However, some analysts predict that BRL110bn will be spent on
TING
prices at a New Territories project by prices will remain stable until 2010. “It’s infrastructure according to the
up to 5% after selling around three- Cheap mortgages amazing how cheap mortgages are at Brazilian Association of Infrastructure
ARKE
quarters of the available apartments in Low interest rates are encouraging the moment: some people are paying and Industry. The main investments
M
five days. investors to put their money into as little as 0.7%.” said Wong. “But the will be in airports, public transport,
“Hong Kong is a very quick market property. Total outstanding residential next rise has to come from economic roads, port renovations and
and very reactive with a lot of volatility,” mortgage loans were up 1.3% year-on- growth or further reallocation of ‘amplifying’ hotel structures.
said Nicole Wong of Asian brokerage year in April, according to data from the wealth.”
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