FEBRUARY 2012 |
www.opp.org.uk
NEWS Canada fears protectionism By Geoff Hadwick
Canadian agencies selling to international investors are monitoring growing calls for protectionism, worried that booming international sales markets in cities like Vancouver could be affected if local campaigners get their way and the government imposes purchase restrictions on buyers from abroad. Speaking exclusively to OPP this
week, Nicola Way, owner of agency Best Homes BC, said “there are defi nitely suggestions in the media that Canada should implement the same sorts of restrictions that Australia has when it comes to overseas buyers.” However, she adds, “the fact is that
there is no defi nitive data available showing the origins of buyers as many opt to open Canadian companies and purchase properties through them, even though the owner may be living in China for example.” The calls for some sort of legal
restriction on buyers from abroad have been getting louder in cities like Vancouver for about a year now.
Rocky road? | Canadian realtors are holding their breath amid protectionist calls
The incoming Mayor of Vancouver Gregor Robertson decided to use his inauguration speech to promise that he will wage war on the city’s spiralling home costs and to set up “a task force on housing affordability”, as reported in OPP. “I am striking a task force on housing
affordability, including advocates, architects, developers, building owners, and fi nanciers,” he said as he was sworn in. “They’ll identify ways we can increase Vancouver’s supply of affordable homes—both immediately,
for the most urgent needs, and for the long term.” Robertson told the city that he would get to work on this issue “as soon as possible”. “I’d like to see some short-term actions recommended in the coming months so that council can take action this year (2012) on the issue of affordability. We have a huge need, particularly with our younger population having trouble fi nding housing.” “We have tools we can use in the city,
and we want the best ideas from the community to drive that change.”
Oz home prices face ‘bloodbath’
Australian home prices are facing a 60% crash warns leading US real estate analyst Jordan Wirsz, who believes Australia is heading towards a “property bloodbath” as the global economic downturn slows down the Chinese economy. Wirsz, who is an consultant to the
Fortune 500 list of chief executives around the world, is convinced that a fl ood of properties will go up for sale in Australia over the next year or so as
RSA TAX AMNESTY
SOUTH AFRICAN agents have welcomed a change in the country’s tax laws that will allow second homes to benefi t from a series of tax amnesties. This was an “enlightened” move, Tony Clarke, managing director of Rawson Properties told OPP.
investors decide to pull out. “Right now is not a time to be buying real estate in Australia,” says Wirsz. “The market has slowed up substantially, but residential prices are likely to fall up to 60%, possibly even more, within fi ve years.” And land values could drop by 80% to 90% over the same period he argues. “I couldn’t be more bearish about the
Australian market,” he says. “There have been corrections but they don’t hold up to the scale of what is coming.” Rising
US HOME SALES UP
US home sales continued to rise in December 2011 for the third consecutive month according to the National Association of Realtors. Volumes were up 5% year-on-year to 4.61 million in December and from 4.39 million in November.
interest rates and a peak in commodity values won’t help either he adds.
INDUSTRY | 09
NEWS IN BRIEF Turk law ‘to open market’
TURKEY’s move to make it easier for foreign nationals to purchase land and real estate will “open up the market” according to a leading agency. The Turkish government’s draft bill would remove current reciprocity laws… meaning a person of any nationality can purchase in Turkey, rather than just those that allow Turks to purchase in their home country. If enshrined in law, the bill would also increase the amount of land that foreigners can buy in Turkey from 2.5 hectares to 30 hectares. Julian Walker, managing director of Turkish agency Spot Blue, told OPP exclusively that the bill, if passed into law, would “open up the market” by reducing the barriers to entry for prospective buyers.
Miami sales break record
MIAMI’s sales reached record-breaking levels in 2011, rising nearly 50% year-on-year, according to the Miami Association of Realtors (MAR). Total sales last year in the Miami-Dade county area were 24,929. This fi gure was up 46% on 2010’s 17,068 posting, and 4% higher than 2005’s number (24,025). Jack H. Levine, 2011 chairman of the board of MAR, said: “The Miami real estate market exceeded all expectations in 2011, posting record sales that yielded rising prices.”
Canadian sales are up Troubled waters? | Oz could crash SPAIN NUMBER ONE
BRITISH overseas buyers prefer buying property in Spain over any other country according to A Place In The Sun’s (APITS) recent exhibitions’ poll. Spain was followed by France, Portugal and Italy. The United States completed the top fi ve.
CANADIAN property sales rose at the end of 2011 says the Canadian Real Estate Association (CREA). Figures showed residential real estate transactions rose 1.8% in December month-month. Total 2011 sales were 456,749, a 2.2% rise on 2010. CREA president Gary Morse said he hoped the boost continues into 2012.
STUDENTS THRIVE
KNIGHT FRANK and CBRE have reported that the UK student accommodation property investment sector will carry on thriving in 2012. CBRE revealed investment in the UK student accommodation sector more than doubled from £350m to £840m.
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