JULY & AUGUST 2012 |
www.opp.org.uk
NEWS French future seems uncertain 6
OPP COMMENT French property prices seem to follow a diff erent cycle from those in other parts of Europe but share the important feature that there is a huge diff erence between various parts of the country. Recently, prices in rural France have tended to fall while prices in Paris are still increasing. Such is the size of the market in Paris (and the Ile-de-France) that the eff ect of this sector of the market can distort, quite substantially, the overall fi gures. Fortunately, for those wanting
acknowledging the collapse in sales volume – however, their opinions differ on what is happening to prices.
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According to the French national real estate federation (FNAIM), Q1 2012 saw a 15% decline in sales volume compared to the same period in 2011.
Century 21 posted a decline of 17.1% and Guy Hoquet recorded “only” -6%.
rench real estate professionals are unanimous in
For the time being, the fall in transactions hasn’t had a huge effect on prices. Century 21 found a decline of 2.6% over the whole of France, while FNAIM and Guy Hoquet are also seeing a stabilisation.
The question is, how long will that
last? Thion Bernard, president of the Center for Research in Economics, Finance and Real Estate, said, “For now, there is a lock-in. But vendors will not be able to to stay in their positions indefi nitely: they become forced to sell,
to know what is happening to property prices in France, there is great transparency. Detailed statistics are available from the College of Notaires.
prices will eventually fall.” This opinion is not shared by Laurent
Vimont, president of Century 21. He said the decline is over: “In the second half, lower volumes should decrease or even stop and prices will stabilise or even increase slightly.” Watch this space...
Chinese price drop Go Greek G
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reece has seen an increase of Bulgarians buying second homes in the country,
a year earlier. According to Reuters
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calculations based on official data, it was the third straight monthly decline on a year-to-year basis. The price decline has deepened from a fall of 1.2% in April.
The National Bureau of Statistics said new home prices fell 1.2% in Beijing in May from a year earlier, and 0.1% in Shanghai.
hina’s largest 70 cities saw the average price of real estate fall 1.5% in May from
In month-on-month terms, home
prices across the country fell 0.1%, the eighth straight decline Many Chinese buyers worry about a rebound in property prices as the government uses stimulus to motivate a slowing economy, according to local media.
“It seems home prices and tightening policies have reached their bottom so quite a few home buyers are starting to panic again,” the People’s Daily, the mouthpiece of China’s Communist Party, said.
according to a television report. Bulgarian television station bTV said that more Bulgarians were buying holiday homes abroad. Brokers said that potential buyers were also interested in Turkey and Austria – but Greece attracted the most interest. There was an increasing popularity in the cheaper option of single dwellings that are not on the seashore. The report quoted Bulgarian Properties sales director Victor Vucheliyski as saying that prices started from €50,000 to €60,000 for homes fi nished with fi tted kitchens but otherwise unfurnished. More affl uent Bulgarians were buying second homes in the northern Greek city of Thessaloniki, where prices ranged from around €200,000 to around €500,000.
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TOP TEN | 11
Irish property still declining 9
IRISH residential property prices fell by 15.3% in the year up to May – but have recorded their fi rst month-on-month rise in nearly fi ve years. Residential prices overall were up 0.2% in the month, after a decline of 1.1% in April. The latest Residential Property
Price Index published by the Central Statistics Offi ce shows house prices in Dublin were up by 0.5% in May, but were down 17.7% compared to the previous year. Residential property prices in
Dublin are 57% lower than at their highest level in 2007. In the rest of Ireland, the fall in residential property prices is 47%. Building volumes are still falling,
as well. New fi gures released by GeoDirectory reveal that 5,620 new buildings were added to the national stock over the fi rst six months of 2012, which is a 23% drop on the fi rst six months of 2011. There was a 94% drop in the number
of new buildings completed over the fi rst six months of 2012, compared with the same period in 2007.
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DUBAI CRACKS DOWN THE regulatory section of Dubai
Land Department, RERA, said on June 26 it had issued fi nes totalling AED900,000 (about $250,000) to 22 real estate companies and brokerage fi rms through the fi rst half of the year. Yousef Al Hashmi, director of RERA’s
Real Estate Licensing Department, said in a statement that the fi nes were imposed after the fi rms had repeatedly violated regulations and failed to respond to warnings. He said: “Such procedure came as
last step after exhausting all means to ensure compliance and safeguarding the rights of concerned parties.” Ten types of violations were
noticed by RERA in the fi rst six months of the year including companies not registering the broker, failure to mention the company’s registration number and failure to renew the broker ID card. RERA stated that the regulations
Greece | renewed interest from Europe
were being enforced to protect the rights of investors. “RERA aims to ensure compliance to the solid legal structure that enhances good dealings, transparency and guarantees sector’s maturity,” the statement added.
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