Influential institution calls for more transparency in the UK property industry

There are significant gaps in transparency of professional fees in the UK property industry and consistent and comprehensive regulation of the real estate sector is needed, it is claimed.

A Royal Institution of Chartered Surveyors working group has found numerous examples of unwelcome practice and inconsistencies in the level of transparency provided for professional fees charged. ... more

CDA to upgrade all markets

Islamabad: Capital Development Authority (CDA) is making all out efforts to upgrade all markets and beautify the federal capital, said CDA chairman Imtiaz Inayat Elahi on Thursday.

According to a press release, he was addressing the inaugural ceremony of a water filtration plant at F-10 Markaz. He said the recent rain spell had improved water level in the reservoirs. He said norma ... more

Tentative signs of Vietnam real estate recovery as developers seek to tempt back foreign investors

After a bleak past two years during the global economic downturn the Vietnam real estate market needs foreign investment to recover, it is claimed. The industry is hoping that tentative signs of increasing interest will lead to more robust interest from overseas buyers.

‘Since the global financial crisis, many foreigners have left the country and foreign demand has dried up. Alth ... more

Sea View to be developed as beach park

The Cantonment Board Clifton (CBC) has said that around a one kilometre area of the Sea View beach would be turned into a free-for-public beach park till August 14 this year.

Around 1.5 acre area of the Sea View beach adjacent to the Mc Donald’s restaurant has already been turned into a green patch, making it a prominent portion of an otherwise arid beach.

Under the be ... more

Egyptian developers turn to middle priced projects in the short term, report indicates

The current shortfall in mid-priced residential real estate in Egypt will continue until 2012 and could push prices higher, it is claimed. According to a new report from Markaz, property developers have focused more on the market sector as housing prices and demand for luxury properties fell in the country as a result of the global economic downturn.

Despite this the mid priced r ... more

UK property lending hits ten year low, latest figures show

Property lending in the UK was more than fifth lower in January than a year ago, with loans plunging to a ten year low, the latest figures show. Gross lending fell to £9.1 billion in January, a 32% fall from December levels and 21% lower than in January 2009, according to the Council of Mortgage Lenders.

While the council said it is normal for lending levels to fall between Dece ... more

Gulf developers urged to negotiate with investors who default on payments

Real estate developers in the Gulf region are going to have to negotiate creatively with investors during 2010 to avoid a rise in defaults, it is claimed. Anecdotally there is evidence that real estate investors have defaulted because they are concerned that the projects they have invested in will never get built.

But instead of chasing them for payments developers should enter i ... more

Govt to launch low

CHIEF Minister Mian Shahbaz Sharif on Tuesday said the government had decided to launch low-cost housing schemes in the province to provide shelter to the poor.

He said that in the first phase, five low-cost housing schemes would be started simultaneously in various districts of the province and later the scope of the project would be extended to the whole province.

He ... more

‘Malir Town spent Rs1.83bn for uplift work’

The Malir Town Administration has said that during last four years of its term, it spent over Rs 1.83 billion on various development works in the area.

The acting town Nazim said the outgoing town administration had completed project for five million gallons additional water supply for the Malir town areas through the K-III project. Another project of 26 kilometre-long 36-inch dia ... more

Trendy spacious lofts in Hong Kong creating an underground market

Rising rents and surging prices of apartments in Hong Kong are driving a trend towards converting older industrial and commercial buildings into lofts for residential living. Lofts are the latest big thing and are often created without formal approval in old or disused industrial and office buildings, according to real estate agents. But they appeal because they tend to have high ceilings an ... more

Development work starts in I-11, I-12

Islamabad: Capital Development Authority (CDA) has started earthwork for development of sectors I-11, I-12 to provide accommodation facility to above 15,000 allottees coveting to have their shelter in federal capital.

MPO: “We have started ground work in sectors of I-11 and I-12. Machinery Pool Organisation (MPO) has moved its machines to the site to complete the earthwork prior t ... more

Real estate market in Bahrain and northern emirates facing significant challenges in 2010

Property sales in Bahrain have virtually dried up and the next two years will see significant challenges for the real estate sector, according to a new report.

The prohibitive cost of mortgages has impacted on the number of real estate sales in 2009 but low transaction activity and ‘inappropriate’ products in the development pipeline could cause real issues in the Gulf state, says ... more

New projects in Turkey tipped to offer real estate investment prospects

The real estate market in Turkey has enjoyed significant growth over the past couple of years and is now a permanent fixture on the international property scene, some may say at the expense of other more traditional destinations such as Spain, it is claimed.

The non euro zone country has capitalized on its attractive climate, Aegean and Mediterranean coastlines, low cost of living ... more

Low-cost housing in few days

PUNJAB Chief Minister Shahbaz Sharif has said the government has decided in principle to launch a low-cost housing scheme for homeless people and the project will be formally initiated within a few days.

Speaking at a briefing to PML-N Quaid Nawaz Sharif on public-welfare projects, the CM said state land will be distributed among landless farmers, agri and veterinary graduates in  ... more

Wealth Chinese snap up luxury property in Hong Kong, report shows

Cash rich mainland Chinese buyers are snapping up luxury flats in Hong Kong which they regard as a good investment at a bargain price, according to research. Almost one in five luxury flats sold in Hong Kong last year, that is property worth more than HK$10 million, went to a buyer from the Chinese mainland, transaction data from Centaline Property Agency shows.

Mainlanders compr ... more

New Dubai real estate index shows property prices starting to rise with villas leading the way

Residential property prices in Dubai rose 0.7% in the final quarter of 2009, compared to the previous quarter, according to new real estate index for the emirate that is billed as a new benchmark for the industry.

The figures from the new Sales Price Index for Dubai (SPID), which has been launched by REIDIN.com in partnership with the Real Estate Regulatory Agency and Dubai Land D ... more

CDA’s cash shortage puts development projects in danger

Islamabad: Capital Development Authority (CDA) is currently so strapped for cash that it is having difficulties in executing some major development projects.

With no end to current financial crunch in sight, the distraught CDA intends to ask the federal government for funding for the purpose, it is learnt.

Sources in the CDA have informed Daily Times that said the proj ... more

House prices 'will continue to fall'

They will carry on their slow downward spiral until a peak to trough fall of nearly a third (30 per cent) is seen, commented Paul Holmes, chief executive officer of property solutions firm Firstrung.

"I think this probably signals a decline of another 15 per cent if you play it out over the next 14 to 18 months ," he explained.

This would be good news for first-time bu ... more