UK residential property prices still rising and now 9% higher than a year ago, latest index shows

Residential property prices in the UK increased by 0.7% month-on-month in March and by 1.6% in the first quarter of 2010, according to the latest index. Price rises in March have largely reversed a 0.8% fall in February and the average property is 9% higher than a year ago, the data from the Nationwide shows. It also reveals that stamp duty savings meant the typical first time buyer was £1,3 ... more

Consultants call for professional property valuation standards for the Gulf region

More professional property valuation standards are needed if confidence is to return to real estate markets in the Gulf region, it is claimed.

Establishing a more mature valuation system will also lead to improved activity levels and aid the recovery of the market, says a new report from international real estate consultants Jones Lang LaSalle.

With property prices fal ... more

All Rawalpindi roads to have parking space

The Rawal Town administration has decided to allocate parking spaces along all roads and declared several roads as one-way to facilitate the motorists and visitors.

Space would also be created at the Dalgran Bazaar for parking vehicles. The Rawal Town administration has started work on the plan in consultation with the Rawalpindi Development Authority (RDA) and City Traffic Police ... more

Commercial property market in Portugal showing signs of recovery after worst year on record

The Portuguese commercial real estate market is showing signs of a gradual recovery after all sectors experienced a severe downturn in 2009 that amounted to its worst ever year on record, according to a new report. It is ready to recover, albeit at a very modest level, as confidence improves and activity levels begin to increase, says the report from consultants Jones Lang LaSalle.

RDA expedites work on first phase

Rawalpindi: The Rawalpindi Development Authority (RDA) has expedited work on implementation of first phase of Parking Plaza and Shopping Centre at Fawara Chowk, Raja Bazaar.

RDA Director General Makeen Shahbaz accompanied by Land Directorate and Estate Management Director Shuja Ali told this correspondent here on Wednesday that the work on shifting of services has been initiated b ... more

Rise in property lending in Dubai, latest figures show

A 75% increase in property lending in Dubai so far this year compared with the same time last year indicates that confidence could be returning to its hard hit real estate market.

The latest figures from the Dubai Land Department show that between January 1 and March 21 AED9.99 billion ($2.72 billion) worth of new mortgages were registered. This is up 75% on the corresponding peri ... more

Agents highlight new appetite for luxury property in New Zealand

Luxury houses at the top end of the real estate market in New Zealand are selling fast but analysts are warning that the renewed interest in multi million dollar properties does not mean a recovery.

The latest figures from the Real Estate Institute show that 166 luxury properties were sold in central Auckland in January and February, up from 130 in the same period last year.

Residential property listings still falling in 10 key cities in the US, research shows

Average listing prices for residential properties in 10 key cities in the US fell by 1.3% in February, the seventh month of price declines in a row. The latest 10 city composite index from Altos Research also shows that even though the listing time is generally decreasing, properties still tend to go unsold for the first 100 days of being listed.

The 10-city home price composite  ... more

Developers looking outside Dubai to wider Middle East as they start to look at a positive places

Signs that the property industry in the gulf and Middle East is healing from its bruised and battered downturn are beginning to emerge with developers looking to the future but the focus is very much away from hard hit Dubai.

New developments are largely outside Dubai which saw prices slump up to 50% last year and those that are operating in the emirate don’t see any recovery for  ... more

New procedure for property registration to be introduced

Lahore: A new procedure is being introduced for registration of property belonging to citizens of Lahore district.

The procedure would be similar to the preparation of computerised national identity cards (CNIC). An applicant would have to receive a token and submit his documents to a clerk while the fees for the registration of the property would be paid in a bank through challan ... more

Real estate markets in Abu Dhabi and Dubai becoming entwined as prices even out, research shows

Property prices and rents in Abu Dhabi are likely to decrease in coming months, putting the emirate more on par with neighbouring Dubai, it is claimed. The property markets in both emirates are entwined and this is likely to have a stabilising effect with price differences between the two narrowing, according to an analysis from property advisors Tasweek Real Estate Marketing and Development ... more

Rising demand for rental properties set to boost the private landlord sector in the UK

Property landlords in the UK are likely to see rental expectations increase as the supply of new properties coming onto the market falls for the second quarter in a row.

The latest residential lettings survey from the Royal Institution of Chartered Surveyors shows that the rise as new instructions fall brings an end to the downward trend in rents that has been around since the au ... more

SC orders CDA to submit list of affected villagers

Islamabad: A three-member Supreme Court bench on Monday directed the Capital Development Authority (CDA) to prepare a list of 240 genuine affects of Sarian and Bokra villages, who will be allotted plots by CDA in return of their acquired land, and submit a report before the court today (Tuesday).

The bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Ch Ijaz Ahmed  ... more

SC resumes hearing into CDA plot allotment scam today

Islamabad: A three-member bench of the Supreme Court (SC) will resume hearing today (Monday) into a mega scam of plots allotment by the Capital Development Authority (CDA) in sectors I-11 and I-12 of the federal capital.

The bench comprises Chief Justice (CJ) Iftikhar Muhammad Chaudhry, Justice Chaudhry Ijaz Ahmed and Justice Khalilur Rehman Ramday. Besides others, the CDA chairma ... more

UK landlords more upbeat about the private rented property sector but say lending is too tight

Private property landlords in the UK are upbeat about the rental sector and more confident than they were a month ago about the outlook for 2010 Some 61% feel good about the buy to let sector, up from 57% in February, according to the latest monthly rental confidence index from Upad, the national landlord advertising portal.

Survey respondents leaving comments stressed the incre ... more

NZ sees surge of property on market as buyers become more cagey, reports show

The number of new properties on the market in New Zealand surged in February but buyers are becoming more cagey, according to the latest monthly real estate reports to be published.

The number of unsold houses across the country is rising with listings up 47% from January to February, their highest level since April 2008, the monthly report from listings website realestate.co.nz s ... more

Investment opportunities in Costa Rica

The country, which is often deemed the USA's version of Spain, has the longest life expectancy in the western hemisphere, with the tourist industry growing rapidly over recent years.

Costa Rica Invest says the low cost of living and low property taxes have attracted retirees to the country, with 60 per cent of tourism arriving from the US. Invest says new opportunities to buy in t ... more

Property price falls 'not caused by supply and demand'

Prices fall because people cannot afford to buy, not because there are not enough properties on the market or buyers are not interested, explained Paul Holmes, chief executive officer of first-time buyer advice firm Firstrung.

"The reason they can't buy a property is because the speculative mortgage product has completely disappeared," he commented.

"They can't afford  ... more

Banks must lend to aid mortgage market, expert says

There is pressure on banks to lend and they must do so, said Catherine Hearnden, director of financial advice firm MyMortgageDirect.

She pointed out that increased loan-to-value mortgages are being offered, but buyers still require a deposit and face higher interest rates.

Homebuyers must continue to be sensible with their finances and assess mortgage options carefully ... more

Self-build market "more favourable"

Increased land availability, falling prices and cheaper materials and labour mean there is a real demand from homeowners who are frustrated by the current property market, explained Raymond Connor, chief executive of construction supplier BuildStore.

"With a low supply of quality homes and such good savings to be made right now, in terms of land, labour rates and materials prices, ... more