Tag Archives: french
Monaco real estate sales market reaches new records, latest analysis shows
Monaco’s residential real estate market experienced a record year in 2014 and a weak euro is seen as offering buyer opportunities, according to the latest property analysis report. The number of residential sales exceeded their 2007 peak for the first time in 2014, with a combined value of €2.4 billion and according to the report from international real estate firm Savills prices are stable and Monaco remains one of the world’s most expensive property markets. In total, 555 residential properties traded in the resale market in 2014, putting the number of deals 21% above 2007 levels, however, in US dollar terms the Principality has slipped to second place behind Hong Kong, due to a weak euro. The very upper tiers of the market have been the most liquid, and as a consequence transactions in euro terms reached new records. Some €2 billion of property traded in the resale market in 2014, compared to the previous peak of €1.1 billion in 2008, an increase of 91%. While total sales volumes by both number and value have reached new highs, average prices have remained static. ‘This, set against a weak euro has made Monaco property look cheaper to some foreign buyer groups, particularly those with US dollars,’ the report says. For example, a €2 million property cost US dollar buyers $2.16 million in April 2015, compared to $2.77 million in April 2014, a reduction of 22% in a year. The same €2 million property to a British sterling buyer cost £1.44 million in April 2015, compared to £1.65 million a year prior, a reduction of 12%. Investors have been active in the €1 million to €10 million bracket, seeking easy to manage properties to feed into the rental market. Monaco benefits from a range of end users, and second home purchasers and those seeking primary residences in the super prime segment have been active too. The report points out that Monaco is unusual in that almost all of its residential stock could be considered ‘prime’. The ‘mainstream’ housing stock, in which many of its workers live is found in bordering French towns. Given Monaco’s restricted space, 95% of its housing stock is in the form of apartments, with villas making up the balance and the Principality has a large rental sector, much of it institutionally owned and let to Monégasque residents. In the ultra-prime sales market British, Russian, and Middle Eastern buyers have been especially active in the last year. Monaco’s ultra-prime residential markets are focused in Monte Carlo, around the famous Place du Casino. The most desirable area is Carre D’Or, followed by neighbouring Fontvieille, which also offers a variety of commercial uses. Sought after buildings can be found throughout the Principality, with the majority of new ultra-prime schemes developed in outer districts due to limited land availability in the ultra prime core. The report concludes that the unique offering of Monaco’s global appeal and its extremely limited land supply will all combine to keep… Continue reading
Family home sales in Miami reach all time annual record, latest index shows
Miami home sales increased again in December with single family home sales setting an all-time annual record in 2014 and median sales prices continuing to increase at a more moderate rate, the latest data shows. Year-end sales of single family home sales in 2014 set an all-time record, increasing 4.8% and while condominium sales were the second highest in history, they decreased 4.3% compared to the previous year. Combined sales for the year decreased a negligible 0.4%, the data from the Miami Association of Realtors shows. ‘The Miami real estate market again reflected great demand in 2014. More single family homes were sold in Miami-Dade County than ever in history, while condominium sales marked their second strongest year ever despite competition from new construction supply,’ said Christopher Zoller, MAR residential president. Single family home prices, which again increased in December year on year, remain at affordable 2004 levels despite more than three years of consistent year on year increases. Condo prices also increased in December, marking 42 months of growth in the last 43 months. The median sale price for single family homes increased 3.6% to $255,000 from $246,180 in December 2013. The average sale price for single family homes decreased 1.7% from $414,560 in December 2013 to $393,340 last month. Compared to December 2013, the median sale price for condominiums increased 9.6% to $195,000 from $175,000 a year prior. The average sale price for condominiums increased 19.9% to $409,707 from $341,687 in December 2013. The report also shows that Miami properties continue to sell rapidly and at nearly asking price, reflecting strong demand. The median number of days on the market for single family homes sold in December was 45 days, an increase of 9.8% from December 2013. The average percent of original list price received was 94.7%, down 1.7% from a year earlier. The median number of days on the market for condominiums sold in December was 57 days, an increase of 9.6% compared to the same period in 2013. The average sale price was 93.8% of the asking price, a decrease of 3.3%. The median days on market for properties sold in 2014 were 45 days for single family homes, an increase of 9.8% and 57 days for condominiums, an increase of 23.9%. The average sales price was 95% of the asking price, a decrease of 0.6% for single family homes and 94.7%, a decrease of 1.7%, for condos. Cash sales in Miami continue to decline as more financing becomes available. Still, access to mortgage loans for condominium buyers remains limited, impeding further market strengthening. In Miami-Dade County, 55.9% of total closed sales in December were all-cash transactions, compared to 57.2% in December 2013. Cash sales in Miami are still double the national figure of 26%. All-cash sales accounted for 41.8% of single family home and 68.5% of condominium closings, compared to a year earlier when cash sales were 41% of single family home sales and 70.3% of condominium… Continue reading
London saw massive 16.3% rise in house prices in 2014, official data shows
Average house prices in England and Wales grew by 7% in 2014 with London seeing a rise of 16.3%, the latest land registry figures show. They increased 0.6% in December compared with the previous month, taking the average price to £177,766, not far from the peak of £181,138 in November 2007. London also experienced the greatest monthly rise with an average increase of 1.8%, taking the average price in the city to £464,936. The North West saw the lowest annual price growth of 1.5% and also saw the most significant monthly price fall of 1.6%. The most up to date figures available show that during October 2014 the number of completed house sales in England and Wales increased by 4% to 80,158 compared with 77,371 in October 2013. The number of properties sold in England and Wales for over £1 million in October 2014 increased by 15% to 1,132 from 984 in October 2013. The land registry data also shows that repossession volumes decreased by 37% in October 2014 to 796 compared with 1,260 in October 2013. The region with the greatest fall in repossession sales in October 2014 was the South East. According to Graham Davidson, managing director of Sequre Property Investment, the 0.6% increase in December compared to the previous month, was a surprise and is a trend which his firm does not expect to continue. ‘This increase is possibly due to a hive of buyer activity during September and October, and has resulted in the purchase prices being pushed up. In addition to the house price increase, an annual rise of 16.3% in London illustrates that the capital still remains a difficult market for property investors,’ he explained. He believes that London and the South East remain relatively unaffordable to all but the wealthiest buyers. ‘This is causing more to look to areas such as the North of England, where property remains affordable. The North West has taken a dip of 1.6% in December, which signifies the North’s affordability and higher yielding opportunities for investors,’ said Davidson. ‘Repossessions have also continued to fall, demonstrating how improving employment rates and a slow in the rate of inflation is creating a more sustainable and stable environment for home owners,’ he added. Adrian Gill, director of Reeds Rains and Your Move estate agents, said that the figures demonstrate that house price growth has ploughed forward solidly to the very end of 2014. 'The real variation is in how growth is spread so unevenly across the country, and in many regions property prices are stuck in a rut or even sliding backwards,' he commented. 'But December is the close of one chapter, and shouldn’t be viewed as a prologue to the coming year. Aspiring buyers are equipped with all the tools they need to climb onto the housing ladder and secure great deals on homes. Demand at the bottom of the market continues to… Continue reading
