Tag Archives: latin-america
Majority of home owners aged 55 and over in UK don’t want to downsize
Most people in the UK aged 55 and over have no intention of downsizing to a smaller property and it lack of suitable homes available that is putting them off, according to new research. Some 58% don’t want to move despite calls from the property and construction industry for more to be done to free up homes for first time buyers and second steppers, according to the research from My Home Move. For those that would consider downsizing a the lack of suitable properties and the costs involved in moving, including Stamp Duty, represent barriers to doing so. Some 46% of would-be downsizers want to move into a bungalow, while 20% are looking for a detached property while 52% want a property that is easier to manage and 21% want to release equity to help loved ones and enjoy life’s luxuries ‘The housing market has been suffering from a lack of stock for over 12 months, causing demand to outstrip supply time and time again. This has resulted in sky high house prices, instances of gazumping increasing and the Bank of Mum and Dad being called upon regularly to help first time buyers with their deposit,’ said Doug Crawford, chief executive officer of My Home Move. ‘Unfortunately, the findings from our survey suggest the situation is unlikely to ease; especially as 58% of those questioned have no intention of downsizing to release more top end properties onto the market anytime soon,’ he added. The survey also discovered that for the 25% who would like to downsize real and urgent barriers were stopping them from putting their homes on the market. Some 39% said there are not enough of the right kind of properties available to move into, 40% saw the costs involved in moving, including Stamp Duty Land Tax, as too prohibitive to consider moving now. ‘Despite the changes to Stamp Duty in 2014, the costs involved in moving can still tally into the thousands. This is especially true since the introduction of the 3% surcharge for additional properties. For those on a fixed income or heading towards retirement, it is not surprising that the financial reality is a stumbling block,’ Crawford explained. ‘We have seen stamp duty holidays for first time buyers in the past, so there is no reason the government couldn’t extend a similar scheme to downsizers, to help free up the market and get transactions moving,’ he pointed out. Continue reading
Spanish prime property market bounces back
The prime property market in Spain has recovered strongly with buyers from Latin America and the Middle East rising, according to the latest index report. The recovery of the market mirrors the recovery of Spain’s economy which is expected to see growth of 2.6% in 2016, more than the UK and Germany, says the analysis from international real estate firm Knight Frank. ‘Ultra-loose monetary policy by the European Central Bank and low oil prices have led to an increase in consumer spending, higher employment and rising household incomes. The market fundamentals are improving,’ said Kate Everett-Allen, Knight Frank partner, But she added that a backdrop of global uncertainty remains. The report highlights two key property market trends. Firstly, the rise of the non-EU buyer. Latin Americans now have a strong presence in Madrid, Middle Eastern buyers are active in Marbella plus Swiss purchasers in Ibiza as the profile of Spain’s luxury buyers shift. The second key trend is the strength of the €1 million to €3 million price band and nearly all of our prime markets now consider it their most active market segment while confidence is returning to Barcelona where the number of residential sales increased by 86% between 2012 and 2015 Online property searches on Knight Frank’s website by Middle Eastern web users searching for a property in Marbella increased by 164% between 2014 and 2015. A third of Madrid’s prime buyers now come from abroad. In 2015 Latin American buyers accounted for 30% of all the prime sales agreed by Knight Frank’s Madrid sales team. The report also says that the top tier of Ibiza’s property market has become uncoupled from the wider market, recording price growth of 10% in the year to April 2016 while Mallorca saw a 55% increase in the number of applications for new residential projects in the first two months of 2016 compared with the same period in 2015. Overall, the report says, rising sale volumes in Marbella suggest confidence is returning to the market. Price growth is slowly shifting into positive territory with newly built modern villas in good locations, beachfront properties along the Golden Mile and gated communities such as Sierra Blanca, Camojan and La Zagaleta outperforming the wider market. It also points out that the recent ruling regarding Marbella’s 2010 Town Plan, which affects around 15% of Marbella’s housing stock, has led to some caution for those properties affected, but it has also refocused attention on properties in established areas which comply with the 1986 Urban Plan, as well as those which sit beyond the municipal boundary in areas such as Benahavís and Estepona. Meanwhile, Mallorca’s prime market, having reached its trough in the winter of 2014, has entered a new cycle of growth. The island’s prime markets of Andratx, Son Vida and Deià remain firm favourites with British, German and Scandinavian buyers. The report also explains that in Mallorca, not only has foreign demand strengthened with sales to foreign buyers up… Continue reading
Miami continues to see steady growth in its residential property market
Median residential sales in Miami, one of the US’s most dynamic real estate markets, continued rising last month and have now been increasing for more than three years. Indeed the latest figures from the Miami Association of Realtors shows that single family home sales registered double digit growth in February and set an all-time Miami annual record in 2014, up 14.2% compared to February 2014. Existing condominium sales posted the second best year in Miami history in 2014 despite an increase in new condo construction and rose 1.4% from February of last year. Combined, Miami-Dade County residential real estate sales increased 6.8% compared to the same time period in 2014. ‘Miami residential home sales continue to grow at a moderate rate. Seller confidence and buyer demand in the Miami real estate market is leading to more active listings and higher sale prices,’ said Christopher Zoller, the association’s residential president. The data also shows that family home prices increased again in February but remain at affordable 2004 levels despite more than three years of consistent year on year increases. Condo prices also increased in February 2015, marking 44 months of growth in the last 45 months. The median sale price for single family homes increased 7.9% to $245,000 in February 2015 from $227,000 in February 2014. The average sale price for single family homes increased 4% to $431,746 last month from $415,312 during the same time period last year. Compared to February 2014, the median sale price for condominiums increased 6.8% to $189,000 from $177,000 a year prior. The average sale for condominiums increased 8.4% to $365,856 from $337,382 in February 2014. Miami single family homes and condominiums continue to sell close to asking price, reflecting a strong consumer demand. The median number of days on the market for single family homes sold in February 2015 was just 46 days, a decrease of 2.1% compared to the same period in 2014. The average percent of original list price received was 94.6%, down a negligible 0.6% from a year earlier. The median number of days on the market for condominiums sold in February 2015 was 65 days, an increase of 14% compared to the same period in 2014. The average percent of original list price received was 93.3%, a 1.8% decrease. Cash sales in Miami increased relative to last month, but are down compared to the same time period last year. Access to mortgage loans for condominium buyers remains limited. The lack of Federal Housing Administration loans for a large number of existing Miami condominium buildings is preventing further market strengthening. In Miami-Dade County, 58.8% of total closed sales in February 2015 were all cash transactions, up from 57.2% from the previous month. Cash deals in Miami are down relative to February 2014 when 62.5% of transactions were all cash. Miami condominiums comprise a large… Continue reading
