French property prices have come down to earth with a bang, according a number of professional bodies, including the French National Federation of Real Estate Agents (Fédération Nationale de l’Immobilier or FNAIM)
More on Property Prices in France – No Soft Landing says FNAIM
The Indian envoy to the UAE, Talmiz Ahmad says there will be no help for workers returning to India as the global downturn drops demand for unskilled workers in the construction sector in the Emirates.
More on Indian Envoy to UAE says No Help for Returning Workers
Those of us who watch these things have noticed a disturbing trend over the last month or two – The national and international newspapers talking up the housing market quite aggressively. Much to the ire of their readers who are rightfully questioning the information being given. These are a few examples.
More on Property Investment Advice – Beware the Newspapers Talking up the Market
Prices for investment properties in Bulgaria continue falling, with no end in sight at the moment. Particularly hard hit are the summer resorts of Sveti Vlas and Slunchev Briag (Sunny Beach), the largest summer resort on the Bulgarian Black Sea. In those luxury resorts, prices have fallen to such an extent that currently there are brand new three-bedroom “luxury” flats on offer for 70 000 euros. A similar fate has befallen the Alpine ski resort of Bansko, where new, completed modern apartments in ‘key locations’ are being offered for 70 000 euros.
According to the French National Federation of Real Estate (la Fédération nationale de l’immobilier or Fnaim) prices are expected to fall all over France in 2009. No surprises here, but the spokesman, René Pallincourt, was typically upbeat, suggesting that prices had only fallen 3.1% in 2008, and would only fall another 10% in 2009.
Singapore, like many property markets around the world , saw a very lackluster performance in the later part of 2007. Colliers International, Singapore has just released a report on the state of the Singaporean property market. This is a quote from the report:
It would appear another warning shot has been fired over the bows of the American high-end property market. Following on from The First Wall Street Bonus Casualty of 2008, it appears another high end property may be joining the bargains available in Florida.
CB Richard Ellis, the world’s largest advisory group on property. Has released a disturbing new report on the state of UK property values. UK commercial property values fell by 4.1 per cent in November in the most rapid correction ever seen in the sector. The total return from the sector – which includes rental income – was a 3.7 % fall for the month.
Former Federal Reserve Chairman Alan Greenspan said he has “no particular regrets” and that the deepening slump in the U.S. housing market isn’t a result of his policies.
“Markets are becoming aware of the fact that the decline in house prices is not stopping,” Greenspan said today in Oslo. “I have no particular regrets. The housing bubble is not a reflection of what we did, as it is a global phenomenon.”
As a professional overseas property investor, I am only too aware that I am constantly one mistake away from bankruptcy – that’s all it takes – one investment gone awry, one condominium building that didn’t get built, a sudden unexpected drop in the market, a burst real estate bubble, and I am back to washing dishes. Well, maybe not quite that bad – I might have to sell one of the Bentleys, which would be almost as much of a disaster.
