All Entries in the "Asia (General)" Category
Dubai tops the world’s real estate chart
Dubai recorded a 4 per cent rise in the period between December last year and March this year, according to Knight Frank Prime Global Cities Index. This placed Dubai ahead of London at 2.7 per cent and Jakarta at 3.3 per cent.
Knight Frank summarised that Dubai’s residential property prices rose 2.7 per cent since last September and 0.3 per cent over the past 12 months.
Dubai villa sales increased 3 per cent in the first quarter of this year, compared to a peak in the third quarter of 2008 – but prices still remain 25 per cent lower, commented Jones Lang La Selle in its quarterly Dubai real estate market overview.
Value of prime property in world’s key cities depreciating
The Knight Frank Cities Index recorded its first quarterly fall since 2009, with the average value of prime property in the world’s key cities depreciating by 0.4 per cent in Q1 2012.
Asia-Pacific investment plummets in the first quarter of 2012
Across Asia, investment has fallen by 42 per cent quarter on quarter. The total capital fell to US$11.6 billion during the January-March period.
Chinese mainland investment dramatically decreased by 70 per cent, revealed in the Asia-Pacific Capital Markets Marketview report, yesterday. Investment in China plunged to US$949 million in the first quarter, according to the report.
Southeast Asia’s high end property market: a mixture of results
In Hong Kong, there were signs of stabilisation – after declining markets over the past six months; luxury residential prices were up 1.4 per cent, quarter on quarter. This growth is a result of low interest rates and more active mortgage lending by banks.
Growth in emerging Southeast Asian markets aided to offset depreciating value in Singapore and China.
Attendees on the rise at International Property Exhibitions
Property Investment Firm, Knight Knox International, has reported a marked increase in the number of attendees at International Property Exhibitions, resulting in an increase of events they are exhibiting in 2012.
Thailand’s largest real-estate developer withdraws investment from Maldives most ambitious urban project
Government implementation of ‘managed floatation’ of the currency in 2011 allowed the rufiyaa to be traded within a 20 per cent margin of its former rate.
The result being: the devaluation of the currency to a rate of 15.42 to the US dollar – which is unable to be exchanged outside the blackmarket, where rates can reach Rf 17-18 to US$.
The problem is likely to continue as the government’s budget deficit was predicted to reach 27 per cent of the country’s GDP in 2012, according to figures released by the Majilis Finance Committee.
“As long as the government continues to inject substantial amounts of new spending into the economy, the foreign exchange situation in the country will not be resolved,” said Jonathan Dunn, International Monetary Fund’s head of mission to the Maldives.
A Pruska representative was unable to confirm the cessation of the company’s project in the Maldives.
The Hulhumale project is considered as the most ambitious urban development project in the history of the country. The internal migration of Maldivians to the island and the reclamation of land is seen as fundamental to the country’s long term plans for congestion relief and economic development.
Asian property taxes are prompting the East to invest in the West.
Presently, London’s property market is reaching levels seen before the financial crisis. Hot-spot properties there are, on average, GBP 3000 per square foot, according to Channel News Asia.
A report by Citi Private Bank and Knight Frank correlated restrictions in the East with a 12 per cent rise in prime London property value, while Shanghai and Singapore prices dropped 3.4 per cent and almost 5 per cent.
Asia’s real estate investment drops in the first quarter
According to Market Watch, Asia’s commercial and industrial real estate investment dropped 42 per cent in the first quarter from the prior three-month period. A report by CBRE stated that this signaled an across-the-board weakening, apart from Hong Kong where investment doubled.
London makes way for Bulgari’s luxury hotel and residences
According to Travel News, London’s luxurious Bulgari Hotel and Residences will be opening on May 28 this year.
Asia Pacific rents slow in Q1
Jones Lang LaSalle’s Q1 Asia Pacific Office Index Report that monitors grade “A” net effective rents in 27 key markets in Asia Pacific, found that in the first quarter, compared to Q4 2011, rents increased in 13 markets, were static in there markets, and declined in 11 markets.
