Tag Archives: europe
Florida is most popular state in the US for overseas buyers
Florida remains the top State in the United States for foreign buyers with Miami one of the most popular locations for overseas real estate investors. Foreign real estate buyers made up 36% of sales in Miami and south Florida accounting for transactions worth $6.1 billion, according to the 2015 international buyer report from the Miami Association of Realtor and the National Association of Realtors. The annual survey, which includes data for Miami-Dade, Broward has this year expanded to include Palm Beach and Martin counties, and ranks countries of origin and highlights key characteristics of foreign buyers. Florida remains the top for international buyers with 21% of all foreign purchases in the US and Miami and Fort Lauderdale account for 50% of foreign sales, while the data also shows that there continues to be more foreign buyers in Miami than in the rest of the country. The number of estate agent members in Miami working with international buyers increased four points to 74% compared to the previous year more than double the national figure of 35%. ‘Miami members have unparalleled access to foreign buyers compared to the rest of the country,’ said Mark Sadek, 2016 chairman of the board of the Miami Association of Realtors. ‘Miami and south Florida attract foreign buyers unlike any other US market and increasingly from a more diverse group of countries,’ he added. In terms of dollar volume of sales in Miami some 78.9% of international sales were in Miami-Dade County, 18% in Broward, 2.7% in Palm Beach and 0.3% in Martin. Unit sales accounted for 22% of total sales in south Florida. The top five countries or origin for buyers in south Florida were Venezuela, Brazil, Argentina, Colombia, and Canada, accounting for 62% of sales. Other top countries included Mexico, France and Italy, Ecuador and Spain. The top five countries of origin for those buying properties just in Miami-Dade were Venezuela, Brazil, Argentina, Colombia, Italy, Mexico, Canada, Ecuador, France, and the Dominican Republic. In Broward County it is buyers from Canada and Venezuela that topped the list followed by Colombia, Argentina, Brazil, India and Russia while in Palm Beach County it is Canada and Brazil and Martin County China and Canada. The research also shows that foreign buyers spend more on properties than domestic buyers and paid $590,000 on average compared to locals spending $329,869. They also mostly pay cash with 75% doing so. Foreign buyers also prefer condominiums with 52% opting for this type of property and 61% buy in an urban area. They are mostly buying for a holiday and as an investment. Continue reading
Demand remains strong in all commercial property sectors in UK
Commercial property prices in the UK continue to rise as demand remains strong in all sectors according to the latest survey from the Royal Institution of Chartered Surveyors (RICS). UK Commercial Property is still seen as a safe haven for investors with rents and capital values set to continue rising despite macro concerns, the survey says. With businesses across the UK thriving and employment data still strong, the industrial sector has the greatest momentum in occupier demand. Some 43% more chartered surveyors are seeing a rise in demand for industrial space in the fourth quarter of 2015, compared to 29% more seeing a rise rather than fall in demand for offices and 26% more seeing a rise in demand for retail. As demand increases, supply has continued to decrease across the UK with the survey recording the eleventh consecutive quarterly drop in available space across the commercial property market. The survey report also says that development nationally has only increased marginally with anecdotal evidence suggesting that there is a lack of commercial construction activity in many locations. It also explains that a deepening skills crisis is playing a key role in inhibiting development. One notable exception to the low level of new build across the UK is in the London office sector, where development has risen sharply over the last three quarters and 34% more surveyors saw a rise rather than fall in office development starts in the quarter. In the face of continued demand and lack of supply, rent expectations for the next quarter are strongly positive across all sectors with 35% more chartered surveyors projecting a rise in rents across all sectors. Industrial space was again the strongest performer with 43% more surveyors envisaging a further rise rather than fall in rents. Looking at the investment market, buyer enquiries have risen in each sector albeit less than previously and the upward trend in foreign buyers has noticeably flattened. Notwithstanding this, capital values are forecast to rise further in all sectors of the market in both the near and longer term with prime office and industrial sectors most likely to outperform. Looking further forward, all sector rents are set to continue to rise both in the medium and longer term. Over the next 12 months, respondents are most confident of seeing rental increases in the prime industrial market with 87% more respondents foreseeing a rise as opposed to a fall. At the other end of the scale, secondary retail space exhibits the most modest reading on a sectoral comparison, but still posted a relatively healthy balance of +51% expecting rents to grow. Regionally price expectations are positive across the UK, with the strongest performers expected to be London and the East, however, 81% of respondents in the capital now view commercial real estate in central London to be overpriced, slightly up on the 77% who took this view in the third quarter survey. The report also points out that there… Continue reading
New pilot scheme starts in UK as part of Right to Buy scheme
Housing association tenants in some part of the UK can now move towards home ownership under new government plans to extend their right to buy. They are the first in the country to be able apply to the new Voluntary Right to Buy scheme as part of a pilot that is being run by five housing associations ahead of a national rollout later this year. It is part of a voluntary agreement between the government and the National Housing Federation to extend the Right to Buy to 1.3 million housing association tenants. Under the agreement, every home sold will be replaced nationally with a new affordable home. The existing Right to Buy gives social housing tenants the opportunity to buy their home with a discount of £103,900 in London and £77,900 elsewhere. ‘Thanks to the historic voluntary agreement with the sector a further 1.3 million housing association tenants now have the chance to open the door to their own home, starting with this trailblazing pilot scheme,’ said Communities Secretary, Greg Clark. He explained that the pilot will help inform the design and implementation of the main scheme before it is rolled out across the country following the passage of the Housing and Planning Bill. Applications for the pilot scheme are now open. He added that the government is committed to getting a million more people into home ownership by 2020 and it has recently been announced that investment in housing is doubling to more than £20 billion over the next five years to support the largest housing programme by any government since the 1970s. Continue reading
