Luxury Real Estate Blog and News
Values of luxury residential properties across Asia continued to slowly rise in the first quarter of 2011. As with the last quarter of 2010, values rose 1.8 per cent, according to Residential Index data from Jones Lang LaSalle.
Over the past six months, the desperately tumultuous housing markets of Greece, Spain and Portugal have all successfully surpassed Dubai’s rock bottom real estate sector, according to a survey published by property consultancy Knight Frank.
China's property market will see a downward price correction in the next few months as the effects of tightening measures weigh. Sales volume and prices have already stagnated and could be set for a deeper slump in coming months, according to news reports Sunday citing comments by Minister of Land and Resources Xu Shaoshi.
Holiday home buyers of resort condominiums on the Thai island of Phuket have adopted a more cautious approach, concentrating on completed and well-managed properties. According to professional services firm Jones Lang LaSalle, the Phuket holiday home market has seen a slowdown in sales since the global financial crisis escalated in the final quarter of 2008. It was not until the final quarter of 2009 when the market sentiment started picking up as economies in most parts of the world showed signs of recovery. However, the recent political unrest in Thailand have softened buyer confidence, resulting in a slower recovery process in the Phuket market.
Real estate investors in Saudi Arabian are likely to see 10% gains in the next 12 months as the market has more maturity and stability than others in the Middle East at present, it is claimed. Saudi Arabia is the strongest performing real estate market at present and could stay like that for the next 12 to 24 months, far exceeding expectations in other Middle East markets, according to the Jones Lang LaSalle Investor Sentiment Survey. Some 40% of investors, analysts and economists questioned said they believe that the kingdom’s real estate market had already stared to recover while another 40% expect the market to recover by the end of 2010.
Beijing's high-end apartments show signs of warming-up in the first quarter after the gloom of the last year, evidenced by climbing sales prices and rents, major real estate service providers say. Prices of Grade A apartments and high-end villas in Beijing increased rapidly in the first quarter, as falling supply drove their prices to 43,774 yuan and 33,542 yuan per sq m respectively, up 18 percent and 13.1 percent than the previous quarter. There were only 485 of Grade A apartments and 72 high-end villas available in the first three months, down 67.1 percent and 52.9 percent quarter-on-quarter respectively, according to the Savills' report.
CB Richard Ellis (CBRE) has been named the premier global brand in commercial real estate, according to a survey of worldwide real estate professionals by The Lipsey Company. CB Richard Ellis has topped Lipsey’s annual ranking of commercial real estate brands for nine consecutive years. The Lipsey survey measures commercial real estate professionals’ perceptions of the industry’s leading brands. More than 50,000 U.S. and international professionals participated in the survey, including property owners, investors, lenders, brokers and property managers.