Fine Homes

Whitby houses are very valuable right now because of the city’s rapid population growth.  As well, the median income in the city is well above the provincial average, which brings a lot of people to the city to live and work.  Whitby houses come in many shapes and forms, and something can be found for anyone looking.  There are luxury lake view condos available, ranch bungalows, as well as the typical single-family dwelling, and the smaller town house.  If you are selling in Whitby right now, this is a great time to be selling.  With the thriving economy of the city, and its proximity to Toronto, people are always on the lookout for great homes within the city.  General Motors, Sobey’s and the Canadian headquarters of BMW all reside in the city, resulting in many jobs throughout the region.  If you are buying a home in Whitby, there are plenty of houses to choose from including many rental properties that are ideal if you are moving to the city for the first time, and are unsure of the best location to buy your home.  Buying big homes is a real investment.  When investigating big homes to buy, make sure you are dealing with a real estate agent that specializes in the area.  They will know whether or not you are getting fair market value for the home, and whether or not it is worth the money based on the taxes in the area.  It is the same if you are selling big homes. You want to make sure you are dealing with an experienced seller so that they can bring the right kind of clients through your home to make for a quick and easy sale. Log on http://www.whitbyhouses.com or http://www.bighomes.ca to know more!

London and Monaco are Europe’s most expensive cities for residential property buyers. Prices in the Baltics have risen to the same level as capitals such as Copenhagen, Berlin, Munich, Stockholm, Vienna, and Frankfurt.

High rewards await property investors in some parts of Europe, according to the Global Property Guide, a residential real estate research organization (www.globalpropertyguide.com). Rental yields for apartments in several Eastern European capitals are above 10%.

Rental apartments in Moldova’s capital city Chisinau can be expected to yield annual rental returns of around 14.13%; in Poland’s capital Warsaw, 13.28%; in Bulgaria’s capital Sofia, 10.56%; and in Slovakia’s capital Bratislava, 10.06%. The higher risks of Eastern Europe may be a factor in these returns (corruption, political instability, etc).

But risks are not the only factor. The Global Property Guide believes that the relatively recent arrival of the market economy, high interest rates, and relatively undeveloped mortgage markets, largely explain the low prices in the east. To illustrate, it would surely be hard to label the historic city of Bratislava, Slovakia, as a high-risk location, yet the rental income returns are excellent.

Western Europe generally suffers from another, different disadvantage: High taxation. There are high rental income returns to be earned in Amsterdam and Paris (8.25% in both), in Munich (7.80%) and Brussels (7.53%). But all four cities are high tax environments (but so too is Poland).

Property in Prime Central London returns surprisingly high rental yields, at 7.13%. Note that this “Prime” category encompasses relatively a narrow group of super-luxury apartments in absolutely prime areas (Belgravia, Chelsea, and Knightsbridge). The high returns in these select super-central locations contrast with the significantly lower rental yields (5.79%) available in Central London’s other luxury areas (Kensington, Bayswater, Notting Hill Gate, St Johns Wood, Highgate, Islington, Highbury, and Primrose Hill). Europe’s most expensive cities

The tiny principality of Monaco is the most expensive location to buy an apartment in Europe at around €24,900 per square metre (sq. m.).

Closely on its tail is Prime Central London, where 120 sq. m. super-luxury apartments can cost £1,170,000 (€1,742,656) or £9,750 (€14,522) per sq. m. Apartments of 120 sq. m. in other luxury areas of Central London are likely to cost £580,000 or £4,833 per sq. m. (€863,880 or €7,199). The large difference is explained by London’s highly segmented top-end market, with super-luxury apartments in absolutely prime areas commanding considerable premiums.

Paris and Amsterdam follow London. A 120 sq. m. apartment in either of these cities has an average purchase price of €800,000 (€6,667 per sq. m.).

Moscow is Europe’s sixth most expensive capital for buyers of residential property. And though apartments in Moscow can be rather rewarding for buyers in terms of rental income returns, investors should be aware of the high risks (purchases are cash-based, and the authorities can suddenly turn hostile).

Dublin makes an appearance among Europe’s most expensive cities in 10th place, with a high end 120 sq. m. apartment on average costing around €600,000.

The Baltics, till recently Europe’s hottest residential investment destination, are now expensive. A high-end apartment in Central Vilnius, Lithuania will cost on average around €3,792 per sq. m (€455,000 for 120 sq. m.).

Latvia follows closely with high-end apartments in Central Riga costing an average of €3,020 pr sq. m. Rental yields in the Baltics have also dropped to very low levels.

There are still some very inexpensive capitals in Europe. Berlin, in particular (€3,167 per sq. m.), is now experiencing inflows of foreign money in response to its relatively low prices.

Even less expensive are:

Slovakia’s Bratislava (€1,292 per sq. m.)

Poland’s Warsaw (€1,175 per sq. m.)

Macedonia’s Skopje (€1,125 per sq. m.)

Moldova’s Chisinau (€917 per sq. m.) Rental returns cannot fall forever

As 2007 dawns, rental returns are lower in most locations than they have been for 20 or more years.

Nowhere in Europe are rents keeping pace with the continued strong rise in property prices. Residential real estate prices are at historical peaks in almost all countries in Europe, except Germany and Switzerland.

This is cause for concern. At the Global Property Guide, we informally consider a danger signal to be rental returns of around 4% or below.

Several European capitals offer rental income yields around or below this 4% level. In example is Madrid, where rental returns are now at only 3.15%. Rental yields in Monaco are the lowest in Europe at around 2.43%. See tables at:http://globalpropertyguide.com//articleread.php?article_id=82&cid=

Anyone looking for houses to rent in Prestwick may be aware that this South Ayrshire town is best known for three things. The first is that Prestwick Airport is located here. The second is its fame as a golfing centre. The third is the story that it is the only place in the UK that Elvis ever set foot in, on a refuelling stop on a flight between Germany and the US in 1960. The Elvis connection may not attract people seeking rental properties, but Prestwick is a hub for people working in the aviation industry. It is also an ideal residential area for people working in Ayr, Kilmarnock and Glasgow.Commuting to Edinburgh is possible from Ayr station, three miles south of Prestwick, though the train journey is a little over two hours. Trains to Glasgow, 30 miles to the north, take about 50 minutes on the Ayrshire Coast Line.For frequent flyers, the proximity of the airport may be a good reason to look for rented accommodation in Prestwick. Prestwick Airport (or Glasgow Prestwick International Airport, to give it its full title) employs 3000 people and offers passenger flights to a variety of European destinations. Several airlines use Prestwick as a base. Prestwick is divided into two areas by the High Street, with more expensive, upmarket properties in the western section, overlooking the waters of the Firth of Clyde. On a clear day, there is a romantic view of the Isle of Arran from Prestwick Bay’s long beach and esplanade. If you are looking for a house to rent in Prestwick, it’s worth noting that the eastern districts of this small coastal town house most of its population of about 15,000. Accommodation here includes both housing managed by South Ayrshire Council and privately owned homes. Here, as in other parts of Ayrshire and western Scotland, initiatives have been set up to build large numbers of affordable rental properties to keep up with growing local demand. As part of the regeneration of places and facilities in Ayrshire and the south-west, Prestwick Academy (one of four local schools) has been completely rebuilt, reopening in 2008.One of Prestwick’s claims to fame is that it hosted the first Open Golf Championship in the nineteenth century. Although it has not hosted this landmark sporting event since 1925, this is prime golfing country, with famous golf courses in the vicinity, at Troon and Turnberry. Prestwick itself has three courses: Prestwick, St Nicholas and St Cuthberts. The airport, golfing, the Burns connection and the pleasing scenery jointly attract many thousands of visitors annually. As well as accommodation for local workers and longstanding residents, online searches will reveal a host of appealing holiday cottages and houses to rent, in Prestwick itself, as well as in surrounding villages and rural beauty spots.Online property searches are a useful tool for anyone seeking rental properties in the Prestwick area, with information easily gathered on matters such as council tax bands, average house prices for different areas of the town and local facilities.

Rents have moved up much less than prices in China over the past few years. As a result, in 5 cities in China – Beijing, Chengdu, Guangzhou, Shanghai and Shenzhen – gross rental yields are now a modest 4.42%, based on a sample of high-end used apartments (www.globalpropertyguide.com).

Shanghai’s gross rental yields average only 3.74%. These are lowest gross rental yields in our China sample, but then Shanghai is the only city where apartment selling prices have apparently not dropped, according to the China Real Estate Index System (CREIS) and eHomeday. Shanghai residential asking prices average US$2,742 per square metre (sq. m.).

Beijing apartments earn slightly higher gross rental incomes of around 4.21%. These are the country’s most expensive apartments, with an average offer price of average US$2,977 per sq. m. for the high-end used apartments in our sample.

Chengdu also has rather low gross rental yields, an average of 3.88%. Chengdu apartments are the cheapest among the five cities, at US$1,060 per sq. m.

The highest rental yields are in Shenzhen, where apartments in our sample earn gross rental yields of 5.69%. The high-end used apartments in Shenzhen cost an average of US$ 1,780 per sq. m.

Guangzhou apartments earn mid-range gross rental yields of 5.41%. Our sample of Guangzhou apartment prices averages around US$1,577 per sq. m.

BACKGROUND IDEA – RENTAL YIELD

What does “gross rental yield” mean? It’s very similar to the Price / Earnings (P/E) ratio in the stock market. Just as share prices have a P/E range, house prices tend to fluctuate around a rental yield range, research shows.

The gross rental yield is the annual rental earnings / the value of the property.

So if the rent is US$5,000 and the property is worth US$100,000, the yield is 5%.

Our rule-of-thumb is that a gross rental yield of 6% to 7% means a housing market is ‘fairly valued’, though importantly, developing country housing markets usually have higher yields than developed, because of structural issues discouraging housing purchase such as the difficulty of getting mortgage finance.

Where yields (and rental costs) are comparatively low:

· People will prefer to rent, rather than to buy

· Investors are unlikely to ‘buy-to-let’

· Rents will tend rise faster than prices

Conclusion: No turnaround in China’s residential prices likely soon.

When the Chinese housing market was roaring ahead, rents moved up much less than prices. With the current market downturn, rents have dropped together with property prices (though slightly less). Gross rental yields now average a modest 4.42%.

Why are Chinese rental yields so low? Prices in China surged till September 2007, and then paused – and have not substantially dropped since then, according to CREIS, which uses a hedonic methodology (eHomeday arrives at closely similar results).

How far do gross rental yields need to rise in China? China’s gross rental yields of 4.42% are lower than would be expected in a developing economy. They are low, also, compared to other economies with similar income-per-capita.

We conclude that until one of two events occurs – more residential price falls, or substantial increases in rents – residential prices are unlikely to begin a sustained recovery in urban China.

The Chinese government has taken steps to support the market, such as temporarily suspending the business tax for residential property transfers, and encouraging cities to permit foreign purchases. China’s economy remains relatively strong, because of prompt government measures. Consumption spending is strong, restaurants are full, optimism remains high.

However, gross rental yields are still too low. Therefore, it is unlikely that there will be a convincing upturn in Chinese residential prices soon, the Global Property Guide believes.

Description:

The Global Property Guide is an on-line property research house.

Terms of Use:

On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to www.globalpropertyguide.com Sites and newspapers found not to be providing a link to us will be removed from our press list.

Requests for Comments:

Requests for comments are best made by telephone to +(63) 917 321 7073. UK-based callers should telephone before lunchtime. Our local time is Hong Kong time, i.e., standard time + 8.00

Publisher and Strategist:

Matthew Montagu-Pollock

Phone: (+632) 867 4220

Cell: (+63) 917 321 7073

Email: editor@globalpropertyguide.com

Address:

Global Property Guide

http://www.globalpropertyguide.com

5F Electra House Building

115-117 Esteban Street

Legaspi Village, Makati City

Philippines 1229

info@globalpropertyguide.com

We have a history of fascination with home ownership and house prices in the UK.  The cyclic nature of the boom bust economy has continued, albeit with a few deviations.  The knock on effects of this can be quite far-reaching and in some areas have meant some dramatic and sometimes ugly side effects.The recent house price index released by the Halifax banking group has shown that Cornwall has undergone some of the highest rises experienced in the whole of the UK. During the period between 1999 and 2009 one local town in Cornwall experienced the highest house price rises of the whole of the UK. Many who know Cornwall might guess this was a town like Truro or Padstow. Both have experienced considerable growth over the previous decade; Few would guess it was in fact Redruth.Located centrally in Cornwall it has traditionally been plagued by poverty and low wages. However in recent years it has seen much new investment in the area which has revitalised the town. Housing affordability is still an issue but there are a number of schemes including shared equity and houses for locals which has given a glimmer of hope to prospective first home owners.What is questionable is how much of this information is freely available.  These buyers need to be armed with as much of this information to help them to persuade the banks to lend them money. However they may need to go back to the drawing board and reassess what they can afford and compromise on some aspects of their new home. In this day and age we have an expectation that we should have a good sized house and outside space. This is now very much a luxury that few can afford.Home owners themselves have not always got of that lightly. A typical scenario UK wide is the happy house owner rubbing their hands together back in 2006. They have just got their house valued and on paper are now considerably richer. This encourages them to remortgage their house to pay for that dream holiday they had always planned.Roll on three more years and their house has taken a sharp drop in value, they desperately need to move to a bigger place but the negative equity they are experiencing means they really are stuck where they are.  An all too familiar story.There seems to be no ready answer to solve this cyclic boom and bust short of a dramatic change in our economic system, but don’t hold your breath.  The powerful figures who could make changes are often the ones sitting comfortably on the top rung of that property ladder.  Unfortunately they have no incentive to promote change.  One thing that will not change is that irresistible draw to own your own house, and what better place than in the idyllic county of Cornwall.  Look through any of the popular house sale sights and if you look hard enough you will find your very own castle.  It may not be the house of your dreams but it will be yours to call home.

After taking a steep dip in 2009, house prices in Cape Town are slowly on the increase, statistics from Absa Home Loans show.

While house prices declined in all provinces, metropolitan areas and coastal regions in real terms in 2009, the Western Cape experienced one of the sharpest declines with a 7,6% decrease in real terms during the year, according to Absa’s latest statistics.

In Cape Town, house prices were down 0,7% in nominal terms, and 7,3% in real terms. Of all metropolitan areas in the country, only the greater Johannesburg area performed better than the Cape Town property market with nominal house price growth of 2,8% last year.

In the last quarter of 2009 – the latest available statistics – an average house in Cape Town cost R1,11 million, indicating an increase of 1,4% on the last quarter of 2008. This is showing that the housing market is slowly getting out of the doldrums, with banks’ forecasting growth for 2010 of between 6% and 8%.

In the middle segment, or houses between 80m² and 400m², the average Cape Town house cost nearly R1,7 million by the end of 2009, and improvement of 6,1% compared to the end of 2008.

Investors are also returning to the Cape Town property market to buy prime property at good prices before the market takes off again. In addition, increased lending from banks and relatively low interest rates are also expected to boost the market this year.

Cape Town, with a reputation for being extremely well managed compared to South Africa’s other metros, is also an award-winning tourist destination. Some estate agents believe that World Cup fever will provide additional impetus in the Cape Town property market, especially in popular tourist areas like the city centre and along the Atlantic Seaboard.

The Global Property Guide today re-launched its web site to make its data more accessible. The home page has been simplified. Major categories have been spelled out. The new Home Page has been organized around an expanded menu, to help the reader navigate the site. Key data items are easier to find, more obvious. The Global Property Guide

The Global Property Guide is the authoritative source of information on buying residential property. It covers every investible country in the world, from the perspective of income, tax, and capital gains. We provide research and information on 131 countries to residential property investors, with brief information on 85 countries.

Property, as an asset class, is highly susceptible to booms and busts. Across the Western world major countries have experienced a prolonged residential property boom.

Like stock prices (but with markedly different dynamics) residential property prices are now coming back down to earth. We help investors make sense of these swings by providing tools of analysis, and displaying data in a clear, comprehensive and accurate format.

Our fundamental residential property market data includes

• Price change 1 year

• Price change 5 year

• Price change 10 year

• Square metre price city centre

• Total round-trip transaction cost

• Gross yield

• Price to rent (P/R) ratio

• Price to Gross Domestic Product

• Change in interest rates

• Taxes on income (effective rates)

• Capital gains tax (effective)

• Inheritance taxes (effective)

• Buying process (graded by quality)

• Tenant legislation (graded as landlord-friendly)

• Residence (high tax / low tax)

• Economic growth

• Competitiveness

• GDP per capita

• Competitiveness rank, improvement over 5 years

• Stage of economic cycle

“Our aim is to be the Bloomberg of international residential property,” says publisher Matthew Montagu-Pollock, referring to the financial site on trading desks around the world (http://www.bloomberg.com/). “Bloomberg provides data – but also makes it easy to use.”

“It’s important for a residential investor be able to see what his likely return on investment will be. What his taxes will be. To be able quickly to check whether the laws are landlord-friendly. To survey the inheritance laws. All this is now available, for almost every country in the world, on our site, without any marketing material or any attempt to sell you anything – just the facts.”

###Description:

The Global Property Guide is an on-line property research house. Publisher:

Matthew Montagu-Pollock Phone: (+632) 867 4220 Mobile: (+63) 917 321 7073

Email: editor@globalpropertyguide.comAddress:

Global Property Guide

http://www.globalpropertyguide.com

5F Electra House Building

115-117 Esteban Street

Legaspi Village, Makati City

Philippines 1229

info@globalpropertyguide.com

On any given day, people can easily find articles and news stories describing an impending bust of the so-called real estate bubble. Despite this gloomy prediction, many experts believe that the recent slowdown in housing will be a gradual and modest readjustment rather than sharp bust or decline. These experts believe that factors that lead to a sharp decline in the real estate market are just not present in the current economic outlook. In fact, a recent study by the Joint Center for Housing Studies at Harvard University noted that “despite the current cool-down, the long-term outlook for housing is bright.”
The rise and fall of the real estate market is subject to the forces of supply and demand, and these factors point to stable and positive growth in the real estate segment.SUPPLY FACTORS
Limited supply of real estate makes it scarce and usually pushes home prices up. In contrast, an oversupply of real estate tends to put downward pressure on home prices. Despite the current slow down in the real estate market, factors that impact limited supply favor continued growth in the real estate market. Some of these factors include:
1. Builders have readjusted growth plans in regions that have an oversupply of new housing. Over time, any excess inventory is likely to be depleted and equilibrium achieved between supply and demand.
2. The availability of land in certain regions, as well land use regulations and associated compliance costs will continue to restrict the supply of new homes.DEMAND FACTORS:
Housing located in regions with high demand tend to be more expensive than homes in regions with low demand. Factors that impact the demand for housing suggests a favorable long-term housing outlook. Some of these factors include:
1. No current evidence of significant and across-the-board job losses; forecasts of relatively low unemployment rates.
2. Long-term increased demand for second homes, vacation homes and senior housing by baby boomers.
3. Long-term increased demand for entry-level homes by the children of baby boomers.
4. Long-term increased demand for entry-level homes by immigrants.
5. Long-term increased demand for entry-level homes by second-generation Americans.
6. Forecasts that the outflows and inflows of the U.S. population in and out different regions will not significantly impact the overall U.S. real estate housing market.
7. Relative stability in interest rates.
8. Continued stability in long-term home appreciation rates.
9. Overall, rising rate of wealth across all age groups.SUMMARY
In summary, strong household growth, overall rising incomes and wealth, and a stable economy all bode well for continued long-term growth in the real estate market. While the overall housing outlook is favorable, affordability will continue to be a challenge, as wages, especially in the lower income levels, have not kept up with housing costs.

As South Africa’s oldest city, Cape Town features a host of beautiful old buildings, some of which have been in existence for hundreds of years. The architectural impact of city’s early colonisers – the French, Dutch and British – is strongly felt throughout the city, as is the influence of the Malay people who were brought to the Cape as slaves.

Many of these historic buildings are still in use today, most of them serving as museums, monuments and galleries. They showcase Cape Town’s intriguing and oft-chequered past, serving as fascinating relics of bygone eras. Some even still exist as homes, such as in the Bo-Kaap area, which has been the chief enclave of many Malay people since they were brought to the Cape by the Europeans.

Start your journey through the annals of Cape Town’s history in the vibrant suburb of Bo-Kaap. This is city’s oldest suburb, and certainly its most colourful. Then visit some of the Cape’s most famous monuments, including castles, churches, dungeons and prisons, as well as the eclectic Long Street – one of Cape Town’s oldest streets, yet still one of its hippest.

From Bo-Kaap to Betram House: Cape Town’s most historic buildings

Bo-Kaap, set against the slopes of Signal Hill, is home to a collection of tightly-packed cluster homes, brightly coloured and often featuring original Dutch and British architecture of the 1700s. The oldest building in the suburb is located at 71 Wale Street. This, today, is the Bo-Kaap Museum, and has been restored to reflect an authentic 19th century Muslim home: During apartheid, Bo-Kaap was classified as a Muslim region, and the suburb is still a primarily Muslim community.

From Bo-Kaap, travel into the centre of town – just a few minutes’ walk from the cobbled streets of the old suburb – to discover a wealth of historic architecture. Most notable is the Castle of Good Hope, which was originally built under the auspices of Jan van Riebeeck during the latter 17th century, when the first settlers arrived in the Cape.

According to historians, construction on the castle – which was in fact a defensive fort – began just days after the Dutch settlers arrived in the Cape. Celebrated among sailors as the “Tavern of the Seas”, it served as a replenishment station for the Dutch East India Company, as well as a fort to protect the company’s lucrative advantage along the spice route. It’s an awe-inspiring structure that, in the early years, housed governors and dignitaries, served as a centre for the military and a place of incarceration for prisoners. Today, the Castle remains a centre for the military, but its eerie dungeons contain only shadows, and its majestic wings, the impressive William Fehr art collection. It’s a monument that is at once fascinating and chilling, and it’s well worth a visit.

The centre of town is also the site of South Africa’s oldest church, Groote Kerk, located within walking distance of the Castle of Good Hope. Taking pride of place in Adderley Street, this impressive cathedral was constructed in the 1800s, and more than 200 people – including several governors – are buried beneath its soapstone floors. The architecture is impressive, as is the church organ which, with almost 6,000 pipes, is the biggest in the southern hemisphere.

The Old Town House, built in the Dutch-Rococo style of the 18th century, is situated near to Groote Kerk, in the historic Greenmarket Square. The Old Town House originally served as the city hall, and today houses a world-class collection of Nederlandish art, as well as temporary exhibitions which are of interest to locals and visitors alike. The historic building, which was donated by Sir Max Michaelis in 1914, also features a beautiful tea garden, which is best enjoyed during the summer months.

Cape Town’s culturally rich city centre

Apart from these historic buildings, Cape Town’s city centre features many other old buildings that reflect the diverse influences of Cape culture and architecture. Traverse vibrant Long Street to discover Victorian buildings of the 19th century, beautifully restored and housing antique shops, clothing boutiques, book shops, pavements cafes and backpackers’ lodges. Also be sure to visit the museums and galleries located in the city’s “museum mile”, alongside the magnificent Company Gardens in Adderley Street.