Real Estate Blog Now

If you are looking for the residential property market that has been able to withstand the global tsunami of mortgage finance problems and to avoid the collapse in sales volumes and prices, you should turn to the Vancouver Metropolitan area in British Columbia, Canada. Despite a decline in sales transactions and a mild price correction in Canada’s housing market as a whole, the Vancouver Metropolitan area real estate market has shined in this housing correction. What’s more, it is Vancouver’s upper-end housing that has supported sales activity and prices in the country, making the residential real estate markets in British Columbia and Canada the bright spots in an otherwise dreary state of global housing.

Statistical data from the Canada Mortgage and Housing Corporation suggests that the majority of housing transactions in the first half of 2009 in British Columbia took place in the market segments below the price range of $500,000. These market segments recorded an increase in the share of transactions by 7.2 percentage points, from 23.4 per cent of the market share in the first half of 2008 to 30.6 per cent in the same period of 2009. Yet, as a result of this, while the overall prices of absorbed single-detached units in British Columbia dropped in this period by 2.5 per cent from the year earlier, the housing market in Vancouver, in which home prices of absorbed single-detached units average slightly over $950,000, recorded a 1 per cent increase in average prices. Although this appreciation in average home values may appear meager relative to earlier periods, it is still a testament to exceptionally resilient Vancouver’s residential real estate market.

The higher average prices in the Vancouver Metropolitan area are most likely the result of historically-low mortgage interest rates that have been supporting sales of new homes at the higher-end of the pricing spectrum. Unlike the mortgage finance system in the United States in which sub-prime market, saturated with the underwriting of mortgages to borrowers with dodgy credit, caused the credit implosion and a subsequent severe credit crunch, the Canadian financial structure, which never allowed the sub-prime market to advance, proved healthy enough to avert the mortgage crisis and, therefore, continued to extend credit to creditworthy borrowers.

This enabled Canadian borrowers, unlike those in the United States, to take advantage of low mortgage rates and favorably priced properties to buy their dream home or an investment property. This has proven especially true of higher income earners and real estate investors who have taken advantage of the cheap and available credit to invest in luxury homes in Vancouver, driving higher the prices of upper-end new homes in this part of Canada. Given the prospects of an impending economic recovery and the expectations of a rebound in housing activity in Canada next year, the housing market in the Vancouver Metropolitan area, and especially its higher-end segment, is expected to gain momentum in the months ahead.

Moreover, due to an extended prevalence of historically-low mortgage rates in Canada, which are expected to increase only modestly before the end of next year, sales and prices in the Vancouver Metropolitan area and British Columbia overall are expected to increase. Therefore, this may be the right time for prospective homebuyers and investors seeking property investments in stable and appreciating real estate markets to consider buying property in Vancouver and British Columbia. The expected higher demand for housing in the next few years will assure that their investment comes with a rewarding return.

Carol Marianne, originally from London, England, first came to Costa Rica in 2004 because she’d heard about it and there was a cheap flight from Miami. “I was looking for somewhere I hadn’t been to before.”

Though she had no preconceived notions about what Costa Rica held in store for her (“I was just traveling around so had no fixed idea about finding anything,” she says), what she did find was “a beautiful country, with gentle people, lots of expats and a way of life that I took to immediately. It was very relaxed and friendly and fulfilled my spiritual needs as well as my social needs.”

Currently residing in Barrio La Trinidad (between Piedades and Ciudad Colón, west of San José), Carol says she chose this area because it felt familiar. “When I first arrived, I lived with a family on the San Pedro side, east of San José, and didn’t like it at all. It was cold and very built up. Then I came out west and immediately fell in love with the greenery and the feeling of space.

I shared a house in Piedades with some American ladies and then rented my own one-bedroom apartment (also in Piedades), so when I came back I naturally gravitated to where I was happiest. Plus, most of my friends live around here, too!”

Some of the things Carol particularly likes about La Trinidad are that “it’s warm, it’s accessible, MultiPlaza is a 15 minute drive down the highway, the views are great and I live in nature!” Something she could definitely live without? “The potholes in my road!”

Before moving to Costa Rica, Carol says she worked doing “mainly self-employed admin-type work and buying and renovating properties for resale.” She didn’t particularly enjoy her work, however, saying, “It was something I had to do to exist and bring up my son.” When her son graduated from high school, she was ready to leave it all behind. “Enough was enough — my son graduated and so did I!”

Carol first came to Costa Rica alone and knowing no one. Her family took it in stride, though: “They’ve been used to my leaving ever since I was 19 years old!” Carol admits to having done no homework about Costa Rica “whatsoever, other than talking to a few people who had heard about it.”

Before she moved here, she says her biggest concern was “spending too much money on hotels.” What does Carol wish she had known before coming to Costa Rica? “How sophisticated it was and how much more expensive it was than other Latin American countries I’d been to.”

After Carol’s first two-and-a-half year stay in Costa Rica, she says she “had to leave to sort some things out in the UK. I just came back three months ago to see a friend, found this awesome house and decided to stay.”

From that point, it was just a matter of nailing down the details. “I just decided to set up shop again. Rented a house, got some furniture, bought a car, got Internet connected, had a housewarming party, told all my friends to come visit, and here I am!”

Though Carol didn’t plan on staying in Costa Rica the second time around, she says, “It just happened when I came back. It felt so right being back here — I fell right back into comfortable living. I just felt this amazing well of happiness well up.”

Carol’s 23-year-old son, who lives in the U.K., has visited his mom in Costa Rica. “My son visited the second Christmas I was here, and we went up to Arenal and then the beach. He loved it! But thought it was a bit mountainous!” Carol says that while her son speaks some Spanish, her own skills are “excellent” (having learned Spanish in school), and she personally feels it is vitally important to speak Spanish here. “It makes communicating with the general population easier. Also, you can understand what people are saying behind your back!”

A typical day in the life of Carol Marianne consists of going to the gym, shopping, having lunch, attending group gatherings, and doing charity work. As far as a job, Carol says she’s too busy enjoying herself!

For fun, Carol likes to meet up with friends, take side trips, go to movies and talks, go on retreats, get a massage, and go to dinner parties.

Carol says the craziest thing she’s ever done in Costa Rica was “driving down from Monteverde in an automatic Jeep Cherokee that kept cutting out, so there was no steering until I managed to start the engine up again! I made it though – such a trooper!”

Carol says her biggest surprise in living in Costa Rica has been “finding so many like-minded, spiritually enlightened, free-thinking people — mainly expats!” While Carol has both expat and Tico friends, she says, “Ticos are a little more reserved and don’t have quite the same sense of humor as Brits or some Americans I know.”

She says it has been very easy for her to make friends here. “I joined the Newcomers Club and Women’s Club, the Little Theatre Group, Unity, and attended lots of gatherings.

I also got involved with the British Embassy’s Queen’s Birthday Party committee and anything else that required willing volunteers. I found the expat community to be very open and receptive.” It may come as no surprise, then, that Carol says her friends are her best source for advice and support.

When asked if health care was a concern for Carol before she moved to Costa Rica, she answered, “Not really. I found out when I got here that they had excellent health care in the shape of  Hospital CIMA and Clinica Biblica – I have used both and highly recommend them.”

Nor was crime something she worried about when moving here. “There’s crime everywhere in the world – I’m used to being careful and would never deliberately expose myself to unsafe situations.”

Carol has had one experience with crime in Costa Rica, which she blames on herself: “When I was parked outside the Little Theatre Group in Escazú for a rehearsal, someone smashed my car window and made off with my stereo. But that was my fault for forgetting to remove it before leaving the car.”

As far as education, Carol finds that there is a good choice in Costa Rica. “I’ve come across a few private schools through knowing people who work in them. I’m particularly impressed with the new United World College in Santa Ana, which is a first-class facility for 16-19 year olds from around the world who want to study the International Baccalaureate.”

Carol says her biggest challenge in Costa Rica has been “getting a sim card for my mobile phone. It seems Costa Rica is the only country in the world where outsiders cannot use their mobile phones unless they have an ICE contract.

It’s crazy – I’ve traveled all over the world and all I do normally is buy a local sim card and off I go, but not here.” A few other things that drive Carol crazy about Costa Rica are “the phone, electricity, and water monopolies and the paperwork.”

Carol feels the five most important character traits one needs to live happily in Costa Rica are “patience, understanding, gratitude, openness and a terrific sense of humor.”

She offers some words of advice for those wishing to move to Costa Rica: “Come with an open mind and be prepared to be patient and go with the flow. Never expect things to happen when someone says they will happen. It just doesn’t work like that over here. You have to expect things not to happen the way you want, and if they do? What a wonderful surprise!”

As far as her future in Costa Rica, Carol says, “Nothing is ever guaranteed, but for now I’m quite content to enjoy my life here. If I move on, well, that’s a whole other story!”

Located in the Parkland region of Alberta, Calgary is the largest city in the province. A global city in the making, the city boasts of diverse demographics with people settling from different parts of the world in various residential areas. Evidently, there has been a sharp increase in the population since 2006. The city was reported to have a population of 988,193 as per the Canada 2006 Census vis vie 1,065,455 in the year 2009. The city thrives on eco-tourism in addition to the booming petroleum industry, agriculture, and IT industry. Naturally, the demand for real estate in the city has gained momentum at a break-neck speed.

Offering a host of options, ranging from condos, bungalows, flats etc; Calgary real estate is starting to show signs of revival from the economic slump. For instance, realtors observe that there is a sharp difference in the number of homes sold last year and this year. While just 1,152 single family homes were sold in September 2008, this year witnessed a sharp increase of 9 percent with 1,257 of them being sold. Interestingly, a total of 580 condominiums-25 per cent more than what was sold last year during the same time, which was far below at 465. Similar was the case of median price, which is up one per cent in September 2009 at $400,000 vis vie September 2008 with $395,000.

Furthermore, comparing the sale price of a single family metro home in Calgary, one would observe that there has been a 1 per cent increase in the month of September 2009 than August 2009. Similarly, in the month of September last year, the average price was $444,048-three percent less than what it is in September 2009. A stark difference in the Calgary real estate prices can also be found in case of metro Condominiums. In September 2009, the average prices were approximately $290,253, which is 2 per cent more than the prices quoted in the month of August when the price was as low as $287,426. Interestingly, Calgary home sale showed a stronger graph during the summer, observe experts, which however slackened in the month of September 2009.

The prices of Calgary deals and properties depend on their location and accessibility. However, some of the most popular residential areas in Calgary include Calgary Hawkwood and Elbow Park and neighboring areas like Rosedale, Mount Pleasant, Bowness, Parkdale, and Glendale. However, it is always advisable to take the help of real estate consultants who would help you to find the right place at the right price. They will be able to provide you with a thorough market check before any venture and would also guide you through the property transactions. They are the best and the authentic sources to provide a background check on a particular property. They would also provide advises/suggestions as to what are the various factors that one should keep in mind while buying homes, property etc. Experts believe that this is a brilliant sign of the reviving Calgary real estate. So, book your Calgary home now without any further delay.

There are quite a few people who are always on the lookout for good deals and property options. This is because the global slump in the financial and stock markets means that people do not have too many options and opportunities in these sectors. Naturally, such investors are looking far and wide for options to get some decent returns from. One of the best ventures or options in this realm happen to be Cyprus properties that have indeed set the tone and the benchmark for property deals around the world.

The magic and allurement of Cyprus properties stems from the fact that Cyprus is one of the best loved holiday destinations across the world. It lies like a jewel in the warm waters of the Mediterranean Sea and when people from the cold continent of Europe want to get aay from it all and enjoy warm climes, they think of Cyprus properties and the chance to stay for a few fun filled days in Cyprus. It is no wonder that there are so many folks who are willing to spend a lot of money to take a timeshare and savor the magic of Cyprus.

Cyprus properties are also quite lucrative from the investment perspective. Any astute businessman would love to buy a villa or a mansion and do it up properly and offer it up as a resort or a holiday home for the benefit of discerning customers. It goes without saying that those who add in swimming pools, gyms and saunas can up the ante and also charge more for a chance to stay in one of the exquisite Cyprus properties. Really, it is no wonder that there are so many business people from all around their world who are wining their way to Cyprus to buy into a piece of the Cyprus tourism pie.

It is not like all Cyprus properties are beach based. There are quite a few mountain based properties too in the Northern part of Cyprus which are suitable for very hot summers as the rarefied climes here are quite cool and inviting. One can have log cabins and other exotic resorts that beckon visitors in their quest to have the time of their lives.

If you want to have a look at quality Cyprus properties, do have a look online and see the many websites that offer such properties for your evaluation. If you look around well, you can get a lot of wonderful deals to meet your needs.

Real Estate in Gurgaon has emerged as a highly lucrative investment option. The transformation from a small isolated village to a sprawling megacity in a span of 20 years has crowned Gurgaon as the most preferred choice for real estate investment.

Among the several factors augmenting growth in the RealEstate sector of Gurgaonis the presence of innumerable multinational corporations. The liberal government policies and rise in globalization has placed India as a global player. Several companies to establish their niche in the national capital find Gurgaon as ideal spot. Global giants like Pepsi, Genpact, Genesys Telecommunications, Ranbaxy, HP and Nokia have intensified the growing demand of commercial space in the region. The city has not only emerged as the sixth largest city of Haryana but also has become the industrial and financial hub of the nation. Leading companies, real estate projects and shopping malls has further added to the world-class infrastructure of Gurgaon.

Another reason that makes Gurgaon an attractive option for real estate investment is the quantum leap in infrastructure in the past few years. The New Delhi-Jaipur National Highway offers easy connectivity to Gurgaon. The Delhi-Gurgaon 8-line expressway has transformed commuting to this region forever by easing the traffic problem that was prevalent till a year ago. The Delhi-Gurgaon metro rail is nearing its completion and the proposed Gurgaon city metro rail is said to be in the pipeline. Transport facilities and ease of accessibility to Gurgaon has a direct impact on the real estate in this region.

Despite the economic turmoil that has besieged majority of economies worldwide, Canadian real estate is poised to complete its cycle of recovery by the first part of next year. The prevailing positive shift in the prices real estate is a strong affirmation of the strong response of home buyers to the recent introduction of attractive financing schemes, incentive plans and bargain housing deals.

A major reason behind the strong performance of the real estate markets in Canada was their ability in sustaining and preserving the status quo of critical market forces. This has been the major relief that provided the markets with enough elbow room in preserving the balance of supply and demand. On top of this, the mortgage market was also able to weather the storm as progressive policies have insulated it from undue risk.

A market report that was recently released indicated that average selling price of homes that were sold though MLS posted a gain of 11.3% from the same period of last year. This is equivalent to an average selling price of CA$ 324,779. Just this year alone, shift in prices has started as early as February while prices of resale homes started to post gains during the middle part of the year. Market analysts and experts attribute this significant shift in major real estate markets in Canada to cheaper prices of real estate properties, reduced cost of borrowed money, and new housing incentives introduced by the government.

The reduced interest rates of mortgage have been driving sales to record levels as homebuyers become more and more active in the real estate markets. This is a complete turnaround from what has transpired last year where homebuyers withdrew from the market and stayed on the sidelines. These early and leading indicators are actually pushing more homebuyers to make an early comeback in order for them to get better deals before prices and interest rates start to pick up once the markets fully recover.

On the other side of the balance, supply conditions are now getting tight as more and more sellers are withdrawing from the market and waiting on the sidelines in anticipation of the major jump in prices with the impending rebound of the real estate markets by the early part of next year. In fact, an industry report has indicated a sharp drop in the inventory of housing units. From a high of 12.8 months of housing inventory posted at the start of the year, the inventory level now stands at a precarious 4.4 months. With the impending recovery of the economy by early next year, experts forecast a strong 3% growth of the Canadian real estate market.

The highest jump in house prices has been posted in the provinces of Labrador and Newfoundland with a rate of increase equal to 12.7% from the same period of last year. This significant price adjustment is attributed to the heightened construction activities in the energy and mineral sectors.

On the other hand, British Columbia is also one of the biggest revelations for the year as it posted a record 11.7% rate of upward adjustment in house prices for the same period. Manitoba took third spot with a 10.8% rate of increase in house prices.

Homebuyers have been very sensitive of the recent and unfolding developments in the real estate market and the economy as a whole. There is now a general consensus that the market has now shifted and is now on a buying mode. With the impending rebound and full recovery of the economy, figures are now hugging the positive ranges and there is now the urgency to grab those remaining real estate deals before prices hit the roof.

If there is one strong proof of how things are looking up in the real estate industry in Canada, then we only have to see the recent and unfolding events in Western Canada. In the last 10 years or so, economic activities have been at a frenzied pace as investors started digging, mining and drilling operations. Business analysts and experts have already declared that bubbly economic activities will continue as all roads lead to the western region of Canada. This is also the reason why we are seeing an unprecedented growth in investment into real estate markets in Western Canada.

Reliable economic figures and market trends show strong evidence that prices in the real estate markets in Western Canada are not really in a bubble. The latest Teranet indices indicate that home prices in Halifax, Toronto, Montreal, Ottawa, Calgary and Vancouver are not going through a bubble. In the most recent Teranet index released, home prices posted an 8.9% jump across all these major cities.

There is a reason to believe that commodity prices are going through a bubble if sales figures shoot up unrelentingly with strong indications that it defies economic fundamentals. This is not what we are seeing in Western Canada, where we see most of the action in the real estate industry. The heightened demand for raw materials has resulted in the upsurge in the value of the Canadian currency delivering positive end results in most parts of Western Canada.

Several economic experts and real estate analysts have presented their respective views and positions to support the claim that real estate markets in Western Canada are treading on rational grounds. There are by far several parallel events to support the recent positive changes in the real estate markets in Western region of Canada. These validate our claims on the rationality of the upsurge in home prices. If we factor in major developments in Brazil, China and India and assess the impact on the global economy of the tight supply situation, then we can easily account the price upsurge to economic shifts. However, there is still a strong concern about how much of this increase in home prices is actually due to speculation.

We are seeing conflicting signals in major economies as everyone wait in full anticipation for the complete turnaround of major economies. The volatility of the situation can be gleaned by the long standing unpredictability in the price of crude oil. There is valid reason that speculative forces have significant impact at how prices of crude oil have been playing out in recent months. This is the main reason why a lot of experts are taking the recent positive developments with a “grain of salt.”

With all these factors taken into consideration, the prospects in the real estate markets in Canada give us reasons to be upbeat about what the future has in store for us. The positive developments in the gross national income can be largely attributed in the improved performance in the country’s terms of trade. This is a strong affirmation of the enviable position of Canada in field of international trading. There are other recent developments which we see as leading indicators showing that a greater part of the price shift is due to rational events such as increase in commodity prices.

As we try to come up with a rational assessment of the recent shifts in the real estate markets in Western Canada, we can confidently say that these positive events are supported by strong economic fundamentals. However, there is still the need for us to maintain vigilance and careful assessment of the unfolding events as major economies has not yet made full recovery from the financial woes that started a couple of years back.

The Costa del Sol is modernising its transport infrastructure. Along with the long awaited redevelopment of Malaga airport, the area is planning a number of additional transport developments. One of the first is the building of a new train line to run from Fuengirola to Marbella. The line will be a continuation of the existing Malaga to Fuengirola service and eventually the track will run all the way through San Pedro, Estepona and down to Algeciras.

This is great news for anyone who owns property in this part of Spain, especially in the resort town of Fuengirola. Up until now all public transport has finished at Fuengirola, with just one bus running west from the town to Marbella. The opening of the new section of the line makes Fuengirola much more accessible to visitors to the west of the coast, and that means more visitors and more property hunters.

Fuengirola has always been a popular place to buy a second home or a holiday home. The resort offers everything you need to live life in the sun and is just a short drive from Malaga airport and the facilities of Malaga city centre. Facilities include golf courses, Fuengirola Zoo, a popular water park, the Miramar shopping and cinema complex as well as a vibrant town centre with many bars and restaurants.

There is a large British and Irish expatriate community in the Fuengirola area and the town is becoming more and more popular with Scandinavian, Dutch and Belgian buyers. Very few new properties are being built in Fuengirola and so it has a healthy resale market and prices are relatively stable. This part of the coast also attracts a lot of investor buyers who can make the most of the year round tourist rental trade.

As with anywhere else, the global economic situation means that property prices in Fuengirola have fallen to some extent compared to the boom years of 2005/6.

However, the overall popularity and value offered by this grande dame of resorts means there have been very few distress sales. Most people have hung on to their property investments, knowing that the long term future for Fuengirola property is extremely bright.

Curacao is a beautiful island that lies in the southern Caribbean near the coast of Venezuela. Among the three ABC islands, i.e., Aruba, Bonaire and Curacao, Curacao is the most populous and the largest in terms of area. It derives its name from Corazon that means heart in Spanish and Coracao that means heart in Portuguese.

Curacao offers visitors a perfect tropical gateway. It is not only a perfect place to holiday but also one of the preferred destinations for making real estate investments. Several factors contribute in making Curacao a favorite for real estate purchases. Most tourists who visit Curacao once cannot get over the charm of the sunny beaches, beautiful sceneries and the Caribbean environment that makes this island truly inviting.

Curacao’s list of accommodation options ranges from villas, bungalows, condos and apartments to choose from to invest. They are fully furnished and equipped with the latest amenities like internet, appliances, maid services and more. The presence of kitchen offers liberty of cooking to the visitors. An apartment or a villa offers much more privacy to the guests than any hotel or inn. Some face the sand beaches and some are in the heart of the city. It’s completely the investors call to choose where he/she wants to purchase a property.

At times, vacationers choose to rent an apartment or a villa. Apartment comes to be less expensive than a bungalow and can fit a large group. Many choose apartments over hotels to experience the real flavor of Curacao. Though there are several agencies and websites offer lucrative accommodation deals, one should select the best option only after consulting a travel consultant.

The small port area of Cabopino is something of a hidden gem on the Costa del Sol and it’s the kind of place that you only discover if someone gives you a personal recommendation.

Lying just 15 minutes outside the town of Marbella, Cabopino is a charming and upmarket residential area with some splendid beaches. But the real secret to the area is the picturesque little port, which is largely concealed from public view. As you drive past the area from the main coastal motorway, there is no sign that such a scenic port lies within.

This is a working port with a large number of moorings and it is home to boats and yachts from around the world.

The semi-circular portside area is surrounded by wonderful bars and restaurants where you can eat a fantastic meal and listen to the boats tinkling in the breeze.

From the port it’s just a few steps to the beach and the Cabopino area offers some of the best stretches of sand on the Costa del Sol. Long and wide golden beaches lead down to the Mediterranean where water temperatures regularly top the 20 degree mark. The beaches offer plenty of places to hire a sun lounger and there are many beach restaurants or chiringuitos to choose from.

Behind the port area there are more shops and restaurants together with some attractive new housing and apartment developments. The area is extremely popular with northern Europeans, many of whom have purchased holiday apartments and villas in the area. A large number have also moved to Spain on a permanent basis and there is a large English and German-speaking community.

Cabopino property around the portside is in high demand as it offers spectacular views along with all the convenience of living next to the beach and shops.

These properties do not come up for sale very often as their owners like to keep hold of them. When they do become available, they tend to command good prices because of their prime location. A little further away from the port and you can find some great value properties, which offer every convenience you could wish for.

There are currently some property bargains available around the Cabopino area, due to the credit crunch and the fall in the value of the pound. Prices are unlikely to fall any lower in this area and this is attracting buyers back to the market. Sales in Cabopino property are expected to increase during 2010 before asking prices rise again.