Hub’s taxable value increases as the real estate market stabilizes

A slowly improving economy and a revaluation combined to produce an increase in Boston’s FY13 taxable value by 4.2 percent, more than twice the growth that occurred in the prior year, according to an analysis by the Boston Municipal Research Bureau, a city watchdog group.

The average single family tax bill is $3,480, a $175 or 5.3 percent increase over FY12. These changes will be reflected in the city’s third quarter tax bills that were mailed late in December. Boston’s total taxable value for FY13 is $92.2 billion, an increase of $3.7 billion or 4.2 percent which compares to last year’s growth of 2 percent.

Residential value increased by $2.6 billion or 4.6 percent while the commercial property value increased by $1.1 billion or 3.5 percent when including new growth.

Boston’s tax levy in FY13 totals $1.7 billion, an increase of $69.7 million or 4.3 percent. The $1.7 billion levy is at its maximum legal level except by a Proposition 2 1⁄2 override. The normal 2.5 percent increase in the levy produced an increase of $40.4 million and new growth contributed $28.3 million or 40.6 percent of the total. As a consequence of the city’s application of full classification, commercial property represents 34.8 percent of taxable value, but pays 60.8 percent of the tax levy.

Residential property represents 65.2 percent of value and pays 39.2 percent of the levy.

The residential tax rate increased by 0.8 percent or $0.10 per $1,000 of value to $13.14 in FY13, while the commercial tax rate increased by 0.1 percent or $0.04 to $31.96. The increase in residential value and tax rate combined to increase the average single family tax bill by $175 to $3,480 for taxpayers receiving the residential exemption which saves $1,724 off their tax bill in FY13.

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Five locations see decline in property prices

Residential property prices at five locations - Klonglong-Bangkhan, Nimitmai, Samklog-Sena, Nawamin, and Aomnoi - dropped by between 7 per cent and 14 per cent in the last six months, according to a survey by the Agency for Real Estate Affairs (AREA).

The survey of 1,300 residential projects in Bangkok and its suburbs in the last month showed that single detached houses in Klonglong-Bangkhan saw their prices drop from Bt2.19 million last year to Bt1.87 million in June this year, down 14.4 per cent.

Shophouses on Nimitmai Road, which had a price of Bt4 million last year, now recorded Bt3.5 million, dropping 12.5 per cent.

Single detached houses priced at Bt3.4 million on Samklog-Sena last year now offered a price of Bt3 million, dropping 11.6 per cent.

Condominiums priced at Bt812,000 per unit in Aomnoi district last year now offered a price of Bt748,000, dropping 7.8 per cent.

Meanwhile, the residential prices at five locations - Srinakarin-Theparak, Eakchai-Bangbon, Ladkrabang, Chalong Krung and Theplela-Mahathai - saw residential prices rising between 7 and 14 per cent this year from last year. The survey showed that townhouses priced at Bt2.49 million on Srinakarin-Theparak last year recorded Bt2.85 million this year, up 14.5 per cent.

Twinhouses priced at Bt2.27 million per unit on Eakchai-Bangbon last year, now sold for Bt2.54 million this year, up 12.1 per cent.

Townhouses priced at Bt1.69 million on Ladkrabang last year saw prices rising 11.8 per cent to Bt1.89 million.

Single detached houses priced at Bt3.3 million on Chalong Krung last year, now offered Bt3.69 million per unit, up 11.8 per cent. Condominiums priced at Bt700,000 per unit on Theplela-Mahathai last year went up to Bt770,000 per unit this year, up 10 per cent from last year.

AREA's president, Dr Sopon Pornchokchai, said that this showed that some locations are oversupplied in some categories. This will help property firms to reconsider which are the locations that still see demand and move their investment to those areas.

Source: http://www.nationmultimedia.com/business/Five-locations-see-decline-in-property-prices-30187245.html

Real estate sector to grow

ZAMBIA’S real estate sector is this year projected to register growth in the residential property segment with 3,500 units expected in North-Western Province alone.

Pam Golding Properties Zambia managing director Inutu Zaloumis said the real estate sector will register significant growth this year with residential property expected to see increased demand.

Other provinces will also see growth on the back of increased investment especially in North-Western and the Copperbelt Provinces.

“North-Western Province alone will see approximately 3,500 new residential units developed as investors such as First Quantum Minerals invest further into their mining operations in the province. This investment will spill into the development of retail, commercial and industrial real estate as the province looks to provide a self-sustained economy for its population,” says Ms Zaloumis.

Ms Zaloumis said in a statement that there is likely to be increased interest in the commercial sector on the Copperbelt and North-Western provinces due to the absence of structural retail property and increased economic activity in the provinces.

“Areas such as the Copperbelt and North-Western provinces still haven’t been heavily invested into when it comes to retail and commercial property and we will definitely see that these are two key growth areas for the local real estate sector in 2012 going into 2013,” she said.

Ms Zaloumis said Lusaka has registered significant growth with a lot of shopping complexes and office blocks constructed.

She however does not expect much growth in Lusaka this year as the market has become saturated.

She said as a leading player in the industry, Pam Golding Properties Zambia has seen positive strides registered where the interests of tenants, landlords and property developers are protected.

“As a member of the Zambia Institute of Estate Agents, we are confident that with continued sensitisation of the public by the institute, estate agents will support and understand the benefits of being part of a regulatory body,” she added.

Ms Zaloumis emphasised the importance of a regulatory body which will allow aggrieved parties to seek an audience with the institute which also acts to settle disputes between tenants and property owners in Zambia.

Source: http://www.daily-mail.co.zm/index.php/business/4327-real-estate-sector-to-grow

Real Estate Market Continues Steady Recovery

Estonia's crisis-battered real estate market maintained its steady path of recovery in 2011, with the total value of sales up by a quarter compared to the year before, the latest numbers from Statistics Estonia show.

While the 32,486 transactions registered for the year represents only a 3 percent increase from 2010, the average value of each transaction has been growing, resulting in an overall sales total of 1.5 billion euros.

Despite the gains, sales volumes last year were still less than half of what they were during the peak of the real estate boom in 2006.

Residential property, which accounts for 48 percent of the market, saw average sales values rise by 13 percent last year.

The average purchase price per square meter of dwelling space in the country increased by a tenth in 2011, with the fastest gains registered in the cities. Tallinn prices were up 13 percent, Tartu 8 percent and Pärnu 6 percent compared to 2010.

Source: http://news.err.ee/economy/740a769f-d04b-4617-b749-5d77e45b324e