Buy Properties Below Market Value

If you need to pay a settlement, you will find that there are a number of different things that you need to think about and that one of the options that will soon make itself obvious to you is that you can sell your house. While this idea might be revolutionary at first, you will find that there are plenty of reasons why you want to consider it.

When you are looking to settle your divorce payment once and for all, you will find that one of the best ways to get a lump of discrete and solid money is to sell your house. After all, chances are the house was one that had shared with your spouse and you have already discovered that the house is something that brings you pain when you were in it alone. You may also find that the only way to split the property from the marriage fairly is to liquidate the house and then split the money. When you are looking to get your divorce settlement sorted out quickly and easily, this is one option that you will want to seriously consider.

http://www.how-to-sell-your-house-home-flat-or-property-fast-and-quickly.com”>Sell your house home flat or property in the UK fast and quickly

One reason why you might be reluctant to sell your house is because you might find that you are not interested in dealing with the mess and with all the fuss of hiring an Estate Agent. In all reality, dealing with a house sale and all of the stress that goes with showing the house and cleaning it, making extensive repairs etc are things that you may not want to deal with at this point.

You will find that there are plenty of other things that you need to consider as well. This is precisely where a fast cash buyer for your house can make all the difference. This is where looking into selling your house for fast cash can really benefit you.

After your house is evaluated, you will be given a straight-forward amount of cash for it. You will find that there are plenty of reasons why you might want to consider a fast cash sale of your house so that you can move forward with your life and your happiness.

If you want to get your divorce settlement taken care of, stop and consider what a fast cash buyer like us can do for you. You’ll find that there are plenty of great benefits. You’ll have a faster turn around, you’ll get the cash right away and you can start putting this period on your life behind you. Start exploring these options and consider what we’ve got in store for you today.

Our company AnyPropertyBoughtFast.co.uk gives you a clean start after the loss of a spouse. It puts money in your pocket, takes away all the additional responsibility and helps you start afresh. It gives you time to heal when you desperately need it.

Buying a house was never really designed to be a fun process. Any enjoyment you get from it will probably come from looking at different properties and picking where you want to live for the next few years.
After you have found your perfect home, it’s time for property law to swing into action. The process of getting the purchase legally completed is called conveyancing, and it can be pretty complicated.
You could do it yourself in theory. But most people just hire someone to do it for them, either a solicitor or a licensed conveyancer. Here’s a handy property guide into the whole process, how to pick the right person who understands property law, and how it will affect you.
Picking the right legal representative is essential to making your house purchase as smooth a process as possible. If you already have a solicitor you know and trust, ask if their firm does conveyancing, or if they can recommend someone.
Solicitors are regulated by the Law Society and covered by a hefty indemnity insurance policy, in case they make a mistake that leaves you out of pocket. That’s the upside – the downside is that they may see property law as boring work. It’s certainly not as exciting as some other types of law. Some solicitors use conveyancing to keep a good cash flow in the business, but don’t place a high priority on it.
If you want a guaranteed expert, then turn to a licensed conveyancer. These people are not fully qualified solicitors, but they have studied and understand property law and the process of buying and selling a house. All they do day in day out is house transactions. And that means they could be more focused than a general firm of solicitors… although if any legal problems outside of the purchase process crop up, they will have to refer you to a solicitor for help.
Conveyancers also tend to charge a little less. Fees from some firms can be as low as a couple of hundred pounds, whereas solicitors tend to charge a bit more. If you want the biggest bargain you can get and you’re not bothered about seeing someone in person, there are now internet conveyancing firms.
Don’t forget that there are extra charges on top of their fees. These typically include search charges, a land registry fee and any stamp duty on the property.
So once you’ve picked the right person to guide you through the maze of property law, and you’ve had an offer accepted on a property, the process begins.
Your legal representative will look over the draft contract drawn up by the seller’s solicitor. It will state the particulars and conditions of the sale. They will also make a series of enquiries related to issues such as boundary disputes, restrictive covenants and rights of way on the property.
The seller will be sent a property information form to fill out. This should tally with what you think you’re buying, including fixtures and fittings.
And of course your solicitor or conveyancer will obtain the title deed and land registry certificate, and do the relevant local searches. They will also check the seller does actually own the property and isn’t bankrupt!
Once this has been finished you will be advised to sign the draft contract, exchange it, and arrange for completion (usually the day you move house).
There’s a lot to be across. And while you could do it yourself to save a few quid, there’s a lot of property law to navigate, and you might be better off hiring an expert to do it for you.

Buying of real estate property is a very tricky and risky investment to make, especially if you are not knowledgeable enough about the market, or about the value of your real estate property.

A lot of people do not know exactly how to determine the value of their property, and end up either pricing it too high or too low, something that you would not want to do, especially if you want to be able to make the most out of your investment. People who price their real estate property too high will not be able to sell the property for obvious reasons.

The price of the property should be reflective of its value, which should be determined not according to your personal assessment, but to the assessment of the real estate market. If you do price your real estate property too low, on the other hand, you only end up getting the shorter end of the stick since you are getting less than what you should be getting from your investment.

In order to be able to put the right value over your real estate property, you will need to have a better understanding of the real estate market in order to get the most out of your real estate property.

One basis for determining the value of your real estate property is called the cost or summation approach. This method determines the value of the real estate property by reducing the cost of any improvements that needs to be done on the property from the value of the land of the property. Basically, what this method does is it makes a person decide if whether the cost of modifying the existing home would be cheaper as compared to buying another home which already has those features. This approach, however, may not be the best way to determine the market value of any real estate property since this method has non-market based components, which is most noticeable when their exists a limited demand of a property in the market.

Another way of determining the value of your real estate property is by comparing the price of similar properties that are being sold in the market with your own existing property. You get the sales prices of the properties that are similar to your own, and you take into considerations the differences that are comparable between the two properties in order to determine the fair market value of your property. However, this type of method is only effective if there are good comparable sales that exist.

If the property’s current rental value and passing income are known, then the property value would be easily determined as well, just as long as the market-determined equivalent yield of the property is present. Also, certain factors, such as the revitalization or rehabilitation of a particular area can also affect the sales prices of such properties.

Determining the value of your real estate property can be very difficult to do, especially if you have very limited to no knowledge and experience about the real estate market. One good way of being able to make sure that you give the appropriate value to your real estate property is by hiring the expertise of professionals.

Vanessa Arellano Doctorhttp://realestatepress.org

Many people dream of buying their dream property. When people are looking to buy a nice piece of property, it can often be confusing figuring out if they are getting a good price. Everyone wants to get a good deal on property, especially during these difficult economic times; however, there are many things to be aware of before signing a purchase agreement.
The following is a list of tips on how to buy property at the right price:
Research Property: Because of the development of the internet, it is now easy to research many properties in many locations. It is easy to compare properties to look for differences in prices. As well, you will find such details as pictures of the property, size of the property, and any unique features. Many real estate sites feature a variety of properties in the area that you are researching. As well, most of these real estate sites provide the prices of similar properties in the area that are for sale.
Property Sales Market Fluctuations: It is important to be aware that the real estate market goes through market fluctuations. You should check to make sure that the area you are interested in is not going through a period of high property sale prices. The price being offered may be the result of current economic conditions.
Negotiation: It is important not to accept the first price offered. In most cases, the seller is expecting to have to negotiate a sales price. Negotiation is a key tool to ensuring that your purchase becomes a wise investment. You should also be aware that sometimes sellers will raise their price a bit because they expect to have to lower it during the negotiation.
Reject Pressure to Purchase: If you feel you are being pressured to buy and you think the price is too high, it is important to walk away from the deal. You want a dream property, but you do not want to pay more than the property is worth.
Inspect Property: Never purchase property that you have not looked at. You want to make sure there are not any problems with the property such as poor drainage. You also want to be able to consider the potential of the property.
Real Estate Agent: It is always wise to enlist the services of a real estate agent. They are a valuable source of information such as the property values in the area and their asking price. They can also negotiate a fair price and locate property with features that you want.
Appraiser: If you are unsure about the asking price of a particular piece of property, you can always enlist the services of an appraiser. An appraiser will be able to assess the value of the property.
It is important to remember that property prices vary according to the area. As well, as the demand for properties change, the prices will also change. Make sure you have the right knowledge about asking prices and transacted prices from as far back as a year.
Because properties are constantly coming onto the market, it is not a serious mistake if you lose out on a particular property. It is better to lose out on a piece of property rather than make a bad investment. By doing your research and acquiring the right information, you will purchase the right property at the right price.

Purchasing property without the use of your own capital is not difficult as long as you are able to learn different strategies.
Typically, the easiest property to buy no money down is the one which has been on the market for a long term. Long term here would mean several months. Generally, the longer the period of time a property has been on the market for, the more motivated the seller becomes. Hence, it becomes easier to negotiate a lower price and hence get a good deal.
When negotiating with the vendor of a below market value property, the buyer should prove to the vendor that he has sufficient funds for the purchase of that property. This can be done by showing bank statements or any documents evidencing credit status. In this way, the seller will be assured that his loan will be satisfied from the resale of his property.
The buyer should also check the sellers mortgage statements to ensure that his offer price is able to meet this obligation. If the offer price is less than the mortgage amount, the mortgagee will not be satisfied on completion of the sale and hence the sale will not be allowed to proceed.
Several parties are involved in the no money down buying process. Firstly, a surveyor will value the property you are considering purchasing. If the price you are buying the property for is truly less than the true value of that property, this will be reflected in the surveyors valuation figures. Solicitors and financiers are also involved in ensuring the deal goes ahead as planned.
The property purchasing funds that you apply for need to be based on the valuation figure and not the purchase figure of that property. This way, your mortgagee may be able to lend you the entire amount of the purchase. Often, if the discount is big enough, you can also receive cash back from this type of deal. Again, this depends on the purchase, price, valuation figures and the mortgagee who is lending to you. Rental calculations are also taken into account especially if you are purchasing the property as a rental investment.
For a truly no money down deal, none of your money should be used for that transaction. This would also include monies required for conveyancing and surveyor fees etc. These additional expenses can be paid for using interest free credit cards and low interest loans. You can repay these loans later on using the equity in your property especially if the market is rising. Obviously, in a falling market, some of these strategies become more difficult to implement and you may need to use other methods. This is why it is so important for you to keep your eyes on the ball and ensure that you remain educated to the latest techniques and standards.

There are many ways to make money with real estate that is about go into foreclosure. Foreclosure is a process that a property will go into if the mortgage it not paid on time. The bank that holds the mortgage will send a notice to the owner of the property. This notice usually tells the

owner of the property that the property is under delinquency, witch means all the payments is not up to date.

One way you can make money with this and held the property owner is by buying the property from the owner. the owner do not want to mess up his of her credit and get kick out on the streets, this is why he or she will be more motivated to sell it to the at a below market value. When doing this you must find out how much equity the owner has in property, if the mortgage can be assumed, the interest rates of the mortgage and if there is any liens on the property. Equity is how much of the mortgage is paid off so far, and when a mortgage can be assumed it manes that it can transfer to a new person with the same interest rates. Liens are put on a property if the property is put up as collateral. Liens have to be paid by any one who owns the property.

You can buy the house from the owner for the equity he or she has in the property, assume the mortgage and rent it out to the previous owner. It is important to do a credit check on the owner. If your credit is better than the owner, when you assume the mortgage you can do a refinance and get a lower monthly payment. This method takes a lot or time but if it is done right not only you will be getting a property below market value but you will also be helping someone out in the process.

A good web site where you can see more information on topics like this is Real Estate Facts which is highly recommended. Thank you and enjoy.

The term “Real estate” refers to immovable property or real property such as a building or land. Commonly said real estate is the legal term provided to the immovable property. With the development of the real estate and the emergence of the private or public sector in the real estate, it has become a major area of business. Purchasing and selling a real estate property means high amount transaction and a significant investment; hence reliability, trust and faith plays a major role in this field. Depending upon the hour of the need the real estate business required specialization in fields like real estate marketing, appraisal or valuation service, brokerages, property management etcWithin each field, a business may specialize in a particular type of real estate, such as residential real estate, commercial properties, or industrial property. In addition, almost all construction business effectively has a connection to real estate or commercial properties. indiapropertyhouse.com is perfect place in all fields. You will find all services for real estate marketing, investment property, real estate for sale and commercial property for sale in India.An important term used among the terminology of the Real Estate is the market value and price. The market value is similar to price of a commodity but has some difference too. The definition of market value it is that Market Value is an estimated amount at which a property should exchange on the date of valuation between a willing buyer and a willing seller in an arms-length transaction after proper marketing wherein both the parties have acted knowledgably, prudently, and without compulsion.Market value is the fluid concept, ever changing, while price is a historical fact at a time of transaction. A price obtained for a specific property under a specific transaction may or may not represent that property’s market value: special considerations may have been present, such as a family relationship between the buyer and seller, or else the transaction may have been part of a larger set of transactions in which the parties had engaged.Commercial Property India is committed to providing exceptional commercial real estate services across all commercial property types and service lines. Whether you are looking to acquire, sell, lease, or develop commercial property, or your interest is in real estate agent, real estate marketing, real estate investment, real estate companies, rental property, real estate sales, commercial property for sale or whatever related to commercial property we have solution for your requirement.

There are a number of things that people need to consider before they should enter the real estate market, and one of those things is to properly determine the value of their real estate property. This is important if they want to be able to get the most out of their real estate once they have decided to put it up for sale in the real estate market. There are some things that can affect the value of your real estate, and one of those things is your real estate property tax.

People sometimes just compare the value of their real estate with the price of similar nearby properties in order to determine if their real estate property has been properly valued and taxed. Unfortunately for this type of method, there are no accurate readings. Some properties will sell for below-market value, while others will cost more than your own real estate property, even if their property is similar to yours. These differences are due to certain situational factors and circumstances which helps determine the value of your real estate property.

Being able to accurately determine the value of your real estate property is important if you want to appraise it for its full sale price in the market. This means that you need to factor in all the necessary elements in order to get the value of your real estate property so you can get the best out of your property once you have decided to enter the market. There are a few factors that helps determine your real estate and property tax valuations, and these are important if you want to be able to determine your property’s actual real estate price.

Your real estate property’s market value determines the amount that any potential buyer is willing to spend on buying your property. This will help you gauge how much your property value is worth, although the market value is not exactly determinative of the price of your real estate property. Still, it is an important aspect of it nonetheless.

Your real estate property’s market value will chance once your property tax changes. There usually are changes in property tax once you have made certain improvements on your real estate property, which could help increase the value of your property. The common misconception of people is that they try to avoid or delay the improvement of their real estate property due to their fear that their property tax will be increased.

Although this is true, the rise in the property tax assessment rate does not happen until a few years, which should have already raised the value of your property if you were able to spend a considerable amount in its improvement and development. Many small businesses who improve their real estate property are valued higher nowadays, although their property tax assessment rate has been increased. Still, the increase in their property value is still a welcome change.

When a person’s property tax increases, especially if it was due to certain improvements done on the property, like the changing of the property into a type that produces much better profits, will also indicate the increase in the value of the property in the market, thereby making your real estate property more valuable than what it was before.

Vanessa Arellano Doctorhttp://realestatepress.org

The worldâ??s housing markets are showing signs of recovery, according to the latest survey of world-wide house price indices prepared by the Global Property Guide.

Seven countries have emerged from the house price slump (see below). However, most countries suffered sharp house price falls during the year to end-Q2 2009, so that the general situation remains negative. The Global Property Guide uses price-changes after inflation, giving a more realistic picture than the (more upbeat) nominal figures usually preferred by real estate agents. After experiencing declines in 2008, house prices in China, Portugal, Australia, New Zealand, France, Sweden and Hong Kong rebounded during the latest reported quarter, Q2 2009.

 

Seven countries are in recoveryIn Shanghai, China, house prices were up 1.96% during the year to end-Q2 2009. These gains occurred entirely during Q2 2009, when Shanghaiâ??s house prices rose 2.09%. Chinaâ??s house prices started falling in the last quarter of 2008, but a strong increase in government spending revived both the housing market and the economy, which has seen 7.1% GDP growth during the first half of 2009. Chinese  property prices are now widely expected to increase further.

 

Average house prices in the Algarve, Portugal, at EUR1,429 per square metre, were up by 2% during Q2 2009.  House prices in Portugal as a whole rose 1.01% during Q2, and were down only 0.43% on the year to end-Q2 2009, compared to -7.24% during the year to end-Q2 2008.  New construction orders in Portugal increased 12.3% during Q2 2009.

 

Australia and New Zealand saw house price increases of 3.73% and 3.31% respectively during Q2 2009. All regional capital cities in Australia registered quarterly house price increases, ranging from 2% to 5%. However, over the year to Q2 2009, there was a price decline of 2.80% in Australia. In New Zealand, the annual change is still negative at -3.07% in the year to end-Q2 2009. But in July 2009, New Zealand  had the first yearly house price increase since 2008.

 

After falling for the last five quarters, house prices in France were up by 3.31% during Q2 2009, thanks to government subsidies. In Sweden, house prices were up by 3.16% during Q2 2009. Hong Kongâ??s house prices increased by an average of 8.9% during Q2 2009.

 

The US housing market is strongerThe Case-Shiller house price index was up 0.35% during Q2 2009, from a decline 6.46% during the previous quarter, Q1 2009. Over the year to end-Q2 2009, house prices were down by 13.96%, an improvement from 18.51% fall year-on-year to Q1 2009.

 

The FHFAâ??s purchase-only index was however down by 1.74% during Q2 2009, somewhat worse than the 0.04% drop during Q1 2009, so the signals in the US are mixed.Over the year ending in the second quarter of 2009, seasonally-adjusted prices fell 5.03%.This was a lesser fall than in the year to end-Q1 (-9.16%) and than in the year to end Q4 2008 (-9.69%) (all figures inflation-adjusted).

 

Some countries avoided the crunchIsraelâ??s housing market has continued to sail through the global recession. The average price of houses rose 8.40% year-on-year to end-Q2 2009. But the quarterly increase in Q2 2009 was down to 1.02%, a drop from 5.52% in Q1 2009.

 

Switzerland saw an increase of 4.90% over the year to end-Q2 2009. However, house prices barely increased during Q2 2009.

 

The momentum signals improvement A key indicator of improvement is the marketâ??s momentum, i.e., the number of countries that did better this year, than during the previous year.  Nine countries improved their year-on-year performance to end Q2-2009, compared with the previous year.   In contrast during the year to end-Q1 2009, only six countries did better than the previous year.

 

Many countries are still sufferingThe Latvian housing market continues its extraordinary decline. Riga, the capital city, saw the average price of standard-type apartments drop 60.81% (inflation-adjusted) during the year to end-1H 2009. Prices dropped 26.75% during Q2 2009.  Demand for houses and apartments has been affected by high interest rates, which in June 2009 stood at 17.72% for credits to households.  Residential construction has been dismal since 2008, but in Q2 2009, the value of housing construction plunged 71.6% in comparison to the previous quarter.  Latviaâ??s overall economy shrank 18% y-o-y to Q1 2009, and its recession is predicted to continue until 2010.

 

The house price index for Dubai, UAE, fell 49.9% during the year to end-Q2 2009.  But quarterly data indicates that Dubaiâ??s downward house price spiral is moderating. House prices fell 8.92% in Q2 2009, much less than the 42% drop in Q1 2009.

Double digit year-on-year declines were also experienced in Bulgaria, Singapore, Iceland, UK, Japan, Denmark and South Africa. Most recent quarter declines in these countries range from 2% to 10%.

 

Nearing recovery?The International Monetary Fund has declared that global recovery has started. The three big economies of Japan, France and Germany have recently exited from recession. The emerging economies of Asia have revived, with China leading the pack. Whether this recovery will be sustained is the big question.

 

 

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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 44-117 973 5492.

 

Publisher and Strategist:Matthew Montagu-Pollock

Phone: (+632) 867 4220

Cell: (+63) 917 321 7073Email: editor @ globalpropertyguide.com

 

Address: Global Property Guidehttp://www.globalpropertyguide.com  5F Electra House Building115-117 Esteban StreetLegaspi Village, Makati CityPhilippines 1229info @ globalpropertyguide.com

 

 

It has been a dismal year for house prices, according to the Global Property Guide’s latest survey of publicly-available house-price time-series for the year 2008. And seen from a global perspective, the downturn is still accelerating.The collapse of the world’s housing markets can be seen from three points of view, and unfortunately, all of them reinforce the bad news. During 2008, the downward price momentum accelerated, as compared to 2007. Only 2 countries saw positive momentum in 2008 (a slower downward house price movement than last year, or faster upward movement), while 28 countries saw their housing market momentum deteriorating, compared to the previous year. The two countries with a positive momentum were Germany and Switzerland. During 2008, house prices fell in most countries. During 2008 only 8 out of 32 countries saw house prices rise, after adjustment for inflation, while 20 countries experienced house price falls. In contrast, during the year 2007, the downturn was just beginning, and only 6 countries saw house prices fall, while 24 countries saw house prices rise (all figures inflation-adjusted).Many house-price falls during 2008 were extremely severe. Countries with house price falls of over 10% during 2008 were Latvia (Riga) (37%), Lithuania (Vilnius) (27%), the US (20%), the UK (18%), Iceland (16%), Ireland (12%), and the Ukraine (Kiev) (12%) (all figures inflation-adjusted). During the final quarter (Q4) of 2008, the downward price momentum significantly accelerated, as compared to Q3, suggesting that the situation is deteriorating. During 2008’s final quarter, 9 countries saw house price falls of 5% or more during just that quarter. Price drops of more than 10% during this single quarter occurred in three countries – in Latvia (Riga), which saw price falls of 15%, in Ukraine (Kiev) (13%), and in Hong Kong (15%). Other countries with Q4 house-price falls of 5% and over, included the UAE (8%), Lithuania (7%), Iceland (7%), Singapore (6%), Bulgaria (5%), and the UK (5%) (all figures inflation-adjusted, except UAE).These price falls were much greater than during the previous quarter, Q3. During that previous quarter, only two countries experienced house-price falls (inflation-adjusted) of 5% or more, and no countries experienced house-price falls of more than 10%. REGIONAL SURVEY BY GLOBAL PROPERTY GUIDEEurope has major problems The Baltic countries of Latvia and Lithuania suffered the hardest price falls both in nominal and real terms. In Riga, Latvia, the average price of standard-type apartments plunged 37% during 2008. Prices have been going down in Latvia since late 2007, after a remarkable increase of about 70% in 2006. The most alarming decline took place in the 4th quarter, when prices declined by 15%, the steepest quarterly drop in real terms in any country. These price falls were triggered by increased interest rates, and by the tightened credit rules which Latvia imposed in 2007. Average prices of apartments in Vilnius, Lithuania, fell by 27% during 2008. House prices started slowing in mid-2007, and crashed in early 2008.House prices in the UK plummeted by 18% in 2008. Although mortgage interest rates dropped slightly, to 4.48% in December 2008, the number of loan approvals for house purchases fell 58% in 2008. There is serious trouble in Iceland (house price fall of 16% during 2008), Ireland (12%), Ukraine (12%), Malta (9%), Portugal (8%), France (8%) Finland (7%), Norway (6%) and in Spain (6%). North America’s woes In the US, the centre of the global financial crisis, in 2008 house prices fell 20% according to the Case-Shiller house price index, which emphasizes urban areas. OFHEO and FHFB figures, which are associated with Fannie Mae and Freddie Mac loans and have somewhat lost credibility, suggest a smaller decline of 6% and 3% respectively, during 2008. The US government recently approved a $ 787 billion economic stimulus package, of which $275 billion will be allocated to rescue the ailing housing market.Canada has been much less affected than the US.Pacific heads downBoth Australia and New Zealand saw house price declines during 2008, of 7% and 8% respectively. Asia no longer insulatedHousing markets in Asia have not been insulated. Singapore, Hong Kong and Philippines recorded house price falls during 2008. Singapore’s private residential prices dropped 9% during 2008, in sharp contrast to the 26% price increase of experienced during 2007. The developed countries’ economic troubles adversely affected Singapore’s exports, and during 2008, output in the manufacturing sector, particularly of electronics, precision engineering and chemicals, shrank by 10.7%. Singapore was officially in recession in Q3 2008.Hong Kong has been badly hit by the crisis. House prices were down by an average of 6% in 2008. But during the last quarter, Hong Kong experienced a severe decline in prices of 14%. In Makati, Philippines, prime 3-bedroom condominium prices fell by 2% during 2008, after an 11% price rise during 2007. Nevertheless construction of high-rise residential buildings continues, with residential condominium stock rising by 7% during 2008, according to Colliers Philippines. Japan recorded modest Tokyo condominium price rises of 1.2% during 2008. On the other hand, land prices in Japan’s six major cities fell by 6% y-o-y to Sep-2008. In Shanghai, China, house price rises slowed to 5% y-o-y by the end of 2008, after peaking at 30% y-o-y to May 2008. However Shanghai is likely to be somewhat exceptional, and Xinhua News Agency reported house prices declines in 70 major cities during 2008. Shenzhen suffered the hardest fall, with prices down by 18% during 2008UAE on shaky groundIn Dubai, UAE, despite the bleak global picture, saw surprisingly large dwelling price rises of 41% during 2008. However during the year’s final quarter, prices fell by 8% in nominal terms. This downturn is attributable to strongly tightening lending criteria, an increase in interest rates, multiple layoffs, and alarm among buyers. Forecast: No recovery in 2009History suggests that in a crash, housing markets take many years from peak year to full recovery. In view of this and of the pessimistic IMF forecast for the global economy, no real recovery is likely in the global housing markets this year. The IMF has predicted that the world economy will grow by 0.5% in 2009, the lowest level in 60 years. GDP in advanced economies is expected to decline by 2% during 2009. The United Kingdom and Japan will be hit the hardest. Output in the UK may contract by 2.8%, while Japan’s may fall by 2.6%. Growth in emerging economies is expected to slow to 3.3% in 2009, down from 6.3% in 2008. Developing Asia is forecast to be the least affected, with growth of 5.5%. China’s economy is predicted grow by 6.7% in 2009, but this is a substantial decline from 9% growth during 2008.We cannot be optimistic for five reasons:• Valuations still clearly remain stretched in most countries, in terms of price/rent ratios. • Economic growth is slowing or negative in many countries, which is negative for housing values.• There are no signs that banks are becoming more willing to lend.• The unprecedented nature of the financial system’s collapse has greatly added to the difficulties facing the world’s housing markets. • Some national governments are experiencing difficulty in refinancing their national debt, putting their currencies under pressure. Currency instability is likely to aggravate housing sector problems in countries where many loans were taken out in a foreign currency.The positive news is that the US government and several others are acting with vigour, as has the IMF. Nevertheless, there is a long tough road ahead. ###Description of the Global Property Guide: The Global Property Guide (http://www.globalpropertyguide.com) is an on-line property research house, specializing in analyzing residential property valuations around the world.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 + 8.00Economics Team:Prince Christian Cruz, Senior EconomistPhone: (+632) 750 0560Email: prince@globalpropertyguide.comPublisher and Strategist:Matthew Montagu-Pollock Phone: (+632) 867 4220 Cell: (+63) 917 321 7073Email: editor@globalpropertyguide.comAddress: Global Property Guidehttp://www.globalpropertyguide.com 5F Electra House Building115-117 Esteban StreetLegaspi Village, Makati CityPhilippines 1229info@globalpropertyguide.com