A softer market for sales transactions – along with an increase in inventory – should bode well at present for those in Central Florida who may have missed out on deals recently.
Orlando’s property market has continued to slow overall since the summer, statistics from the Orlando Regional Realtors Association show. Sales dropped 11 per cent in March 2019 against a year earlier, while inventory over the same period rose 5 per cent. Metro Orlando sales fell 5.4 per cent in February against the previous year, and the average $249,900 price for this area is down more than $10,000 compared to June 2018.
Agents in the area say the supply of houses, though down slightly from January, are the highest since 2017.
Just one problem – median sales prices overall continue to rise. The average family home changed hands for $235,000 in March, which is up from $226,500 in January 2019, and up more than 2.2 per cent against March last year. The average per square foot is $150, up 7 per cent.
On the other hand, this March figure is the same as the previous month, so there’s clear evidence of a steadying of prices.
But here’s a finding. Orlando was cited as the best place to invest in real estate in the South Atlantic/Florida region, according to Urban Land Institute and PwC analysis. This is the third year in a row it’s been nominated as such. Further, the city came in the top six nationally of cities seeing the greatest decline in retail square footage, which can imply it’s modernizing its use of commercial space.
The city’s prices are expected to rise 4.9 per cent this year.
The Georgian capital’s property market continues to deliver chunky growth statistics, as domestic demand is complemented with a widening international recognition.
More than 34,500 apartments in the city changed hands last year, findings from a report by TBC Capital show. This is up 31 per cent on 2017, and that rate of growth is almost twice as high compared to 2016-2017.
Prices have inevitably risen in accordance - average per square metre rates are around the GEL 1,764 mark (US$ 648.5) in the city centre, with the average apartment around 67 square metres. This is up 6 per cent against 2017, and means that the average apartment price – given the hypothetical nature of mean averages – is GEL 118,188 (US$43,450).
The city has marketed itself well to Russians seeking a nearby diversification away from the rouble, and general investors seeking a higher return. An increasingly well connected population, and increased English speaking, is attracting tourists from the Gulf and eastern Europe for the quaint city streets and day trips to caves and vineyards. New builds are currently outstripping older buildings for price appreciation, indicating the higher, modern standards of property supply to make it comparable with European capitals further west.
The country also offers residence to buyers of property worth more than $35,000, providing the property is complete, one can apply to the Public Service Hall in person and they get recommendation from Georgian citizens. Property taxes are generally low, flat rates.
For investors, Tblisi offers significant rental yield – in the right places of the city centre such as Vera and Rustaveli, as high as 12 per cent. For those who like a renovation challenge, some new-builds are completed to shell n’ core stage.
The Indonesian authorities have brought the proverbial horse to water – now they’re just waiting for it to build up a thirst.
The property market in the country’s 14 biggest cities remains sluggish, as an overhang from last year when a rise in transactions of more than 10 percent in the first quarter slid to a decline of 0.08 per cent in the next, then a fall of 14.14 per cent in the third quarter.
This is despite the robust 5.5 per cent economic expansion in the country last year, a recent tax amnesty that aimed to get property buyers back to the table, and increased political stability.
However, the monetary and fiscal policies have been a mixed bag over the last year. As things stand central bank base rates are at 6 per cent on the back of successive rate hikes from Bank Indonesia to stem a sell-off in the currency.
Mortgage rates have actually fallen at the same time, however, averaging around the 9-10 per cent mark.
Inflation is at an historical low of 4.5 per cent, though property is often used as a hedge against inflation.
In the capital, strata title apartments rose just 2 per cent in price up to Q3 last year – the slowest growth in eight years, according to Colliers International. Property in the central business district, the south of the city, and the non-prime areas rose between 1.22 per cent and 1.84 per cent.
Large scale new build projects such as Puri 8 Residence, Southgate Residence and Apple Residence still have stock, and range from $1,112 and $2,798 per square metre, data collected from GlobalPropertyGuide show.