Affluent Indian property investors are buying property abroad as they see the global real estate slump as an ideal time to snap up bargains, according to industry agents. Dubai is proving extremely popular as is the UK. In both countries prices have dropped and the markets are regarded as being full of opportunity, a London based broker has found. ‘The property slump is not just confined to India. Prices have crashed considerably in the US, the UK and the Middle East and many Indians are seeing this as an opportunity to buy property there,’ said Rajesh Goenka, chairman of Axiom Estates, the London based provider of property services in India. continue

Residential property in Singapore fell 5.7% in the fourth quarter of 2008, the steepest drop in a decade, according to the latest figures. The global financial crisis and an economic recession are deterring buyers in the country, experts believe. Property prices have retreated for two straight quarters after a four year real estate boom, the data from the Urban Redevelopment Authority shows. A spokesman confirmed it was the biggest fall since 1998. Prices for apartments in the core central area fell 6.3%, dropped 5.5% in the rest of the centre and 4.7% across other parts of the country, the government agency figures also showed. Officials are now predicting that Singapore’s economy cold shrink by 2% this year, the first contraction since 2001 as the global financial crisis hits. continue

Lahore: The staff of the Lahore Development Authority (LDA) demolished as many as 15 illegally built shops on Sunday. These had been constructed in the unlawfully dug up basement in the front house line of Khan Arcade, Firdous Market and Gulberg. According to a press statement, these shops had been constructed in contravention of building regulations of LDA and building plan were not approved from the LDA. Staff of the Town Planning Wing as well as the LDA Estate Management Directorate jointly carried out the operation against illegal constructions. continue

KARACHI: The low-cost housing schemes by private builders announced in great numbers all over the country have witnessed extraordinary public interest which has led to price hikes in properties in some cities and over subscription of projects in others. According to real estate insiders, many more housing projects are in the books of both top and small developers of Pakistan and would be launched after Muharram. These projects have been initiated in Islamabad, Karachi, Hyderabad, Lahore, Multan, Faisalabad and Mardan and have received tremendous responses from the common public. “Pakistan’s backlog of 8.8 million houses may now be met to at least some extent,” voiced Vice President of FPCCI Sub-committee of Housing and Construction Munir Sultan. continue

Rawalpindi: The committee constituted by the Punjab government has calculated a total of Rs1.12 billion loss incurred by the traders in the fire incident of Gakhar Plaza. The committee headed by MNA Haji Pervaiz Khan and MPA Sheharyar Khan evaluated the loss after a survey and negotiations with the affected traders of the plaza. The committee in-charge, Haji Pervaiz Khan, disclosed this during a meeting with Rawalpindi Chamber of Commerce and Industry (RCCI) President Syed Asad Mashadi here Friday. Haji Pervaiz said that the report of the total loss, assessed by the committee, has been submitted to the Punjab government for efforts to compensate the affected traders. continue

Never blindly accept any homebuilder without doing a little research. It will take quite a bit of legwork, but likely will stave off potential frustration and massive repair bills. Here’s where to start. In a marketplace fraught with the possibility of new-home defects, consumers must carefully scrutinize builders and, if possible, actively participate in the building process. Here are top resources for researching a builder. continue

Clearly, housing is still in the dumps. During the second quarter, home prices dropped 15.4% over the same period last year, according to the S&P. It’s not pretty. But it’s adding injury to insult to pay property taxes based on a home value assessed during the housing bubble. Not all towns adjust their assessments every year to reflect the current market. While some municipalities do revalue properties annually, others do so every five years, says Sharon McCabe, associate director of the Graaskamp Center for Real Estate at the University of Wisconsin. So if your home was last assessed during the market peak, it makes sense to consider challenging the assessment, says Noreen Perrotta, money editor for Consumer Reports. continue

The tax deductibility of mortgage interest is a familiar benefit to homeowners, but it is not the only tax-related issue that homeowners need to know about. Some of the greatest challenges of owning a home come in the form of the tax regulations that relate to points and cost basis. Fortunately, a little knowledge goes a long way toward clearing up the mysteries. In this article we’ll give you the lowdown on mortgage basis points and show you how they figure into your home’s value, cost basis and, ultimately, your tax liability. continue

A home equity loan allows you to access the equity in what may be your greatest asset -your home. If you’ve been paying on your mortgage for several years, and if real estate in your area has appreciated, the equity in your home may have had a chance to really build. With a home equity loan, you can use that money to finance many things, but you need to make sure to use this money wisely. With a home equity loan, you can borrow a lump sum at a fixed interest rate. Just as with your mortgage, you pay in monthly installments. This loan probably carries a slightly higher interest rate than your first mortgage and may also include closing costs. Some lenders will waive these costs or allow you to roll them into the loan. This type of loan is usually considered smart debt if it’s used for the right purpose. Here are some of the reasons you might want to consider a home equity loan. continue

I’m having a problem with a rental property. My tenant doesn’t seem to find it important to pay her rent; go figure. I’ve been managing my own rental properties for 14 years now and rarely run into this problem, believe it or not. I’ve arrogantly attributed my success with my rental properties to my sweet disposition and the respectful attitude I take with my tenants. But, alas, my nearly-perfect track record is shot. Darnit. It’s been stressing me out something awful. I’m losing sleep, I’m losing money and I finally lost my patience (took long enough!). continue