Regeneration work helps to boost the popularity of Pimlico

Pimlico is one of the nicer places in London to live. It is a small area of West London located in the City of Westminster. Known for its grand garden squares and impressive architecture, it has always been a popular hotspot among domestic and overseas residents. It is particularly renowned for its arts scene, notable people and development over the years. The area recently hit the headlines thanks to several regeneration projects that are taking place in the suburb and across the borough of Westminster. Westminster is a vast, metropolitan borough in the capital, home to Westminster Abbey,and it incorporates much of Central London including most of the West End. Its most popular tourist attractions are Buckingham Palace, Big Ben and the Houses of Parliament. Houses in this area of the UK are often in high demand and there are nearly always improvements being made to the different towns that make up the borough. For example, Westminster Council recently announced that more than 1,000 new homes will be built after a Ј200 million regeneration scheme was implemented by the council. Two projects at Ebury Bridge Estate in Pimlico and the Church Street area of Marylebone both received the green light from the public who voted on the scheme, which will be particularly beneficial for residents in the area. Over Ј100 million will be spent on Ebury Bridge Estate alone, blocks will be renovated or rebuilt and open spaces landscaped. Westminster Council is also focussing on building affordable homes in the area, which will see apartment blocks being renovated or rebuilt while open spaces and parks will be landscaped. The plans will also include a new community and health centre on Lisson Grove and a new play and sports facility on Luton Street. Additionally, further improvements will be implemented across Pimlico, which even includes an area-wide heating system designed to reduce residents' energy bills. It is estimated that over 300 jobs and 100 apprenticeships will be created as a result of the scheme. Councillor Jonathan Glanz, Westminster City Council's cabinet member for housing, highlighted the overwhelming public support for the scheme. He added: "I am delighted with the incredibly positive outcomes of these votes, which is a result of the council working incredibly hard alongside residents over a number of years to develop plans which will deliver sustainable regeneration. "Their emphatic approval of these plans means that work can now begin on building new homes for those on housing lists, but also on creating better homes for existing residents, building new community facilities, and improving open spaces and the public realm of the area, helping to improve lives in Westminster. "This project is a real example of local people taking responsibility for shaping their communities, and we will continue to work with residents throughout our regeneration programme. I am looking forward to seeing residents in other renewal areas of Westminster have their say on our plans for regeneration later this year." A new playground and retail units will also be built in Ebury Bridge Road.  When it came to the public vote, 59.6 per cent of residents turned out to vote on the proposals and over 78 per cent of residents in Ebury Bridge were in favour of the changes. In Marylebone on the other hand, around 45 new replacement one-bedroom sheltered homes will be constructed for current elderly residents in the Penn House area, while a new fund will help to improve the overall management of the neighbourhood.
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China trade data adds to recovery hopes

China's exports and imports rose in October, the latest in a series of figures indicating a recovery.

Exports, a key driver of its growth, rose 5.6% from a year earlier, while imports jumped 7.6%.

This follows data released this month which showed that manufacturing activity in China grew at its fastest pace in 18 months in October.

The numbers come ahead of key meetings of China's Communist Party, with economic reforms set to be discussed.

Known as the Third Plenary Session of the Central Committee, the meeting will run from 9 to 12 November, and top leaders are expected to discuss reforming key areas such as the financial sector and state-owned enterprises.

'Holding up'
China's economy, the world's second biggest, has shown signs of a pick-up after seeing its growth rate slow in first half of the year.

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Domestic demand is still holding up, which can be seen from the import growth"

Sun Junwei
HSBC Global Research
Its economy grew 7.8% in the July-to-September quarter from a year earlier, up from the 7.5% expansion recorded in the previous three months.

Some analysts said the pick-up had been helped by a recovery in demand from key export markets such as the US.

"Combined with the better export data in Korea and Taiwan, China's export numbers suggest some - although not yet decisive - improvement in global demand momentum," said Louis Kuijs, an economist with Royal Bank of Scotland.

Over the past few months Beijing has also announced stimulus measures aimed at helping exporters and boosting domestic demand.

These include tax breaks for small businesses, reduced fees for exporters and the opening up of railway construction.

Analysts said that domestic consumption in China was likely to pick up in coming months and help boost its overall growth.

"Domestic demand is still holding up, which can be seen from the import growth, and the recent Purchasing Managers' Index (PMI) figure also indicated that the domestic demand will continue to gain more steam in the coming quarters," said Sun Junwei, an economist with HSBC Global Research in Shanghai.

Earlier this month, China also reported that its services sector, which accounts for almost 43% of its overall economy, grew at its fastest pace in a year in October,

The positive data follows a rise in industrial output, retail sales and fixed asset investment in September.

bbc

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Make the Most of Your Bathroom This Winter

During winter, the temptation to take long, hot showers and baths can be hard to resist. Unfortunately, the reality is that prolonging your shower or bath can lead to an increase in electricity and water consumption and a high utility bill. Hot steamy bathrooms can also create the ideal conditions for mildew growth.


For those seeking the pleasures of a warm bathroom without the associated cons, heated towel rails may well provide the answer says Liza Watermeyer, Retail Display Co-ordinator at Tile Africa.


"A heated towel rail transforms a bathroom from a purely functional room into a contemporary space where you can truly relax and recharge your batteries," notes Watermeyer. "Imagine the pure delight of stepping out of a hot bath or shower on a cold winter's day and being able to wrap yourself in a warm and cosy towel. What could be better?"


Watermeyer explains that heated towel rails make the bathroom a much more comfortable place to spend time in during winter, and are far more cost-effective than they are generally perceived to be.


"Heated towel rails don't consume a large amount of electricity, with most brands having developed solutions that use less electricity, while maximising heating efficiency. By way of example, the running cost of a heated towel rail equates to a little more than running one or two light bulbs (between 100 and 200 watts)."


A number of other advantages stem from installing heated towel rails explains Watermeyer. They are safe to use in a damp environment and are provided with an earth as an extra precaution; they offer gentle background heating and reduce the risk of damp and mould in the bathroom; towels dry much quicker and they are trendy, available in a wide range of styles and will complement your bathroom. Importantly, heated towel rails are considered an investment and will definitely make an impression on future home buyers she says.


Commenting on the issue of mildew, Watermeyer explains that it is especially rife in winter because it grows on the damp surfaces provided by the steam that condensates on the walls and ceiling due to a lack of ventilation.


"The best way to prevent mildew is to make sure your bathroom is well ventilated with good airflow provided by an open window or two," says Watermeyer. "If a chilly breeze doesn't appeal to you, an extractor fan in the ceiling could present the answer. Extractor fans eliminate steam and prevent the damp that causes mildew. It's worth mentioning that extractor fans essentially prolong the lifespan of the tiles, grout and paint."


Watermeyer also advocates ensuring that the geyser, which is usually positioned within close proximity of the bathroom, has a drip tray and an overflow outlet to prevent leaks and water damage which will lead to mildew growth.


"It's important to pay due diligence to mildew as it can cause irreparable damage," concludes Watermeyer. "If mildew appears, use a household cleaner especially formulated to eliminate mildew and mould to clean tiles, grout and the ceiling. These cleaners are available from bathroom and home improvement retailers."

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Buying historic properties

Historic buildings abound in France, from barns to chвteaux, and they needn't cost the earth. But you need to know in advance what you are letting yourself in for, whether you buy a ruined shell or an immaculately-renovated property.

France has a similar system to England for listing buildings of historic or architectural interest. This aims to preserve and protect them as part of France's cultural heritage. Known as monuments historiques (MH), there are two classification levels. Classement as an MH is the higher level and designates a monument of national importance, like the Chвteau de Versailles. Inscription sur l'inventaire supplementaire des Monuments Historiques (ISMH) covers monuments of regional or local importance, such as smaller chвteaux or manor houses. A listed building is commonly known as either classй or inscrit.

Fewer buildings are listed in France than in England, where virtually every building over a certain age is grade-listed. The total number of listed MH in France is around 40,000 (12,000 classйs and 28,000 inscrits), of which nearly half are in private hands. In comparison, England has almost 375,000 listed buildings. Aside from officially listed buildings, many thousands more in France are historic monuments in all but designation. I'll focus on these and the MH inscrits, as being of more interest to property hunters than national monuments.

The French Ministry of Culture has overall responsibility for MH. Below that, a range of organisations apply government policy, provide advice and carry out inspections. Broadly, once a building is listed, the Service territoriale de l'architecture et du patrimoine (STAP) oversees its protection and preservation. Within STAP, the Bвtiments de France (BDF) architects provide expert advice and approve renovation plans. If you own a listed building you are likely to have most contact with them.

BUYING A HISTORIC HOME

Carl Scholfield of Lafite Scholfield Belles Demeures says there are plenty of historic buildings available. Many of those on his books, such as an immaculate Renaissance chвteau in Lot-et-Garonne, are not listed, although they certainly would be in the UK. They are therefore subject to the normal rules governing their sale and renovation.

However, if an MH takes your fancy, French bureaucracy is never simple and there are rules about what you can do with a monument historique inscrit. The vendor must inform the purchaser of its status before the sale and notify the local prйfet. Carl Scholfield also says, "If you need a mortgage to buy a listed property, the banks don't like to touch them. But some specialist outfits provide finance."

If you plan to renovate the property, lawyers advise putting a clause suspensive into the compromis de vente, or pre-sale agreement, making the sale conditional upon obtaining planning permission. Scholfield says, "If you have plans to renovate, you need to make enquiries first with the Bвtiments de France architects." Even if the house itself is not listed, there are restrictions on what you can do if it is within 500 metres of an MH or in a Plus Beaux Villages.

RESTORATION AND MAINTENANCE

The owner is responsible for the preservation and upkeep of an MH. To modify a listed building, even to replace the shutters, you need to inform the prйfet in advance and obtain the necessary permission. The process can take several months but you cannot start work without it. This is normally granted subject to restrictions, such as the type of materials permitted.

BDF architects supervise the work up to completion. Even if a house is not listed, any plans must be passed by them if it is close to a listed site. Scholfield says, "The general opinion is that you can't do anything to a listed building but the BDF architects are surprisingly open to modern touches on ancient houses. An 11th-century fortified chвteau I sold last year was hyper-modern inside and one entire wall was glass."

Once permission is granted, the owner of an MH inscrit must engage an architect to oversee the work. But there is no restriction on the architect or building firm you can choose to carry it out.

Grants are available for the restoration and on-going maintenance of listed buildings. The amount you can claim will depend on the level of classification and other factors but the state will finance up to 40% of the total bill. To find out if you are eligible, contact the Direction Rйgionale des Affaires Culturelles (DRAC). Delays and significant restrictions can apply.


For non-listed buildings local grants might be available but the amount will depend on local discretion. In that case, contact the Direction Dйpartmentale de l'Йquipement (DDE) for your dйpartement. You can also apply for a Label Fondation du Patrimoine, provided the property has cultural significance and is visible from a public road. Renewable every five years, this gives access to subsidies for exterior restoration work and fiscal advantages.

You can enjoy certain tax advantages as the owner of an MH. Certain renovation costs are 100% deductible against tax, as well as the costs of opening to the public. Other costs, such as caretaking or works not eligible for grants, are also 100% deductible if the building is open to the public for at least 40 days, July to September, or 50% deductible if it is not. The rules are complex and, as always, specialist advice is essential.

ONGOING LIVING COSTS

Even if you buy a renovated property the cost of upkeep and repairs will add up for a listed building. Using specialist materials and artisans is expensive. Also, any work must conform to the BDF architect's requirements.

You also need to consider buildings and contents insurance. The house must be insured for the cost of rebuilding it, including experts' fees and demolition costs, which are likely to be expensive. Also, listed buildings pose more of a security problem. All these factors are reflected in the cost of insurance and many traditional insurers will not cover MHs. It pays to get guidance from specialist organisations such as Vieilles Maisons Franзaises, which provides expertise and advice to owners of old properties, not only listed buildings.

So, before taking the plunge and buying that dilapidated chвteau or former monastery you need to consider some important issues. But with careful planning you can turn the dream into a reality.

.completefrance

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Is it Better to Buy or Rent First?

     When starting out in life as a young professional, the question often arises whether to buy a home or rent while establishing a career, says Michael Bauer, managing director of the estate agents IHPC.


The first questions to ask, said Bauer, is how long the current employment contract is likely to last and would a transfer to another town or province be likely in the near future?


"While everyone would agree that buying a property is always a good proposition to set yourself up in life, it sometimes is not completely practical. You may be paying towards your own bond instead of renting and paying someone else's bond but if you are transferred or you do find a better job elsewhere, owning your home comes with a few complications - would you sell it or rent it out?


"Renting a home to live in for a time, possibly for the first five years of your career, can make sense," says Bauer. 


"It gives you the freedom to move if necessary and, in most cases, you would be able to rent in areas you would not likely to be able to buy in. Most rentals are less than the bond repayments on the equivalent properties in desired areas."


There are also dilemmas, too, when young couples decide to start a family. They may each own a small apartment, and they may have to sell those properties in order to buy their new family home when moving in together. They might own a home that seems big enough for the two of them but then, when their first child comes along, the home no longer suits them.


They then need to decide whether to sell the current home to upscale to a larger unit or whether to rent it out and buy a second home, said Bauer.


It might be better, he said, to keep the smaller unit (if the bank does not make the selling of this home a condition of granting a bond for the second) and rent it out. The capital appreciation on the first unit will continue to grow and there will be no loss as no transaction costs (such as an agent's commission, capital gains tax, legal fees, bond cancellation fees) will be paid.


"The drawback of keeping the smaller unit would be the tenant management but this could be overcome by appointing a rental agent to manage the rental rather than trying to do it yourself," he said.


"All in all, it is best to own your own home, but if the chances are high that you will only be living there for a short time, investing in a property would not be a good idea. A good strategy to investing is always to keep in mind that it is a long term investment and anything less than five years spent in a home will end up losing you money in transaction and moving costs."
  
privateproperty

                                                                                                                     

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Paul's Weekly Column 16th October 2013 - Students are reliable tenants

I think I've reached the point at which nothing property-related can astonish me.  I'm mistaken.  I discover recently that, according to the National Landlords Association,  students are among the most reliable tenants in the land.

If you're as astonished as I am, read on.  Students score highly on a number of different measures.  First, they are least likely to miss a rental payment.  Seventy-one per cent of landlords with housing benefit tenants have experienced rent arrears over the past year; the comparable figure for landlords who let to blue collar workers is 59%; for landlords of students it is just 38%.

Secondly, and perhaps less surprisingly given the regularity with which the academic year comes round, student landlords also experience the lowest incidence of empty properties.  Less than 30% have had vacant properties during the summer months.  This is way down on the figures for those who let to families (40%) and older couples (49%).  

I may have saved the best 'til last.  Renting to students can be very profitable for landlords. Student tenants offer one of the highest rental yields: 6.7% compared with a UK average of 6.1%.

As with any opportunity that looks golden, there will, of course, be pitfalls.  The biggest challenges probably stem from the nature of the tenants themselves.  For many students, going to university is their first experience of independent living.  There's an education job to be done here, and it has absolutely nothing to do with university courses.  

In addition to an extremely explicit tenancy agreement, you will probably also need to explain their obligations to your student tenants in person.  I know of students who genuinely thought they didn't have to pay rent to the new landlord when the house was sold - because they'd signed the tenancy agreement with the previous owner.  Yes, well, it's an education case in point.

I think there are also a number of other givens: furniture, above average wear and tear, regular inspection visits, regular turnover of tenants, internet connection in every bedroom, locks on doors.  These are just the minuses that go with the pluses above.

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Great Care Essential When Buying Off Plan

In recent months there have been signs that residential property developers of multi-unit sectional title schemes are once again becoming active, says Tony Clarke, Managing Director of the Rawson Property Group. While this is welcome (and very necessary), he says, it is likely to lead to a revival in the disputes which have been seen occasionally in this field between the clients (often represented by a body corporate) and the developers.


"Many sectional title developers," says Clarke, "have mastered the art of marketing their units and are extremely proficient at it. Using models, digital walk-through videos, brochures, well displayed plans and computer graphics they can, if not carefully watched, make developments look a great deal more glamorous and attractive than they will be when actually completed - and this can lead to disappointment."


Particularly reprehensible, says Clarke, is the practice of a small minority of developers who do not specify exactly the materials to be used or, if asked about this, downgrade them and use inferior materials in their place. It is, therefore, he says, vital to insist that all materials, including those in the common areas, are specified in the sales documents and are used in the building at the outset.


Regrettably, too, says Clarke, building skills are in short supply these days and this coupled with a lack of qualified supervision can lead to the building showing signs of deterioration early on in its life. Paint peeling on balustrades, walls and galvanized iron tanks, flaking plaster and subsidence or structural cracks can and do crop up. Fire protection and garden sprinkler systems as well as electronic doors frequently perform inadequately and so-called waterproofed areas like roofs and balconies quite frequently can also cause problems from a very early stage in the building's life.


The Sectional Title Act, says Clarke, allows the body corporate to sue its developers on account of unacceptable quality if these faults become evident in the first three years, but this can only be done if the body corporate has called for a special resolution which is then supported by 75% of the owners (measured both by number and by value) participating in a formal voting process.


Obviously, says Clarke, if the developer has held onto a significant percentage of the units for later sale or for renting on his own behalf, such a resolution can be difficult to achieve. In addition, the developers are sometimes able to hide behind the company or companies set up for the development.


Supposing, however, the body corporate members do decide to sue, they will then have to raise the legal fees themselves (and may well not be compensated for these in the final judgment). Legal fees, adds Clarke, have a nasty habit of mounting up higher than anticipated.


"The lessons to be learned from all of this," says Clarke, "are that it is essential to check the track record and credentials of the developer and the building team. This can be done by visiting their projects."


In general, he says, unless you know the management personally, it probably pays to be wary of new boys on the block - those developers entering the market for the first time. It should also be borne in mind that on occasion high profile reputable branded estate agencies do find themselves working on behalf of less than competent developers.


"If you can purchase from a developer with an established reputation which has its own construction and sales team and has several nearby recently completed developments to check out, so much the better," says Clarke.

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Great Care Essential When Buying Off Plan

In recent months there have been signs that residential property developers of multi-unit sectional title schemes are once again becoming active, says Tony Clarke, Managing Director of the Rawson Property Group. While this is welcome (and very necessary), he says, it is likely to lead to a revival in the disputes which have been seen occasionally in this field between the clients (often represented by a body corporate) and the developers.


"Many sectional title developers," says Clarke, "have mastered the art of marketing their units and are extremely proficient at it. Using models, digital walk-through videos, brochures, well displayed plans and computer graphics they can, if not carefully watched, make developments look a great deal more glamorous and attractive than they will be when actually completed - and this can lead to disappointment."


Particularly reprehensible, says Clarke, is the practice of a small minority of developers who do not specify exactly the materials to be used or, if asked about this, downgrade them and use inferior materials in their place. It is, therefore, he says, vital to insist that all materials, including those in the common areas, are specified in the sales documents and are used in the building at the outset.


Regrettably, too, says Clarke, building skills are in short supply these days and this coupled with a lack of qualified supervision can lead to the building showing signs of deterioration early on in its life. Paint peeling on balustrades, walls and galvanized iron tanks, flaking plaster and subsidence or structural cracks can and do crop up. Fire protection and garden sprinkler systems as well as electronic doors frequently perform inadequately and so-called waterproofed areas like roofs and balconies quite frequently can also cause problems from a very early stage in the building's life.


The Sectional Title Act, says Clarke, allows the body corporate to sue its developers on account of unacceptable quality if these faults become evident in the first three years, but this can only be done if the body corporate has called for a special resolution which is then supported by 75% of the owners (measured both by number and by value) participating in a formal voting process.


Obviously, says Clarke, if the developer has held onto a significant percentage of the units for later sale or for renting on his own behalf, such a resolution can be difficult to achieve. In addition, the developers are sometimes able to hide behind the company or companies set up for the development.


Supposing, however, the body corporate members do decide to sue, they will then have to raise the legal fees themselves (and may well not be compensated for these in the final judgment). Legal fees, adds Clarke, have a nasty habit of mounting up higher than anticipated.


"The lessons to be learned from all of this," says Clarke, "are that it is essential to check the track record and credentials of the developer and the building team. This can be done by visiting their projects."


In general, he says, unless you know the management personally, it probably pays to be wary of new boys on the block - those developers entering the market for the first time. It should also be borne in mind that on occasion high profile reputable branded estate agencies do find themselves working on behalf of less than competent developers.


"If you can purchase from a developer with an established reputation which has its own construction and sales team and has several nearby recently completed developments to check out, so much the better," says Clarke.

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Jordan's property prices continue to rise, amidst slowing demand

Overall house prices in Jordan rose by 9% during the year to end-Q2 2013, according to UAE-based property management company,Asteco.
"Apartment sales prices across Amman also experienced an average 2% quarter-on-quarter increase (in Q2 2013) due to rising land prices, which has prompted developers to pass on the higher costs directly to buyers," said Hussein Safadi, General Manager of Asteco Jordan.
Al-Rabiah saw the biggest house price increase of 15% during the year to end-Q2 2013. It was followed by the 4th Circle (10%), Abdoun (9%), Sweifieh (8%) and Um-Othainah (8%).
Abdoun has the country's most expensive housing, with an average price of JOD1,175 (US$1,654) per square meter (sq. m.) in Q2 2013, followed by 4th Circle with an average price of JOD1,150 (US$1,619) per sq. m. over the same period.

APARTMENT SALES PRICES
Location	Average Price/sq. m. (JOD)	Average Price/sq. m. (USD)	% change
			q-o-y	y-o-y
Abdoun	1,175	1,654	2	9
Sweifieh	1,000	1,407	0	8
Um-Othainah	1,050	1,478	0	8
Al-Rabiah	950	1,337	6	15
Der Ghabar	1,075	1,513	2	5
4th Circle	1,150	1,619	0	10
Source: Asteco

Jordan’s property market slowed sharply in 2008 due to the global crisis, with house prices falls estimated at about 10% to 15%, according to local real estate analysts. However in 2011, the housing market almost returned to the peak levels of 2006 and 2007, thanks to the property tax cuts and registration fee exemptions implemented by the government since May 2009.

The country’s rental market remains stable. In Amman, the capital, the average rent for one to three-bedroom apartments was flat in Q2 2013. However, in Sweifieh, apartment rents rose by 2% q-o-q and 4% y-o-y in Q2 2013. Likewise, in Abdoun, apartment rents also increased by 1% q-o-q and 3% y-o-y over the same period. The slight increase in demand in the two areas is mainly attributed to their close proximity to retail and entertainment establishments.

APARTMENT RENTAL RATES (1JOD = US$1.41)
Location	Average rental rate (JOD/annum)
	1-bedroom	2-bedroom	3-bedroom	% change
				q-o-q	y-o-y
Abdoun	5,250	9,550	16,500	1	3
Sweifieh	4,250	8,000	12,000	2	4
Um-Othainah	5,000	8,500	12,750	0	-2
Al-Rabiah	3,500	7,500	10,750	0	1
Der Ghabar	5,000	8,750	13,750	0	2
4th Circle	5,000	9,500	16,500	0	1
Source: Asteco

Jordan’s property market is expected to remain stable for the rest of 2013, amidst modest economic growth, according to local property experts.
The economy is projected to grow by 3.3% in 2013, after real GDP growth rates of 2.8% in 2012, 2.6% in 2011 and 2.3% in 2010, amidst rising government spending, higher domestic consumption and a recovery in exports, according to the IMF.
Foreigners can buy housing and land in Jordan, but must not sell within five years.  In the past, permission procedures were lengthy, but now approval can be obtained in just 10 days.

Iraqi and foreign buyers

There’s now an oversupply of luxury units in Amman, with oil prices sharply down in 2009, and the Gulf property bubble bust leading to a dearth of Gulf buyers. Several high-profile real estate projects have stalled, or been moved to a future date.

Nevertheless foreign purchases continue to increase. Non-Jordanian purchases rose 22% from January to August 2009 to US$237 million, according to the DLS, while the total value of property deals was US$3.9 billion; down by 38% on a year earlier.

Topping the list of foreign buyers are Iraqis, with US$151.4 million worth of real estate purchases, around 64% of total foreign purchases.

The Iraqi tragedy has been a boon to Jordan’s property market, in the sense that Iraqis are major buyers of luxury apartments. Estimates of the number of Iraqis living in Jordan range from 200,000 to over half a million. Iraqi buyers were followed by Americans (mainly expatriate Jordanians) and Saudi Arabians with US$25 million and US$23.4 million, respectively.

Foreigners can buy housing and land in Jordan, but must not sell within five years. In the past, permission procedures were generally lengthy, but approval can now be obtained in just 10 days. From February 2009, Jordan announced new measures allowing Iraqis freely to buy real estate in Jordan without a security clearance.

Better security in Iraq could lead to an exodus of homebound Iraqis, adding to the oversupply of properties especially in the luxury segment.

Meanwhile, the withdrawal of Gulf money has led to the stalling of several high-end projects. Among these high-profile projects are

Reduced registration costs

Despite the high-end oversupply, there is pent-up demand for low to mid-priced housing units.

In 2008, the government exempted from registration tax the first 120 sq. m. of apartments sized 150 sq. m. or less. The exemptions apply only to Jordanian buyers. While apartment sales dropped in 2008, sales of apartments of less than 120 sq. m rose 15%. In May 2009, the exemption was expanded (up to December 2009) to apartments of 300 sq. m. or less.

"The decision helped the sector recover, particularly in the third quarter of this year as buyers did not want to miss the opportunity to benefit from the exemption," Omari said. The measure saved buyers around JOD4,000 (US$5,642) per apartment, he estimated

To adapt to the needs of the population, the government launched a US $7 Billion stimulus in the low-income residential segment in early-2008. The project dubbed “Decent home for Decent Living” was executed by the Housing and Urban Development Corporation. It aims to provide 100,000 affordable housing units to the low to middle household segments.

The oil price dilemma

What will happen as oil prices rise again? The oil price spike in 2007 benefitted Jordan, in terms of rising investment by Gulf-based individuals. However, rising oil prices also push the cost of construction materials, making it more difficult to supply affordable housing units.

Residential permits peaked in 2004 with 24,627 units, before declining to an average of 22,000 units (2005 to 2007). In 2008, residential construction permits dropped further to 19,132 units.

Lower yields

The oversupply of apartments has hit rents. The average rent in September 2009 was 15% lower than a year earlier, dropping from US$8.82, to US$7.51 per sq. m. per month, according to Global Property Guide research.

The drop in rents has led to lower rental yields.

Rental yields of apartments in central Amman ranged from 7% to 8.5% in 2009, lower compared to the range of 7.8% to 9.7% in 2008. Yields of villas are significantly lower at 3.3% to 5%, according to the Global Property Guide.

However, there are signs that the rental market is already stabilising according to a study by Asteco, a regional and international real estate services firm. After dropping by 7% q-o-q during the first two quarters of 2009, the fall of average rental slowed down to 2% q-o-q to Q3 2009. The average rent dropped from JOD2,400 (US$ 3,364) per year to JOD2,350 (US$3,294) per year.

Modest economic growth

The Jordanian economy was seriously affected by the global financial crisis and regional socio-political unrest. Investment from oil-rich Gulf countries dropped. Remittances from expatriate Jordanians also dropped. After growing by an average of 8.3% from 2004 to 2008, real GDP growth slowed to 5.5% in 2009.  Economic growth slowed to an average of 2.6% from 2010 to 2012, according to the International Monetary Fund (IMF).

In the second quarter of 2013, Jordan’s economy expanded by 3.06% from the same period last year, up from an annual growth rates of 2.6% in Q1 2013, and 2.2% in Q4 2012.

The economy is projected to grow by 3.3% in 2013, after a real GDP growth rate of 2.8% in 2012, amidst rising government spending, higher domestic consumption and a recovery in exports, according to the IMF.

The country’s construction sector grew by 9.5% y-o-y in Q2 2013, fuelled by strong local, expat and Arab demand for housing.

By end-July 2013, bank lending rose by 7.7% y-o-y to JOD18.56 billion (US$26.2 billion), due to higher private sector borrowing.

The kingdom's budget deficit is expected to shrink to 4.8% of GDP in 2013 from 8.2% of GDP the previous year, according to the IMF. During the first half of 2013, the budget deficit fell by about 26% to JOD309.2 million (US$435.2 million) from JOD416.7 million (US$586.5 million) during the same period last year, according to the Ministry of Finance.   The country expects to receive about JOD850 million (US$1.2 billion) worth of foreign grants in 2013.

The country’s public debt is expected to be about 72.2% of GDP in 2013, down from 75.5% of GDP in 2012.

The Central Bank of Jordan (CBJ) cut its benchmark re-discount rate by 25 basis points to 4.75%, amidst improving economic fundamentals and an increase in the demand for the Jordanian dinar (JOD) denominated assets. The CBJ last changed the benchmark rate in February 2012 when it raised the rate by 50 basis points to curb inflationary pressures.

In September 2013, the overall inflation rate stood at 6.1% y-o-y, according to theDepartment of Statistics.
The country’s unemployment rate rose to 14% in Q3 2013, up from 12.6% in Q2 2013 - a male unemployment rate of 11.3%, and a female rate of 26.8%.

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Square roots: Artist Donald Judd's New York apartment opens its doors to the public

Rainer Judd and I are lying on what she calls "the make-out bed", a piece of furniture designed for the space by her father. This might be alarming, were Rainer not young and beautiful and I… Well. She is snapping me on my iPhone, a thing she does deftly and crisply, a sign of her career as a film-maker.

"OK, lie back and… no, further back. Like that," she says, clicking a few more times and then handing over the phone. The images are grimly true-to-life. "You see? People say that my dad's furniture is uncomfortable, but that's because they've never had a chance to use it," Rainer enthuses. "They've never sat on one of his chairs, or spent a whole day lying in this bed."

It is, for various reasons, unexpected. Rainer Judd's father, the one who made the bed, was Donald Judd, a man commonly described as a "minimalist sculptor", although he denied that his work was either sculpture or minimal. You can see several of Judd's "specific objects" (or, sometimes, "discrete objects") at Tate Modern, among them Untitled (1972), an open-topped copper box a metre or so high by two wide, anodised on the inside with a red aluminium gloss.

When this was made, Judd was living here at 101 Spring Street in New York's SoHo - an acronym (SOuth of HOuston Street) he also disliked on the grounds that it sounded like London. The house, a five-storey, cast-iron structure, was the first he owned, bought cheaply in 1968 as a home for his family before he moved them to Texas a decade later. The foundation Judd set up there, in a half-horse town called Marfa, has become one of the sacred places of modern art, visited by pilgrims hardy enough to brave the road from El Paso.

Spring Street, though, has stayed more secret, although Judd owned the house until his death in 1994 and lived and worked there when he was in New York. Now, after a three-year restoration, it will open to the public.

It may redefine Donald Judd as an artist. Visit Marfa and what you see, or think you see, is an urban taste superimposed on the country. There are, most obviously, the half-mile sequence of Judd's concrete boxes marching across Marfa's scrubby fields and his 100 polished aluminium boxes in a glass-sided shed. These last are sublimely beautiful, changing as the sun moves, turning black or glassy or glowing suddenly like flame. They are not domestic, though - and certainly not comfortable.

Which brings us back to Spring Street and the bed. As Rainer Judd points out, this is comfortable, though it doesn't look to be. It looks like a Donald Judd - an unadorned wooden box, open at the front, bigger than the Tate's Untitled, but with similar proportions.

Both are very like the specific object that sits on the floor of Judd's studio, one storey up. It seems hard to believe that this work is here, in a room in a house in a city. Another box, open-sided this time, the piece is huge - perhaps 1?m high by 3m deep and made out of 5cm-thick steel plate. What it weighs or how it got there is anyone's guess. "I spent a lot of my childhood running through boxes like this," remarks Rainer Judd, thoughtfully. "If they were steel or concrete, that was fine. If they were plywood, though, no."

And suddenly, a long-time fan, I see a new Donald Judd. His writings, like his work, are pared-down and clever. Many are to do with the relationship between the space objects occupy and the architecture they sit in. These things have seemed hypothetical, the output of Judd's huge brain, his training as an art historian with two of the subject's great names, Rudolf Wittkower and Meyer Schapiro. Now, they show a different Donald Judd: emotional, human and humane; a Judd who begins at home.

"When Jamie [Dearing, Judd's long-time assistant] first saw this piece here, he said, 'Oh, so that's why you needed Marfa,'" Rainer recalls. He was right. Her father had to measure his objects against a bigger space than SoHo allowed - the West, the desert, the sky. The impulse to do so, though, begins here in this house. It starts, maybe, with the piece over Judd's bed on the top floor.

It isn't the most eye-catching of the works in the room - these including a wall-length Dan Flavin light installation and a crushed-car piece by John Chamberlain. (Judd, a good friend, gave both their own spaces at Marfa.) It is an early work, from the days when he had just moved from painting to object-making - shallow, hung on the wall like a canvas although it is actually a wooden box. The real thing about the piece, though, is that it was made by Donald's father, Roy, a man good with his hands, the last of a line of farmers and craftsmen. For all its hard edges, it is, unexpectedly, a story of love.

A selection of Donald Judd's work, including pieces made at 101 Spring Street, will be on show at the David Zwirner Gallery, 24 Grafton Street, London W1 (020 3538 3165) from 21 June to 3 August. To book a guided tour of the house:
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Mexican architect creates conception pyramid house inspired by the ancients

A Mexican architect has created designs for an unique pyramid house that has been inspired by the ancient Egyptians.
The geometric shaped design by Juan Carlos Ramos was created for an architectural competition and has been widely praised for its vision and innovation.

It has a sleek glass and concrete exterior with a modern open floor plan interior over three levels and connected by a floating staircase. There's even a futuristic carport. The only thing missing is a sphinx.

The glass walls that offer exceptional views of the surrounding landscape and allow natural light to penetrate its deepest corners. There are multiple windows cut out of the four large triangular facades and an enormous window cover one entire side.



In all the design contains two bedrooms, a library, kitchen, bathrooms, garage and even a recording studio. A cantilevered balcony is situated near the top of the building between the bathroom and library. All the rooms have been cleverly designed to fit into what is an unconventional shape for a home.

Ramos used 3D rendering software to create the photo realistic designs that show off how such simple geometric shapes can be deployed in residential architecture.

Although the design was inspired by the ancient pyramids of Egypt, the shape also has a lot of resonance in Mexico with its ancient Mayan architecture.

propertywire

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Range of 20 cute houses to be sold at auction in London

They look like the cutest houses imaginable and they are unlikely to cost the earth despite being designed by some of the world's leading architects and designers.
A range of 20 unique dolls houses are being sold in London next month in aid of a children's charity as part of a project inspired by the dolls house that Edwin Lutyens designed for the British Empire Exhibition in 1922.

It has been organised by property developers the Cathedral Group and the miniature houses by world famous architects and designers including Grayson Perry and Chris Ofili will be auctioned at Bonhams on 11 November in London in aid of disabled children's charity KIDS.

Participating architects and designers include Adjaye Associates, Allford Hall Monaghan Morris, AMODELS, Coffey Architecture, Dexter Moren, DRDH Architects, dRMM, Duggan Morris Architects, FAT Architecture, Glenn Howells Architects, Guy Hollaway Architects, HLM Architects, James Ramsey RAAD Studio with Lara Apponyi, Lifschutz Davidson Sandilands, mae, Make Architects, Morag Myerscough & Luke Morgan, Shedkm, Studio Egret West and Zaha Hadid Architects.

In the same spirit as the Edwin Lutyens dolls' house, the architects and designers have been encouraged to collaborate with their own artists, designers and furniture makers. Among others, FAT has worked with Grayson Perry, David Adjaye with Chris Ofili, Guy Hollaway with Hemingway Design and Studio Egret West with Andrew Logan.


Each dolls house, which fits on a 750 millimetre by 750 millimetre plinth, also includes a unique feature to make life easier for a child with a disability.

KIDS is a UK charity supporting disabled children, young people and their families. They run home learning programmes, specialist nurseries and crиches, short break programmes for disabled children and a series of inclusive adventure playgrounds.  They offer a wide variety of services to parents of children with disabilities and programmes for siblings of disabled children and young carers.

Bids can be made on line via the www.adollshouse.co.uk website until 12pm on Monday 11 November, 2013, and after that at the evening auction.

.propertywire

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Mercury could unlock secrets to how our moon formed: Scientists find striking similarities between two cosmic bodies

Mercury, the closest planet to our sun, may hold the key to understanding how the Earth's moon  formed.
Nasa scientists have highlighted how Mercury has some striking similarities to Earth's satellite, particularly in relation to its geological history.
At the recent Origin of the Moon conference held at the Royal Society, London, scientists said that the finding could shed light on a popular theory on how the moon was created.
Mercury (pictured), the closest planet to our sun, may hold the key to understanding how the Earth's moon was formed
Sean Solomon, the principal investigator for Nasa's Messenger mission to Mercury, told Space.com that the similarities show that Earth and the moon are not unique in having a similar isotopic composition.

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He said, 'aspects of the moon are common to rocky bodies that are similar in size despite being different in bulk composition.'
There is currently no theory that can fully answer all the questions about how the moon formed.
The most popular theory is that the moon formed when a planet, around the size of Mars, collided with Earth around 4.56 billion years ago.

The most popular theory is that the moon formed when a planet, around the size of Mars, collided with Earth around 4.56 billion years ago
This collision divided Earth into two unequal parts. The smaller of these condensed into the moon.
The best simulations of this process suggest that about 80 per cent of moon ought to have come from the impactor and 20 per cent from the Earth.
The hypothesis, however, has been called into question by measurements that find that the Earth and Moon have the same isotopic composition.
In March this year, the Messenger spacecraft finished mapping the Mercury's entire surface, and scientists are now ploughing through the data that was beamed back.
One of the most significant findings is the similarities in geological history of both the moon and Mercury.
Just like the moon, a part of Mercury's surface is relatively smooth. On Mercury, the smooth area covers 27 per cent of the surface; on the moon this is around 16 per cent.

The surface of Mercury (left) and Mars (right) has some striking similarities. Mercury's ancient cratered land has a very similar topography and age to that of the moon 
Scientists believe these areas were formed billions of years ago from volcanic eruptions that covered the surface with lava.
Mercury's ancient cratered land also has a very similar topography and age to that of the moon.
Both bodies have polar ice deposits and also have two sides that are strikingly different from each other.  
Solomon believes to get a better understanding of how the moon formed we need to get a sample from Mercury.
If Mercury happens to be isotopically similar, it could suggest that the objects that collided to grow the final stages of the Earth and created the moon were made out of similar material.
 'If there was [such a process],' said Solomon, 'all our puzzles about why the Moon and Earth are so similar isotopically then evaporate.'
dailymai

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