Posted on 19 March 2010 by Laxman
From Usnews.com: Negative equity—what you have when you owe more on your home loan
than the property is worth—is one of the defining features of the still-unfolding mortgage crisis. [more]
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Posted on 19 March 2010 by Laxman
From Forbes: When brokers and sellers determine an asking price for a home in the double-digit millions, local real estate statistics mean almost nothing. Instead of relying on metrics like “comparables,” the industry term for similarly appointed homes that have recently sold nearby (these trophy homes typically have none), brokers seek a price that signals to the elite buyer that a home deserves their millions, but doesn’t test their credulity. [more]
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Posted on 19 March 2010 by Laxman
From WSJ: The problem: homes made of tires or houses caved into mountainsides don’t have any comparable sales. Without “comps,” banks won’t lend. Even home buyers living in regular homes might be more familiar with these struggles. [more]
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Posted on 19 March 2010 by Laxman
From Beforeitsnews.com: Will commercial real estate be the next shoe to drop in the ongoing U.S. financial crisis? While most eyes are on the continuing residential real estate disaster, the reality is that the state of the commercial real estate market in America could soon be even worse. [more]
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Posted on 19 March 2010 by Laxman
From Telegraph: Europe faces a commercial property debt timebomb with almost €1 trillion (£896bn) outstanding from the sector and a quarter of that potentially distressed. [more]
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Posted on 19 March 2010 by Laxman
From Propertyeu.info: London-based real estate adviser Savills said losses at its Continental European operations widened to £9.6 mln (EUR 10.6 mln) in 2009 from £7.8 mln in 2008 as the European business was hit by the decline in investment transaction advisory work and restructuring measures. [more]
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Posted on 19 March 2010 by Laxman
From Propertyeu.info: CBRE Investors is poised to launch an open-ended fund to invest in core property across Europe. The vehicle, which is believed to target a size of around EUR 400 mln, has already raised equity from a number of pension funds across Europe, including one Nordic and one British investor. [more]
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Posted on 19 March 2010 by Laxman
From Sky.com: The number of mortgages approved on UK homes dropped again during February to the lowest levels since May 2009, new Bank of England figures show. [more]
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Posted on 19 March 2010 by Laxman
From Citywire.co.uk: Threadneedle is to partner with emissions agency the Carbon Trust and property developer Stanhope to invest in low-carbon UK property. [more]
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Posted on 19 March 2010 by Laxman
From Propertycommunity.com: The property market in Cyprus is still failing to attract foreign buyers with even price cuts of up to 30% being offered by some developers failing to result in sales to overseas customers. [more]
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Posted on 19 March 2010 by Laxman
From Kippreport.com: Skyrocketing house prices in Beirut have sent many locals scurrying to the suburbs – where the 10km commute to the city center means that apartments sell for less than half the cost as in downtown. [more]
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Posted on 19 March 2010 by Laxman
From Bloomberg: Emaar Properties PJSC, the builder of the world’s tallest skyscraper, expects to complete two Dubai apartment towers at least two years late, according to a letter sent to buyers. [more]
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Posted on 19 March 2010 by Laxman
From Tradearabia.com: The overall residential sales prices in Dubai were down by 3.41 per cent in February compared to January 2010, according to a report. [more]
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Posted on 19 March 2010 by Laxman
From Topnews.ae: Abu Dhabi may record decline in property prices in the coming months as compared to the neighboring Dubai. An analysis from property advisors Tasweek Real Estate Marketing and Development projected decline in gap in property value between Dubai and Abu Dhabi. [more]
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Posted on 19 March 2010 by Laxman
From Arabnews.com: The Council of Saudi Chambers of Commerce and Industry (CSCCI) has welcomed a proposal to establish a Supreme Real Estate Commission. The call was made at the Saudi Real Estate International Conference, which took place in Riyadh last week. [more]
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Posted on 19 March 2010 by Laxman
From IPE: There is a growing concern over the prospect of inflation rising too quickly in the main economies of Asia, but Aberdeen Property Investors believes the respective authorities have sought to tackle the issue pre-emptively and in a positive manner. [more]
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Posted on 19 March 2010 by Laxman
From Reuters: China plans to order many of its largest state-owned enterprises out of the real estate business to help cool urban housing price rises, the Xinhua News Agency said on Thursday. [more]
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Posted on 19 March 2010 by Laxman
From Jlmpacificepoch.com: China’s State-owned Assets Supervision and Administration Commission announced at a March 18 press conference that 78 state-owned companies that are currently involved in the real estate market are speeding up their restructuring and will withdraw from the property business, after completing the construction of current projects and developing currently owned land. [more]
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Posted on 19 March 2010 by Laxman
From Csmonitor.com: There has been much speculation recently about an ongoing price bubble occurring in the Hong Kong residential property market. [more]
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Posted on 19 March 2010 by Laxman
From Bloomberg: Singapore real estate investment trusts, or REITs, may suffer from a surge in new commercial properties and below-average economic growth, according to Moody’s Investors Service. [more]
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Posted on 19 March 2010 by Laxman
From Malaya.com.ph: The United States government is promoting the Philippines as market of American construction companies now that property development in that country is down. [more]
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Posted on 19 March 2010 by Laxman
From Businessweek.com: Japanese commercial land prices fell to the lowest in at least 36 years as developers faced tighter credit markets and the recession discouraged buyers. [more]
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Posted on 19 March 2010 by Laxman
From Finchannel.com: The average nationwide land price as of Jan. 1 was down 4.6% on the year, for the second straight annual drop, according to a survey the Land Ministry released on March 18. [more]
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Posted on 19 March 2010 by Laxman
From Safestore.co.uk: The Australian housing market will see an increase in price this year. Marc Da-Silva, property journalist, said that for English buyers the appreciation of the Australian property market coupled with the fall in the pound against the dollar will have a twofold impact. [more]
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Posted on 19 March 2010 by Laxman
From Forbes: A bidding war for General Growth illustrates how the seeds beneath the snow are starting to bloom again. With multiple offers for a previously bankrupt real estate firm, it looks like industry insiders and smart money don’t view commercial real estate as the next economic bogeyman. Indeed, there is strong and growing interest in commercial real estate. [more]
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Posted on 19 March 2010 by Laxman
From Themovechannel.com: House prices in the world’s major economies, which last year were down an average of 5 per cent from 2007, may keep dropping, believes Prakash Loungani, an adviser to the International Monetary Fund’s research department. [more]
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