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S.Arabia: Residential construction industry ‘very competitive’

Posted on 15 May 2013 by Laxman  |  Email |Print

Actual demand for housing in the Kingdom is huge and the supply doesn’t meet the demand. “Saudi Arabia is a major player in the region both in political and economical terms; today the government is spending billions of dollars in infrastructure development, which is why we are noticing a new hub for infrastructure development in the region,” says Hossam Al-Rashoud, CEO of Maskan Arabia.
In an exclusive interview with Diana Al-Jassem of Arab News, Al-Rashoud confirmed that Maskan will be targeting the major cities and the secondary cities in the Kingdom in the coming few years……………………………………Full Article: Source

UK: Does the government actually want any new homes built?

Posted on 08 May 2013 by Laxman  |  Email |Print

With a limp-wristed tearing of the reams of planning law and a hit-and-hope punt at helping the consumer mortgage market - does the government actually want any new homes to be built?
Housing demand means we need to build about 250,000 new homes a year just to keep up. In 2012, not even 100,000 housing starts were made. This is one of the reasons the UK’s housing costs are the third highest in Europe as families’ earnings are drained just on shelter………………………………………..Full Article: Source

Construction spending decreases on U.S. government slump

Posted on 02 May 2013 by Laxman  |  Email |Print

Construction spending in the U.S. unexpectedly fell in March, reflecting the biggest slump in government projects in 11 years.
Outlays decreased 1.7 percent to a $856.7 billion annual rate, the least since August, the Commerce Department reported today in Washington. The median forecast of 46 economists surveyed by Bloomberg called for a 0.6 percent rise. Public projects dropped by 4.1 percent, the biggest decrease since March 2002………………………………………..Full Article: Source

Confidence in the UK construction sector at its highest since end of 2007

Posted on 26 April 2013 by Laxman  |  Email |Print

In the last quarter some 10% more surveyors across the country reported rising workloads and one of the main drivers behind this was the boost in private housing construction.
While still historically low, the boost in house building would suggest that some of the government initiatives are quietly beginning to breathe life back into parts of the nation’s property sector, says RICS………………………………………..Full Article: Source

Is Canada’s condo boom coming apart at the seams?

Posted on 18 April 2013 by Laxman  |  Email |Print

Perhaps nothing is as emblematic of the Canadian housing boom of the past decade as the hundreds of high-rise condo towers currently under construction across the country. Indeed, the story of Canada’s decade-long explosion in housing is to a large degree the story of a construction boom in the condo sector.
But that boom now appears to be coming apart at the seams leaving many wondering what’s in store for the condo markets in Canada’s largest cities…………………………………..Full Article: Source

US: Home-builder confidence lowest in six months

Posted on 16 April 2013 by Laxman  |  Email |Print

A gauge of confidence among home builders fell in April — a third straight monthly decline — indicating demand concerns despite a strengthening market, according to data released Monday.
The overall index for confidence among home builders decreased to 42 in April from 44 in March, hitting the lowest level in six months, dragged down by concerns over present sales and buyer traffic, according to the National Association of Home Builders/Wells Fargo housing-market index………………………………………..Full Article: Source

U.S. apartment-rent increases slow amid construction boom

Posted on 04 April 2013 by Laxman  |  Email |Print

U.S. apartment rents increased in the first quarter at their slowest pace since late 2011 amid a wave of construction that will further test landlords’ ability to raise rates, Reis Inc. (REIS) said. Effective rents, or what tenants pay after any price breaks from owners, averaged $1,054 a month, up 0.5 percent from the fourth quarter, according to the property-research firm.
Landlords’ asking rents also climbed 0.5 percent, to $1,102. It was the slowest growth for both measures in five quarters. Vacancies, which for the past year have been at the lowest level in a decade, dropped to 4.3 percent from 4.5 percent in the fourth quarter and 5 percent a year earlier………………………………………..Full Article: Source

Residential growth drives US construction

Posted on 03 April 2013 by Laxman  |  Email |Print

Construction output in the US was up +7.9% in the 12 months to the end of February, according to data from the US Census Bureau. The rise to an annual output of US$ 885 billion was driven by a +19.2% rise in residential building, which stood at US$ 310 billion for the rolling 12 months to February.
In contrast to the sharp rise in residential construction, the non-residential sector was up just +2.6% compared to a year ago. There were strong rises in the lodging and office sectors, among others, but significant falls in construction linked to public safety, amusement and recreation and the sewage & waste disposal segments………………………………………..Full Article: Source

Construction spending in U.S. rises on gain in home building

Posted on 02 April 2013 by Laxman  |  Email |Print

Construction spending in the U.S. rose in February, paced by the highest level of home building in more than four years. Outlays climbed 1.2 percent to an $885.1 billion annual rate, following a 2.1 percent decrease in January, the Commerce Department reported today in Washington. The median forecast of 41 economists surveyed by Bloomberg called for a 1 percent rise.
Near record-low borrowing costs and an improved outlook for jobs are lifting demand for residential real estate, giving a boost to homebuilders including KB Home. (KBH) Faster hiring would ensure a more sustained rebound in the industry, allowing for bigger gains in construction spending………………………………………..Full Article: Source

Poland: lots of construction, but where are the companies?

Posted on 14 March 2013 by Laxman  |  Email |Print

Poland is coming off the biggest construction boom in its thousand-year history and it does have a lot of roads to show for the effort – but there is one stark gap: Poland has not managed to produce any significant construction companies.
That was not the case in Spain, which underwent its own road construction boom that kicked off when it joined the EU in 1986. A new report by conultants Ernst & Young takes a closer look at just what went wrong in Poland compared to the Spanish experience………………………………….Full Article: Source

Bahrain to build 6,000 houses in 6 months

Posted on 07 March 2013 by Laxman  |  Email |Print

Around 6,000 new government homes will be ready within the next six months, said a top official, adding they will be handed over to people who have been on a waiting list for 19 years.
Almost half (45 per cent) of Bahrain’s 54,000 requests for government homes date back to 1993, Housing Ministry assistant under-secretary for housing policies and services Khalid Al Amer was quoted as saying in the Gulf Daily News………………………………………..Full Article: Source

Jordan’s home builders hope for golden summers

Posted on 27 February 2013 by Laxman  |  Email |Print

Jordan Housing Developers Association (JHDA) President Kamal Awamleh has expressed fears that the current profit squeeze may push some property market investors to switch to other sectors. However, Awamleh expected the real estate sector to perform well during this summer.
In a recent interview with The Jordan Times, he noted that although residential property sales are improving, the cost of building materials is rising while home buyers are still negotiating lower prices………………………………………..Full Article: Source

European construction output continues to fall

Posted on 21 February 2013 by Laxman  |  Email |Print

Construction output fell by 1.7% in December in the Eurozone countries and by 2.7% across all 27 countries of the EU compared with November. The figures are first estimates released by Eurostat, the statistical office of the European Union. In November 2012, monthly production had decreased by 0.4% and 0.6% respectively.
Compared with December 2011, production in December 2012 dropped by 4.8% in the 17 countries of the Euro area and by 8.5% in the EU27. Compared with 2011, the average production index for 2012 decreased by 5.4% in the euro area and by 5.8% in the EU27……………………………………Full Article: Source

Housing probably cooled at start of 2013

Posted on 18 February 2013 by Laxman  |  Email |Print

New residential construction cooled in January and U.S. existing-home sales slowed after the strongest year since 2007, representing a break in the momentum for the industry, economists said before reports this week.
Builders started work on 920,000 houses at an annual rate following December’s 954,000 pace that was the fastest since June 2008, according to the median forecast of 73 economists surveyed by Bloomberg before Commerce Department data on Feb. 20. Purchases of previously owned properties fell, while the cost of living was contained, other figures may show………………………………………..Full Article: Source

UK construction slows again in January

Posted on 05 February 2013 by Laxman  |  Email |Print

Construction PMI for January was 48.7 – the third consecutive monthly fall for the industry. Building work slowed down in January across the UK, raising fears that the fragile construction industry will drag down economic growth again this year.
The latest snapshot of the construction sector showed output continued to fall at the fastest rate since last June. The Markit/CIPS purchasing managers’ index for the sector held at the 48.7 level recorded in December. The reading – which remains below the 50 mark that indicates no change in output – fell short of economists’ forecasts of 49.1…………………………………..Full Article: Source

Australian home-building permits unexpectedly fell in December

Posted on 04 February 2013 by Laxman  |  Email |Print

Australian home-building approvals unexpectedly declined for the second time in three months in December as weakness outside the resources industry hurts housing. The nation’s currency dropped.
The number of permits granted to build or renovate houses and apartments declined 4.4 percent from November, when they rose a revised 3.4 percent, the Bureau of Statistics said in Sydney today. The result compares with the median forecast for a 1 percent gain in a Bloomberg survey of 22 economists……………………………………..Full Article: Source

Moscow office completions slump to 10-year low

Posted on 28 January 2013 by Laxman  |  Email |Print

Office property completions in Moscow slumped to a 10-year low in 2012, according to Jones Lang LaSalle. About 162,500 m2 of new supply was launched on the market in the fourth quarter, the property adviser said.
This represents a 9% decline on a quarter-on-quarter basis with the annual cumulative figure amounting to 557,000 m2, which was down 33% on a year-on-year basis………………………………………..Full Article: Source

Home construction continues to rebuild nicely from housing crisis

Posted on 18 January 2013 by Laxman  |  Email |Print

U.S. builders started work on homes in December at the fastest pace in 4 ½ years and finished 2012 as their best year for residential construction since the early stages of the housing crisis.
The Commerce Department said Thursday that builders broke ground on houses and apartments last month at a seasonally adjusted annual rate of 954,000. That’s 12.1 percent higher than November’s annual rate. And it is nearly double the recession low reached in April 2009………………………………………..Full Article: Source

Global brakes on vertical growth but real estate boom in Asia

Posted on 17 January 2013 by Laxman  |  Email |Print

For the first time in six years, the number of tall buildings completed annually around the world shrank in 2012, according to a year-in-review study by the Council on Tall Buildings and Urban Habitat (CTBUH). Sixty-six buildings taller than 200 metres were completed in 2012 — the third most in history — but down from the 82 finished in 2011. On an average, a seven-storey building is around 24m tall.
CTBUH is a source of information on tall buildings. In a report released titled ‘Year in Review: Tall Trends of 2012′, the council said the number of completions in 2012 was lower than expected………………………………………..Full Article: Source

Hong Kong’s superstitions fade on the housing market

Posted on 17 January 2013 by Laxman  |  Email |Print

With brand new high-rises and constructions in Hong Kong, the real estate market is in a boom. The demand for homes is so strong that even superstitions are not deterring an escalation in home prices in the city.
“Unlucky Houses” or “Hongzas,” as they are popularly known in Hong Kong, are said to be inhabited by ghosts and prove unlucky for anybody who lives in these homes. Citizens believe that living in these houses without performing satiating rituals can even be fatal for the occupants. They also believe that a home which has a suicide, murder or crime history, vibrates with negative energy and can bring bad luck………………………………………..Full Article: Source

UK: Construction poised for up-tick, RICS survey shows

Posted on 11 January 2013 by Laxman  |  Email |Print

The UK’s struggling construction market is expected to turn a corner this year, according to a leading quarterly survey of chartered surveyors. More surveyors than not - a net balance of 15pc of those polled by the Royal Institution of Chartered Surveyors (RICS) - expect their workloads to grow over the next 12 months, after a “horrendous” 2012.
Builders are feeling the continued impact of reduced government and private sector spending. Official data recently showed construction output fell 2.5pc in the third quarter and was down 11.2pc on an annual basis at that point………………………………………..Full Article: Source

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Construction metals index reflects good news in US housing market

Posted on 08 January 2013 by Laxman  |  Email |Print

The monthly Construction MMI registered a value of 92 in December, an increase of 1.1 percent from 91 in November. The construction metals index saw a small lift this month due to slightly rising semi-finished aluminum prices, iron ore prices and Chinese rebar prices. However, not all elements of the index moved up, as Chinese H-beam prices and all US bar fuel surcharges declined from one month ago.
Overall, however, the Construction MMI appears to move fairly consistently with overall US Census Bureau construction data……………………………………….Full Article: Source

Bulgaria vows action against construction in ecologically sensitive areas

Posted on 07 January 2013 by Laxman  |  Email |Print

With the resounding thud of a stable door and the receding clip-clop of horses’ hooves, Bulgaria’s government is to look into damages and threats to the country’s Black Sea coast from construction in ecologically sensitive areas.
All of this is a consequence of a controversy that captured the attention of national media and social networks when conservation groups said that a construction project was proceeding in a dune area near the coastal town of Nessebur on Bulgaria’s Black Sea coast………………………………………..Full Article: Source

Nigeria: Real estate prospects in 2013

Posted on 02 January 2013 by Laxman  |  Email |Print

Players in the nation’s construction and housing sector are simply treading water to keep afloat. The situation is so frustrating that everyone is awe-struck, and has taken the wind out of the sail of real estate brokers who find themselves in a binder over the economic downturn.
The property market closed last year with sector operators hoping there would be some slight improvement in the market at the dawn of the New Year. Instead, the supply of unsold homes has increased since last year and real estate practitioners say most of the enquiries they receive come from first-time buyers, who hardly return………………………………………..Full Article: Source

Building permits increase as U.S. housing rebounds: Economy

Posted on 20 December 2012 by Laxman  |  Email |Print

The number of building applications issued in November rose to a four-year high, a sign the U.S. housing-market recovery will extend into 2013. Permits, a proxy for future construction, climbed 3.6 percent to an 899,000 annual rate, the most since July 2008 and exceeding the 875,000 median forecast of 58 economists surveyed by Bloomberg, Commerce Department figures showed in Washington.
While housing starts fell 3 percent to an 861,000 pace, the average rate from September through November was the strongest since the three months ended August 2008………………………………………..Full Article: Source

Tide changes for manufactured housing

Posted on 13 December 2012 by Laxman  |  Email |Print

Shares of manufactured-housing companies were the big-ticket stocks for real-estate investors in recent years, faithfully posting double-digit annual returns. But now, some investors have soured on the sector.
Stocks of the biggest operators in the industry, Equity LifeStyle Properties Inc. and Sun Communities Inc., delivered negative total returns of about 2.4% and nearly 14%, respectively, in the past three months. That is a significant reversal from the past two years: Equity Lifestyle returned 22% in 2011 and 13% in 2010, while Sun Communities returned 20% last year and 86% in 2010, handily beating overall stock-market gains………………………………………..Full Article: Source

Freddit Mac economist sees new households outpacing apartment boom

Posted on 13 December 2012 by Laxman  |  Email |Print

In his 2013 forecast, Freddie Mac’s chief economist, Frank Nothaft, sees more than a million new households bolstering housing starts, driving apartment vacancy rates down to ten year lows and outpacing the boom in new apartment construction.
“The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive. This has been a big change from a year ago, when some analysts worried that the looming ’shadow inventory’ would keep the housing sector mired in an economic depression. Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery,” Nothaft says………………………………………..Full Article: Source

Mexico: Real estate and construction

Posted on 12 December 2012 by Laxman  |  Email |Print

The Mexican real estate market is coming back following a lull caused by the recession, and the lawyers we spoke to have been very busy over the past year. Several commented on the increased amount of commercial work linked to the real estate sector as well as a growing number of development projects. We identify 29 superb practitioners who are considered experts in real estate and construction.
Creel García-Cuéllar Aiza y Enríquez SC has a “very strong” real estate practice and is one of the leading firms in this market. It has a trio of “fabulous professionals” featured in this chapter. Carlos Aiza is widely recognised as “one of the best real estate financing lawyers in Mexico”………………………………………..Full Article: Source

India’s real estate developers predict new construction boom

Posted on 12 December 2012 by Laxman  |  Email |Print

The sight of a construction crane looming on the horizon has become ubiquitous in most large cities across India – and may become even more so in the near future. The introduction of large foreign retailers like Wal-Mart into the country is eagerly awaited by many industrialists, particularly in the real estate sector, where builders and developers hope to benefit from an increased demand for retail spaces.
Commercial real estate prices in India have already risen sharply in big cities in recent years, and there is a dearth of quality retail spaces available for rent, so analysts expect a boom in construction if foreign multibrand retailers enter the market………………………………………..Full Article: Source

Dubai sets out on another building boom

Posted on 06 December 2012 by Laxman  |  Email |Print

Seeking to cement its position as a Middle East center for transport and tourism, Dubai has unveiled several grandiose construction projects that bear some of the hallmarks of the debt-laden boom years that nearly brought the emirate to its knees.
Last month, Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum ordered the construction of a new city development named after himself, a project that could cost $10 billion, according to some estimates. It envisages 100 hotels, the world’s largest shopping mall, parks, art galleries and exhibition centers. Soon after, he announced plans for a $2.7 billion leisure complex of five theme parks………………………………………..Full Article: Source

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US builders boost spending in October by largest amount in 5 months, led by housing

Posted on 04 December 2012 by Laxman  |  Email |Print

U.S. builders increased their spending on construction projects in October by the largest amount in five months, led by a surge in housing. The Commerce Department said Monday that construction spending rose 1.4 percent in October. It was the largest gain since a 1.7 percent increase in May.
The increase raised spending to a seasonally adjusted annual rate of $872.1 billion. That is nearly 17 percent higher than a 12-year low hit in February 2011………………………………………..Full Article: Source

JLL: Homebuilders demonstrate consistent improvement in sustainability performance

Posted on 03 December 2012 by Laxman  |  Email |Print

The UK homebuilding industry is becoming even more sustainable, according to the results of the 2012 NextGeneration benchmark. The Benchmark shows The Berkeley Group as the UK’s most sustainable homebuilder, with Crest Nicholson maintaining last year’s second position and Miller Homes retaining third position.
The Benchmark launch will take place today and Andrew Eagles, Managing Director of Sustainable Homes and manager of the SHIFT benchmark of social housing, will deliver a keynote speech on what homebuilders and social landlords can learn from each other with regard to sustainability………………………………………..Full Article: Source

India: Are warranties offered by property developers worth the premium?

Posted on 27 November 2012 by Laxman  |  Email |Print

Many of the top property developers in metro cities like Mumbai and Delhi have come out with a new marketing strategy to lure potential buyers. They are offering warranties on the houses they sell, similar to those offered by manufacturers of electronic appliances like TVs and refrigerators.
The warranty period ranges from 1-3 years on all electronic appliances in a fully-furnished apartment, to as high as 10 years for waterproofing of flats………………………………………..Full Article: Source

Chinese builders look to foreign shores

Posted on 26 November 2012 by Laxman  |  Email |Print

The cooling property market in China is likely to attract more of its construction firms to the UAE. Experts are warning that the appointment of the new Chinese premier Xi Jinping is unlikely to mean any significant loosening of the rules restricting property development in the country as China continues to focus on long-term economic reform.
During the past two years, China’s government has implemented a series of strict measures aimed at curbing rocketing home prices that, in 2009, rose in the country’s main cities by as much as 50 per cent. These include restricting mortgage finance and reducing developers’ access to debt………………………………………..Full Article: Source

Manila rising, so are rents as confidence in Philippines grows

Posted on 26 November 2012 by Laxman  |  Email |Print

Manila’s changing skyline demonstrates a city coming up in the world. The capital of the Philippines is in the throes of a property boom described as the best in two decades, reflecting the increasing confidence in an economy that only recently began shedding its image as one of the region’s basket cases.
Nowhere is it more obvious than at Bonifacio Global City, a commercial and residential property development on a portion of land carved out from Manila’s biggest army base………………………………………..Full Article: Source

Why home builders have been perking up

Posted on 22 November 2012 by Laxman  |  Email |Print

Sentiment, not to mention stock prices, of home builders are perking up, and they have good reason. The inventory of existing homes is at a 10-year low, according to data released Monday by the National Association of Realtors. At the current sales rate, inventories represent a 5.4-month supply, the leanest supply since 2006.
“Builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink in markets across the country,” said Barry Rutenberg, a Gainesville, Fla.-based home builder and chairman of the National Association of Home Builders……………………………………….Full Article: Source

Housing starts in U.S. increase to four-year high

Posted on 21 November 2012 by Laxman  |  Email |Print

New-home construction unexpectedly climbed to a four-year high in October, more evidence of a revival in the industry that’s helping propel the U.S. economy. Housing starts rose 3.6 percent to a 894,000 annual rate, the fastest since July 2008 and exceeding all estimates in a Bloomberg survey, Commerce Department figures showed in Washington.
The median forecast of 82 economists called for an 840,000 pace. Permits for the construction of single-family homes also advanced to the highest in four years……………………………………….Full Article: Source

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Baghdad builds 5,200 residential units for USD348m

Posted on 14 November 2012 by Laxman  |  Email |Print

Baghdad has commenced the construction of 5,200 residential units, a project expected to take between 10 and 24 months, in five localities at a cost of USD 348 million, an official told Zawya.
The project involves building 1,000 residential units in Taji, in the north of Baghdad, 1,000 in Mahmoudiyah, southern Baghdad, and 1,600 each in the Nasr and Salam localities of the Iraqi capital, according to Kamel Al Saedi, technical deputy to the governor of Baghdad………………………………………..Full Article: Source

Waiting for housing to drive the US economy

Posted on 09 November 2012 by Laxman  |  Email |Print

The US housing market is on the mend, but the so-called “missing piston” of the world’s biggest economy doesn’t have enough power to get the broader recovery firing on all cylinders any time soon.
Construction and related activity will help rather than hinder US economic growth this year for the first time since 2005. That was before the housing bust helped push the United States into recession, triggering the global financial crisis. Higher sales, prices and building, albeit modest so far, are a welcome boost as other drivers of the economy falter………………………………………..Full Article: Source

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Dubai’s illusory real estate rebound

Posted on 09 November 2012 by Laxman  |  Email |Print

In the past few weeks, several high-profile Dubai construction projects on hold since the global financial meltdown of 2008 have been revived. Among the eye-catchers: a skyscraper with nine swimming pools, a mile-long canal winding its way around office buildings, and a replica of the Taj Mahal a mere four times bigger than the original.
The surrounding buzz doesn’t make up for the still-depressed condition of the broader real estate market in this emirate, one of the seven that comprise the United Arab Emirates. Dubai saw property values fall by as much as 65 percent during its four-year slump………………………………………..Full Article: Source

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Bangalore’s office real estate stock set to reach 100 mln square feet

Posted on 07 November 2012 by Laxman  |  Email |Print

Bangalore’s metamorphosis from ‘Garden City’ to India’s ‘Silicon Valley’ has been remarkable. The tremendous growth of the IT/ITeS industry has revolutionised the residential real estate and retail markets, and triggered massive infrastructure development.
The availability of high quality, large office spaces at sub-dollar rental levels (providing lower operational costs), access to a large skilled workforce, the growth of the retail and residential markets and Bangalore’s cosmopolitan culture have worked in the city’s favour………………………………………..Full Article: Source

Waiting for housing to drive the U.S. economy

Posted on 05 November 2012 by Laxman  |  Email |Print

The U.S. housing market is on the mend, but the so-called “missing piston” of the world’s biggest economy doesn’t have enough power to get the broader recovery firing on all cylinders any time soon.
Construction and related activity will help rather than hinder U.S. economic growth this year for the first time since 2005. That was before the housing bust helped push the United States into recession, triggering the global financial crisis………………………………………..Full Article: Source

Plans to build Europe’s tallest towers in Paris make headway

Posted on 05 November 2012 by Laxman  |  Email |Print

Despite resistance from local groups in Paris’ La Defence district, it looks as though a 2.2 billion euro project to develop what would be Europe’s tallest buildings – eclipsing even London’s controversial ‘Shard’ tower – may be making headway.
For Paris, a city whose priciest apartments boast mansard roofs and wrought-iron balconies, it’s an audacious bet: a pair of shimmering, largely residential, luxury towers that might look more at home in Dubai or Shanghai………………………………………..Full Article: Source

Great wall builders: The world’s biggest construction companies

Posted on 26 October 2012 by Laxman  |  Email |Print

Not so long ago Japanese construction firms were the competitors that Western ones feared the most. But in less than a decade the Japanese have disappeared from International Construction magazine’s annual top ten, with their places taken—inevitably—by the Chinese.
China’s unprecedented construction boom has coincided with stagnation in Japan. Japanese firms have retreated just as the Chinese challengers have begun to explore the world………………………………………..Full Article: Source

Is Istanbul’s new skyline a boom or a bubble?

Posted on 25 October 2012 by Laxman  |  Email |Print

With the windows on its towering blocks half-fitted and steel girders exposed, downtown Istanbul’s Zorlu Center appears to be just another construction site. But step inside the sales office and the illusion begins.
An elegant hostess walks you down carpeted corridors to a lounge where water trickles soothingly across a fake granite wall. Giant screens play 3-D trailers of the good life on offer at Istanbul’s latest hot property, from indoor pools to artfully placed orchids………………………………………..Full Article: Source

Cairo property market shows signs of recovery

Posted on 25 October 2012 by Laxman  |  Email |Print

Egypt resolves disputes with UAE developers l Emaar/Al-Futtaim JV to develop $819m Cairo Gate l Emaar launches mainstay of $2.1bn Cairo scheme.
Cairo’s property market is beginning to stabilise after a turbulent period following the Arab Spring, according to new research from Jones Lang LaSalle (JLL)………………………………………..Full Article: Source

Giant Taj Mahal can’t hide Dubai’s weak real estate market

Posted on 25 October 2012 by Laxman  |  Email |Print

Dubai proclaimed its real estate comeback in the only style it knows: grandiose. A replica of the Taj Mahal about four times bigger than the original, a skyscraper with nine swimming pools and a mile-long canal winding its way around office buildings are among the high-profile projects unveiled in the past few weeks.
The plans had been on hold since the financial crisis brought the emirate’s property boom to a halt in 2008. The eye-catching developments may be creating a buzz. In reality, the nascent recovery has been limited to a few areas of Dubai, which suffered a slump that caused property values across the emirate to fall by as much as 65 percent………………………………………..Full Article: Source

Singapore: Significantly more housing units to be completed in 2014

Posted on 16 October 2012 by Laxman  |  Email |Print

26,800 Housing and Development Board (HDB) flats and 22,400 non-landed private housing units are projected to be completed in 2014. The numbers are significantly higher than those projected for this year — 11,300 HDB flats and 12,500 non-landed private housing units are expected to be completed in 2012.
The National Development Ministry revealed these figures in a written response to questions posed by Pasir Ris-Punggol Group Representation Constitutency (GRC) Member of Parliament (MP) Gan Thiam Poh in Parliament on Monday………………………………………..Full Article: Source

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Gloom for UK construction as Hanson plans to cut capacity by 10pct

Posted on 05 October 2012 by Laxman  |  Email |Print

Job losses are set to be announced by a leading building products firm in response to the “dreadful” UK construction market. Britain’s construction sector is faring even worse than feared, was the message from industry as two more firms reacted to the dire market with action threatening hundreds of jobs.
Building products supplier Hanson said it is planning to cut its capacity by 10pc as sales prove worse than anticipated. The move emerged as rival building material group Burdens embarked on a strategic review of its business in response to the poor market. Bristol-based Burdens, owned by a charitable trust and its employees, said it was looking at selling part of the company and that a bidding process was under way………………………………………..Full Article: Source

Australian construction contracts fastest pace in year

Posted on 05 October 2012 by Laxman  |  Email |Print

Australia’s building industry shrank in September by the most in 12 months, led by a deepening downturn in residential and commercial construction, a private gauge showed.
The construction performance index fell to 30.9 last month from 32.2 in August, a survey by the Australian Industry Group and the Housing Industry Association released in Sydney today showed. A reading below 50 represents a contraction………………………………………..Full Article: Source

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