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Real Estate Briefing - Archive | June, 2009

India: Property brokers expect prices to increase

Posted on 29 June 2009 by Laxman  |  Email |Print

From Residential property builders have something to cheer if the result of a poll of property brokers conducted by Edelweiss Capital is any indication.
The pan-India poll shows that property brokers expect prices of residential property, especially i n the Mumbai and NCR region, to increase around the Budget, Edelweiss said in a press release issued here……..Full Article: Source

Thai property remains popular among the British

Posted on 29 June 2009 by Laxman  |  Email |Print

From Problems such as tsunamis and anti-government protests over the last five years have done little to discourage foreign investors from entering the Thai property market.
According to a Mail Online article, the upmarket resorts on the island of Phuket on the west coast of Thailand – along with other resorts in the vicinity – remain particularly popular among British buyers……..Full Article: Source

Real estate ETFs rest on shaky foundation

Posted on 29 June 2009 by Laxman  |  Email |Print

From Investors who purchased exchange-traded funds tracking real estate investment trusts in hopes of diversifying their portfolio against stock-market shocks have been sorely disappointed.

REITs, which let individuals invest in commercial real estate, have been thumped by the recession and tight lending markets. The companies manage specific types of properties such as shopping malls, apartments and storage facilities……..Full Article: Source

Experts at odds on world commercial property recovery

Posted on 26 June 2009 by Laxman  |  Email |Print

From Reuters: Real estate industry experts are at loggerheads on which commercial property market they expect to bounce back first from the downturn first, after the global financial crisis shredded property values in most countries.

Global real estate investors — roused by prospects of snapping up bargain assets — were still wary of getting caught in a false rally and have been keenly watching for signs of a sustainable recovery……..Full Article: Source

Global property lending landscape altered forever

Posted on 26 June 2009 by Laxman  |  Email |Print

From Reuters: The days of easy borrowing and cheap real estate debt are gone for good, some of the world’s top commercial property executives conceded this week.

Speakers at the Reuters Global Real Estate Summit in London said they had abandoned hopes of ever seeing a return to the halcyon days of credit that fueled an unprecedented bull run in property prices following the turn of the millennium……..Full Article: Source

High-net-worths look to real estate amid volatility

Posted on 26 June 2009 by Laxman  |  Email |Print

From The ultra and high-net-worth community shrank by 25% and 15% respectively in 2008, according to the latest Merrill Lynch/Capgemini world wealth report. However, the allocation to real estate rose by 4% - despite a general move towards liquid assets.
Global market dislocations saw many high-net-worth individuals (HNWI) retreat to more liquid assets, including cash and fixed income……..Full Article (Subcription Required) : Source

US Property looks good in green

Posted on 26 June 2009 by Laxman  |  Email |Print

From Eco-friendly homes are a rare subject of positivity in a depressed real estate market in the US, according to the National Association of Home Builders.

The organisation says that more builders, renovators and home designers are obtaining its Certified Green Professional certificate while its National Green Building Programme is taking off……..Full Article: Source

America’s most expensive homes

Posted on 26 June 2009 by Laxman  |  Email |Print

From Forbes: There’s been a lot of denial among luxury homeowners. In 2006, it was thought that the luxury market wouldn’t suffer the same fate as the broader market.
A year later, high-end home buyers were thought to have endless, deep pockets, further insulating the top-tier from the cratering economy. As the nation’s markets in 2008 went from bad to worse, some in the industry claimed that the dearth of trophy properties outstripped supply……..Full Article: Source

Downsized Americans downsize their homes

Posted on 26 June 2009 by Laxman  |  Email |Print

From Reuters: Not only is the brutal recession driving more Americans into McDonald’s for a cheap meal, but it has also dulled their appetite for McMansions.

Home buyers have lost their enthusiasm for the sprawling houses that cropped up across U.S. suburbs over the past decade. Having learned that property values can go down as well as up, they are flocking to smaller homes that are cheaper to buy, furnish and heat……..Full Article: Source

Brazil property sales on the up

Posted on 26 June 2009 by Laxman  |  Email |Print

From Sales in the Brazil property market appear to be bouncing back, following a subdued year, caused by the economic slump, according to one market expert.

Thomas Shapiro, president of GoldenTree InSite Partners, told the Reuters Global Real Estate Summit that Brazil’s economy is exceeding all expectations and the government’s measures to boost the Brazil property market is proving successful……..Full Article: Source

Experts far more upbeat about UK house market

Posted on 26 June 2009 by Laxman  |  Email |Print

From Experts are much less downbeat about the prospects for the UK housing market than they were three months ago.

The average UK house price is now expected to fall 8% this year, remain flat in 2010, and rise by slightly more than 2% in 2011, according to the median forecasts in news agency Reuters’ poll of 35 analysts at banks, building societies, investment firms and consultancies……..Full Article: Source

UK House prices - how to get the real story

Posted on 26 June 2009 by Laxman  |  Email |Print

From We are obsessed with monthly house price figures, but the reality is that none of the UK indices get it right all the time.
Hometrack said house prices remained unchanged last month, Nationwide reported a 1.2% rise and Halifax said the rise was 2.6%. Why is there such a divergence in data?…….Full Article: Source

Head for the trees, says IPD

Posted on 26 June 2009 by Laxman  |  Email |Print

From Investment in forestry outperformed UK commercial property and equities last year, producing a total return of the year of 7%, the Investment Property Databank has said.

UK commercial property delivered returns of -22.1% and UK equities returned -29.9%, according to the IPD UK Forestry Index……..Full Article: Source

London prime prices peak

Posted on 26 June 2009 by Laxman  |  Email |Print

From The value of prime residential property in central London is rising for the first time in two years, according to upmarket estate agents Savills.

Prices in the sector have risen by 4.3 per cent over the last three months, dampening concerns that London’s allure as a financial location and home for cash-rich buyers has been damaged by the increase in the top rate of tax. …….Full Article: Source

London, Paris top new JLL/Experian retail ranking

Posted on 26 June 2009 by Laxman  |  Email |Print

From London and Paris top the new European Downtown Retail Centre Rankings launched by consultant Jones Lang LaSalle and research firm Experian which show the relationship between consumer spending in European cities and prime retail rents.

The new rankings are designed to equip investors, developers and retailers with crucial insights into the best downtown European location opportunities……..Full Article: Source

French property scheme sells well

Posted on 26 June 2009 by Laxman  |  Email |Print

From Nearly half of the 27 off-plan apartments in a new French property residence de tourisme scheme at Chantemerle 1350 in France’s Southern Alps have already been sold ahead of its opening in December this year.

Chantemerle 1350 is one of six villages which make up the Serre Chevalier ski resort in the Southern Alps region of France, and occupies two linked chalets close to the ski slopes, mountains, shops and restaurants……..Full Article: Source

Germany’s construction orders abroad at record high

Posted on 26 June 2009 by Laxman  |  Email |Print

From Forbes: The German construction industry achieved record orders abroad in 2008 and expects similar figures this year, the managing director of the HDB industry association told Reuters on Thursday.

‘2008 was a record year for our international business,’ said HDB Managing Director Michael Knipper in an interview. …….Full Article: Source

More to Malta property investment

Posted on 26 June 2009 by Laxman  |  Email |Print

A traditional favourite with British holidaymakers, the small island of Malta is hoping to attract the luxury property investor.
Once home to mass-market developments, Malta has learnt from its mistakes in the past and is now concentrating on high-end developments……..Full Press Release: Source

Property execs eye second homes in Europe, Africa

Posted on 26 June 2009 by Laxman  |  Email |Print

From Reuters: Global real estate markets may be in the worst shape seen for generations, but the dream of owning a second home lives on.

We asked guests at Reuters Global Real Estate Summit to tell us where they would like to buy a vacation residence or city bolthole, and continental Europe and Africa topped the list……..Full Article: Source

Where to invest in property in Cape Verde

Posted on 26 June 2009 by Laxman  |  Email |Print

From When it comes to emerging markets, various appeals can be made to buyers, be they looking for second homes or rental accommodation for tourists.
Some places offer ski resorts, such as in Eastern Europe. Many offer dramatic scenery and beaches while others have interesting cities and culture……..Full Article: Source

Lack of transparency blurs outlook for Bahrain property market

Posted on 26 June 2009 by Laxman  |  Email |Print

From Off plan property sales in Bahrain have virtually dried up but it is difficult to judge the impact of the global downturn on the real estate sector because of lack of transparency, it is claimed.

Separating fact from fiction is very difficult as the property market is far less transparent than in the rest of the Gulf region and transaction activity is not fully recorded or reported, according to a market overview from consultants CB Richard Ellis……..Full Article (Subcription Required) : Source

Nakheel likely to offer buyback of $3.5bln Sukuk

Posted on 26 June 2009 by Laxman  |  Email |Print

From Real estate developer Nakheel PJSC may offer to buy back its $3.52 billion Islamic bonds before they come due in December, Barclays Capital said.

“A tender could be launched in the next few weeks, offering immediate cash payment at a discount,” Alia Moubayed, London-based senior economist for the Middle East and North Africa at Barclays Capital, said in a June 19 report, e-mailed on Thursday. …….Full Article: Source

Dubai World consolidates real estate functions

Posted on 26 June 2009 by Laxman  |  Email |Print

From In a statement released today, Dubai World has said that it has consolidated the real estate functions of a number of entities.
‘The real estate development and property management activities of Dubai Maritime City, Leisurecorp, and Dubai Multi-Commodities Centre will be managed by Nakheel going forward,’ said the group. The process will be completed over the summer……..Full Article: Source

South Africa: Real estate market will get worse before it gets better

Posted on 26 June 2009 by Laxman  |  Email |Print

From Bad debts, vacancies will rise, warns listed property company CEO of South Africa’s commercial real estate sector.
In its annual report published today, chairman Anton Botha and chief executive Gerhard van Zyl say that although there are some indications that the worst of the downturn had already been seen, the property cycle lags the general economic cycle by between 12 and 18 months and the company was anticipating trading conditions to get worse before they get better……..Full Article: Source

China’s real estate market not yet ready for real-estate investment trusts

Posted on 26 June 2009 by Laxman  |  Email |Print

From China’s capital markets aren’t ready for real-estate investment trusts and the country should first encourage institutional investors to buy property, the Asian head of an ING Groep NV real estate unit said.
Before introducing REITs, it would be “preferable” for China to have insurance companies and pension funds be active real estate investors, Richard Price, Asia chief executive officer of ING Real Estate Investment Management, said Wednesday……..Full Article: Source

Hainan’s property investment increases 50 pct in Jan-May

Posted on 26 June 2009 by Laxman  |  Email |Print

From China Knowledge: Hainan Province saw property investment total RMB 8.58 billion in the first five months of this year, a year-on-year increase of 49.1%, and overseas investment in the real estate market amounted to RMB 208 million, according to the Hainan Statistics Bureau.

During the period from January to May, residential property investment increased 49.2% year on year and amounted to RMB 7.72 billion, RMB 3.8 billion of which was spent on construction of apartments with a floor area of less than 90 square meters (sq m) each……..Full Article: Source

India: Double whammy for investors as property firms skip dividends

Posted on 26 June 2009 by Laxman  |  Email |Print

From It’s a double whammy of sorts for the investors in property stocks. On the one hand, prices of these stocks have eroded up to 70 per cent from their 2008 peaks, and on the other, most of the real estate companies that have declared results so far have chosen not to pay any dividends for 2008-09.
Some of these realtors include big names like Indiabulls Real Estate (IBREL), Housing Development and Infrastructure (HDIL) and Parsvnath Developers………Full Article: Source

Singapore real estate ‘not hot’ for investors

Posted on 26 June 2009 by Laxman  |  Email |Print

From Singapore no longer appears on the radar screen of most non-listed institutional investors and fund managers, according to the latest survey by Asian Real Estate Association (Area).

This year’s hottest picks are China, Australia and Japan, said its Investment Intentions Asia Survey 2009……..Full Article: Source

Quality property investors starting to buy again in Vietnam

Posted on 26 June 2009 by Laxman  |  Email |Print

From Vietnam’s property market is showing signs of recovery with quality investors now entering the market as opposed to speculators.

Improved lending conditions are one of the main reasons that people are beginning to put money back into property, according to Peter Ryder, chief executive officer and founding partner of Indochina Capital……..Full Article: Source

How Australia’s housing market is defying the downturn

Posted on 26 June 2009 by Laxman  |  Email |Print

From The outlook for the global economy has stabilised but recovery is expected to be gradual. Industrial activity is showing early signs of stabilisation and consumer confidence is improving from very low levels.

Financial markets are also improving with equities market gains since early March consolidating and credit spreads narrowing. The Australian economy has thus far avoided a ‘technical’ recession and has been among the best performers globally. While economic growth will remain fragile in 2009, ongoing policy stimulus and support from improving Chinese demand will soften the blow going forward……..Full Article: Source

Australia: Property developers hitting the wall

Posted on 26 June 2009 by Laxman  |  Email |Print

From Property development looked like a solid path to prosperity just 18 months ago but now it has become an obstacle course fraught with risk for entrepreneurs.

Tight access to credit, onerous criteria for warranty insurance and a sluggish market are all combining to make conditions the worst they have been in decades. …….Full Article: Source

Property fund looks to team up with property developers

Posted on 26 June 2009 by Laxman  |  Email |Print

From Fund manager Managing Partners Limited (MPL), which runs the British Property Opportunities Property Fund, says that a growing number of property developers are facing funding problems on new projects because their banks are freezing their lending until they can demonstrate a certain level of off-plan sales.
Through its British Property fund, MPL is helping property developers overcome this difficult situation by offering to buy some of these properties off-plan……..Full Article: Source

LIC housing finance to set up venture fund

Posted on 26 June 2009 by Laxman  |  Email |Print

From WSJ: LIC Housing Finance Ltd. is setting up a 5 billion rupees (about $100 million) venture fund to invest in the Indian real estate industry as the mortgage lender sees demand reviving in the sector, its chief executive said.

“We will finalize partners for the fund within a month and launch it by September,” R. R. Nair, also a board member, told Dow Jones Newswires in a recent interview……..Full Article (Subcription Required) : Source

Can you find the bottom in real estate ETFs?

Posted on 26 June 2009 by Laxman  |  Email |Print

From Although encouraging news has recently been released regarding the real estate sector and the ETFs that track it, many suggest that an immediate recovery is still not imminent.

Signs of trouble in the real estate market still persist: New home sales dropped 0.6% in May, falling short of economists’ forecasts. There’s also a 10-month backlog of new homes……..Full Article: Source

To REIT or not to REIT

Posted on 26 June 2009 by Laxman  |  Email |Print

From Investors looking for direct exposure to a broad portfolio of commercial real estate can get it with the iShares Dow Jones US Real Estate.
Real estate has traditionally been viewed as a way to add stability to a diversified portfolio through lower correlations with stocks (though we are dubious about this assertion) and an inflation hedge when compared with bonds……..Full Article: Source

8 ways to stay positive in today’s market

Posted on 26 June 2009 by Laxman  |  Email |Print

From So many real estate professionals today are wondering, “How can I stay positive in today’s market?” Like any discriminating real estate professional, you realize the value of a positive mental attitude.
Here are eight ways that you can create and maintain a positive mental attitude in today’s market:…….Full Article: Source

U.S. commercial property market thawing

Posted on 25 June 2009 by Laxman  |  Email |Print

From Reuters: The gap between U.S. commercial property buyers and sellers is narrowing, indicating the shattered market is closer to beginning the painful path to recovery, the head of Prudential Real Estate Investors said on Wednesday.

Prudential Real Estate Investors, or PREI, invests in commercial real estate-related debt and equity on behalf of pension funds and other institutional investors…….Full Article: Source

U.S. distressed real estate totals $97.4bln

Posted on 25 June 2009 by Laxman  |  Email |Print

From National distressed commercial real estate totaled $97.4 billion in early June, including foreclosures, lender-owned properties and those headed in that direction, according to a new report from Delta Associates.

Distressed commercial real estate volume has doubled every three months since December 2008 with retail properties representing the largest segment in June, at $29.7 billion…….Full Article: Source

Home-price recovery may be undermined by appraisals

Posted on 25 June 2009 by Laxman  |  Email |Print

From Bloomberg: There may be another culprit scuttling a U.S. housing recovery: low home appraisals.

Flawed appraisals are derailing real estate sales and depressing values across the U.S., the National Association of Realtors said yesterday as it reported that existing home prices declined 17 percent in May from a year earlier…….Full Article: Source

US urban markets could take until 2017 to recover, warns expert

Posted on 25 June 2009 by Laxman  |  Email |Print

From The US urban commercial real estate markets probably will not recover until 2017, the head analyst of commercial mortgages for Deutsche Bank Securities has said.

“The froth is still working itself out,” said Richard Parkus, Deutsche Bank head of Commercial Mortgage-backed securities…….Full Article: Source

US: Moody’s Index puts commercial real estate at 2004 levels

Posted on 25 June 2009 by Laxman  |  Email |Print

From WSJ: The Moody’s/REAL National All Property Type Aggregate Index is out today and finds that the value of offices, apartments, hotels, warehouses and malls have dropped to September 2004 levels.

“There’s all this talk of green chutes, people saying the second order of employment data is positive,” said Neal Elkin, president of Real Estate Analytics, LLC, one of the study’s two sponsors. “We’re in a situation now where our second order of returns [for real estate] is sharply negative. That’s a little intimidating.”……Full Article (Subscription Required): Source

New home sales fall unexpectedly

Posted on 25 June 2009 by Laxman  |  Email |Print

From CNNMoney,com: Sales of newly constructed homes fell unexpectedly in May and were down almost a third from last-year’s levels, a government report said Wednesday.

New home sales ticked down 0.6% last month to a seasonally-adjusted annual rate of 342,000, the Commerce Department reported. That was from a revised reading of 344,000 in April…….Full Article: Source

Is Canada’s housing market tanking or taking off?

Posted on 25 June 2009 by Laxman  |  Email |Print

From The Canadian housing market is beginning to look like a large jumbled puzzle. A week after a report showed the price of an average house had soared to a record high, an alternate report suggested Wednesday prices have in fact declined for five consecutive months.

Both sources are respectable, and their data accurate. But different methodology has led to a discrepancy between the figures. So where does the Canadian housing market stand?……Full Article: Source

Canadian home prices fall a fifth straight month, Teranet says

Posted on 25 June 2009 by Laxman  |  Email |Print

From Bloomberg: Canadian home prices fell on an annual basis for the fifth month in a row in April, the Teranet- National Bank National Composite House Price Index showed.

Prices were 6.7 percent lower than the same month a year earlier, according to the report released today by National Bank Financial. The index is now 8.9 percent less than its peak of last August…….Full Article: Source

Canadian property market regaining popularity

Posted on 25 June 2009 by Laxman  |  Email |Print

From The housing market in Canada is said to be regaining its popularity with overseas property buyers, Halifax International has today.

The international arm of Halifax has stated there is a feeling of positivity about the Canadian property market. The property website, commented earlier in June that Canada is once again one of the top ten most popular countries with buyers looking to invest in properties abroad…….Full Article: Source

British consider Canada immigration for property investment

Posted on 25 June 2009 by Laxman  |  Email |Print

From The British are increasingly looking to move to Canada in order to make the most of the property investment opportunities waiting for them over the Atlantic.

The Canadian property market is showing signs that recovery is just around the corner and there are thought to be many overseas investors waiting in the wings to buy up bargain property before prices start to increase once more…….Full Article: Source

Colombia April construction permits drop 29% in area

Posted on 25 June 2009 by Laxman  |  Email |Print

From Dow Jones: Colombian authorities in April approved permits for construction on 29% less area than in the same month of 2008, according to government figures released late Tuesday.

Permits covering 1.05 million square meters were issued in April, the National Statistics Department, or DANE, said Wednesday. The area covered for housing decreased 16% to 789,500 square meters while the area for other types of construction slumped 53% to 257,929 square meters…….Full Article: Source

Credit Suisse upgrades UK commercial property shares

Posted on 25 June 2009 by Laxman  |  Email |Print

From Credit Suisse has raised its recommendation for UK commercial property shares to ‘overweight’ because ‘the UK economic momentum is better than any other developed country’.

Credit Suisse’s global equity research team recommended buying Hammerson and British Land shares in a research note today…….Full Article: Source

Glimmers of hope for British real estate

Posted on 25 June 2009 by Laxman  |  Email |Print

From Forbes: If Britain really has put the worst of its property troubles behind it, the latest sign comes from the luxury market. Houses priced between one and four million pounds ($1.7 to $6.6 million) in central London rose 4.3% in the second quarter of 2009, according to luxury real estate agent Savills.

It’s the first time in 18 months that luxury house prices in the British capital have risen…….Full Article: Source

UK: House sales ‘continuing to rise’

Posted on 25 June 2009 by Laxman  |  Email |Print

From BBC: The number of homes sold in the UK has continued to rise, according to HM Revenue and Customs (HMRC).

Some 62,000 residential properties costing more than £40,000 were sold in May, up 7% on the previous month…….Full Article: Source

June 2009
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