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Real Estate Briefing - Archive | October, 2009

The strongest U.S. housing markets

Posted on 30 October 2009 by Laxman  |  Email |Print

From Businessweek.com: They’re easy to overlook, with home prices plunging from Manhattan to Los Angeles and almost everywhere in between. But look at the smaller metros where housing bubbles never took shape, and you’ll find some of today’s strongest markets.

Boulder, Colo.; Fayetteville, N.C.; Pittsburgh; Little Rock; and other slow-but-steady metros are now among the nation’s safest markets, and many of the homes in those markets continue to appreciate, if only modestly……………………….Full Article: Source

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U.S. home vacancies rise to 18.8 mln on defaults

Posted on 30 October 2009 by Laxman  |  Email |Print

From Bloomberg: About 18.8 million homes stood empty in the U.S. during the third quarter as banks seized properties from delinquent borrowers and new home sales fell in September.

The number of vacant properties, including foreclosures, residences for sale and vacation homes, rose from 18.4 million a year earlier and 18.7 million in the second quarter, the U.S. Census Bureau said in a report today……………………….Full Article: Source

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US REITs move higher on economic growth, less gloom

Posted on 30 October 2009 by Laxman  |  Email |Print

From Forbes: Shares of U.S. real estate investment trusts rose after preliminary data showed third-quarter U.S. economic growth was the strongest since 2007, and encouraging comments by a big apartment landlord.
The benchmark MSCI U.S. REIT index was up 4.8 percent on Thursday afternoon, with some of the biggest REIT companies seeing large jumps in their shares……………………….Full Article: Source

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Housing adds to U.S. economic growth for first time in four years

Posted on 30 October 2009 by Laxman  |  Email |Print

From Bloomberg: The housing industry contributed to U.S. economic growth for the first time in four years last quarter as federal tax credits sparked demand for homes and energy-efficient renovations.

The world’s largest economy expanded at a 3.5 percent pace from July through September after shrinking the previous four quarters, figures from the Commerce Department showed today in Washington……………………….Full Article: Source

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US home buyer credit spurred 400,000 sales -report

Posted on 30 October 2009 by Laxman  |  Email |Print

From Reuters: The government’s first-time homebuyer tax credit has spurred a significant amount of sales this year and its positive impact on the hard-hit housing market warrants an extension, an economist known for her property market expertise said on Thursday.

Celia Chen, senior director of housing economics at Moody’s Economy.com in West Chester, Pennsylvania, said the government’s $8,000 tax credit for first-time home buyers — part of its economic stimulus bill — has helped pave the way for stabilization……………………….Full Article: Source

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Has the real estate market bottomed?

Posted on 30 October 2009 by Laxman  |  Email |Print

From Forbes: Some local markets have seen the bottom, while others still have a ways to go. Minneapolis housing prices are up.

Some positive housing statistics have come out recently. The Case-Shiller index, which tracks changes in the values of residences in 20 metropolitan areas in the U.S., is up 2.9% in the second quarter……………………….Full Article: Source

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Heitman raises over EUR 500m for CEE property fund

Posted on 30 October 2009 by Laxman  |  Email |Print

From Propertyeu.info: US real estate investor Heitman has closed its fourth value-added property fund targeting Central and Eastern European commercial and residential property.

The Chicago-based fund manager has raised $750 mln (EUR 506 mln) of equity for Heitman European Property Partners IV, which held a first close last September with roughly EUR 380 mln of commitments from a range of American and European institutions……………………….Full Article: Source

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CEE remains overpriced relative to Western European real estate mkts

Posted on 30 October 2009 by Laxman  |  Email |Print

From Portfolio.hu: Is Central Europe still overpriced relative to Western European real estate markets? What would be a realistic yield gap relative to WE? Why is Warsaw the most attractive property market in the region?
These issues and more have been discussed in an interview with Alessandro Bronda, Head of Global Investment Strategy at Aberdeen Property Investors……………………….Full Article: Source

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European retail real estate investment dominated by “Big Five” in Q3 2009

Posted on 30 October 2009 by Laxman  |  Email |Print

From Property-magazine.eu: Transaction volumes in retail investment in the UK and Continental Europe* over the first three quarters of 2009 totalled circa €8.1bn, just over half the level seen in the same period in 2008 (€15.6bn), according to new research from Jones Lang LaSalle.

In Continental Europe, volumes totalled €1.5bn in Q3 2009, down circa 25% on the previous quarter which saw about €1.9bn transact……………………….Full Article: Source

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Overseas buyers poised to ignite UK commercial property market

Posted on 30 October 2009 by Laxman  |  Email |Print

From Dow Jones: The U.K.’s commercial real estate sector could be gearing up for fierce competition from buyers as funds, expecting more distressed property to come to market in the next two years, plan to snap up prime properties in hope of a recovery.

The market offers the potential of lucrative returns for overseas investors, in particular……………………….Full Article: Source

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U.K. Housing market shows signs of recovery

Posted on 30 October 2009 by Laxman  |  Email |Print

From WSJ: U.K. net consumer lending rose less than expected in September but the number of loans approved for house purchase hit an 18-month high, Bank of England data showed Thursday, in a fresh sign that the housing market is recovering.

But underlining the threat that weak credit demand and restricted supply pose to the broader hoped-for economic recovery, lending to U.K. companies and households grew in September at the slowest annual rate since records began……………………….Full Article: Source

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UK: REITs eye dividend reforms

Posted on 30 October 2009 by Laxman  |  Email |Print

From Nytimes.com: Some of the country’s biggest quoted property companies have joined forces to lobby the government for the right to part-pay mandatory dividends with stocks in an effort to stockpile cash ahead of the next real estate boom.

Heavyweights including Land Securities, British Land and want more flexibility in how they meet obligations to distribute 90 percent of their profits to shareholders, so they can use existing property investment income to bankroll new buys in the coming months……………………….Full Article: Source

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Overseas investors take 82pct of London office investment market in Q3

Posted on 30 October 2009 by Laxman  |  Email |Print

From Propertyeu.info: International investors dominated Central London office investment transactions in the third quarter of 2009, accounting for 82% of completed deals, according to new research from CB Richard Ellis. This is the largest quarterly share of cross-border investment in the Central London market on record.

Central London office investment turnover rose sharply to £2.7 bn (nearly EUR 3 bn) during the third quarter, taking the year-to-date turnover to £4.9 bn, just below the £5.2 bn recorded over the same period in 2008……………………….Full Article: Source

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IVG to launch EUR 400mln London recovery fund

Posted on 30 October 2009 by Laxman  |  Email |Print

From Propertyeu.info: IVG Immobilien, Germany’s largest commercial property company, is launching a EUR 400 mln London Recovery fund to ride the wave of market growth predicted for the West End office market for the next years.

‘We are now in the process of syndicating a London recovery fund with a size of roughly EUR 400 mln, including EUR 200 mln of equity and EUR 200 mln of debt,’ CEO Gerhard Niesslein said in an interview with PropertyEU……………………….Full Article: Source

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German property funds shop in Europe With $11 bln

Posted on 30 October 2009 by Laxman  |  Email |Print

From Bloomberg: Matthias Danne, head of Germany’s largest real estate mutual-fund company, is ready to return to the commercial property market and make purchases in France, Germany and the U.K. after prices dropped as much as 45 percent.

“For the first time in five or six years, we can buy Class A properties in prime locations,” the DekaBank Deutsche Girozentrale management board member said in an interview at the Expo Real trade fair in Munich, which takes place in October each year following the Oktoberfest beer festival. “Two years ago, it was too expensive.” ………………………Full Article: Source

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Spanish property market has hit bottom debate over recovery

Posted on 30 October 2009 by Laxman  |  Email |Print

From Property-abroad.com: The Spanish property market has hit bottom, but prices are unlikely to see any growth until 2011 according to a partner of the Knight Frank estate agency.

“If you put a home on the market at a 35 percent discount to highs from three years ago, and partially-financed, prices are going to stay at these levels until 2011,” Prieto told Reuters in an interview……………………….Full Article: Source

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Spanish government shows confidence in real estate market

Posted on 30 October 2009 by Laxman  |  Email |Print

From Buyassociation.co.uk: Despite reports about defaulting tenants and unpaid rentals in Spain, government officials say that the best time to invest in Spanish property is now.

At a recent press conference, the Spain’s Ministry of Housing confirmed that the worst of the real estate price falls are over and the pace of decline has slowed over the last few months……………………….Full Article: Source

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Bulgaria business property deals contracted sixfold – Forton

Posted on 30 October 2009 by Laxman  |  Email |Print

From Sofiaecho.com: The number of office rent deals signed in Bulgaria in the third quarter of 2009 was six times less than in Q3 2008, according to estimates by Forton property consultants, the local representative of global company Cushman & Wakefield.

Office rent transactions peaked at 65 000 sq m between July and September 2008, but collapsed to 10 700 sq m in Q3 2009, Forton manager Sergei Koinov said……………………….Full Article: Source

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Moscow’s property market passes bottom

Posted on 30 October 2009 by Laxman  |  Email |Print

From Businessneweurope.eu: At the end of last year and in the early months of this year, Moscow’s property market was moribund. But as autumn arrives in Russia’s capital, the market is picking up.

The big developers - Capital group, Mirex, DON-Stroy and others - all moved into the office or retail segments in addition to residential under pressure from bankers, who saw residential as a high-risk portfolio……………………….Full Article: Source

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How to buy property in Turkey without being ripped off

Posted on 30 October 2009 by Laxman  |  Email |Print

From Shelteroffshore.com: The British pound has held fairly firm in the face of the Turkish currency, the lira, and so property in Turkey remains cheap – relatively speaking – for Britons seeking a property abroad.
Pushing up the appeal of Turkish property even more is the fact that the nation is driving ahead with the promotion and extension of its tourism sector, making parts of the country very popular with property investors and speculators……………………….Full Article: Source

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Algeria to offer loans to aspiring home-owners

Posted on 30 October 2009 by Laxman  |  Email |Print

From Zawya.com: In the wake of last week’s housing protests in the capital, the Algerian government has announced it will extend large low-interest loans to less-affluent people.

Hefty financial assistance and slashed interest rates on loans will be made available to low-income people to ease the nation’s housing woes, the Algerian government announced……………………….Full Article: Source

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Dubai apartment prices to come under renewed pressure

Posted on 30 October 2009 by Laxman  |  Email |Print

From Ameinfo.com: A number of market reports released at the beginning of Q4 2009 have broadly concurred on the state of Dubai’s property market.
The consensus appears to be that while villa sale and leasing prices will broadly stabilise from September onwards, apartments are likely to come under further pressure as new units come online over the next two years……………………….Full Article: Source

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Slowdown hits Abu Dhabi housing projects

Posted on 30 October 2009 by Laxman  |  Email |Print

From Maktoob.com: About 45,000 homes will be built in Abu Dhabi in the next four years, just half of what was planned, because of a property sector slowdown, UAE daily the National reported on Thursday, citing real estate consultancy firm Jones Lang LaSalle (JLL).

Abu Dhabi has a shortage of residential units, while the market in neighbouring Dubai remains oversupplied with one in every four homes in the city being empty……………………….Full Article: Source

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South Africa property market past bottom and recovering strongly

Posted on 30 October 2009 by Laxman  |  Email |Print

From Property-abroad.com: In the last two months South Africa property sales were 40% higher than in the two months previous, confirming positive reports that the market has bottomed.
The increased demand has been put down to the fact that banks, in all provinces are now giving 100% mortgages……………………….Full Article: Source

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Shanghai home prices decline first times this year

Posted on 30 October 2009 by Laxman  |  Email |Print

From Bloomberg: Shanghai home prices fell in October from September, the first monthly decline this year, National Business Daily reported on its Web site today, citing Centaline Property Agency Ltd. and E-House China Holdings Ltd.
Sales of new homes by square meters fell 38.5 percent in the first 25 days of this month as compared with the previous month to 1.4 million square meters, the Shanghai-based newspaper reported……………………….Full Article: Source

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General property developers in China set to grab lions share of residential market

Posted on 30 October 2009 by Laxman  |  Email |Print

From Propertywire.com: Property developers in China who meet the demands of general home buyers are the most likely to perform well, according to analysts.

A report outlining the sales rankings of Chinese real estate companies in the third quarter of 2009 shows some dramatic changes with developers such as Evergrande Real Estate, Poly Real Estate and Gemdale taking the lead……………………….Full Article: Source

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China Everbright raises US$100 mln for real-estate fund

Posted on 30 October 2009 by Laxman  |  Email |Print

From WSJ: China Everbright Ltd. has raised more than US$100 million from institutional investors in Asia and Europe for its China-focused real-estate private-equity fund, the company said Wednesday.

The fund, which is targeting US$250 million, will focus on special situations and “opportunistic structures.” It will be managed by Everbright ALAM, a real estate investment platform jointly owned by China Everbright and RQSI, a U.S.-based asset management firm……………………….Full Article: Source

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Henderson Land bullish on HK property sector

Posted on 30 October 2009 by Laxman  |  Email |Print

From Channelnewsasia.com: Two Hong Kong developers - Henderson Land and New World Development – forked out a combined HK$9 billion (US$1.2 billion) just to convert a piece of farmland in the New Territories into a residential development.

Henderson Land said that it has earmarked another HK$770 million for buying more sites to build residential and commercial properties. It is clearly very bullish on the Hong Kong property sector……………………….Full Article: Source

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REITs and commercial real estate’s victims

Posted on 29 October 2009 by Laxman  |  Email |Print

From Time.com: The commercial real estate market seems headed for trouble, the next potential victim of the speculative frenzy that has already devastated the residential housing market. That prospect apparently hasn’t scared investors.
Shares of real estate investment trusts (REITs, which buy and manage buildings and mortgages) have been on a tear for the past seven months, almost doubling in value on average. REITs now trade at a double-digit premium to the value of their underlying properties………………………Full Article: Source

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Forget U.S. housing, worry about commercial real estate

Posted on 29 October 2009 by Laxman  |  Email |Print

From Theglobeandmail.com: Now that the residential housing market is showing a little bit of life in the United States, whispers about the impending crisis in the commercial real estate sector have grown louder.

“Risk distribution is shifting from the housing market – which has been the Achilles’ heel of the U.S. economy for three years now – to commercial real estate,” Scotia Capital economist Gorica Djeric wrote in a note to clients Wednesday………………………Full Article: Source

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U.S. economy: New-home sales drop as credit nears end

Posted on 29 October 2009 by Laxman  |  Email |Print

From Bloomberg: Sales of new U.S. homes unexpectedly fell in September as the end of a tax credit for first-time homebuyers approached, highlighting the importance of government aid to the emerging economic recovery.

Purchases dropped 3.6 percent to a 402,000 annual pace that was lower than the most pessimistic economist’s forecast, according to Commerce Department figures issued today in Washington. Other data showed orders for durable goods climbed 1 percent in September, the fourth gain in the last six months………………………Full Article: Source

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Brazil property boom predicted

Posted on 29 October 2009 by Laxman  |  Email |Print

From Expatriatehealthcare.com: The Brazilian construction industry should brace itself for a surge in international interest, says a real estate expert.

According to Spanish building company Confide Brasil, the South American nation is on the brink of a property boom, expatriates planning a move to the country may be interested to hear………………………Full Article: Source

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Outlet centres continue to buck recession across Europe

Posted on 29 October 2009 by Laxman  |  Email |Print

From Propertyeu.info: Outlet centre management across Europe report their centres are trading above expectations and above previous year’s figures.
The announcements were made at the International Council of Shopping Centers (ICSC) European Factory Outlet Conference, held for the first time this year in Milan, which has now grown to be the largest conference for the outlet centre industry in the world………………………Full Article: Source

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UK: M&A property deals on the increase

Posted on 29 October 2009 by Laxman  |  Email |Print

From Mandadeals.co.uk: The UK property sector saw a surge in M&A deals in the last quarter, according to research by accountancy firm Grant Thornton.

The firm’s Property M&A Tracker records non-residential, real estate and development transactions and found that there were 30 deals in the third quarter of the year, a 36 per cent increase on last year. ……………………..Full Article: Source

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Construction brings biggest boost to UK economy

Posted on 29 October 2009 by Laxman  |  Email |Print

From Building.co.uk: Pressure mounts for more government construction spending as report shows it brings greatest rise in GDP.

Construction generates a greater increase in GDP per £1 spent than almost any other sector, according to a report launched today. The news will increase pressure on government to continue spending on construction projects………………………Full Article: Source

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UK housing market shows signs of recovery

Posted on 29 October 2009 by Laxman  |  Email |Print

From Financialadvice.co.uk: The UK housing market rose by 0.9% in September with an average increase of around £1,400 taking the average UK property price to £158,377.
The annual rate of decline has fallen to 5.6% against 16.3% at the peak in February 2009 and while there is relief that the sector is starting to move again there is some concern that moves over the last few months have been born from very low transaction volumes………………………Full Article: Source

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Retail sales in property funds double in September

Posted on 29 October 2009 by Laxman  |  Email |Print

From Propertyweek.com: Property funds saw net retail sales more than double in September according to the latest figures from the Investment Management Association (IMA).

In the strongest evidence to date that retail investors are returning to the property market, inflows soared to £261m last month………………………Full Article: Source

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LaSalle pumps EUR 400mln into UK out-of-town retail assets

Posted on 29 October 2009 by Laxman  |  Email |Print

From Propertyeu.info: LaSalle Investment Management has spent £360 mln (almost EUR 400 mln) in the last 12 months as it pursues counter-cyclical investment in the UK out-of-town retail market.
LaSalle accounted for 29% of all out-of-town retail acquisitions over the last 12 months including Borehamwood Shopping Park, Silverlink Retail Park in Newcastle and The Eastgate Centre in Bristol………………………Full Article: Source

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German firms scour U.S. for deals

Posted on 29 October 2009 by Laxman  |  Email |Print

From WSJ: More than 25 years ago, when the U.S. commercial real-estate industry began to emerge from its last collapse, German investors were among the first to snap up properties at discount prices.

History may be repeating itself. While numerous foreign investors have begun to scout the U.S. market in recent months, German investors have been among the few that have actually done deals………………………Full Article: Source

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German property funds shop in U.K., Paris as money flows back

Posted on 29 October 2009 by Laxman  |  Email |Print

From Bloomberg: Matthias Danne, head of Germany’s largest real estate mutual-fund company, is ready to return to the commercial property market and make purchases in France, Germany and the U.K. after prices dropped as much as 45 percent.

“For the first time in five or six years, we can buy Class A properties in prime locations,” the DekaBank Deutsche Girozentrale management board member said in an interview at the Expo Real trade fair in Munich, which takes place in October each year following the Oktoberfest beer festival. “Two years ago, it was too expensive.” ……………………..Full Article: Source

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Mixed news for the Italian property market

Posted on 29 October 2009 by Laxman  |  Email |Print

From Globaledge.co.uk: REPlat, Italy’s first multiple listing service is reporting a mixed outlook for the Italian property market with the biggest issue faced by agents being the unrealistic prices requested by vendors.

Analysing data from its 1,700 member agents, REplat figures show that demand has continued to decrease in the third quarter of 2009, registering an overall drop of 3.91% between January and September, and year on year declines of up to 10.38%………………………Full Article: Source

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Spanish property prices flat until 2011

Posted on 29 October 2009 by Laxman  |  Email |Print

From Kyero.com: Property prices in Spain have touched bottom but will remain stalled during the next two years, a partner for property advisor Knight Frank said on Friday.
“If you put a home on the market at a 35 percent discount to highs from three years ago, and partially-financed, prices are going to stay at these levels until 2011,” Prieto told Reuters in an interview………………………Full Article: Source

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Polish property recovery led by commercial sector c bank keeps rates low

Posted on 29 October 2009 by Laxman  |  Email |Print

From Property-abroad.com: The Polish property market, or rather the potential for commercial expansion is really being taken advantage of by international brands and developers at the moment.
According to a recent market report the Commercial sector of the Polish property market, specifically the shopping centre market saw significant recovery in the third quarter………………………Full Article: Source

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Portugal property market benefits from risk averse british buyers

Posted on 29 October 2009 by Laxman  |  Email |Print

From Property-abroad.com: Portugal property is currently among the most popular in Europe, if not with the masses of people currently looking, certainly with the dozens of those who become buyers.
In the last two weeks alone there has been some major coverage of British buyer activity in the Portugal property market………………………Full Article: Source

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Investment in Budapest property market plunges in 2009, CBRE says

Posted on 29 October 2009 by Laxman  |  Email |Print

From Realdeal.hu: Just EUR 90m have been invested in Budapest’s office, commercial and industrial property market so far this year, a fraction of the EUR 470m in 2008 and the EUR 2bn in 2007, Tim O’Sullivan of CB Richard Ellis said at a press conference in the capital on Wednesday.

About 250,000 square metres of commercial real estate is under construction, far less than the 550,000 square metres a year earlier………………………Full Article: Source

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Hungary for more

Posted on 29 October 2009 by Laxman  |  Email |Print

From Themovechannel.com: The worst of the Hungary property market downturn is now over, according to Ecostat’s Real Estate Barometer - the gauge shows that the latest measure of sentiment on the Hungarian property market measured 35.4% in Q3 2009, up 1.54% quarter-on-quarter, the first quarterly rise recorded this year.

The Hungarian real estate sector has endured a torrid time over the past few years, with prices plummeting across the country, as the Hungarian economy struggled to cope with the global economic downturn………………………Full Article: Source

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Luxury property prices down by 40pct in Bulgaria

Posted on 29 October 2009 by Laxman  |  Email |Print

From Propertycommunity.com: The price of luxury property in Bulgaria has fallen by 40% since the onset of the global economic downturn while the average residential real estate prices are down 28% year on year, according to the latest figures to be published.

The number of luxury property owners putting their houses on the market has doubled, says a report from real estate agency Unique Estates. But buyers are no longer interested in real estate priced at the top of the market………………………Full Article: Source

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Delays result in Abu Dhabi housing shortage

Posted on 29 October 2009 by Laxman  |  Email |Print

From Thenational.ae: The slowdown in the property market is taking its toll on developers in Abu Dhabi and only 45,000 homes will be completed in the capital in the next four years, half of what was originally expected, according to a property consultancy.

The downwards revision of expected housing supply by Jones Lang LaSalle (JLL) could mean that rents remain high for longer than expected amid a continuing housing shortage. That may present a short-term challenge to the Government’s plan for rapid economic and population growth………………………Full Article: Source

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60pct say RERA should scrap its rental index

Posted on 29 October 2009 by Laxman  |  Email |Print

From Arabianbusiness.com: More than 60 percent of people think that Dubai’s Real Estate Regulatory Authority (RERA) should scrap its rental index, according to the latest Arabian Business poll.

Some 60.3 percent of respondents said the real estate watchdog always got rental price wrong, so should scrap the index because it was misleading………………………Full Article: Source

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Cold water for Asia property market

Posted on 29 October 2009 by Laxman  |  Email |Print

From Nytimes.com: Almost four years after swelling property prices started to collapse in the United States, giving rise to the most severe global financial and economic crisis in decades, the housing market remains depressed in many parts of the world — except in much of Asia.

Here, property prices have defied the global gloom, soaring this year as buoyant economic growth and low interest rates prompted an inflow of money into apartments and houses — as well as stock markets — across the region………………………Full Article: Source

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