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Real Estate Briefing - Archive | December, 2009

Global property sector M&A touched $152 bln in 2009: Dealogic

Posted on 30 December 2009 by Laxman  |  Email |Print

From Indiatimes.com: The global merger and acquisition activity in the property sector so far this year amounted to $151.8 billion, the lowest level in the last six years amid the economic downturn.

“Global property sector M&A reached just $151.8 billion via 2,282 deals in 2009, down 34 per cent on 2008 volume, making it the lowest level since 2003,” deal tracking firm Dealogic said…………………………………..Full Article: Source

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US housing market recovery damped by still-rising delinquencies

Posted on 30 December 2009 by Laxman  |  Email |Print

From WSJ: Investors appeared to take a report on flat U.S. home prices in stride Tuesday, but still-rising mortgage delinquencies signal more foreclosures, damping hopes that the housing market is recovering.

“Delinquencies are a precursor to foreclosures,” said Cameron Findlay, chief economist at LendingTree.com, in an interview Tuesday. “We’re not seeing any decreases in delinquencies, which is very concerning.”…………………………………..Full Article: Source

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America’s house price revival halted by big freeze

Posted on 30 December 2009 by Laxman  |  Email |Print

From Timesonline.co.uk: American property price gains faltered in October as a wintery chill deterred buyers, according to the most widely used gauge of the housing market’s health.

The Standard & Poor’s (S&P) Case-Shiller Home Price Indices, a measure of house sales in cities across the United States, were flat in October, compared with September……………………………………Full Article: Source

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Home prices improving, says Case-Shiller Home Price Index

Posted on 30 December 2009 by Laxman  |  Email |Print

From Realestatechannel.com: According to Standard & Poor’s S&P/Case-Shiller Home Price Indices released today, the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading.
This marks approximately nine months of improved readings in these statistics, beginning in early 2009……………………………………Full Article: Source

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Flat US home prices ignite recovery fears

Posted on 30 December 2009 by Laxman  |  Email |Print

From Timesonline.co.uk: American house prices were unchanged in October, destroying expectations of a sixth straight monthly increase, according to a leading monthly survey today.

The Standard & Poor’s/Case-Shiller index of home prices in 20 metropolitan areas was flat in October after rising by a revised 0.4 per cent in September. Most economists had expected October to show a rise of about 0.2 per cent……………………………………Full Article: Source

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U.S., Washington mortgage rates jump: Zillow

Posted on 30 December 2009 by Laxman  |  Email |Print

From Bizjournals.com: Thirty-year fixed mortgage rates jumped to 4.93 percent in both the U.S. and in Washington state last week, up substantially from the previous week.

According to the Seattle-based online real estate site, two weeks ago, national average 30-year fixed mortgage rates were 4.77 percent and in Washington state, they were 4.78 percent……………………………………Full Article: Source

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International property activity in Europe to increase in 2010

Posted on 30 December 2009 by Laxman  |  Email |Print

From Halifax-international-expats.com: Countries in Europe which are recovering more slowly from the recession will attract buyers looking to negotiate a bargain in 2010, according to one industry expert.

Kyero, a Spanish property firm, said that as the European economies grow and recover at different rates activity will be created between buyers and sellers……………………………………Full Article: Source

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Europe’s landlords hope for revival

Posted on 30 December 2009 by Laxman  |  Email |Print

From WSJ: When the credit crunch hit European property markets in 2008, speculative office development screeched to a halt.

As office rent began to decline and vacancies rose over the past year, one hope remained for Europe’s landlords: Almost no one was ready to sink money into a new office construction pit. The combined forces of a coming squeeze on office space and a robust economic recovery reviving demand would cause rents to rise again……………………………………Full Article: Source

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U.K. housing market slows in December

Posted on 30 December 2009 by Laxman  |  Email |Print

From Businessweek.com: Home prices in England and Wales grew just 0.1% in the month and new buyers declined, raising fears of a slowdown in 2010 that could see prices fall 1%
The housing market has markedly slowed during December, though analysts warn that it is too early to say whether the setback shows the recovery is running out of steam or marks the traditional Christmas lull……………………………………Full Article: Source

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Spanish banks start to unload property portfolios

Posted on 30 December 2009 by Laxman  |  Email |Print

From WSJ: Spanish savings banks have begun selling off the large property portfolios they acquired as collateral from loan defaults, in an effort to improve solvency ratios, a move that risks further falls in property values that could impair the value of their asset books.

In Spain, the global financial crisis that erupted in 2007 ended a real-estate and construction-based asset boom, plunging the country into a recession that has yet to end, even as many other European economies have returned to growth……………………………………Full Article: Source

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Boom in real estate deals in Sofia before New Year’s Eve

Posted on 30 December 2009 by Laxman  |  Email |Print

From Sofiaecho.com: The number of real estate deals in Sofia at the end of the year has doubled because of a new law that from January 1 2010 will ban all real estate payments made in cash, Bulgarian-language Trud daily said on December 29 2009.

Up until December 15 2009 the number of real estate deals registered in Sofia was between 300 and 350. In the final two weeks of the year, however, their number rose to 500 a day with the highest rate recorded just before Christmas at 764……………………………………Full Article: Source

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UAE: ‘Annus Horribilis’ for real estate

Posted on 30 December 2009 by Laxman  |  Email |Print

From Albawaba.com: 2009 has been an ‘Annus Horribilis’ (Latin for horrible year) for most of the global property and real estate world including the UAE, but 2010 will see confidence-boosting consolidation with growth returning by 2011, according to a leading United Arab Emirates developer.

“With the onset of the financial crisis at the close of 2008, many of us in the property and real estate world expected 2009 to be one of the most challenging of modern times. It was certainly that - and then some!” said Mohammed Nimer, CEO of MAG Group Property Development, which is involved in AED3 billion of developments in the UAE……………………………………Full Article: Source

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Kuwait house rents could increase by 15pct in 2010: Study

Posted on 30 December 2009 by Laxman  |  Email |Print

From Zawya.com: Forecasts made by Kuwait Financial Center (Markaz) may turn into reality in 2010 when real-estate prices in Kuwait shoot up by 10 percent. Apartment rents may soar to 15 percent.
Most expatriates have received the news coldly, voicing disappointments, at the same time pragmatically ‘biting the bullet’ in the end. “I don’t think they will listen to us even if we make comments in public……………………………………Full Article: Source

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Abu Dhabi property prices are “stable”

Posted on 30 December 2009 by Laxman  |  Email |Print

From Kippreport.com: Property prices in the UAE capital have remained stable throughout the fourth quarter of 2009, according to a sales guide issued by real estate consultant Landmark Advisory.
“Prices are only likely to increase for developments that are close to completion during 2010,” Jesse Downs, director of Research and Advisory Services at Landmark Advisory said in the release……………………………………Full Article: Source

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Asia Pacific’s major markets’ strain

Posted on 30 December 2009 by Laxman  |  Email |Print

From Property-report.com: As 2009 investment trends in global zones have come into focus, China’s thumb on the scale of the Asia Pacific region has grown larger and heavier, accounting for more than US$127 billion of the $177 billion in total volume yearto-date in the region, which has actually seen volume grow 4 percent this year.

Excluding China, though, this puts Asia Pacific’s volume at $49.9 billion, a 49 percent decline from 2008. That is still a significant transaction volume in this marketplace - Asia Pacifics’s non-China year-end totals will roughly equal or possibly surpass the United States’ activity……………………………………Full Article: Source

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Housing bubble threatens China’s boom

Posted on 30 December 2009 by Laxman  |  Email |Print

From Theglobeandmail.com: The young couple had just finished another disappointing round of house hunting when Sun Chun turned to his wife with more bad news. Their real-estate agent had called to say that an apartment they liked had been sold, but not before the price jumped dramatically at the last instant.

“Are they crazy? How come the price rose so suddenly?” Mr. Sun asked as his wife’s eyes widened in disbelief. “Right now, it is still us who are selecting the house. But it won’t be long before it is the house selecting us.”…………………………………..Full Article: Source

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Hong Kong November new home loan approvals Fall 11.1pct

Posted on 30 December 2009 by Laxman  |  Email |Print

From Bloomberg: New mortgage loans approved in Hong Kong dropped 11.1 percent in November, after the city’s government voiced concerns over potential asset bubbles and implemented measures to cool surging home prices.

Loans fell to HK$25.8 billion ($3.3 billion) from HK$29 billion in October, declining for a fifth consecutive month, the Hong Kong Monetary Authority said in a statement today……………………………………Full Article: Source

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Hong Kong property developers cautious

Posted on 30 December 2009 by Laxman  |  Email |Print

From Businessday.co.za: SINO Land and K Wah International Holdings paid HK10,4bn (1,3bn) for two waterfront sites in Hong Kong’s New Territories yesterday, falling short of estimates, with the Hong Kong Monetary Authority warning of a mounting threat of asset bubbles in Asia.

Share prices of Hong Kong property companies, the bestperforming group this year on the Hang Seng index, fell yesterday……………………………………Full Article: Source

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Reality check for Hong Kong property market

Posted on 30 December 2009 by Laxman  |  Email |Print

From Propertyweek.com: The froth is coming off Hong Kong’s property market, with bidding at the biggest government land auction in two years failing to reach the high prices forecast by analysts.

Two residential sites on the Tai Po waterfront were sold yesterday at the low end of market expectations, a signal that developers believe property prices are close to their peak……………………………………Full Article: Source

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Preuksa looks for growth through investments outside Thailand

Posted on 30 December 2009 by Laxman  |  Email |Print

From WSJ: Preuksa Real Estate PCL, a Thai property developer, said Tuesday it may increase its investments in China and Indonesia and expand to the Maldives as it pushes aggressively to lift revenue to 100 billion baht ($3 billion) by 2017.

Chief Operating Officer Prasert Taedullayasatit said the company is in negotiations to set up a joint venture with the Maldives government to construct a low-rise residential project next year……………………………………Full Article: Source

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Property prospects for Phuket and Krabi

Posted on 30 December 2009 by Laxman  |  Email |Print

From Property-report.com: Nick Anthony and Tom Travers of Indigo Real Estate discuss how Thailand’s property sector has been affected by the global economic crisis, and what to watch for in southern Thailand during 2010.

Phuket shakes off the world economic problems The global financial crisis will rumble into 2010 and will create more surprises. The United States is still in deep trouble, Europe is fracturing and Africa is unstable……………………………………Full Article: Source

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Commercial real estate set to improve in 2010

Posted on 30 December 2009 by Laxman  |  Email |Print

From Perthnow.com.au: Australia’s commercial real estate market is set to improve, as conditions stabilise in a sector that suffered huge losses during the global downturn.

Listed property companies had a horror year in 2009, when their balance sheets were savaged by falling asset values and rising vacancy rates……………………………………Full Article: Source

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Real estate ETFs to consider if the recovery continues in 2010

Posted on 30 December 2009 by Laxman  |  Email |Print

From Seekingalpha.com: The year 2009 brought a stellar rebound to US equity markets, with all the major sectors gaining ground. The most impressive returns happened in areas hardest hit during the late-2008 meltdown: Materials and Consumer Discretionary.
However, the biggest sector winner by far was Technology with (as of December 24) a nearly 50% bounce from the end of 2008……………………………………Full Article: Source

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Options traders prepare for REIT pullback

Posted on 30 December 2009 by Laxman  |  Email |Print

From WSJ: Simon Property Group and AvalonBay Communities hit 52-week highs this week, but options traders are preparing for a pullback in the stocks.

Trading in Simon Property heated up early in the session, as investors picked up nine times as many puts, which allow them to sell the company’s stock, as calls that allow them to buy it, according to Trade Alert……………………………………Full Article: Source

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Global construction industry expected to pick up in 2010: KPMG survey

Posted on 29 December 2009 by Laxman  |  Email |Print

From Channelnewsasia.com: The construction sector around the world is likely to pick up in 2010 in tandem with the recovering global economy. Accoring to KPMG’s 2009 Global Construction Survey, 64 per cent of respondents expect to either increase or maintain profits by next year.

The survey sought the view of top management of more than 100 of the world’s leading engineering and construction companies…………………………………….Full Article: Source

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US: Best 25 housing market forecasts in 2010

Posted on 29 December 2009 by Laxman  |  Email |Print

From Housingpredictor.com: More housing markets are forecast to experience appreciation in 2010 as the nation’s real estate markets move closer to stabilization. The Best 25 Housing Markets named annually by Housing Predictor hold the strongest likelihood of housing inflation of all 250 market predictions issued.
Despite the weak economy, home sales are increasing in the majority of the country and are projected to improve over at least the first half of the year boosted by the federal government’s expansion of the first time home buyers’ tax credit to move-up buyers…………………………………….Full Article: Source

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Brazil top hedge funds cut homebuilders after rally

Posted on 29 December 2009 by Laxman  |  Email |Print

From Bloomberg: JGP SA and Polo Capital Gestao de Fundos Ltda., two of Brazil’s best-performing hedge funds, are paring holdings of homebuilders on concern higher interest rates next year may weaken the industry after shares rose 199 percent.

Marcio Roberto Correia, who helps manage the equivalent of $1.6 billion at JGP, cut real-estate stakes almost 50 percent over the past two months in his JGP Equity FIC FI Multimercado fund…………………………………….Full Article: Source

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Investment in Europe commercial real estate down 40pct in 2009

Posted on 29 December 2009 by Laxman  |  Email |Print

From Propertywire.com: Direct commercial real estate investment in Europe will have been close to €70 billion in 2009, down 40% on 2008, according to new research.

But investor confidence has improved significantly from the historic lows at the beginning of 2009 and transactional activity is expected to grow 20% in 2010, says the latest report from Jones Lang LaSalle…………………………………….Full Article: Source

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Experts split on British housing market

Posted on 29 December 2009 by Laxman  |  Email |Print

From UPI: Divided property experts expect home prices in Britain to rise as much as 4 percent or fall as much as 7 percent in 2010.

Real estate research firm Hometrack said prices would likely fall 1 percent in 2010, while Jones Lang Lasalle forecast a 7 percent drop, The Times of London reported Monday…………………………………….Full Article: Source

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UK housing market is too focused

Posted on 29 December 2009 by Laxman  |  Email |Print

From Financialadvice.co.uk: Hometrack, one of the U.K.’s leading property experts, has confirmed that in its opinion the average price of a home in the UK will fall in 2010.
Aside from the fact that unemployment is on the increase, household incomes are under pressure and the economy has not yet left recession, the company believes the ongoing improvement in the property market is focused upon too small a number of buyers…………………………………….Full Article: Source

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UK: Year house prices proved they could defy gravity

Posted on 29 December 2009 by Laxman  |  Email |Print

From Timesonline.co.uk: It was the disaster that never happened. The picture at the end of 2008 appeared bleak: property prices had plunged by more than 14 per cent, hastened by the collapse of Lehman Brothers in September, and almost every market commentator forecast Armageddon for 2009.

Yet the reality took everybody by surprise. The bottom of the market was reached at Easter and in some areas houses were trading at peak 2007 levels by the summer…………………………………….Full Article: Source

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Housing boom hits southern Israel

Posted on 29 December 2009 by Laxman  |  Email |Print

From Washingtontimes.com: When Israel launched a massive offensive in the Gaza Strip a year ago, political leaders said the primary objective was to snuff out cross-border rocket fire against villages in southern Israel.

That military mission has largely been accomplished. Launches of short-range Qassam rockets plummeted 90 percent to a decade low in 2009…………………………………….Full Article: Source

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Israelis to build 700 homes in East Jerusalem

Posted on 29 December 2009 by Laxman  |  Email |Print

From Telegraph: Israel delivered a fresh snub to American peace plans on Monday by approving the construction of nearly 700 homes in mainly Arab East Jerusalem.
It was the second decision to grant planning approval for expansion of Jewish homes in the city’s traditionally Arab district since a partial freeze on construction in the occupied West Bank was imposed last month…………………………………….Full Article: Source

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Dubai: A year of maturity for the realty sector

Posted on 29 December 2009 by Laxman  |  Email |Print

From Business24-7.ae: Year 2009 was a year of “price correction” for Dubai’s realty market, transforming it into a matured and favourable one for end-users. The Land Department and Real Estate Regulatory Agency (Rera) were on the forefront to implement various laws, which were previously announced in 2008, in letter and spirit, curbing speculation.

The year started with the announcement of the first residential and commercial rental price index decree, which was aimed at curbing the increase in property prices within the emirate to maintain a balance between the interests of both landlords and tenants and to ensure stability of the real estate sector…………………………………….Full Article: Source

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KFH inks $242mln Chicago property deal

Posted on 29 December 2009 by Laxman  |  Email |Print

From Tradearabia.com: Kuwait Finance House (KFH), the country’s biggest Islamic lender, said it has signed a $242 million real estate deal in Chicago.

KFH owns 95 percent of the project, while the remaining is owned by Prism Company, the lender said in a statement. ‘KFH will focus on income producing assets with attractive yields and guaranteed occupancy levels,’ it added……………………………………Full Article: Source

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Jordan: Access to easy credit key to real estate recovery - experts

Posted on 29 December 2009 by Laxman  |  Email |Print

From Jordantimes.com: Experts in the real estate sector believe that the market can recover next year if access to credit and conditions on mortgage finance programmes are eased.

Zuhair Omari, president of the Housing Investors Society, described the property market nowadays as “ailing” as a result of the credit crunch it has experienced in 2009 due to the strict measures banks imposed on loans, adding that the sector will bounce back if banks change their attitude…………………………………….Full Article: Source

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What drives real estate prices in India?

Posted on 29 December 2009 by Laxman  |  Email |Print

From Indiatimes.com: What drives real estate prices in India? The factors vary from city to city. In most countries, the construction of a noisy airport may be reason for residents to flee, but in India, the prospect of Mumbai’s second airport coming up near Khargar is driving up prices.

According to Gulam Zia, national director—research and advisory services, Knight Frank, the Navi Mumbai area — from Vashi to Panvel — is likely to grow faster than other locations in Mumbai…………………………………….Full Article: Source

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India: Market funds to drive next decade’s realty biz

Posted on 29 December 2009 by Laxman  |  Email |Print

From Intoday.in: Come next decade and market funds from sources like real estate investment trusts (REITs), real estate mutual funds (REMFs) and share capitals from stock issues will become the mainstay for real estate industry as bank funding slows in the wake of the global financial meltdown, according to a report by international property consultants, Jones Lang LaSalle-Meghraj (JLLM).

But, experts feel whatever may be the source of funding, stability of Indian realty market depends on the delivery of the ongoing projects in the next two to three years…………………………………….Full Article: Source

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China to cool property prices: Wen

Posted on 29 December 2009 by Laxman  |  Email |Print

From Taipeitimes.com: Chinese Premier Wen Jiabao said the government would cool property prices, resist pressure for the yuan to appreciate and keep inflation at “reasonable” levels.

“Property prices have risen too quickly in some areas and we should use taxes and loan interest rates to stabilize” them, Wen said on Sunday in an online interview with Xinhua news agency…………………………………….Full Article: Source

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China: Economist: House prices may raise 20-30pct next year

Posted on 29 December 2009 by Laxman  |  Email |Print

From People.com.cn: On December 26 at a Financial Summit Forum in Nanjing, economist and professor with the Chinese Academy of Governance Wang Xiaoguang said that the current property market is not very healthy, but as China will continue to implement an appropriate loose monetary policy next year, house prices are very likely to rise by 20 percent -30 percent.

Wang Xiaoguang said over the past five years, 10 percent of the richest in the population bought 50 percent of the houses, 40 percent of the wealthy bought 85 percent of the houses, the remaining 60 percent ordinary people bought only 15 percent of the houses, thus the house price rise is clearly unhealthy……………………………………Full Article: Source

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Hong Kong land sale signals cooling

Posted on 29 December 2009 by Laxman  |  Email |Print

From WSJ: Two prime Hong Kong residential sites were sold in an auction Monday for a lower-than-expected US$1.34 billion, in a sign that one of the world’s hottest property markets is cooling off.

Analysts said the sale indicated a potential end to the market frenzy that has sent prices surging about 27% this year. Some observers welcomed the results, saying they may point toward a more stable property market next year and allay concerns over a housing bubble…………………………………….Full Article: Source

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Singapore: Increasing trend of larger property deals, says DTZ Research

Posted on 29 December 2009 by Laxman  |  Email |Print

From Channelnewsasia.com: Property deals in the Singapore market just got bigger in the final quarter of this year, according to global property adviser DTZ Research.

The value of property transactions in the fourth quarter are larger compared to the trend of small deals in the first three quarters of 2009…………………………………….Full Article: Source

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Taiwan: Driven by speculation, property rebound may not last: scholar

Posted on 29 December 2009 by Laxman  |  Email |Print

From Etaiwannews.com: The domestic property market showed signs of recovery in the third quarter after a year-long recession, but a scholar cautioned Friday that the rebound has been driven by speculation and may be a short-lived phenomenon.

“Excess capital and high expectations are creating conditions that could cast a cloud over the market in the future, ” said Chin-oh Chang, a professor in National Chengchi University’s Department of Land Economics…………………………………….Full Article: Source

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Over supply concerns for Malaysia real estate market in 2010

Posted on 29 December 2009 by Laxman  |  Email |Print

From Propertycommunity.com: The property sector in Malaysia could see an oversupply next year due to a burst of launches from developers that have been held back since the start of the global economic crisis, it is claimed.

Developers will need to come up with creative ways of maximising sales if they are to avoid prices falling, according to the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector (PEPS)…………………………………….Full Article: Source

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The appeal of REIT ETFs

Posted on 29 December 2009 by Laxman  |  Email |Print

From Seekingalpha.com: Real Estate Investment Trusts, or REITs, used to offer attractive yields and a measure of stability. These days, a REIT is one of the more volatile investment choices.
What’s more, even the attractiveness of the income stream is questionable… when one considers alternative income producers (e.g., convertibles, preferreds, energy trusts, etc.)…………………………………….Full Article: Source

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US: New-home sales drop 11.3pct

Posted on 24 December 2009 by Laxman  |  Email |Print

From WSJ: The U.S. economy is showing more signs of recovery, but new data on housing and household income underscored concerns that the economy could lose momentum next year as the impact of government stimulus fades.

Sales of newly built homes fell 11.3% in November to a seven-month low, the Commerce Department reported, as the government’s tax credit for first-time buyers was originally set to expire. “………………………………….Full Article: Source

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US property market outlook positive in many states, analysts predict

Posted on 24 December 2009 by Laxman  |  Email |Print

From Propertywire.com: More property markets in the US are expected to recover in 2010 at the nation’s real estate markets move closer to stabilization, according to the latest forecasts.
In the New Year property markets in a dozen states are projected to appreciate, demonstrating the development of an improving trend in many markets across the nation, says the Best 25 Market Forecast in 2010 from Florida based Housing Predictor…………………………………..Full Article: Source

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US housing market still schizophrenic

Posted on 24 December 2009 by Laxman  |  Email |Print

From Theatlantic.com: Today, we have more conflicting reports about the health of the U.S. real estate market. The National Association of Realtors reports that existing home sales increased by 7.4% in November.
But the Commerce Department says that purchases of new homes fell by 11% in November. What should we make of these conflicting reports?………………………………….Full Article: Source

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Builders zero in on new goal of energy-neutral housing

Posted on 24 December 2009 by Laxman  |  Email |Print

From WSJ: The green building movement is targeting a goal once thought virtually unattainable: zero net energy use.
While the trend is nascent, dozens of “net zero” and “near net zero” developments — projects designed to use only about as much power from the public grid as they can save or produce on their own — have sprung up across the U.S. over the past five years…………………………………..Full Article: Source

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CB Richard Ellis 2009 review and 2010 outlook for commmercial real estate in Europe

Posted on 24 December 2009 by Laxman  |  Email |Print

From Europe-re.com: Key commentary from CBRE’s forthcoming report – After the Storm: Where Next for European Property? The economic aftermath of the collapse of Lehman in September 2008 has been well documented and continues to unfold.
Against a background of extreme uncertainty, investment decisions froze and most of the world’s major economies entered recession…………………………………..Full Article: Source

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