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Real Estate Briefing - Archive | August, 2010

Will UK property ever be as popular again?

Posted on 27 August 2010 by Laxman  |  Email |Print

From Financialadvice.co.uk: At the height of the boom time for the UK property market it seemed that nobody could lose money and conversely at the bottom of the UK property market it seems that nobody can make money.
Investor sentiment is very often based upon short-term trends and many investors can become blinkered with regards to the potential long-term prospects for the UK property market. So will UK property ever be back in vogue?………………………………………Full Article: Source

London lettings boom as demand pushes up rents

Posted on 27 August 2010 by Laxman  |  Email |Print

From Cityam.com: London’s lettings market remains buoyant with a surge in tenant demand pushing rents in the capital higher. Forty three per cent more chartered surveyors in London reported a rise in demand for property rather than a fall, up from 37 per cent in the first quarter, according to the latest RICS residential lettings survey for May to July.
The difficulty of securing mortgage financing is continuing to persuade higher numbers of people to rent, rather than buy, found the survey, which says 76 per cent more surveyors reported a rise in rents than a fall……………………………………….Full Article: Source

France may struggle to raise cash in property sales

Posted on 27 August 2010 by Laxman  |  Email |Print

From Reuters: The French government’s drive to raise badly needed funds by selling a chateau, sumptuous villas and a host of other state-owned properties may not be going as well as expected.
The big property selloff was announced in June at the height of a debt market crisis that prompted many governments to redouble efforts to improve public finances damaged by the worst recession since World War Two……………………………………….Full Article: Source

Budapest Property Market Index inches further down

Posted on 27 August 2010 by Laxman  |  Email |Print

From Realdeal.hu: The Budapest Property Market Index, a measure of supply and demand on the market as well as market players’ plans and expectations compiled by economic think tank GKI and professional journal Ingatlan es Befektetes, fell to -31.8 points in July from -32.2 points in April, GKI Vice President Laszlo Akar said on Wednesday.
The index was up from a historical low of -33.4 points in July 2009. The index peaked at -10 points in July 2008……………………………………….Full Article: Source

Can Saudi Arabia fix its housing time bomb?

Posted on 27 August 2010 by Laxman  |  Email |Print

From Reuters: Much of the housing problem is rooted in the country’s fast-changing demography. Fuelled by a big rise in the number of foreign workers, the country’s population grew almost 20 percent to 27.14 million between 2004 and 2010, according to a recent census.
The number of houses simply can’t keep up. In total, the country has a deficit of two million housing units, a figure that’s rising by some 150,000 a year, according to independent economist Saud Jleadan……………………………………….Full Article: Source

Kuwait real property sales drop by 42 pct in July

Posted on 27 August 2010 by Laxman  |  Email |Print

From KUNA: The Kuwaiti real estate market saw sharp decline last July with the sales nose-diving by 42 percent compared with the previous month, the largest decline in five months, according to an economic report issued here on Wednesday.
In its economic brief, entitled “Real Estate Activity,” the National Bank of Kuwait (NBK) said there were only 415 real property transactions (residential, commercial and investment) registered at the Ministry of Justice……………………………………….Full Article: Source

China minister: Property prices in some cities still too high

Posted on 27 August 2010 by Laxman  |  Email |Print

From Dow Jones: Residential property prices in some Chinese cities are still “too high,” National Development and Reform Commission Chairman Zhang Ping was quoted as saying Thursday by the China News Service.
In the second half of the year, China will continue with policies to restrain overly fast price rises and “resolutely control” speculative property prices, and step up the construction of public housing, Zhang said in an address to the standing committee of the National People’s Congress, according to the report……………………………………….Full Article: Source

China attempts to cool hot property market

Posted on 27 August 2010 by Laxman  |  Email |Print

From Voanews.com: China’s growing economy attracts millions to the cities, fueling a housing boom and encouraging property speculation.
China’s biggest cities are littered with construction sites and housing prices have skyrocketed: in some areas they have doubled in the past year, raising concerns the bubble could burst, damaging the whole economy……………………………………….Full Article: Source

Regulating housing market still a daunting task: China official

Posted on 27 August 2010 by Laxman  |  Email |Print

From Xinhua: China’s top economic planner said Thursday the regulation of the property market was still a daunting task in spite of “initial progress” the country has made in cooling excessive prices.
In the second half, the government would “stabilize property market regulating policies, further implement the measures meant to curb excessive gains in housing prices, and resolutely restrain speculative property investment,” said Zhang Ping, director of the National Development and Reform Commission……………………………………….Full Article: Source

Reality check for China’s real estate

Posted on 27 August 2010 by Laxman  |  Email |Print

From Forbes: The latest news out of China is bearish. However, you have to be very careful of how you interpret the numbers. Those who want to present the bullish view will give you sales or price numbers for real estate for the first half or the last year. That disguises the plunge in sales since April.
For example, the year-over-years sales increase in China property prices is 11.4%. However, sales since April have plunged……………………………………….Full Article: Source

S.Korean steps to boost housing market due Sunday

Posted on 27 August 2010 by Laxman  |  Email |Print

From Reuters: South Korea plans on Sunday to announce measures to boost the housing market, and sources suggested the government will probably ease mortgage lending regulations slightly.
A spokesman at the Ministry of Land, Transport and Maritime Affairs said on Thursday that the government would announce the measures on Sunday……………………………………….Full Article: Source

Institutional investors shun private real estate funds

Posted on 27 August 2010 by Laxman  |  Email |Print

From Financialpost.com: Private real estate funds are not popular among institutional investors. According to a new report by U.K.-based Prequin, only 24% of the 166 institutional investors surveyed committed to a private real estate fund in the first half of 2010, and only 42% are considering making a commitment over the next year despite the fact that 73% of investors are below their target allocation for the asset class.
That makes Canada Pension Plan Investment Board one of the few that still have faith in the asset class. Fundraising has been “particularly poor,” according to the report……………………………………….Full Article: Source

Investment in real estates to touch $300-bln

Posted on 27 August 2010 by Laxman  |  Email |Print

From Thehindubusinessline.com: Reflecting improved investor confidence, investment in commercial real estate globally is expected to witness a “healthy” growth of 40-50 per cent to $300 billion in the current year, says a report.
According to the report by global real estate services firm Jones Lang LaSalle, the first half of 2010 saw investment worth $130 billion in the commercial real estate globally and is likely to touch $300 billion in the full year, representing an increase of 40-50 per cent from 2009……………………………………….Full Article: Source

Global property securities are set to outperform as austerity kicks in

Posted on 27 August 2010 by Laxman  |  Email |Print

From Investmentweek.co.uk: Global property securities have performed well in 2010. The UBS Global Property Investors Index rose by 11.2% in sterling terms, compared to 0.5% of the MSCI World Index.
Global listed property outperformed as investors remained positive about the long-term prospects of the asset class, which should benefit from economic recovery, low interest rates and urbanisation trends in emerging markets……………………………………….Full Article: Source

US: The housing mirage

Posted on 26 August 2010 by Laxman  |  Email |Print

From WSJ: Yesterday’s news that sales of existing homes fell a record 27% in July did not trigger the end of civilization. Instead, while stocks generally declined on the news, shares of home building companies rallied on the chance that this market has finally found a bottom.
We make no predictions on whether the expected rebound in August or autumn sales will come to pass, after more than four years of a declining market and numerous federal programs delaying the inevitable correction………………………………………Full Article: Source

US real estate emerges from two and a half year slump, IPD says

Posted on 26 August 2010 by Laxman  |  Email |Print

Simon FairchildFrom Propertyfundsworld.com: The range of returns to investors in US core open-ended funds remain above long-term norms, despite the recovery in market values over the second quarter, IPD research has shown.
Underlying US commercial real estate markets have emerged from two and a half years of write-downs with a quarterly positive capital return of 2.2 per cent - contributing to a 4.0 per cent total return, as measured by the IPD US Quarterly Property Index……………………………………….Full Article: Source

U.S. housing market holocaust, existing home sales crash

Posted on 26 August 2010 by Laxman  |  Email |Print

From Marketoracle.co.uk: Don’t look now, but someone just pushed the housing market off a cliff. The National Association of Realtors announced on Tuesday that the sales of existing homes fell a staggering 27.2 percent to a seasonably adjusted rate of 3.83 million units.
This is the lowest number of sales since 1995. The reaction on Wall Street has been swift, shares plunged in a wild sell-off that pushed stocks down more than 100 points in a matter of minutes. US Treasuries rallied on the news sending bond yields lower as jittery investors sought safety from the ongoing avalanche of dismal economic data……………………………………….Full Article: Source

Time to buy: Housing’s dead; long live housing

Posted on 26 August 2010 by Laxman  |  Email |Print

From Marketwatch.com: Every single newspaper I looked as I waited for my espresso with a little steamed milk at the local donut shop this morning screamed, “Housing has collapsed! Run for the hills while you still can!” Well, something like that. Here’s some sampling of the actual headlines I saw:Weak US housing, business data fuel ‘double-dip’ concerns, Housing still at heart of our problems, Worst New Home Sales EVER!
I could go on — here just look at the search results from Google News of “Housing record” (without the quotes). 8263 results in the news for “Housing record” today? Wow……………………………………….Full Article: Source

US commercial property ‘attractively priced’

Posted on 26 August 2010 by Laxman  |  Email |Print

From Themovechannel.com: The nation was given a “hot” rating of 89 on a scale of zero to 100, compared to Europe’s “warm” 49 and the UK’s “cold” 38. Asia Pacific was also deemed “hot” with a rating of 67. This suggested that commercial property in the US is more attractively priced on a five-year horizon than other regions.
“The indices are based on a quantified assessment of whether pricing in 180 individual markets (defined by city and sector) is attractive to investors, and signal to investors which regions and sectors offer the best value,” DTZ said……………………………………….Full Article: Source

Tax credits hurt U.S. housing market

Posted on 26 August 2010 by Laxman  |  Email |Print

From Sfgate.com: As Gomer Pyle would say, “Surprise! Surprise! Surprise!” (search that on YouTube, kids). The U.S. housing market has taken a frightening dive following the withdrawal of market-distorting federal government incentives.
Sales of existing homes have dropped 27 percent in July over June levels, and new homes at an annual rate of 12 percent, the lowest rate since the government began tracking sales in 1963. Prices are sure to follow……………………………………….Full Article: Source

Housing’s a wreck. Builders rally. Huh?

Posted on 26 August 2010 by Laxman  |  Email |Print

From CNNMoney.com: Stop me if you’ve heard this before. The housing market is still in shambles. Existing home sales plummeted in July. New home sales sunk as well, hitting a record low. And even though luxury homebuilder Toll Brothers reported a surprise quarterly profit Wednesday, that was largely due to a tax break. Sales were down slightly from a year ago and orders dropped 16%.
Despite this, some investors appear willing to once again bet that the housing market has hit bottom. Shares of Toll Brothers (TOL) were up more than 2% in early afternoon trading……………………………………….Full Article: Source

Luxury home prices feeling market’s pain

Posted on 26 August 2010 by Laxman  |  Email |Print

From Bizjournals.com: Luxury home prices in San Francisco, San Diego and Los Angeles fell from year-ago levels, and real estate agents think the current quarter could look even worse, according to the First Republic Prestige Home Index.
The San Francisco bank’s quarterly survey released this week said that the value of Bay Area’s luxury homes fell 1.3 percent in the second quarter from a year ago but rose 1.8 percent from this year’s’s first quarter……………………………………….Full Article: Source

Fund for real estate in Mexico raises $293.3M

Posted on 26 August 2010 by Laxman  |  Email |Print

From Businessweek.com: A fund geared to buying industrial real estate in Mexico has raised $293.3 million from investors, Prudential Real Estate Investors said Tuesday.
The closed-end, publicly traded fund, dubbed PRUMEX Industrial III, will invest in developing industrial sites, acquire portfolios or individual properties with a focus on tenants that distribute or manufacture goods to Mexican or U.S. consumers, the company said……………………………………….Full Article: Source

European markets less attractive for global investors: DTZ

Posted on 26 August 2010 by Laxman  |  Email |Print

From Propertyeu.info: European property markets have become less attractive than other global markets in the past year due to strong yield compression and increased risk premiums in some markets combined with a sluggish rental growth outlook. That is one of the key findings of the European all-property DTZ Fair Value Index launched last week in Frankfurt.
According to the index, the UK is the least attractive market at present with proportionally more cold markets than hot meaning that many are now over-priced. The same applies to the Nordics……………………………………….Full Article: Source

UK unlisted pooled property funds NAV reaches GBP30.5bln

Posted on 26 August 2010 by Laxman  |  Email |Print

From Propertyfundsworld.com: The Association of Real Estate Funds’ Investment Quarterly for quarter two 2010 reveals a net asset value of GBP30.5bn for UK unlisted pooled property funds, up GBP9.5bn on this time last year. Excellent performance and significant net inflows account for this increased net asset value.
The Investment Quarterly examines trends in the UK unlisted pooled property funds industry through data provided by 66 member funds……………………………………….Full Article: Source

Germany: Open-ended property funds reduce risk-return profile: BVI

Posted on 26 August 2010 by Laxman  |  Email |Print

From Propertyeu.info: Open-ended property funds reduce risk in portfolios of both private and institutional investors and improve the risk-return profile - despite lower returns, according to a report published on Wednesday by the BVI, which represents the German investment and asset management industry.
Private investors with a low appetite for risk should target open-ended funds that invest in a diverse range of asset types, as part of a balanced portfolio that includes shares, hedge funds and money markets, the study concludes……………………………………….Full Article: Source

France and Germany tipped for commercial glory

Posted on 26 August 2010 by Laxman  |  Email |Print

From Themovechannel.com: France and Germany have been tipped as hotspots for commercial property investment by Capital Economics. Ed Stansfield, a property economist at the firm, said that France, along with the Nordic countries, stands out in terms of economic conditions and pricing.
This means investors could be advised to keep an eye out for Midi-Pyrenees property listings and Provence-Alpes-Cote d’Azur property for sale. “Germany, from a purely top-down macroeconomic performance point of view, is going to be one of the best performing economies in Europe over the next couple of years,” Mr Stansfield added……………………………………….Full Article: Source

Property prices fall in France

Posted on 26 August 2010 by Laxman  |  Email |Print

From Assetz.co.uk: The average property prices across 12 regions of France fell last month but a number of areas have experienced increases over the longer term, according to the French Rural Property Index.
Prices across the 12 regions fell by 0.4% in August, compared to the previous month’s figures, Sextant French Properties’ data found. However, prices have increased by 13.7% over the past 10 months in many regions, including Aquitaine, Centre, Midi-Pyrenees, Nord Pas-de-Calais and Normandy……………………………………….Full Article: Source

Sharjah restricts property ownership to UAE and GCC nationals

Posted on 26 August 2010 by Laxman  |  Email |Print

From Ameinfo.com: The ruler of Sharjah, Dr Shaikh Sultan Bin Mohammad Al Qasimi, has issued a decree restricting foreign ownership of land and properties to UAE and GCC nationals, Gulf News has reported.
“The law has limited the right to own real estate in the emirate to the UAE nationals and nationals of GCC Gulf Arab states and corporate bodies fully owned by them. But the exception may be granted by [the] Ruler to own property through the inheritance transition in accordance with Shari’ah declaration, legitimate or waiver of the owner to a relative of the first degree as prescribed by executive regulations of this law,” the decree said……………………………………….Full Article: Source

Office rents seen rising in key Asian markets -JLL

Posted on 26 August 2010 by Laxman  |  Email |Print

From Reuters: Office rents in key Asian markets such as Shanghai and Singapore are expected to rise this year due to healthy economic growth and improving business sentiment, global property services firm Jones Lang LaSalle said.
Hong Kong, Shanghai and Singapore are seen leading the recovery in Asia, with rental increases of between 10 to 20 percent in 2010, while growth momentum will likely pick up in Tokyo and some Indian cities starting in 2011, it said in a statement on Wednesday……………………………………….Full Article: Source

China mulls more real estate regulations to curb speculation

Posted on 26 August 2010 by Laxman  |  Email |Print

From Property-report.com: A new round of housing market regulations in China may be just around the corner as both central and local governments have recently attempted to strengthen control over the real estate market on several occasions, according to experts.
Chinese Vice Premier Li Keqiang said on August 13 that the government would continue to regulate the housing market and resolutely crack down on speculative property investment and other unreasonable market demands……………………………………….Full Article: Source

Blackstone reenters China’s real estate market

Posted on 26 August 2010 by Laxman  |  Email |Print

From Peopledaily.com.cn: Blackstone Group LP, the world’s biggest private equity firm, has entered China’s property market again through financial cooperation with a realty developer. This may be a sign that foreign funds are keen on China’s housing market, analysts say.
Media reported that Blackstone has reached an agreement with Hong Kong-based Great Eagle Group to jointly develop land blocks in Dalian. Great Eagle said in its half-year report that half of its Dalian project is held by an independent third-party company, but declined to give the name……………………………………….Full Article: Source

Real estate agents head to China to sell NZ’s top homes

Posted on 26 August 2010 by Laxman  |  Email |Print

From Nzherald.co.nz: Real estate firms are increasingly turning offshore to secure sales amid a drought of willing buyers in the New Zealand market. Harcourts says a six-day expo of more than $800 million worth of premier New Zealand property in Shanghai is generating “serious interest” from VIPs in China with a number of offers already been made.
Harcourts’ franchise Cooper & Co on Auckland’s North Shore is marketing a portfolio of 57 residential, lifestyle, rural and commercial property and development projects to more than 1200 Chinese millionaires and billionaires interested in investing or immigrating here……………………………………….Full Article: Source

Opportunistic property funds raise less cash in H1-report

Posted on 25 August 2010 by Laxman  |  Email |Print

Thomas B. BrownFrom Reuters: Opportunistic real estate funds raised $9.5 billion in first-half 2010, nearly half the $17 billion of the preceeding six months, as investors scaled back in torpid U.S. and European markets, a report showed.

Of the 16 funds that have closed since end-2009, 12 were “small caps” targeting less then $1 billion of equity, raising a total of $4 billion, New York-based property investment manager Clerestory Capital Partners said on Tuesday…………………………………….Full Article: Source

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U.S. existing home sales dive to 15-year low

Posted on 25 August 2010 by Laxman  |  Email |Print

Paul DalesFrom WSJ: Existing-home sales plunged to their lowest level in 15 years in July as inventories soared, painting a grim picture for the housing market absent government support in a stubbornly sluggish economy.
Home resales dropped a record 27.2%—nearly twice as much as analysts had expected—to an annual rate of 3.83 million in July, the National Association of Realtors said Tuesday. Meanwhile, inventories rose to 12.5 months from 8.9 months in June, pressuring already depressed home prices. Inventories are at their highest level in more than a decade…………………………………….Full Article: Source

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Real estate update: Burning down the house

Posted on 25 August 2010 by Laxman  |  Email |Print

From ETFguide.com: Here’s your real estate update: The housing market is in a depression and the end is not yet nigh. During the month of July, sales of existing U.S. homes sank double what analysts were forecasting as demand for single-family houses fell to a 15-year low.
According to the National Association of Realtors, an annual rate of just 3.83 million units is the current pace. What’s next?……………………………………Full Article: Source

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Commercial property owners choose to default

Posted on 25 August 2010 by Laxman  |  Email |Print

From WSJ: Like homeowners walking away from mortgaged houses that plummeted in value, some of the largest commercial-property owners are defaulting on debts and surrendering buildings worth less than their loans.

Companies such as Macerich Co., Vornado Realty Trust and Simon Property Group Inc. have recently stopped making mortgage payments to put pressure on lenders to restructure debts. In many cases they have walked away, sending keys to properties whose values had fallen far below the mortgage amounts, a process known as “jingle mail.”……………………………………Full Article: Source

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Empire State Building opposes height of neighbour

Posted on 25 August 2010 by Laxman  |  Email |Print

From Reuters: A soaring new office tower in New York would disturb views of the Empire State Building and diminish the signature symbol of the city’s skyline, the famous skyscraper’s managers said on Monday at city council hearings.

Vornado Realty Trust’s proposed 67-story building, known as 15 Penn Plaza, would be built two blocks away and stand nearly as tall as the landmark that has stood largely unobstructed in midtown Manhattan since it was built in 1931…………………………………….Full Article: Source

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A battle for the New York skyline

Posted on 25 August 2010 by Laxman  |  Email |Print

From Nytimes.com: To hear the two sides in the skyscraper war tell it, never has so much been at stake. The owners of the Empire State Building and their supporters say their tower’s international status and New York City’s skyline are in mortal danger of an assault from a “monstrosity.”

Their rival: a proposed tower on 34th Street two avenues to the west that, according to its developers, will help the city grow and prosper, provide thousands of jobs and improve the quality of life for tens of thousands of New Yorkers…………………………………….Full Article: Source

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S&P: The worst not over for U.S. commercial property markets

Posted on 25 August 2010 by Laxman  |  Email |Print

From Insurancejournal.com: The slump in the U.S. commercial property market didn’t quite plumb the depths of the downturn in residential real estate, but although there are signs that home prices are nearing the bottom, commercial real estate could fall further.

According to an article published by Standard & Poor’s Ratings Services, titled “U.S. Commercial And Residential Property Markets May Have Seen The Worst Of Their Slumps,” despite a surge in foreclosures in the U.S. commercial real estate market, there were fewer defaults in commercial mortgage-backed securities (CMBS) than the rating agency originally expected…………………………………….Full Article: Source

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U.S. real estate market: Are there positive signs of market recovery?

Posted on 25 August 2010 by Laxman  |  Email |Print

From RealEstateRama: The U.S. economy has made moderate gains in several key categories over the past few months. GDP growth has been positive, though hovering around 1% per quarter. Unemployment has leveled off as job losses have been abated, but the domestic hiring engine has sputtered of late.
Corporate earnings have soared this past quarter by some 35 to 40% year-over-year, but growth overseas has been the winner while domestic production has remained flat. Consumer spending has always dragged our economy out of recession in the past, but retail sales show only marginal growth, and the sale of new homes are over 40% below where they were fifteen years ago…………………………………….Full Article: Source

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European occupier markets show signs of recovery, but investor sentiment remains fragile

Posted on 25 August 2010 by Laxman  |  Email |Print

From Europe-re.com: The latest European rents and yields survey from King Sturge confirms that rents are stabilizing as occupier markets show signs of recovery. However, the improvement in investment markets witnessed in the second half of last year has moderated recently, as Europe rides out tough economic conditions. While occupier markets are showing signs of strengthening, investor sentiment has now weakened.

In the office sector, prime rents for the majority of cities surveyed were stable or increased during Q2 and the short-term outlook is generally more positive. Those centers that did register a fall in rents are expected to hold stable through to the end of the year…………………………………….Full Article: Source

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UK mortgage market continues to fall

Posted on 25 August 2010 by Laxman  |  Email |Print

From Thefirstpost.co.uk: The mortgage market has continued its summer dip, with the number of home loans approved falling for the second month running, suggesting pressure on household finances and fears about job security.

There were just 33,698 mortgages approved for house purchases in July, down 877 from the previous month, said the British Bankers’ Association (BBA). The number represents a fall of about 25 per cent from the high of 45,415 home loans approved in December…………………………………….Full Article: Source

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Property market in Scotland falls back

Posted on 25 August 2010 by Laxman  |  Email |Print

From Heraldscotland.com: Scotland’s’ property market has gone into reverse less than a month after figures showed it was bouncing back with prices higher in almost every area of the country.

The slight rise in the average house price to £159,217 over the last six months, offering encouraging signs of recovery from the recession, has now started fall back, the Scottish House Price Monitor has found…………………………………….Full Article: Source

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ING Real Estate Investment Management acquires prime office property in Helsinki

Posted on 25 August 2010 by Laxman  |  Email |Print

From Europe-re.com: ING Real Estate Investment Management announces the acquisition of Brondankulma, a prime office property in the heart of the Helsinki CBD area in Finland from Bronda Properties B.V.
The property will be added to the ING Real Estate Nordic Property Fund (NPF), a semi-open ended balanced core plus fund investing in Sweden, Finland and Denmark. The acquisition is in line with the NPF’s strategy to increase investment exposure to quality assets in Finland and adds to the substantial portfolio that the NPF already holds in Finland…………………………………….Full Article: Source

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The Cyprus property dream

Posted on 25 August 2010 by Laxman  |  Email |Print

From Telegraph: West of Syria and south of Turkey, the Mediterranean island of Cyprus spreads across 3,500 square miles of mountains and plains - with nearly 400 miles of idyllic beaches and rugged coastline.

Cycles of conquest and settlement over the centuries have left Cyprus with a rich archaeological legacy dating from at least 1050 when sophisticated city-states, such as Salamis, thrived…………………………………….Full Article: Source

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Egypt and Libya plan $100 mln real estate venture

Posted on 25 August 2010 by Laxman  |  Email |Print

From Reuters: Egypt and Libya will establish a joint company worth $100 million to oversee the construction of al-Fatih city, a real estate development on the outskirts of Cairo, al-Ahram newspaper reported on Tuesday.

Libya will provide 75 percent of the capital, and Egypt the balance, for the 5,600 acre project, the paper quoted Cabinet Spokesman Magdy Rady as saying. It provided no further details…………………………………….Full Article: Source

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India: Look who’s driving the realty boom

Posted on 25 August 2010 by Laxman  |  Email |Print

From Equitymaster.com: If you thought that all the big bucks entering India were through the stock market route or in setting up businesses in high growth sectors like IT or telecom, you were wrong. A large portion of FDI (foreign direct investment) is now being invested into India’s housing sector.

The FDI in India’s real estate and housing market jumped almost 80 times or 8000% between 2005 and 2010. In FY05, the FDI in this sector was a mere Rs 1.7 bn…………………………………….Full Article: Source

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China property prices raise questions

Posted on 25 August 2010 by Laxman  |  Email |Print

From WSJ: Given the importance of China’s property sector to the global economy, the National Bureau of Statistics revelation Monday that there were problems with real-estate price data in Shanghai were worrying.
But it isn’t just the quality of the property data in China that’s an issue, it’s also the transparency and clarity with which it’s presented — and on that front, the statistics bureau itself could use some improvement…………………………………….Full Article: Source

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China housing prices to start dropping in Q4

Posted on 25 August 2010 by Laxman  |  Email |Print

From Moneycontrol.com: Chinese property developers are facing strained cash flows and will be forced to cut prices beginning in the fourth quarter, a state newspaper reported on Tuesday, citing several bankers.

Beijing has strictly controlled financing to real estate developers by limiting their lending from banks and fund raising from capital markets, part of its efforts to cool speculative purchases and prevent prices from rising too fast…………………………………….Full Article: Source

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