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Real Estate Briefing - Archive | September, 2010

Mortgage applications index in U.S. fell for a fourth week

Posted on 30 September 2010 by Laxman  |  Email |Print

From Bloomberg: The number of mortgage applications in the U.S. declined last week for a fourth straight time, led by a drop in refinancing even as mortgage rates declined to the lowest on record.
The Mortgage Bankers Association’s index fell 0.8 percent in the week ended Sept. 24 to the lowest level in almost two months, the Washington-based group said today. Refinancing also dropped to a seven-week low, while purchases increased for the first time in three weeks……………………………………….Full Article: Source

Should you be bullish on the housing market?

Posted on 30 September 2010 by Laxman  |  Email |Print

From Taipanpublishinggroup.com: After wrapping up last week’s 2010 annual summit in Las Vegas, I was surprised that the housing market wasn’t being talked about more. Sure, it was mentioned… as a continuing plague on the U.S. economy. But universally, our financial editors were not in favor of real estate as an investment opportunity– except for perhaps student housing, as Jared talked about recently in Smart Investing Daily.
And while our economic outlook is still pretty grim — unemployment remains above 9.5%, the U.S. dollar is still on shaky ground — the contrarian in me says to at least take a look at what’s happening in housing……………………………………….Full Article: Source

Investors told to buy property in US

Posted on 30 September 2010 by Laxman  |  Email |Print

From Commercialfinancegroup.co.uk: The US property market has been highlighted as a good place to make an investment. Commercial property investors have been told to purchase assets in the US after a housing expert said prices continue to fall there.
According to the director of Property-Abroad.com Les Calvert, more people are beginning to show an interest in a property development across the Atlantic……………………………………….Full Article: Source

Housing update: Double dip in progress?

Posted on 30 September 2010 by Laxman  |  Email |Print

From Seekingalpha.com: Have housing prices in the United States started to turn down already? We’ve seen some mixed news in the real estate market lately, but given the lag in most home price data it looks to me like the market is already beginning its double dip.
I am still expecting as much a 7-15% decline in national prices from current levels. The Cleveland Fed sums up the current situation:………………………………………Full Article: Source

Home prices to take hit next year in many markets

Posted on 30 September 2010 by Laxman  |  Email |Print

From AP: Don’t take the latest snapshot of U.S. home prices too seriously. The Standard & Poor’s/Case-Shiller 20-city index released Tuesday ticked up in July from June. But the gain is merely temporary, analysts say. They see home values taking a dive in many major markets well into next year.
That’s because the peak home-buying season is now ending after a dismal summer. The hardest-hit markets, already battered by foreclosures, are bracing for a bigger wave of homes sold at foreclosure or through short sales. A short sale is when a lender lets a homeowner sell for less than the mortgage is worth……………………………………….Full Article: Source

Brazilian real estate ‘performing well in Latin American market’

Posted on 30 September 2010 by Laxman  |  Email |Print

From Uv10.com: Brazilian real estate is a good investment prospect within the Latin American markets, according to the Association of Investment Companies (AIC).
Investment experts have pointed towards Brazil’s strong domestic growth and restrained banking sector as reasons for the country’s economic strength……………………………………….Full Article: Source

Spate of commercial property deals to hit UK, Europe markets

Posted on 30 September 2010 by Laxman  |  Email |Print

From Dow Jones: A flurry of commercial property deals is expected to hit the real-estate market as the U.K.’s Crown Estate nears a second stage of bids for a stake in London’s Regent Street and sovereign wealth fund St. Martins Property Corp. Ltd. will start marketing GBP1 billion of assets across Europe.
St. Martins Property, the real estate vehicle of Kuwait, appointed property consultant Savills PLC to handle the sales of smaller properties from its portfolio. The fund said that the sale could involve individual properties or assets could be folded into larger portfolios……………………………………….Full Article: Source

Self-storage may see European property’s biggest profit growth

Posted on 30 September 2010 by Laxman  |  Email |Print

From Bloomberg: British companies that rent out space to store your old exercise bikes and rusty golf clubs may offer the best earnings growth among European property stocks as they cut vacancies that mounted in the housing slump.
A pickup in storage occupancy and rental rates in recent months suggests that Safestore Holdings Plc, Big Yellow Group Plc and Lok’nStore Group Plc may be past the worst following an ill-timed expansion push, according to Paul Pulze, an analyst at Evolution Securities in London……………………………………….Full Article: Source

French property market emerges from two-year slump: IPD

Posted on 30 September 2010 by Laxman  |  Email |Print

From Propertyeu.info: French commercial real estate has emerged from a two-year slump to record a six-month 1.6% capital appreciation, according to the IPD French Bi-Annual Property Index.
Over the two years to the end of 2009 French capital values declined by cumulative -18%, driven predominantly by yield expansion, and in the second half of last year, also by rental decline……………………………………….Full Article: Source

Spain property prices expected to fall further

Posted on 30 September 2010 by Laxman  |  Email |Print

From Aplaceinthesun.com: Four in five Spaniard’s expect Spanish property prices to fall even further over the next year, despite the fact that they have already crashed nationwide, according to a survey by Basico Homes, a Spain property developer.
The report, which was initially published in the Spanish financial paper Cinco Dias, reveals that 53% of Spaniards expect Spain property prices to fall marginally over the next year, whilst 30% expect large price falls. Just 14% project that values will remain stable or increase……………………………………….Full Article: Source

Budapest: House prices fall at slower pace - FHB Home Price Index

Posted on 30 September 2010 by Laxman  |  Email |Print

From Bbjonline.hu: The decline in house prices in Hungary has slowed, the FHB Mortgage Bank’s newest Home Price Index shows. The index was 174.2 points in the second quarter of 2010, down from 179.1 points in the first quarter, FHB Mortgage Bank deputy CEO László Harmati said in Budapest on Wednesday.
FHB has downgraded its annual forecast for the fall in home prices for 2010 from 9.3% in February to 7%, Harmati added……………………………………….Full Article: Source

Real estate prices to stabilise on back of Dubai disclosure

Posted on 30 September 2010 by Laxman  |  Email |Print

From Emirates247.com: Realty experts in Dubai believe the disclosure of 495 properties either being cancelled or put on hold will limit supply in an already bloated market and help prices stabilise.
“It’s good news for the industry and will have a positive impact, since now we now the number of projects that have been put on hold or cancelled,” Craig Plumb, Head of Research, MENA, for Jones Lang LeSalle, told Emirates 24|7……………………………………….Full Article: Source

China adds to limits on property

Posted on 30 September 2010 by Laxman  |  Email |Print

From WSJ: China’s government took further steps to curb stubbornly high property prices, ordering banks nationwide to halt lending for third and subsequent home purchases and raising down-payment requirements for first-time buyers.
The moves, announced in a statement Wednesday by the State Council, China’s cabinet, add to measures unveiled in April that have so far achieved limited success in the key goal of making housing more affordable……………………………………….Full Article: Source

Real estate market recovery just wishful thinking

Posted on 30 September 2010 by Laxman  |  Email |Print

From Peopledaily.com.cn: Regarding the “Notice on Further Strengthening the Management and Regulations of Real Estate Land and Construction” published by the Ministry of Land and Resources (MOLR) and the Ministry of Housing and Urban-Rural Development (MOHURD), Ren Zhiqiang, president of Huayuan Group, said on Sept. 28 that currently the real estate market has not recovered.
Therefore, if effective measures are not taken such as enlarging land supply and financial control, it is impossible to solve China’s urbanization and residential housing problems only through controlling the price of commercial residential housing……………………………………….Full Article: Source

GIC sees more opportunities in real estate

Posted on 30 September 2010 by Laxman  |  Email |Print

From Channelnewsasia.com: The Government of Singapore Investment Corporation (GIC) has said real estate and private equity investments can give better returns compared to equities.
So it said it will continue its investments in these areas as part of its emerging markets strategy……………………………………….Full Article: Source

Malaysian pension fund to enter London property market

Posted on 30 September 2010 by Laxman  |  Email |Print

From Dow Jones: Malaysian pension fund Employees Provident Fund is entering the U.K. commercial property market with the purchase of London office building 1 Sheldon Square for more than GBP150 million, a person close to the deal said Wednesday.
According to the person, the deal is now under offer above the asking price, which was GBP150 million. The building currently is 50%-owned by Aviva Investors, the asset-management business of Aviva PLC, and 50% by Liquid Realty Partners, Invista Real Estate Investment Management and Henderson Global Investors Ltd……………………………………….Full Article: Source

Taiwan commercial property value highest in years

Posted on 30 September 2010 by Laxman  |  Email |Print

From CNA: The total value of Taiwan’s commercial property transactions has reached a new high in recent years mainly on the back of flooding investors in the market, a real estate consultancy said Wednesday.
The combined value had reached more than NT$189.3 billion (US$6.05 billion) as of the third quarter this year, compared with NT$157.7 billion recorded for 2009 as a whole, DTZ’s Taiwan branch General Manager Billy Yen said at a press briefing……………………………………….Full Article: Source

Taiwan: Expert warns of tightening move on property market

Posted on 30 September 2010 by Laxman  |  Email |Print

From CNA: Taiwan’s property market will suffer a massive impact if the central bank tightens land and construction financing in a bid to further rein in the local real estate market.
“If the Central Bank of the Republic of China (CBC) really launches a measure to restrict land and construction financing, there will be a drastic negative impact on Taiwan’s real estate market, ” DTZ’s Taiwan branch general manager Billy Yen said at a press briefing……………………………………….Full Article: Source

Australia: Commercial property sales rise during third quarter

Posted on 30 September 2010 by Laxman  |  Email |Print

From Smartcompany.com.au: Commercial property sales jumped in the third quarter to a two-year high due to the strong Australian dollar and a strong belief among office buyers that low unemployment will continue as the economy recovers, new CB Richard Ellis figures reveal.
CBRE executive director of global research and consulting Kevin Stanley also says the relatively strong economy is attracting a flood of foreign investors seeking stability and transparency compared to flagging European and American markets……………………………………….Full Article: Source

Australia: Housing market for stress test

Posted on 30 September 2010 by Laxman  |  Email |Print

From Ibtimes.com: Global ratings agency Fitch Ratings will conduct several stress tests on Australian banks so as to determine what is likely to happen if mortgage defaults rise as much as eight percent and property prices slump by 40 percent.
Fitch managing director for Australia Ben McCarthy said, “Over the last few months, Fitch has received numerous enquiries as to the sustainability of Australian residential property prices and the possible impacts of a correction…………………………………………Full Article: Source

Australia: Goodbye to robust real estate gains

Posted on 30 September 2010 by Laxman  |  Email |Print

From Businessspectator.com.au: In news that will doubtless please policymakers, the desired soft-landing in Australia’s housing market looks to be secure with the robust capital gains of 2009 and the first quarter of 2010 well and truly behind us.
In the month of August the seasonally-adjusted RP Data-Rismark Capital City Home Value Index fell by 0.2 per cent. On a non-seasonally adjusted basis the index remained unchanged in August……………………………………….Full Article: Source

REITS: How to play it

Posted on 30 September 2010 by Laxman  |  Email |Print

From Thestreet.com: Investors considering real estate investment trusts need to gauge a REIT’s payout ratio as well as the prospects for commercial real estate in an uncertain economy.
Two of the names featured in TheStreet’s 10 A-Rated Mid-Cap Dividend Stocks are REITS, including Urstadt Biddle Properties of Greenwich, Conn. and National Health Investors of Murfreesboro, Tenn……………………………………….Full Article: Source

Foreign developers circle the U.S.

Posted on 29 September 2010 by Laxman  |  Email |Print

From WSJ: Sekisui House Ltd., one of Japan’s largest home builders and developers, is stepping into the U.S. housing market, an indication that land prices have fallen low enough to catch the eye of foreign investors.
Sekisui teamed up with Newland Real Estate Group LLC, of San Diego, to acquire nearly 500 acres outside Houston, which eventually could house more than 1,200 homes. Terms of the transaction weren’t disclosed, but local brokers said the price likely topped $10 million……………………………………….Full Article: Source

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Case says housing will grow slowly after free-fall: Tom Keene

Posted on 29 September 2010 by Laxman  |  Email |Print

From Bloomberg: The U.S. housing market has reached its lows and will expand slowly as the economic recovery remains subdued, said the S&P/Case-Shiller index co-creator Karl Case.
The index of property values in 20 U.S. cities increased 3.2 percent in July from 12 months earlier, the smallest year- over-year gain since March……………………………………….Full Article: Source

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US housing market slowing down

Posted on 29 September 2010 by Laxman  |  Email |Print

From Indexuniverse.com: The recovery in the U.S. housing market since early 2009 has officially slowed down, according to the latest S&P/Case Shiller Home Price Indexes report, which showed that in most markets, growth rates moderated in July as compared to June.
On the surface, things looked OK in 12 of the 20 metro areas surveyed, with home prices inching higher in July from the previous month. However, on a year-over-year basis, prices actually fell in 10 of the regions, twice as many as the previous month……………………………………….Full Article: Source

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US: Will housing hit bottom in 2014?

Posted on 29 September 2010 by Laxman  |  Email |Print

From Mainstreet.com: Even though the recession officially ended in June 2009, some pretty smart people are saying it will take five years from that point for the U.S. housing market to bottom out.
Right now, the U.S. housing market appears to be stable. Standard & Poor’s Chase-Shiller Home Prices Index saw moderate growth for U.S. home prices in both June and July, with only five of the index’s 20 benchmarks cities experiencing falling home prices (Atlanta, Cleveland, Dallas, Denver and Portland)……………………………………….Full Article: Source

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Wall Street whispers: Toxic home prices

Posted on 29 September 2010 by Laxman  |  Email |Print

From Thestreet.com: The toxic-asset dilemma of mortgage debt has moseyed over from Wall Street balance sheets to Main Street’s front door. During the height of the financial crisis, banks were plagued by the specter of residential real-estate assets whose values were indeterminable. Few buyers wanted to touch the stuff, no matter how low the price or how seductive the federal incentive.
The issue mostly pertained to mortgage-backed securities tied to subprime mortgages and their derivative products, which were all going bust. But now the issue has become prevalent at the brick-and-mortar level - actual homes that can’t be bought or sold……………………………………….Full Article: Source

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Obama sees US housing market growing more gradually

Posted on 29 September 2010 by Laxman  |  Email |Print

From Reuters: President Barack Obama said on Tuesday he believes the U.S. housing market will go up over time, although it is more likely to be a more gradual climb than in times past.………………………………………Full Article: Source

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Canada: Housing market cooling

Posted on 29 September 2010 by Laxman  |  Email |Print

From Canadaeast.com: A quarterly home affordability report released Monday by RBC Economics shows it’s become somewhat costlier to buy a home in Atlantic Canada but the regional housing market is cooling off.
Houses have remained within reach for buyers across the region, according to the report, which says that during the second quarter of 2010, affordability measures moved up between just 1.1 and 1.5 percentage points……………………………………….Full Article: Source

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Latin American commercial real estate embarks on economic recovery

Posted on 29 September 2010 by Laxman  |  Email |Print

From Hotelnewsresource.com: At Jones Lang LaSalle’s “Insiders’ Perspectives Conference on Latin America Capital Markets” held in Chicago, Pedro Azcue, CEO of Jones Lang LaSalle Latin America, shared with 100 real estate investors in attendance that Latin America is leading global economic growth in a V-shaped recovery that positions the region to embark on new investment opportunities.
“Latin America is finally on the cusp of capitalizing on its vast potential as a true economic growth engine,” said Azcue. “Quick adaptability to the United States-led recession has allowed the region as a whole to remain remarkably resilient during the economic downturn and to confirm bright prospects for the years to come.”………………………………………Full Article: Source

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House prices in England reach highest level in two years

Posted on 29 September 2010 by Laxman  |  Email |Print

From Dailymail.co.uk: House prices in England and Wales edged ahead by 0.3 per cent in August to stand at their highest level for two years, figures showed today. The increase, half the size of the gain the previous month, left the average home costing £167,423 - a level last seen in August 2008, according to the Land Registry.
But the headline figure failed to mask wide regional variations, with prices falling by 1.4 per cent in Yorkshire and the Humber in August, while they also dropped in the East, North West, North East and South West……………………………………….Full Article: Source

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French commercial-property values gain, ending two-year slide

Posted on 29 September 2010 by Laxman  |  Email |Print

From Bloomberg: French commercial-property values rose in the six months through June, snapping a two-year decline as investors competed to buy the best office buildings, Investment Property Databank Ltd. said.
Properties ranging from apartment blocks to shops gained 1.6 percent in the period, according to the London-based research company’s semi-annual index. Values fell 0.4 percent over the 12 months through June, after a drop in the second-half of 2009, IPD said……………………………………….Full Article: Source

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German retail warehouses back in the spotlight: research

Posted on 29 September 2010 by Laxman  |  Email |Print

From Propertyeu.info: German retail warehouses have reappeared on the radars of international investors, according to new research by BNP Paribas Real Estate.
The research suggests the segment is emerging as a strong asset class and that demand in this sector is being driven by sound fundamentals making them an especially good investment that is likely to draw attention from overseas investors……………………………………….Full Article: Source

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Spain, France and Italy join forces to attract emerging markets

Posted on 29 September 2010 by Laxman  |  Email |Print

From Themovechannel.com: Europe’s top three holiday destinations have teamed together in the hope of drawing tourists from emerging markets: Brazil, China and India.
“The goal is to improve the positioning of the nations of the Mediterranean Arc in distant markets where promoting Spain, France or Italy on their own is more complicated,” Spain’s tourism ministry said in a statement……………………………………….Full Article: Source

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Investor confidence growing in Egyptian property

Posted on 29 September 2010 by Laxman  |  Email |Print

From Intasure.com: There is growing investor confidence in Egypt’s property market, holiday home insurance customers may be interested to note.Overseas property buyers are confident that Egypt’s property market will go from strength to strength.
According to global estate agency Jones Lang la Salle, buyer confidence is at an all-time high in the Arab Republic, with only Saudi Arabia ahead of it in that regard……………………………………….Full Article: Source

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Lebanon below average in real estate transparency

Posted on 29 September 2010 by Laxman  |  Email |Print

From Dailystar.com.lb: Jones Lang LaSalle’s Global Real Estate Transparency Index for 2010 ranked Lebanon in 66th place among 81 countries and markets worldwide. Lebanon came in 14th place among 23 upper-middle income economies and in 10th place among 15 Arab countries and markets included in the survey, as reported by Lebanon This Week, the economic publication of the Byblos Bank Group.
Jones Lang LaSalle, a global real estate management, consulting and investment firm, included Lebanon for the first time in the survey……………………………………….Full Article: Source

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Gulf property markets to watch

Posted on 29 September 2010 by Laxman  |  Email |Print

From Maktoob.com: Opportunities for expatriates and other non-GCC investors in the regional property market are limited to the special leasehold and or freehold zones and laws and regulations that are still being ironed out in many markets up and down the Gulf.
The most sophisticated market remains Dubai, but its issues (freehold title and strata law) have been well documented. Nevertheless, it remains a market to watch. With a number of other cities well on their way to offering attractive returns on investment, we take a look at a selection of markets to watch in the GCC……………………………………….Full Article: Source

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Dubai canceled half of planned property projects on low demand

Posted on 29 September 2010 by Laxman  |  Email |Print

From Bloomberg: Dubai’s government canceled almost half of the real estate projects planned in the emirate after the credit crisis caused demand to collapse and a housing glut drove down home prices.
Out of 980 registered projects, 495 were scrapped or are in the process of being cancelled by the emirate’s Real Estate Regulatory Agency the government said in a bond prospectus posted on the London Stock Exchange website yesterday……………………………………….Full Article: Source

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Dubai rising above sluggish real estate

Posted on 29 September 2010 by Laxman  |  Email |Print

From Gulfnews.com: Decreasing real estate prices and rental rates are likely to “adversely affect” Dubai’s nominal GDP growth rates in the real estate and construction sectors in 2009 and “possibly beyond”, but green shoots of recovery are beginning to sprout in the sector, the emirate’s Department of Finance said in a supplementary prospectus on a new bond issue, filed to the London Stock Exchange.
The Dubai Government has moved decisively to counteract a softening of the property and construction sectors since the middle of 2008, when the aftermath of the global financial crisis created negative sentiment in the UAE……………………………………….Full Article: Source

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Fund managers have $178.6 bln real estate assets in Asia-Pacific

Posted on 29 September 2010 by Laxman  |  Email |Print

From Business-standard.com: Fund managers have real estate assets worth $761 billion worldwide, out of which the Asia Pacific region accounts for $178.6 billion, a survey by Hong Kong-based Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) said.
According to the AsiaProperty/ANREV Asian Fund Managers Survey 2010, the 48 fund managers who responded to the survey manage $761 billion of real estate assets worldwide, of which $178.6 billion is in Asia……………………………………….Full Article: Source

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Morgan Stanley is top property fund manager in Asia

Posted on 29 September 2010 by Laxman  |  Email |Print

From Moneycontrol.com: Morgan Stanley remains the largest real estate fund manager in Asia Pacific, according to a survey by a Hong Kong-based industry group, despite running into difficulties with some of its investments in Japan.
The Asian Association for Investors in Non-listed Real Estate Vehicles (ANREV) said late on Monday the US investment bank managed USD 19.5 billion worth of Asian property assets as of June 30, 2010, up from USD 19.1 billion a year ago……………………………………….Full Article: Source

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The three big dangers for China’s real estate sector

Posted on 29 September 2010 by Laxman  |  Email |Print

From Forbes: Last week CNBC invited me to debate former Morgan Stanley star economist Andy Xie for about 20 minutes in a China “Bull vs. Bear” showdown. You can see the three segments here, here and here.
Xie has been one of the most vocal bears on China’s economy for years. He even wrote a few weeks ago that some real estate markets there were going to drop 90% and that overall real estate was priced at twice its actual worth……………………………………….Full Article: Source

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Shanghai commercial residential property market rebounds

Posted on 29 September 2010 by Laxman  |  Email |Print

From Capitalvue.com: The transaction area of commercial residential properties in Shanghai rose 14 percent week-on-week to 318,000 square meters in the week from September 20 to September 26, reports Shanghai Securities News, citing data released by Uwin Real Estate Information.
The average transaction price of commercial residential properties in the same week reached 21,271 yuan per square meter……………………………………….Full Article: Source

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Expert tips 5pct fall in `overpriced’ HK property market

Posted on 29 September 2010 by Laxman  |  Email |Print

From Thestandard.com.hk: The Hong Kong property market is overpriced and will see a 5 percent correction by the end of the year, according to David Ng Ka-Chun, researcher at Royal Bank of Scotland (Hong Kong).
There are no negative triggers but property prices have surged rather excessively of late……………………………………….Full Article: Source

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Strong investment property market in Singapore, latest quarterly report reveals

Posted on 29 September 2010 by Laxman  |  Email |Print

From Investmentinternational.com: The property investment market in Singapore recorded S$5.91 billion in sales for the third quarter of 2010, an 86% year on year growth, according to real estate consultants.
But when compared to the previous second quarter, investment property sales slipped 8%, the report from property research firm Jones Lang LaSalle also reveals……………………………………….Full Article: Source

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Phuket market looks buoyant

Posted on 29 September 2010 by Laxman  |  Email |Print

From Bangkokpost.com: Phuket’s residential property market should continue to improve in line with the global economic recovery given no new political turmoil, according to new research from Knight Frank Thailand.
The company believes that political stability will reinforce consumer confidence, not only for Phuket but for Thailand as a whole……………………………………….Full Article: Source

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International commercial real estate to reach $300 bln

Posted on 29 September 2010 by Laxman  |  Email |Print

From Themovechannel.com: Global investment in commercial real estate is expected to show an increase of between 40 - 50 per cent, confirming an increase in investment confidence.
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

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Where real estate is rocking again: REIT ETFs

Posted on 29 September 2010 by Laxman  |  Email |Print

From Dailyfinance.com: Amid all the whining about residential and commercial real estate markets, exchange-traded funds (ETFs) comprising real estate investment trusts (REITs) have quietly been kicking butt.
“REIT ETFs are leading the S&P by a healthy margin, outperforming the S&P over the last 12 months,” says Timothy Strauts, an ETF analyst for Morningstar, who covers REIT ETFs……………………………………….Full Article: Source

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One way to fix the U.S. real estate market: MIT

Posted on 28 September 2010 by Laxman  |  Email |Print

From Ibtimes.com: Debt is a problem in the U.S., especially for consumers. Consumers are still stuck with debt they are asked to pay, which at times induces them to make choices that are not good for themselves or the national economy.
One particularly burdensome debt is underwater mortgages — that is, the debt on a house that is greater than its actual value. About 23 percent of U.S. mortgages are underwater, according to William Wheaton, professor of economics at the Massachusetts Institute of Technology……………………………………….Full Article: Source

US: Can you afford the yuppie dream home?

Posted on 28 September 2010 by Laxman  |  Email |Print

From CNN: The upper-middle class lifestyle has many trappings, including the house. Here’s what 4-bedroom, 2-bath homes in good neighborhoods cost across the country, according to Coldwell Banker’s annual index.
Newport Beach was the most expensive city on Coldwell Banker’s list, based on the average home price for a 4-bedroom/2-bath house in a good neighborhood……………………………………….Full Article: Source

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