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Real Estate Briefing - Archive | November, 2010

US: Price rise is a record

Posted on 24 November 2010 by Laxman  |  Email |Print

From WSJ: Commercial real-estate prices rose in September, as measured by the Moody’s/REAL All Property Type Aggregate Index, which posted a 4.3% increase. It was the first increase in the index since May and the largest gain in the history of the index.
Not all sectors logged improvements in September. Moody’s said two property types, apartments and retail, had price increases, while the other two property types, industrial and office, measured declines……………………………………….Full Article: Source

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US property market looking positive as three indices show year on year gains

Posted on 24 November 2010 by Laxman  |  Email |Print

From Propertywire.com: Commercial real estate prices in the US increased 4.3% in September from the previous month, the biggest gain in a decade of records.
The Moody’s/REAL Commercial Property Price index is now 0.3% up from a year ago as a small number of high-priced deals drove up values after falling to an eight year low in August……………………………………….Full Article: Source

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Washington housing prices up 8.4pct

Posted on 24 November 2010 by Laxman  |  Email |Print

From Bizjournals.com: Existing home prices in the Washington market posted the biggest year-over-year gain in the nation last month, even as prices and sales declined nationally.
The National Association of Realtors says existing home prices in Washington were up 8.4 percent compared to October 2009, with a median price of $327,700. Existing home sales in Washington were down 23.9 percent……………………………………….Full Article: Source

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European retail investment activity concentrated in top 5 target markets for retailer expansion

Posted on 24 November 2010 by Laxman  |  Email |Print

From Europe-re.com: European retail investment turnover reached €7.3 billion in the third quarter (Q3) of 2010 and was heavily concentrated in only a small number of markets, according to the latest research from CB Richard Ellis (CBRE).
The top five markets – Germany, Poland, France, Spain and the United Kingdom – accounted for 90% of the quarter’s total activity, and perhaps more remarkably are also an exact match for the top five countries being targeted by retailers in the Europe, Middle East and Africa (EMEA) region for expansion in 2011……………………………………….Full Article: Source

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European CMBS still comatose

Posted on 24 November 2010 by Laxman  |  Email |Print

From WSJ: Despite increasing signs the U.S. market for commercial mortgage-backed securities is coming back to life, European CMBS remain all but dead. Hopes earlier this year that two asset-linked property loans in the U.K. would spark a revival of European CMBS have gone unfulfilled.
With the exception of CMBS purchases by the European Central Bank as part of its efforts to provide liquidity for European banks, no CMBS have been issued in Europe since 2007……………………………………….Full Article: Source

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Sufficient new capital to bridge EUR 180bln funding gap: DTZ

Posted on 24 November 2010 by Laxman  |  Email |Print

From Propertyeu.info: Europe has the biggest exposure to property debt worldwide, accounting for 51% or $126 bn (EUR 92 bn) of the total $245 bn (EUR 179 bn) debt funding gap over the next three years, according to new research from property adviser DTZ.
Second in line is Asia Pacific with 29% ($70 bn), followed by the US with 20% ($49 bn)……………………………………….Full Article: Source

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Property values rise in core Western European markets: CBRE

Posted on 24 November 2010 by Laxman  |  Email |Print

From Propertyeu.info: European property values continued to rally during the third quarter of 2010, particularly in core Western Europe, according to the latest European Evaluation Monitor by CB Richard Ellis (CBRE).
The report indicates that since the European market posted its first positive quarterly movement in Q2 2010, prime yields have continued to fall across Europe, with a strong performance of prime assets in core markets. Year-on-year, pan-Europe values improved 2%, leaving them 19% below the level of Q4 2007……………………………………….Full Article: Source

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Shard to become EU’s tallest building – but will the market follow it up?

Posted on 24 November 2010 by Laxman  |  Email |Print

From Guardian: Architecture not the only challenge for London skyscraper’s owners as it outgrows Canary Wharf Tower. Like size, height doesn’t really matter.
Yet there is no getting away from the fact that skyscrapers retain their pulling power 70 years on from the prodigious rise of the Empire State Building and a decade after the savage fall of the twin towers of the World Trade Centre……………………………………….Full Article: Source

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UK: Rent or buy? The property pendulum swings again

Posted on 24 November 2010 by Laxman  |  Email |Print

From Citywire.co.uk: New research shows it is cheaper to buy a property than rent in 80% of towns and cities due to falling house prices and rising rents.
Rents have been rising steadily, hitting an average this month of nearly £700 a month according to figures from property services company LSL, which owns the UK’s largest lettings agency network. Rents are now 4.5% higher than a year ago and demand remains strong……………………………………….Full Article: Source

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UK: Nationwide warns house prices likely to fall further

Posted on 24 November 2010 by Laxman  |  Email |Print

From BBC: House prices will continue to fall in the near future, the Nationwide building society has suggested. The lender said potential buyers were being deterred by the uncertainty generated by the government’s public spending cuts.
However it said price falls would not be as great as in 2008 due to low interest rates, which will restrict mortgage arrears and repossessions. The society has seen its half-year profits rise by 81% to £259m……………………………………….Full Article: Source

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Ireland is most vulnerable commercial property market, DTZ says

Posted on 24 November 2010 by Laxman  |  Email |Print

From Bloomberg: Ireland is the world’s most vulnerable commercial real-estate market because it faces the biggest gap in funding relative to its size for refinancing debt, DTZ Holdings Plc said.
The $6.5 billion shortfall for debt coming due through 2013 is equivalent to 16 percent of the value of Ireland’s commercial real estate investment market, according to estimates released today by the London-based broker. On a proportional basis, the country is followed by Hungary, Spain, the U.K. and Japan……………………………………….Full Article: Source

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Greek house prices fell 4.3pct in third quarter, Central Bank says

Posted on 24 November 2010 by Laxman  |  Email |Print

From Bloomberg: Greek house prices declined 4.3 percent in the third quarter of 2010 from a year earlier as fewer Greeks bought property with the country in its second year of recession.
Prices fell 3.1 percent in the capital Athens, and 9.7 percent in Thessaloniki, Greece’s second-biggest city, according to a report published today by the Bank of Greece on its website. Prices dropped 5.9 percent in other major Greek cities and 2.7 percent in the rest of Greece in the third quarter……………………………………….Full Article: Source

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Is Israel’s hot real estate market heading for a Dubai-like fall?

Posted on 24 November 2010 by Laxman  |  Email |Print

From Realestatechannel.com: Israel is the fastest growing real estate market in the world right now, according to Vienna, Austria-based Global Property Guide. But some analysts speculate the astronomical property price rises in that small Mideast country could create another Dubai-like scenario where prices went south in a hurry.
Still, the New York Observer writes foreign investors, including many New Yorkers, are snapping up property in a country that is just a little larger than the entire state of Massachusetts……………………………………….Full Article: Source

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Morocco’s property price rise gathers pace: c.bank

Posted on 24 November 2010 by Laxman  |  Email |Print

From Reuters: Annual growth of property prices in Morocco nearly doubled during the third quarter, fuelled mainly by higher prices for middle-class apartments, the country’s central bank said on Tuesday.
Compared to levels a year earlier, the index rose 2.4 percent in the third quarter compared to 1.4 percent in the second quarter, Bank Al-Maghrib said in a note……………………………………….Full Article: Source

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Beirut property market projected to rise over next three years

Posted on 24 November 2010 by Laxman  |  Email |Print

From Ameinfo.com: The Lebanese economy ministry has said that the country’s real estate market is expected to grow by up to 15% in the next three years.
“Lebanon has gone against the current of the international financial crisis in the real estate sector,” director general of the economy ministry Fuad Fleifel said………………………………………Full Article: Source

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Middle East real estate sector still attracting attention

Posted on 24 November 2010 by Laxman  |  Email |Print

From Zawya.com: The Middle East Real Estate sector continues to grab attention despite the bleak global economic climate, according to the latest research from the region’s leading online business intelligence platform Zawya.
Based on data analysed from thousands of members utilising Zawya’s Projects Monitor service in 2010, the most popular projects being tracked by professionals are in the Oil & Gas (30 per cent), Real Estate (19 per cent), Power & Water (18 per cent) and Infrastructure (16 per cent) industry sectors……………………………………….Full Article: Source

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Dubai Islamic Bank in sharia-compliant REIT joint venture

Posted on 24 November 2010 by Laxman  |  Email |Print

From Reuters: Dubai Islamic Bank (DIB) launched the emirate’s first sharia-compliant real estate investment trust to aid in the recovery of the country’s battered real estate sector, top executives said on Tuesday.
Emirates REIT, a joint venture between DIB and French property firm Eiffel Management, looks to attract sharia-compliant property such as office buildings, warehouses, schools and car parks and convert the rental income into dividends for investors, said Adnan Chilwan, chief of retail banking at DIB……………………………………….Full Article: Source

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India: Real estate regulatory bill continues to hang in fire

Posted on 24 November 2010 by Laxman  |  Email |Print

From Intoday.in: The government seems to be in no hurry to regularise the country’s real estate sector. The ministry of urban development, which had drafted the Model Real Estate Management (Regulation and Control) Bill way back in 2007 to rein in errant builders and real estate agents, is still to be made law.
According to the income tax (I-T) department, of all the unaccounted money found during various tax investigations, about 50 per cent has come from the realty sector alone. Real estate companies are also breaking law repeatedly……………………………………….Full Article: Source

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India: Avoid realty papers, Sebi tells MFs

Posted on 24 November 2010 by Laxman  |  Email |Print

From Financialexpress.com: Market regulator Securities and Exchange Board of India (Sebi) has asked fund industry to stay away from “volatile sectors” such as realty and not to buy its papers, especially through close-ended capital protection schemes.
After the central bank recently expressed concern over the asset bubble situations in the real estate sector, it seems the market regulator is getting wary of investments into the sector which could jeopardise investors’ money. Market participants said, “Recently, while clearing a capital protection scheme of some fund houses, Sebi had asked them not to buy papers or debentures of the realty sector……………………………………….Full Article: Source

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Sustainability and Indian real estate

Posted on 24 November 2010 by Laxman  |  Email |Print

From Cityscapeintelligence.com: Taking action on India’s environmental crisis is no longer an option – it is a necessity. Sustainable real estate presents India with a unique and enormous opportunity to make concrete progress in the country’s effort to improve its environment.
There is greater consciousness towards the environmental crisis in India with terms such as sustainable development, corporate social responsibility and triple bottom reporting becoming more common in the real estate industry……………………………………….Full Article: Source

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China tightens property market further

Posted on 24 November 2010 by Laxman  |  Email |Print

From Theasset.com: China launched a fresh round of property tightening measures before National Day on October 1, in response to the recent pick-up in property prices and to prevent a possible buying frenzy during the long holiday.
Commercial banks have been ordered to stop lending for third and subsequent home purchases, according to a statement issued by People’s Bank of China (PBOC). Downpayment requirements for first-time and second-time home buyers are raised to 30% and 50% respectively. Banks need to prevent consumer loans from being used for home purchasing……………………………………….Full Article: Source

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Hong Kong developers slam ‘heavy’ property cooling measures

Posted on 24 November 2010 by Laxman  |  Email |Print

From AFP: Property developers on Tuesday criticised government measures to rein in Hong Kong’s soaring property prices, saying they will scare off ordinary home buyers rather than wealthy speculators.
New World Development managing director Henry Cheng described the proposed measures, which include a sharp hike in stamp duty, as “a strong dose” that will do as much harm as good……………………………………….Full Article: Source

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More Chinese investors entering Singapore property market

Posted on 24 November 2010 by Laxman  |  Email |Print

From Channelnewsasia.com: More Chinese investors are entering the Singapore property market, according to property consultant DTZ. Among non-Singaporeans, mainland Chinese buyers have grown significantly in number from 2009, recording their highest ever share of 20 per cent in the third quarter this year.
This puts them on par with Indonesians as the second-largest group of non-Singaporean buyers after Malaysians, who topped with 21 per cent……………………………………….Full Article: Source

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Foreign buyers snap up real estate in Australia

Posted on 24 November 2010 by Laxman  |  Email |Print

From Propertywire.com: European and Asian investors are buying up residential and commercial property in Australia as high interest rates are putting off national buyers, it is claimed.
In Sydney in particular a surge of overseas buyers is driving demand in the CBD, North Shore and Eastern Suburbs, according to the Real Estate Buyers Association of Australia……………………………………….Full Article: Source

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US: Commercial property prices are picking up

Posted on 23 November 2010 by Laxman  |  Email |Print

From Forbes.com: According to the just-published Moody’s/REAL Commercial Property Price Index (CPPI), prices for commercial property popped 4.3% in September after three straight months of decline over the summer months.
The jump is the largest in the ten-year history of the index, which is based on transaction pricing data for repeat sales (a k a “flips” when they happened with particular speed) from New York-based Real Capital Analytics, an independent research firm……………………………………….Full Article: Source

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Commercial-mortgage bond sales may surpass $40 bln in 2011

Posted on 23 November 2010 by Laxman  |  Email |Print

From Bloomberg: Sales of commercial-mortgage backed securities could reach $41 billion in 2011 amid ballooning loan maturities, according to Citigroup Inc.
As property owners seek to refinance the growing pipeline of maturing debt, sales of bonds tied to property loans are likely to be $25 billion to $41 billion next year, the report said……………………………………….Full Article: Source

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U.S. Office rebound to be delayed by ‘shadow’ space, Rosen says

Posted on 23 November 2010 by Laxman  |  Email |Print

From Bloomberg: The U.S. office sector will be the slowest to recover as companies work through empty space and technology reduces their need for square footage, said Kenneth Rosen, a University of California, Berkeley, professor.
Unoccupied “shadow inventory” makes up 5 percent of total business leases, and that space will be filled before firms sign new rental agreements, Rosen, chairman of Berkeley’s Fisher Center for Real Estate and Urban Economics, said at a conference in San Francisco……………………………………….Full Article: Source

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US property insurers dip after Sandler assessment

Posted on 23 November 2010 by Laxman  |  Email |Print

From Reuters: Shares of U.S.-listed property insurers mostly fell on Monday after brokerage Sandler O’Neill downgraded a number of the top companies in the sector, citing limited potential for performance in 2011.
The firm downgraded four stocks to “hold” from “buy:” Dow component Travelers Cos Inc, Allstate Corp, Delphi Financial and Mercer Insurance……………………………………….Full Article: Source

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US: Distressed homes to hit real estate market

Posted on 23 November 2010 by Laxman  |  Email |Print

From Bizjournals.com: A wave of distressed residential properties may flood an already saturated residential real estate market in the coming months, according to CoreLogic. According to a report from the financial and property information provider CoreLogic, there were 2.1 million units of distressed, but not-yet-listed residential properties nationwide as of August 2010.
That’s an eight-month supply of distressed properties that had yet to hit the market. Already listed properties, including distressed and non-distressed homes, totaled 4.2 million units in August. 2010, enough supply to last 15 months……………………………………….Full Article: Source

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Reasons why now is the perfect time to invest in property

Posted on 23 November 2010 by Laxman  |  Email |Print

From Newstime.co.za: Peter Gilmour writes that the recent 2010 National Housing Pulse Survey conducted by the National Association of Realtors (NAR) in the US found that almost eight out of 10 respondents believe that buying a home is a good financial decision, despite ongoing challenges with the economy and housing market.
The survey, which measures how affordable housing issues affect consumers, mirrors sentiment among buyers and sellers in the South African market……………………………………….Full Article: Source

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Demand for retail property rises in Canada

Posted on 23 November 2010 by Laxman  |  Email |Print

From Vancouversun.com: A strong domestic economy and relatively modest retail rental rates have hiked demand for retail property in Canada, with U.S. companies lining up to try out a market that’s stronger than the faltering one at home.
New entrants include Victoria’s Secret, a unit of Limited Brands, which brought its sexy lingerie and supermodels to the Toronto and Edmonton areas this year, opening stores to excited crowds……………………………………….Full Article: Source

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Canadian housing not in a bubble – BMO

Posted on 23 November 2010 by Laxman  |  Email |Print

From Vadvert.co.uk: While there is growing speculation that the Canadian housing market is a bubble ready to implode, a new report from BMO Capital Markets Economics asserts that market valuation is only moderately above long-term trends.
“All things considered, the Canadian housing market does not appear to be in a bubble, and is unlikely to suffer a U.S.-style collapse,” said BMO Economists Earl Sweet and Sal Guatieri. “A comparison of the ratio of prices to incomes with the long-term trend suggests Canadian house prices were overvalued by as much as 18 per cent in late 2009……………………………………….Full Article: Source

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Europe: Distressed property listings tipped to rise in Q4-RICS

Posted on 23 November 2010 by Laxman  |  Email |Print

From Reuters: The number of distressed property assets being sold will surge in the fourth quarter as banks take a tougher line on failing loans, particularly in debt-troubled Ireland, Spain and Portugal, a survey showed on Monday.
The Royal Institute of Chartered Surveyors survey found the top five countries in which fourth-quarter distressed properties sales would likely increase also included the United States and the UK, which were, respectively, ranked second and fourth……………………………………….Full Article: Source

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European real estate debt market loosening up

Posted on 23 November 2010 by Laxman  |  Email |Print

From Property-magazine.eu: CB Richard Ellis’ (CBRE) highlights in the Q3 2010 European Capital Markets report that the European real estate debt market is loosening up as more financing options become available and new lenders are entering the market.
Over the last quarter, a number of alternative lenders, most notably insurance companies and institutions, have entered the European debt market. This reflects the changing dynamics of the sector as alternative lenders seek to improve returns through commercial real estate lending……………………………………….Full Article: Source

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UK: Frozen property market to continue ‘well into 2012′ as banks keep tight grip on lending

Posted on 23 November 2010 by Laxman  |  Email |Print

From Dailymail.co.uk: Homeowners desperate to sell were warned that Britain’s property market will remain frozen until 2012 at the earliest. Winkworth, a leading firm of estate agents, said it is expecting another slow year, with far fewer homes finding a buyer than during the boom years.
It will be the fourth year that millions of homeowners have faced a major battle to sell their property, a nightmare which began in 2008……………………………………….Full Article: Source

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Pension funds mop up Finnish property sale

Posted on 23 November 2010 by Laxman  |  Email |Print

From IPE: Finnish pension funds Ilmarinen and Varma have mopped up shares in partly state-owned property firm Sponda following the sale by state investment firm Solidium Oy of shares worth €176m.
Varma, the €32.2bn private-sector pensions provider, almost immediately increased its shareholding from 0.70% to just under 9%……………………………………….Full Article: Source

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IPOs driving Turkey’s real estate market

Posted on 23 November 2010 by Laxman  |  Email |Print

From Hurriyetdailynews.com: Decisions by the Capital Markets Board at the beginning of the year have boosted initial public offerings from Turkish property developers as the total market value of real estate companies at the Istanbul Stock Exchange has doubled so far in 2010. The large IPOs are funding the country’s fast-growing real estate sector.
The initial public offerings by five Turkish real estate investment trusts generated more than 609.2 million Turkish Liras in 2010, according to a recent report by the Capital Markets Board, or SPK……………………………………….Full Article: Source

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India: Real estate firms to see higher volume growth

Posted on 23 November 2010 by Laxman  |  Email |Print

From Business-standard.com: Real estate companies in South India are hopeful of registering sound volume growth in the residential properties segment despite recent rate hikes by the Reserve Bank of India as banks hold home loan rates in their bids to improve the advances growth.
Also, unlike other geographies like National Capital Region (NCR) and Mumbai, price hike is not sharp in South Indian market providing leeway to home buyers……………………………………….Full Article: Source

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India: Real estate funds - New option to invest in realty

Posted on 23 November 2010 by Laxman  |  Email |Print

From Myiris.com: Buying a property after scouting for a good builder or verifying the authenticity of documents and the title of land you intend to invest in are no longer the indispensable hassles of real estate investment. If you are an investor with high net worth and with a good asset allocation in place, real estate funds offered by private equity (PE) investors or venture capital (VC) funds are the more recent options to investing in real estate.
When you invest in real estate funds, you essentially make an equity investment in schemes of PE/VC firms, who in turn invest the money in upcoming or ongoing real estate projects in residential, commercial or retail segments……………………………………….Full Article: Source

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Chinese property prices to drop next year; hard landing unlikely

Posted on 23 November 2010 by Laxman  |  Email |Print

From Ibtimes.com: Property prices in China are expected to decrease by about 20 percent in 2011 and the market is likely to readjust in March or April next year, says a report. Prices will be pulled down by the Chinese government measures to cool the property market but the sector is not expected to suffer a hard landing, says a report by Renmin University of China.
Property developers are expected to face a sharp decline in access to capital in the first quarter next year. Besides, situation will be worsened by tighter financing, loan repayments and severe restrictions on property buyers, according to Liu Yuanchun, deputy head of the university’s School of Economics……………………………………….Full Article: Source

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New rules hit Hong Kong property

Posted on 23 November 2010 by Laxman  |  Email |Print

From WSJ: Tougher-than-anticipated measures to curb Hong Kong’s soaring real-estate prices began rippling through the market Monday, driving down shares of property developers and prompting forecasts of declining home sales.
On Friday, the Hong Kong government slapped additional stamp duties on properties that are resold within two years and raised down-payment requirements on high-end home purchases. On Monday, government inflation figures showed Hong Kong property prices were up 15% in the January-September period, after a 30% surge in 2009……………………………………….Full Article: Source

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Singapore: Changes to Residential Property Act passed

Posted on 23 November 2010 by Laxman  |  Email |Print

From Channelnewsasia.com: Changes to the Residential Property Act were passed in Parliament on Monday.It restricts foreign ownership of landed residential properties, including strata landed housing and land meant for residential development.
To prevent speculation, approved purchasers are allowed to buy only one property, which cannot be sold within the initial period of three years……………………………………….Full Article: Source

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Singapore tops in office rental growth

Posted on 23 November 2010 by Laxman  |  Email |Print

From Straitstimes.com: Office landlords here have much to cheer about after rises in third-quarter Grade A rents outshone gains in other Asia-Pacific business centres. Singapore, along with Beijing, topped the table, according to a survey by property consultancy Jones Lang LaSalle (JLL).
Both recorded quarterly net effective rental growth of 10.9 per cent in local currency terms. This excludes outgoings such as maintenance fees and property taxes and aims to reflect the net rental income earned by property investors……………………………………….Full Article: Source

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Singapore luxury property market quieter than previous years

Posted on 23 November 2010 by Laxman  |  Email |Print

From Peopledaily.com.cn: High-end condominiums are sitting unsold after completion, as the luxury home market in Singapore remains quieter than in previous years, local media reported on Monday.
Twelve developments have been completed this year, each with more than 10 units still unsold as of last month, according to new data released by property consultancy CB Richard Ellis (CBRE), local daily The Straits Times reported……………………………………….Full Article: Source

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Malaysian property firms to team up

Posted on 23 November 2010 by Laxman  |  Email |Print

From WSJ: IJM Land Bhd. and Malaysian Resources Corp. plan to merge into a new company in a bid to become the second-largest property group in Malaysia, a person familiar with the matter said. The new company will buy IJM Land and MRCB through a share-swap arrangement. “Details are likely be announced Tuesday,” the person said.
The planned merger is part of a continuing consolidation in Malaysia’s property sector. UEM Land Bhd. this month proposed buying the entire capital of Sunrise Bhd. to create the biggest property group in Malaysia with a market capitalization of more than 9 billion ringgit ($2.89 billion)……………………………………….Full Article: Source

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Malaysian developers unaffected by cooling measures

Posted on 23 November 2010 by Laxman  |  Email |Print

From Property-report.com: Many property developers in Malaysia are not worried about the central bank’s latest cooling measures as they believe that the new ruling will not impact revenues much.
The new rules, which were imposed by Bank Negara earlier this month, require home buyers who have signed up for two mortgages and intend to apply for a third loan to finance only 70 per cent of the home value……………………………………….Full Article: Source

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Real estate industry ‘lags rest of business’ on customer service

Posted on 23 November 2010 by Laxman  |  Email |Print

From IPE: The real estate industry still has “a long way to go” to catch up the rest of business in its approach to customers, according to Howard Morgan, managing director of real estate customer service consultants RealService.
In an article that forms part of the digital supplement on risk management that accompanies the November/December print edition of IP Real Estate, Morgan noted the findings of the UK Occupier Satisfaction Survey 2010, published recently by Property Industry Alliance and CoreNet Global UK, which reveals that occupiers rate their level of satisfaction at below 50%……………………………………….Full Article: Source

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US: Most (and least) affordable cities to buy a home

Posted on 22 November 2010 by Laxman  |  Email |Print

From CNN: The U.S. housing markets stayed very affordable this past summer: 72.1% of all homes sold during the three months ended Sept. 30 were priced so reasonably that people earning the median household income could afford to buy them, according to an industry report.
One big factor enhancing affordability is the continued rock-bottom interest rates, which were at 4.32% by the end of September……………………………………….Full Article: Source

Real estate best time to buy homes up to 50pct off in New York

Posted on 22 November 2010 by Laxman  |  Email |Print

From WSJ: Now is the best time to invest into the real estate market in NY. The miracle of New York real estate is that all the world’s treasures come packaged into this one beautiful state, including beaches, parks , mountains, lakes, islands, fabulous cities, and wonderful villages.
These attractions combined with a favorable climate and warm, friendly people make New York a perfect destination for any kind of real estate investment. New York has become an even more attractive option to invest in real estate due to its historic appreciation in real estate. Thus, purchasing a home in Westchester NY may be a terrific investment……………………………………….Full Article: Source

US housing crisis led to meltdown

Posted on 22 November 2010 by Laxman  |  Email |Print

From Scotsman.com: The origins of the banking crisis date back to between 2004 and 2006 in the United States, when interest rates rose from 1 per cent to 5.35 per cent, triggering a slowdown in the housing market.
Homeowners began to default on their mortgages. The impact was felt across the financial system as many of the mortgages had been bundled up and sold on to banks and investors……………………………………….Full Article: Source

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