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Real Estate Briefing - Archive | December, 2010

Home prices in U.S. decrease more than forecast

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bloomberg: Home prices dropped more than forecast in October, a sign housing will remain a weak link as the U.S. recovery accelerates into the new year.
The S&P/Case-Shiller index of property values fell 0.8 percent from October 2009, the biggest year-over-year decline since December 2009, the group said today in New York. The decrease exceeded the 0.2 percent drop projected by the median forecast of economists surveyed by Bloomberg News……………………………………….Full Article: Source

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Home price plunge is widespread

Posted on 31 December 2010 by Laxman  |  Email |Print

From CNNMoney.com: Home prices took a shockingly steep plunge on a monthly basis, an indication that the housing market could be on the verge of — if it’s not already in — a double-dip slump.
Prices in 20 key cities fell 1.3% in October from a month earlier, an annualized decline of 15%, according to the S&P/Case-Shiller index released Tuesday. Prices were down 0.8% from 12 months earlier……………………………………….Full Article: Source

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Garrett: U.S. support for housing market to be withdrawn slowly

Posted on 31 December 2010 by Laxman  |  Email |Print

From Reuters: Government support for the housing market should be cautiously withdrawn and not be rushed, Scott Garrett, the incoming chairman of the U.S. House Financial Services subcommittee, said.
“We recognize that some things can be done overnight and other things cannot be,” Garrett, a Republican representative for New Jersey’s 5th Congressional district said……………………………………….Full Article: Source

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‘Unexpected’ U.S. home price decline is a serious reason to worry about economy

Posted on 31 December 2010 by Laxman  |  Email |Print

From Marketoracle.co.uk: The Standard & Poors/Case-Shiller index’s most recent report shows that home prices across the country are sliding. For economists, this is yet another unexpected decline. For readers of non-mainstream news, analysis and opinion, this was to be expected.
According to our survey, forecasters are expecting on average - these are professional forecasters - prices will be up 7% by 2014. So, that’s not bad, but it’s not great either. On the other hand, a good share of those forecasters are predicting declines. I think the outlook has become steadily more pessimistic over the last few months………………………………………Full Article: Source

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US: Four housing issues to watch in 2011

Posted on 31 December 2010 by Laxman  |  Email |Print

From WSJ: Perhaps the biggest question facing the housing market in 2011: Is this the year housing actually hits bottom? Home prices are expected to fall another 5% in 2011, though there are some who say price declines could be much worse.
Here’s our list of four issues to keep an eye on in 2011 (or take a look-back at last year’s list):………………………………………Full Article: Source

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No optimism left for US housing market

Posted on 31 December 2010 by Laxman  |  Email |Print

From Indexuniverse.com: Any traces of a recovery in the U.S. Housing market have disappeared, as prices nationally continued to decline in October and, in some cases, even forged new lows, leading analysts to concede that a double-dip in housing is inevitable.
The latest S&P/Case-Shiller Home Price Index report released today revealed that not only are prices still moderating across the country, six of the 20 metro areas surveyed saw home values drop below lows seen in spring of 2009 amid a hefty inventory of unsold homes, foreclosures and a still-sluggish economy……………………………………….Full Article: Source

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Pending sales of U.S. previously owned homes rise

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bloomberg: The number of contracts to buy previously owned homes rose more than forecast in November, a sign sales are recovering following a post-tax credit plunge.
The index of pending resales increased 3.5 percent after jumping a record 10 percent in October, the National Association of Realtors said today in Washington……………………………………….Full Article: Source

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US: Will home prices rebound in 2011?

Posted on 31 December 2010 by Laxman  |  Email |Print

From Time.com: A very successful hedge fund manager is making the case that housing prices may rebound sharply in 2011. He may be right. The guy’s name is Bill Ackman and his hedge fund is Pershing Square Capital, which had $3.5 billion under management in mid-2010. He has spent most of his career investing in consumer and retail businesses.
But he made a killing in the late 2000s by spotting early problems in the credit markets and betting against bond insurer MBIA……………………………………….Full Article: Source

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Now get ready for a 90pct collapse in Canadian real estate

Posted on 31 December 2010 by Laxman  |  Email |Print

From Businessinsider.com: One of the biggest dark clouds on the horizon is Canadian real estate, which is peaking after a tremendous rise (via Mish). Max Keiser holds an excellent interview with Nicole Foss on why the real estate bubble will bust and could take out 90% in value.
Foss says the crash was deferred due to a flood of petrodollars that turned desolate towns into hotspots, like in Ireland. Now people are paying over 50% of their income to mortgage costs. As prices stop rising, delinquencies will surge……………………………………….Full Article: Source

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UK housing market trends revealed

Posted on 31 December 2010 by Laxman  |  Email |Print

From UKPA: The housing market performed better in southern areas of England than northern ones during 2010 but Scotland and Wales saw some of the biggest price gains, research has shown. Conwy in Wales was the county with the strongest price increases during the year, with the typical cost of a home jumping by 13% to £162,691, according to mortgage lender Halifax.
It was followed by East Dunbartonshire and Dumfries and Galloway, both in Scotland, which saw rises of 12% and 11%, respectively……………………………………….Full Article: Source

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U.K. December home prices fall for sixth month, Hometrack says

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bloomberg: U.K. house prices fell for a sixth month in December and will extend their decline in 2011 on “weak” demand and tighter mortgage-lending conditions, Hometrack Ltd. said.
The average cost of a home fell 0.4 percent from last month, and prices will drop a further 2 percent in 2011, the London-based property researcher said in an e-mailed report today. A separate release showed the majority of U.K. retailers predict a decline in sales next year……………………………………….Full Article: Source

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House prices to fall further in 2011, claim economists

Posted on 31 December 2010 by Laxman  |  Email |Print

From Telegraph: House prices are expected to fall further in the new year as banks maintain a tight rein on mortgages amid government austerity measures, economists claim. Experts predict that property values will plunge by 5 to 10 per cent in 2011 following a period of declining prices since the summer.
Of 56 economists polled by the Financial Times, 50 said they expected house prices to continue falling next year, compared to just six who thought they would rise……………………………………….Full Article: Source

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U.K. Home prices to drop in 2011 on loans, budget

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bloomberg: U.K. home prices will fall next year, extending a decline that began in the third quarter, as mortgage restrictions and government spending cuts discourage buyers, a Bloomberg News survey showed.
The median estimate of 23 banks, brokers and property forecasters that took part in the survey was for a decline of about 2.5 percent. Predictions ranged from a gain of 3 percent to a drop of 10 percent……………………………………….Full Article: Source

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Belgium towers over Europe

Posted on 31 December 2010 by Laxman  |  Email |Print

From IPE: Brussels’ status as the de-facto capital of the European Union is making it one of the most sought-after real estate investment markets in Europe. During the economic downturn, which began in 2001, the Brussels central business district (CBD) office market has benefited from office demand resulting from EU enlargement.
During this period the Brussels CBD was the only market in Europe which witnessed a rental increase. In fact, 25% of office demand in Brussels is driven by the European institutions, other international administrations, lobbying firms and federations……………………………………….Full Article: Source

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Bulgaria’s home property market likely to hit rock bottom in 2011

Posted on 31 December 2010 by Laxman  |  Email |Print

From Sofiaecho.com: Housing property prices in Bulgaria are expected to hit rock bottom in 2011, recovering after that point, estate agencies said. “Housing prices in 2011 will remain at historically low levels, but they are expected to stabilise in large regional cities and the overall decline to slow down countrywide,” Teodora Dimitrova, head of the local unit of international firm ERA Real Estate, said.
According to Elta Consult, property prices are already near their optimal levels and further abrupt changes are unlikely……………………………………….Full Article: Source

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Pain in Spain’s housing market goes on

Posted on 31 December 2010 by Laxman  |  Email |Print

From Guardian: Sector faces years of falling house prices as sector struggles to offload massive glut of unsold homes. Reports on Spain’s ailing housing market show sales volumes are down almost 50% since the summer and prices may suffer further falls of up to 30% — with holiday homes in tourist areas likely to fare worst of all.
The Spanish market has collapsed since 2007, with prices of new coastal homes and older houses in inland “white villages” popular with British buyers plummeting 50% or more……………………………………….Full Article: Source

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The price to pay for Israel’s year of real estate

Posted on 31 December 2010 by Laxman  |  Email |Print

From Haaretz.com: This year was the year of real estate, but not of planning, long-term thinking or vision. The market is lively, and an invisible hand seems to be stirring its activity. Speculation is rife. Where to buy this morning; where would be a waste of money? What does Tel Aviv have in store; will Hadera be the next Petah Tikva, or the opposite?
Is the periphery responsible for prices, or are successive Israeli governments responsible for the neglect of the periphery once its residential areas were established in the 1950s for political, demographic, nationalist and security reasons?………………………………………Full Article: Source

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Lebanon: Investments or just real estate?

Posted on 31 December 2010 by Laxman  |  Email |Print

From Dailystar.com.lb: As the region tries to dust off the remnants of the global financial crisis, which hit in earnest in 2009 and 2010, certain sectors have fared better than others for various reasons. Now pretty much a case study in economic boom and bust, the region’s real-estate sector, once boasting tremendous buoyancy, is now scraping close to the bottom.
Cancelled projects, vacant spaces and half-built visions have all become the cheerless characteristics of a sector that had once reported unprecedented gains at a regional level……………………………………….Full Article: Source

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Middle East property sector poised for growth in 2011, says DAMAC

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bi-me.com: Growth in the MENA region is forecast to outpace the global average in 2011, signalling the property sector is ripe for investment, according to the Middle East’s largest private developer, DAMAC Properties.
The IMF is predicting GDP will expand 5.1% in the MENA region next year, higher than the forecast global average of just 4.2%……………………………………….Full Article: Source

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Saudi Arabia to increase industrial cities to 30 in five years: Modon

Posted on 31 December 2010 by Laxman  |  Email |Print

From Saudigazette.com.sa: Saudi Arabia, the Middle East’s largest economy, plans to increase the number of its industrial cities to 30 in five years, state-run Saudi Press Agency reported Tuesday, citing a senior official at the Saudi Industrial Property Authority (Modon).
The Kingdom will double the area occupied by industrial cities to 150 million square meters in the coming five years, said Tawfig Fawzan Alrabiah, Modon’s director general, according to SPA……………………………………….Full Article: Source

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Jeddah: Rising rents drive tenants to subletting

Posted on 31 December 2010 by Laxman  |  Email |Print

From Arabnews.com: Rising rents in Jeddah have compelled expatriates, particularly those from Southeast Asia, to take on additional lodgers, usually of the same nationality, to help share costs.
Although those involved find such arrangements useful in helping them meet the costs of rent, taking on additional lodgers burdens a building’s utility services, especially water consumption, something frowned upon by the occupants of other apartments in a building……………………………………….Full Article: Source

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Gulf real estate market needs support by investment funds in 2011

Posted on 31 December 2010 by Laxman  |  Email |Print

From Globalarabnetwork.com: The real estate sector of the Arab Gulf states badly needs the intervention of investment institutions and funds to upgrade its performance next year following a two-year deadlock, a specialized economic report said.
A report released today by Al-Mazaya Holding Company said that the growth achieved by various economic sectors in the Arab Gulf states, particularly following the hike in oil prices, should be reflected on investment funds and institutions with the aim of subsidizing the real estate market that has been experiencing a downward trend for two years……………………………………….Full Article: Source

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UAE: Property sector in a healthy position

Posted on 31 December 2010 by Laxman  |  Email |Print

From Thenational.ae: The property market in the UAE is picking up after a difficult period, data show. In Dubai, demand is increasing in most sectors, but “the timing of recovery has been extended due to the excess of supply”, said a report by the property services company Jones Lang LaSalle.
Abu Dhabi has also been affected by market forces, but its dynamics are different from those of Dubai……………………………………….Full Article: Source

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Time for bubble burst in Indian realty?

Posted on 31 December 2010 by Laxman  |  Email |Print

From Equitymaster.com: Realty players have not had it easy in 2010. Unaffordable pricing kept the sale of properties very slow during the year. Poor financials and lack of transparency in operations evaded investor interest in real estate stocks. Amidst all this, the regulators’ crackdown on unacceptable practices restricted the growth of even large players.
Nevertheless greedy banks looked at making a killing from lending to the fund starved sector. While loans to infrastructure were tied down by execution and policy delays, realty seemed to very lucrative bet………………………………………Full Article: Source

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India’s new home sales decline up to 25pct, Knight Frank says

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bloomberg: India’s new home sales fell as much as 25 percent after prices reached a record earlier this year and aren’t expected to recover in the next six months following six interest rate increases, Knight Frank LLP said.
“The first half of next year will be damp for home sales and prices,” Mumbai-based Anand Narayanan, national director of residential agency at the Indian unit of real-estate brokerage Knight Frank, said……………………………………….Full Article: Source

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India: Luxury homes set to get cheaper in new year

Posted on 31 December 2010 by Laxman  |  Email |Print

From Hindustantimes.com: This has been the year of the luxury home. Speculators returned to the real estate sector to cash in on the upper-class Indian’s luxury urges. Result: a sharp spurt in residential property prices, while commercial and retail realty prices remained muted. But if you are planning to buy a house, the new year could still bring cheer.
Residential properties shot up around 50% in some pockets. Some rationalisation is likely in 2011 — 15% is a figure being mentioned by industry sources — especially in view of RBI’s tightening of monetary policy recently, restricting money supply in the system and putting off speculators……………………………………….Full Article: Source

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Property prices in India expected to fall in 2011

Posted on 31 December 2010 by Laxman  |  Email |Print

From Propertywire.com: Residential property prices in some parts of India are close to the peak levels of 2008 but could fall by 10 to 15% in some areas in 2011 as buyers refuse to pay higher prices, according to analysts.
The latest analysis from property consultants Jones Lang LaSalle shows that since the height of the real estate market in 2008 prices have fallen by 25 to 30% in areas such as Delhi and Mumbai. But now they have shot up again and reached similar levels……………………………………….Full Article: Source

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Realty prices set for steady dip in Mumbai

Posted on 31 December 2010 by Laxman  |  Email |Print

From Dnaindia.com: Mumbai’s wait-and-watch approach when it comes to buying residential property seems to be working. Property prices in the city are likely to stabilise and may even see a 10-15% drop as developers find it increasingly difficult to sell residential flats at the present ‘unimaginable’ rates.
Sales of residential property in Mumbai continue to decline, with November witnessing the lowest number of transactions since June 2009. The trend is most visible in the premium segment, with prices beyond Rs7,500 per sq ft……………………………………….Full Article: Source

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Sri Lanka: Boom in property development

Posted on 31 December 2010 by Laxman  |  Email |Print

From Dailynews.lk: The local property development industry has had a significant growth in the latter part of 2010 compared to early 2010. “As a property developer we believe that growth in commercial and residential sectors is significant and will continue in coming months and years,” Overseas Realty Chief Operating Officer Remaz Ghouse said.
Overseas Realty PLC has focused on looking at prospective projects for both commercial and residential purposes……………………………………….Full Article: Source

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China property market limps into new year

Posted on 31 December 2010 by Laxman  |  Email |Print

From Reuters: Chinese housing prices are on track to dip early next year, with tighter monetary policy and rising inventories combining to take some air out of a market that some fear could yet swell into a bubble.
The government launched a campaign late last year to brake soaring property inflation, with the top-end sector in wealthy cities especially frothy. It succeeded for a while in stabilizing prices, but there have been signs of a pick-up in recent months……………………………………….Full Article: Source

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China’s premier acts to avert housing bubble

Posted on 31 December 2010 by Laxman  |  Email |Print

From Realestatechannel.com: Chinese Premier Wen Jiabao is not happy with his brethren in the real estate industry. Land speculation continues. Single-family housing prices are rising sharply. And affordable housing for the growing working population is shrinking.
So the Premier this week announced he will take even sterner measures to bring shelter pricing back to a reasonable and affordable level. He wants to avert a housing bubble and he wants to do it before his term ends in early 2013……………………………………….Full Article: Source

Chinese real estate market continues fast growth

Posted on 31 December 2010 by Laxman  |  Email |Print

From Chinaretailnews.com: Investment in China’s real estate sector in the first eleven months of 2010 grew by more than a third over the preceding year. According to China’s National Bureau of Statistics, from January to November, the total investment in real estate development was CNY4.269 trillion, up by 36.5% year-on-year.
Of which, investment in commercial residential buildings reached CNY3.002 trillion, a 34.2% increase year-on-year, which occupied 70.3% of the investment in real estate development. In November, the completion of investment in real estate development totaled CNY462.8 billion, increasing 36.7%, year-on-year……………………………………….Full Article: Source

China property developers to be penalized if found hoarding land

Posted on 31 December 2010 by Laxman  |  Email |Print

From Dow Jones: Chinese companies that haven’t started developing land more than a year after its acquisition will be penalized, while companies that have left land idle for more than two years risk having it confiscated, the Ministry of Land and Resources said in a statement Thursday, as part of the government’s latest efforts to curb rising property prices.
The ministry said its local branches will step up their oversight of hoarding activity, and reiterated that companies found to have been hoarding land will be barred from making bids in land auctions……………………………………….Full Article: Source

Beijing replaces Shanghai as biggest second-hand home market

Posted on 31 December 2010 by Laxman  |  Email |Print

From Peopledaily.com.cn: Beijing surpassed Shanghai for the first time in second-hand house sales in 2010, becoming the biggest second-hand home market in China, according to information from the Beijing Real Estate Transaction Management Network.
In 2010, a total of 172,000 second-hand homes were sold in Beijing, surpassing the 145,000 units sold in Shanghai……………………………………….Full Article: Source

Singapore taking incremental approach to cooling market

Posted on 31 December 2010 by Laxman  |  Email |Print

From Property-report.com: Singapore’s government intervened twice in the property market in 2010 with a cautious approach of incremental steps in order to bring prices down but not crash the market, says National Development Minister Mah Bow Tan.
“We are not taking a big bang approach, but taking a very calibrated approach to this. Why? Because we want to make sure the market can be sustained… We also don’t want the market to crash because there will be other repercussions if that were to happen,” Mah was quoted as saying in a Channel News Asia report……………………………………….Full Article: Source

Domestic, foreign investors bullish on Indonesian property market

Posted on 31 December 2010 by Laxman  |  Email |Print

From Thejakartaglobe.com: Jakarta’s fast-changing skyline is a testament to the re-emergence of the property sector. Across the board, it is poised to continue its strong showing in 2011.
Property analysts such as Anton Sitorus, senior manager at Jones Lang LaSalle, are bullish the sector will be among the 10 fastest-growing sectors of the economy in the coming year on the back of growing consumer demand and low interest rates……………………………………….Full Article: Source

Cambodia to tax properties

Posted on 31 December 2010 by Laxman  |  Email |Print

From Property-report.com: The move follows the passing of a new law by The National Assembly in November 2009 that stipulates tax will be charged on all real estate transactions including land, houses, apartments and infrastructure related deals.
Keat Chhon, MEF deputy prime minister was quoted as saying that although the amount of income from the tax would be minimal, the government felt it an essential move in order to increase the national income and continue to develop the country……………………………………….Full Article: Source

Most Taiwan firms expect home prices to rise or stay unchanged

Posted on 31 December 2010 by Laxman  |  Email |Print

From Bloomberg: Most Taiwanese companies expect home prices to post further gains or stay little changed as overseas fund inflows offset government measures to cool the real estate market, according to a government survey.
Of the 107 companies surveyed between Nov. 8 and Dec. 3, 36 percent expect real-estate prices to increase in the first half, and the same number of respondents said prices will remain steady, the government’s Architecture and Building Research Institute said in a report today……………………………………….Full Article: Source

Hedge fund helps refinance major Manhattan condo building

Posted on 31 December 2010 by Laxman  |  Email |Print

Aristone Realty Capital, a New York based lender, in conjunction with Elliott Management Corp., and Grasso Holdings is pleased to announce the recapitalization of 245 Tenth Ave. Aristone recently completed the purchase of a four tranches of outstanding debt, negotiated the settlement of all the outstanding liens, and capitalized the balance of the funds necessary to not only complete the initially planned project, but also to enhance the unit finishes and design improvements.

Grasso Holdings, the parent of the owner of the project, will bring the finished units to market in Spring 2011.

The property, a 44,939 square foot mixed use condominium building was designed by Della Valle Bernheimer and is one of only a few residential properties that is contiguous to the High Line Park, located at 24th Street and Tenth Avenue in Manhattan in the starchitecture landscaped West Chelsea.

The property consists of two commercial units (one of which is already sold) and nineteen residential units that include very large one-bedroom residences, array of wonderful two-bedroom units, and a magnificent penthouse duplex. The Condominium will provide such amenities as a full-time doorman, concierge service, and a terrace and lounge that is located adjacent to the High Line.

Todd Lippiatt of Aristone says, “We are very pleased to assist David Grasso and his team in bringing this amazing condominium to market.  While the complexities of the transaction required creativity and detailed coordination of the several moving parts, we have coordinated the efforts of an outstanding developer, an extremely strong financial partner, and a talented team at Aristone to bring this beautiful, yet once over-leveraged asset back into the marketplace. We think we have a unique product in the chicest area in Manhattan and that the opening of the extension to the High Line Park is a significant bonus for the marketing of the project and the purchasers at the Condominium.” (Press Release)
 

US: Housing market perks up as economy strengthens

Posted on 23 December 2010 by Laxman  |  Email |Print

From Washingtonpost.com: The housing market is showing surprising signs of improvement in recent months, as the broader economy strengthens slightly heading into 2011. Sales of previously owned homes climbed 5.6 percent in November, the National Association of Realtors said Wednesday, with gains reported in every region of the country, although home-buying activity remained well below healthy levels.
The median price of existing homes sold in November was $170,600, up 0.4 percent from a year earlier, the association said……………………………………….Full Article: Source

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Sales of U.S. existing homes rise less than forecast

Posted on 23 December 2010 by Laxman  |  Email |Print

From Bloomberg: Sales of existing homes rose less than forecast in November as the industry that triggered the worst U.S. recession in seven decades struggled to recover after a government tax credit lapsed.
Purchases increased 5.6 percent from the prior month to a 4.68 million annual rate, the National Association of Realtors said in Washington. Economists projected sales would rise to a 4.75 million pace, according to the median forecast in a Bloomberg News survey. The median price rose 0.4 percent from a year earlier……………………………………….Full Article: Source

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U.S. housing market still struggling

Posted on 23 December 2010 by Laxman  |  Email |Print

From Cbc.ca: Sales of existing homes in the U.S. rose a modest 5.6 per cent in November as the beleaguered American housing market struggled to rebound amid high unemployment.
The National Association of Realtors said sales rose to a seasonally adjusted annual rate of 4.68 million units — still shy of the 5.2 million pace that analysts consider to be a healthy market……………………………………….Full Article: Source

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US likely to see falling property sales for next two years

Posted on 23 December 2010 by Laxman  |  Email |Print

From Propertywire.com: Residential property sales in the US are likely to be slow for another two years as the market struggles to recover in 2011, according to experts.
Real estate sales fell nearly 5% in November from the previous month and are now 26% lower than a year earlier, according to the most recent RE/MAX national housing report……………………………………….Full Article: Source

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NY: Real estate investors see their returns deflate

Posted on 23 December 2010 by Laxman  |  Email |Print

From Crainsnewyork.com: As the Manhattan office market continues to regain its footing, the amounts of money investors are making on the properties they acquire continue to drop. The rate of returns investors are realizing on purchased office properties has fallen to levels not seen since 2008, according to a survey of investors conducted by PricewaterhouseCoopers and released this week.
The average capitalization rate for Manhattan commercial properties—the rate of return on an investment anticipated by a buyer in the first year of ownership—fell to 6.02% in the fourth quarter, down from 6.23% in the third quarter and 6.65% a year earlier. The rate stood at 6.07% in the first quarter of 2009 and 5.81% in the fourth quarter of 2008……………………………………….Full Article: Source

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Google’s Christmas gift to NYC real estate: $1.9 bln in cash

Posted on 23 December 2010 by Laxman  |  Email |Print

From AFP: Google said Wednesday that it had purchased an 18-story building in New York to house its more than 2,000-strong workforce in the city. Google did not announce a purchase price for the building at 111 Eighth Avenue in the Chelsea neighborhood but the New York Post put the cost at 1.77 billion dollars.
The newspaper said the final price, including transfer taxes and assorted other fees, could be 1.9 billion dollars……………………………………….Full Article: Source

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London property leads world as rising rents lure global money

Posted on 23 December 2010 by Laxman  |  Email |Print

From Bloomberg: London’s commercial property market will probably draw the most investment for the second consecutive year as prospects of rising rental income attract cash from as far afield as Hong Kong, Qatar and Canada.
Sales of existing commercial property in the U.K. capital totaled $13.9 billion in the first nine months, more than in any other city, according to Real Capital Analytics Inc. Some of the biggest deals of the year were announced in the final quarter……………………………………….Full Article: Source

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CPI in largest Czech property deal of 2010

Posted on 23 December 2010 by Laxman  |  Email |Print

From Propertyeu.info: Czech investor CPI has acquired two office buildings part of the City West office park project in Prague from local developer Finep for around EUR 70 mln. CB Richard Ellis, which advised the seller on the acquisition, said the deal is the largest Czech real estate investment transaction of 2010.
Completed in January 2010, the asset comprises 28,820 m2 of lettable area, the majority of which is leased to Siemens as its corporate headquarters in the Czech Republic……………………………………….Full Article: Source

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Bright outlook forecast for the light industrial/ logistics sector (MENA)

Posted on 23 December 2010 by Laxman  |  Email |Print

From Europe-re.com: The light industrial/logistics sector will be one of the best performing real estate market segments across Middle East North Africa (MENA) region over the next few years, according to the latest research from Jones Lang LaSalle.
This positive outlook for the logistics sector is being driven by regional government initiatives for economic diversification from energy-based industries towards expansion into other commercial sectors such as trade, export-import, tourism and logistics……………………………………….Full Article: Source

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UAE mortgage market remains very small

Posted on 23 December 2010 by Laxman  |  Email |Print

From Khaleejtimes.com: The mortgage market penetration in the UAE, which is just seven per cent of its Gross Domestic Product (GDP), remains very small by global standards, says a report by NCB Capital.
Stressing that an active mortgage market in the Gulf is now the need of the hour, the report said the UAE and other GCC countries lag far behind the developed countries with an average mortgage penetration of five per cent of the region’s GDP compared to 70 per cent penetration in the US and 50 per cent in the UK, NCB, Saudi Arabia’s largest investment bank said……………………………………….Full Article: Source

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UAE: Is this the end of the real estate broker?

Posted on 23 December 2010 by Laxman  |  Email |Print

From Emirates247.com: A combination of factors – technological and commercial – is threatening the very existence of the real estate brokers and agents in the UAE. As the effect of the economic slowdown slowly unwinds limited budgets for people looking to rent and landlords who are desperate to ensure maximum yield for properties on lease are forcing them to bypass the middle-person.
And it is cyberspace that is providing the platform for the two to meet directly……………………………………….Full Article: Source

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