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Real Estate Briefing - Archive | December, 2010

Chinese investment in Dubai properties rises 700pct

Posted on 23 December 2010 by Laxman  |  Email |Print

From Thenational.ae: Chinese investors have dramatically increased their purchases of residential property in Dubai since the collapse of prices in the emirate two years ago, an analysis of sales data shows.
In the first eight months of this year, Chinese buyers purchased Dh578 million (US$157.3m) worth of homes, a 700 per cent increase on the Dh82m figure for the same period in 2008, according to data compiled by REIDIN.com……………………………………….Full Article: Source

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A sizzling year for Asian property markets

Posted on 23 December 2010 by Laxman  |  Email |Print

From Todayonline.com: Asia’s residential property market stole much of the limelight this year as concerns of record property prices spurred government intervention in the form of repeated cooling measures. Singapore, China and Hong Kong were among the jurisdictions that have introduced anti-speculative measures to cool down their red-hot property market.
China was at the forefront of introducing price controls after property prices in the country surged 7.7 per cent over an 18-month period. This prompted the government to introduce measures such as a ban on mortgage loans for third properties……………………………………….Full Article: Source

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India: Realty developers turn to portfolio managers, PEs as bank funds dry up

Posted on 23 December 2010 by Laxman  |  Email |Print

From Business-standard.com: Property developers are knocking on the doors of portfolio managers, private equity (PE) funds, non-banking finance companies (NBFCs) and other investors as commercial banks, mostly public sector ones, are tightening lending to real estate firms in the aftermath of the bribe-for-loan scam.
“The number of enquiries from developers has increased in the last couple of months and we expect a good deal flow down the line,’’ says Pradeep Khanna, senior fund manager, portfolio management services (PMS) at ICICI Prudential Asset Management Co. The firm did around half-a-dozen deals with real estate companies last year……………………………………….Full Article: Source

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Is China’s housing market heading for a crash?

Posted on 23 December 2010 by Laxman  |  Email |Print

From Guardian: It’s not a surprise that China is worried about a potential housing bubble, the dangers of which are so vividly presented in satellite images of its so-called “ghost towns”. House prices rose by 7.7% in November, marking 18 months of gains.
This is despite the government prohibiting mortgages for third homes and announcing plans to introduce a property tax. In fact, sales volume jumped 14.5% from a year earlier. Housing ownership is traditionally favoured by the Chinese, but even more so at the moment since it was only a decade ago that housing was privatised. The housing market has certainly taken off since then……………………………………….Full Article: Source

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China raises scrutiny of property sector

Posted on 23 December 2010 by Laxman  |  Email |Print

From Reuters: China will harden measures against speculation in its red-hot property market by intensifying scrutiny of foreign investment in the sector, according to a government website posting seen on Wednesday.
The Ministry of Commerce, which oversees foreign investment in China, said it would increase checks on property investment involving foreign currencies and ban foreign investors from betting on capital gains……………………………………….Full Article: Source

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China tells local governments to curb real estate prices

Posted on 23 December 2010 by Laxman  |  Email |Print

From Bworldonline.com: China has ordered local authorities to rein in rapid rises in land prices and pledged to crack down on shady developers, as Beijing struggles to keep a lid on the country’s red-hot property market.
In a statement posted on its Web site late Sunday, the ministry of land and resources highlighted the “complicated” situation in the sector and said high prices in some cities had triggered widespread public concern……………………………………….Full Article: Source

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Strong vacancy rates in Bangkok condo market

Posted on 23 December 2010 by Laxman  |  Email |Print

From Property-report.com: Thailand’s Agency for Real Estate Affairs (AREA) said in its latest survey that there’s no sign of oversupply in the Bangkok condominium market, with its modest 21 per cent vacancy rate. According to AREA president Dr. Sopon Pornchokchai, the company surveyed 103 condominiums completed within the past eight to 12 months in central Bangkok.
Of the 40,027 units in total, 79 per cent, or 31,584, units were occupied. Of the occupied units, 73 per cent of 22,914 units were owner-occupants, while the rest ware tenants……………………………………….Full Article: Source

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Bangkok housing transfers up in 2010

Posted on 23 December 2010 by Laxman  |  Email |Print

From Bangkokpost.com: The number of transferred housing units in Greater Bangkok during the first 10 months rose by 15% year-on-year due to expiration of the property tax incentives. The Real Estate Information Center (REIC) reported around 147,000 transferred housing units during January to October 2010, with the largest portion of 59,000 units (40%) condominiums, an increase of 35% year-on-year.
Townhouses made up 44,400 units, accounting for 30%, while single houses numbered 25,900 (18%), shophouses 13,200 (9%) and duplex houses 4,500 (3%)……………………………………….Full Article: Source

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Australia: Housing market an outside risk in 2011

Posted on 23 December 2010 by Laxman  |  Email |Print

From Ninemsn.com.au: Australia’s economic recovery will probably not be derailed by a slump in the housing market. But you never know. Most likely, 2011 will turn out to be the third year of steady recovery from the global financial crisis (GFC) that caused the economy to stagger backwards for just a single quarter in late 2008.
Or will it? It is all too easy to forget a key lesson from the crisis that came to a head in late 2008……………………………………….Full Article: Source

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Roubini, others call for U.S. mortgage standards

Posted on 22 December 2010 by Laxman  |  Email |Print

From Reuters: A group of investors and prominent academics on Tuesday urged the creation of national standards for U.S. residential mortgages to help borrowers who are having trouble getting home loans.
The group, in a letter to Federal Reserve Chairman Ben Bernanke, Treasury Secretary Timothy Geithner, and a host of other U.S. officials, said the recent foreclosure document processing fiasco, in which banks are accused of using “robo-signers” to sign hundreds of unread documents a day, demonstrate an urgent need for action……………………………………….Full Article: Source

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Real estate: Lessons learned and where we go from here

Posted on 22 December 2010 by Laxman  |  Email |Print

From Foxbusiness.com: In fact, year to date 2010, short sales and foreclosures have accounted for about one-third of home sales, with an average price discount of 26%, according to RealtyTrac. Nationwide, there are almost 2.2 million properties in foreclosure. Everyone agrees that more such sales are on the way, but estimates vary widely as to the amount and duration.
Robert Shiller, the Yale economist and co-creator of the S&P/Case-Shiller Home Price Index, which tracks the real estate market, and who correctly called the real estate “bubble” in 2006 just before housing prices fell through the floor……………………………………….Full Article: Source

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US: What’s the truth about current CRE values?

Posted on 22 December 2010 by Laxman  |  Email |Print

From Businessinsider.com: Indexes designed to gauge commercial real estate values have been around for a few years now. The original intention was that creators of various indexes were competing to create the benchmarks around which commercial real estate derivatives could be created.
Pros had a vision that it would give investors an alternative to buying and selling actual real estate and REIT stocks in playing in the commercial real estate space. The 2008 financial collapse and the subsequent leeriness about derivatives pretty much killed that idea (at least for now), but the desire to design the best commercial real estate index remained……………………………………….Full Article: Source

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US: Will the housing market continue to decline?

Posted on 22 December 2010 by Laxman  |  Email |Print

From Seekingalpha: The quick answer to the headline of this article seems to be yes. The volume of housing that is in mortgage trouble is rising as prices drop in vulnerable markets around the country. There isn’t a sufficient floor of buyers in those markets to stop further declines and foreclosure sales that appear to be on the horizon.
It depends on the market. For example, the recent Case-Shiller 20 cities report shows that coastal California has had a positive trend: Los Angeles +4.4%; San Diego +5.0%, and San Francisco +5.5%. Another area of strong growth is Washington DC (+4.5%) which is an island of government transfer payments in a sea of trouble……………………………………….Full Article: Source

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US: Real estate market to hit bottom in 2011?

Posted on 22 December 2010 by Laxman  |  Email |Print

From Inman.com: Next year, housing prices will likely drop 5 to 10 percent nationally — finally hitting a trough, according to a webcast by real estate data company Altos Research. “Prices are going to go down a little bit more, and if there’s nothing but bad news out there, (which is) what we’re seeing, then that must mean that at some point we are hitting the trough, and we feel that 2011 is finally going to be that point,” said Scott Sambucci, the company’s vice president of data analytics.
“That doesn’t mean that we’re instantly going to bounce out of the trough. Expect local price volatility,” he added……………………………………….Full Article: Source

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Housing market continues slide in Las Vegas

Posted on 22 December 2010 by Laxman  |  Email |Print

From Lasvegassun.com: Las Vegas’ housing market deteriorated more in November with no signs of improving in the near future, analysts said. San Diego-based MDA DataQuick reported Dec. 21 that November existing- and new-home sales fell 23 percent from November 2009 and dipped more than expected (7 percent) from October’s sales.
November’s sales were the lowest for the month since 2008 and were 15 percent below November’s average for the past 16 years……………………………………….Full Article: Source

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Buying development land in Latin America

Posted on 22 December 2010 by Laxman  |  Email |Print

From Themovechannel.com: There has never been a better time to buy development land in Latin America - it’s a buyer’s market, many landowners are under financial pressure and buyers are thin on the ground, so if you buy land well, you could profit handsomely.
However, retail sales in many markets have slowed as a result of financial and economic problems in the US. This has kept land prices artificially low, and means that many developers need to tap alternative sources of finance. ………………………………………Full Article: Source

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UK: House prices ‘to drop 2pct in 2011′

Posted on 22 December 2010 by Laxman  |  Email |Print

From UKPA: House prices look set to end next year 2% lower than they start it, but a shortage of homes on the market should prevent bigger price slides. Property values are likely to continue falling during the coming months but a lack of supply should help to stabilise the market at some point during the first half of next year, the Royal Institution of Chartered Surveyors (Rics) said.
Prices could then begin edging up again during the latter part of the year, to leave property values close to where they started the year by the end of 2011……………………………………….Full Article: Source

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UK: Housing market faces an uncertain year

Posted on 22 December 2010 by Laxman  |  Email |Print

From Investorschronicle.co.uk: Prospects for the housing market are likely to remain subdued in 2011, influenced by funding constraints, regulatory pressures, economic uncertainty and unemployment, according to Nigel Terrington, chief executive of buy-to-let mortgage specialist Paragon.
The picture in the owner-occupier housing markets is certainly bleak. Mortgage lending fell again in November, and according to the Council of Mortgage Lenders (CML), November was the fifth consecutive month where gross mortgage lending has been at its weakest since the equivalent month in 2000……………………………………….Full Article: Source

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Ireland’s house prices plunge further as crisis deepens

Posted on 22 December 2010 by Laxman  |  Email |Print

From Globalpropertyguide.com: House prices in Ireland are expected to fall for years to come, as it braces for massive tax hikes and sharp spending cuts. The painful measures are conditions for the €85 billion (USD113 billion) bailout from European Union (EU) and the International Monetary Fund (IMF).
Ireland’s house price crash, one of the worst in Europe, has wiped out almost a decade of gains. In Q3 2010, the average price of houses fell 14.8% to €198,689 from a year earlier, 36% down on the peak price of €310,381 reached in Q4 2006, according to Permanent TSB/ ESRI house price index. ………………………………………Full Article: Source

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Norway pension fund sets its sights on real estate sector

Posted on 22 December 2010 by Laxman  |  Email |Print

From Citywire.co.uk: For the first time in its history, the Norwegian Government Pension fund is going to be invested in the real estate sector by the start of 2011.
The decision by the world’s second largest pension fund to enter the property market can be seen as a clear indication of the benefits this sector can offer to long term investors……………………………………….Full Article: Source

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Weak outlook for Portugal’s real estate market

Posted on 22 December 2010 by Laxman  |  Email |Print

From Propertywire.com: The real estate market outlook in Portugal is poor as house prices fall at a faster pace, driven by further weakness in the Lisbon and the Algarve, a new report indicates.
Buyer interest continues to fall, while new instructions to sell property increases to such an extend that confidence in the short term sales and price outlook remains weak across all regions, according to the November Portuguese Housing Market Survey from the Royal Institution of Chartered Surveyors and Confidencial Imobiliario……………………………………….Full Article: Source

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Saudi house buyers struggle to find affordable homes

Posted on 22 December 2010 by Laxman  |  Email |Print

From Ameinfo.com: Global commercial real estate services firm, Colliers International has said that nearly 28% of the homes supplied in the Saudi capital Riyadh over the past 18 months are vacant as homebuyers find them unaffordable, Reuters has reported.
“Developers continue to show bias towards developing mid to high-income housing units. This has created a large pool of untapped demand for low-cost housing,” Colliers said……………………………………….Full Article: Source

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Abu Dhabi to boost retail space

Posted on 22 December 2010 by Laxman  |  Email |Print

From Khaleejtimes.com: New shopping centers and expansions of existing facilities will soon make Abu Dhabi one of the most retail-concentrated cities in the world, according to London-based global property broker Cushman & Wakefield,
Abu Dhabi is set to surpass Dubai’s per capita retail concentration by the year 2015 when its retail space doubles to nearly 1.8 million square metres, Cushman & Wakefield said in its report……………………………………….Full Article: Source

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Chinese interest in Dubai properties shows large uptick

Posted on 22 December 2010 by Laxman  |  Email |Print

From Thenational.ae: Chinese investors have dramatically increased their purchases of residential property in Dubai since the collapse of prices in the emirate two years ago, an analysis of sales data shows.
In the first eight months of this year, Chinese buyers purchased Dh578 million (US$157.3m) worth of homes, a 700 per cent increase on the Dh82m figure for the same period in 2008, according to data compiled by REIDIN.com……………………………………….Full Article: Source

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Asian investors continue to put money into Chinese real estate

Posted on 22 December 2010 by Laxman  |  Email |Print

From Dailyfinance.com: Asian markets rose Tuesday. In China the Shanghai Composite Index racked up a 1.8% gain to end the day at 2,904 and in Hong Kong the Hang Seng Index rose 1.6% to 22,994. Japan’s Nikkei 225 Index gained 1.5%, finishing the session at 10,371.
According to a new survey by the People’s Bank of China, property remains the most popular investment among the Chinese, with 26.1% of those surveyed saying they planned to invest in property despite recognizing that prices are sky high……………………………………….Full Article: Source

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China cooling measures may open doors to foreign developers

Posted on 22 December 2010 by Laxman  |  Email |Print

From Property-report.com: Analysts say that China’s property cooling measures may actually be making things easier for foreign developers to enter the country’s market, according to an article from Channel News Asia.
The measures may be deterring some Chinese developers from starting projects which is good news for foreign developers, including those from Singapore, that want a piece of the action in China……………………………………….Full Article: Source

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Bangalore closes in on Shanghai in office space

Posted on 22 December 2010 by Laxman  |  Email |Print

From Business-standard.com: The city’s office stock has grown over five-and-a-half times in the past four years. Bangalore is closing in on Shanghai, China’s booming commercial and industrial metropolis, in terms of Grade-A office space.
The surprise doesn’t end here. India’s Silicon Valley has already overtaken Singapore in this regard, says global property consultant C B Richard Ellis (CBRE). Grade-A offices mean centrally air-conditioned, well maintained, efficient buildings……………………………………….Full Article: Source

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Shanghai property prices up 10.8pct

Posted on 22 December 2010 by Laxman  |  Email |Print

From Capitalvue.com: The average transaction price of commercial residential properties in Shanghai rose 10.8 percent week-on-week to 23,421 yuan per square meter for the week ended December 19, reports China Business News, citing Uwin and 1lszp.com, two real estate information providers.
The transaction area of commercial residential properties in Shanghai during the same period reached 273,000 square meters, up 19.2 percent week-on-week……………………………………….Full Article: Source

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HK residential property prices expected to climb in 2011

Posted on 22 December 2010 by Laxman  |  Email |Print

From Channelnewsasia.com: Economists said Hong Kong’s residential property prices will continue to climb in 2011. This comes after property prices continued to hit record highs in 2010. But they do expect things to take a bit of a breather in the first quarter because of recent government tightening measures.
Hong Kong’s property market showed no signs of slowing down in 2010. During a government land auction, a plot on Ede Road in Kowloon Tong sold for over US$200 million to developer Chinachem……………………………………….Full Article: Source

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Avoiding a housing price bubble in Hong Kong

Posted on 22 December 2010 by Laxman  |  Email |Print

From Seekingalpha: In the past couple of years, Hong Kong has witnessed a sharp increase in property prices. This has led some to claim that the time has come to change Hong Kong’s “Linked Exchange Rate System.” This represents a misdiagnosis of the current situation and the wrong prescription for Hong Kong.
It is true that the average cost of an apartment in Hong Kong has risen by almost 20% in the past year alone. This stands in stark contrast to what our latest World Economic Outlook described as the dismal outlook for real estate markets in the industrial countries. ………………………………………Full Article: Source

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Residential property prices set to rise up to 12pct in Singapore in 2011

Posted on 22 December 2010 by Laxman  |  Email |Print

From Propertycommunity.com: A positive economic outlook and supply shortages are set to increase private residential property prices in Singapore by five to 12% in 2011, according to analysts.
Higher priced properties are expected to rise the most and attempts to cool the real estate market are likely to be slowed down by robust economic growth of 4 to 6%……………………………………….Full Article: Source

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Malaysian property market to continue to hot up next year

Posted on 22 December 2010 by Laxman  |  Email |Print

From Bernama: The property market will continue to hot up next year as no bubble is expected to emerge, said property consultants. They said strong buying interests were expected to come from foreigners and there would be more residential transactions in urban areas.
The positive economic growth on the local front amid the grim economic outlook in Europe and US would also boost the market, they said……………………………………….Full Article: Source

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Australian luxury home prices fall as rates, dollar dent demand

Posted on 22 December 2010 by Laxman  |  Email |Print

From Bloomberg: The number of Australian homes worth A$1 million ($1 million) or more listed for sale is about 40 percent higher than average for this time of year, Real Estate Institute of Australia estimates, suggesting price cuts in 2011.
“There’s about a 5 percent gap in what sellers expect and what buyers are willing to pay,” said Perth-based David Airey, president of the institute. “In the first and second quarters of 2011, there will be a rise in activity as sellers adjust prices down.”………………………………………Full Article: Source

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Riding the unlikely commercial real estate rebound

Posted on 21 December 2010 by Laxman  |  Email |Print

From CNN: For years commercial real estate has been billed as the next big train wreck. So why are some investors shouting all aboard? A slowly recovering economy is part of it, though no one expects to make a quick killing on loans and securities tied to office buildings, hotels, shopping malls and the like.
The bigger drivers of this rally are the low rates pushing investors to reach for yield by taking on more risk, and the wide open junk bond market that has allowed lots of companies once left for dead to refinance loans and trudge forth……………………………………….Full Article: Source

U.S. commercial property prices rise, Moody’s says

Posted on 21 December 2010 by Laxman  |  Email |Print

From Bloomberg: U.S. commercial property prices rose 1.3 percent in October from the previous month, the second consecutive monthly gain, Moody’s Investors Service said.
The Moody’s/REAL Commercial Property Price Index climbed 3.2 percent from a year earlier, Moody’s said in a report……………………………………….Full Article: Source

New York: Good year isn’t enough to save some office deals

Posted on 21 December 2010 by Laxman  |  Email |Print

From WSJ: This has been a good year for values in New York’s office building market. But the rising tide still hasn’t been enough to save the deals that were launched at the top of the market.
Consider losses suffered in two recent sales by British real estate firm Rock New York, founded by Paul Kemsley, which bought two New York office buildings in 2007 and 2008……………………………………….Full Article: Source

Why home prices won’t rebound in 2011

Posted on 21 December 2010 by Laxman  |  Email |Print

From Seekingalpha.com: Residential real estate is weak, in part, because the prices leading up to the peak in 2005 were wildly unrealistic and irrational. You can’t explain it with inflation, building costs, or potential rental income. It was just a mania, fueled by ultra-low interest rates, super-EZ credit and the unshakeable belief that “real estate always goes up.”
Some analysts say housing is weak because of the tepid recovery and high unemployment. But that doesn’t begin to tell the tale. At the end of the third quarter, 10.8 million American mortgages were underwater (i.e. when borrowers owe more on their homes than what they’re worth). This accounts for 22.5% of all U.S. homeowners with a mortgage……………………………………….Full Article: Source

Real estate investors exploring riskier deals

Posted on 21 December 2010 by Laxman  |  Email |Print

From Reit.com: With investors gaining confidence in the overall health of the economy, they’ve become more willing to look beyond the safest commercial real estate assets, according to a new report from PricewaterhouseCoopers LLP (PwC).
The market downturn had investors looking almost exclusively for trophy assets in top-tier markets or properties available at steeply discounted prices, PwC said in the “PwC Real Estate Investor Survey” for the fourth quarter of 2010. Now, though, they’re beginning to seek out opportunities in secondary locations, as well as evaluating less high-profile assets, according to the report……………………………………….Full Article: Source

BofA joins Aegon in CMBS venture as market rebounds

Posted on 21 December 2010 by Laxman  |  Email |Print

From Bloomberg: Bank of America Corp., the largest U.S. bank, agreed to bundle property loans from Aegon NV into bonds, as the market rebounds for securities backed by commercial real estate.
Bank of America’s Merrill Lynch business may make securities from loans to owners of industrial, office, retail and multifamily residential buildings through Aegon USA Realty Advisors LLC, a unit of the Dutch insurer, according to a statement today from the Charlotte, North Carolina-based firm……………………………………….Full Article: Source

US$2tn debt crisis threatens to bring down 100 US cities

Posted on 21 December 2010 by Laxman  |  Email |Print

From Guardian: Overdrawn American cities could face financial collapse in 2011, defaulting on hundreds of billions of dollars of borrowings and derailing the US economic recovery. Nor are European cities safe – Florence, Barcelona, Madrid, Venice: all are in trouble
More than 100 American cities could go bust next year as the debt crisis that has taken down banks and countries threatens next to spark a municipal meltdown, a leading analyst has warned……………………………………….Full Article: Source

Brazil property investors far from housing market bubble

Posted on 21 December 2010 by Laxman  |  Email |Print

From Homesgofast.com: The reason why overseas investors are excited by the potential taht Brazil offers was demonstrated clearly by the outgoing president Lula da Silva. He predicts that Brazil would become the world’s fifth economy by 2016, however at the same time there is talk of a housing market bubble.
The legacy left by Lula is impressive unemployment was at its lowest rate (6.1%) in decades and for the first time Lula said “we have more formal workers than informal workers”……………………………………….Full Article: Source

Europe: INREV study shows significant variation in non-listed real estate fund charges

Posted on 21 December 2010 by Laxman  |  Email |Print

From Europe-re.com: The 2010 INREV Management Fees and Terms Study has identified major differences in how fees are administered within non-listed real estate funds in Europe. The differences are predominantly driven by a fund’s investment approach and regional or sectoral focus.
The study has also found that fee levels reached their highest at the height of the market in 2007 and that less than a third of funds report total expense ratios (TER) to their clients……………………………………….Full Article: Source

UK: House prices ‘to drop seven per cent next year’

Posted on 21 December 2010 by Laxman  |  Email |Print

From Telegraph: House prices will drop seven per cent next year, economists predict, as the freeze on mortgages continues. Mortgage lending has seen a steep drop of 10 per cent during the past year as home buyers struggle to find affordable deals.
Lenders have kept a tight rein on who they will lend to amid rising unemployment and fears that borrowers will default on their repayments……………………………………….Full Article: Source

UK property values falling through next year

Posted on 21 December 2010 by Laxman  |  Email |Print

From Remortgage.com: For those looking to purchase a piece of property next year, heads up, because property values are on course to fall 7%, analysts predict. While banks are still being selective as to who to lend to, property values continue to suffer.
Demand is simply not there. If demand is not present, simple economics tells us that properties cannot carry the same sticker price……………………………………….Full Article: Source

Paris office leasing to level off in 2011

Posted on 21 December 2010 by Laxman  |  Email |Print

From Globest.com: Office leasing in the Paris region is likely to flatten out next year at around 23.7 million square feet, after rising from 19.4 million square feet in 2009, Jones Lang LaSalle says in a new report.
“The economic and financial instability gripping Europe at the end of this year and forecasts of slower growth will weigh on user demand,” JLL said. But demand is likely to accelerate again in 2012, particularly as firms seek more cost savings or find more environmentally friendly premises……………………………………….Full Article: Source

Spanish property prices ’stabilise’

Posted on 21 December 2010 by Laxman  |  Email |Print

From Assetz.co.uk: Property prices in Spain are beginning to stabilise now the market has bottomed out, the Overseas Property Professional (OPP) reports. The stability has been attributed to declining fluctuation among approved and started properties, according to the Property Industry Report.
The call comes as figures show that as the end of the year approaches, approved properties stand at 117,000 and started at 160,000……………………………………….Full Article: Source

Hungary: Property market frozen in 2010

Posted on 21 December 2010 by Laxman  |  Email |Print

From Budapesttimes.hu: At a year-end presentation by the Futureal Group last week, management reflected on a difficult year for the property market. “The property market is frozen,” CEO Gábor Futó said right at the beginning of his talk. International property developers have been hit particularly hard and several have even left Hungary, he said.
Demand has fallen sharply or collapsed depending on the sector……………………………………….Full Article: Source

Lithuanian real-estate prices rose in fourth quarter

Posted on 21 December 2010 by Laxman  |  Email |Print

From Bloomberg: Property prices in the Lithuanian capital of Vilnius rose a preliminary 5.7 percent in the fourth quarter from the previous three months on increasing demand, the registry office said.
Outside of Vilnius, real-estate prices increased 2.4 percent, the office said in an e-mailed statement today. Prices rose an annual 3 percent in Vilnius and fell 7 percent elsewhere, it said……………………………………….Full Article: Source

Global REIT recovery led by Asia-Pacific region: BNY Mellon

Posted on 21 December 2010 by Laxman  |  Email |Print

From Advisorone.com: Results of a recent paper giving BNY Mellon Asset Management’s global outlook for 2011 included comments by Urdang, a real estate investment manager and part of BNY Mellon Asset Management, that the Asia-Pacific region is leading the REIT recovery because of rapid growth in the region.
Citing the strong economies of China, Hong Kong and Singapore as drivers of that growth, Urdang also said that REIT markets in Canada, Australia and South America were particularly attractive due to their offerings: a mix of higher-yielding and higher-growth assets prompted by commodities exports in those regions that bolster their economies……………………………………….Full Article: Source

India: Regulations mooted for real estate sector

Posted on 21 December 2010 by Laxman  |  Email |Print

From Indiatimes.com: With 11 of the 130-odd complaints it has received pertaining to real estate, the investigative wing of the Competition Commission of India (CCI) has suggested that the central and state governments frame much-delayed real estate regulation to safeguard customers.
The suggestion formed part of an internal report by director-general (investigation) A K Chauhan following complaints raised by some customers against a real estate major. The customers had alleged that the company had violated its “position” by putting extra clauses in agreements in some projects……………………………………….Full Article: Source

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