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Real Estate Briefing - Archive | June, 2011

UK: Demand for houses jumps as sellers get real on prices

Posted on 28 June 2011 by Laxman  |  Email |Print

There is some much-needed good news for the property market today as estate agents report a rise in demand for housing. According to the latest survey of estate agents by Hometrack, demand climbed 10.6 per cent in June.
However, tempering any euphoria is the fact that average property prices today are 3.9 per cent lower than at the same time last year, according to the research………………………………………..Full Article: Source

Institutional investment in property trebles in France – EIAMS

Posted on 28 June 2011 by Laxman  |  Email |Print

French institutional exposure to real estate trebled over the past 12 months, according to the European Institutional Asset Management Survey (EIAMS) conducted by IP Real Estate’s sister publication Investment & Pensions Europe.
While overall real estate investment remained constant at 7% of total assets compared with 2009, figures for 2010 showed a noticeable increase in investment in a number of regions, including the Benelux countries………………………………………..Full Article: Source

Germany: Quality real estate growing ahead of market, says IVG

Posted on 28 June 2011 by Laxman  |  Email |Print

The scramble for quality real estate is getting tougher despite continued macroeconomic uncertainty, German real estate company IVG noted in recent reports on the European markets.
In the 80 countries included in IVG’s ‘European Office Real Estate Markets 2011′ report, the office rental market has recovered, and a further upward trend is likely in the years up to 2013 – “especially since virtually no new space will be completed up to the end of 2012 and the level of activity in the construction of new buildings will remain moderate subsequently because of the restrictive conditions of real estate financing”………………………………………..Full Article: Source

Spain mall sales may hit $1.4 bln in 2011- Savills

Posted on 28 June 2011 by Laxman  |  Email |Print

Spanish retail property’s appeal to investors will linger into late 2011, with more shopping mall assets being sold into an increasingly competitive market, potentially doubling deal volumes to about 1 billion euros ($1.43 billion), research showed.
Property consultancy Savills said Dutch, British and German funds would continue to dominate transactions, having accounted for about 90 percent of the 696 million euros deal volume in 2010………………………………………..Full Article: Source

Prices fall in Portuguese property market

Posted on 28 June 2011 by Laxman  |  Email |Print

The Portuguese property market saw a drop in house prices during May, according to new figures.
Statistics from the Portuguese Housing Market Survey by the Royal Institution of Chartered Surveyors (RICS) and Confidencial Imobiliario show that prices started to fall at a faster rate in May compared with previous months, mainly thanks to a drop in demand………………………………………..Full Article: Source

Romania’s leading real estate consulting companies set up ‘Real Estate Professional Society

Posted on 28 June 2011 by Laxman  |  Email |Print

Real Estate Professionals Society (REPS) has been launched on the market last week, on June 15, 2011, at Crowne Plaza Hotel, with an informal cocktail.
A limited number of developers and investors joined the real estate consultants in their efforts to better represent the industry’s interests and promote higher professional standards on the Romanian market………………………………………..Full Article: Source

Kenya: Real estate sector could miss out on vision 2030 goals

Posted on 28 June 2011 by Laxman  |  Email |Print

Kenya Engineers Board (KEB) has warned that the real estate sector will not achieve Vision 2030 aspirations owing to its manifest risky growth and dearth of professionals. The board says it is concerned by collapsing, sinking and cracking buildings as well as those that continue to be built illegally on public utility land.
It says the current multiplying factor of the sector will be reversed by loss in the tourism sector as well as foreign developers shunning the country if it continues being associated with inherent risks………………………………………..Full Article: Source

S.Africa: Property as an investment option

Posted on 28 June 2011 by Laxman  |  Email |Print

Owning a property is a viable investment and has proven over time to be a major factor in the building of personal wealth. Well researched property investments have allowed many savvy buyers to live out the lifestyle of their dreams.
The biggest leverage that any successful investor possesses is knowledge. Knowing where and how to invest comes with studying the market and the current conditions………………………………………..Full Article: Source

Dubai real estate back on growth track, official says

Posted on 28 June 2011 by Laxman  |  Email |Print

Dubai Real Estate Corporation (DREC) will look at acquiring assets for development and management within the emirate, as the property prices in certain areas are about to pick up, a top official said.
“We believe in the future, see good opportunities in the near to long-term and might look into assets for acquisition and development, if it makes economic sense,” Hesham Abdullah Al Qasim, Vice-President and Chief Executive Officer of DREC, told Gulf News in an exclusive interview Monday………………………………………..Full Article: Source

Kuwait: Housing market retains upward trend in 1st qtr - report

Posted on 28 June 2011 by Laxman  |  Email |Print

The housing market in Kuwait carried out its marked activity and upward trend in the first quarter of 2011, acquiring 55 percent of total real estate transactions, according to a recent economic report released here Monday.
The investment property sector, involving housing buildings and apartments, came second in view of activity, making up 39 percent of total property deals recorded in the reporting period, showed the report, released Global Investment House (Global)………………………………………..Full Article: Source

China real-estate concerns keep rising

Posted on 28 June 2011 by Laxman  |  Email |Print

A recent decline in Chinese real-estate prices is starting to shake confidence in the country’s economic vitality and open a debate about whether the country’s economy is over-leveraged. That’s what made the real-estate bubble’s aftermath so painful for the U.S. and Japan.
Just two months ago, China expert Nicholas Lardy dismissed concerns about what he labeled a “so-called property bubble” during a conference at the Peterson Institute for International Economics in Washington………………………………………..Full Article: Source

Beijing: Hong Kong has property problem

Posted on 28 June 2011 by Laxman  |  Email |Print

Property has had a renewed focus in Hong Kong in the past week as a bubble in prices has officially been recognized as a problem. Hong Kong’s Chief Executive Donald Tsang went as far as to describe property prices as “quite frightening,” raising expectations of a new round of measures to stem price rises.
There have been numerous warnings on the property market as prices surge past the bubble high of 1997, including one from the Hong Kong Monetary Authority (HKMA) that unsustainable lending practices posed a risk to Hong Kong’s wider financial system………………………………………..Full Article: Source

Phuket property market gaining steam, but yet to reach 2007 heights

Posted on 28 June 2011 by Laxman  |  Email |Print

Phuket’s property market is recovering from the Global Financial Crisis but has yet to bounce back to the boom levels of 2007, a recent report from Colliers Thailand has found.
The report made not of the distinction between inland areas of Phuket, which contain the vast majority of units, and the coastal areas, which contain less properties but have higher capital values. 2010 was one of the rare years when more condominium units were supplied than landed properties, which usually dominate the market………………………………………..Full Article: Source

Australian property market to avoid crash, but price growth moderate to 2014

Posted on 28 June 2011 by Laxman  |  Email |Print

The Australian property market is not set to crash any time soon, a new report from BIS Shrapnel has found, with prices expected to remain steady in 2011 and grow moderately over the next two years.
The report pins Sydney, Perth and Brisbane as the cities likely to record the fastest residential property growth in the next three years. Melbourne is only forecast to record a 6% increase to 2014………………………………………..Full Article: Source

Oz property prices to grow through 2013 - BIS Shrapnel

Posted on 28 June 2011 by Laxman  |  Email |Print

According to BIS Shrapnel’s ‘Residential Property Prospects, 2011 to 2014′ report, the Australian residential market was hit by a perfect storm in 2010/11. This included a fall in first home buyer numbers, a corresponding fall in demand from the ‘upgrader’ category, increases in interest rates and stalling economic conditions.
Despite the perfect storm, which saw a decline in median house prices in many capital cities in the year to March 2011, BIS Shrapnel doesn’t expect a property price crash………………………………………..Full Article: Source

Six signs it’s time to buy a house

Posted on 28 June 2011 by Laxman  |  Email |Print

If you’ve been considering buying a house but you’re still unsure, consider some of the personal and economic conditions that favor home purchases. If you find that a number of these signs ring true for you, it might be time to contact a real estate agent and start shopping.
First and foremost, if you’re not ready to commit to owning a home, you should not buy a house. Home ownership comes with a plethora of responsibilities, including home maintenance, property taxes and the process of selling the property when it comes time to move……………………………………….Full Article: Source

Sell your house faster in a tough market

Posted on 28 June 2011 by Laxman  |  Email |Print

It’s an extreme buyer’s market — and home values could fall another 5% by year-end. Here’s how to meet the challenge faster, cheaper and better. Underprice the place by 10%.
Doing so will be painful, no question. But with cheap foreclosures still flooding real estate markets around the country, listing your home for less than comparable ones in your neighborhood is the best way of unloading it as quickly as possible………………………………………..Full Article: Source

Property investors face losing their shirts with strip malls

Posted on 27 June 2011 by Laxman  |  Email |Print

The recent strip-mall rally may not have legs. The past two years have seen valuations of “strip” shopping centers soar. The sector was hit harder than most commercial property during the 2008-09 financial crisis, as bankrupt retailers shut and survivors scaled back expansion plans.
But after bottoming in 2009, strip-center valuations have jumped 45% and are now just 10% below their 2007 peaks, according to Cedrik LaChance of Green Street Advisors………………………………………..Full Article: Source

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The new American dream home: Prices in 11 cities

Posted on 27 June 2011 by Laxman  |  Email |Print

The dream has changed. Chastened by the housing collapse, middle-class Americans want a different kind of home these days. The McMansion, with its eight bedrooms, five baths and 10,000 square-feet, is out. A more sensible housing solution is in.
The average size of new homes shrunk by about 5% from 2007 to 2010 and far fewer mega-homes are being built. The number of homes 4,000 square-feet or larger built in 2010 fell to 35,000 from more than 120,000 in 2007………………………………………..Full Article: Source

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Canada’s housing-boom war

Posted on 27 June 2011 by Laxman  |  Email |Print

Mark Carney, governor of the Bank of Canada, has chosen his weapons in a battle against a problem all too familiar to many Americans—a housing boom marked by rising debt and frothy real-estate prices in some markets.
Mr. Carney, like central bankers in other places fighting real-estate booms, is leaning on tougher regulations for banks and home buyers, rather than on higher interest rates, to prevent Canada’s rising housing prices from going too far………………………………………..Full Article: Source

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U.K. home prices fall for second month on subdued demand, weak confidence

Posted on 27 June 2011 by Laxman  |  Email |Print

U.K. house prices fell for a second month in June as the growth in the supply of properties for sale outpaced demand, Hometrack Ltd. said.
The average cost of a home slipped 0.1 percent from May, the London-based property researcher said in an e-mailed report today. From a year earlier, values were down 3.9 percent. In London, prices increased 0.2 percent on the month……………………………………….Full Article: Source

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Luxury-home prices in London to climb 8pct this year on overseas purchasers

Posted on 27 June 2011 by Laxman  |  Email |Print

Central London luxury home prices will increase by 8 percent this year as overseas buyers take advantage of a weak pound, broker Savills Plc (SVS) said, reversing a November prediction that values would fall.
The average price of a home costing at least 3 million pounds ($4.8 million) and located in neighborhoods such as Knightsbridge and Belgravia rose 9.6 percent in the second quarter from a year earlier, Savills said. The quarterly gain was 3.4 percent………………………………………..Full Article: Source

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RBS close to offloading toxic property loans -paper

Posted on 27 June 2011 by Laxman  |  Email |Print

Royal Bank of Scotland is close to reaching a deal to offload 1.6 billion pounds ($2.6 billion) of toxic property loans, The Sunday Times said in an unsourced report.
The report added RBS would join with either Blackstone or Lone Star private equity firms to manage the portfolio……………………………………….Full Article: Source

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Italian property prices hold despite drop in sales

Posted on 27 June 2011 by Laxman  |  Email |Print

Slow and steady. That’s the snapshot of the Italian property market in 2009, according to the Agenzia del Territorio, Italy’s equivalent of the Land Registry. The Agenzia has just published its annual report on the Italian market, which analyses data from 2009. Some 1.347m transactions took place in the country last year - a markedly lower number than at during the property boom.
Concerns over equity and a gap in buyers and sellers’ price expectations both conspired to depress sale volumes, which were down 11.3% over the previous year. In 2008, the annual drop had been of 13.7% over 2007………………………………………..Full Article: Source

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Dubai creates corporation for government real estate

Posted on 27 June 2011 by Laxman  |  Email |Print

Dubai has established a commercial corporation to own and manage all properties registered in the name of the government, state-run news agency WAM said on Sunday.
Dubai Real Estate Corporation will have financial and administrative independence, WAM said, will be able to contract with third parties, and will be open to sue and be sued………………………………………..Full Article: Source

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Sharjah rents to fall further this summer

Posted on 27 June 2011 by Laxman  |  Email |Print

Residential rents in Sharjah may fall further this summer because of increased competition among real estate companies and landlords. However, the decline will be less than that of last year, say realty experts.
Rents in Dubai and Sharjah declined in the first five months of 2011 compared to the same period last year due to an increase in the number of housing units in the market and various promotional schemes, according to a report in Emarat Al Youm………………………………………..Full Article: Source

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Oman: Realty firms need to diversify to survive

Posted on 27 June 2011 by Laxman  |  Email |Print

Aimed at property investors as well as young Omanis looking for their first move in real estate, Aqar’s recently launched Rimal housing project sold 75 per cent of its properties in its first two weeks on the market.
Muscat Daily spoke to Aqar chief executive officer Mohamed al Khonji about Muscat’s property market, land and building materials prices and what customers have learnt from the earlier property boom………………………………………..Full Article: Source

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India: Real estate market heading for a dip

Posted on 27 June 2011 by Laxman  |  Email |Print

Real estate market is heading for a steep fall in the coming quarters. Lack of buying interest at the current exorbitant prices and rising cost of funds both for developers and customers have reduced activity in the market to a trickle. While most developers are resisting cutting prices, they can do little to push sales at the going rates.
After a moderate correction in 2008 following the global financial crisis and slowdown at home, real estate prices climbed back in 2010, with some sectors regaining and even surpassing old peaks………………………………………..Full Article: Source

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Housing boom in China now spreads to smaller cities

Posted on 27 June 2011 by Laxman  |  Email |Print

China’s property boom is shifting from Beijing and Shanghai as government measures to curb the market haven’t kept prices from rising in secondary cities.
New home prices rose in 67 of 70 cities in May led by smaller centres as developers hold off price cuts, even as existing home prices cool following higher interest rates and down-payment requirements. Standard & Poor’s on June 15 cut its outlook on Chinese developers, echoing concerns of a property bubble aired by bears such as hedge fund manager Jim Chanos………………………………………..Full Article: Source

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Chinese developers shun construction of affordable housing

Posted on 27 June 2011 by Laxman  |  Email |Print

Most Chinese real estate developers kept their distance from repeated appeals by officials to accelerate the country’s affordable housing construction that aim to rein in the runaway property market, according to a report released Sunday.
Only 30 out of 100 housing developers had participated in the affordable housing construction from 2007 to 2010, underlying property companies’ reluctance to undertake a less profitable investment, said a report on Chinese realty firms’ social responsibility, which was released by the Ministry of Housing and Urban-Rural Development (MOHURD)………………………………………..Full Article: Source

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Hong Kong’s property market: Sell now?

Posted on 27 June 2011 by Laxman  |  Email |Print

Protestors are on the streets all around the world these days. In Europe people are angered by harsh austerity measures, in the Middle East they are trying to topple failed governments and on the mainland protests are invariably sparked by some form of brutality — driving over a protestor in Mongolia or pushing around a pregnant street vendor in Guangzhou. The world’s masses seem to be taking to the streets.
Except in Hong Kong, where life goes on in its disconnected-from-the-woes-of-the-rest-of-the-globe bubble, which is of course encapsulated in another bubble: the housing one……………………………………….Full Article: Source

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Singapore office properties to outshine HK’s

Posted on 27 June 2011 by Laxman  |  Email |Print

The commercial and office property sector in Singapore is set to outshine Hong Kong’s in the medium term. This is according to analysts, who expect dramatic increases in office rents in Hong Kong over this year and the next.
Based on research from property consultancy Savills, Grade A office rents in Hong Kong will increase at a rate of 25 per cent this year. This is compared to 10 per cent for Singapore. By 2013, however, office rentals in both economies are forecast to grow at 10 per cent………………………………………..Full Article: Source

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Australia: House price crash unlikely: study

Posted on 27 June 2011 by Laxman  |  Email |Print

Australian house prices are unlikely to fall dramatically over the next two years, according to a new study, with steady residential property prices forecast through 2011, and prices in some capital cities even tipped to show moderate growth.
According to a report by BIS Shrapnel, Residential Property Prospects, 2011 to 2014, the residential housing market, which weakened in 2010, is expected to improve from 2011/12………………………………………..Full Article: Source

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Growing opportunities draw Asian developers to Melbourne

Posted on 27 June 2011 by Laxman  |  Email |Print

Growing opportunities in Australia’s second most populous city, Melbourne, are drawing Asian property developers to expand their footholds there.
Its vibrant city life, booming financial services and education centres, growing population and housing shortage are factors that drive developers and investors into the Melbourne property market………………………………………..Full Article: Source

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NZ: Quakes could triple price of property reinsurance

Posted on 27 June 2011 by Laxman  |  Email |Print

Credit rating agency Standard Poor’s says the Christchurch earthquakes will triple the price of reinsurance covering property. Standard Poor’s says rates will be renewed from next month, and will more than triple in some cases for New Zealand-only placements.
The agency says major insurers have already raised their prices by 20% for property-related cover to recoup some of the reinsurance price increases. Standard Poor’s says that, despite the uncertainty, it does not expect any major insurers to have their credit ratings downgraded………………………………………..Full Article: Source

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Investors favor global-minded U.S. property funds

Posted on 24 June 2011 by Laxman  |  Email |Print

Tom RoseenGlobally focused U.S. property funds are gaining favor with yield-hungry investors who are pouring capital into the vehicles to profit from their exposure to the fast-growing economies of Asia, research showed.
These funds drew 32 percent of the $10.1 billion of inflows into U.S. property funds for the year to end-May, although they hold a proportionately smaller share of the market, a Lipper survey of 385 U.S. property funds showed………………………………………..Full Article: Source

Investors look to roads and real estate for yield

Posted on 24 June 2011 by Laxman  |  Email |Print

Pierre CherkiInvestors searching for safety, high yields and steady cash flows are increasing their allocation to global real estate and infrastructure, executives of RREEF, Deutsche Bank AG’s Alternative Asset Management division, said on Thursday.
“When you look at real assets, such as real estate and infrastructure that provide good cash flows, that provide some inflation protection, as part of a broader investment portfolio, all the investors that we’re speaking with want to increase their allocations to these asset classes,” Pierre Cherki, managing director and Global Head of RREEF, said at the Reuters Global Real Estate and Infrastructure Summit………………………………………..Full Article: Source

Pension funds seeking US commercial property deals, says PwC

Posted on 24 June 2011 by Laxman  |  Email |Print

Institutional investors, including pension funds, remain optimistic about the US real estate market, where they see a large pipeline of deals across all sectors.
According to a report published by accountancy firm PwC, investors are aggressively pursuing deals as they continue to see signs the industry’s overall fundamentals are stabilising and even improving in certain sectors and regions………………………………………..Full Article: Source

Home sales fall, but analysts still optimistic on real estate market

Posted on 24 June 2011 by Laxman  |  Email |Print

Despite new homes sale reaching record lows for the first time in three months in May, Steve Blitz, senior economist at ITG research, and Megan McGrath, executive director and senior analyst at MKM Partners, told CNBC they are optimistic about the housing market.
“The general takeaway on new home sales is that it is going to stick at these levels for an extended period of time, until we work down the inventory on existing homes,” Blitz said………………………………………..Full Article: Source

New home sales in U.S. likely fell in May

Posted on 24 June 2011 by Laxman  |  Email |Print

Purchases of new houses probably dropped in May for the first time in three months, showing the real-estate market is struggling to gain traction.
Sales decreased 4 percent to a 310,000 annual rate last month, according to the median forecast of 67 economists surveyed by Bloomberg News. Another report may show applications for unemployment insurance benefits were little changed last week………………………………………..Full Article: Source

New home sales fall. But are you ready for housing recovery?

Posted on 24 June 2011 by Laxman  |  Email |Print

New home sales and existing home sales dipped last month and prices continue to fall. But the slump is sowing the seeds of its own housing recovery.
Sales down. A huge shadow inventory. A double-dip in prices. It’s hard to find anything encouraging to say about today’s housing sector. But slumps have a way of sowing the seeds of their own recovery. And this one is no different………………………………………..Full Article: Source

Property locations with staying power

Posted on 24 June 2011 by Laxman  |  Email |Print

With billionaire investment magnate Warren Buffett proclaiming that America’s residential housing problems should soon be largely “behind us”, investor confidence in the US market is slowly returning, with real estate experts encouraging foreign buyers – with long-term prospects in mind – to re-enter the market.
Sceptics might cite factors such as competitive interest rates and price resetting as the market slowly absorbs inventory, but there’s more to it than that, says Gerard Pinot of Horizon Realty……………………………………….Full Article: Source

Don’t just take our word for it, upside to CRE market has begun: Costar

Posted on 24 June 2011 by Laxman  |  Email |Print

What better time than the summer solstice to shine a light on current commercial real estate market conditions. CRE firms and organizations released a broad array of mid-year market overviews and viewpoints this past week - all of which cast conditions with a fairly sunny outlook.
We report on the views presented by four respected analysts, including Credit Suisse, which is telling global investors to follow other world currencies flowing to the United States. Also, Maximus Advisors and Fannie Mae both say the U.S. multifamily market is poised for a four-year upswing. And RREEF Global Real Estate Investment says U.S. investors would do well to look closely at the industrial and retail property sectors………………………………………..Full Article: Source

Washington DC office building prices rise

Posted on 24 June 2011 by Laxman  |  Email |Print

Beacon Capital Partners has sold Liberty Place, a 12-story building located six blocks from the U.S. Capitol, for $139 million or $870 a square foot, underscoring the ongoing strength of the Washington, D.C., office market.
Paramount Group Inc was the buyer of the building at 325 Seventh St. NW overlooking the National Mall, said Eastdil Secured Managing Director John Kevill, who co-brokered the sale with partner Collins Ege………………………………………..Full Article: Source

California: Real estate recovery won’t arrive till 2013 or beyond

Posted on 24 June 2011 by Laxman  |  Email |Print

The real estate market will see improvement in the remainder of this year and in 2012, but is unlikely to recover until 2013 or beyond, said speakers at this week’s Pacific Coast Builders Conference (PCBC). The conference is sponsored by the California Building Industry Association.
Held yearly at San Francisco’s Moscone Center, PCBC attendees include builders, investors, developers, manufacturers, scientists, architects, environmental engineers and landscapers, among others………………………………………..Full Article: Source

REIT market bullish despite property values hitting a new bottom

Posted on 24 June 2011 by Laxman  |  Email |Print

Moody’s Investors Service announced yesterday that transaction prices on commercial properties fell 3.7% during April 2011, according to the Moody’s/REAL Commercial Property Price Index (CPPI).
That’s the fifth straight month of decline, and the index shows that property values are now an astonishing 49% below the peak that they reached in October 2007. In fact, the index has now reached a point that is down 2.1% from where it started in December 2000 — that is, property values are lower now than they were more than 10 years ago………………………………………..Full Article: Source

IPD: European cross-border property funds underperform US

Posted on 24 June 2011 by Laxman  |  Email |Print

Pan-European pooled property delivered a total return of 2.2% in the first quarter of 2011, according to the IPD Pan-European property funds index.
The index, now in its second quarter of consultative release, is one of the few indicators for comparable cross-border performance in Europe. Consisting of 18 open-ended funds, worth €11 billion, of which €7.8 billion are specialist and €3.2 billion balanced portfolios, the index’s performance is in line with the UK’s for open ended vehicles, which recorded 1.9% in Q1 2011………………………………………..Full Article: Source

ICSC: Opportunity knocks for European retail development

Posted on 24 June 2011 by Laxman  |  Email |Print

Debates on multi-channel retailing dominated ICSC’s 36th European Conference, held this year alongside the French National Council of Shopping Centres’ SIEC Retail Real Estate Exhibition, which drew delegates from more than 28 countries.
At the conference, attended by the industry’s most senior and experienced representatives, debate raged particularly on the opportunities presented through multi-channel retailing………………………………………..Full Article: Source

Property investors eye UK good secondary for deals

Posted on 24 June 2011 by Laxman  |  Email |Print

Investor rivalry for blue chip London commercial property has forced prices up and yields down, compelling many to mull a so-called emerging “upper secondary” class to pick up choicely priced assets and appealing returns.
“What we are finding is weight of money buying certain stock at a certain price. There are offices now — these aren’t 25-year leases but core-plus central London — being viewed as prime,” Pramerica Managing Director Andrew Radkiewicz said………………………………………..Full Article: Source

UK: House prices to fall 10pct

Posted on 24 June 2011 by Laxman  |  Email |Print

Leading analyst said prices could fall 10pc if the mortgage market does not recover. The latest housing data, which indicates a big drop in remortgage activity, and only sluggish growth in the number of mortgage approvals is likely to further depress prices in many parts of the country, according to leading economist.
The British Bankers’ Association (BBA) reported that mortgage approvals for house purchases only edged up to 30,509 in May after dipping to 29,747 in April from a still weak but seven-month high of 31,394 in March………………………………………..Full Article: Source

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