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Real Estate Briefing - Archive | June, 2011

House price research shows millions living in ‘underwater’ homes

Posted on 24 June 2011 by Laxman  |  Email |Print

The majority of homes bought in Britain are worth less now than they were five years ago, new research suggests.
Some 3.5 million properties, or 80%, bought since 2006 are said to be “underwater”, or worth less than their purchase price, according to a study by Zoopla.co.uk………………………………………..Full Article: Source

UK outlines zero-carbon plan, property industry consultation

Posted on 24 June 2011 by Laxman  |  Email |Print

The UK government is to set up a board including property industry representatives to hammer out agreement ahead of a ‘carbon plan’ to be published later this year.
Business minister Mark Prisk and government chief construction adviser Paul Morrell will represents the government on the new board………………………………………..Full Article: Source

Portuguese property market still deteriorating

Posted on 24 June 2011 by Laxman  |  Email |Print

All the signs indicate that the Portuguese property market is still slowly deteriorating, as figures from the May RICS/CI Portuguese Housing Market Survey show sales activity and pricing are continuing to weaken.
Further gloom comes in the form of the National Activity and National Confidence Indices which both dropped seven points to -39 and -60 respectively. The country is currently braced for a new wave of austerity measures as the newly elected Social Democratic government is under a lot of pressure from both the IMF and the EU to implement measures they considered necessary in order to secure an EU bailout of about £70 billion………………………………………..Full Article: Source

Strong growth predicted for Polish residential market

Posted on 24 June 2011 by Laxman  |  Email |Print

Poland is not a traditional second home location but it is becoming increasingly popular with real estate investors looking to rent out their properties, it is claimed.
Poland is experiencing steady growth and can now be regarded as among the top hot spots for residential property investment in Europe, according to Louise Reynolds of Property Venture………………………………………..Full Article: Source

Denmark: Pension funds to boost investment in agricultural land, says AP Pension

Posted on 24 June 2011 by Laxman  |  Email |Print

Investing in agricultural land is set to become extremely interesting for pension funds from a strategic point of view, according to the managing director of Denmark’s AP Pension, but he said the time was not yet right to buy Danish farmland.
AP Pension managing director Søren Dal Thomsen said: “Purely strategically, it will be highly interesting for a pension fund such as AP Pension to invest in agricultural land.”……………………………………….Full Article: Source

Russia’s lucrative residential offering

Posted on 24 June 2011 by Laxman  |  Email |Print

With luxury property developer Yoo launching two new developments in Moscow this year, buying a home in Russia’s booming financial hub looks a more tempting prospect. While the heady days that saw Moscow’s property prices rocket 110 per cent in value are behind us, the more mature market for homes in Moscow is still intriguing.
But as with any post-communist market, just 20 years young, there are a few quirks that buyers should be aware of. Here’s our guide………………………………………..Full Article: Source

Kenya property market on the up

Posted on 24 June 2011 by Laxman  |  Email |Print

Kenya property investors could see a boost in the market over the coming months after Kisumu hosts the Homes Expo tomorrow (June 24th).A host of exhibitors will be at the event and hope to uncover the potential opportunities the city has.
Samson Murethi, an investment analyst for special projects at Shelter Afrique, claimed, however, that more funding is needed to meet the high demand for property in Kisumu.”There is a high demand for housing but underfunding is an impediment. I feel the event will make our prospective customers realise how much they can benefit from us,” he said………………………………………..Full Article: Source

Asia: Greater transparency needed on fees for non-listed funds

Posted on 24 June 2011 by Laxman  |  Email |Print

Greater transparency on fee structures is needed to secure growing levels of capital to the Asian non-listed property funds industry, according to the first ever report on fees in the region.
The ANREV Management Fees & Terms Asia Study 2011 reports that fee structures lack comparability as non-listed property funds base their charges on a wide variety of type, number and bases of fees. This hinders transparency and makes it difficult for investors to review and compare funds………………………………………..Full Article: Source

China’s $600 bln housing push faces roadblocks

Posted on 24 June 2011 by Laxman  |  Email |Print

Taoyuan Village, the first affordable-housing project in the southern boomtown of Shenzhen, should be a shining example of Beijing’s ambitious $600 billion plan to offer high-quality housing for the millions of Chinese priced out by the urban property boom.
But the residents of this new town, with its gleaming high-rises and clean lanes, have a different view………………………………………..Full Article: Source

Hong Kong waits for the real estate bubble to burst

Posted on 24 June 2011 by Laxman  |  Email |Print

Prices have zoomed up close to 70 percent since the start of 2009 — the 24.2 percent rise for the 12 months through the end of March alone put Hong Kong at the top of a comparison of 50 countries, according to a report released this week by the Knight Frank agency. The activity has left many owners and investors wondering if the notoriously volatile Hong Kong market is about to shift again.
Several analysts are suggesting the market is headed for a downturn of as much as 30 percent………………………………………..Full Article: Source

Hong Kong property: Did you see the crash coming in 1997?

Posted on 24 June 2011 by Laxman  |  Email |Print

Human being is not particularly good at learning from history. Either we haven’t lived long enough to live through every moment of it, or we just forget what we have lived through.
The terrible property crash of 1997 led to almost 70% drop of home prices in nominal terms for 6 consecutive years. Today, many analysts are still very bullish (with Andrew Lawrence as the early exception), and are trying hard to explain why property prices today can’t drop, and how much healthier the market is today relative to 1997………………………………………..Full Article: Source

Singapore home sales volume to hit 4,000 in Q2

Posted on 24 June 2011 by Laxman  |  Email |Print

Singapore’s property market will see a strong second quarter this year with the new home sales volume expected to hit 4,000 units.
According to CB Richard Ellis, this would make it 11.3 per cent higher than the 3,595 new homes sold in the first quarter and close to the 4,241 units sold in the fourth quarter of 2010………………………………………..Full Article: Source

Taiwan: Commercial real- estate prices rise, vacancy rate drops

Posted on 24 June 2011 by Laxman  |  Email |Print

The commercial property market appears unaffected by the introduction of a luxury tax this quarter, with the average transaction price inching up from the preceding quarter, while the vacancy rate edged down on recovering demand, a report said.
The average transaction price for office space nationwide reached NT$708,900 (US$24,444) per ping (3.3m2) this quarter as of Wednesday, up slightly from NT$690,000 three months earlier, as investors returned to the market, according to a survey by the global asset management division of Sinyi Realty Co……………………………………….Full Article: Source

The status of the Australian housing market

Posted on 24 June 2011 by Laxman  |  Email |Print

The Australian housing market is beginning to feel the struggles that the United States and Europe have already been feeling for several years now. The American Bureau of Statistics shows that owner-occupied housing loans are down by 1.5% in March when original projections showed over a 2% rise.
The amount of loans that consumers are taking out is significantly lower than ever before despite annual incomes increasing over the past several years………………………………………..Full Article: Source

Moody’s: US commercial real estate prices fall 3.7pct in April

Posted on 23 June 2011 by Laxman  |  Email |Print

Moody’s Investors Service said U.S. commercial real estate prices fell by 3.7% in April, as distressed prices masked the price recovery seen in larger, higher-quality assets.
The commercial real-estate sector, like its residential counterpart, continues to struggle with slumping demand. April marks the fifth consecutive decline in the Moodys/Real Estate Analytics LLC commercial property price index, though the price recovery that began a year ago among so-called “trophy properties” in the largest markets continued unabated……………………………………….Full Article: Source

Commercial-property buyers optimistic even as U.S. economy slows, PwC says

Posted on 23 June 2011 by Laxman  |  Email |Print

Mitch RoschelleCommercial real estate investors are optimistic that a U.S. industry recovery will continue even as the economy shows signs of slowing, according to a report today from PricewaterhouseCoopers LLP.
A lack of new supply and low interest rates are helping to drive investor interest in commercial properties, PwC’s New York-based unit said in its quarterly report. Capitalization rates, which decline when real estate prices increase, fell in 27 of 31 markets surveyed……………………………………….Full Article: Source

U.S. homes: Glimmers of hope in mixed housing data

Posted on 23 June 2011 by Laxman  |  Email |Print

The “shadow inventory” of U.S. homes likely to come up for sale soon declined in early 2011 and a measure of house prices unexpectedly rose in April, providing rare cause for optimism in the battered housing market.
Wednesday’s data seemed to be in line with broad expectations that the housing slump could play itself out this year before a gradual recovery gets underway in 2012. But economists cautioned the outlook is still bleak……………………………………….Full Article: Source

Foreclosed inventory shrinks as homes sell

Posted on 23 June 2011 by Laxman  |  Email |Print

About 1.7 million U.S. homes were in the foreclosure process and expected to be put on the market as of April, down 18 percent from the peak, as fewer loans entered delinquency and more distressed homes sold, CoreLogic Inc. said.
The so-called shadow inventory represented a five-month supply at the current sales pace, the Santa Ana, California- based real estate information company, said………………………………………Full Article: Source

Real estate’s in the tank? Not in the land of IPOs

Posted on 23 June 2011 by Laxman  |  Email |Print

It’s been what my grandmother would call “a month of Sundays” (i.e., a long, long time) since we’ve heard of a local housing market that wasn’t in the doldrums. In fact, much of the country is now officially in the double-doldrums, according to the most recent S&P Case-Shiller National Home Price Index, which revealed that in the first quarter, national home prices hit a new recession low.
Yes, even lower than they were at their previous 2009 trough. This spring, even real estate markets that had been relatively recession-proof at the beginning of the bust, like those in Minneapolis and Seattle, took dives late in the game, causing the New York Times to doomsay “another season of pain.”………………………………………Full Article: Source

Investing in the American dream can be a nightmare

Posted on 23 June 2011 by Laxman  |  Email |Print

Despite its recent economic woes, America still projects a powerful and alluring brand abroad.
The American Dream, a folklore that promises great opportunity and the potential to amass immense wealth for those who work hard, regardless of their start in life, has survived every past American downturn, and no doubt will outlive the Great Recession that began in 2008……………………………………….Full Article: Source

Time to invest in real estate again; Here’s how

Posted on 23 June 2011 by Laxman  |  Email |Print

A lot has changed in the last two months. The latest economic data has taken a turn for the slower. The market reacted negatively and analysts are revising down their forecasts for the second half of the year. We wrote about these things two months ago, everything from a drop in the stock market to a sharp correction in commodity prices.
For rational-minded individuals, this market action and negative data shouldn’t come as a huge surprise……………………………………….Full Article: Source

Brazil’s Caixa seeks to open up mortgage market

Posted on 23 June 2011 by Laxman  |  Email |Print

Brazil’s biggest housing lender, Caixa Economica Federal, plans to sell up to $2 billion in mortgage-backed securities this year to institutional investors as part of a plan to modernize the sector and ensure continued growth, the bank’s president said on Wednesday.
The transaction would mark a milestone in the maturity of Brazil’s still-nascent mortgage market, allowing state-run Caixa effectively to offload part of its balance sheet and continue growing lending at a 50 percent-plus annual pace……………………………………….Full Article: Source

UK House prices: four in five homes worth less than five years ago

Posted on 23 June 2011 by Laxman  |  Email |Print

The majority of homes bought in Britain are worth less now than they were five years ago, new research suggests. Some 3.5 million properties, or 80pc, bought since 2006 are said to be “underwater”, or worth less than their purchase price, according to a study by Zoopla.co.uk.
But many owners are unwilling to lose money on their original purchases and are setting unrealistic asking prices, the property website said, resulting in them being “stuck” with their homes……………………………………….Full Article: Source

Ireland: Property prices fell again last month

Posted on 23 June 2011 by Laxman  |  Email |Print

Property prices continued to decline in May, falling by 1.2 per cent compared to April and 12.2 per cent over the year. Nationally, prices have now fallen an average of 41 per cent from the peak recorded in 2007.
The Central Statistics Office said residential property prices in Dublin rose by 0.4 per cent in May, moderating the annual decline to 11.5 per cent……………………………………….Full Article: Source

High prices in Paris stall housing market

Posted on 23 June 2011 by Laxman  |  Email |Print

Housing prices in Paris have steadily risen for the past two years, outstripping both London and New York. And after two years, buyers are getting a little nervous, resulting in a market “stall” as the time it takes to sell a property stretches out to nearly double what it was a year ago.
Calling the flow of money over the past few years “almost euphoric,” Laurent Lakatos, founder of Databiens data and investment firm, notes a significant “pickup in the number of apartments offered at a discount.”………………………………………Full Article: Source

Spanish property prices ‘continue to fall’

Posted on 23 June 2011 by Laxman  |  Email |Print

Residential property prices in Spain have continued to drop, according to the latest figures published by Knight Frank in its Global House Price Index.
The nation posted an annual decline of 4.6 per cent, with values falling by 2.5 per cent in the first quarter of 2011 when compared to the final three months of last year……………………………………….Full Article: Source

Spanish mortgages decline at the fastest rate since the housing boom ended

Posted on 23 June 2011 by Laxman  |  Email |Print

The number of mortgages issued for Spanish homes in April registered a drop unseen since the end of the housing boom, confirming the weakness of a real-estate market that is penalizing the country’s banks and growth.
The number of new mortgages declined 38.2 percent from a year earlier, the National Statistics Institute said in an e- mailed statement today. That’s the most since April 2009, when buyers pulled out of the real-estate market after the end of the housing boom in 2008……………………………………….Full Article: Source

Denmark sidesteps EU property reform

Posted on 23 June 2011 by Laxman  |  Email |Print

The EU’s economic recommendations for Denmark have been watered down after gaining support from other member states.
The changes include dropping demands for Denmark to reform its mortgage system and property taxes, which would have meant an end to the property-tax freeze and popular variable-rate home mortgages……………………………………….Full Article: Source

Raising $50 bln from Greece’s real estate is Herculean task

Posted on 23 June 2011 by Laxman  |  Email |Print

Greece has promised to raise 35 billion euros ($50 billion) from state property by 2015 as part of plans to win more international aid and avoid defaulting on its debt. Like with other bailout conditions, from selling stakes in companies to tax collection, there are complications and delays.
A group of nine domestic banks advising the government must study each property individually to ensure that they are not in litigation or lack permits, topographical studies or restrictions governing their use, Aristotelis Karytinos, general manager of real estate at National Bank of Greece SA said……………………………………….Full Article: Source

S.Arabia: Amid talk of a boom, property market shows signs of slowdown

Posted on 23 June 2011 by Laxman  |  Email |Print

There has been a slowdown in real estate transactions in Jeddah despite a number of factors expected to spur the growth of this vital sector.
According to some realtors, the volume of transactions recorded a fall of about 30 percent at present compared to the same period last year. This fall is mainly attributed to a correction taking place in the market after having witnessed exorbitant increases in the prices of real estate and properties over the past few years, according to a report in Al-Eqtisadiah business daily……………………………………….Full Article: Source

Asia’s property IPO market may slow: HSBC

Posted on 23 June 2011 by Laxman  |  Email |Print

Asia’s property IPO market may slow down for the rest of the year as governments move in to cool property prices and equity markets turn sluggish, a senior executive at HSBC said.
“I don’t expect a lot of straight equity to be raised by developers for the remainder of this year if valuations stay where they are,” Jason Kern, managing director and head of real estate and lodging advisory for Asia-Pacific at HSBC, told the Reuters Real Estate and Infrastructure Summit in Singapore……………………………………….Full Article: Source

India: Realty biggies attracted towards small cities for growth

Posted on 23 June 2011 by Laxman  |  Email |Print

Growing demand for homes in smaller cities of the country is attracting big national real estate players. Cities like Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow , Nagpur, Surat , Vadodara and Visakhapatnam are expected to add 354 million sq ft of residential development in the next three years.
According to a research report by Crisil Research , large builders like DLF , Unitech , Parsvnath , Omaxe , Ansals and Emaar MGF have already diversified into these cities, with an eye on future growth……………………………………….Full Article: Source

The great Indian realty story outside the metros

Posted on 23 June 2011 by Laxman  |  Email |Print

A recent Crisil Research report says the size of the realty market in 10 tier-II cities — Bhopal, Bhubaneswar, Coimbatore, Indore, Jaipur, Lucknow, Nagpur, Surat, Vadodara and Visakhapatnam — adds to Rs 18,000 crore.
Leading the pack is the country’s diamond enclave, Surat, with average yearly sales of 7,400 units and realisation of Rs 4,000 crore. Next is Jaipur, with sales realisation of close to Rs 1,900 crore and sales of 7,500 units……………………………………….Full Article: Source

India: Rate rise to pinch cos focused on housing more

Posted on 23 June 2011 by Laxman  |  Email |Print

The impact of the increase in policy rates on Friday will be felt by interest-rate sensitive sectors such as automobile and realty.
In that, the realty sector is likely to get impacted severely due to a possible slowdown in demand from consumers as a sharp increase in property prices coupled with rising borrowing costs would make buying new homes difficult……………………………………….Full Article: Source

China housing boom spreads to smaller cities

Posted on 23 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 centers as developers hold off price cuts, even as existing home prices cool following higher interest rates and down-payment requirements………………………………………Full Article: Source

Hong Kong: Govt needs to form long-term housing policy

Posted on 23 June 2011 by Laxman  |  Email |Print

Following comments made by Director of the Hong Kong and Macao Affairs Office Wang Guangya that the threat of a property bubble in the city needs to be resolved, Chief Executive Donald Tsang and Financial Secretary John Tsang quickly sprung into action.
They dropped hints that the government will pull no punches in its bid to cool down the sizzling property market and speed up the supply of affordable housing for the middle class……………………………………….Full Article: Source

Jakarta: Property sales: Strong demand to persist

Posted on 23 June 2011 by Laxman  |  Email |Print

Based on data amassed in May from five property developers — Bumi Serpong Damai, Lippo Karawaci, Summarecon Agung, Ciputra Development and Alam Sutera — there is a persistent strong demand for domestic property products with marketing sales reaching Rp 4.9 trillion (US$568.4 million) year-to-date (ytd), about 38 percent of a total sales target of Rp 13.5 trillion for 2011.
This robust trend is supported by historically low interest rates and the appreciation of the rupiah……………………………………….Full Article: Source

Singapore: Standardised fact sheet on home loans soon

Posted on 23 June 2011 by Laxman  |  Email |Print

Financial institutions should provide a fact sheet in a standardised format when marketing loans for residential property to consumers, the Monetary Authority of Singapore (MAS) said on Wednesday.
It has issued a consultation paper seeking feedback on what exactly the fact sheet should contain. A residential property loan is a long-term financial commitment……………………………………….Full Article: Source

NZ: Housing inquiry ’still worthwhile after price fall’

Posted on 23 June 2011 by Laxman  |  Email |Print

A government-backed inquiry into housing affordability is still relevant despite a fall in housing prices, the inquiry’s chairman says. Murray Sherwin, head of the new Productivity Commission, has released an “issues paper” outlining the areas which the inquiry would explore.
He said housing had a wide influence over many economic drivers including interest rates, exchange rates, city infrastructure and disposable income……………………………………….Full Article: Source

Global housing market weakens further in half of all countries, says Knight Frank report

Posted on 23 June 2011 by Laxman  |  Email |Print

According to a new report by London-based Knight Frank, the global housing market is still in a quagmire in the first quarter of 2011.
Liam Bailey, Head of Residential Research at Knight Frank said, “Price growth, while not stalling, has faltered in Q1 2011, pointing to ongoing problems underlying the world’s housing markets. In Q4 2010 overall annual price growth stood at 3.3%. Three months later this shrank to 1.8%……………………………………….Full Article: Source

Existing-home sales in U.S. fell in May to six-month low, may be at bottom

Posted on 22 June 2011 by Laxman  |  Email |Print

David SemmensSales of existing U.S. homes decreased in May to the lowest level in six months, a sign that the housing market is lagging other parts of the economy.
Purchases of existing homes fell 3.8 percent to a 4.81 million annual pace last month, in line with the 4.8 million median estimate in a Bloomberg News survey of economists, data from the National Association of Realtors showed today in Washington……………………………………….Full Article: Source

US: How to fix the dire housing numbers

Posted on 22 June 2011 by Laxman  |  Email |Print

Celia ChenTime for more housing stimulus. The question is how. According to numbers released today by the National Association of Realtors, home sales fell 3.8% in May. They were down 15% from a year ago. Home prices were down as well, 5% lower than a year ago.
And while 4% might not sound like a big drop for sales, for this time of year it is. May and June are typically prime home buying months. Most people like to move in during the summer so they can have their kids in by the school year……………………………………….Full Article: Source

Housing market predictions: Will economists ever learn?

Posted on 22 June 2011 by Laxman  |  Email |Print

It’s a favorite game of economists and housing market watchers. When your prediction of a housing rebound falls flat, just push off that rosy estimate until the next year. Just take a look at Fannie Mae’s revised forecast for home sales across the country.
Faced with a sluggish economy and a housing market headed south, Fannie Mae has revised downward its prediction of a 6 percent jump in overall home sales this year……………………………………….Full Article: Source

Housing market defies federal efforts to revive it, weighing the economy down

Posted on 22 June 2011 by Laxman  |  Email |Print

If the U.S. economy were a neighborhood, the housing market would be the Boo Radleys: the one weird neighbor who doesn’t mow his lawn, lets his house fall to pieces and generally drives down resale values for the whole street.
Put another way, the slumping housing market is serving as a drag on the broader American economy as it struggles to recover the effects of the Great Recession……………………………………….Full Article: Source

US: Housing’s silver lining

Posted on 22 June 2011 by Laxman  |  Email |Print

For much of the nation that silver lining remains invisible, as housing is stuck in its worst slump in decades. Each monthly data point — sinking home prices, slow sales, sluggish housing starts — has fallen like a hammer on the coffin nails of an industry that shows few signs of life.
But housing may soon rise from the dead, argue some economists. And, the severity of the slump may in fact accelerate the arrival of a recovery……………………………………….Full Article: Source

US: First half of 2011 brings confidence to the industrial market

Posted on 22 June 2011 by Laxman  |  Email |Print

Vacancy rates continue to decline in the U.S. industrial market spurred by demand for big box distribution centers, with Chicago recording the strongest gains in the first quarter of 2011, according to Jones Lang LaSalle’s Spring Industrial Outlook.
The national industrial property market recorded a drop of 20 basis points in the first quarter to finish at an even 10.0 vacancy rate. Activity has been most robust on the coasts, with California’s Inland Empire and the Philadelphia experiencing numerous large leases that have depleted their existing supply of quality, big box space……………………………………….Full Article: Source

New York reaches pact on rent regulations, property tax

Posted on 22 June 2011 by Laxman  |  Email |Print

New York state legislative leaders on Tuesday reached tentative agreements on rent control and a property tax cap, while the fate of a bill that would legalize same-sex marriage remained up in the air.
Emerging from a closed-door meeting with New York Democratic Governor Andrew Cuomo, both Assembly Speaker Sheldon Silver and Senate Majority Leader Dean Skelos said a “framework” agreement had been reached on the rent laws and tax cap……………………………………….Full Article: Source

UK: Property sales ’subdued in May’

Posted on 22 June 2011 by Laxman  |  Email |Print

Property sales in the UK remained at a relatively low level in May and lower than the same month a year ago, new figures show. Some 68,000 homes were sold in May, down 2,000 on the revised total of a month earlier, according to HM Revenue and Customs data.
The total was also 3,000 down on the same month a year ago. Lenders say there is little chance of a rebound in the coming months, judging by mortgage data……………………………………….Full Article: Source

Paris housing market stalls as record-high prices deter buyers

Posted on 22 June 2011 by Laxman  |  Email |Print

Paris’s housing market is stalling as buyers are deterred by record prices following two years of gains that outstripped London and New York.
Average prices fell by about 3 percent in the first five months of the year, according to an index compiled by Databiens.com based mainly on reports from the city’s affluent western districts. While it’s the only gauge so far to register a drop, other indicators show that transactions are falling and the time it takes to sell a property has almost doubled from a year ago……………………………………….Full Article: Source

Norway’s strong house price surge continues

Posted on 22 June 2011 by Laxman  |  Email |Print

Norway’s housing market has been performing impressively. The house price index rose 8.4% during the year to the first quarter of 2011, according to Statistics Norway, or 7.5% adjusted for inflation. The first quarter’s rise was a giant leap, with the index up 5.1% q-o-q (4.5% real), in contrast to a 0.1% drop in Q4 2010.
Norway’s market began recovering in early 2009, after house prices fell from mid-2007 to 2008:………………………………………Full Article: Source

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