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Real Estate Briefing - Archive | August, 2011

Select property fund fully let in Brazil

Posted on 29 August 2011 by Laxman  |  Email |Print

Standard Life Investments, the global fund manager, has announced on behalf of its Select Property Fund, that the Alana II building in Brazil is now fully let to a range of high quality tenants.
Purchased in October 2009, the Alana II building is a 13-story office property located in Berrini, one of Sao Paulo’s most established office locations……………………………………….Full Article: Source

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RICS: European investors remain hungry for distressed property as global supply grows

Posted on 29 August 2011 by Laxman  |  Email |Print

While investor demand increases dramatically, the level of distressed properties coming to market is set to continue to rise globally, says RICS. The latest RICS Global Distressed Property Monitor reveals that over half of the countries surveyed anticipate a rise in forced selling of commercial buildings for the coming quarter.
Not surprisingly, the Republic of Ireland, Spain and Italy expect the highest number of foreclosures, while Brazil, Malaysia and Russia expect the lowest……………………………………….Full Article: Source

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CEE Property Investment in 2011 approaches record levels

Posted on 29 August 2011 by Laxman  |  Email |Print

Commercial property investment turnover in Central and Eastern Europe (CEE) reached €6.9 billion by mid-August representing an increase of 20% compared to the whole of 2010 and making 2011 already the fourth strongest year in CEE history, according to the latest data from CB Richard Ellis (CBRE).
Poland and Russia remain the engines of growth in the region with over 70% of property investment volume (approx. €5 bn), while Czech Republic is close behind registering more than €1bn of property investment thus far in 2011 - an increase of over 50% compared to the whole of 2010……………………………………….Full Article: Source

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Investors tap into developments in mature markets

Posted on 29 August 2011 by Laxman  |  Email |Print

Tapping into the demand for new prime product in mature markets was a key theme in the European investment market in July. The largest office transaction recorded by PropertyEU Research in the period involved Canary Wharf Group linking up with Qatari Diar to redevelop the Shell Centre on London’s South Bank - one of the most sought-after development sites in the UK capital.
The pair are paying EUR 171 mln each to the joint venture that will redevelop the 21,000 m2 site……………………………………….Full Article: Source

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UK: House prices dip in August - Hometrack

Posted on 29 August 2011 by Laxman  |  Email |Print

House prices ticked down on the month in August and weak consumer spending is likely to weigh on demand and prices for the rest of the year, property data firm Hometrack said Monday.
House prices fell 0.1 percent on the month in August, leaving them 3.7 percent below the August 2010 level, Hometrack said……………………………………….Full Article: Source

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UK: Housing market set for a chilly autumn

Posted on 29 August 2011 by Laxman  |  Email |Print

Alarm bells are ringing over the health of the housing market after Hometrack, the property data company, forecast steeper falls in prices this autumn – with the latest figures showing a 3.6% annual fall in August.
Hometrack’s prediction will fuel the view of bearish commentators that UK house prices are still some way from the trough, despite falls of about 10% since the credit crunch……………………………………….Full Article: Source

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UK: Housing developers store up land ahead of planning reforms

Posted on 29 August 2011 by Laxman  |  Email |Print

Figures compiled from the UK’s leading house builders have revealed that they have enough land to build 617,724 homes. Less than half of this land has been granted any kind of planning permission.
The figures have sparked fears among countryside campaigners that changes to the planning regulations proposed by the Government will allow a housing boom in the face of local objections – and that some of it could be on green belt land……………………………………….Full Article: Source

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Property prices more affordable, says Halifax

Posted on 29 August 2011 by Laxman  |  Email |Print

Buying a home is now more affordable than at any time in the past 12 years, according to the Halifax Bank. That is, as long as a buyer is not looking for somewhere in London or other popular locations in the South East.
Home buyers spent 28% of their income on mortgage payments between April and June - down from 48% in 2007, the Halifax says. Scotland is most affordable area of the UK, with home owners spending 22% of their income on mortgage payments……………………………………….Full Article: Source

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Scottish housing is most affordable in UK

Posted on 29 August 2011 by Laxman  |  Email |Print

Housing in Scotland is the most affordable in the UK following a sharp decline in mortgage costs over the last four years. The typical Scottish borrower now spends just 22 per cent of their average disposable earnings on their home loan, down from 38 per cent in 2007, Bank of Scotland research shows.
Mortgage payments account for a smaller proportion of average earnings in Scotland than anywhere else in the UK………………………………………Full Article: Source

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Swiss property remains healthy, but strong franc threatens economic growth

Posted on 29 August 2011 by Laxman  |  Email |Print

Switzerland’s property market remains strong. Prices of owner-occupied apartments rose 5.08% (4.45% in real terms) over the year to Q1 2011 .
Prices of single-family homes rose 4.37% (3.75% in real terms) over the same period. Apartment rents increased 1.44% (0.84% in real terms) over the year to Q1 2011……………………………………….Full Article: Source

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Luxury Istanbul homes attract Mideast buyers

Posted on 29 August 2011 by Laxman  |  Email |Print

Rich Arab buyers are getting more interested in the waterside mansions and expensive houses by Istanbul’s Boshporus, according to the head of Sotheby’s Turkey. The recent political unrest in the Middle East and North Africa is also playing a role in drawing investors to safe havens such a Turkey, the executive says
Due to ongoing conflicts and clashes sweeping through Middle Eastern and North African countries, Arab investors are flocking to the Turkish real estate market to invest in luxurious residences and waterfront villas by Istanbul’s Bosporus Strait, according to the top executive of Sotheby’s local branch……………………………………….Full Article: Source

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Property market boost for Zimbabwe

Posted on 29 August 2011 by Laxman  |  Email |Print

South Africa’s independent property services company JHI Properties, has entered the Zimbabwe property services market with the acquisition of East African Properties. The Zimbabwean company has an existing property management portfolio comprising 48 properties that are a mix of industrial and retail.
JHI Properties African business development executive Neil Jarvey says these managed assets represent a total capital value in excess of US$40 million spread across Zimbabwe, but concentrated in the commercial hub of Harare……………………………………….Full Article: Source

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GCC investors: UAE property sector saviors?

Posted on 29 August 2011 by Laxman  |  Email |Print

Could the answer to Dubai and the UAE’s troubled real estate market lie in a switch in target markets? The release of the annual statistical report from the Ministry of Finance has led Kipp to believe it might very well be the case.
According to the report, there has been a significant increase in the number of properties registered and held by GCC nationals within the UAE. The gross cumulative rates of GCC citizens owning property in the UAE rose to 34,029 contracts in 2010 compared to 29,425 in 2009……………………………………….Full Article: Source

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Global investors renew interest in Indian realty

Posted on 29 August 2011 by Laxman  |  Email |Print

With their home markets in turmoil, large global investors such as Blackstone, Carlyle, Morgan Stanley, JP Morgan and the Government of Singapore Investment Corporation are actively scouting for and signing deals in the Indian property sector.
Take, for instance, the Carlyle Group, which has $153 billion in assets under management. The group invested $26 mn (Rs 117 crore) in former Citibanker Jaithirth Rao’s low-cost housing project ‘Vaibhava’ in Bangalore. The investment was made from the $1.04-bn Carlyle Asia Growth Partners IV (CAGP IV) fund……………………………………….Full Article: Source

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Indian realty sector to face tough time in next 12 months

Posted on 29 August 2011 by Laxman  |  Email |Print

With the US and European debt crisis affecting sentiments across the world, the Indian real estate sector is likely to see a gloomy phase in the next 12 months and developers would face liquidity crunch, low sales and pressure on margins, consultant Jones Lang LaSalle said.
The country’s leading realty consultant pointed out that the projects would be delayed, unsold housing stock will rise and developers might have to offer new projects at 10-15% discount, all because of a slowdown in property demand……………………………………….Full Article: Source

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Long-term housing demand trend is positive

Posted on 29 August 2011 by Laxman  |  Email |Print

India will continue to grow and to have a shortage of housing and of commercial space. This trend will not be affected in a major way by recent events; the long-term demand trend is positive for Indian real estate consumers (such as homebuyers and office tenants).
In India, for example, many sources believe that the population living in cities will increase by about 400 million in the next 20-30 years. However, the investments in infrastructure such as roads, power, water and transit to accommodate them don’t seem imminent from the government or from real estate developers (having a very short return horizon)……………………………………….Full Article: Source

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China firm sells Taiwan property to mainlanders in cross-strait first

Posted on 29 August 2011 by Laxman  |  Email |Print

The first real estate development project undertaken by a mainland Chinese group has received warm responses from potential apartment buyers in large cities of Shanghai and Beijing.
The Beijing Vantone Real Estate group teamed up with a constriction partner in Taiwan to launch a pre-construction sale for “Vantone Taipei 2011” — a collection of three high-rise holiday apartment buildings of 29 stories currently under construction on a hilltop of Xiaopingding in the Danshui district of New Taipei City……………………………………….Full Article: Source

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Coming next: The landlord’s rental market

Posted on 26 August 2011 by Laxman  |  Email |Print

Lawrence YunApartment landlords appear to be among the only commercial property owners able to sign new tenants amid the sluggish economy.
But the strength of the multifamily sector is itself related to the troubled economy. There has been an “abnormal slowdown in household formation in recent years,” Lawrence Yun, chief economist for the National Association of Realtors, says in a new report. “Many young people, who normally would have struck out on their own from 2008 to 2010, had been doubling up with roommates or moving back into their parents’ homes.”………………………………………Full Article: Source

Obama mulling steps to prop up housing market

Posted on 26 August 2011 by Laxman  |  Email |Print

The Obama administration is working on proposals to prop up the weak U.S. housing market and may back a plan to refinance government-backed mortgages at today’s lower interest rates, the New York Times said, citing two people briefed on the discussions.
Administration officials said on Wednesday that they were weighing a range of proposals, including changes to its previous refinancing programs to increase the number of homeowners taking part, according to the New York Times……………………………………….Full Article: Source

Can housing refis rescue the economy?

Posted on 26 August 2011 by Laxman  |  Email |Print

The Obama administration considers using rock-bottom mortgage rates to help homeowners reduce monthly payments. Too bad it’s unlikely to succeed.
Can the government refinance us out of the housing disaster? That’s the plan being considered, according to The New York Times. In an article today, the Times says administration officials are tossing around the idea of a “blanket refinance” homeowner rescue plan. It would capitalize on current hyper-low interest rates to help struggling homeowners get payments they can afford……………………………………….Full Article: Source

To save the housing market, tear down houses

Posted on 26 August 2011 by Laxman  |  Email |Print

The economic recovery is in a bad way. To get it back on track, the housing market will need revival. And yet, three years after the economic crisis (and after bailouts, multiple rounds of stimulus, and much toiling over the national debt) housing numbers are getting worse. That saps consumer demand and drags down economic growth.
Consumer real estate debt is still triple what it was in 1999, despite falling 10% from its 2008 record. The solution? Tear down houses……………………………………….Full Article: Source

The housing market is shrinking

Posted on 26 August 2011 by Laxman  |  Email |Print

The foreclosure headlines today are that one third of all home sales in Q2 were of distressed properties (foreclosures and short sales), according to a new report from online foreclosure sale and data site RealtyTrac.
The discount on those homes from comparable non-distressed properties was 32 percent. What the headlines don’t say is that while the percentage of the market that’s distressed rose from a year ago, from 26 to 31 percent, the actual number of distressed sales fell……………………………………….Full Article: Source

JPMorgan, Wells said to make final bids for Anglo Irish loans

Posted on 26 August 2011 by Laxman  |  Email |Print

JPMorgan Chase & Co. (JPM) and Wells Fargo & Co. (WFC) are among banks that made final bids to buy portions of Anglo Irish Bank Corp.’s $9.65 billion of U.S. property loans, according to three people with knowledge of the sales.
The lenders are looking to acquire pieces of the $4.52 billion of performing loans the Dublin-based bank is shedding, said the people, who asked not to be identified because the talks are private……………………………………….Full Article: Source

UK: Commercial property is in trouble, but here’s how to profit

Posted on 26 August 2011 by Laxman  |  Email |Print

Whilst paper–based assets have been plunging in value, UK property prices have been holding up. Just about.
OK, I’m not talking about the residential housing market. It’s commercial property values that have been nudging slightly higher this year. Last month they crept up by a further 0.1%, says the Investment Property Databank index. So what should investors expect next?………………………………………Full Article: Source

Low cost property ownership schemes integral to UK housing market

Posted on 26 August 2011 by Laxman  |  Email |Print

Low Cost Home Ownership Schemes (LCHO) in the UK have faced significant challenges since the recession, but are a vital part of the housing market, a new review of affordable housing by Halifax demonstrates.
Since 2007/08 there have been almost 45,000 new homes built under various LCHO schemes. In 2009/10 new LCHO homes represented around 13% of total private enterprise and Housing Association sales, an increase from the 8% recorded in 2006/07 before the financial crisis began……………………………………….Full Article: Source

German property market opens up for foreign investment

Posted on 26 August 2011 by Laxman  |  Email |Print

As the economic situation in Europe looks direr against the backdrop of several potential sovereign defaults, investors are increasingly looking to real estate as a safe investment. Nonetheless, the property market has taken a blow in much of Europe, with few exceptions.
In that sector, the German market has defied its peers. Unlike much of the world, Germany’s evasion of the subprime mortgage crisis has not only helped to keep its economy Europe’s strongest, but has also kept the Germany property market strong……………………………………….Full Article: Source

France: A property hotspot again?

Posted on 26 August 2011 by Laxman  |  Email |Print

France has always been a popular holiday destination for Brits, as well as attracting interest from investors, so is now the right time to buy?
However, new findings from property finder, My-French-House.com, show a growing number of British homeowners are now looking to permanently relocate across the Channel……………………………………….Full Article: Source

Madrid office vacancy rate eases: Savills

Posted on 26 August 2011 by Laxman  |  Email |Print

Office vacancy rates in Madrid have eased in the second quarter of 2011, standing at 4.73% in the city’s Central Business District (CBD), down from 5.31% in Q1 2011, according to international real estate advisor Savills.
The main reason for the decrease is not, however, occupier take-up, but a lack of new stock coming to the market. Take-up levels for Madrid reached 90,000 m2 in Q2 2011, down from 160,000 m2 in Q2 2010……………………………………….Full Article: Source

Malta: Central Bank survey confirms drop in property prices

Posted on 26 August 2011 by Laxman  |  Email |Print

Residential property prices drop in the first quarter of this year, according to a survey by the Central Bank. It said that it index of advertised residential property prices, fell for the second consecutive quarter in the three months to March 2011.
The All Property Price Index compiled by the NSO, based on contracted property prices also registered a decline during the quarter……………………………………….Full Article: Source

Investors showing more interest in distressed Italian property

Posted on 26 August 2011 by Laxman  |  Email |Print

An increasing number of investors are looking to take advantage of the distressed property available in Italy and elsewhere in Europe, a new survey has shown.
The Royal Institution of Chartered Surveyors (Rics) Global Distressed Property Monitor revealed that demand for this kind of real estate increased in the nation during the second quarter of the year, compared to the previous three-month period……………………………………….Full Article: Source

Russians drive Bulgaria’s Black Sea coast property market

Posted on 26 August 2011 by Laxman  |  Email |Print

Almost all of the deals for Black Sea coastal properties in the first half of this year involved Russian buyers, according to analysis by the real estate company Bulgarian Properties. Brokers and real estate officials believe the reason for this trend is the weak euro and low property prices.
Russians’ interest in Bulgaria in particular has to do with the strong cultural ties and easy integration due to the similarities between the languages……………………………………….Full Article: Source

Is China’s property market getting hotter or colder?

Posted on 26 August 2011 by Laxman  |  Email |Print

It has been more than six months since China announced its “New Eight Policies” aimed at cooling the property market. What is the effect so far of the government’s bid to pull down prices and ease demand for homes?
“I need cash rather than keep a house”, “Cheaper than Cabbage”, “Big, Big Discount if You Ask for It” — these are some of the advertisements posted outside a property agency in Wenzhou by owners who want to sell their units. Scores of people in the city want to sell their houses as quickly as possible……………………………………….Full Article: Source

Luxury market droops in Singapore

Posted on 26 August 2011 by Laxman  |  Email |Print

Luxury home prices in Singapore slipped in the second quarter this year, after stricter mortgage lending and increased interest rates led to a softening of the high end market across Asia, according to a report from CB Richard Ellis.
Singapore’s luxury home prices dropped 1.7 per cent quarter-on-quarter, according to Reuters. Meanwhile average rental prices dropped 1.9 per cent as new units were released into the market……………………………………….Full Article: Source

RICS: European investors remain hungry for distressed property as global supply grows

Posted on 25 August 2011 by Laxman  |  Email |Print

Simon RubinsohnWhile investor demand increases dramatically, the level of distressed properties coming to market is set to continue to rise globally, says RICS. The latest RICS Global Distressed Property Monitor reveals that over half of the countries surveyed anticipate a rise in forced selling of commercial buildings for the coming quarter.
Not surprisingly, the Republic of Ireland, Spain and Italy expect the highest number of foreclosures, while Brazil, Malaysia and Russia expect the lowest……………………………………….Full Article: Source

US: Home prices decline 5.9pct in second quarter

Posted on 25 August 2011 by Laxman  |  Email |Print

Patrick NewportHome prices in the U.S. fell 5.9 percent in the second quarter from a year earlier, the biggest decline since 2009, as foreclosures added to the inventory of properties for sale.
Prices dropped 0.6 percent from the prior three months, the Federal Housing Finance Agency said today in a report from Washington. In June, prices retreated 4.3 percent from a year earlier, while increasing 0.9 percent from the previous month……………………………………….Full Article: Source

Home prices rise? Not really

Posted on 25 August 2011 by Laxman  |  Email |Print

The good news: The FHFA home-price index rose in June. The bad news: It’s still awful. The FHFA said its House Price Index rose 0.9% month-over-month in June, topping May’s 0.4% gain and solidly trumping the 0.2% economists expected.
But the gain masks the longer-term deterioration in prices, as demand remains at record low levels……………………………………….Full Article: Source

Home prices will fall another 15pct: Analyst

Posted on 25 August 2011 by Laxman  |  Email |Print

The already-struggling housing market has another 15% decline in home prices already priced in, according to Stifel Nicolaus analyst Michael Widner.
Widner believes the sentiment is “overly pessimistic,” but “it is unclear to us what near-term catalyst might improve visibility.” He added that “unusually unclear visibility and lack of willingness to own the group given that lack of clarity” has kept valuations among homebuilders cheap across the sector……………………………………….Full Article: Source

Foreign buyers see value in U.S. real estate

Posted on 25 August 2011 by Laxman  |  Email |Print

As an alternative investment, U.S. real estate may never look so attractive to Canadians again.
Sunny havens such as Fort Myers, Fla., have seen property values plummet as much as 50 per cent since the start of 2007, while the value of the loonie has soared about 15 per cent during the same period. Add to the mix near record-low lending rates – not to mention the capricious stock market – and you have conditions snowbirds wouldn’t even have dared to dream about just a decade ago……………………………………….Full Article: Source

Canada: House prices remain relatively affordable to previous years: RBC

Posted on 25 August 2011 by Laxman  |  Email |Print

House prices may be up nationally, but affordability of the housing market hasn’t changed much yet in Canada this year, according to a new Royal Bank of Canada report.
Housing affordability declined in the second quarter of this year due to rising home prices and slightly higher mortgage rates, but it was not enough to slow any markets. That’s because housing still remains generally affordable in Canada, said the RBC……………………………………….Full Article: Source

Toronto house prices expected to cool through autumn

Posted on 25 August 2011 by Laxman  |  Email |Print

Toronto’s overheated real estate market is expected to cool through the fall and winter, which should ease bidding wars and lead to more moderate price increases into 2012, says a CMHC housing market outlook released Wednesday.
Affordability is becoming such a concern, especially in overheated markets like Toronto, that the report predicts higher demand for rental apartments and condos by aspiring first-time buyers who are finding themselves priced out of the market……………………………………….Full Article: Source

German investors second largest in European commercial property

Posted on 25 August 2011 by Laxman  |  Email |Print

Commercial real estate investors from Germany remain significant players in the European property market, but are increasingly focusing on their home market, according to the latest data from CB Richard Ellis (CBRE).
Germans were the second largest players in the European property investment market in the first half of 2011, accounting for 16% of total real estate investment activity in Europe……………………………………….Full Article: Source

Danish housing rescue faces bank opposition as risks add to market stress

Posted on 25 August 2011 by Laxman  |  Email |Print

Denmark’s banks signaled they will resist a government plan to have Danes buy new homes before they sell their existing properties, arguing the proposal adds risk to an economy already stressed by a bank crisis and recession.
The minority coalition of Prime Minister Lars Loekke Rasmussen this week unveiled the plan in an effort to breathe life into the housing market after the number of properties for sale soared to a record last month……………………………………….Full Article: Source

Greek apartment prices fall 4.5 pct y/y in Q2- cenbank

Posted on 25 August 2011 by Laxman  |  Email |Print

Greek residential apartment prices fell 4.5 percent year-on-year in the second quarter of 2011, driven lower by an economy deep in recession, the central bank said on Wednesday.
Downward price pressures continued after a 5.2 percent drop in the real estate price index in the first three months of the year. For the whole of 2010, apartment prices fell 4.7 percent following a 3.7 drop in 2009……………………………………….Full Article: Source

Uganda: Joint initiatives give investors vibrant real estate market

Posted on 25 August 2011 by Laxman  |  Email |Print

The real estate market in Uganda is a gold mine awaiting good structures that can enable the players and public archive relentless returns for both foreign and local investors. The lack of statutes to recognise regulation and monitor performances means that a lot of the investments go unrecognised and the players are exposed to illicit acts.
To tax an industry that is without institutional structures will imply for high costs on tax collection and little returns on collections or taxing the minority because of the undetected majority. Growth suddenly slows down due frustrations……………………………………….Full Article: Source

S.Africa: Property market on a slow ride back to recovery

Posted on 25 August 2011 by Laxman  |  Email |Print

The commercial property sector, which has also been hit by the recession, is continuing to show signs of improvement as an increasing number of companies are starting to look for good commercial space.
But the ever-present debt problems facing Europe and the USA could put a damper on any sustained recovery. So says Org Geldenhuys, managing director of property development company, Abacus Divisions……………………………………….Full Article: Source

Dubai developer Nakheel’s $16bln financial restructuring completed

Posted on 25 August 2011 by Laxman  |  Email |Print

Nakheel completed a Dh60 billion (US$16.33bn) financial restructuring yesterday and pledged to deliver almost 8,000 homes in the next year. The announcement is likely to cheer investors who have waited years for their properties to be finished while also adding to the supply pressure on the depressed property market.
“We don’t need more supply to come on to the market,” said Majed Azzam, an analyst at AlembicHC in Dubai……………………………………….Full Article: Source

India: Realty promoters’ share pledging rises

Posted on 25 August 2011 by Laxman  |  Email |Print

As real estate stocks continue to fall, some promoters are having a difficult time keeping pace with the loans they raised, with financial institutions (FIs) seeking more pledging against the amount.
Parsvnath Developers Ltd (PDL), the North India-based realty company promoted by Pradeep Jain, has seen a jump in the promoter’s pledging on a quarter-on-quarter basis……………………………………….Full Article: Source

China tops property investment in Asia Pacific

Posted on 25 August 2011 by Laxman  |  Email |Print

China is the most favoured country for property investors in the Asia Pacific region with US$5 billion worth of investment transacted in the second quarter of 2011while Australia emerges as top favourite with inter regional investors, a new report shows.
Sound domestic demand for real estate by occupiers and investors, combined with relatively strong corporate/household sector and high savings rates is expected to drive continued short term real estate markets’ performance for the remainder of the year, according to Jones Lang LaSalle’s latest Asia Pacific Capital Markets Bulletin……………………………………….Full Article: Source

Strong rental prospects for Singapore’s industrial property market

Posted on 25 August 2011 by Laxman  |  Email |Print

Rental prospects for the industrial property market in Singapore are the strongest in the Asia Pacific region, according to a report by DTZ Research.
The real estate advisory company said prime industrial rental growth between 2011 and 2015 is forecast at about 5 per cent for Singapore……………………………………….Full Article: Source

Australian property and the influence of China

Posted on 25 August 2011 by Laxman  |  Email |Print

We all know the story by now, too many people getting too many loans and buying too many property’s. When the music stopped on this ponzi scheme and the suckers that got in last were left holding the baby, property markets around the world crashed……or did they?
Well we know that it definitely did happen in the U.S. and Europe and I know for a fact that it didn’t happen in Australia as we recently had our home revalued and it came in just about where we thought it would and higher than where it was a few years ago……………………………………….Full Article: Source

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