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Real Estate Briefing - Archive | September, 2011

Dubai: Real estate will bounce back

Posted on 28 September 2011 by Laxman  |  Email |Print

Dubai is sheltered from the crisis in Europe and the US and its real estate industry is poised to make a comeback, according to Shaikh Ahmad Bin Saeed Al Maktoum, President of Dubai Civil Aviation and Chairman and Chief Executive of Emirates airline and Group.
He told Gulf News on the sidelines of Cityscape that those who said that Dubai’s real estate recovery was a long way off were wrong, and said that property prices had finally bottomed out in the emirate……………………………………….Full Article: Source

India: Home sales: Builders think of raising home prices post Diwali

Posted on 28 September 2011 by Laxman  |  Email |Print

Home sales are far and few, but a section of Gujarat builders is planning to raise prices by 10% post-Diwali. Real-estate experts however, feel that the move could possibly boomerang in the present market conditions.
Rising construction and labour costs are the main reasons for a possible hike being considered by the developers most of whom operate in Ahmedabad and Gandhinagar. “Profit margins of the developers are being heavily dented by the rising costs. Therefore, we may consider a 10-12% rise in prices after Diwali,” Suresh Patel, president of GIHED (Gujarat Institute of Housing and Estate Developers) said……………………………………….Full Article: Source

S&P forecasts strain for China property developers

Posted on 28 September 2011 by Laxman  |  Email |Print

Most of the Chinese property developers rated by Standard & Poor’s Rating Services would be able to absorb a 10% decline in property sales in 2012, but many would struggle if sales fell by 30%, the credit-ratings firm said Tuesday citing the results of a stress test it conducted.
Although S&P said a sales decline was unlikely, the comments come amid heightened concern over the fiscal health of property developers after China’s banking regulator recently asked the nation’s lightly regulated trust companies to submit details on how much they have lent to Greentown China Holdings Ltd., a Hong Kong-listed property developer……………………………………….Full Article: Source

New homes again log slow sales

Posted on 27 September 2011 by Laxman  |  Email |Print

Celia ChenNew-home sales fell for the fourth-straight month in August to the lowest level in a half year as the bursting of the housing bubble continued to weigh on the U.S. economic recovery.
Sales fell 2.3% from a month earlier to a seasonally adjusted annual rate of 295,000, the Commerce Department said Monday. The pace was the weakest in six months, and the month was the seventh-worst on records dating to 1963……………………………………….Full Article: Source

US house sales fall to six-month low as property market recovery looks distant

Posted on 27 September 2011 by Laxman  |  Email |Print

New home sales in the US fell to a six-month low, as the biggest drop in prices in two years failed to persuade househunters to buy new rather than snap up repossessed houses which are on the market even more cheaply.
“Sales are very weak, and there will be very little improvement over the next couple of months,” said Celia Chen, a housing economist at Moody’s Analytics. “We expect a step up in distressed home sales, which will put more downward pressure on prices. It’ll be a very slow return to normal.”………………………………………Full Article: Source

Another blow to housing markets looms without FHA loan limit extension

Posted on 27 September 2011 by Laxman  |  Email |Print

In less than a week, the home buying power of millions of Americans will be crippled by an average of $68,000. Some markets will experience declines as high as $250,000. That is, unless Congress intervenes before Oct. 1 when the limits for loans backed by the Federal Housing Administration (FHA) are set to shrivel to pre-crash levels.
But it’s not just buyers in the nation’s priciest markets, where FHA loan limits currently hover at $729,750, who’ll feel the heat of shrinking mortgage caps……………………………………….Full Article: Source

U.S. to lower the size of mortgage it will guarantee

Posted on 27 September 2011 by Laxman  |  Email |Print

The change will result in higher costs and bigger down payments for many home buyers. In California, real estate professionals are bracing for a hard hit as buyers learn they may no longer be able to afford the higher-priced homes they had been considering.
Uncle Sam is about to take a first tentative step out of the mortgage business by lowering the size of home loans that the federal government will guarantee, and it’s already hitting California neighborhoods with higher costs and bigger down payments……………………………………….Full Article: Source

Why would you buy a new home?

Posted on 27 September 2011 by Laxman  |  Email |Print

Given the bloated supply of existing homes for sale, including a glut of foreclosures, there aren’t many people willing to shell out a premium price for a newly built house.
New-home sales dropped to a seasonally adjusted annualized rate of 295,000 in August, down from 323,000 for all of last year, and a far cry from 2005, when 1.28 million new homes were sold, according to the Census Bureau and the Department of Housing and Urban Development. Read more: Sales of new U.S. homes dip in August……………………………………….Full Article: Source

Canadian office market strong: CBRE

Posted on 27 September 2011 by Laxman  |  Email |Print

Volatility in financial markets and global economic uncertainty have left many investors concerned about the impact of any future downturn on Canadian commercial real estate markets, says a report released Monday by CB Richard Ellis Ltd.
While it is unclear where the Canadian and global economy is headed, the Canadian commercial real estate market is much better positioned to withstand any impending shocks than it was in 2008, said the report……………………………………….Full Article: Source

Is Vancouver’s housing bubble about to burst?

Posted on 27 September 2011 by Laxman  |  Email |Print

Astronomical real estate prices combined with global instability have many wondering if the bubble is about to burst in Metro Vancouver. “I guess the first question is — is there a real estate bubble at all?” said Cameron Muir, Chief Economist of the B.C. Real Estate Association.
Muir says the average home price is being skewed, inflated by skyrocketing prices for detached homes in Richmond, West Vancouver and the West Side where prices have soared, nearly 80 per cent over five years — 27 per cent in the past year alone……………………………………….Full Article: Source

EC Harris: Lending to European property developments facing double dip

Posted on 27 September 2011 by Laxman  |  Email |Print

European banks have been more active in lending to speculative property developments over the past year, however this upward spike looks like being short lived according to the third annual ‘European Property Finance Trends’ report from EC Harris, the international Built Asset Consultancy.
The research found that nearly half (45%) of property lenders at European banks are likely to either lend less (22%) or maintain the same level of lending (23%) over the next five years. This was worse than last year when only 3% stated they would lend less, and 29% said they would lend at the same level……………………………………….Full Article: Source

UK behind Europe in property sustainability

Posted on 27 September 2011 by Laxman  |  Email |Print

The UK property sector trails the rest of Europe in adopting sustainable practices, although steady improvements are being made in the industry and RICS is working with government to accelerate the process.
The RICS Sustainability Index, contained in the Green Gauge report puts the UK in fourth place, with a rating of 53%, behind Canada (74%), Continental Europe (65%) and Australasia (64%). With an increasing focus on energy efficiency and environmental issues, mainland Europe has now overtaken the UK in the index……………………………………….Full Article: Source

UK: Terraced homes ’saw largest gains’

Posted on 27 September 2011 by Laxman  |  Email |Print

Terraced houses increased in value by more than any other type of home over the past decade after buyers were priced out of the top end of the market, according to new research.
The average price of a terraced property has increased 68.4% to £151,332 in the 10 years to the second quarter of 2011, said the Halifax……………………………………….Full Article: Source

Where to find capital growth in the UK commercial property sector

Posted on 27 September 2011 by Laxman  |  Email |Print

The prospects for capital growth in the UK’s commercial property market are limited but there are opportunities for discerning investors who follow appropriate strategies, writes Richard Kirby of F&C REIT.
UK commercial property has, quite rightly, been depicted as an asset class delivering a relatively high and stable income stream with the prospect of some capital growth……………………………………….Full Article: Source

London still offers great prospects for property owners

Posted on 27 September 2011 by Laxman  |  Email |Print

Property owners and investors should consider buying up commercial property in London as the capital still offers great opportunities to businesses as opposed to other areas of the country.
That’s the view of Richard Kauntze, chief executive of the British Council for Offices, who has told of his belief that there are many advantages available for business looking for a place to use as a base……………………………………….Full Article: Source

Irish residential property prices fall further in August

Posted on 27 September 2011 by Laxman  |  Email |Print

Ireland’s residential property prices declined at a faster pace in August, after slowing in the previous month, data released by the Central Statistics Office showed Monday.
The residential property price index decreased 13.9 percent year-on-year in August, markedly faster than the 12.5 percent decline recorded in July. In June, property prices dropped 12.9 percent……………………………………….Full Article: Source

Finnish investors planning to boost non-listed real estate allocation by third

Posted on 27 September 2011 by Laxman  |  Email |Print

Finnish investors expect to increase allocations to non-listed real estate by nearly a third over the next three years, according to a study.
The new INREV study on the investor universe in Finland showed investors in the Nordic country saw themselves raising their allocations to the asset sub-class by 27% in the next three years……………………………………….Full Article: Source

Portuguese property market got worse in August, latest index shows

Posted on 27 September 2011 by Laxman  |  Email |Print

The residential property market in Portugal has deteriorated in the last month although the Algarve region is experiencing better market conditions that the rest of the country, according to the latest real estate index published today (Monday Sepember 26).
The August Royal Institution of Chartered Surveyors/Ci Portuguese Housing Market Survey shows that that both the national activity and national confidence indices deteriorated……………………………………….Full Article: Source

Serbia passes restitution law for WWII properties

Posted on 27 September 2011 by Laxman  |  Email |Print

Serbia’s lawmakers have approved a law on the return of property confiscated by the communist authorities after World War II, which is key for its efforts to eventually join the European Union.
The reform, however, has faced criticism from the property heirs, who complain the law will not undo the injustice done to their families……………………………………….Full Article: Source

Dubai property sector boosted by Arab Spring -report

Posted on 27 September 2011 by Laxman  |  Email |Print

Dubai’s hotel, retail and residential real estate sectors are enjoying a boost from the emirate’s “safe haven” status amid unrest elsewhere in the Arab world, a report said on Monday.
The Arab Spring, which has resulted in the downfall of leaders in Tunisia, Egypt and Libya, has confirmed Dubai’s position in the region, property consultancy Jones Lang LaSalle said……………………………………….Full Article: Source

Dubai home prices may bottom out soon, Jones Lang says

Posted on 27 September 2011 by Laxman  |  Email |Print

Dubai villa and apartment prices may soon bottom out as political turmoil elsewhere in the Middle East and North Africa prompts buyers to look for less-risky investments, Jones Lang LaSalle said.
Apartment prices in most parts of the Persian Gulf sheikdom are stabilizing or declining slightly, “indicating that the market might be very near its bottom,” the U.S. property broker said in a research report today. Villa sales increased 59 percent by value even as volume fell by nearly a third, indicating that higher-priced properties are attracting the most buyers……………………………………….Full Article: Source

India: Invest in real estate private equity funds to spread risk

Posted on 27 September 2011 by Laxman  |  Email |Print

Realty PE funds generate returns from the real estate market without the risk of locking funds in one property. They tie up with developers which need funds and buy stakes in their projects.
“Realty PE funds are typically development-based and buy stakes in projects. Rental-based funds buy a property with a committed tenant and earn the rent. One key difference is that the rental-based funds do not take any development risk,” says Richa Karpe, director (investment), Altamount Capital Management, which helps many families manage their wealth……………………………………….Full Article: Source

Singapore goes green

Posted on 27 September 2011 by Laxman  |  Email |Print

Singapore is looking to lead by example in the Asia-Pacific region, to mitigate the worsening impact of built-up space on climate change. According to the United Nations Environment Programme (UNEP) over a third of the energy related to green house gas emissions is connected with buildings.
Singapore has set for itself a goal of making 80 per cent of its 210 million square metres of built-up space meet Singapore’s Building and Construction Authority’s (BCA) green building norms by 2030 which will mean a significant reduction in energy consumption and therefore emissions……………………………………….Full Article: Source

Malaysia: Rehda finds hope in housing market outlook despite negatives

Posted on 27 September 2011 by Laxman  |  Email |Print

The Real Estate and Housing Developers’ Association Malaysia (Rehda) is “cautiously optimistic” of the housing market outlook in the first half of next year despite a marked increase in building material and labour costs as well as a slowdown in economic activity.
A Rehda survey found that 41% of the developers who responded were optimistic of the first six months of 2012 compared with the second half of this year, where 48% said they were optimistic……………………………………….Full Article: Source

Housing market is terrific, if you are rich

Posted on 26 September 2011 by Laxman  |  Email |Print

Paul DalesIt’s starting to feel as if there are two housing markets. One for the rich — and international buyers — and one for everyone else. In the housing market inhabited by most Americans, prices have fallen 30% or more since the peak in 2007. That’s a steeper decline than during the Depression. Some people have had their homes on the market for a year without a single offer.
Almost a quarter of American homeowners owe more on their house than it’s worth. Another quarter have less than 20% equity. About half of homeowners couldn’t get a mortgage if they applied today, says Paul Dales, senior U.S. economist for Capital Economics……………………………………….Full Article: Source

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What to do if your home doesn’t sell

Posted on 26 September 2011 by Laxman  |  Email |Print

Your home has been on the real estate market for months. You haven’t had any offers, or the offers you got were absurdly low. Now what? A lot depends on the property and the market. In general, though, your next steps should be to take the home off the market, give the listing a “rest,” reconsider your asking price, possibly give it some cosmetic tweaks and then get back into the game.
Once you do, you might even end up selling it for more than what you originally asked. I’ve seen it happen more than once……………………………………….Full Article: Source

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A lost decade in the housing market

Posted on 26 September 2011 by Laxman  |  Email |Print

A survey conducted for MacroMarkets LLC, a financial technology company co-founded by Yale University economist Robert Shiller, found that economists expect home prices to drop 2.5 percent this year and rise only 1.1 percent annually through 2015. Currently, prices are down nearly 32 percent from their peak in 2005.
If this is the case, economists are essentially forecasting a lost decade for the housing market…………………………………………Full Article: Source

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Why U.S. housing is weak, and why Canadians care

Posted on 26 September 2011 by Laxman  |  Email |Print

A moribund housing market is dragging on an already weak U.S. economy, and causing ripples across the border here in Canada.
This week, two key numbers will likely show that U.S. housing is still an incredibly weak spot, with no significant improvements in sight. On Monday new home sales figures are expected to show a fourth consecutive fall in transactions in August, to an annualized number of around 295,000, not far from the low of 278,000 set in August, 2010……………………………………….Full Article: Source

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European hotels return 6.9pct in 2010: IPD

Posted on 26 September 2011 by Laxman  |  Email |Print

The European hotel property sector returned 6.9% last year, compared to returns of 14.9% reported in the UK, according to the recently-launched IPD European Hotel Performance Report, which is sponsored by Jones Lang LaSalle Hotels, Invesco Real Estate and HVS.
Capital growth was 1.3%, while income return was 5.5% in 2010……………………………………….Full Article: Source

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IPD/JLL: UK Hotel values only 12.7pct from their pre-recession peak

Posted on 26 September 2011 by Laxman  |  Email |Print

The IPD European Hotel Performance Report - sponsored by Jones Lang LaSalle Hotels, Invesco Real Estate and HVS and launched for the first time this year - shows the 2010 all hotels return across Europe to be 6.9% in local currencies, while UK hotels returned 14.9%.
The report, which includes 373 hotels from nine constituent countries, worth €7.6 billion, aims to bring transparency to a sector relatively unknown to the average commercial property investor……………………………………….Full Article: Source

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Luxury-home prices in London increase as investors seek less-risky assets

Posted on 26 September 2011 by Laxman  |  Email |Print

Luxury home prices in central London climbed the most in 11 months in September, Knight Frank LLP said, as the European sovereign debt crisis encouraged investors to buy less-risky assets.
Values of houses and apartments costing an average of 3.7 million pounds ($5.7 million) rose 11.4 percent from a year earlier, the London-based real-estate broker said in a report today. On a monthly basis, prices rose at the slowest rate since October 2010 as buyers delayed purchases after the worst riots in Britain since the 1980s……………………………………….Full Article: Source

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Islamic property deals buck the trend in UK investment gloom

Posted on 26 September 2011 by Laxman  |  Email |Print

With stock markets the world over recording huge losses over the last week and the volatility in the markets set to continue due to the euro zone sovereign debt crisis, concerns over the down grading of the US credit rating and the weak US and EU growth figures, investors are pondering which asset class to seek refuge in.
Do they place safe by moving their funds into cash or commodities such as gold, or do they stay put in bonds and equities, or go for investments in “bricks and mortar” property investments?………………………………………Full Article: Source

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A beginner’s guide to commercial property

Posted on 26 September 2011 by Laxman  |  Email |Print

Britain is a nation of property lovers. But rather than buying a residential property, how about buying a part of the local high street by investing in commercial property?
The asset class hasn’t always had an easy ride. In 2008, commercial property prices fell by an unprecedented 44 per cent almost overnight as the US sub-prime mortgage crisis resonated around the globe……………………………………….Full Article: Source

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Savills: Brussels office market to see EUR2 bln transacted in 2011

Posted on 26 September 2011 by Laxman  |  Email |Print

Savills’ latest Brussels office market report forecasts a total transaction value of €2 billion for 2011, following a first half figure that represents a 96% increase on total investment in 2010.
The research confirms that €943 million was transacted in the first half of the year, and that domestic investors accounted for 60% of acquisitions with 30% German and 11% French……………………………………….Full Article: Source

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Tatas launch mega rental housing project near Mumbai

Posted on 26 September 2011 by Laxman  |  Email |Print

Tata Group’s realty arm Tata Housing Development Company has joined hands with the Mumbai Metropolitan Region Development Authority (MMRDA) to invest Rs 2,000-crore for a rental housing project near the metropolis.
“We plan to launch a large rental housing project near Mumbai before Diwali. We have got approvals for the project from the MMRDA,” Tata Housing Development Company Managing Director and Chief Executive Brotin Banerjee said……………………………………….Full Article: Source

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China’s squeeze on property market declining

Posted on 26 September 2011 by Laxman  |  Email |Print

The squeeze on China’s property market may be reaching a “tipping point” that drives growth lower just when exports are under threat from a global slowdown and investor confidence is plunging, Hong Kong-based Chief China Economist at Nomura Holdings Incorporated, Zhang Zhiwei said.
Bloomberg reported that land transactions in 133 cities tracked by Soufun Holdings Limited, the country’s biggest real-estate website, fell by 14 per cent by area in August from a month earlier. Prices of new homes declined in 16 of 70 cities last month compared with July, according to government data……………………………………….Full Article: Source

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China real estate players hit by liquidity fears

Posted on 26 September 2011 by Laxman  |  Email |Print

The share prices of Chinese real estate developers have been hit by talk of funding difficulties within the industry, reflecting concerns that the debt-fueled expansion of recent years could now be under threat as government tightening crimps sales activity.
Analysts acknowledged some smaller developers are under threat. But concerns about liquidity shortages and funding breakdowns are overblown, they say, arguing that China’s shadow banking system will continue to provide abundant — if costly — funding for the sector……………………………………….Full Article: Source

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Korea: Property recovery dampened

Posted on 26 September 2011 by Laxman  |  Email |Print

A slump in the property market is feared to continue until the end of the year due to what is seen to be another financial crisis in the offing, experts and industry watchers said Sunday.
They cite a major drop in the prices of prime real estate in the upscale southern Seoul areas with more being put up for sale. The price of a 56 square-meter Gaepo apartment tumbled to 960 million won last week, down from 1.02 billion won last month. The price peaked at 1.38 billion won in 2009……………………………………….Full Article: Source

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U.S. commercial property prices jumped 5pct, Moody’s says

Posted on 23 September 2011 by Laxman  |  Email |Print

Tad PhilippU.S. commercial real estate prices rose for a third straight month in July as deals for smaller properties led a rebound that may stall as the economy slows, according to Moody’s Investors Service.
The Moody’s/REAL Commercial Property Price Index advanced 5 percent from June. It’s up 1.2 percent from a year earlier and almost 13 percent from its post-peak low in April, the New York- based company said……………………………………….Full Article: Source

BofA to sell $880 mln in commercial real-estate loans

Posted on 23 September 2011 by Laxman  |  Email |Print

Bank of America Corp. has reached an agreement to sell an approximately $880 million portfolio of commercial mortgages at a discount of 20% to 25% off the face value, according to a person familiar with the deal.
A venture of Square Mile Capital Management LLC, Invesco Ltd. and a fund managed by Canyon Capital Realty Advisors LLC is buying the portfolio, a mix of performing and nonperforming loans tied to 32 properties, the person said……………………………………….Full Article: Source

Analysis: Housing market to limp along, government hands tied

Posted on 23 September 2011 by Laxman  |  Email |Print

The Fed’s twist will help, but it won’t be enough to turn around the troubled U.S. housing sector. Ditto for Washington’s other plans to help homeowners.
The Federal Reserve surprised investors on Wednesday when it said it would help keep mortgage interest rates low by reinvesting proceeds from past purchases of housing debt into government-backed mortgage securities. The program is part of the Fed’s latest easing initiative, which investors dubbed “Operation Twist,” after a similar program in the 1960s……………………………………….Full Article: Source

Home prices in U.S. fell 3.3pct in July from year ago on economic concern

Posted on 23 September 2011 by Laxman  |  Email |Print

U.S. home prices declined in the 12 months through July as concerns that the economy may enter another recession sapped the confidence of would-be buyers.
Prices dropped 3.3 percent, the Federal Housing Finance Agency in Washington said in a report today. Compared with June, they rose 0.8 percent, more than the 0.1 percent gain that was the average estimate in a Bloomberg poll of 15 economists……………………………………….Full Article: Source

Home prices rose slightly in August

Posted on 23 September 2011 by Laxman  |  Email |Print

U.S. home prices rose 0.8 percent in July, the Federal Housing Finance Agency said Thursday. The agency’s House Price Index tracks prices for homes with mortgages backed by either the Federal National Mortgage Association or the Federal Home Loan Mortgage Corp.
Data shows the index is 3.3 percent below July 2010 and 18.4 percent below the index peak in April 2007……………………………………….Full Article: Source

UK: Property sales fell in August, says HMRC

Posted on 23 September 2011 by Laxman  |  Email |Print

The number of properties sold in the UK fell to 78,000 in August, figures from the tax authority show. This was 6,000 fewer sales than in July - which had seen the highest total for a year - although a drop is often recorded in August during what is traditionally a quieter holiday month.
However, the figure was down 3,000 compared with August 2010, HM Revenue and Customs (HMRC) said. At the height of the property boom in July 2007, 151,000 homes were sold……………………………………….Full Article: Source

House prices to fall 4 pct before stabilising - Reuters poll

Posted on 23 September 2011 by Laxman  |  Email |Print

House prices will fall another 4 percent before stabilising next year as a tough economy dampens demand and nervous sellers stay away, a Reuters poll showed on Wednesday.
The results of the poll of 23 market watchers, taken over the past week, will make grim reading for homeowners who bought their property at the height of the boom four years ago and have already seen around 20 percent wiped off the value since then……………………………………….Full Article: Source

UK: ‘Squeezed middle’ depresses house prices

Posted on 23 September 2011 by Laxman  |  Email |Print

The pace of house price declines eased in September, although prices are perceived to have fallen every month since July 2010, according to the latest Knight Frank/Markit House Price Sentiment Index.
It showed that 21% believed the value of their property had fallen since August, while 10% felt it had risen. This took the overall HPSI to 44.7, up from 41.5 in August and just above the 44.5 seen in July. Any figure under 50 indicates that prices are declining……………………………………….Full Article: Source

Danske Bank says Irish housing market will deteriorate into 2012

Posted on 23 September 2011 by Laxman  |  Email |Print

Danske Bank A/S doesn’t expect loan losses at its Irish unit to improve until next year as Ireland’s housing market takes longer to recover than the lender first estimated.
“We currently don’t see any concrete signs of improvement in the property market despite the fact that the Irish economy looks to be picking up,” said Thomas Borgen, the head of Danske’s international banking activities. “We still expect continued high writedowns in the second half of 2011. We think we have to move into 2012 before the property market might have bottomed out.”………………………………………Full Article: Source

Paris cracks down on short-term apartment rentals

Posted on 23 September 2011 by Laxman  |  Email |Print

Paris, one of the world’s most-visited cities, is cracking down on short-term apartment rentals, dealing a blow to tourists looking for a bargain and entrepreneurial landlords hoping to recoup soaring property costs.
The allure of living in a Paris pied-à-terre for a week or month, and paying much less than for a hotel room, has created strong demand for short-term lodging, but its growing popularity has raised the ire of hotels and residential property owners……………………………………….Full Article: Source

French property still most popular with brits says conti

Posted on 23 September 2011 by Laxman  |  Email |Print

According to Conti, the overseas mortgage specialist, France is still the most popular country as far as Brits are concerned. France tops the list now for the third consecutive year, garnering 39% of all mortgage enquiries, although this is 4% lower than last year.
Spain is in second place and is hot on the heels of France with 31% of all enquiries, a 7% increase on last year, and a 9% increase compared to 2009……………………………………….Full Article: Source

India: Real estate regulator Bill on the cards

Posted on 23 September 2011 by Laxman  |  Email |Print

Union minister for housing and urban poverty alleviation Kumari Selja has said that the Centre is expected to bring the real estate regulator bill in the winter session. “We have received the law ministry’s view on this legislation. Respective state governments can then frame their own regulatory bill to improve governance and transparency in the real estate sector,” said Selja.
The realty sector’s image has suffered a huge dent due to recent housing loan scam, judgments by the Competition Commission of India and issues relating to land acquisition for real estate projects across the country, Selja said……………………………………….Full Article: Source

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