Wed, Sep 24, 2014
A A A
Welcome hendrik.absolut
RSS

Real Estate Briefing - Archive | September, 2011

New Delhi’s housing boom hits a snag

Posted on 23 September 2011 by Laxman  |  Email |Print

A four-story height restriction in most parts of New Delhi has made land for new residential projects scarce and expensive, driving members of India’s burgeoning middle class to more affordable areas to the south and east of the capital.
In the suburbs of Greater Noida, Noida, and Gurgaon, developers are expected to deliver 439 million square feet of new housing stock over the next three years, enough for 340,000 families, according to real estate research firm P.E. Analytics……………………………………….Full Article: Source

Billionaires paying most for Hong Kong homes, Savills says

Posted on 23 September 2011 by Laxman  |  Email |Print

Hong Kong has the world’s most expensive average home prices for billionaires, with per square foot value of those properties almost double that of London, according to a survey conducted by Savills Plc.
Homes bought by billionaires in Hong Kong cost 6,700 pounds ($10,360) a square foot at the end of June, a 10 percent climb from six months earlier, London-based Savills said………………………………………Full Article: Source

Singapore: Private housing market continues to surprise

Posted on 23 September 2011 by Laxman  |  Email |Print

Just when you thought you have finally figured out what influences private home buying, the market throws up another surprise.
The latest Urban Redevelopment Authority (URA) figures show that developers sold 1,348 private homes last month. Although this is down 3.6 per cent from the 1,398 units in July, some analysts, including myself, had predicted that sales could likely slip below 1,000 units amid slower buying during the Hungry Ghost Month and the stock market slide that took more than 15 per cent off the STI benchmark……………………………………….Full Article: Source

Taiwan: Cooling a hot real estate market to deflate a bubble

Posted on 23 September 2011 by Laxman  |  Email |Print

Taiwanese real estate brokers hope that a new bill under consideration in the Legislative Yuan will help rein in runaway prices on real estate in Taiwan. The bill would require that property taxes be based on the transaction values of homes rather than on government assessments.
Government assessments are usually set at levels much lower than actual market prices. This gap in value means that holding costs are insignificant compared to the profits that can be gained through property transfers, which can lead in turn to price manipulation in the market……………………………………….Full Article: Source

Australians heading to housing struggle street

Posted on 23 September 2011 by Laxman  |  Email |Print

The great Aussie dream of secure home ownership is rapidly fading for Generation Y with just one in 40 expected to own their properties outright when they retire. While property prices continue to soften and rates remain on hold, Generation Y is heading to housing struggle street as they age, a survey reveals.
An Australian Housing and Urban Research Institute study warns that the share of today’s Gen Ys still paying off a mortgage in retirement will more than triple by the middle of the century……………………………………….Full Article: Source

Sydney housing market will weather economic storm: John Symond

Posted on 23 September 2011 by Laxman  |  Email |Print

With Australia looking well-placed to cope with any fallout from the IMF cutting global growth forecasts, Aussie Home Loans executive chairman John Symond says there should be strong demand for inner-city apartments in Sydney throughout spring.
“The recent state budget and its attendant stamp duty concessions should see demand rise for apartments in the lower price range,” Symond has said……………………………………….Full Article: Source

US: Commercial space starts to wobble

Posted on 22 September 2011 by Laxman  |  Email |Print

Jittery investors, wary banks, the struggling economy and turbulent financial markets are stalling a two-year rebound in the U.S. commercial real-estate industry.
Across the country, companies that were looking for large chunks of office space have delayed those plans as uncertainty has risen. Among those companies that have changed or are re-evaluating plans areUBS AG, Morgan Stanley and the Quidsi unit of Amazon.com Inc., all of which were looking in New York City……………………………………….Full Article: Source

U.S. existing home sales jump 7.7 pct in August

Posted on 22 September 2011 by Laxman  |  Email |Print

Existing home sales rose more than expected in August to the fastest annual pace since March as falling prices and low interest rates drew more buyers into the market, the National Association of Realtors said.
Sales climbed 7.7 percent month over month to an annual rate of 5.03 million units, the NAR said on Wednesday. The median price was 5.1 percent lower than a year earlier……………………………………….Full Article: Source

Home sales jump in August: why it’s not enough to revive housing market

Posted on 22 September 2011 by Laxman  |  Email |Print

Even as home sales increased in August, median prices fell. Experts point to a ’shadow inventory’ of homes that will eventually face foreclosure and say prices won’t keep up with inflation for years.
Americans bought nearly 8 percent more homes in August than in July, a welcome sign of progress for the still-troubled US housing market. For the first time since April, sales of previously owned homes rose to an annualized rate of more than 5 million per year. The median sales price was $168,300, down from $177,300 a year before, the National Association of Realtors reported………………………………………Full Article: Source

In the US, two housing markets and two directions

Posted on 22 September 2011 by Laxman  |  Email |Print

In the housing market inhabited by most Americans, prices have fallen 30 percent 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 percent 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

American dream killed by government meddling

Posted on 22 September 2011 by Laxman  |  Email |Print

If there’s ever been a poster child for the folly of government intervention, it’s the housing market. Decades of political manipulation set the stage for the collapse that sunk the entire economy. It’s going to be a long time before the country gets back on its feet, unless we embrace reform.
Last month, new housing starts fell to 571,000, down from last year’s figure of 606,000 and about one-third of the 2006 peak. As the housing market goes, so too does the construction industry, which has shed more than 2.2 million jobs in just over five years……………………………………….Full Article: Source

Home forecast calls for pain

Posted on 22 September 2011 by Laxman  |  Email |Print

Economists, builders and mortgage analysts are predicting the weakened U.S. economy will depress housing prices for years, restraining consumer spending, pushing more homeowners into foreclosure and clouding prospects for a sustained recovery.
Home prices are expected to drop 2.5% this year and rise just 1.1% annually through 2015, according to a recent survey of more than 100 economists to be released Wednesday. Prices have already fallen 31.6% from their 2005 peak, as measured by the Standard & Poor’s Case-Shiller 20-city index……………………………………….Full Article: Source

Good time for investors to enter U.S. REIT market

Posted on 22 September 2011 by Laxman  |  Email |Print

Heitman Managing Director Tim Pire said the best real estate investment opportunities in Europe can currently be found in central London and Germany and its surrounding region.
“Those real estate markets have been strong and the underlying economies have been stronger than other markets,” Pire said……………………………………….Full Article: Source

Hines is bullish on BRIC countries, apartments in U.S.

Posted on 22 September 2011 by Laxman  |  Email |Print

With roughly $25 billion in assets under management on four continents, Hines has experienced both ups and downs as it has navigated the tricky cross-currents of the global economic downturn, recovery and who-knows-what’s-next.
Like many other big investors, the developer and fund manager didn’t escape the downturn unscathed, suffering losses in some of its funds……………………………………….Full Article: Source

California real estate market ’struggling to gain momentum’

Posted on 22 September 2011 by Laxman  |  Email |Print

California home sales are expected to remain essentially flat this year and rise slightly in 2012, according to a housing market forecast from the California Association of Realtors.
The trade group predicted California home sales this year will stay roughly flat compared to 2010, at 491,100 units — a relative improvement given the 10 percent drop in sales in 2010……………………………………….Full Article: Source

Europe faces low growth, CoreNet hears

Posted on 22 September 2011 by Laxman  |  Email |Print

A leading economist has predicted continuing slow growth in the near term for both the US and Europe, with the solution being a review of the role of finance in the real economy, during this week’s CoreNet Global Summit in Paris.
During a session on the latest market upheavals and potential impacts on corporate real estate, Catherine Lubochinsky, professor of economics at the University of Paris 2 predicted that in the near term, the US and Europe will experience continuing slow growth and lower real wages……………………………………….Full Article: Source

UK: House prices to fall 4 pct before stabilising

Posted on 22 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

Yields for UK commercial leisure property fall due to investor demand

Posted on 22 September 2011 by Laxman  |  Email |Print

Yields on commercial leisure property in the UK have dipped in reaction to heightened investor demand, as buyers become more aware of the sector’s resistance to recession.
In its latest report on UK commercial leisure, property firm Savills said: “The market has experienced a sharp increase in investor demand, which, combined with a continued lack of available product, has resulted in prime yields moving in by 50 basis points from 6.75% in Q4 2010 to 6.25% in Q2 2011.”………………………………………Full Article: Source

Sales-agreed up 44pct in Dublin

Posted on 22 September 2011 by Laxman  |  Email |Print

A new survey has recorded a 44 per cent increase in sales-agreed in Dublin in the second quarter of this year and a 14 per cent increase in sales-agreed nationwide .
The Society of Chartered Surveyors Ireland (SCSI), which surveyed its members, found that while sales activity levels in the residential property market were up, the increase comes from low levels of activity in the first three months and varies significantly at a regional level……………………………………….Full Article: Source

Dutch pension fund looks to Australian real estate

Posted on 22 September 2011 by Laxman  |  Email |Print

The Dutch Pension Fund for the Construction Industry is set to boost its international real estate portfolio and believes Australia offers some of the best opportunities in Asia.
The management of the real estate assets, which account for 18% of the fund’s €29 billion, was spun off from the broader fund into a separate company, Bouwinvest, in 2003……………………………………….Full Article: Source

Finnish investors favor the home market for real estate investments

Posted on 22 September 2011 by Laxman  |  Email |Print

Institutional investors in Finland show a significant preference for the domestic market in their real estate investments, according to INREV’s Investor Universe Finland Survey 2011.
Around 80% of Finland’s total real estate exposure is in domestic direct core investments. Only 12% of all Finnish real estate investments are made abroad……………………………………….Full Article: Source

House prices rising again in Macedonia

Posted on 22 September 2011 by Laxman  |  Email |Print

Macedonia has been recovering from the crisis. New dwellings in Skopje, Macedonia’s capital, saw 16.6% price rises during the year to H2 2010 (12.3% after inflation), according to the State Statistical Office, after an 7.83% drop in prices of new dwellings during the year to H2 2009 (a fall of 6.40% after inflation).
The year before the crisis, 2008, was a boom year, with a 27% house price rises in Skopje (22% after inflation), as foreign interest surged and the country gained confidence……………………………………….Full Article: Source

Major MENA markets short of 3.5 mln affordable housing units

Posted on 22 September 2011 by Laxman  |  Email |Print

Governments across the Middle East and North Africa (MENA) region are increasing their efforts to construct new homes, but demand still far out-strips supply, with the region experiencing population growth around twice the global average, a new report has revealed.
Focusing on seven major markets, the report by real estate advisory firm Jones Lang LaSalle estimates that there remains a combined shortage of more than 3.5 million affordable dwellings across major markets within MENA and that demand will continue to outstrip supply for at least the next five years……………………………………….Full Article: Source

Dubai: Industrial real estate strong despite housing market

Posted on 22 September 2011 by Laxman  |  Email |Print

The impending oversupply of residential apartments flooding onto the Dubai market has been well documented since the global financial crisis struck back in 2008. And now a glut of new skyscrapers are about to be released on the market, sparking fears over Dubai’s fragile residential property market.
In a sign of the times, landlords in International City on Dubai’s outskirts are offering discounts on deposits, rent-free months and added extras in a bid to defeat the summer lull that has sent tenancy enquiries into decline, Arabian Business reports……………………………………….Full Article: Source

Prices of high-end houses in Asia skyrocket

Posted on 22 September 2011 by Laxman  |  Email |Print

There is good news for owners of luxury residences and ultra prime homes in Asia, their property might now fetch ever-higher asking prices.
The world’s elite, particularly in Asia can expect their property values to soar, especially if they live in emerging financial district centres like Mumbai or Singapore. New research from Savills global real estate service provider reported that billionaire homeowners in Mumbai and Singapore have seen the value of their properties increase by 138 per cent and 144 per cent respectively over the past five years……………………………………….Full Article: Source

Bangkok, Singapore real estate still a buy

Posted on 22 September 2011 by Laxman  |  Email |Print

Asia is a key player in the movement of the world economy in favor of emerging market cities, according to the MasterCard Index of Global Destination Cities.
The Index from MasterCard is a new approach to understanding the global economy and the dynamic flow of commerce across the world. It ranks cities by their total international visitor arrivals and the cross-border spending by these same visitors in the destination cities, and gives visitor and passenger growth forecasts for 2011……………………………………….Full Article: Source

Visible recovery for Hanoi’s real estate market

Posted on 22 September 2011 by Laxman  |  Email |Print

After the Government approved Hanoi’s master plan by 2030 and a vision towards 2050 in July, many experts in the property sector have regarded it as an important legal foundation for investors to effectively exploit potential and make a transparent development plan in the capital.
Tran Ngoc Chinh, chairman of the Vietnam Urban Planning Association, said the master plan will have a positive impact on property projects. This is a foundation for enterprises to select and focus on projects with appropriate scales and locations, Chinh said……………………………………….Full Article: Source

Savills: New world billionaires boost house prices in top 10 world cities

Posted on 21 September 2011 by Laxman  |  Email |Print

Yolande BarnesWorld-class cities not only attract international business, they are also the haunt of a growing number of global billionaires who are increasingly important investors in residential real estate and their wealth is creating a new global super class of real estate, says Savills.
A new index of super prime ‘global billionaire’ property reveals that the homes of the super-rich in the top 10 cities worldwide rose by an average 10% in value in the first six months of this year……………………………………….Full Article: Source

U.S. housing starts drop underscores economic woes

Posted on 21 September 2011 by Laxman  |  Email |Print

Barack ObamaNew construction of U.S. homes fell more than expected in August, dragging on economic growth and keeping pressure on President Barack Obama to do more to help the sputtering economy.
Housing starts dropped 5 percent, the most since April, to a seasonally adjusted annual rate of 571,000 units, the Commerce Department said on Tuesday……………………………………….Full Article: Source

Construction is less than half the level that economists say is needed for a healthy economy

Posted on 21 September 2011 by Laxman  |  Email |Print

Builders broke ground on fewer homes in August, evidence that the housing market remains depressed.
The Commerce Department said Tuesday that builders began work on a seasonally adjusted 571,000 homes last month, a 5 percent decline from July and a three-month low. That’s less than half the 1.2 million that economists say is consistent with healthy housing markets……………………………………….Full Article: Source

Builders began work on fewer U.S. homes

Posted on 21 September 2011 by Laxman  |  Email |Print

Builders began work on fewer U.S. homes than forecast in August, showing the industry remains flat on its back even as mortgage rates fall to record lows.
Housing starts dropped 5 percent to a three-month low 571,000 annual rate, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg News survey called for a 590,000 pace. Building permits, a proxy for future construction, unexpectedly climbed……………………………………….Full Article: Source

California housing market sees August boom

Posted on 21 September 2011 by Laxman  |  Email |Print

It was only two years ago that California – along with Arizona and Florida – was the poster child for plummeting home prices. But a new study says that not only are more homes selling in the Golden State these days, but home values are actually climbing across the board. That would be great news for the rest of the country.
After a brief climb in June, home sales nationwide were again in decline in July, according to the National Association of Realtors. The NAR says that the housing sector saw gains in the Northeast and Midwest, but experienced declines in the South and West……………………………………….Full Article: Source

China housing bubble in Canada could create the next financial crash

Posted on 21 September 2011 by Laxman  |  Email |Print

China is loading on real estate. Except that the purchase is not in China but in Vancouver, Canada. And the Chinese demand for a piece of land is so huge that customers are willing to pay more than the market rate for a property.
The prices have gone so high that Canadian nationals seeking job in Vancouver are finding it hard to find an affordable home. The median real-estate prices in Vancouver are 9.5 times median household income as per Demographia, a property survey……………………………………….Full Article: Source

Real-estate financing is hard to find in Europe

Posted on 21 September 2011 by Laxman  |  Email |Print

Battered by the sovereign-debt crisis, European lenders are losing their taste for commercial-property loans, causing some investors to scramble for unusual alternatives.
French and German banks, the Continent’s primary real-estate lenders, already have exposure to Greece and other troubled government debt. They have cut down substantially on providing new loans, say investors. Europe’s limited securitization market, which never recovered from the downturn, has offered little help……………………………………….Full Article: Source

Prime retail assets in Europe will thrive

Posted on 21 September 2011 by Laxman  |  Email |Print

David Atkins, chief executive of Hammerson and new chairman of the European Public Real Estate Association (EPRA), spoke with REIT.com at EPRA’s annual conference in London in early September about his outlook for the European property markets and his company.
Up until a few months ago, Atkins said his view on the European real estate market would have been one of continued recovery from the financial difficulty of 2008 and 2009……………………………………….Full Article: Source

Lloyds readies UK commercial property loan sale

Posted on 21 September 2011 by Laxman  |  Email |Print

Lloyds Banking Group PLC (LYG) is preparing to sell a GBP1 billion portfolio of commercial property loans, a person familiar with the matter said Tuesday, as the 41% state-owned bank seeks to dispose of GBP25 billion worth of commercial real-estate loans.
The sale is being managed by JP Morgan Cazenove and is expected to attract interest from private equity firms and other private investment funds………………………………………Full Article: Source

London home prices surge as investors seek safety in Property

Posted on 21 September 2011 by Laxman  |  Email |Print

London home sellers raised asking prices by the most in seven months in September as a lack of properties for sale and investors looking for safer assets amid financial-market turmoil bolstered values, Rightmove Plc said.
Asking prices rose 2.4 percent from August, when they fell 3.4 percent, the property website said in an e-mailed report today. Separate data from Rightmove showed national home values gained 0.7 percent after a 2.1 percent decline in August……………………………………….Full Article: Source

Paris luxury property ‘a sought-after asset’

Posted on 21 September 2011 by Laxman  |  Email |Print

Luxury properties around the world are attracting attention from investors at present, with Paris named as one of the markets that is receiving the most interest.
According to the Christie’s International Luxury Residential Report, Paris is one of the real estate markets that has a scarce supply of high-end homes, which is driving up prices in the most desirable locations……………………………………….Full Article: Source

Italian pooled funds post steady returns in H1 2011: IPD

Posted on 21 September 2011 by Laxman  |  Email |Print

Italian pooled property funds continued to deliver stable returns at 1.2% in the first half of 2011, according to the IPD’s Italian Pooled Property Fund Indices (Italian PPFI).
Returns fell only 20 basis points from the 1.4% delivered in December 2010 despite economic uncertainty affecting the country and the Eurozone. On an annual basis to June 2011, all pooled funds delivered 2.6%, the strongest return since the downturn began……………………………………….Full Article: Source

Russian cities outperform in Colliers’ office rent map

Posted on 21 September 2011 by Laxman  |  Email |Print

The office sectors of Moscow and St Petersburg saw impressive rental growth during the first half of 2011, in stark contrast to most other European markets.
Colliers International’s EMEA office rental map indicates growth of 11% and 10% in Moscow and St Petersburg in the first six months of the year……………………………………….Full Article: Source

Saudi Arabia construction spend to reach $420bln over next three years

Posted on 21 September 2011 by Laxman  |  Email |Print

The construction industry in Saudi Arabia is expected to spend up to $420b over the next three years. The research conducted by Ventures Middle East for The Big 5 2011, has shown that the country’s projected spend will mostly lie in buildings and oil and gas developments.
Andy White, exhibition director of The Big 5 2011, said: “It is no industry secret that Saudi Arabia presents significant opportunities for the construction sector, however, this research highlights the extent of projected spend over the upcoming years as well as the specific areas that these opportunities are most abundant. (Press Release)

UAE: Nakheel hands over more than 1,180 residential units in 18 months

Posted on 21 September 2011 by Laxman  |  Email |Print

Nakheel, Dubai’s leading master-developer, has announced that it has handed over number of projects to homeowners, as part of its committed deliverables under the restructuring plan. Nakheel has again achieved an outstanding delivery record in its residential community development.
Nakheel has handed over 700 units in Marina Residences project. Masakin Al Furjan is a quality 335 apartments in 7 buildings located at South Village in Al Furjan , over 100 units has been handed over, whereas the Jumeirah Village communities with total of 256 units was released and handed over to the owners……………………………………….Full Article: Source

Dubai real estate rescue fund

Posted on 21 September 2011 by Laxman  |  Email |Print

The Real Estate Development plan, or Tanmia, launched today by the Dubai Land Department, will cover 100 projects in 2012, and will span the next three to four years, a senior official said.
“One project already has approval under the initiative and two more will be signed this week,” Sultan bin Butti bin Mejren, Director General of the Land Department, said……………………………………….Full Article: Source

US$63.5bln construction spend in Kuwait will see significant increase in residential developments by 2014

Posted on 21 September 2011 by Laxman  |  Email |Print

The construction industry in Kuwait is estimated to spend more than US$63b over the next three years, with a significant focus on the development of educational facilities and commercial building as well as a boost in residential developments.
The research, conducted by Ventures Middle East on behalf of The Big 5 2011, has shown that education and commercial construction take precedence throughout 2012 and 2013, with a major spike in residential development in 2014, rising from an average of $600m to a staggering $5.4b in 2014. (Press Release)

Asia’s growing middle class fuels theme park boom

Posted on 21 September 2011 by Laxman  |  Email |Print

Disney has broken ground on a $3.6bn (£2.3bn) outpost in Shanghai; Legoland plans to open a park in Johor, Malaysia, next year; and Sanrio will open a theme park dedicated to the cute white cat with no mouth in eastern China in 2014.
“Asia’s large populations are now moving up into the bottom rungs of the middle classes,” says Chris Yoshii, global director for economics at Aecom, a consultancy that specialises in the industry……………………………………….Full Article: Source

Rising borrowing costs in Hong Kong to hurt property market

Posted on 21 September 2011 by Laxman  |  Email |Print

Mortgage rates in Hong Kong, which have jumped nearly 200 basis points (bps) over the last six months, could rise to as much as 4.5 percent by the end of 2012, according to Barclays Capital, making it much harder for first-time homebuyers to enter the market.
Already, the bank estimates that first-time buyers need to pay nearly 47 percent of their household income in mortgage payments……………………………………….Full Article: Source

Australia: House market marking time

Posted on 21 September 2011 by Laxman  |  Email |Print

Investors have fled the property market as house prices across Australia are falling. Loans being taken out by investors have tumbled in line with fewer sales, and property experts say the market will remain weak this year and next, with some of the biggest falls expected in Melbourne.
Rises in official interest rates, slowing population growth and unaffordable housing have all combined to hold back the Australian property market……………………………………….Full Article: Source

Homebuilder confidence in U.S. declines to three-month low

Posted on 20 September 2011 by Laxman  |  Email |Print

David CroweConfidence among U.S. homebuilders fell to a three-month low in September as prospective buyer traffic, sales and purchase expectations declined.
The National Association of Home Builders/Wells Fargo sentiment index dropped to 14 from 15 in the prior month, data from the Washington-based group showed today. Economists surveyed by Bloomberg News projected no change in the measure from August, according to the median forecast. Readings below 50 mean more respondents said conditions were poor……………………………………….Full Article: Source

Where’s the federal plan to tackle crippling housing problem?

Posted on 20 September 2011 by Laxman  |  Email |Print

Chad MoutrayWhile lawmakers and the president scrap over deficit reduction and jobs plans, they’re largely overlooking one of the biggest drags on employment and a major cause of our national economic woes: the moribund housing sector.
There’s a growing cry in economic circles for new steps to revive this sector, which year after year has been the subject of optimistic predictions about soon hitting a bottom that turns out to be, well, bottomless……………………………………….Full Article: Source

The newest threat to home prices

Posted on 20 September 2011 by Laxman  |  Email |Print

The rancorous debate about how to address our escalating national debt has dominated the conversation in Washington lately. What isn’t getting much attention inside the Beltway — but should — is a looming event that could have major consequences not only for your home’s value but also for the overall economic recovery.
Barring last-minute action by Congress, upscale housing is about to take another punch to the solar plexus — just as it’s struggling to stabilize……………………………………….Full Article: Source

banner
September 2011
M T W T F S S
« Aug   Oct »
 1234
567891011
12131415161718
19202122232425
2627282930