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Real Estate Briefing - Archive | October, 2011

GE is said to finance Blackstone’s $1.08 bln purchase of U.S. offices

Posted on 24 October 2011 by Laxman  |  Email |Print

General Electric Co. (GE)’s lending arm agreed to provide about $800 million to help finance Blackstone Group LP (BX)’s $1.08 billion purchase of U.S. suburban office buildings, said two people briefed on the transaction.

The loan marks GE Capital’s first large commercial real estate financing since the credit crisis following Lehman Brothers Holdings Inc.’s bankruptcy in September 2008, according to the people, who asked not to be identified because the information is private. Blackstone is buying the properties, located mostly in the Midwest and South, from Duke Realty Corp. (DRE)……………………………………..Full Article: Source

JLL: European retail real estate investment up 38pct quarter-on-quarter to EUR6.7 bln

Posted on 24 October 2011 by Laxman  |  Email |Print

Jones Lang LaSalle reports that retail real estate investment remained strong throughout the summer, despite the volatile European recovery and economic headwinds that continued to face the sector.
Direct investment in retail real estate in Europe during the third quarter of 2011 reached €6.7 billion, up from €4.9 billion in Q2 2011 and significantly up on the €3.8 billion transacted in Q3 2010. Total investment volumes for the year to date now stand at €20.4 billion, up by 45% over the same period last year, almost on a par with total 2010 volumes and far exceeding full year volumes of €12.3 billion in 2009………………………………………Full Article: Source

Europe: Luxury housing market unscathed while all around it suffers

Posted on 24 October 2011 by Laxman  |  Email |Print

Despite the gloom, sales of luxury properties in France and UK are rising, according to upmarket estate agents and auctioneers. When the economic going gets tough, the rich get going in increasingly big houses.

As sales of £1m-plus homes in London hit their highest level since the 2007 housing peak, high-end estate agency Knight Frank, whose clients have included Kate Moss and Sven Goran-Eriksson, has reported bumper profits, while in France, auctioneers are reporting a surge in luxury property sales………………………………………Full Article: Source

UK property wealth gap widens

Posted on 24 October 2011 by Laxman  |  Email |Print

The UK property market has split into two segments, with high end property prices rising as the rest of the market declines. This is according to the latest prime index from property website PrimeLocation.com.

Its monthly index reveals that prime properties – that’s the top quarter of the market by value – saw asking prices increase 0.5% in September, continuing a seven month rally in which asking prices for prime properties hit new heights. The average price of a UK prime property is currently £472,340………………………………………Full Article: Source

German investment volumes hit EUR 17bln in Q3: Savills

Posted on 24 October 2011 by Laxman  |  Email |Print

Some EUR 17 bn of commercial property changed hands in Germany in the first nine months of 2011 following a strong third quarter, according to international real estate advisor Savills.

The broker expects to see a marked growth in investment volumes by the end of the year compared with the 2010 total investment volume of EUR 19.7 bn. The third quarter of 2011 saw the strongest performance of the year so far with a total transaction volume of EUR 6.20 bn………………………………………Full Article: Source

Jordan: Real estate investors bullish as housing market rebounds in 2011

Posted on 24 October 2011 by Laxman  |  Email |Print

Trading in the housing market saw a 24 per cent increase during the first three quarters of 2011, making the real estate sector one of Jordan’s top performing sectors this year, according to official figures and investors.

The property market went up to JD4.9 billion during the first nine months of 2011 from JD3.9 billion in the same period of last year, according to a report issued by the Department of Land and Survey (DLS)………………………………………Full Article: Source

UAE property earnings may sink despite Nakheel deal

Posted on 24 October 2011 by Laxman  |  Email |Print

A $16 billion debt restructuring of Dubai developer Nakheel will not help prevent a slump in third-quarter earnings of property firms in the United Arab Emirates, as they face a host of challenges amid little inroads being made to fresh property sales.

Real estate firms in UAE were hit hard by the global financial crisis in 2008 with property prices dropping by about 60 percent from its peak………………………………………Full Article: Source

Dubai real estate deals down as investors stay wary

Posted on 24 October 2011 by Laxman  |  Email |Print

Transactions in Dubai’s battered property market fell by 45 percent in the third quarter of the year as wary investors stayed on the sidelines, real estate consultancy CBRE has said.

The number of residential deals tumbled to 1,459 in the quarter, down from 2,648 in the year-earlier period, despite rents in the emirate’s prime developments showing signs of steadying………………………………………Full Article: Source

Qatari Diar to invest $543.8 mln in Egyptian projects

Posted on 24 October 2011 by Laxman  |  Email |Print

Qatari Diar Real Estate Investment Co., the real-estate arm of the Persian Gulf country’s sovereign-wealth fund, signed a $543.8 million contract with Consolidated Contractors Co. to develop two projects in Egypt, according to an e-mailed statement from the Doha-based company.

The contract allocates $464.3 million to Qatari Diar’s “Nile Corniche” project in Cairo and $79.5 million to a coastal resort development in Sharm El Sheikh, it said. The projects will create 4,000 jobs in Egypt, the company said………………………………………Full Article: Source

Bangalore: Real estate prices may shoot up in suburbs

Posted on 24 October 2011 by Laxman  |  Email |Print

The city may be going high on the Metro, but there’s more to cheer for citizens. Real estate prices along the Metro track are expected to accelerate capital values on the periphery as downtown land becomes scarcer.

The city’s first Metro line from MG Road to Byappanahalli has a limited reach as of now, but a well-knit network connecting far-flung areas like Whitefield and Electronics City will boost land values by 15 to 20%, say real estate experts………………………………………Full Article: Source

China: Home buyers angry as project’s prices lowered

Posted on 24 October 2011 by Laxman  |  Email |Print

Angry homeowners of several residential projects in Shanghai flocked to their developers’ sales offices over the weekend, seeking refunds or purchase cancellations after big discounts have been offered by developers to trigger sales.

Hundreds of infuriated homeowners gathered at an office building in Lujiazui of the Pudong New Area on Saturday afternoon, demanding a face-to-face talk with China Overseas Property (Group) Co, which has cut home prices at one of its projects in Pudong that averaged 22,000 yuan (US$3,454) per square meter to around 16,000 yuan per square meter during its latest promotion held in collaboration with a major real estate website for group buyers………………………………………Full Article: Source

HongKong: Housing curbs to stay despite reined-in prices

Posted on 24 October 2011 by Laxman  |  Email |Print

Beijing will not loosen nationwide curbs on the housing market, despite gains made in containing both home prices and inflation. That was the announcement from Premier Wen Jiabao on Saturday, the last of a two-day trip to Nanning - capital of southern Guangxi Zhuang Autonomous Region.

Stops on the tour included a jobs’ fair, a food market and some residential areas. “The government must take effective measures to consolidate the fruits of housing price controls,” Wen was quoted as saying by the People’s Daily………………………………………Full Article: Source

Investor interest to remain strong for Australian commercial property: CBRE

Posted on 24 October 2011 by Laxman  |  Email |Print

Commercial property investor sentiment in Australia (alongside New Zealand and Taiwan) has remained upbeat in tandem with a particurlarly positive outlook for the Pacific region, according to CBRE’s latest Investment ViewPoint report.

With the Australian economy in good shape relative to other regions, the report says the country’s commercial property sector is “something of a safe haven for investors away from the instability currently affecting the United States and Europe”………………………………………Full Article: Source

7 commercial mortgage REITs: Recent performance review

Posted on 24 October 2011 by Laxman  |  Email |Print

Generally, there is an industry divide between residential mortgage REITs and commercial mortgage REITs. Commercial mortgage REITs should hold mortgages on commercial properties such as office, retail, medical, industrial and warehouse buildings, while residential mortgage REITs hold residential mortgages on houses and apartments.

Commercial mortgage REITs also tend to be on the smaller side, often small-caps ($300 million to $2 billion) or micro-caps ($50 to $300 million)………………………………………Full Article: Source

Commercial real estate deals decline in cooling of U.S. property rebound

Posted on 21 October 2011 by Laxman  |  Email |Print

The U.S. commercial real estate market has slowed in the past three months as the sputtering economy and a pullback in debt financing limited deals, cooling a recovery from Washington to California.

A total of $49.8 billion of commercial property changed hands in the third quarter, down from $58.5 billion in the previous three months, according to a report released today by Real Capital Analytics Inc. The 15 percent decline is the second-biggest since the first quarter of 2009, the real estate research firm’s data show………………………………………..Full Article: Source

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Sales of existing U.S. homes probably fell as lack of jobs hurt confidence

Posted on 21 October 2011 by Laxman  |  Email |Print

Sales of existing U.S. homes probably fell in September, extending a pattern of gains and losses that shows the industry is being buffeted by a lack of jobs and confidence, economists said.
Purchases declined 2.5 percent to a 4.91 million annual rate, according to the median of 77 economists surveyed by Bloomberg News. Jobless claims data from the Labor Department may show scant improvement in the pace of dismissals……………………………………….Full Article: Source

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Existing home prices, sales fall

Posted on 21 October 2011 by Laxman  |  Email |Print

The NAR (National Association of Realtors) reported that sales of existing homes fell 3.0 percent last month, from a seasonally adjusted annual rate of 5.06 million in August to 4.91 million in September, 11.3 percent above the level of a year ago.

More importantly, median home prices fell 3.5 percent to $165,400 from a year ago and that trend is likely to continue in the months ahead as traditional buyers continue to exit the market after the conclusion of the summer sales season and investors make up an increasing share of purchases, in many cases paying cash for distressed properties………………………………………..Full Article: Source

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EMEA direct commercial real estate investment up 26pct year-on-year in Q3 2011

Posted on 21 October 2011 by Laxman  |  Email |Print

LaSalle reports that European commercial real estate investment held up despite the turmoil in financial markets over the summer. There continues to be equity targeting the sector and we are witnessing more supply hitting the markets.
However, the increased uncertainty due to the eurozone debt crisis and a more restrictive debt environment has led to a reduced appetite to take on risk in real estate investment. In addition there is a current shortage of supply of prime property to the investment market……………………………………….Full Article: Source

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European retail investment up 38% in Q3: JLL

Posted on 21 October 2011 by Laxman  |  Email |Print

Retail real estate investment remained strong throughout the summer across Europe, despite the volatile recovery and economic headwinds that continued to face the sector. Direct investment in retail real estate in Europe during Q3 reached EUR 6.7 bn, up from EUR 4.9 bn in Q2 2011 and significantly up on the EUR 3.8 bn transacted in Q3 2010.

Total investment volumes for the year to date now stand at EUR 20.4 bn, up by 45% over the same period last year, almost on a par with total 2010 volumes and far exceeding full year volumes of EUR 12.3 bn in 2009……………………………………….Full Article: Source

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European investment up 26% y-o-y to EUR 28.8b: JLL

Posted on 21 October 2011 by Laxman  |  Email |Print

European commercial real estate investment held up in the third quarter despite the turmoil in financial markets over the summer, according to the latest figures from Jones Lang LaSalle.

European volumes over Q3 rebounded following a slow second quarter with transaction volume totalling EUR 28.8 bn, reflecting an increase of 13% quarter-on-quarter and 26% year-on-year. As a result, year to date volumes are 21% ahead of the equivalent period last year, the global property adviser said………………………………………..Full Article: Source

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UK: House prices: What next?

Posted on 21 October 2011 by Laxman  |  Email |Print

The big squeeze will keep a lid on house prices for the rest of the year at least, Halifax has forecast, as it revealed another 0.5 per cent dip in September.
The latest Halifax house price index report showed property values ranging between £160,000 and £165,000 over the past 12 months, with the market subdued in the face of low consumer confidence……………………………………….Full Article: Source

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Germany continues to draw strong international interest

Posted on 21 October 2011 by Laxman  |  Email |Print

Interest in German commercial real estate remains high among both German and international investors with retail property a top favourite, according to a report from Colliers International.

‘Total transaction volume up to the end of the third quarter came to just under EUR 16.8 bn, more than 27% above the previous year’s result,’ said Andreas Trumpp, head of Research at Colliers International in Germany. ‘The quarterly results have been very balanced thus far, fluctuating between EUR 5.4 bn and 5.7 bn,’ he added………………………………………..Full Article: Source

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Cyprus: Residential Property Price Index drop

Posted on 21 October 2011 by Laxman  |  Email |Print

Cyprus’ Residential Property Price Index (RPPI) dropped 0.9% in the second quarter of 2011, marking its sixth consecutive decrease since the first quarter of 2010.

The RPPI, prepared by the Central Bank of Cyprus, declined to 94.2 units down by 0.9% from 95.0 units in Q1 of 2011. On a year to year basis, the RPPI declined by 4.9%, a drop attributed to the reduction in the apartment price index………………………………………..Full Article: Source

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Glass half full? Real estate outlook may weigh on UAE

Posted on 21 October 2011 by Laxman  |  Email |Print

The United Arab Emirates’ stock markets may be in for a rocky few weeks as third-quarter earnings from real estate companies and banks reveal the extent to which the property market continues to slump, despite stronger economic growth this year.
Shares in Aldar Properties and Sorouh Real Estate , Abu Dhabi’s two main developers, sank to all-time lows this week as retail investors dumped the stocks on fears that the quarterly numbers will disappoint……………………………………….Full Article: Source

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Central Bank of Cyprus reports housing price falls

Posted on 21 October 2011 by Laxman  |  Email |Print

Residential housing prices in Cyprus have dropped for the sixth consecutive quarter according to the latest ‘Residential Property Price Indices’ report produced by the Real Estate Unit of the Island’s Central Bank.
The Bank’s report, for the second quarter of 2011, shows that the crisis in the real estate market is continuing; a recovery is not expected before 2013. During April, May and June of this year (before the devastating Mari blast that killed 13 people and destroyed the Vasilikos Power Station) house and apartment prices fell by 0.9%……………………………………….Full Article: Source

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India: Rich investors seek high realty returns

Posted on 21 October 2011 by Laxman  |  Email |Print

Products structured on real estate and promising over 20 per cent annual returns are gaining popularity among wealthy investors. These products, sold by wealth managers to their high networth individual clients, could have land or unfinished properties as underlying assets, with a buyback agreement after a certain number of years.
With a minimum investment of Rs 10-15 crore (Rs 100-150 million), these products are sold to a small number of HNIs……………………………………….Full Article: Source

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India: Realty prices: Less fireworks for builders this Diwali

Posted on 21 October 2011 by Laxman  |  Email |Print

The period around Diwali is usually the best time in the building trade, but this festive season a triple cocktail of volatile markets, double-digit interest rates and poor consumer confidence in a slowing economy has hit sales volumes, portending hard times for India’s real estate sector.
Some brokers and market experts are bracing themselves for a 25-30% drop in transaction volumes in the country’s top six property markets during the October-December busy season, which, if it happens, could trigger a competitive spiral of discounting to get rid of mounting inventories and restore depleted cash levels………………………………………..Full Article: Source

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China: Property loan risks controllable: CBRC chief

Posted on 21 October 2011 by Laxman  |  Email |Print

Results of a recent stress test show that commercial lenders in China can take as much as a 40 percent decline in property prices, and the general risk in property loans is controllable, said the top banking regulator Liu Mingkang.
By the end of August, outstanding property loans among Chinese commercial lenders stood at 10.4 trillion yuan ($1.63 trillion), 19.8 percent of the total of outstanding loans. “The proportion is far less than that of many European countries and America,” said Liu, the chairman of the China Banking Regulatory Commission (CBRC)……………………………………….Full Article: Source

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Singapore to release 100,000 units to meet demand

Posted on 21 October 2011 by Laxman  |  Email |Print

Demand and prices for residential flats in Singapore is on the rise. National Development minister Khaw Boon Wan raised the issue of demand for housing in parliament. “If demand remains strong, we have the resources and the capacity to build more than 100,000 HDB flats during this term of (the current) government,” he said
More than 100,000 public residential flats will be built over the next five years to help combat rising prices and demand………………………………………Full Article: Source

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Vietnam property market hurt by lending rates, CapitaLand says

Posted on 21 October 2011 by Laxman  |  Email |Print

Vietnam’s property market has “slowed down” as higher interest rates made it difficult for potential buyers to finance purchases, said CapitaLand Ltd., Southeast Asia’s biggest property developer.
The nation’s inflation rate in September reached 22.42 percent, the highest among 17 Asian economies tracked by Bloomberg. The central bank has increased its refinancing rate to 15 percent from 9 percent at the beginning of the year, while Fitch Ratings said in August lending costs for some businesses in July were as high as 25 percent……………………………………….Full Article: Source

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Australian Property bubble a myth

Posted on 21 October 2011 by Laxman  |  Email |Print

Property pundits often make the statement that the housing market is about to crash. This occurs a few times every decade but it seems to suffering overuse since the global financial crisis in 2008.
Then it was all doom and gloom, but here in Australia we picked ourselves up and and just got on with it………………………………………Full Article: Source

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Australia’s most over-priced property market

Posted on 21 October 2011 by Laxman  |  Email |Print

The recent Sydney Housing Valuation Report argued that Sydney’s housing market, despite being Australia’s most expensive when measured against household incomes, is built upon relatively sound fundamentals and offers a safer-than-average (Australian) proposition from an investment housing viewpoint.
Now this column wants to focus on the Melbourne housing market, which is built upon far shakier foundations and is arguably Australia’s major market most at risk of a significant price correction………………………………………Full Article: Source

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US construction recovery delayed - McGraw-Hill

Posted on 20 October 2011 by Laxman  |  Email |Print

Robert MurrayNew spending on U.S. construction, which has fallen in four of the past five years, is forecast to remain flat next year at about $412 billion, pushing back an expected recovery in the sector by another year, according to a widely-followed forecast.
The estimate, by McGraw-Hill Construction, predicts gains in some construction sectors, such as single-family housing and apartment buildings, as well as commercial buildings such as warehouses and hotels……………………………………….Full Article: Source

Housing starts in U.S. rise 15pct, beat forecast

Posted on 20 October 2011 by Laxman  |  Email |Print

Builders began work on more U.S. homes than forecast in September and consumer prices climbed at the slowest pace in three months, supporting Federal Reserve forecasts for a pickup in growth and a moderation in inflation.
Housing starts jumped 15 percent to a 658,000 annual rate, the most since April 2010, the Commerce Department reported today in Washington. Data from the Labor Department showed the cost of living climbed 0.3 percent from August, in line with the median projection of economists surveyed by Bloomberg News……………………………………….Full Article: Source

Housing starts jump, but overall data a mixed bag

Posted on 20 October 2011 by Laxman  |  Email |Print

Overall housing starts in September beat expectations by a wide margin, the U.S. Commerce Department reported Wednesday, the surge coming primarily from multi-unit structures. Permits for new homes were down, however, which means the gains probably won’t last.
With demand for single-family homes still stagnant, many Americans are turning to rental properties, which prompted the increase in multi-unit dwellings. Because of that, as well as the decrease in permit structures, housing experts are skeptical that the September data represent a meaningful shift in direction for the battered sector……………………………………….Full Article: Source

Latest housing market index report not a reason to rejoice

Posted on 20 October 2011 by Laxman  |  Email |Print

The National Association of Home Builders (NAHB) Tuesday reported its Housing Market Index. The metric is a measure of the mood of homebuilders, and has been mired in the mud where home foundations might otherwise be for years now.
The popular press jumped on the news of improvement in the index, but failed to note, except in the details few Americans likely read, that the absolute value of the Housing Market Index is still dreadful……………………………………….Full Article: Source

How to clean up the housing mess

Posted on 20 October 2011 by Laxman  |  Email |Print

About four years ago, as the housing bust worsened, our country faced an entirely predictable problem: A huge wave of foreclosures was headed our way. The issue of the day was how to stop it before it engulfed the entire economy.
My suggestion then was to revive the Depression-era Home Owners’ Loan Corporation, which refinanced about a tenth of all the mortgages in America and closed its books with a small profit. Never mind the details; the suggestion was ignored. Maybe there were better ideas, anyway……………………………………….Full Article: Source

What to do if you plan on buying a home next year

Posted on 20 October 2011 by Laxman  |  Email |Print

Even with interest rates and home prices at all-time lows, many potential home buyers, especially first-timers, are on the sidelines. They’re concerned about the economy, their job, their savings, or their ability to actually get a loan.
But real estate is cyclical. If you look at the past 50 years, real estate has gone up and down. We’ve been in a down cycle for some time now - which followed many years of an up real estate market. It’s inevitable that buyers will gradually move off the sidelines and start making their way toward the end zone again……………………………………….Full Article: Source

Washington’s office market dials back

Posted on 20 October 2011 by Laxman  |  Email |Print

The rising pressure to control federal spending is beginning to take a toll on Washington landlords. The Washington region’s office market in the third quarter registered its worst performance since late 2009, a sharp contrast to a boom the area saw throughout 2010.
The amount of occupied space in the quarter rose by a mere 1,200 square feet, the smallest level of growth since the third quarter of 2009. By comparison, the amount of occupied space swelled by 2.2 million square feet, or 1%, in the third quarter of last year, according to brokerage Jones Lang LaSalle……………………………………….Full Article: Source

JLL reports solid commercial real estate investment in Europe despite market turmoil

Posted on 20 October 2011 by Laxman  |  Email |Print

Jones Lang LaSalle reports that European commercial real estate investment held up despite the turmoil in financial markets over the summer. There continues to be equity targeting the sector and we are witnessing more supply hitting the markets. However, the increased uncertainty due to the euro zone debt crisis and a more restrictive debt environment has led to a reduced appetite to take on risk in real estate investment.
In addition there is a current shortage of supply of prime property to the investment market ………………………………………Full Article: Source

UK outlines proposed changes to REIT structure

Posted on 20 October 2011 by Laxman  |  Email |Print

The UK Government has published proposed changes to the real estate investment trust (REIT) regime. A key change signalled by the UK treasury is abolition of the conversion charge for companies joining the REIT regime.
REIT regulations will also be eased to allow listing on the London junior AIM and PLUS markets and their foreign equivalents with a view to increasing accessibility to markets for earlier stage REITs……………………………………….Full Article: Source

Irish commercial property capital value has tumbled 64.2pct from Sept 2007 bubble peak

Posted on 20 October 2011 by Laxman  |  Email |Print

Irish commercial property capital value has tumbled 64.2% from the September 2007 bubble peak. The Jones Lang LaSalle Irish Property Index (pdf) results for Q3 2011 were mixed. The overall return for the Index is still falling (-1.9%) and disappointingly, year-on-year overall returns were 5.0% lower, compared to 2.0% year-on-year results for the previous quarter.
On a more positive note, all indices are falling at a lower pace than the previous quarter with overall returns at -1.9% compared to -3.4% in Q2……………………………………….Full Article: Source

Real estate equities’ performance outshines non-listed options for investors in Germany

Posted on 20 October 2011 by Laxman  |  Email |Print

The lack of a large, dynamic, listed corporate real estate sector in Germany, comparable with neighboring economies, appears to have curtailed investor returns over the long-term by limiting their property investment options, a recent study commissioned by the European Public Real Estate Association (EPRA) shows.
Philip Charls, EPRA Chief Executive, said: “Our study concludes that the restrictions on the development of a vibrant listed German real estate sector, as exists in every other major economy worldwide, appear to have cost investors dearly in terms of long-term property investment performance.”………………………………………Full Article: Source

U.A.E. property prices, rents may drop further 20pct, Arqaam says

Posted on 20 October 2011 by Laxman  |  Email |Print

Property prices and rents in the United Arab Emirates may drop a further 20 percent this year and next because of excess supply, Arqaam Capital said.
“There is a further leg down to the U.A.E. property market before residential prices and rents recover,” analyst Mohammad Kamal wrote in a report dated yesterday. “We see a further 15 percent to 20 percent in downside to prices and rents in financial year 2011 and 2012.”………………………………………Full Article: Source

More Canadians than Chinese buy Dubai property

Posted on 20 October 2011 by Laxman  |  Email |Print

While the Chinese have found a place among the top buyers of buildings/villas in Dubai, surprisingly, it is the Canadians who are investing a lot in the emirate’s realty market.
Canadians purchased 68 plots for Dh285 million, 388 apartments for Dh608m and 20 buildings/villas for Dh31.08m in the first six months of 2011, according to data shared by Dubai Land Department……………………………………….Full Article: Source

India lags behind the West in matrimonial property rights

Posted on 20 October 2011 by Laxman  |  Email |Print

When it comes to property rights in matrimony, gender matters. The issue of property rights for women within a marriage has long been an area of concern across the world. While Maharashtra is now considering the idea of granting women equal rights in their husband’s property, women’s rights were being asserted in the US way back in 1771.
Almost two-and-a-half centuries ago, New York brought in a law preventing a married man from selling or transferring his wife’s property without her approval……………………………………….Full Article: Source

Bangalore Metro gives boost to property prices

Posted on 20 October 2011 by Laxman  |  Email |Print

Bangalore will wake up to a new beginning on Thursday. For residents who are tired of the city’s chaotic traffic, they will now have the options to chose from. The advantages of a sound mass transport system may not show immediately for the people, but realty prices, which have already risen sharply may see further jump.
The Reach-1 of the Rs.11,609-crore - revised cost - mega project from M.G. Road in city centre to Baiyappanahalli in the eastern suburb covers 6.7 km on elevated tracks with four stations in between……………………………………….Full Article: Source

China: Home price increases slowing

Posted on 20 October 2011 by Laxman  |  Email |Print

More Chinese cities saw property price increases slow down in September year-on-year as the government’s tightening measures to cool the market kicked in, the National Bureau of Statistics (NBS) said on Tuesday.
Last month, 59 of the statistical pool of 70 major cities saw new-home prices increase more slowly from a year earlier, compared with 40 cities in August, according to the NBS……………………………………….Full Article: Source

Raises of first-home mortgage rate shadow China’s real estate market

Posted on 20 October 2011 by Laxman  |  Email |Print

Banks in China’s major cities have started raising mortgage rates for first-home buyers, putting further pressure on prospective buyers and the real estate market.
China Construction Bank, China’s second largest state-owned bank by market value, on Oct. 15 announced an increase of its mortgage rate for first-home buyers to 1.05 times of the central bank’s benchmark lending rate. China’s commercial banks in at least 14 major cities also have lifted the rate by 5 to 10 percent……………………………………….Full Article: Source

Singapore says not time to remove property cooling measures

Posted on 20 October 2011 by Laxman  |  Email |Print

Measures to cool Singapore’s housing market will not be eased despite the slowing rate of increase in private home prices, local media reported on Thursday, quoting National Development Minister Khaw Boon Wan.
“There have been some calls for their removal but I don’t think it is time yet,” Khaw told Parliament on Wednesday. Singapore has tightened borrowing requirements and released more land for housing in a bid to stem a sharp rise in home prices……………………………………….Full Article: Source

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