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Real Estate Briefing - Archive | January, 2012

U.K: Housing market ‘to remain subdued’

Posted on 27 January 2012 by Laxman  |  Email |Print

A “generational divide” in the property market is likely to cause further subdued sales this year, with young people unable to buy and older home owners unwilling to sell, a study has found.One in 10 Britons would consider moving home or trying to get on the housing ladder in the next six months, the HSBC Moving Home Survey said.

The study found that older people in households which planned to stay put were more likely to be content with their current property, whereas younger people were finding themselves unable to move because of concerns relating to the weak economy……………………………………….Full Article: Source

Nordic property investment slips to EUR 19.6bln in 2011

Posted on 27 January 2012 by Laxman  |  Email |Print

Direct real estate investment in the four main markets in the region - Sweden, Norway, Denmark and Finland, generated total volumes of EUR 19.6 bn last year, according to figures provided to PropertyEU by real estate advisor Catella.

This compares to EUR 21.2 bn the previous year, though some deals completed in the last days of December 2011 may not have been reported yet……………………………………….Full Article: Source

All signs point to housing stagnation in 2012

Posted on 27 January 2012 by Laxman  |  Email |Print

All signs are pointing to a stagnant UK mortgage market in 2012, new research suggests.The generational divide in the UK property market is likely to cause housing stagnation in 2012, with young people unable to buy and older homeowners unwilling to sell, according to HSBC.

The constraint on new property coming onto the market – cited as one of the main reasons why house prices held relatively firm in 2011 – looks as if it will continue in 2012, with just 12% of people thinking about moving or getting on the property ladder over the next six months……………………………………….Full Article: Source

Luxury Spanish property market ‘performing well’

Posted on 27 January 2012 by Laxman  |  Email |Print

There continues to be an appetite among investors for luxury real estate in Spain. Lucas Fox International Properties announced this week that 2011 was its “most successful operational year to date”, with the firm citing its strong client base and portfolio of desirable assets among the factors that have helped it perform well.

Aimar Valls, head of commercial and investment property at the organisation, commented: “In the last year we have received a dramatic rise in both the quantity and quality of enquiries for commercial and investment property.”………………………………………Full Article: Source

S.Africa: Housing market to trade sideways in 2012

Posted on 27 January 2012 by Laxman  |  Email |Print

Residential property prices are likely to continue to drift sideways this year, impacted by poor economic growth, according to bond originator, ooba. But ooba chief executive Saul Geffen said with interest rates remaining at historically low levels, which may drop further in 2012, home buyers and home owners would continue to benefit.

Geffen said that 2011’s third quarter economic growth figures had confirmed that SA had once again had little real economic growth, which should mean further pressure on the fragile labour market and negative real disposable income growth……………………………………….Full Article: Source

Mumbai home sales drop to 3-year low as prices climb to record

Posted on 27 January 2012 by Laxman  |  Email |Print

Mumbai’s residential home sales dropped to a three-year low in the quarter ended December as record home prices and higher interest rates crimped demand, according to Liases Foras Real Estate Rating & Research Pvt.

Sales in Mumbai, India’s most expensive property market, fell 17 percent from the previous quarter to 7.59 million square feet, said Pankaj Kapoor, founder of Liases Foras. The city’s unsold inventory, or the number of months needed to clear stock at the existing absorption rate, climbed to 44 months. A “healthy market” normally maintains about eight months of inventory, according to Kapoor……………………………………….Full Article: Source

Global real estate market to reach US$24.7 trln by 2015

Posted on 27 January 2012 by Laxman  |  Email |Print

With the effect of recession ebbing, the real estate and construction industry recovered in few US markets and witnessed strong resurgence in Canada and China. However, a number of owners of commercial or home properties are expected to continue facing difficult conditions as the value of properties is still below the cost of purchase, and various mortgage debts are at higher levels than the value of underlying properties.
Commercial mortgage foreclosures and delinquencies are also expected to continue affecting the industry. On a corporate level, the industry is expected to witness consolidation of development and construction firms, which would primarily focus on debt reduction, cost control, as well as risk management. Investments in transportation, education facilities, highways, healthcare facilities, and government offices would provide opportunities to commercial construction firms. (Press Release)

Thirty cities get half of global property dollars

Posted on 26 January 2012 by Laxman  |  Email |Print

More than half the recent global investment in commercial real estate found a home in just 30 cities with a quarter spent in London, Tokyo, New York, Hong Kong and Paris, according to real estate services company Jones Lang LaSalle.
In a report released on Wednesday, it said it expects major cities in emerging markets to increasingly become viable contenders for real estate investment dollars, expanding its list of 30 “alpha” cities over the decade………………………………………..Full Article: Source

U.S. commercial property-insurance rates to climb, Marsh says

Posted on 26 January 2012 by Laxman  |  Email |Print

U.S. businesses will probably pay more this year for property coverage after insurers took losses from natural disasters and investment income declined, Marsh & McLennan Cos.’s insurance brokerage said.
Half of U.S. clients surveyed by broker Marsh Inc. said the cost of property insurance rose in the last six months of 2011, with increases of 10 percent or more among customers at risk of losses from catastrophes, according to a report to be released today by the New York-based company. That trend is likely to continue this year, the broker said………………………………………..Full Article: Source

After Obama speech, three arguments for housing

Posted on 26 January 2012 by Laxman  |  Email |Print

President Barack Obama said in his State of the Union speech that he wanted to help struggling homeowners refinance their mortgages. The Republicans who want his job say the government should get out of the way of the housing market.
But as the housing crisis takes center stage in the campaign, a growing number of experts say neither approach is potent enough to cure falling prices, depressed construction and waves of foreclosures………………………………………..Full Article: Source

Contracts to purchase existing U.S. homes hold near 19-month high

Posted on 26 January 2012 by Laxman  |  Email |Print

The number of Americans signing contracts to buy previously owned homes in December held near a 19-month high, showing the stabilization in the market that began in late 2011 will extend into the new year.
The index of pending home sales decreased 3.5 percent last month after jumping a combined 18 percent in October and November, figures from the National Association of Realtors showed today in Washington. It was the best back-to-back reading since a buyer tax credit boosted demand in early 2010………………………………………..Full Article: Source

U.S. housing market falling again after gains

Posted on 26 January 2012 by Laxman  |  Email |Print

The housing market is falling back again after hitting its best level for a year-and-a-half late last year. Contracts signed by Americans to buy homes fell by 3.5 per cent in December after hitting the landmark high in November - but they were still at the second-highest level since April 2010.
The National Association of Realtors’ index of sales agreements fell last month to 96.6, down from November’s reading of 100.1 - with a reading of 100 considered ‘healthy’ by the organisation………………………………………..Full Article: Source

Silicon Valley’s commercial real estate market expected to remain hot

Posted on 26 January 2012 by Laxman  |  Email |Print

With the tech boom building momentum, Silicon Valley companies are on the hunt for space equal to nine shopping malls. That was the highlight conclusion of a conference Tuesday organized by realty brokerage Cornish & Carey Commercial Newmark Knight Frank. The gathering heard brokers present a robust outlook for the Bay Area economy and the region’s commercial real estate sector.
“We had a lot of tenant demand in 2011, and there is still more tenant demand coming,” said Phil Mahoney, an executive vice president with Cornish & Carey………………………………………..Full Article: Source

Europe: Capital raising ‘biggest challenge’ for real estate investors in 2012 – INREV

Posted on 26 January 2012 by Laxman  |  Email |Print

New research shows real estate investors and fund managers agree the biggest challenge in 2012 will be raising new capital but also highlights disparity over other key fundraising issues.
INREV’s annual Investment Intentions Survey found that ‘the ability to raise capital’ was deemed to be one of the ‘most challenging obstacles for fund managers of non-listed real estate funds in the next 12 months’ by 63% of investors and 69% of managers………………………………………..Full Article: Source

Europe listed sector forecast to remain flat in 2012

Posted on 26 January 2012 by Laxman  |  Email |Print

The European listed property sector is expected to continue to trade at a ‘wide discount’ to Net Asset Value this year after having lost as much as 10% over 2011.
‘Real estate is perceived as being part of the financial industry and as such it very much depends on the banking sector and the availability of credit. That’s why stocks continue to underperform,’ said Céline Donnet, an analyst with financial group Petercam in Brussels………………………………………..Full Article: Source

CBRE: CEE property investment doubles year-on-year

Posted on 26 January 2012 by Laxman  |  Email |Print

Commercial property investment volumes in Central and Eastern Europe (CEE) reached more than €11.2 billion by the end of December 2011 – twice the volume when compared to 2010, according to the latest data from CBRE.
Significant deal flow in Russia during December 2011 pushed CEE property investment volumes over the €10 billion mark, which resulted in the third strongest year in CEE history. The strong finish in the final quarter of 2011 (Q4 2011) confirms the expectations CBRE had at the start of December that several pending transactions would close by the year-end. Of particular note was the closing of the Galeria center, a large mall in St. Petersburg, for over €800 million………………………………………..Full Article: Source

Dublin: Multinationals’ demand drives offices market

Posted on 26 January 2012 by Laxman  |  Email |Print

Multinational companies, especially those in the technology sector are expected to be the main drivers of the Dublin office market in 2012, building on the mom- entum seen in 2011 when they accounted for half of the office take-up.
This is the view of Jones Lang LaSalle in their outlook for the Dublin market. The agents attribute this demand to the attractiveness of Ireland for low corporation tax, its young educated workforce, choice of property, flexible lease terms, low rental levels and increased incentives which together combine to create a competitive business environment………………………………………..Full Article: Source

German real estate is top pick in Europe for investment funds

Posted on 26 January 2012 by Laxman  |  Email |Print

Germany and Scandinavia are the most favored investment locations in Europe for unlisted real-estate funds because money managers perceive them as more likely to weather the recession threatening the region, according to survey published today.
German retail properties were the top pick for a second year in an annual survey of 121 investors and money managers by the European Association for Investors in Non-Listed Real Estate Vehicles, or Inrev. The respondents own or manage 1.66 trillion euros ($2.16 trillion) of assets. Around 64 percent of them said German retail is their preferred location and industry………………………………………..Full Article: Source

Swiss regulator steps up focus on housing market boom

Posted on 26 January 2012 by Laxman  |  Email |Print

Switzerland’s financial markets supervisor is stepping up its focus on the country’s booming housing market to try and avoid a potential price bubble developing, it said Wednesday.
The Swiss property market is currently enjoying a boom as historically low mortgage rates and the migration of cash-rich migrants spur demand for houses and apartments, pushing prices, particularly in prime lakeside locations in Zurich and Geneva, sharply higher………………………………………..Full Article: Source

Portugal: Buoyant lettings market continues to benefit from weak sales

Posted on 26 January 2012 by Laxman  |  Email |Print

The December RICS/ Ci Portuguese Housing Market Survey (PHMS) reports that the Portuguese sales market remains subdued, with demand, supply and prices continuing to fall.
Despite that drop, sales activity fell at a slower rate than November. The National Price balance moved from -70 to -66, while the National Confidence index improved slightly, from -60 to -52. With new vendor instructions continuing to fall (supply), house price declines are being driven primarily by anaemic demand………………………………………..Full Article: Source

Prices at Baku primary housing market fell by 30pct

Posted on 26 January 2012 by Laxman  |  Email |Print

Last month the prices at the primary market of Baku decreased by 0.3%. Public Organization “Property Market Participants” reports that the market was proposed only one new building and another one left the market fully in December 2011.
“With the reduction in prices by 0.3% the price of housing square meter at the primary market reached 825.2 manats against 827.7 in November 2011. By January 2011 the prices fell by 2.7% and by the beginning of the crisis period (September 2008) by 30.9%,” it was informed………………………………………..Full Article: Source

Kenya: Developers facing foreclosure on unsold property

Posted on 26 January 2012 by Laxman  |  Email |Print

The boom in Kenya’s real estate a few years ago made property developers plunge in without considering market fundamentals such as the fact that property cannot easily be liquidated. Therefore, some investors are now stuck with property for which they are still repaying loans.
The speculative wave that has been evident in the real estate market is dying away, as market fundamentals become realistic. Developers are now finding themselves with property they cannot sell and are facing foreclosures as banks seek to recover unpaid loans………………………………………..Full Article: Source

HongKong: Property market transactions turn frosty

Posted on 26 January 2012 by Laxman  |  Email |Print

Property deals went into cold storage on the coldest Lunar New Year in 16 years. Over the five-day long weekend, there were only a few transactions in the primary and secondary markets. There were no new deals at The Coronation in West Kowloon, where sales have been high, while one unit in Chatham Gate in Hung Hom was reserved.
In the past two months, 620 apartments have been sold at The Coronation and 80 were offloaded at Chatham Gate………………………………………..Full Article: Source

Vietnam: Property developers should take long-term view

Posted on 26 January 2012 by Laxman  |  Email |Print

Many companies in Vietnam were dealt a harsh blow by the real estate market slump last year. Singapore property developer Keppel Land, though not completely untouched, has weathered the downturn well. Linson Lim, President of Keppel Land Vietnam, is confident that the market will recover soon.
Lim, who says Vietnam’s growth has been resilient, speaks about the long-term strategies of his company and sheds light on a social housing project developed under a public-private partnership – a relatively new model in the country………………………………………..Full Article: Source

Fixing the housing market: What to expect from Obama’s SOTU speech

Posted on 25 January 2012 by Laxman  |  Email |Print

President Barack ObamaWhat’s President Obama’s plan for getting the housing market back on track? Look for proposals—but not necessarily solutions—in tonight’s State of the Union address.
On Monday, government officials announced that a $25 billion settlement to help troubled homeowners refinance or reduce the principals owed was close to becoming a reality. Five major banks—Bank of America, Wells Fargo, Citibank, JPMorgan Chase, and Ally Financial—are currently in negotiations with U.S. state attorneys general to reach a settlement that would aid Americans hurt by foreclosure wrongdoings and deceptive lending practices on the behalf of the banks………………………………………..Full Article: Source

Blackstone said to raise more than $6 bln for property fund

Posted on 25 January 2012 by Laxman  |  Email |Print

James CorlBlackstone Group LP (BX) secured more than $6 billion of pledged capital for a new real estate fund that will buy mainly distressed-property assets, said two people with knowledge of the fundraising.
The New York-based buyout firm plans to raise at least $10 billion for the fund, known as Blackstone Real Estate Partners VII, said the people, who asked not to be identified because the capital-raising is private. Blackstone expects the vehicle to be fully funded this year, they said………………………………………..Full Article: Source

Vital signs: Rising rents

Posted on 25 January 2012 by Laxman  |  Email |Print

The cost of renting a home in the U.S is climbing. Rents for primary residences rose 2.5% year-over-year in December, according to the government’s consumer-price index. The pace of the increase in rents has picked up since the summer.
Unemployment and tight lending standards have dissuaded some potential homebuyers and spurred demand from renters………………………………………..Full Article: Source

CRE show: US retail real estate market on the road to recovery

Posted on 25 January 2012 by Laxman  |  Email |Print

The Great Recession left the retail real estate market ailing, but the sector exhibited some significant signs of health last year and should continue to recover in 2012.
Guests of the most recent episode of the “Commercial Real Estate Show” provided those observations and others in a detailed look at the market. Topics included retail spending, investment sales activity, landlord-tenant negotiations and the growth of Smashburger, an award-winning, fast-casual restaurant chain………………………………………..Full Article: Source

Outlook for mortgage market: Feels like ‘groundhog day’

Posted on 25 January 2012 by Laxman  |  Email |Print

The American Securitization Forum returned here after a two-year hiatus for an annual meeting with little of the optimism for a quick turnaround in the market for mortgage-backed securities that had marked previous events.
Instead of predicting how many privately issued mortgage deals would emerge this year, some panelists suggested a better question was whether an organic market would return at any time in the near future………………………………………..Full Article: Source

Europe’s prime rents and yields remain stable: CBRE

Posted on 25 January 2012 by Laxman  |  Email |Print

Prime rents and yields for European commercial property remained broadly stable in the final quarter (Q4) of 2011, despite continued economic uncertainty and negative sentiment across the Continent, according to new figures released by CBRE.
European prime yields have remained stable for several quarters, moving up by no more than 10 basis points in any property sector throughout 2011, while rents in the office and industrial sectors have risen by less than 1% over the same period………………………………………..Full Article: Source

CBRE: CEE property investment doubles year-on-year

Posted on 25 January 2012 by Laxman  |  Email |Print

Commercial property investment volumes in Central and Eastern Europe (CEE) reached more than €11.2 billion by the end of December 2011 – twice the volume when compared to 2010, according to the latest data from CBRE.
Significant deal flow in Russia during December 2011 pushed CEE property investment volumes over the €10 billion mark, which resulted in the third strongest year in CEE history. The strong finish in the final quarter of 2011 (Q4 2011) confirms the expectations CBRE had at the start of December that several pending transactions would close by the year-end………………………………………..Full Article: Source

U.K: Land Securities says vacancy rates declined on new tenants

Posted on 25 January 2012 by Laxman  |  Email |Print

Land Securities Group Plc, the U.K.’s largest real estate investment trust by value, said vacancies at it properties fell after attracting tenants including CBRE Global Investors.
The vacancy rate for like-for-like assets declined to 3.1 percent for the quarter ending Dec. 31 from 3.3 percent in the three months through September, according to a statement by the London-based company today. The rate includes 0.9 percent of temporarily leased space and excludes 0.6 percent where the tenant is restructuring………………………………………..Full Article: Source

UK house sales down by 1pct in 2011

Posted on 25 January 2012 by Laxman  |  Email |Print

UK house sales fell just 1% last year to 869,000, one of the lowest totals on record, HM Revenue & Customs has said. It means the property market has been in a three-year slump, with sales roughly half the levels recorded in the run up to the banking crisis in 2007.
Sales have been depressed by a combination of mortgage rationing by lenders, and rising unemployment………………………………………..Full Article: Source

Irish house prices fell by 16.7pct in 2011

Posted on 25 January 2012 by Laxman  |  Email |Print

In the year to December 2011, Irish house prices at a national level, fell by 16.7%. This compares with an annual rate of decline of 15.6% in November and a decline of 10.5% recorded in the twelve months to December 2010. Residential property prices in Dublin are 55% lower than at their highest level in February 2007.
The Central Statistics Office (CSO) said residential property prices fell by 1.7% in the month of December. This compares with a decline of 1.5% recorded in November and a decline of 0.5% in December of last year………………………………………..Full Article: Source

JLL: Prague’s office market sees highest gross take-up figures in modern history

Posted on 25 January 2012 by Laxman  |  Email |Print

The cumulative gross take-up figures for Prague’s office market for 2011 reached a record 325,564 m², which is almost 52% more than in 2010, according to the latest research from Jones Lang LaSalle.
Eduard Forejt, Head of Office Agency at Jones Lang LaSalle, commented: “The 2011 figures represent the highest gross take-up in the modern history of Prague office market and have exceeded the previous best result from 2006 by more than 40,000 m²,” and he continues, “it is also by almost 100,000 m² higher than 10 years average take-up on the market.”……………………………………….Full Article: Source

Oman: Regulating real estate

Posted on 25 January 2012 by Laxman  |  Email |Print

The introduction of a real estate regulatory agency in Oman is expected to instil greater confidence among foreign investors and promote better practices in this growing segment.
Early this month the Council of Ministers took a first step towards getting the agency off the ground: it directed that a committee be formed to gauge the opinions of players involved in the sector to determine exactly what the agency could contribute………………………………………..Full Article: Source

Around 44pct housing units unsold in India

Posted on 25 January 2012 by Laxman  |  Email |Print

Leading independent global property consultants - Knight Frank India Pvt. Ltd. announced the launch of their database product “eyestate” that is jointly developed by Knight Frank Research and Indicus Analytics, India’s leading economics research firm.
The product gives information and analysis of the residential, commercial and retail real estate market across the seven major metropolitan regions namely Mumbai, the National Capital Region, Kolkata, Bengaluru, Hyderabad, Pune and Chennai………………………………………..Full Article: Source

Reduce interest rates to boost housing demand: Realtors

Posted on 25 January 2012 by Laxman  |  Email |Print

Real estate developers said that RBI’s decision to cut cash reserve ratio (CRR) will help improve the liquidity position of various sectors, including realty, but felt that interest rates should be brought down to boost housing demand.
“The CRR cut will bring in liquidity. It will help the real estate market which is cash starved. However, it is important to see the interest rate shall have to come down to facilitate the home seekers to buy homes,” Confederation of Real Estate Developers’ Association of India (CREDAI) President Lalit Kumar Jain said in a statement………………………………………..Full Article: Source

Australian housing prices on the rise … but hardly raise the roof

Posted on 25 January 2012 by Laxman  |  Email |Print

Median house prices rose slightly around the country in the December quarter for the first time since late 2010, according to data from Australian Property Monitors.
But it is too early to tell whether the housing downturn has been halted. Prices were steady or rose during the quarter in the country’s two biggest housing markets, Sydney and Melbourne, with the southern capital’s prices up 1.1 per cent from the previous quarter, APM said………………………………………..Full Article: Source

How to profit from Australia’s pending house price crash

Posted on 25 January 2012 by Laxman  |  Email |Print

Australia’s housing bubble is one of the largest in the world. The bad news – for Australians – is that it looks as though it’s on the verge of popping. That could spell disaster for the Australian economy. One pundit reckons that prices could fall by as much as 60%.
The good news is that you could profit from the fallout – I’ll explain how in a moment………………………………………….Full Article: Source

U.S: Economists see ways to aid housing market

Posted on 24 January 2012 by Laxman  |  Email |Print

The underpinnings of a housing recovery are hiding in plain sight: sharp price declines, low mortgage rates and rising rents have made owning more affordable than renting in a growing number of markets.
Yet housing largely remains in a funk. The prospect of continued price declines—led by the oversupply of foreclosed homes—has deterred some potential buyers, while others can’t qualify for loans………………………………………..Full Article: Source

U.S: Home buying could soon beat renting

Posted on 24 January 2012 by Laxman  |  Email |Print

Paul DiggleFalling home prices have sent many would-be buyers to the sidelines. If all goes well, record low interest rates and rising rents may soon prompt some of them to take a second look at buying.
Unfortunately, that’s a big “if,” according to Paul Diggle, a housing economist at Capital Economics. Much of the decision to buy a house still depends on your personal finances and preferences, your career or family life, or level of financial security………………………………………..Full Article: Source

US set for significant housing recovery says Coldwell Banker chief

Posted on 24 January 2012 by Laxman  |  Email |Print

The United States should see “a significant recovery in the housing market” during 2012, Coldwell Banker Real Estate International chief executive officer Jim Gillespie told a conference this week in Louisiana.
As the leader of one of America’s biggest real estate agency group, Gillespie said that even though many property firms should still be concerned about the national market because the “perception” of the US housing market is still “awful,” he could see first-time buyers and investors playing an increasingly big role this year………………………………………..Full Article: Source

12 hottest housing markets for 2012

Posted on 24 January 2012 by Laxman  |  Email |Print

2012 is looking promising for the beleaguered U.S. housing market. The National Association of Realtors forecasts a rise in overall home sales of 5 percent, to 4.5 million this year, and The Wall Street Journal recently reported that a number of hedge funds, including Caxton Associates LP, SAC Capital Advisors LP and Blackstone Group LP, are betting that the housing market will grow.
But that doesn’t mean all markets are created equal. According to the recent Home Data Index report by Clear Capital, 24 percent of 50 major metropolitan markets showed signs of stabilization in 2011, while others jumped dramatically higher or lower………………………………………..Full Article: Source

Foreclosures: America’s hardest hit neighborhoods

Posted on 24 January 2012 by Laxman  |  Email |Print

The housing collapse has dramatically changed the nation’s foreclosure landscape. Neighborhoods boasting modern homes, cul-de-sacs and tree-lined streets in and around Western cities now dominate the list of the top 100 U.S. zip codes hit hardest by foreclosures and claim and comprise all of the top 10 spots, according to data generated for CNNMoney by RealtyTrac.
In 2011, Western states claimed 82 of the 100 worst hit zip codes with 38 in California and another 28 in Nevada………………………………………..Full Article: Source

Top places to retire–and work

Posted on 24 January 2012 by Laxman  |  Email |Print

Sure it sounds like an oxymoron. But “working retirement” is a label describing the situation of more and more people. With Social Security retirement ages going up, companies freezing pensions, and investment losses in 401(k) accounts, the concept of a full retirement at age 65 or whenever is changing dramatically for the 77-million-person Baby Boomer generation. More and more retirees are opting to work, even into their 70s.
Accordingly, we have put together a list of the 25 top areas for a working retirement. They can be found in 21 states………………………………………..Full Article: Source

New Yorkers say housing market worse than a year ago

Posted on 24 January 2012 by Laxman  |  Email |Print

When it comes to home sales, nearly half of New Yorkers surveyed say the real estate market has grown worse compared to a year ago. The same poll conducted by the Siena Research Institute found better sentiment looking ahead.
“Residents continue to say that it is a phenomenal time to buy but a very problematic moment to sell,” said Don Levy, director of the Siena Research Institute………………………………………..Full Article: Source

The EU derivative that will damage property market

Posted on 24 January 2012 by Laxman  |  Email |Print

Many people through no fault of their own fall into difficulties with their mortgage repayments. Sometimes they simply need a little time and an understanding lender in order to get back on track. Currently repossession proceedings do not start until borrowers have fallen behind with their payments for six months.
But a clause contained in an EU banking directive will require repossessions to begin after just three months, a move which has – it is said – been brought in to make banks more secure and reduce the likelihood of another banking crisis………………………………………..Full Article: Source

UK: Unlisted property outperforms equities, but lags direct commercial

Posted on 24 January 2012 by Laxman  |  Email |Print

Worsening economic conditions in 2011 enabled unlisted property funds in the UK to outperform equities and property REITs, but their performance remained sluggish compared with direct commercial property, according to a study by IPD.
IPD found that pooled property funds delivered 1.2% in the fourth quarter of 2011, as returns continued to slow, producing an annual return of 7.1%, while direct commercial property returned 8.1%………………………………………..Full Article: Source

Homebuilders get U.K. boost from Cameron with 5pct down payments: Mortgages

Posted on 24 January 2012 by Laxman  |  Email |Print

The British government’s plan to help reduce down payments for new homes to as low as 5 percent will give a boost to a homebuilding industry that’s learned how to survive a slowing economy and four years of stingy credit.
Mortgage lending is less than half the level of 2006, at the end of the housing boom, with buyers now required to pay as much as 25 percent of a home’s value up front………………………………………..Full Article: Source

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