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Real Estate Briefing - Archive | March, 2012

CRE: Lenders opening taps in Europe

Posted on 28 March 2012 by Laxman  |  Email |Print

A growing number of lenders are beginning to open their spigots in Europe’s parched commercial-real-estate market, but the trickles are far from enough to satisfy most property investors.
Twenty-one European lenders—including eight German banks, five insurance companies and four new players—completed at least three deals of more than £30 million ($47.9 million) each over the past six months, according to a survey published by property-services company Savills PLC. The survey also found a further 50 senior-debt providers active in smaller- and medium-size deals………………………………………..Full Article: Source

UK: Positive signs in the property industry

Posted on 28 March 2012 by Laxman  |  Email |Print

While there are signs of growth in the property sector, professionals need to be fully covered to guard against non-payment and other risks.
Property professionals are getting used to life after the housing boom with some surprising results. It seems small firms that have adapted are opening up a host of opportunities………………………………………..Full Article: Source

The best way to play UK commercial property

Posted on 28 March 2012 by Laxman  |  Email |Print

Britain’s commercial property sector breathed a sigh of relief last week. The Budget didn’t contain any nasties for the country’s industrial landlords.
On top of that, official data showed that during the final three months of 2011, financial institutions made net commercial property purchases of more than £800m………………………………………..Full Article: Source

Paris overtakes London for investment in 2011: CBRE

Posted on 28 March 2012 by Laxman  |  Email |Print

Paris has overtaken London as Europe’s biggest real estate investment market, according to new figures released by property adviser CBRE on Tuesday. Investment in the French capital reached EUR 7.9 bn in the second half of 2011, up from the EUR 3.6 bn recorded in the first half of the year.
The surge in investment activity in Paris was most significant in the office sector and included both large portfolio and single-asset deals………………………………………..Full Article: Source

Asia preferred by investors in non-listed real estate funds

Posted on 28 March 2012 by Laxman  |  Email |Print

Investors in non-listed real estate vehicles will allocate more to funds in Asia than to funds in Europe, according to a comparison of the two markets carried out by INREV.
The European Association for Investors in Non-Listed Real Estate Vehicles and its sister organization, ANREV – the Asian Association for Investors in Non- Listed Real Estate Vehicles………………………………………..Full Article: Source

Mainland Chinese eye global real estate

Posted on 28 March 2012 by Laxman  |  Email |Print

Slower growth and doubts about accounting are leading international investors to rethink China. That’s precisely what the Chinese themselves are doing. As they diversify beyond the borders of the Middle Kingdom, the value of global property assets could benefit.
Chinese companies are hiking the pace of international diversification. The value of outbound acquisitions exceeded that of inward deals in 2011, according to Thomson Reuters data………………………………………..Full Article: Source

Affordable housing expected to hold up China’s property market

Posted on 28 March 2012 by Laxman  |  Email |Print

Premier Wen Jiabao’s tough stance on the property market at the National People’s Congress earlier this month signaled policies - such as limits on the number of homes a citizen can purchase - will not be eased in the short run.
Investments in the real estate sector as well as other related businesses including steel, cement, automotive and home appliances industries have been subdued. Construction that began on new homes registered a near-zero growth in the first two months of 2012, the slowest pace since 2009, figures from the National Bureau of Statistics showed………………………………………..Full Article: Source

China’s Robin Hood housing market

Posted on 28 March 2012 by Laxman  |  Email |Print

China’s booming economy is giving to the poor and taking from the rich when it comes to housing. Some 14% of both the rich and the poor said they had trouble affording shelter in 2011, according to a recent Gallup survey. That’s a dramatic change for each group in recent years, but the shifts were in opposite directions.
For the poor, 14% is half the percentage of people who didn’t have enough money to afford housing just three years earlier and down from 17% in 2009………………………………………..Full Article: Source

Mixed fortunes for prime and mass-market housing in Singapore

Posted on 28 March 2012 by Laxman  |  Email |Print

Prime and mass-market private housing segments in Singapore are moving in different directions. The prime segment is suffering from lack of demand as foreign investors look at other markets, the mass-market segment is still enjoying healthy demand and price increases.
The additional buyers stamp duty is affecting foreign investment in the prime segment. Prime property accounted for 1 to 2 per cent of total developer sales, while foreign investors made up only 4 to 6 per cent of the caveats lodged during the first two months of the year………………………………………..Full Article: Source

Philippines: Real-estate industry showing signs of oversupply; ‘careful monitoring’ needed

Posted on 28 March 2012 by Laxman  |  Email |Print

The World Bank is urging the national government to “carefully monitor” the real-estate industry as the country’s real-estate market may be showing signs of oversupply, which could jack up vacancy rates and mute rental growth starting this year until 2014.
In a special section in the Philippine Quarterly Update (PQU), the World Bank said that this year until 2014, an average of 470,000 sq m of new office spaces are lined up. However, only around 250,000 to 300,000 sq m are expected to be taken up and will cause higher vacancies and lower rental rate growth………………………………………..Full Article: Source

Taiwan: Survey shows real-estate market expected to grow

Posted on 28 March 2012 by Laxman  |  Email |Print

Taiwan’s housing transactions may show a modest recovery from next quarter after a record number of Taipei residents voiced an interest in buying property, but said they would spend less on home purchases, a survey by Chinatrust Real Estate Co showed.
A majority of respondents nationwide, 52.15 percent, expressed an interest in buying property, with the figure standing at 67.7 percent for residents in Taipei, while price differences between sellers and buyers fell from 20 percent to 15 percent, the quarterly survey showed………………………………………..Full Article: Source

Australia: Housing sector still in the doldrums

Posted on 28 March 2012 by Laxman  |  Email |Print

Home owners and developers have felt the icy blast of the deteriorating conditions in the residential market which have triggered a rise in mortgage arrears and profit warnings.
Late payments on mortgages jumped unexpectedly at the end of last year despite a stable economy, a credit ratings agency said. The increase suggests mortgage pain is taking its toll on the already stagnant housing market……………………………………….Full Article: Source

NZ: Dominant rural real estate agency outperforms market sales

Posted on 28 March 2012 by Laxman  |  Email |Print

Latest figures from the Real Estate Institute of New Zealand show leading agency Bayleys has outperformed the market by a stunning margin.
Data released by the institute this month spotlights that there were 147 more farm sales (+72.1 percent) for the three months ending in February 2012 than for the three months ending February 2011. Overall, there were 351 farm sales in the three months to the end of February 2012, compared with 204 farm sales in the three months to February 2011………………………………………..Full Article: Source

The world’s best real estate markets in 2012

Posted on 28 March 2012 by Laxman  |  Email |Print

In pockets all across the planet, you’ll find amazing opportunities to make money from real estate. I’m talking about beautiful places tucked into lush jungle-clad hills, on white sandy coves, in bustling cities, and in small colonial towns.
These are markets on the upswing. The mainstream hasn’t heard of them yet. And in them today you’ll get excellent bang for your buck as well as great profit potential………………………………………..Full Article: Source

Real estate traps to avoid

Posted on 28 March 2012 by Laxman  |  Email |Print

Real estate is supposed to rival gold as one of the safest investments you can make. As the late rancher (and multimillionaire) Roy Rogers put it, “Buy land. They ain’t making any more of the stuff.”
So why does a brief observation of the housing market tell us otherwise? Foreclosure, subprime loans, predatory lending, defaults, homeowner assistance … all these terms have become part of the national lexicon in the last few years, leading the easily intimidated to think that it’s impossible to ever build wealth (or at least not lose it) via real estate………………………………………..Full Article: Source

Ultra-luxury market shows strong gains

Posted on 27 March 2012 by Laxman  |  Email |Print

Darren SukenikThe ugly duckling of top-end Manhattan real-estate listings is a six-story building on Fifth Avenue at East 62nd Street divided into a dozen offices and apartments.
The asking price for the 25-foot-wide former Italianate mansion at 815 Fifth Ave. was $25 million when it went on the market last week. But brokers are saying it is attracting competing offers from around the world and will likely trade for more. The would-be buyers are looking to restore long-hidden details and transform the property back into an elegant private mansion………………………………………..Full Article: Source

Pending sales of US existing homes at near two-year high

Posted on 27 March 2012 by Laxman  |  Email |Print

The number of Americans signing contracts to buy previously owned homes held in February near an almost two-year high, a sign that the real estate market may be stabilizing.
The index of pending home purchases fell 0.5 percent to 96.5 after a 2 percent increase the prior month, the National Association of Realtors said today in Washington. January’s reading of 97 was the highest since April 2010. The median forecast of 41 economists surveyed by Bloomberg News called for a 1 percent rise………………………………………..Full Article: Source

Housing market recovery hits pothole

Posted on 27 March 2012 by Laxman  |  Email |Print

Contracts to purchase previously owned U.S. homes unexpectedly fell in February, suggesting a loss of momentum in the housing market after recent signs of improvement.
The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed in February, slipped 0.5 percent to 96.5. Signed contracts become sales after a month or two………………………………………..Full Article: Source

Watching home prices—and more Fed

Posted on 27 March 2012 by Laxman  |  Email |Print

Home price data and consumer confidence could help sway sentiment Tuesday, but the markets will be more intent on watching for any new comments from the Federal Reserve.
Fed Chairman Ben Bernanke reminded markets Monday that the labor market remains weak, and the Fed could take more easing action if necessary, in a speech delivered to the National Association for Business Economics annual meeting………………………………………..Full Article: Source

A tale of two housing recoveries

Posted on 27 March 2012 by Laxman  |  Email |Print

Believe it or not: The housing market is recovering in most states. Home price indexes for 38 states ended 2011 above their early-year lows. And while prices aren’t yet up to prerecession levels, 30 states had more than two quarters of growth under their belts by the end of 2011, according to data from the Federal Housing Finance Agency.
But the national index is still falling, dragged down by pricing drops in the worst-hit states………………………………………..Full Article: Source

Is CEE set for a new gold rush?

Posted on 27 March 2012 by Laxman  |  Email |Print

Real estate in Central and Eastern Europe will remain high on cross-border investors’ shopping lists in 2012, according to CBRE’s Investors Intentions report.
Last year CEE, including Russia, attracted EUR 10.2 bn of property investment, double the total for the previous year. Even excluding Russia, CEE saw a doubling of transaction volumes from EUR 2.9 bn in 2010 to EUR 6.1 bn in 2011………………………………………..Full Article: Source

U.K. rental market needs $319 bln to fill financing gap

Posted on 27 March 2012 by Laxman  |  Email |Print

The U.K. will need about 200 billion pounds ($319 billion) of investment in rental housing over the next five years as more Britons are shut out of home ownership, Savills Plc (SVS) and Rightmove Plc said.
Private landlords, who currently account for almost all U.K. rental properties that aren’t owned by the government, probably will provide 25 percent of the homes needed, according to a report published today by the real-estate firms. That means most of the money will have to come from investment funds………………………………………..Full Article: Source

Britain’s housing market is rotting from within

Posted on 27 March 2012 by Laxman  |  Email |Print

Has Britain’s housing market turned the corner? Last week, the Council of Mortgage Lenders (CML) seemed quite upbeat. It pointed to strong increases in property sales in recent months: January’s mortgage approval levels were the highest since late 2009. “The underlying picture for house-purchase activity continues to show some buoyancy”.
Others are more upbeat too. RICS members no longer expect further falls in house prices; throw in the more optimistic price outlooks from housebuilders and you might think that the market has bottomed………………………………………..Full Article: Source

Property developers learn from London’s Dukes and Earls

Posted on 27 March 2012 by Laxman  |  Email |Print

A record number of London developers looking to build bespoke neighbourhoods from scratch will be emulating the success of centuries-old aristocratic landowning dynasties who have helped transform the capital city in the past 50 years.
Developments like the 67-acre scheme in the King’s Cross district and a 2,818-home plan for the Olympics site are among a dozen projects that have taken lessons from the likes of Grosvenor and Cadogan Estates, areas formed hundreds of years ago that have boosted property values in recent decades by being picky with tenants and improving public areas………………………………………..Full Article: Source

Irish residential property prices fall at faster rate

Posted on 27 March 2012 by Laxman  |  Email |Print

Residential property prices fell by almost 18 per cent in the year to February, new data from the Central Statistics Office showed. Over the month, prices were 2.2 per cent lower than in January.
The decline of 17.8 per cent showed an increase in the pace of decline from the previous month, when the annual decline registered 17.4 per cent, and the monthly decline was 1.9 per cent………………………………………..Full Article: Source

German CMBS maturities to almost double to EUR 14bln next year

Posted on 27 March 2012 by Laxman  |  Email |Print

German CMBS maturities are set to almost double to EUR 14 bn next year, up from EUR 8 bn this year, Dirk Richolt, head of real estate finance at CBRE in Germany, told PropertyEU. This is likely to spark an increase in property sales out of CMBS portfolios, he added.
Last week, Benson Elliot Capital Management, the UK-based private equity real estate fund manager, announced it had exchanged contracts with a number of subsidiaries of Speymill Deutsche Immobilien Company (SDIC), to acquire the Tor residential portfolio………………………………………..Full Article: Source

CBRE: Consumer optimism keeps going up in Poland, so do retail rents

Posted on 27 March 2012 by Laxman  |  Email |Print

According to the latest report by CBRE, concerns about the ongoing Eurozone crisis, with the potential for further job losses and reductions in disposable income have had a major negative impact on consumer confidence throughout Europe, but mostly in the Eurozone countries.
At the same time, Polish consumers remain optimistic despite weaker pan-European sentiment, with retail sales in Poland up by 14.3% year-on-year in January 2012 (according to the Polish GUS Central Statistical Office)………………………………………..Full Article: Source

Portuguese residential property market still weak, new survey shows

Posted on 27 March 2012 by Laxman  |  Email |Print

The residential property market continued to be weak in Portugal in February in terms of both sales and prices with all sectors experiencing falling demand.
But the lettings market is stronger, according to the latest house market survey from the Royal Institution of Chartered Surveyors and Confidencial Imobiliário………………………………………..Full Article: Source

Structuring commercial property acquisitions in Russia

Posted on 27 March 2012 by Laxman  |  Email |Print

Any transaction for the sale or purchase of a commercial property in Russia will invariably start with structuring.
Each situation will have its particular circumstances. These include the manner in which the property was built or acquired by the current owner(s), the manner in which it is structured from a corporate and finance standpoint (i.e. as an asset owned solely or jointly by one or more legal entities) and the specific tax issues……………………………………….Full Article: Source

Moscow: Lack of supply drives housing market rise

Posted on 27 March 2012 by Laxman  |  Email |Print

While the cold continues on Moscow’s snow-slicked streets, apartment prices have stayed hot in the capital as the city’s construction restrictions force high prices for elite apartments and unmet need keeps middle-class housing in demand.
What’s more, while demand is putting pressure on both wealthy and middle-class buyers, it is piquing interest among developers, analysts said in interviews………………………………………..Full Article: Source

Optimism for Egyptian property

Posted on 27 March 2012 by Laxman  |  Email |Print

A year after the revolution, Egypt’s property market is showing signs of recovery. But as analysts are noting a trickle of sales, they say a transformation of the market is under way as the country’s biggest developers continue to face legal cases.
The fall of Hosni Mubarak from the presidency uncovered a string of scandals in the property industry relating to land ownership………………………………………..Full Article: Source

UAE property market ’sees mixed trend’

Posted on 27 March 2012 by Laxman  |  Email |Print

The UAE’s property market witnessed mixed results in the first quarter as Dubai remained steady building on last year’s trend of stability while Abu Dhabi saw major declines as improved quality supply was handed over, said a report.
In Dubai, while the rental rates for apartments and villas rose by one per cent and sales prices for villas increased by 4 per cent compared to last quarter, Abu Dhabi witnessed a 5 per cent drop in apartment and villa rents hinting that residential property prices were likely to fall further, according to top UAE property management company Asteco………………………………………..Full Article: Source

India sees record rise in house prices

Posted on 27 March 2012 by Laxman  |  Email |Print

Housing prices in India are the highest in the world, according to the most recent research from London-based Lloyds TSB International Global Housing Market Review. Prices in a country of 1.21 billion residents have increased 284 percent since 2001, after inflation. That number equates to an annual increase of 14 percent.
The Lloyds report ranks Russia and South Africa with the second and third highest housing prices. Prices in Russia are up 209 percent over the last 10 years; in South Africa, they are up 161 percent………………………………………..Full Article: Source

Mumbai property prices up by 87pct in 4 years

Posted on 27 March 2012 by Laxman  |  Email |Print

India’s financial capital Mumbai has witnessed a whopping 87% increase in property prices in the last four years, while neighbouring Pune has seen a rise of 63%.
According to the recent economic survey report, property prices in other larger cities have gone up by 43% to 166%. This situation in the real estate sector is worsening day by day mainly due to the absence of a regulating authority. It was worse in Mumbai, which is ranked third as the most promising investments markets………………………………………..Full Article: Source

China’s property market still strong, despite sales declines in the south

Posted on 27 March 2012 by Laxman  |  Email |Print

The real estate investment in south China’s Guangdong Province surged in the first two months of the year despite lackluster sales, data showed Sunday, Xinhua News Agency reported.
The investment in commercial property soared 40 percent year on year to 54.7 billion yuan (8.7 billion U.S. dollars) in January and February, the Guangdong provincial statistics bureau said in a statement………………………………………..Full Article: Source

Hong Kong’s new leader will tackle property tycoons

Posted on 27 March 2012 by Laxman  |  Email |Print

Leung Chun-ying, Hong Kong’s chief executive in waiting, has the industry knowledge and political will to address the city’s high housing prices, according to Citic Securities.
“Making house prices more affordable to middle- to low-income families is likely to be high on his agenda, as there is too much complaint about prices in Hong Kong now,” said Adrian Ngan, a property analyst at Citic………………………………………..Full Article: Source

Australian mortgage arrears rise unexpectedly as housing stalls

Posted on 27 March 2012 by Laxman  |  Email |Print

Australian home loan delinquencies rose unexpectedly as a stalling housing market kept a lid on financing options for homeowners, Fitch Ratings said.
Mortgage payments overdue by more than 30 days rose to 1.57 percent of the value of loans in the three months ended Dec. 31, from 1.52 percent in the third quarter, according to the London- based ratings firm’s Australian residential mortgage performance index………………………………………..Full Article: Source

NZ: Rapid house price rises ‘unsustainable’

Posted on 27 March 2012 by Laxman  |  Email |Print

The rapid rises in house prices in the Auckland and Christchurch markets are unsustainable, says Westpac. The bank released a report on the housing market today saying increasing values in those areas were due to a shortage of homes and that the rest of the country was unlikely to see such large rises.
“We expect higher interest rates and a burst of construction activity to curtail the market in years to come,” Westpac chief economist Dominick Stephens said………………………………………..Full Article: Source

10 U.S. real estate markets drawing international buyers

Posted on 26 March 2012 by Laxman  |  Email |Print

Affluent international buyers, attracted by fire-sale prices, are snapping up real estate in some U.S. markets. In a report released today, Inman News identifies 10 markets where public records indicate foreign buyers make up the biggest share of overall buyers.
Most of the markets are located in sunny Florida, though areas in Nevada, Arizona, New York and Hawaii are also on the list………………………………………..Full Article: Source

European cities lack real estate overview: Deloitte

Posted on 26 March 2012 by Laxman  |  Email |Print

With a few exceptions, European cities lack a clear overview of their real estate activities and their management of public properties is extremely fragmented. This is hampering their strategic planning processes at a time when many cities are looking to dispose of real estate as a way of cutting costs.
These are the main findings of a study on real estate management in 15 European cities by consultancy firm Deloitte………………………………………..Full Article: Source

C&W: Senior debt funds to emerge on European lending landscape in 2012

Posted on 26 March 2012 by Laxman  |  Email |Print

The arrival of senior debt funds in the European real estate market could provide welcome new sources of liquidity as the banks continue their retreat and focus on the ongoing need to deleverage; according to Cushman & Wakefield’s latest European Real Estate Lending Survey 2012.
For the survey, 78 leading global real estate finance providers were interviewed to assess the level of appetite for lending and to identify the trends that will shape the European finance market in 2012………………………………………..Full Article: Source

Scarcity of debt is the biggest threat to recovery: CBRE

Posted on 26 March 2012 by Laxman  |  Email |Print

A shortage of debt finance is seen as the single biggest threat to the recovery of the property market in Europe in 2012, according to the latest research by global property adviser CBRE.
CBRE’s latest ‘Real Estate Investor Intentions’ survey, completed by more than 340 property investors, reveals that constraints on the availability of debt continue to weigh heavily on real estate investment in Europe, with nearly one in three investors reporting this issue as their greatest concern for the market recovering in 2012………………………………………..Full Article: Source

UK Housing market seen fragile for next 2 years - Reuters poll

Posted on 26 March 2012 by Laxman  |  Email |Print

Britain’s housing market will remain fragile over the next couple of years, with prices likely to fall a little by the end of this year before picking up modestly in 2013, a quarterly Reuters poll of economists showed.
As has been the case over the last few UK housing market polls, views varied widely among the 20 analysts surveyed in the last week, largely before the government’s budget on Wednesday………………………………………..Full Article: Source

UK: Why you might not want to invest in retail real estate

Posted on 26 March 2012 by Laxman  |  Email |Print

We’re going through a structural change in the whole retail market, one that should be making retail real estate itself less valuable.
Another set of numbers is that roughly 10% of UK retail sales now take place online: and roughly 10% of UK retail space is now empty. That’s long term empty, not just the short term emptiness caused by the turnover in tenants………………………………………..Full Article: Source

Savills: Netherlands market opportunity driven in 2012

Posted on 26 March 2012 by Laxman  |  Email |Print

Softening yields within the Dutch office market has made the Netherlands an opportunity driven market for the first time in more than a decade, according to real estate advisor Savills.
The firm does not expect overall 2012 investment volumes to exceed the 2011 total of €3.4 billion due to a challenging market with limited financing opportunities………………………………………..Full Article: Source

Hungarian market collapses after forex loans debacle: Mortgages

Posted on 26 March 2012 by Laxman  |  Email |Print

Hungary’s residential real-estate industry ground to a halt after foreign-currency mortgages, which fueled a boom before they were banned in 2010, saddled homeowners with ballooning repayments when the forint sank to a record and prompted buyers to flee the market.
The slump in demand forced home construction to fall last year to the lowest level since the government started collecting data in 1930 as Hungarian banks booked hundreds of billions of forint in losses………………………………………..Full Article: Source

Optimism on Egyptian property

Posted on 26 March 2012 by Laxman  |  Email |Print

A year after the revolution, Egypt’s property market is showing signs of recovery. But as analysts are noting a trickle of sales, they say a transformation of the market is under way as the country’s biggest developers continue to face legal cases.
The fall of Hosni Mubarak from the presidency uncovered a string of scandals in the property industry relating to land ownership………………………………………..Full Article: Source

Egypt starts sale of land plots to Egyptians abroad

Posted on 26 March 2012 by Laxman  |  Email |Print

Egypt has began to offer new city land plots to Egyptians abroad in a program expected to pump $2.5 billion into the government’s treasury pot and alleviate pressure on the budget deficit, daily Egyptian newspaper Al Ahram reports Sunday, citing Prime Minister Kamal Al Ganzouri.
The initiative, dubbed the “Homeland Home” plan, offers 7,685 plots of land of varying sizes in five new cities, the report said. The price of the land will be paid in U.S. dollars and the plots will be reserved online through a website, the report said, without naming the website………………………………………..Full Article: Source

Mumbai: No buyers for property, flat possession to be delayed

Posted on 26 March 2012 by Laxman  |  Email |Print

Lack of sales in the property market is now taking a toll on delivery of residential projects. The latest data shows that buyers in almost 65% of the projects launched over the last three years will have to now deal with delayed delivery of their homes.
According to data collated by real estate research agency Liases Foras, 65 per cent of the 4,091 projects that were launched over the last three years in the Mumbai Metropolitan Region (MMR) have been deferred. The delay ranges from six months to over three years………………………………………..Full Article: Source

Property investment rebounds despite sales declines in south China

Posted on 26 March 2012 by Laxman  |  Email |Print

The real estate investment in south China’s Guangdong Province surged in the first two months of the year despite lackluster sales, data showed Sunday.
The investment in commercial property soared 40 percent year on year to 54.7 billion yuan (8.7 billion U.S. dollars) in January and February, the Guangdong provincial statistics bureau said in a statement. The rate was 14.8 percentage points higher than a year ago………………………………………..Full Article: Source

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