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Real Estate Briefing - Archive | March, 2012

Brazilian real estate market growing fast

Posted on 21 March 2012 by Laxman  |  Email |Print

From a thriving hotel market to its burgeoning office and industrial sectors, the commercial real estate industry in Brazil is showing signs that it will continue growing for years to come.
“The Brazilian real estate sector is booming and is expected grow at a very fast pace in the next few years,” said Andre Viola Ferreira, a partner with Ernst & Young in Brazil who specializes in strategic growth markets. “The business and traveling environment and events held in the country are increasing a lot. There’s a lack of availability in this sector.”……………………………………….Full Article: Source

IPD launches European benchmark for cross-border property funds

Posted on 21 March 2012 by Laxman  |  Email |Print

IPD has launched a new benchmark for pan-European funds it claims will boost investor confidence by making explicit differences in fund and asset-level performance.
The 16-fund index comprises open-ended funds with 490 assets under management totalling €11.2bn………………………………………..Full Article: Source

Europe: Property funds maintain momentum across borders

Posted on 21 March 2012 by Laxman  |  Email |Print

Cross-border European property funds continued their recovery in 2011, spurred on by underlying direct property market returns of 6.8%, according to the latest IPD Pan-European Property Fund Index figures.
The fund index returned 4.1% through the past year. This was the second year of positive returns, IPD said………………………………………..Full Article: Source

European real estate set to recover from 2013: RREEF

Posted on 21 March 2012 by Laxman  |  Email |Print

Real estate performance across much of Europe will likely weaken further in 2012 and recover slowly from 2013 onwards, according to RREEF’s European Real Estate Outlook published on Tuesday.
The real estate investment arm of Deutsche Asset Management expects capital values to be stagnant in the north of the continent and fall in the south over the coming 12 to 24 months. Subsequent growth should result mainly from a broader economic recovery and increasing rents………………………………………..Full Article: Source

UK: Some ‘buoyancy’ in housing market, lenders say

Posted on 21 March 2012 by Laxman  |  Email |Print

The UK housing market is showing some signs of “buoyancy” despite mortgage lending remaining static in February, lenders have said.
Gross mortgage lending stood at an estimated total of £10.7bn in February, the Council of Mortgage Lenders (CML) said. This was virtually unchanged from the previous month, but up 14% on the same month a year earlier………………………………………..Full Article: Source

Industry leaders urge UK government to introduce debt REITs

Posted on 21 March 2012 by Laxman  |  Email |Print

Real estate industry leaders in the UK are calling on the government to introduce mortgage REITs as a way of making the property debt market more liquid and freeing up banks to lend. The calls come ahead of the presentation of the 2012 UK budget on Wednesday.
Phil Nicklin, real estate tax partner at Deloitte and an adviser to the government on REITs since they were introduced in 2007, believes there is a good chance that a consultation document could be published in the UK budget on the introduction of mortgage REITs………………………………………..Full Article: Source

Savills: Amsterdam is hot spot for hotel investment

Posted on 21 March 2012 by Laxman  |  Email |Print

International real estate advisor Savills expects Amsterdam to be a hot spot for hotel investment in 2012 as a number of new hotels from budget to luxury open in the Dutch capital.
The firm notes that average occupancy rates in Amsterdam stand at 75-80%, due largely to demand from business travelers and weekend tourism, it expects occupancy rates to reach 2007 levels (of approximately 81%) in 2012, which will in turn allow an increase in average room rates………………………………………..Full Article: Source

DTZ: Real estate investment thriving in Czech Republic despite increased cost of financing

Posted on 21 March 2012 by Laxman  |  Email |Print

Acquisitions on the domestic investment market are closely linked with the liquidity offered in the financial markets and relative costs of capital.
The Czech real estate investment market includes a diverse range of investor type including domestic and foreign institutional investors, mutual and pension funds, investment and asset management companies and private investors………………………………………..Full Article: Source

Property portfolio returns 8pct at Finnish pension provider Etera

Posted on 21 March 2012 by Laxman  |  Email |Print

Etera, the Finnish mutual pension provider, posted negative returns of 2.3% last year driven by volatile equity markets, but saw its real estate portfolio rebound from returns of 0.7% to nearly 8%.
Jari Puhakka, the mutual’s director of investments, said a modified investment strategy had allowed its solvency level to remain stable year-on-year despite the “market shock” witnessed in 2011’s third quarter………………………………………..Full Article: Source

Danish property loses seven years of value

Posted on 21 March 2012 by Laxman  |  Email |Print

Residential property prices in Denmark are at their lowest since the third quarter of 2005, says Danske Research, part of Danske Bank.
Danske Research bases its conclusion on analysis of property statistics from sources such as the Association of Danish Mortgage Banks………………………………………..Full Article: Source

Saudi Arabia real estate index mixed in certain areas

Posted on 21 March 2012 by Laxman  |  Email |Print

The real estate index has registered a rise in Riyadh, Al-Qateef and Hafr Al-Batin and a drop in Madina and Dammam, the Ministry of Justice said Wednesday in its weekly report.
The real estate index registered a 5.67 percent rise at the First Notary Public Office in Riyadh with and a total value exceeding SR1.9 billion. Meanwhile, the index registered a 26.04 percent rise in Al-Qateef Notary Public Office with a total value exceeding SR56.1 million………………………………………..Full Article: Source

Housing prices rise most in India

Posted on 21 March 2012 by Laxman  |  Email |Print

Housing prices in India witnessed the steepest rise in the world in the last 10 years since 2001. “House prices in India have increased by 284% in real terms, after allowing for inflation - equivalent to an average annual rise of 14%,” said Lloyds TSB International Global Housing Market Review.
This is an over six-fold increase compared to the 47% rise in China’s housing prices over the same period. After India, Russia recorded the next biggest increase of 209%………………………………………..Full Article: Source

What is China’s house price reality?

Posted on 21 March 2012 by Laxman  |  Email |Print

Is China’s notoriously unreliable house price data swinging into line with reality?
The latest numbers from the National Bureau of Statistics show average house prices in February up just 0.2% compared to a year ago, and falling 0.1% month-to-month, the fifth month-to-month fall in a row………………………………………..Full Article: Source

Economist: No silver bullets for China property market

Posted on 21 March 2012 by Laxman  |  Email |Print

Despite five months in a row of falling housing prices and other ominous signs in China’s property sector, the country’s real estate practitioners have nevertheless managed to maintain a surprising level of optimism.
But considering how many Chinese investors and developers failed to anticipate the extent of the current slowdown in the domestic property market, Tsinghua University economist Patrick Chovanec said at a property panel in Beijing on Tuesday, the time has come to dispel a couple myths about certain silver bullet solutions for the sector………………………………………..Full Article: Source

Chinese developers set up funds amid cash shortage

Posted on 21 March 2012 by Laxman  |  Email |Print

Chinese developers are setting up property funds to diversify their sources of revenue as government real-estate curbs have led to a cash shortage.
Fosun International Ltd., a Shanghai-based company with interests in property, retail, mining and pharmaceuticals, is raising money for the second phase of a property fund after getting 3.7 billion yuan ($585 million) for the first, Co- President Fan Wei said……………………………………….Full Article: Source

Australia: Property set to outperform: DTZ

Posted on 21 March 2012 by Laxman  |  Email |Print

Australia’s high government bond yields are driving other yield plays, including property. Returns from about 70 per cent of Australia’s metropolitan property markets are expected to outperform this year, with Sydney office yields nearing a robust 7 per cent, according to DTZ Research’s latest fair value report.
“It all comes back to the relatively high government bond yield rate, which then drives a relatively high yield for your investment,” DTZ head of national research Dominic Brown said………………………………………..Full Article: Source

Real estate traps to avoid

Posted on 21 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

The housing market may never be the same

Posted on 20 March 2012 by Laxman  |  Email |Print

The traditional American dream is to have a home, a house, an abode. Whatever you call it, your residence represents stability, maturity, and financial growth. At the end of a long day in the trenches, Americans always count on relaxing at home.
The 2008 economic meltdown during the new millennium changed this scenario. Many parents watch as their children’s homes are foreclosed, downsized, or subsidized with multiple mortgages. The era of huge houses, living up to the neighbors’ standards, and purchasing on credit are gone………………………………………..Full Article: Source

Homebuilder confidence in U.S. holds at highest since 2007

Posted on 20 March 2012 by Laxman  |  Email |Print

Barry RutenbergConfidence among U.S. homebuilders held in March at the highest level since June 2007 as sales expectations climbed for a sixth month. The reading of 28 in the National Association of Home Builders/Wells Fargo index of builder confidence was less than projected and followed a February figure that was lower than initially reported, figures from the Washington-based group showed.
The median forecast of economists surveyed by Bloomberg News called for a rise to 30. Readings below 50 mean more respondents said conditions were poor………………………………………..Full Article: Source

Behind the numbers: Decoding the ‘pause’ for builders

Posted on 20 March 2012 by Laxman  |  Email |Print

U.S. home builders’ confidence in the housing market held steady in March, halting five consecutive monthly gains and raising questions about the strength of the housing recovery.
The National Association of Home Builders, the building industry’s main trade group, reported Monday that its closely watched housing market index was stuck at 28 in March. This was the same level as February, which was revised down a hair from the previously reported 29………………………………………..Full Article: Source

Americas expected to lead global property investment market recovery

Posted on 20 March 2012 by Laxman  |  Email |Print

Analysts expect a 20% increase in global property investment markets in the second half of 2012 led by the Americas and driven by increased confidence and a release of pent up investor and tenant demand.
A return to better economic growth will be the key to the strength of the recovery, according to Cushman & Wakefield’s latest research report, the International Investment Atlas 2012………………………………………..Full Article: Source

A troubling housing misstep by boomers

Posted on 20 March 2012 by Laxman  |  Email |Print

Who’s falling for reverse mortgages these days? Leading edge baby boomers, aged 62 to 64. They represent more than one out of five (21%) applicants, compared to only about 6% in that age group back in 1999, according to a new report by the MetLife Mature Market Institute.
Almost half of applicants were under 70, double the percentage in that age group in 1999………………………………………..Full Article: Source

Canada: Real estate rules don’t discriminate against foreigners

Posted on 20 March 2012 by Laxman  |  Email |Print

Last week’s $1-million sale of a modest bungalow in north Toronto to a university student from China got tongues wagging and tempers flaring about the supposed encroachment of foreign buyers into the Canadian real estate market.
Stories of wealthy foreigners snapping up properties and pricing Canadians out of their local real estate markets abound………………………………………..Full Article: Source

Brazilian property market ‘won’t crash’

Posted on 20 March 2012 by Laxman  |  Email |Print

A property market crash on the same scale witnessed in European destinations like Spain, Portugal and Ireland is unlikely to occur in Brazil.
This is the assertion of Samantha Gore, sales manager for UV10, who commented: “Undoubtedly there have been some significant double-digit percentage price hikes in Brazilian property over recent years but, instead of crashing, the consensus is that values will take a more modest path of growth.”……………………………………….Full Article: Source

UK: House prices record biggest ’spring bounce’ in eight years

Posted on 20 March 2012 by Laxman  |  Email |Print

House prices have recorded their biggest “spring bounce” in eight years, fuelling hopes that the property market will be more robust in 2012 than last year, the Rightmove house price index shows.
The typical property asking price rose to £236,939 in March, a 4.9pc rise over the first three months of this year and the largest first quarter increase since 2004, Rightmove said in the survey……………………………………….Full Article: Source

House prices spurt but stamp duty drag looms

Posted on 20 March 2012 by Laxman  |  Email |Print

The property market has seen its strongest start to the year since 2004 with average asking prices climbing 1.6 per cent in March, according to the latest Rightmove House Price Index.
But the positive beginning could quickly come to an end as the upsurge in activity among first-time buyers disappears after the ending of the 1 per cent stamp duty holiday this week………………………………………..Full Article: Source

Bank of England house prices paper is grim reading for first-time buyers

Posted on 20 March 2012 by Laxman  |  Email |Print

The big story in the housing market during the Great Recession and its aftermath has been the absence of first-time buyers. That’s hardly surprising given that the days of 100% – and even in some cases 125% – mortgages are a thing of the past.
New entrants into the housing market now have to find a sizeable deposit to get a foot on the property ladder and building up a pot of savings (unless you have access to the bank of mum and dad) is a real slog, made even more difficult by falling real incomes and the need to pay off student debt………………………………………..Full Article: Source

Young will have to wait longer to buy as new house price boom is on the way

Posted on 20 March 2012 by Laxman  |  Email |Print

Britain could face another house price boom, fuelled by the ageing population and the rising number of immigrants, a Bank of England expert said. In a research paper, Professor David Miles predicted ‘a rising trajectory for real house prices’.
His report comes as the average asking price in one exclusive corner of London, the Royal Borough of Kensington and Chelsea, hit £2million for the first time. A decade ago, the average asking price in the area was £650,600, which means it has trebled in ten years………………………………………..Full Article: Source

Swedish funds turn in stellar performance: IPD

Posted on 20 March 2012 by Laxman  |  Email |Print

Swedish funds turned in the best performance last year of those included in IPD’s Pan-European Property Fund Index. While cross-border European funds delivered an investor return of 4.1% in 2011, Swedish funds generated gains of 14.6&.
The pan-European result reflected strong underlying direct property market returns of 6.8%, IPD said……………………………………….Full Article: Source

Albania’s property market gets boost from economic growth

Posted on 20 March 2012 by Laxman  |  Email |Print

According to Albania’s National Institute of Statistics, INSTAT, Albania’s gross domestic product (GDP) increased by 2.6 percent in Q3 2011 compared with the same period in 2010.
The data highlighted that in the third quarter of 2011, the sectors that registered the highest growth were transportation which increased by 19.7 percent compared with the same period in 2010, while trade was up 6.2 percent and industry grew by 4.7 percent………………………………………..Full Article: Source

Russia’s Etalon sees long real estate market recovery

Posted on 20 March 2012 by Laxman  |  Email |Print

Russian housebuilder Etalon said on Monday the country’s real estate market was still some way off pre-crisis levels and would continue to grow at least into 2013, prompting it to seek several new projects.
The company, which builds houses mainly in Moscow and St. Petersburg, said it contracted 270,000 square metres of property across both cities in 2011, compared to an adjusted 440,000 square metres for St. Petersburg alone in 2008………………………………………..Full Article: Source

Leviev: Moscow real estate market fully recovered

Posted on 20 March 2012 by Laxman  |  Email |Print

Africa-Israel Investments Ltd. Russian development arm, AFI Development plc reports revenue and profit growth for 2011. Africa-Israel and AFI Development chairman Lev Leviev predicts further growth in 2012, now that the Moscow real estate market has fully recovered.
Net profit rose six-fold to $172 million in 2011 from $26 million in 2010, and net operating income (NOI) rose 78% to $45 million. The company had $84.8 million in cash and cash equivalents at the end of the year………………………………………..Full Article: Source

China housing prices are not collapsing

Posted on 20 March 2012 by Laxman  |  Email |Print

China’s hard landing call is the Iraq weapons of mass destruction call in 2003. It sounds scary, until you look closer and listen to more than one person.
The short-time line of the China housing bubble narrative goes something like this, according to a handful of analysts and pundits: Summer 2011: China’s housing bubble will pop and usher in a hard landing………………………………………..Full Article: Source

China heading for soft landing despite property slide, IMF says

Posted on 20 March 2012 by Laxman  |  Email |Print

International Monetary Fund (IMF) official Zhu Min said China will avoid an economic hard landing even as government data showed property prices falling in most of the nation’s biggest cities.
“China’s heading for a soft landing,” Zhu, a deputy managing director at the IMF, said in Hong Kong yesterday. At the same conference, Reserve Bank of Australia Governor Glenn Stevens also expressed confidence in an economy he said is closing in on that of the US. Prices of new apartments fell in 45 of 70 cities in February from January, the Statistics Bureau said……………………………………….Full Article: Source

Singapore rents rise by five pct

Posted on 20 March 2012 by Laxman  |  Email |Print

In the second half of last year, rents in Singapore rose by five per cent, up from 4.4 per cent in the previous six months, according to the Savills World Class Cities Index.
Today Online reported that this growth rate in the six months through December was the second-fastest after New York’s 6.2 per cent rise. This was through the 10 cities monitored by Index………………………………………..Full Article: Source

The world’s best and worst housing markets

Posted on 20 March 2012 by Laxman  |  Email |Print

The secret’s finally out about the best performing international house markets for property investors over the past decade – and the results are not what most property people would think.
Top of the league is India, where prices have surged by 284% since 2001 – an average annual increase of 14%. The UK returned a 50% increase over the same period – an average annual price raise of 5% and almost six times less than India over the decade………………………………………..Full Article: Source

Home sales probably increased in February: U.S. economy preview

Posted on 19 March 2012 by Laxman  |  Email |Print

Russell PriceHome purchases in the U.S. probably climbed in February to the highest level in almost two years, another sign of stabilization in the real-estate market, economists said reports this week will show.
Combined sales of new and previously owned properties rose to 4.93 million at an annual rate, the strongest since May 2010, from 4.89 million in January, according to the median forecasts in a Bloomberg News survey……………………………………….Full Article: Source

US: Will housing continue to fuel rally?

Posted on 19 March 2012 by Laxman  |  Email |Print

Robert TippHousing will take center stage this week as several economic reports on housing prices, sales and construction are due out. Any signs that the real estate market is rebounding could keep the stock market rally going.
“We’re going to see enough housing data next week that we’ll be able to corroborate or refute reports showing that the real estate market is rebounding,” said Dan Greenhaus, chief global strategist at BTIG. Reports on housing starts, building permits and February’s new and existing home sales will all be released this week………………………………………..Full Article: Source

The glacial pace of the housing recovery

Posted on 19 March 2012 by Laxman  |  Email |Print

The U.S. economy finally seems to be on a solid path to recovery three years after the recession ended. The struggling housing industry, not so much.
The real-estate market takes center stage in a typically slow week for U.S. economic data. Reports on new-home construction, new-home sales and purchases of existing homes are among the highlights………………………………………..Full Article: Source

Interest reviving in hard-hit U.S. housing market

Posted on 19 March 2012 by Laxman  |  Email |Print

On the surface at least, the brutal crash in the U.S. housing market, which began six long years ago, shows few signs of abating. But some industry players say early signs of a rebound are emerging, as U.S. housing inventories shrink and job growth picks up.
“We think we’re probably past the bottom now,” says Ralph Young, CEO of Edmonton-based Melcor Developments, which has roughly doubled its U.S. property holdings over the past year………………………………………..Full Article: Source

Why housing deserves another look

Posted on 19 March 2012 by Laxman  |  Email |Print

It appears that the housing market is emerging from its hole. For advisers and investors, this means it might be time to consider what portfolios should look like from a higher level. Why is the market starting to recover?
Let’s look first at supply and demand. In the case of housing, supply consists of existing homes for sale and newly built homes. The supply of existing homes for sale has dropped substantially. In fact, it now rests close to the 30-year average, when expressed as months of supply………………………………………..Full Article: Source

Commercial property investment market improving, brokers say

Posted on 19 March 2012 by Laxman  |  Email |Print

With the economy apparently stabilizing, commercial real estate investors have jumped into several markets in the West, brokers said.
“There is a lot of capital that needs to get out,” said broker Kevin Shannon of CBRE Group Inc. “People have fresh allocations for both debt and equity and … want to put it to work.”……………………………………….Full Article: Source

European REITs may become takeover targets on low valuations

Posted on 19 March 2012 by Laxman  |  Email |Print

European real estate investment trusts have become likely takeover targets after share prices failed to keep pace with asset values, JPMorgan Chase & Co. said.
Companies that may attract bids include the U.K.’s Hammerson Plc (HMSO), Big Yellow Group Plc (BYG), Helical Bar Plc (HLCL), Metric Property Investments Plc and Workspace Group Plc and Amsterdam- based Eurocommercial Properties NV (ECMPA), analyst Harm Meijer said in a note to investors………………………………………..Full Article: Source

UK March house prices rise, boosted by stamp duty holiday-Rightmove

Posted on 19 March 2012 by Laxman  |  Email |Print

Asking prices for property for sale in the U.K. rose again in early March boosted by a pickup in confidence, shortage of stock and continued increased demand from first-time buyers seeking to take advantage of the government’s sales tax holiday which ends Saturday, a survey by Rightmove showed Monday.
The survey also highlighted that average London house prices have now risen to the highest level on record………………………………………..Full Article: Source

Budget 2012: Government to offer tax breaks on property deals to draw money into buy-to-let sector

Posted on 19 March 2012 by Laxman  |  Email |Print

Property investors are to be offered tax breaks on deals in an attempt by the Government to attract spending into the UK and ease Britain’s housing shortage.
George Osborne, the Chancellor, is expected to confirm in the Budget this week that the Government will significantly loosen the regulations for Real Estate Investment Trusts, which do not pay capital gains tax on property………………………………………..Full Article: Source

Britain sees 50 pct rise in house prices over decade

Posted on 19 March 2012 by Laxman  |  Email |Print

The UK is among the top performing world housing markets after a 50 per cent rise in house prices in real terms over the last decade. The UK is among the top performing world housing markets after a 50 per cent rise in house prices in real terms over the last decade.
The biggest increase since 2001 has been in India, with an increase of 284 per cent (once inflation is taken into account), according to the Lloyds TSB global housing market review………………………………………..Full Article: Source

Industry backs calls on UK government for UK debt REITs

Posted on 19 March 2012 by Laxman  |  Email |Print

Senior industry figures have encouraged the UK Government to announce a consultation on the introduction of mortgage REITs in Wednesday’s Budget.
Robert Fourt, Partner and Head of Investment Research at Gerald Eve said: “Given the debt mountain that still persists in the UK and is coming to a peak in the next few years, the introduction of mortgage REITs would be a very welcome friend to the property sector in the UK………………………………………..Full Article: Source

German open-ended real estate funds: the gap is widening

Posted on 19 March 2012 by Laxman  |  Email |Print

While German open-ended real estate funds as a whole returned 0.1% in February, returns on funds with a global focus dropped to -0.4%. This drop was mainly caused by weak returns from those funds which are in liquidation. These results are taken from the recently published OFIX-monthly report for February 2012 by IPD Investment Property Databank GmbH.
Poorly performing funds pull down the index: “The gap between the good and poor-performing funds is widening,” says Sebastian Gläsner, Head of Fund Services at IPD in Germany………………………………………..Full Article: Source

Spanish secondary assets may hit double-digit yields

Posted on 19 March 2012 by Laxman  |  Email |Print

Yields for some secondary commercial properties in Spain have hit double-digit figures due to the complete lack of financing for this type of product, Roger Cooke, head of Cushman & Wakefield in Spain, told PropertyEU.
‘Secondary properties are trading at yields of 7 to 8% in transactions involving any form of debt, but we have also started to see some secondary assets needing to be priced at double-digit yields in order to trade where deals have to be done entirely with equity………………………………………..Full Article: Source

Israel: Gov’t taking steps to decrease housing prices

Posted on 19 March 2012 by Laxman  |  Email |Print

The Cabinet unanimously passed an amended version of the Trajtenberg Report’s housing recommendations Sunday, which Prime Minister Binyamin Netanyahu said would increase the availability of apartments and lower prices.
This means the government has now approved all four chapters from the report – which it issued in response to last summer’s protests over the cost of living. The other three chapters dealt with taxation, competition and social services………………………………………..Full Article: Source

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