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Real Estate Briefing - Archive | October, 2012

No U.S.-style housing market meltdown for Canada: CIBC

Posted on 31 October 2012 by Laxman  |  Email |Print

Fundamental differences between the Canadian and U.S. real-estate markets mean Canada is not headed for an American-style meltdown, says a new report by CIBC World Markets. The report said there are a number of factors that raise concerns about Canada’s housing market, but we should see a softer landing than the U.S.
“To be sure, house prices in Canada will probably fall in the coming year or two, but any comparison to the American market of 2006 reflects deep misunderstanding of the credit landscapes of the pre-crash environment in the U.S. and today’s Canadian market,” said Benjamin Tal, deputy chief economist at CIBC………………………………………..Full Article: Source

U.S: Home vacancy rate falls to pre-housing bubble levels

Posted on 31 October 2012 by Laxman  |  Email |Print

The home vacancy rate, which measures empty properties and those for sale, fell to the lowest level in seven years in the third quarter as demand for housing picked up and economic pressures eased.
The rate declined to 1.9 percent in the quarter from 2.1 percent in the previous three months, a level not seen since the third quarter of 2005, the Commerce Department said on Tuesday………………………………………..Full Article: Source

Is the housing market better off than it was four years ago?

Posted on 31 October 2012 by Laxman  |  Email |Print

There’s little debate that the housing market was in bad shape four years ago—prices, after all, had been falling for 2½ years at a rate not seen since the Great Depression.
But there’s considerable disagreement about whether the market is better off today, a debate fueled by this year’s presidential race. One imperfect but popular gauge of the housing market, the S&P/Case-Shiller index, shows how home prices in the 20 cities tracked by the index compare with their level of January 2009, after adjusting for seasonal factors………………………………………..Full Article: Source

U.S: Home prices in 20 cities up by most in 2 years

Posted on 31 October 2012 by Laxman  |  Email |Print

Residential real-estate prices increased in the year ended August by the most in two years, a sign housing will continue to boost U.S. economic growth.
The S&P/Case-Shiller index of property values in 20 cities rose 2 percent from August 2011, the biggest year-to-year gain since July 2010, after climbing 1.2 percent the prior month, the group said today in New York. The median forecast of 25 economists in a Bloomberg survey projected a 1.9 percent gain………………………………………..Full Article: Source

U.S. housing market recovery challenged by super storm sandy

Posted on 31 October 2012 by Laxman  |  Email |Print

The U.S. real estate recovery that’s gained strength this year faces a setback from flooding and property damage inflicted by Hurricane Sandy, the biggest tropical gale to hit the Atlantic seaboard.
The storm battered homes in Eastern coastal states that account for about one out of every five U.S. real estate sales and threatened inland areas with flooding and blackouts. Lenders put transactions on hold and companies like Coastline Realty in Cape May, New Jersey, pulled in their for-sale signs to prevent the wind from turning them into projectiles………………………………………..Full Article: Source

U.S: Who needs home ownership?

Posted on 31 October 2012 by Laxman  |  Email |Print

Home ownership subsidies have imposed costs that are large and clear. The benefits of such subsidies are, at best, small and vague. In the wake of the financial crisis, U.S. housing policy is in need of overhaul. In this series of essays, I will look at the issues involved.
This first essay will set the stage by looking at the economic fundamentals of home ownership. For those who do not have time to read this entire essay, it can be summarized simply: if you want good housing policy, then you should listen to the recommendations of the National Association of Realtors, the Mortgage Bankers Association, and their allies… and do the opposite………………………………………..Full Article: Source

UK commercial real estate sector not set to recover until 2023

Posted on 31 October 2012 by Laxman  |  Email |Print

Despite latest GDP figures confirming that the UK is officially out of recession, the country’s construction industry still faces a challenging trading climate. A major new study published today (Tuesday) has revealed that Britain’s commercial real estate market will not return to pre-crisis levels until 2023, having experienced a staggering £13 billion drop in output values since 2007.
The Castles in the Air report, released by RSA, the UK’s largest commercial insurer, and the Centre for Economics and Business Research (Cebr), is a unique study of the future of UK commercial real estate (CRE) construction. It shows that the recession has led to a peak-to-trough decline of 42 per cent in CRE construction output, which closely follows GDP………………………………………..Full Article: Source

Overseas investors drive 61pct of London office deals

Posted on 31 October 2012 by Laxman  |  Email |Print

Overseas investors accounted for over 60% of London office investment in the third quarter of 2012, according to new research by BNP Paribas Real Estate. During the third quarter, the real estate adviser tracked some £2.58 bn (EUR 3.2 bn) of office deals in the UK capital.
The research revealed that as much as 86% of investment into The City (£1.36 bn) came from overseas investors during the third quarter of the year. In addition, 44% of investment into the West End (£950 mln) was carried out by foreign investors. The Midtown area of London attracted £270 mln of investment………………………………………..Full Article: Source

The investment case for German residential property

Posted on 31 October 2012 by Laxman  |  Email |Print

Germany’s by far the largest & strongest (major) economy in Europe, with an average real GDP growth rate in excess of +3.3% in 2010 & 2011. Growth remains positive in 2012, while 2013 GDP growth’s forecast to be +1.7%. Far better than most EU growth rates in the same period…
It’s one of the few countries with a primary budget surplus. Actually bested by Italy, what a surprise! Germany’s Debt/GDP ratio at 81.6% isn’t much better (also surprising) than the EU average of 88.2%. But the majority of citizens (& investors) remain supremely confident in Germany’s ability to manage its own finances – and rightly so, I believe………………………………………..Full Article: Source

Turkey: Investors eye real estate potential

Posted on 31 October 2012 by Laxman  |  Email |Print

Reforms to property laws, years of solid economic growth and political stability have combined to produce a real estate boom in Turkey. Buoyed by growing investor interest, which is particularly high in top-end developments, property prices in Turkey are rising rapidly, with luxury flats in Istanbul estimated to have more than doubled in value during the past eight years, surpassing $4500 per sq metre.
According to British real estate firm Knight Frank, Turkey recorded the third-highest property price growth rate in the world in the first six months of 2012, outpacing well-established hotspots such as Russia, which is a rising investment market, and Hong Kong, where supply is constrained by space………………………………………..Full Article: Source

India: Hyderabad housing market all set to grow, say realtors

Posted on 31 October 2012 by Laxman  |  Email |Print

Despite an over 50% drop in business during the economic slowdown, the real estate market in Hyderabad has seen a decadal growth of an average 29% between 2000 and 2010. In fact, the National Housing Bank index pegs the market’s rise at an impressive 86% between 2007 and 2012, notwithstanding the turbulent times the city has seen in between.
“This only establishes Hyderabad as a prospective investment destination. Also, currently it is the cheapest among all the metro cities,” P Premkumar, president of the Andhra Pradesh Real Estate Developers’ Association (APREDA), said on Tuesday. He was speaking at the launch of the organisation’s third annual property show slated to be held at Hitex between November 10 and 11………………………………………..Full Article: Source

Shanghai, Beijing lure back investors, 2nd-tier cities sour

Posted on 31 October 2012 by Laxman  |  Email |Print

Real estate investors and developers are abandoning a two-year foray into China’s provincial cities and switching back to Shanghai and Beijing, where offices are fuller, rents are higher and home prices are stabilizing.
Of the $34 billion of direct investment in commercial real estate in 2010 and 2011 combined, 20 percent went to China’s 50 biggest second-tier cities, according to Jones Lang LaSalle Inc., up from 5 percent in the prior two years. That percentage is now set to decline, according to Michael Klibaner, China head of research for the world’s second-biggest commercial realtor………………………………………..Full Article: Source

HK’s lack of new office supply threatens status as corporate hub

Posted on 31 October 2012 by Laxman  |  Email |Print

Hong Kong, home to some of the world’s highest commercial property rents, is facing a shortfall of nine million square feet of office space by 2020, threatening its status as a leading destination for companies, a report shows.
The study by commercial real estate services firm CBRE comes just days after Hong Kong announced its first residential property tax targeted at overseas buyers as U.S. quantitative easing and record-low interest rates boost the risk of a housing bubble in the Asian financial centre………………………………………..Full Article: Source

Hong Kong announces property tax for foreigners

Posted on 31 October 2012 by Laxman  |  Email |Print

Foreign property buyers in Hong Kong must now pay a 15 per cent tax. Hong Kong has introduced a 15 per cent tax on foreign buyers in a bid to cool down its property market.
At the same time it has raised stamp duty for short-term speculators, as property prices overtake the record highs last seen back in 1997. In the first nine months of the year the former British colony’s property market has rocketed 20 per cent………………………………………..Full Article: Source

Hong Kong’s property fumble

Posted on 31 October 2012 by Laxman  |  Email |Print

The tidal wave of cheap dollars crashing ashore in Asia is creating asset bubbles across the region, and Hong Kong’s property market is no exception. Too bad the territory is dealing with the surge in the wrong way.
Financial Secretary John Tsang on Friday announced a new tax of 15% on residential property purchases by foreigners, effective immediately. The tax also applies to any residential purchase by a company. Additionally, the government will increase the special stamp duty imposed on re-sales within three years of purchase, having also extended that time period from two years………………………………………..Full Article: Source

Singapore industrial property soars

Posted on 31 October 2012 by Laxman  |  Email |Print

Prices of industrial property in the island state shot up in the third quarter and are now nearly 30% ahead of their level at the start of the year, said analysts. Rents were also up slightly in the three months to Sept 30 which saw the 12th month of gains adding further to the cost pressures on small and medium-sized enterprises.
The gains in capital values were the most dramatic. Prices were up 8.8% in the three months to Sept 30 compared with the previous quarter, said the Urban Redevelopment Authority (URA)………………………………………..Full Article: Source

Property prices rise in Australia, but new home sales continue to decline

Posted on 31 October 2012 by Laxman  |  Email |Print

Residential property prices in Australian cities are climbing again after the country’s central bank cut interest rates with values rising 1.4% in September.
It is the biggest monthly rise in prices in 30 months and they are also rising on a quarterly basis, up2% in the third quarter of the year, the latest figures from the RP Data-rismark Home Value Index shows. Prices increased the most in Adelaide and Perth, up by 2.4% and 1.6% respectively. Darwin and Canberra posted the biggest declines, falling 2% and 0.6%………………………………………..Full Article: Source

Real estate recovery challenged by Sandy

Posted on 30 October 2012 by Laxman  |  Email |Print

The U.S. real estate recovery that’s gained strength this year faces a setback from flooding and property damage inflicted by Hurricane Sandy, the biggest tropical gale to hit the Atlantic seaboard.
The storm battered homes in Eastern coastal states that account for about one out of every five U.S. real estate sales and threatened inland areas with flooding and blackouts. Lenders put transactions on hold and companies like Coastline Realty in Cape May, New Jersey, pulled in their for-sale signs to prevent the wind from turning them into projectiles………………………………………..Full Article: Source

How to buy a home below current real estate value

Posted on 30 October 2012 by Laxman  |  Email |Print

Want to increase your chances of buying a home below current real estate value? Just look for a seller who didn’t listen to his agent. The best real estate agents encourage their sellers to do whatever it takes to get the home in its absolute best condition before going to market. The better the home shows, the more likely the seller will get top dollar.
Sometimes, this could be as simple as removing personal items or decluttering. Other times, an agent will suggest bigger fixes, such as painting, replacing carpet or upgrading countertops or cabinets. Savvy sellers listen to their agents, make the changes suggested and go to market in top form. That’s not always how it plays out, however………………………………………..Full Article: Source

Canada: Finance official questions link between cooling housing market, mortgage rules

Posted on 30 October 2012 by Laxman  |  Email |Print

Canada’s deputy minister of finance says he isn’t convinced tighter mortgage rules his department announced in June are behind the recent cooling in the housing market. In a rare public speech, Michael Horgan argued that recent comments linking the two are premature.
“There’s some evidence that the housing market, particularly in some markets, is cooling and slowing at the moment,” he said Monday during a presentation to business students at Carleton University. “We read a lot of press commentary that’s saying it’s because of the government’s changes to mortgage insurance rules. I think it’s actually too early to make the direct link.”……………………………………….Full Article: Source

European commercial property picture remains bleak: RICS

Posted on 30 October 2012 by Laxman  |  Email |Print

The European sovereign debt crisis continues to take its toll on the region’s commercial property sector, with the majority of markets recording falling activity and negative expectations.
However, the picture did nonetheless marginally improve in Q3, with more countries recording positive results than in the previous quarter of the year, according to the latest RICS Global Commercial Property Survey………………………………………..Full Article: Source

UK: House sellers cut prices to get property market moving

Posted on 30 October 2012 by Laxman  |  Email |Print

The number of agreed house sales jumped sharply this month as sellers dropped their prices to shift homes which have been lingering on the market, a study has found. Overall, house prices drifted lower in October, with a 0.1pc fall for the third month in a row, despite a slight increase in the number of new buyers registering with estate agents, property analyst Hometrack said.
Prices were flat in London and fell across the rest of England and Wales. The West Midlands saw the biggest price fall, with a 0.5pc drop, but it also recorded the second biggest increase in sales………………………………………..Full Article: Source

French mortgage market picks up

Posted on 30 October 2012 by Laxman  |  Email |Print

The French mortgage market has picked up over the past four weeks with many banks adjusting their rates downwards and changing product lines.
Specialist mortgage provider French Private Finance says that it has seen the number of enquiries increasing across the board as would be buyers look to take advantage of the low rates………………………………………..Full Article: Source

Spanish property sales ‘on the rise’

Posted on 30 October 2012 by Laxman  |  Email |Print

The strong tourism industry in Spain is helping support the country’s property market, with sales volumes increasing in September. Marc Pritchard, sales and marketing director at Taylor Wimpey de Espana, revealed that his firm experienced a 22% rise in the number of real estate transactions in September, compared to the same period in 2011.
This figure is even more impressive on the Costa del Sol, with Mr. Pritchard stating that sales here are up by 52% in the year to date, compared to the first nine months of last year………………………………………..Full Article: Source

Investors see bargains in depressed Greek real estate

Posted on 30 October 2012 by Laxman  |  Email |Print

Real estate, and especially commercial real estate, is beginning to play a strong role in the economic recovery of Greece, according to brokers, bankers and consultants in Athens and London.
One big reason is the coalition government led by conservative Prime Minister Antonis Samaras that came to power in June has impressed some investors. Samaras promised to do everything needed to keep bailout funds flowing, easing fears of bankruptcy and leaving the Euro zone………………………………………..Full Article: Source

Bulgaria’s property market: Waiting on new malls, office space aplenty

Posted on 30 October 2012 by Laxman  |  Email |Print

Bulgaria’s retail property market was “awaiting the third wave of shopping malls”, while the supply of newly-completed office space continued to decline, real estate consultants Forton International said.
In its quarterly report on retail real estate, Forton said that five shopping centres, currently under construction, were set to be completed by the end of 2013. Among these, Bulgaria Mall in Sofia was expected to open in November, followed next spring by Paradise Center, the largest mall in Bulgaria at 80 000 square metres. The other three are South Ring Mall and Mega Mall in Sofia, and the Strand in Bourgas………………………………………..Full Article: Source

Gulf investors raising stake in Turkish real estate market

Posted on 30 October 2012 by Laxman  |  Email |Print

Foreign buyers are increasingly attracted to Turkish property with a marked rise from overseas planning to buy, industry experts said. Foreign investors are becoming aware of possibilities in Turkey, particularly in Istanbul, with a booming economy and relatively cheap prices, meaning there is the potential to pick up a bargain.
Traditionally, foreign buyers have focused on holiday homes along the country’s Mediterranean and Aegean coasts………………………………………..Full Article: Source

India: Private equity deals in real estate dip 15%

Posted on 30 October 2012 by Laxman  |  Email |Print

Private equity investment in real estate has dropped 15 per cent to Rs 3,480 crore in the first three quarters of this year, according to real estate consultant Cushman and Wakefield. The total transactions till date, for the year are 23, marginally lower than the same period last year, it said.
Of the total investment in the first three quarters of 2012, the first quarter saw an inflow of Rs 2,100 crore. The remaining two quarters recorded Rs 1,380 crore………………………………………..Full Article: Source

India: Jones Lang LaSalle to launch new real estate fund soon

Posted on 30 October 2012 by Laxman  |  Email |Print

Property consultancy firm Jones Lang LaSalle (JLL) India has set up a new entity JLL Segregated Funds Group to raise funds to invest in the Indian real estate market, and its first fund worth Rs 300 crore will be launched soon in the domestic market.
Capital market regulator Securities & Exchange Board of India ( Sebi) has approved the proposed fund, which will be a close-ended one with a six-year tenure………………………………………..Full Article: Source

Bangalore’s office space market witnessed moderate demand in Sept

Posted on 30 October 2012 by Laxman  |  Email |Print

The office space market in Bangalore witnessed a moderate leasing activity during the month of September as against August this year. IT/ITES sector continued to account for majority of the leasing activity, followed by BFSI sector.
“The combination of stable demand and restricted supply kept the city’s overall vacancy rate low during the month. This trend inched up the rents across the Central Business District (CBD) and Secondary Business District (SBD) submarkets,” a report published by Jones Lang LaSalle (JLL), a financial and professional services firm specialied in the real estate sector said………………………………………..Full Article: Source

China: New home buy curbs effective

Posted on 30 October 2012 by Laxman  |  Email |Print

The government’s property measures announced last Friday will effectively contain home prices, but there is little room for price correction, analysts generally believe.
Expecting demand to slump by about 20 percent due to the newly announced heavy-handed measures, Nicole Wong, regional head of property research at CLSA, said she only expects some 1 to 2 percent immediate price drop as there are few sellers now in the market and the impact will be absorbed mainly in the form of slower transaction volume………………………………………..Full Article: Source

Trying to combat Hong Kong’s housing bubble

Posted on 30 October 2012 by Laxman  |  Email |Print

Residential property transactions in this Chinese city fell sharply over the weekend after the Hong Kong government slapped a 15% tax on property purchases made by foreigners, part of fresh measures aimed at curbing speculation in an overheating market.
Hong Kong Financial Secretary John Tsang said Friday the new measures show the government’s resolve to stabilize the residential market while the easy lending environment continues to boost demand for property, despite an economic slowdown. “This is an extraordinary measure introduced under exceptional circumstances,” Mr. Tsang said………………………………………..Full Article: Source

Why Hong Kong’s property crackdown won’t dent home prices

Posted on 30 October 2012 by Laxman  |  Email |Print

Hong Kong’s latest round of property measures to curb speculation by foreign buyers is likely to have a minimal impact on cooling sky-high prices in the island-state, say experts, with tight supply conditions and demand from local home-buyers preventing any large declines in home values.
The government announced its third set of measures in two months late on Friday. They included a 15 percent tax for overseas buyers and non-local companies and a 5 percent rise in stamp duty on property transactions with the period for which the tax is applicable extended from two to three years………………………………………..Full Article: Source

Singapore : Industrial property prices soar in Q3

Posted on 30 October 2012 by Laxman  |  Email |Print

Prices of industrial property shot up in the third quarter and are now nearly 30 per cent ahead of their level at the start of the year, said.
Rents were also up slightly in the three months to Sept 30 - which saw the twelfth month of gains - adding further to the cost pressures on small and medium- sized enterprises. The gains in capital values were the most dramatic. Prices were up 8.8 per cent in the three months to Sept 30 compared with the previous quarter, said the Urban Redevelopment Authority (URA)………………………………………..Full Article: Source

Singapore REIT market on the rise, but risks remain

Posted on 30 October 2012 by Laxman  |  Email |Print

The Singapore real estate investment trust (REIT) market is up about 40 per cent this year — double the returns in major REIT markets like the US and Japan. While returns and yield spreads on Singapore REITs may be the best in the world, some analysts said the market could become over-invested.
In 2002, CapitaMall Trust became the first Singapore-listed REIT. A decade on, there are over 20 REITs across the commercial, industrial, hotel and healthcare property sectors. Low interest rates on bank deposits have helped to keep investor interest high in REITs and other stapled securities………………………………………..Full Article: Source

VietNam: Housing must target low-income earners

Posted on 30 October 2012 by Laxman  |  Email |Print

The Ministry of Construction has asked the Government to allow the construction of apartments of no more than 25 square metres in order to jumpstart the sluggish real-estate market and provide standard accommodations for low-income earners.
Construction Minister Trinh Dinh Dung met recently with representatives from property companies to discuss solutions for of the real estate market. He noted that weak management and planning, as well as inexperienced builders and the presence of far too many speculators had all contributed to the downturn in the property market………………………………………..Full Article: Source

Australia new-home sales dropped 3.7pct in September, HIA ays

Posted on 30 October 2012 by Laxman  |  Email |Print

Australian sales of newly built homes declined for a third straight month in September, underscoring the central bank’s decision to resume lowering interest rates.
Sales decreased 3.7 percent to 5,186 from August, when they dropped 5.3 percent, the Canberra-based Housing Industry Association said, citing a survey of the nation’s largest builders. Detached house sales fell 3.5 percent, while apartments were down 4.2 percent, it showed………………………………………..Full Article: Source

A real-estate primer

Posted on 29 October 2012 by Laxman  |  Email |Print

As housing finally rebounds, investors are searching for the best ways to take advantage. Tim Courtney, chief investment officer at Exencial Wealth Advisors, says an investment portfolio of more than $10 million could benefit by including both “hard” real estate, meaning direct ownership—either full or partial—of commercial, residential or other properties, as well as “soft” real estate, such as shares of real-estate investment trusts or other securities.
Those with smaller portfolios who want to invest in real estate generally should stick with real-estate investment trusts, or REITs, exchange-traded funds, shares of real-estate-focused companies and other investments that provide more liquidity than direct property ownership, experts say………………………………………..Full Article: Source

European retail investment rises in Q3: CBRE

Posted on 29 October 2012 by Laxman  |  Email |Print

European retail property investment grew to EUR 7.1 bn in the third quarter of 2012 (Q3 2012) - a 12% increase over Q2 2012, and the highest quarterly total so far this year, according to the latest research by global property advisor CBRE.
The Q3 2012 figure is 18% down on both the Q3 2011 level and that for the last three-year quarterly average, with lack of product being the main issue that investors are facing………………………………………..Full Article: Source

European property funds post total return of 4.9pct: IPD

Posted on 29 October 2012 by Laxman  |  Email |Print

European property funds recorded a total return of 4.9% over the 12 months to June, according to research by the Investment Property Databank.
The total return performance for the first six months of the year was 1.8% whilst over 12 months to June 2012 the return was 4.9%. On a balanced basis the annual return was 9.3% whilst the specialist fund corresponding returns were 2.9%………………………………………..Full Article: Source

UK: Hopes rise as house price falls slow

Posted on 29 October 2012 by Laxman  |  Email |Print

Property prices are falling at their lowest rate for two years, sparking hopes that the end of the double-dip recession will boost the housing market. According to the monthly national housing survey from Hometrack published today, year-on-year price deflation of 0.4 per cent is the lowest rate of falls since October 2010.
There are signs that prices are firming in northern regions with a decline in the size of the gap between asking and achieved prices over the last six months………………………………………..Full Article: Source

Homesellers lose thousands with quicksale firms

Posted on 29 October 2012 by Laxman  |  Email |Print

UK homeowners are losing thousands of pounds by selling their home through quicksale companies, according to comparison website Confused.com. These firms have mushroomed in size recently and target homeowners who need to sell up fast, offering them quick cash in return for their home.
But sellers are now being warned that, although it may be tempting to offload your home in a matter of days, especially in a slow property market, quicksale firms offer such a low proportion of the real value of a home that you are effectively missing out on thousands of pounds – or even tens of thousands………………………………………..Full Article: Source

House prices driven by London, Land Registry data shows

Posted on 29 October 2012 by Laxman  |  Email |Print

House prices dipped in September in England and Wales compared with the previous month, but rose 1.1% compared with a year earlier, a report has said. The annual increase was driven by a 5.5% rise in property prices in London, the Land Registry said.
The Land Registry data is widely considered to be the most comprehensive house price index. Other surveys have suggested that the UK housing market was lacklustre at the beginning of autumn………………………………………..Full Article: Source

Dutch property lending volume plunges further in 2012

Posted on 29 October 2012 by Laxman  |  Email |Print

The production of commercial real estate loans almost halved last year from EUR 12 bn to EUR 6.6 bn, according to research from PropertyNL, the Dutch sister publication of PropertyEU. Compared to 2008, this marks a decline of 70%. At the peak of the market in 2007, lending production reached EUR 27 bn.
Prospects for 2012 based on figures for the first half of the year point to a further downward trend, editor in chief Wabe van Enk said. In the first half, production was confined to less than EUR 2 bn. The survey is based on figures from all the leading commercial real estate lenders in the Netherlands………………………………………..Full Article: Source

Syria’s black market in housing adds to the nation’s turmoil

Posted on 29 October 2012 by Laxman  |  Email |Print

Displacement is nothing new in Syria, and as the civil war deepens, the number made homeless will only increase. Forty-six per cent of Syria’s buildings are illegally constructed, according to a government study in 2007 – and this includes the homes in which more than half the population live.
The problem was mostly seen around the large cities but, amid a widening gap between rich and poor, the authorities generally turned a blind eye to it………………………………………..Full Article: Source

India: PE players fund residential realty deals

Posted on 29 October 2012 by Laxman  |  Email |Print

Realty players who are hard pressed on liquidity, and have been turning to the private equity (PE) players for funding, may end up benefitting customers. Industry experts say that while recent deals have been happening more in the residential real estate sector, PE players are investing in projects for shorter duration and with better cash flows.
So, while dev-elopers may like to hold on to the price, the PE investor may wish to exit even at slightly lower returns in stipulated time………………………………………..Full Article: Source

Mumbai realty market sees upward trend in on-going festive season

Posted on 29 October 2012 by Laxman  |  Email |Print

The Mumbai realty market, one of the leading property market in the country, is witnessing an upward trend during the ongoing festive season after a long spell of slowdown owing to lack of approvals, high interest rate, price escalation and general downtrend in consumer demand.
According to market estimate, close to 40 odd projects have been launched by above 20 realty companies including leading firms like Lodha Group, Godrej, Sunteck, Omkar, Kanakia, Ajmera amongst others………………………………………..Full Article: Source

China faces tough decisions on its real estate market

Posted on 29 October 2012 by Laxman  |  Email |Print

The curbs aimed at cooling China’s overheated housing sector worked, but they also put the brakes on rapid growth. But boosting home sales could trigger class tensions. Rising home sales and prices are cheered in the U.S. as keys to an economic recovery. But in China, the prospect of a housing surge is fraying the nerves of policymakers.
Alarmed by ballooning values — and the growing frustration of average citizens fearful of never owning a home — China’s central government in 2010 introduced curbs to cool the nation’s overheated real estate market. It worked………………………………………..Full Article: Source

Blackstone chief says time is right for China investments

Posted on 29 October 2012 by Laxman  |  Email |Print

Stephen Schwarzman, chairman and chief executive of the world’s largest private equity-firm, Blackstone Group LP, said now is the time to invest in China as the slowdown in the world’s second-largest economy shows signs of moderating.
Blackstone executives said the firm is already investing at an aggressive pace in property across Asia, so much so that it could become one of the biggest owners of office space in India. The firm sees future opportunities to put money to work as Chinese property developers struggle………………………………………..Full Article: Source

H.K. imposes property tax on non-locals on bubble risks

Posted on 29 October 2012 by Laxman  |  Email |Print

Hong Kong Chief Executive Leung Chun-ying imposed the city’s first property tax targeted at overseas buyers as U.S. monetary easing and record-low interest rates boost the risk of a housing bubble.
Non-local and corporate buyers will have to pay a 15 percent tax upon purchase, Financial Secretary John Tsang told reporters at a press conference on Oct. 26. The government also raised a resale tax on property by about 5 percentage points and extended the period during which it will apply to three years from two………………………………………..Full Article: Source

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