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Real Estate Briefing - Archive | November, 2012

Dark forces manipulate U.S. housing

Posted on 28 November 2012 by Laxman  |  Email |Print

Absorption Rate. 2012 price increases are a direct result of an artificially generated supply-demand imbalance, which results from government intervention. A balanced market’s absorption rate is typically between 5-7 months, however, in some areas the Las Vegas absorption rate is below one month. It is a seller’s market with multiple bids on most properties pushing up prices.
Pending Supply. A healthy market does not have more than one month of pending supply………………………………………..Full Article: Source

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Chinese buyers lead foreign investment in US housing market

Posted on 28 November 2012 by Laxman  |  Email |Print

As the U.S. housing market slowly starts to recover, foreign investment is helping it along. According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash.
“They’re probably the top 1 percent of the Mandarin speakers that are coming from China,” said Brent Chang, a Coldwell Banker realtor in Southern California. “They’re really the people who have their own businesses or maybe were part of the government.”……………………………………….Full Article: Source

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Fiscal battle over mortgage deduction

Posted on 28 November 2012 by Laxman  |  Email |Print

Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into home buying plans and hurt a long-sputtering recovery.
Lawmakers in both parties are on the lookout for tax revenue as a way to avert the fiscal cliff. But the housing industry is preparing to fight against any move to get rid of the mortgage interest tax break………………………………………..Full Article: Source

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Many U.S. office markets to improve in 2013, accelerating in 2014

Posted on 28 November 2012 by Laxman  |  Email |Print

The office vacancy rate will continue to decline in 2013 and more so in 2014, according to the CBRE Group. The rate will fall to 14.9% next year and 13.8% in 2014, according to the commercial real estate brokerage firm.
“The way I’d characterize the office market recovery is ’slow and steady,’” says Arthur Jones, senior managing economist at CBRE Econometric Advisors in Boston. “The level of office-using employment is only 2.4% below the pre-recession peak in 2008,” he says………………………………………..Full Article: Source

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Canada housing market moving in right direction - BoC’s Murray

Posted on 28 November 2012 by Laxman  |  Email |Print

Canada’s housing market is the key domestic risk to the economy but it is moving in the right direction after a period of overheating, Bank of Canada Deputy Governor John Murray said on Tuesday.
“It’s still early days. But we’re certainly seeing evidence of movement and acceleration in the right direction,” Murray told a business audience after giving a speech in New York………………………………………..Full Article: Source

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Chilean government creates special group to monitor real estate sector risk

Posted on 28 November 2012 by Laxman  |  Email |Print

Due to concerns regarding an increase of residential real estate prices, the Chilean Financial Stability Council (Consejo de Estabilidad Financiero) has announced the creation of a new group to monitor residential real estate sector risk.
The group, comprised of representatives of the Ministry of Finance, the Central Bank and Superintendents of Pensions, Securities and Insurance and Banks, will seek to identify and monitor systemic threats to local financial stability………………………………………..Full Article: Source

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British property market shows signs of recovery

Posted on 28 November 2012 by Laxman  |  Email |Print

The British property market is showing signs of a recovery in 2013. Positive signals can be seen in a national house price index. The report the Rightmove Index, measures trends in asking prices, inquiries and search activity. All three are up compared to the same time last year.
Asking prices have climbed 2%, or £4, 617 – since November 2011, while search activity is up 20% and inquiries are up 11% over the same period. There’s more good news from the Bank of England, too; just a few days earlier, the Bank published figures showing that mortgage approvals had climbed……………………………………….Full Article: Source

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Germany’s housing market is ‘flying’ – But is it a bubble?

Posted on 28 November 2012 by Laxman  |  Email |Print

Even as some housing markets in Europe have cratered, Germany’s housing market has gone from strength to strength, particularly in its cities, as a result of low interest rates and high demand.
Though the phenomenon has prompted fears that Germany was heading for a housing bubble, property experts told CNBC that the strongman of Europe is safe, for now. In a report on global housing markets, Goldman Sachs called Germany a “high flyer” and noted a sharp increase in property prices in the country after an era of notably quiet and stable prices………………………………………..Full Article: Source

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Spain and Ireland make a comeback on investors’ wish lists

Posted on 28 November 2012 by Laxman  |  Email |Print

The Spanish real estate market offers some attractive opportunities for European investors, according to panelists at the PropertyEU Outlook 2013 Investment Briefing held in Frankfurt on Tuesday.
All in all, three of the five panelists said they would invest a portion of a theoretical €500 mln in Spain while a fourth panelist pointed to the renewed potential of Ireland………………………………………..Full Article: Source

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Polish developers upgrading 2.75 bln square feet of older shopping center space

Posted on 28 November 2012 by Laxman  |  Email |Print

Unable or not willing to compete with newer, glitzier malls, many developers in Poland are reinvigorating and upgrading older shopping centers located in prime foot traffic locations. That’s what the biggest real estate players in the world heard at the recent annual MAPIC exhibition and conference in Cannes, France.
Warsaw Business Journal reports that according to a third-quarter 2012 analysis by Jones Lang LaSalle, about one-third of the existing shopping centers in Poland, totaling about 2.5 million square meters (about 2.75 billion square feet) of retail space, are currently being upgraded. (One square meter equals 10.76 square feet.)……………………………………….Full Article: Source

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Swedish property market continues to deliver stable returns

Posted on 28 November 2012 by Laxman  |  Email |Print

The IPD Sweden Quarterly Listed Property Market Monitor shows that underlying property returns in the listed sector continue to be stable. The total return from the underlying property assets reached 1.6% in the third quarter, which is marginally below last year’s third quarter of 1.9%.
Over the past twelve months to September, total returns reached 8.1% with 5.5% income return and 2.5% capital growth, which compares with a total return of 8.8% for the full year 2011………………………………………..Full Article: Source

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Turkey seeks global investors to plow $10 bln annually into its growing property markets

Posted on 28 November 2012 by Laxman  |  Email |Print

The republic of Turkey, with a population of 75 million in western Asia, wants to be a noticeable player in the world’s real estate markets. The country’s real estate growth plans are ambitions.
Turkey wants to attract up to $10 billion a year to its property market from investors in Europe, Asia and the oil-producing states around the Persian Gulf, including Iran, Iraq, Kuwait, Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, and Oman………………………………………..Full Article: Source

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India: Residential real estate - From concept to construction

Posted on 28 November 2012 by Laxman  |  Email |Print

Residential project development begins as a concept, when the builder evaluates the market and decide on a suitable location based on historic and projected demand for housing in that area. The location should either have more demand than supply or there should be a lot of infrastructure coming up there.
Experience plays a big role at this stage - developers with insufficient experience tend to misjudge an area’s potential and suffer resulting losses……………………………………….Full Article: Source

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Property prices may jump 69pct in Delhi in next five yrs

Posted on 28 November 2012 by Laxman  |  Email |Print

Buying a house in Delhi is becoming a very expensive proposition and would be out of most people’s reach in the next five years, a recent survey has predicted.
The survey conducted by real estate portal 99acres.com, along with UK-based market research firm YouGov, says the current average price of a house in Delhi is Rs. 1.93 crore. In the next five years, the average prices are projected to hit Rs. 3.27 crore - an increase of 69%. The findings are based on the sample size of 2,734 respondents, most of who were male and in the age bracket of 30-39 years………………………………………..Full Article: Source

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Myanmar generates real-estate interest

Posted on 28 November 2012 by Laxman  |  Email |Print

A possible scene from the future of Myanmar, one of the world’s poorest countries, is taking shape on a bluff here overlooking a muddy stretch of the Bago River.
When finished, the Star City development will have an 18-hole golf course, at least 20 residential towers—some as high as 16 stories tall—24-hour security and waterfront restaurants. The million-dollar sales center has model condominium units with amenities rare in impoverished Myanmar, like walk-in closets and flat-screen TVs. More than 80% of the first 850 units under construction are sold………………………………………..Full Article: Source

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Beijing’s new hot property hits the market

Posted on 28 November 2012 by Laxman  |  Email |Print

The Beijing Municipal Bureau of Land and Resources on Tuesday listed a residential land parcel in the Chaoyang district for auction, setting the opening price at 2 billion yuan ($320 million) or 33,800 yuan per square meter of gross floor area (GFA), a new high for this year.
The land, which could be the capital city’s newest hot property after it is traded, covers a site area of 28,100 square meters, 25,200 square meters of which are available for real estate development, with planned GFA of 59,000 square meters. The auction date is set on December 29, 2012………………………………………..Full Article: Source

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HK efforts to cool property market take effect

Posted on 28 November 2012 by Laxman  |  Email |Print

Government efforts to rein in Hong Kong’s soaring housing market appearing to be showing results. Home prices in the city fell last week, according to the Centa-City Leading Index, marking the first week-on-week easing after eight straight weeks of gains.
The index showed prices cooling an average 0.55% from a week earlier, paring the-year-to-date price gain to 21.7%. Nomura analysts said the price cooling is the first sign that government efforts to curb soaring real estate prices are beginning to have a meaningful impact………………………………………..Full Article: Source

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Hong Kong’s latest investment craze – parking spots

Posted on 28 November 2012 by Laxman  |  Email |Print

Investors looking for new places to park their cash in Hong Kong are driving up prices for parking spaces, sparking fears of a bubble in the Asian financial centre.
Prices for parking spots in Hong Kong are nearing historic highs, the side effect of government curbs to cool the housing market amid worries of overheating following the latest round of monetary stimulus in the U.S. last month………………………………………..Full Article: Source

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U.S. commercial property sector enjoying rising rents as vacancies slowly decline

Posted on 27 November 2012 by Laxman  |  Email |Print

According to the National Association of Realtors (NAR) quarterly commercial real estate forecast, most of the major commercial real estate sectors show gradually improving fundamentals and are easily absorbing the relatively small amount of new space that is coming online, with a full recovery already in the multifamily market.
Lawrence Yun, NAR chief economist, said the market has been slowly building momentum. “Job creation is the key to increasing demand in the commercial real estate sectors,” he said. “The economy is expected to grow 2.5 percent next year, and with modest job creation, assuming there is no fiscal cliff, the demand for commercial space will gradually rise. The greatest friction that remains is a tight credit environment, notably for smaller properties.”……………………………………….Full Article: Source

U.S: Housing recovery is leaving behind first-time bBuyers

Posted on 27 November 2012 by Laxman  |  Email |Print

Current homeowners are finally moving up, and distressed sales are making up less of the overall market—all signs of much-needed improvement in housing. Current homeowners accounted for 54 percent of October’s non-distressed market, up from 50 percent in June, according to a new survey by Campbell/Inside Mortgage Finance.
This as the share of non-distressed sales surged to 64.7 percent, up from 55.7 percent as recently as February. Unfortunately, first-time home buyers are seeing just the opposite, largely left out of this surge in sales and prices. Their share of the market, usually up in the 40 percent range historically, fell to 34.7 percent in October, the lowest in the Campbell/IMF survey’s three-year history………………………………………..Full Article: Source

Secrets of successful house flippers

Posted on 27 November 2012 by Laxman  |  Email |Print

Despite improvements in the housing market, there are still plenty of foreclosed or bank-owned properties ripe for house flippers—professionals who purchase distressed properties to renovate and resell. According to RealtyTrac.com, an online marketplace of foreclosed properties, investors flipped close to 100,000 homes in the first half of the year, making almost $30,000 per flip, on average.
However, experts warn that house flipping isn’t as easy as it looks on TV. “You gotta be careful, really do your research, and know what you’re doing,” says Mike LaCava, a real estate investor outside Boston who founded the House Flipping School to teach others about the trade………………………………………..Full Article: Source

U.S. Mortgage rates hit new historic record lows

Posted on 27 November 2012 by Laxman  |  Email |Print

According to Freddie Mac’s latest Primary Mortgage Market Survey (PMMS),fixed mortgage rates in the U.S. found new record lows for the second consecutive week keeping borrowing costs attractive to support the ongoing housing recovery.
Frank Nothaft, vice president and chief economist of Freddie Mac says, “Fixed mortgage rates continued to ease somewhat this week to record lows and should help the ongoing housing recovery. Already, new construction on homes was up 3.6 percent in October to the strongest pace since July 2008. In November, homebuilder confidence rose for the sixth straight month to its highest reading since June 2006 according to the NAHB/Wells Fargo Housing Market Index………………………………………..Full Article: Source

UK housing market gets further evidence of an upturn

Posted on 27 November 2012 by Laxman  |  Email |Print

An unexpected rise in new mortgage approvals to a nine-month high in October gave further evidence on Friday of indications of an upturn in the UK housing market. The British Bankers’ Association (BBA) reported that approvals were higher than expected at 33,039, as compared to 31,544 in September.
Economists had predicted a smaller growth to 32,000. Gross mortgage loans amounted £7.5bn, slightly above the recent monthly average. Howard Archer, chief UK economist at IHS Global Insight, claims that the BBA data adds to other recent evidence that housing market activity is picking up modestly………………………………………..Full Article: Source

How secret offshore firms feed London’s property boom

Posted on 27 November 2012 by Laxman  |  Email |Print

Investigation names investors exploiting offshore tax and duty loopholes allowing overseas purchasers to buy up UK property. The UK is increasingly turning into a property speculators’ haven, thanks to tax loopholes and the offshore secrecy offered by the British Virgin Islands (BVI) that hides many property transactions. We disclose the identities of some of the people secretly buying up Britain.
The Guardian’s investigation with the Washington-based International Consortium of Investigative Journalists (ICIJ), covering nearly 60 sample premises, shows how anonymous buyers are taking over more and more blocks of luxury housing………………………………………..Full Article: Source

UK, Germany and France account for 80pct of logistics market in Q3

Posted on 27 November 2012 by Laxman  |  Email |Print

Investment in European logistics and industrial assets maintained its momentum in the third quarter of 2012, with roughly EUR 2 bn transacted over the quarter, according to new research published by agent Jones Lang LaSalle.
The EUR 2 bn figure marks a slight dip from EUR 2.2 bn in Q2, largely a result of a slow first quarter and the continued limited supply of prime product, JLL said………………………………………..Full Article: Source

Ireland: House price fall hits recovery hope

Posted on 27 November 2012 by Laxman  |  Email |Print

Signs of recovery in the housing market have taken a hit with prices falling again. Official figures show residential property prices fell in October by 0.6%, despite August and September boasting the first increase for two months in a row.
Overall, the national market dropped by another 8.1% in the year. The Central Statistics Office (CSO) index revealed that in Dublin residential property prices went down by 0.2% last month, and were an estimated 7% lower than a year ago………………………………………..Full Article: Source

Swedish property market continues to deliver stable returns

Posted on 27 November 2012 by Laxman  |  Email |Print

The IPD Sweden Quarterly Listed Property Market Monitor shows that underlying property returns in the listed sector continue to be stable. The total return from the underlying property assets reached 1.6% in the third quarter, which is marginally below last year’s third quarter of 1.9%.
Over the past twelve months to September, total returns reached 8.1% with 5.5% income return and 2.5% capital growth, which compares with a total return of 8.8% for the full year 2011………………………………………..Full Article: Source

Retail sector driving Russia’s real estate growth

Posted on 27 November 2012 by Laxman  |  Email |Print

Cushman & Wakefield is bullish on Russia. The world’s largest privately-held commercial real estate services firm based in New York City, predicts Russia will become the largest consumer market in Europe by the end of 2013 “If retail turnover will keep at current levels of 5% annual growth.”
Maxim Karbasnikoff, Head of Retail Services, Cushman & Wakefield, made that forecast at the recent three-day 2012 MAPIC conference in Cannes, France. MAPIC is an international retail real estate show held each year in November………………………………………..Full Article: Source

Housing prices set to rocket in Jordan

Posted on 27 November 2012 by Laxman  |  Email |Print

Residential property prices are expected to surge by 15 to 20 per cent next summer, according to Kamal Awamleh, president of the Housing Investors Society (HIS).
Awamleh explained that developers will incur higher construction costs next year due to rising fuel prices and an anticipated increase in the prices of construction material, which will push up the value of apartments………………………………………..Full Article: Source

Saudi real estate auctions to drive demand for full-service urban development projects

Posted on 27 November 2012 by Laxman  |  Email |Print

Saudi Arabia is seeing significant activity in real estate auction in a bid to attract more real estate developers, land dealers and investors as recent industry reports reveal positive market indicators underlining the increasing demand for full-service urban development projects in different Saudi cities.
The Eastern Province and Riyadh are expected to unlock more lucrative prospects in the Saudi real estate market in 2013, given the rapid population growth and increasing number of businesses that are in continuous search of full-service projects to provide housing for their employees………………………………………..Full Article: Source

Dubai risking bubble redux with lowest rates: Mortgages

Posted on 27 November 2012 by Laxman  |  Email |Print

Dubai, the desert sheikdom where home prices have plunged 65 percent since 2008, risks re- inflating its property bubble with the help of mortgage lenders offering easy terms and the lowest rates ever.
“I don’t like it when I see mortgages going back to 90 percent lending, that’s not good for the industry,” said Abdul Aziz Al Ghurair, head of the United Arab Emirates’ Bankers’ Association and chief executive officer of Dubai’s Mashreqbank PSC. (MASQ) “We don’t want to encourage people to gamble.”……………………………………….Full Article: Source

India: Are warranties offered by property developers worth the premium?

Posted on 27 November 2012 by Laxman  |  Email |Print

Many of the top property developers in metro cities like Mumbai and Delhi have come out with a new marketing strategy to lure potential buyers. They are offering warranties on the houses they sell, similar to those offered by manufacturers of electronic appliances like TVs and refrigerators.
The warranty period ranges from 1-3 years on all electronic appliances in a fully-furnished apartment, to as high as 10 years for waterproofing of flats………………………………………..Full Article: Source

Beijing and Hong Kong residential property markets remain robust

Posted on 27 November 2012 by Laxman  |  Email |Print

Residential property markets in Beijing and Hong Kong are continuing to see robust demand, according to the latest Jones Lang LaSalle Asia Pacific Property Digest.
In Beijing serviced apartment rents increased by 2.8% quarter on quarter in the third quarter of the year and high end apartment sales price rebounded, rising 7.4%………………………………………..Full Article: Source

Hong Kong car park space fetches over $166,600

Posted on 27 November 2012 by Laxman  |  Email |Print

An individual car parking space has sold for HK$1.3 million ($166,666) in Hong Kong, reports said Monday, as investors seek new ways of making money amid sky-high property prices. Buyers have turned to parking lots to make quick gains after the government imposed a series of measures last month to try to cool the Chinese city’s overheated housing market.
But the soaring price of a car park space is raising concern that money flowing into the city could further inflate the red-hot property market, the South China Morning Post reported………………………………………..Full Article: Source

Forecast for South East Asia property market steady but not spectacular

Posted on 27 November 2012 by Laxman  |  Email |Print

Rents continued to rise in most of South East Asia and moderate rental growth is expected in the next 12 months, according to the Asia Pacific Economy & Property Markets report released by Jones Lang LaSalle.
Investors continued to be active across Asia Pacific and residential investment volumes held at similar levels to the same time last year. Rents and capital values continued to rise in most markets and sectors, albeit at a modest pace, according to the report……………………………………….Full Article: Source

Singapore: Real estate no longer ‘cowboy’ industry

Posted on 27 November 2012 by Laxman  |  Email |Print

8 out of 10 consumers expressed that they were satisfied with the service from their real estate agents. This was one of the findings of a survey on public perceptions on the real estate agency industry, conducted by the Council for Estate Agencies (CEA).
The survey aimed to determine the level of awareness and satisfaction among consumers towards the industry, and hopes to set a baseline to measure the industry’s progress in delivering service………………………………………..Full Article: Source

Vietnam empty office towers show dreams turned to rubble

Posted on 27 November 2012 by Laxman  |  Email |Print

From afar, the gleaming metal and glass edifices of Hanoi’s EVN Tower illustrate Vietnam’s rapid economic development. Up close, the rubble-strewn entrance and missing windows tell another story: one of loose lending and property speculation that now hangs over the country’s banks.
“Banks were far too eager to lend and a lot of the projects that have been built haven’t been well-thought through,” said Stephen Wyatt, managing director for real estate broker Knight Frank Vietnam in Ho Chi Minh City. “A number of developments are on hold, purely because they have run out of funding. Banks are no longer willing to fund these massive developments.”……………………………………….Full Article: Source

Australia: Residential land market to pick up in 2013 as property recovers

Posted on 27 November 2012 by Laxman  |  Email |Print

Demand for residential land has begun to pick up in Sydney, Perth and areas of Queensland, with other positive indicators for the year ahead, according to the latest results of a new BIS Shrapnel survey.
The results also come alongside another pleasing week of auction clearance rates – both factors are yet more evidence the residential property market is getting back on its feet. According to the BIS Shrapnel Outlook for Residential Land, 2012 to 2017 report, several parts of the country are set to experience a rebound – although Melbourne and Adelaide won’t be speeding ahead with the rest of the country………………………………………..Full Article: Source

The 10 big risks faced by Australian property investors

Posted on 27 November 2012 by Laxman  |  Email |Print

These are 10 of the traditionally pre-eminent guises of investment risk, but specifically as they apply to Australian property investors. 1. Market risk (or systematic risk): Market risk may affect all investments in an asset class in a similar manner, such as in the event of a market-wide price crash. As such, market risk that cannot easily be mitigated through diversification.
2. Liquidity risk: Equates to the possibility that an investor may be unable to buy or sell an investment when desired (or in sufficient quantities) due to limited opportunities………………………………………..Full Article: Source

Is global real estate entering a positive cycle?

Posted on 26 November 2012 by Laxman  |  Email |Print

In the view of Standard Life’s head of real estate research and strategy, Anne Breen, the real estate pricing environment has changed and this provides greater clarity on the outlook for many markets. Pricing relative to government and corporate bonds is attractive relative to historical levels, while the outlook for economic expansion and tenant activity is also improving in Breen’s view.
As Standard Life’s analysis shows, real estate is typically a function of the economy, in that rents and rent inflation are driven by the balance of tenants looking to lease space. As the last cycle did not include a construction boom for commercial real estate there is now less spare capacity, meaning any uptick in economic activity could flow through to rent increases………………………………………..Full Article: Source

Will 2013 be the time for home buyers to jump?

Posted on 26 November 2012 by Laxman  |  Email |Print

This New Year’s, you may want to make a resolution to go house hunting. Home prices are finally starting to recover, but they’re still low enough to get a great deal. Add to that interest rates that are at historic lows, and 2013 may be the time for first-time home buyers to finally get in the game.
“We think the answer, definitively, is that home prices have bottomed,” says Stan Humphries, chief economist of real-estate firm Zillow. “Right now, buying looks very attractive, even for short-term time horizons.”……………………………………….Full Article: Source

Why housing is still hindering the recovery

Posted on 26 November 2012 by Laxman  |  Email |Print

One year and one month before President Obama won re-election, he invited seven of the world’s top economists to a private meeting in the Oval Office to hear their advice on fixing the ailing economy. “I’m not asking you to consider the political feasibility of things,” he told them in the previously unreported meeting.
There was a former Federal Reserve vice chairman, a Nobel laureate, one of the world’s foremost experts on financial crises and the chief economist of the International Monetary Fund, among others………………………………………..Full Article: Source

5 real estate terms you need to know

Posted on 26 November 2012 by Laxman  |  Email |Print

Navigating the world of real estate can be a quagmire in and of itself without getting crippled by confusing terms. While most buyers and sellers can grasp the significance of a home’s list price and the size of house, other terms might leave them scratching their heads. Whether you’re a first-time homebuyer or a seasoned investor, below are five real estate terms you should know.
1. Sale-price-to-list-price ratio: In many ways real estate is a numbers game, and the better a person understands the numbers the more likely they will make a smart decision. The sale-to-list-price ratio is a way for people to gauge how well their agent understands a local market………………………………………..Full Article: Source

How your gift shopping affects the housing market

Posted on 26 November 2012 by Laxman  |  Email |Print

The housing market is quieting in late November as consumer focus turns from mortgage application fine print and open houses and toward the holidays. But the long-range view for the much-maligned housing sector is as positive as ever.
The Mortgage Bankers Association reports that mortgage applications dropped by 2.2% last week, not exactly a surprise for the busy week leading up to Thanksgiving and serving as the kickoff to the holiday season………………………………………..Full Article: Source

UK: Premium property sales plunge!

Posted on 26 November 2012 by Laxman  |  Email |Print

High end estate agents and mortgage brokers in London’s post postcodes have seen their business bruised by a drop in sales of £1m-plus properties. The number of home sales worth at least a million pounds across Great Britain has declined to its lowest level since 2009, according to new research by Lloyds TSB.
There were just 3,043 £1m-plus property sales in the first half of 2012, says the lender. This is the smallest total since the first half of 2009 and a significant 11% lower than in the same period in 2011………………………………………..Full Article: Source

UK retail sector sees ‘unprecedented’ value destruction

Posted on 26 November 2012 by Laxman  |  Email |Print

The UK retail sector has seen ‘value destruction on an unprecedented scale’, a leading real estate expert has said. Andrew Smith, global head of real estate at Aberdeen Asset Management, said that the state of the retail market is now one of the biggest challenges for UK investors.
As part of a panel of European property experts asked to make predictions about the real estate market in 2013, Smith said the severe conditions for retailing in Britain have caused a major downturn in property values………………………………………..Full Article: Source

German property: Euro angst hits home

Posted on 26 November 2012 by Laxman  |  Email |Print

Could Germany be heading for a property bubble? In 2009, after a decade of stagnation during which many other countries experienced a dramatic real-estate boom and bust, German house prices slowly began to rise. Then, for a while, house prices and wages leap-frogged each other in a reasonably healthy way. But now bubble-watchers see some danger signs.
Prices in big cities—notably Berlin, Munich, Hamburg and Cologne—seem to be getting out of hand (see chart). In Germany’s seven biggest cities prices for residential property grew by 9% in 2011, with another increase of 11% expected this year. Desirable districts in Berlin and Munich have seen even higher mark-ups………………………………………..Full Article: Source

Ukraine CRE is buyers market, scope for yield falls

Posted on 26 November 2012 by Laxman  |  Email |Print

Commercial property investment in Ukraine remains a buyer’s market, and prime yields are still at high levels compared with other European countries despite compression this year, says realtor DTZ. Interest in quality income-generating office and retail is picking up.
In a new report it said prime net initial yields in the capital Kyiv should remain stable across all sectors, with potential for compression in 2013 after stabilising this year at 11% for prime, non-trophy offices. This compares with 13% in late 2011, and 13.5% for non-trophy retail………………………………………..Full Article: Source

Dubai, home to world’s largest mall, plans bigger one

Posted on 26 November 2012 by Laxman  |  Email |Print

Dubai’s ruler announced plans for a development boasting the world’s biggest shopping mall and gardens larger than London’s Hyde Park, as the emirate revives property projects on hold since the global financial crisis.
Emaar Properties PJSC (EMAAR), the United Arab Emirates’ largest developer by market value, and Dubai Holding LLC will together build a district called “Mohammed Bin Rashid City,” named after the Persian Gulf emirate’s ruler. The project near central Dubai is to include 100 hotels, residential areas and green spaces 30 percent bigger than Hyde Park, according to an e- mailed statement……………………………………….Full Article: Source

India: Seven hot spots for property investors

Posted on 26 November 2012 by Laxman  |  Email |Print

There is a real estate boom in India. And, it is almost like a gold rush. That is, even a bit of information that an airport or railway station or special economic zone is being planned in an area is enough to have both builders and investors rush.
Business Standard spoke to several leading property consultants and identified seven areas seeing enormous development. Some are good places to invest, too. These areas are not in any metro but could have proximity to one. The consensus candidates are:……………………………………….Full Article: Source

November 2012
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