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Real Estate Briefing - Archive | December, 2012

JLL: “More reasons to be optimistic” about European property in 2013

Posted on 14 December 2012 by Laxman  |  Email |Print

Real estate investors will continue to encounter low interest rates, muted inflation and sluggish growth in most of the world’s major real estate markets for at least the next couple of years according to the 2013 LaSalle annual Investment Strategy report.
A multi-speed economy has seen low interest rates, low inflation and low growth in the developed world (Eurozone, UK, US and Japan) as opposed to higher inflation, high growth/urbanisation and rising interest rates in the developing world (Central and Eastern Europe, Latin America and Asia Pacific (ex-Japan))………………………………………..Full Article: Source

U.K. house prices to rise in ‘modest’ 2013 recovery, RICS says

Posted on 14 December 2012 by Laxman  |  Email |Print

U.K. house-price growth will accelerate next year, helped by an improving mortgage market and as homebuilding fails to keep up with demand, the Royal Institution of Chartered Surveyors said.
Values will increase 2 percent after a 1 percent rise this year, the London-based group said in a report today. Still, the housing recovery will be “modest” because of the difficult economic environment, it said. A separate report from Acadametrics showed home prices rose 0.2 percent in November, a second straight increase………………………………………..Full Article: Source

UK commercial property development on the rise

Posted on 14 December 2012 by Laxman  |  Email |Print

UK commercial property development activity increased for the third month in a row during November, with refurbishment activity rising to its highest level in 28 months, according to a new report.
Estate agent Savills’ monthly UK Commercial Development Activity Report, which analyses the activity and intentions of more than 200 commercial property developers, finds that developer’s confidence about the future remained positive in November, with respondents citing better market conditions and expectations of an easing in credit conditions as reasons for optimism………………………………………..Full Article: Source

Can property investment provide diversification?

Posted on 14 December 2012 by Laxman  |  Email |Print

After more than two decades in the sector, Marcus Phayre-Mudge knows a thing or two about investing in property. But instead of bricks and mortar, his TR Property Trust invests in property equities, making it more liquid than the average commercial property fund.
“Property equities – as opposed to physical property – let us focus on particular target sub-markets as well as particular corporate structures which we believe will outperform their peers,” he said………………………………………..Full Article: Source

Real estate property investment to launch on LSE

Posted on 14 December 2012 by Laxman  |  Email |Print

Starwood’s upcoming admission to the London Stock Exchange aims to help those investors looking to property investment for both a regular income and returns.
The investment objective of the new Starwood European Real Estate Finance company is to find and fund “compelling real estate opportunities” across Europe and to harvest returns from it, according to Jeffrey Dishner, president of Starwood Capital Europe………………………………………..Full Article: Source

German real estate booms as people seek security

Posted on 14 December 2012 by Laxman  |  Email |Print

Buying a home in Berlin is widely viewed as one of the safest investments a German, or any European, can make. That is why some real-estate experts are worried the market could get overheated.
Home prices in Germany’s largest cities are booming. Building permits and home ownership rates are climbing fast. And the percentage of foreigners snapping up second homes in Germany is on the rise………………………………………..Full Article: Source

Spanish housing market outlook

Posted on 14 December 2012 by Laxman  |  Email |Print

Spain is one of those countries who suffered most from the global financial crisis. It is one of those southern eurozone economies that are on the verge of a major recession. At this point, Spain is the country with the highest rate of unemployment in Europe – almost 25%. As a result, thousands of people start losing their homes as they cannot pay off their mortgage loans anymore.
The Spanish government is trying to restore the economic growth by all means. They are even ready to grant residence permits to those foreigners who will purchase residential property in Spain to the amount of €250 000 or more………………………………………..Full Article: Source

Qatar: Rents seen rising after several years

Posted on 14 December 2012 by Laxman  |  Email |Print

Annual inflation in the country was 2.6 percent, Qatar’s national office for statistics said yesterday citing consumer price index (CPI) figures for November 2012. A disturbing trend the figures show is that rents have risen for the first time in the past few years.
The CPI for rents, fuel and energy, clubbed under one head, showed an increase of 1.9 percent in a year (November 2011 to November 2012). The jump was largely witnessed in a month, from October to November 2012………………………………………..Full Article: Source

Asian property market moving into the black

Posted on 14 December 2012 by Laxman  |  Email |Print

A report from last week noting that private equity giant Blackstone (BX) was moving towards offering a pan-Asian property fund underscored the data that I’ve been collecting from around the region that suggests that bottoms are forming in certain markets.
The stunning turnaround on the Hang Seng from the June low - which has it up 22.5% in less than 6 months -is strongly stating the power of global, coordinated quantitative easing. And since Hong Kong pegs their Dollar to the U.S. Dollar- similarly to Singapore - via manipulating interest rates, this is part of the reason why both the Hong Kong and Singapore REIT markets have done so well in the past 18 months………………………………………..Full Article: Source

India real estate funds lose sheen

Posted on 14 December 2012 by Laxman  |  Email |Print

The Indian real estate sector, once considered a safe high-return option and now battling a slowdown amid stagnating sales, is facing funding problems with overseas investors.
Private equity companies focussed on real estate are finding it tough to raise funds through foreign high net-worth individuals (HNIs) and institutions alike as India-focussed real estate funds falter on returns………………………………………..Full Article: Source

India: Property prices likely to rise as Land Bill gets Cabinet nod

Posted on 14 December 2012 by Laxman  |  Email |Print

The Cabinet approved the Land Acquisition Bill, leaving real estate developers and consultants a little apprehensive on the move. They say this would lead to a hike in property prices in the country.
“It is not a good development for the industry. This will definitely increase land cost and housing prices,” Confederation of Real Estate Developers’ Associations of India (CREDAI) National President Lalit Kumar Jain told PTI. If the Bill gets the Parliament’s nod, developers will also hesitate to go for big projects, he added………………………………………..Full Article: Source

China must thwart big jump in home prices - think-tank

Posted on 14 December 2012 by Laxman  |  Email |Print

China should enforce new property controls next year to curb speculation and prevent an expected modest recovery in house prices from turning into a steep rebound, a top state think-tank said on Thursday.
The Chinese Academy of Social Sciences called on the government to expand property taxes to more cities and stop developers from getting too much financing by barring them from selling homes before they are built………………………………………..Full Article: Source

Shanghai sells year’s most expensive land as market recovers

Posted on 14 December 2012 by Laxman  |  Email |Print

Shanghai sold a downtown commercial plot of land at the highest price this year as a recovery in sales boosted developers’ expectations for a market rebound even as the government maintained property curbs.
The 107,500-square-meter (1.2 million-square-foot) site near Shanghai South Railway station was sold yesterday for 5.4 billion yuan ($864 million), according to the local land reserve center. A group of four companies, led by China Vanke Co., the country’s biggest developer, and Shanghai Greenland Group Co., which is building China’s second-tallest tower, bought the site, said property broker Century 21 China Real Estate………………………………………..Full Article: Source

Rental curves for Singapore

Posted on 14 December 2012 by Laxman  |  Email |Print

Industry experts predict a stellar year for Singapore’s rental market, with a rise in both volume transactions and value in 2012. According to a Q4 brief from Savills, the value of all leasing transactions throughout the first 10 months of 2012 has already surpassed the yearly totals of 2000 through to 2010.
The yearly transaction value of 2011 set a record at S$218 million (US$178,513,799), however 2012 looks set to pass that with the 10 month total of 2012 standing at S$208 million (US$170,324,715)………………………………………..Full Article: Source

Australia: Home buyers priced out of capital cities

Posted on 14 December 2012 by Laxman  |  Email |Print

Despite the two-year old property slump, buyers continue to struggle to find homes for less than $500,000 in the inner suburbs of many of Australia’s largest cities. That price threshold, which is more than nine times average yearly earnings, puts housing in the inner parts of Sydney, Melbourne, Darwin and Canberra all but out of reach, new research shows.
The country’s continuing problem with affordability comes despite capital city house values falling 0.4 per cent this year on the back of a 4 per cent decline in 2011, according to RP Data………………………………………..Full Article: Source

Global real estate investors pick safe havens of U.S., Asia and Western Europe

Posted on 13 December 2012 by Laxman  |  Email |Print

International real estate investors these days are putting their money where they feel it won’t vanish overnight - in the U.S., Asia and western Europe. That’s the latest conclusion of Colliers International’s in its recent Global Investor Sentiment Survey.
The report notes that investors consistently chase properties in the same, “safe” markets, including London, Paris, Frankfurt, Hamburg, Munich and New York. “London and New York are the only two markets identified as key investment areas by investors from other regions,” report states………………………………………..Full Article: Source

Ups and downs for global house prices in 2012

Posted on 13 December 2012 by Laxman  |  Email |Print

The world’s housing markets posted mixed signals during the full year to Q3 2012, according to the latest survey of global house price trends by the Global Property Guide. The bad news is strongly concentrated in Europe. The scale of the European downturn, the sheer size of the downward pressure, continues to surprise.
The U.S. housing market recovery continues. The Federal Housing Finance Agency (FHFA) seasonally-adjusted purchase-only house price index rose by 2.31% year-on-year in Q3 2012, the highest growth seen since Q2 2006. The nationwide seasonally-adjusted S&P/Case-Shiller home price index also rose by 1.92% during the year to Q3 2012, in sharp contrast with its 7% year-on-year decline seen in Q3 2011………………………………………..Full Article: Source

2013 housing market outlook : Improving market index leaps to 201

Posted on 13 December 2012 by Laxman  |  Email |Print

It’s been long said that the U.S. housing market would lead the economy from recession and housing is believed to have bottomed in October 2011. It’s no surprise, therefore, that the Improving Market Index has been surging ever since.
The broad-based economic indicator from the National Association of Homebuilders (NAHB) surged in December, doubling its tally from just two months prior. The 2013 housing market is kicking off with momentum. Home prices will likely rise next year………………………………………..Full Article: Source

Tide changes for manufactured housing

Posted on 13 December 2012 by Laxman  |  Email |Print

Shares of manufactured-housing companies were the big-ticket stocks for real-estate investors in recent years, faithfully posting double-digit annual returns. But now, some investors have soured on the sector.
Stocks of the biggest operators in the industry, Equity LifeStyle Properties Inc. and Sun Communities Inc., delivered negative total returns of about 2.4% and nearly 14%, respectively, in the past three months. That is a significant reversal from the past two years: Equity Lifestyle returned 22% in 2011 and 13% in 2010, while Sun Communities returned 20% last year and 86% in 2010, handily beating overall stock-market gains………………………………………..Full Article: Source

America’s top 5 cities for real estate investors

Posted on 13 December 2012 by Laxman  |  Email |Print

Home sales continue to drop around the United States, despite excellent interest rates on thirty-day loans and huge supplies in the housing market. High unemployment and lenders requiring larger down payments also contribute to plummeting real estate market values. This news may be disheartening to some people, but it also provides a great opportunity to those who have the means to invest in real estate.
Anyone who does not qualify for a mortgage will still need a place to live. This provides an opportunity for homeowners to rent out their properties while waiting for their investments to appreciate. The question for these investors becomes, “In this see-saw real estate market, where is the best place to buy a property?”……………………………………….Full Article: Source

Freddit Mac economist sees new households outpacing apartment boom

Posted on 13 December 2012 by Laxman  |  Email |Print

In his 2013 forecast, Freddie Mac’s chief economist, Frank Nothaft, sees more than a million new households bolstering housing starts, driving apartment vacancy rates down to ten year lows and outpacing the boom in new apartment construction.
“The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive. This has been a big change from a year ago, when some analysts worried that the looming ’shadow inventory’ would keep the housing sector mired in an economic depression. Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery,” Nothaft says………………………………………..Full Article: Source

Chicago again named best housing market — for buyers

Posted on 13 December 2012 by Laxman  |  Email |Print

The Chicago area again took the top spot in Zillow’s ranking of the best real estate markets for homebuyers, an accolade that is unwelcome news to homeowners trying to sell their properties. The real estate web site also tapped Chicago in July as the best buyer’s market among the nation’s 30 largest metropolitan areas.
To calculate its rankings, Zillow looked at selling prices versus list prices, the number of days a listing was on Zillow and the percentage of homes in a market with a price cut. Its ranking as the top buyer’s market means properties in the Chicago area stay on the market longer, with more frequent price cuts and sell for less than their listing price, all factors that give prospective buyers more power at the negotiating table………………………………………..Full Article: Source

Europe: Property industry urges inclusion in Solvency II review

Posted on 13 December 2012 by Laxman  |  Email |Print

The European real estate industry has reiterated its call to the European Insurance and Occupational Pensions Authority (EIOPA) to include real estate in its upcoming review of the capital requirements for insurance companies under the proposed Solvency II Directive.
Non-listed funds body INREV and 12 other national and pan-European real estate associations are adamant that real estate should be included in the review. ‘Real estate is a major contributor to the European economy. Our industry accounted for 2.5% of total GDP in 2011 and it employs four million people. It would be negligent for EIOPA to ignore this important asset class,’ said Jeff Rupp, director of public affairs at INREV………………………………………..Full Article: Source

Positive year ahead for UK housing market, says CML

Posted on 13 December 2012 by Laxman  |  Email |Print

A more stable and “positive” year in the UK housing and mortgage markets can be expected in 2013, a lenders’ group has said. The Council of Mortgage Lenders (CML) said a steady increase in lending for house purchases signalled more activity.
However, first-time buyers still required a deposit on average of 20% to get on the property ladder. This group accounted for four in 10 of all house purchase loans in October………………………………………..Full Article: Source

UK values remain flat in November: CBRE

Posted on 13 December 2012 by Laxman  |  Email |Print

UK commercial property values slipped by 0.2% in November following a 0.1% decline in October, according to CBRE’s latest monthly index. So far this year, capital values across all sectors have declined 3.5%, with total returns reaching 1.7%, CBRE said.
The decline in capital values was evident in all major sectors with the exception of Central London offices, where values increased by 1.0% in November following October’s growth of 0.9%. Both October and November’s figures were led by the strength of the West End offices sub-market………………………………………..Full Article: Source

UK: Focused real estate funds outperform

Posted on 13 December 2012 by Laxman  |  Email |Print

Analysis from BDO, the accountancy group, has shown that the best real estate investment trusts (REITs) in the UK are region or sector specific, but size has no bearing on performance.
The survey found that four of the top five REITs had a narrow geographic focus, while seven of the best ten had a specific sector or geographic emphasis. The study found no correlation between a REIT’s market capitalisation and its results. ‘Despite challenging real estate markets and the backdrop of uncertain economic conditions, the majority of UK REITs continue to perform well,’ commented Tracy Dossett, tax director within the real estate and construction sector at BDO………………………………………..Full Article: Source

Lone Star in EUR1bln German property deal

Posted on 13 December 2012 by Laxman  |  Email |Print

The German government has completed its largest privatisation since the start of the financial crisis, selling a €1.1bn portfolio of offices, shops and warehouses to Lone Star, the US private equity fund.
The sale of TLG, set up to manage government-owned real estate in the wake of Germany’s 1990 unification, underlines the depth of investor interest in the German property market at a time of rising prices and rent increases in many cities………………………………………..Full Article: Source

Swiss property boom is biggest risk for the economy, UBS says

Posted on 13 December 2012 by Laxman  |  Email |Print

Switzerland’s residential-property boom is the biggest risk facing the country’s economy, according to Daniel Kalt, UBS AG’s chief Swiss economist.
UBS’s Swiss Real Estate Bubble Index entered the “risk zone” for the first time in more than two decades in the third quarter as investors were attracted to one of Europe’s most stable and prosperous countries during the sovereign debt crisis………………………………………..Full Article: Source

Spanish repossessed property prices tumble 65pct in credit crunch

Posted on 13 December 2012 by Laxman  |  Email |Print

Prices of repossessed Spanish homes offloaded by lenders this year tumbled 65 percent as a million new properties remain unsold and buyers find it more difficult to get mortgages, according to Fitch Ratings.
The price decline is relative to the value of the property when the loans were made and is more than double the drop in real estate values recorded in government data. That compares with a 45 percent slump in Portuguese repossessed house values………………………………………..Full Article: Source

Swedish property credit terms ease ahead of 2013 - Catella

Posted on 13 December 2012 by Laxman  |  Email |Print

Swedish property credit availability rose and loan margins shrank in fourth quarter, says Stockholm-based corporate finance group Catella. Its Catella Real Estate Debt Indicator showed a marked improvement over September, when respondents expected financing terms to worsen in the coming three months.
Since September, Catella said it has observed several signs of an improving credit environment. Funding costs for major Swedish property lenders have continued to contract, as indicated by falling CDS spreads………………………………………..Full Article: Source

Italy housing market plunges as recession bites

Posted on 13 December 2012 by Laxman  |  Email |Print

Italy’s housing market sank in the second quarter of this year, with home sales posting their steepest drop since 2008 and mortgages plunging by more than 40 per cent in a steep economic recession, data showed on Wednesday.
Home sales were down 23.6 per cent from the same period last year, national statistics institute ISTAT reported, while sales of commercial property such as shops and offices fell 24.8 per cent………………………………………..Full Article: Source

PwC: Projects on the rise in the Middle East

Posted on 13 December 2012 by Laxman  |  Email |Print

PwC launched its first survey for Capital Projects and Infrastructure in the Middle East, titled “Delivering the Middle East’s Mega Projects”. The survey reveals that investment in major projects remains positive despite challenging economic conditions both globally and in the Middle East.
Sixty six per cent of respondents reported spending over $100 million on major projects in 2012 across a broad range of industry sectors, with 72 per cent expecting to increase their spending in 2013. Released today (12 December), the report seeks to establish issues and challenges facing project owners and explore opportunity markets. The report also sheds light on project financing issues, including funding constraints, perception of private financing and the funding outlook for 2013………………………………………..Full Article: Source

India real estate forecast for 2013

Posted on 13 December 2012 by Laxman  |  Email |Print

Residential property prices have breached affordability limits in cities like Mumbai. Nevertheless, developers will have to factor in the ground realities of the business while debating the lowering of prices to catalyse sales in 2013.
The fact that the major cities of Mumbai, NCR-Delhi, Bangalore and Chennai saw 72.5% of the total commercial space absorption in 2012 is a telling one, and indicates the forward path. These cities will grab the lion’s share of contribution in total commercial space absorption in 2013, certainly within the range of 74-76%………………………………………..Full Article: Source

Leisure property heats up in China

Posted on 13 December 2012 by Laxman  |  Email |Print

With more Chinese tired of traditional sightseeing tours, leisure tours are becoming more popular among travelers. The leisure market in China is considered one of the most promising fields in the coming decade by many real estate developers. Some property developers say they have seen great potential in China’s leisure development.
Media reports claim that tourism property development has become hot in the past three to five years. In the first quarter of 2012, real estate investment in the tourism sector amounted to 260 billion yuan, more than 20 percent of the total real estate investment of 1.1 trillion yuan in China………………………………………..Full Article: Source

Beijing home sales grow 50pct in first 11 months

Posted on 13 December 2012 by Laxman  |  Email |Print

Sales of residential apartments in Beijing have grown over 50 percent in the January-November period, a sign of the market warming up despite government controls, official data has indicated.
According to a survey jointly conducted by the Beijing Bureau of Statistics and the National Bureau of Statistics, more than 11.79 million sq meters of residential housing were sold in Beijing in the first 11 months of 2012, up 52.7 percent year on year………………………………………..Full Article: Source

Commercial property demand over the roof

Posted on 13 December 2012 by Laxman  |  Email |Print

Hong Kong’s commercial and industrial property markets soared over the past year, with both the transaction volume and value reaching their highest level since 1997, thanks to the influx of hot money as well as stronger demand from investors after the government imposed punitive special stamp duties on residential property transactions, according to data compiled by real estate agency Midland.
As of Dec 8, 2012, the Land Registry received 8,399 registrations of sale and purchase agreements for commercial and industrial properties, up 23.5 percent over the 6,799 registered for the year 2011………………………………………..Full Article: Source

Hong Kong: Is the world’s most expensive housing market about to crash?

Posted on 13 December 2012 by Laxman  |  Email |Print

The International Monetary Fund has given Hong Kong bank shareholders a fright today by issuing a warning that the Chinese territory faces a real estate slowdown that poses risks for banks. After a long run-up in real estate values, a correction is upon us, the IMF stated in its report dated Nov. 17 but published today.
The IMF said the property sector represents half of outstanding loans for use in Hong Kong while real estate is often also used as loan collateral. A sharp property price correction would lead to an “adverse feedback loop between economic activity, bank lending, and the property market,” the IMF explained………………………………………..Full Article: Source

No such thing as ‘Australian’ property market, says expert

Posted on 13 December 2012 by Laxman  |  Email |Print

There’s no such thing as “the Australian property market,” says property market commentator Terry Ryder in an article published this week in Property Observer - and investors need to stop viewing it as anything other than a collection of separate geographical trends.
“Some markets [within Australia] have boomed, some have gone down moderately, some have stagnated, some have gone a little backwards and some have gone into reverse rapidly.”……………………………………….Full Article: Source

Perth property market set to rise in 2013

Posted on 13 December 2012 by Laxman  |  Email |Print

Perth will be on par with Darwin for having the highest growth in median house prices for 2013, a national report has predicted. House prices in Perth could increase between 5 and 7 percent over 2013, according to Australian Property Monitors’ annual State of the Market Report.
The report predicted price peaks of 2013 in Perth would be driven by immigration, housing shortages, steeply rising rents and a strong economy………………………………………..Full Article: Source

Canada: Housing market appears to have achieved soft landing, Scotiabank report says

Posted on 12 December 2012 by Laxman  |  Email |Print

The Canadian housing market appears to have achieved “a soft landing” so far with sales cooler but still fairly steady along with prices, Scotiabank says. Nationally, sales in October were down about 10 per cent from the spring, but only marginally below the average pace of the past decade, said the report Tuesday by Scotiabank economist Adrienne Warren.
Warren noted the moderation mirrors a modest softening in the job market over the summer and follows repeated warnings to Canadians to be careful about the amount of money they borrow………………………………………..Full Article: Source

Canada’s housing market: a victim of demographics

Posted on 12 December 2012 by Laxman  |  Email |Print

Demographic trends built up our housing market, and now they’re going to start pulling it apart. Prepare yourselves, buyers and sellers. The years ahead for housing will look nothing like the last decade.
A report issued by Pacifica Partners Capital Management in B.C., describes the housing market as we know it today as a product of a wave of buying by baby boomers in their peak earning years. Now, as they start entering retirement, boomers aren’t buying houses any more and the younger generation isn’t large enough to pick up the slack………………………………………..Full Article: Source

Canada’s housing market: a victim of demographics

Posted on 12 December 2012 by Laxman  |  Email |Print

Demographic trends built up our housing market, and now they’re going to start pulling it apart. Prepare yourselves, buyers and sellers. The years ahead for housing will look nothing like the last decade.
A report issued by Pacifica Partners Capital Management in B.C., describes the housing market as we know it today as a product of a wave of buying by baby boomers in their peak earning years. Now, as they start entering retirement, boomers aren’t buying houses any more and the younger generation isn’t large enough to pick up the slack………………………………………..Full Article: Source

U.S. housing climbs as Canada loses altitude

Posted on 12 December 2012 by Laxman  |  Email |Print

Housing activity in the United States is gearing up while Canada’s residential real estate market appears to be in for a soft landing, Bank of Nova Scotia economist Adrienne Warren says in a new research note.
While average prices in the U.S. are still about 30 per cent lower than their 2005 peak, the long road to recovery has begun. Real home prices in the third quarter were 5 per cent higher than a year ago, an acceleration from the 3-per-cent advance in the prior quarter, Ms. Warren noted………………………………………..Full Article: Source

Zillow: U.S. 30-year mortgage rate edges up from record low

Posted on 12 December 2012 by Laxman  |  Email |Print

Real-estate Website Zillow Inc. (Z) said Tuesday its real-time rate on 30-year fixed mortgages edged higher after hitting a new record low a week earlier. Zillow said the 30-year fixed mortgage rate on its Mortgage Marketplace, which tracks mortgages on the real-estate company’s Website, was 3.17%, up slightly from 3.16%. The Mortgage Marketplace, which launched in April 2008, has been on the decline for much of the year.
“Rates rose slightly after a stronger-than-expected jobs report Friday, but the boost was short-lived and rates returned to the same low levels as the past few weeks,” said Erin Lantz, director of Zillow Mortgage Marketplace………………………………………..Full Article: Source

Canadians top global buyers of U.S. residences; Chinese ranked second

Posted on 12 December 2012 by Laxman  |  Email |Print

Who is helping the U.S. for-sale housing market recover these days? A good many Americans, of course. But to get a more balanced picture, look outside the U.S. Foreign nationals accounted for $82.5 billion, or 8.9%, of the $928 billion spent on U.S. residential real estate from April 2011 through March 2012, according a June survey from the National Association of Realtors.
That was up 24% from $66.4 billion the previous year. More than 50% of sales over the past year occurred in just five states: Florida, California, Texas, Arizona and New York. Canadians have also been buying in the Midwest, including Chicago………………………………………..Full Article: Source

Mexico: Real estate and construction

Posted on 12 December 2012 by Laxman  |  Email |Print

The Mexican real estate market is coming back following a lull caused by the recession, and the lawyers we spoke to have been very busy over the past year. Several commented on the increased amount of commercial work linked to the real estate sector as well as a growing number of development projects. We identify 29 superb practitioners who are considered experts in real estate and construction.
Creel García-Cuéllar Aiza y Enríquez SC has a “very strong” real estate practice and is one of the leading firms in this market. It has a trio of “fabulous professionals” featured in this chapter. Carlos Aiza is widely recognised as “one of the best real estate financing lawyers in Mexico”………………………………………..Full Article: Source

UK commercial property: Twelve months of negative capital movement but positive total returns

Posted on 12 December 2012 by Laxman  |  Email |Print

Twelve consecutive months of negative capital movement in the UK means property values, at the headline level, have fallen by a cumulative -3.5% since November 2011, according to the IPD UK Monthly Property Index.
Despite the falling values, caused by uncertainty amongst investors and occupiers alike, total returns have remained positive each month, backed by an income return which has not fallen below 0.5% per month. A separate IPD report says commercial property values for the UK, at the headline level, remain 32% below their pre-recession peak………………………………………..Full Article: Source

UK: Increase in house sales – but not in house prices

Posted on 12 December 2012 by Laxman  |  Email |Print

Property sales are ’set to rise’ but there will be no value boom for the housing market. Housing market activity is gathering pace as would-be buyers look to grab a winter deal amid an improved mood of confidence, surveyors said.
But despite an expected pickup in sales in the coming months, prices are likely to remain flat, the Royal Institution of Chartered Surveyors (RICS) said in its housing market survey for November………………………………………..Full Article: Source

Britain is becoming a nation of renters as overseas investors gobble up the housing stock

Posted on 12 December 2012 by Laxman  |  Email |Print

According to someone from a leading international firm of estate agents I was sat next to at dinner the other night, around 60pc of all new build apartments in London these days are sold to foreigners for investment purposes – mainly, south east Asians.
It is surely a good thing in some respects that London is considered to be such an attractive investment option for rich overseas nationals – actually maybe not so rich any longer; demand for a London pad has spread from the rarified ranks of the world’s super rich to those of only modest wealth………………………………………..Full Article: Source

What real estate crash? Dubai’s towering ambitions return

Posted on 12 December 2012 by Laxman  |  Email |Print

Where can you build the world’s biggest mall? How about digging a canal running from the sea under an already built highway? Would it be possible to construct a giant theme park with five different theme parks inside it? It can happen in Dubai.
In years past, the United Arab Emirates’ metropolis made a name for itself by planning projects that seemed to be concocted from sheer flights of fancy — towers that would revolve, an underwater hotel, a suburb replete with mechanized dinosaurs. Some actually came to fruition, such as the Burj Khalifa, the world’s tallest freestanding tower, and the man-made Palm Jumeirah island. But most vanished like desert mirages in 2009, when Dubai’s debt standstill announcement caused economic shockwaves worldwide………………………………………..Full Article: Source

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