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Real Estate Briefing - Archive | April, 2013

Zimbabweans in diaspora drives property boom

Posted on 22 April 2013 by Laxman  |  Email |Print

Zimbabweans working outside the country are contributing to a property boom and investors are banking on them purchasing in high-end suburbs. On her desk in a newly furnished office in suburban Harare, realtor Nicolette Ncube lays out the blueprints of an ambitious new property estate just north of Harare.
“Over here will be the lake, and these houses here,” she motions to drawings of a cluster of homes, “these homes will be overlooking the lake; pretty neat.”……………………………………….Full Article: Source

S.Africa: Where to now for real estate funds?

Posted on 22 April 2013 by Laxman  |  Email |Print

Funds that invest in real estate both locally and globally are, on average returns, among the top three performers over both the three- and one-year periods to the end of March. Local real estate funds were also the best performing sub-category over five years to the end of March.
Keillen Ndlovu, the head of the listed property franchise at Stanlib, says the property market is being driven by the strong local bond market. Listed property performs in line with the bond market because of its income-generating ability………………………………………..Full Article: Source

UAE: Property investors seek income generating assets

Posted on 22 April 2013 by Laxman  |  Email |Print

Ultra-prime homes in some markets outside the region have become dearer, with values doubling over the last seven years, as the ultra-rich are shifting their capital to income-generating residential unitsAnalysts have noticed a shift in investor behaviour. Whereas before billionaires used to seek safe haven in real estate, they are now seeking to set up homes in locations that pay dividends.
Last year, huge pickings were noted in places like New York, Moscow and London, where gross residential yields ranged between 5.2 and 6.4 per cent“The motives for real estate acquisition have shifted………………………………………..Full Article: Source

Abu Dhabi rents slip 3pct in Q1, says CBRE

Posted on 22 April 2013 by Laxman  |  Email |Print

An Abu Dhabi government ruling for its employees to live in the emirate is starting to have an impact on the local property market, CB Richard Ellis has said in a new report.
The real estate firm said the initiative had lifted leasing volumes in the emirate although residential rents still fell by an average of three percent in the first quarter of 2013 compared to the previous quarter.CBRE said it expected to see further government-led interventions to take place to stimulate the market in the future but did not elaborate on what they might be………………………………………..Full Article: Source

Bahrain real estate sector continues to wait for upward stimulus

Posted on 22 April 2013 by Laxman  |  Email |Print

The commercial office and retail sectors have seen little movement in occupancy or rate as the Kingdom waits for political tensions to ease. The supply pipeline of premium office space in prime locations continues to slow.
Office space requirements continue to be focused on smaller spaces with low rental rates, parking and access remaining the key issues. Land prices, particularly for residential plots have started to edge up again in a number of locations across the Kingdom………………………………………..Full Article: Source

In China, housing prices soar as regulators get nervous about defaults

Posted on 22 April 2013 by Laxman  |  Email |Print

Housing prices rose in 68 out of the 70 cities monitored by the National Bureau of Statistics in the month of March. Mid-size Wenzhou was the only city on the list to experience a price dip last month. And now regulators are starting to get nervous.
A vice-chairman from China’s Banking Regulatory Commission warned last week that risks related to property loans remain high, and said that regulators vowed to keep a close watch on lending………………………………………..Full Article: Source

HK: Investors bullish on commercial assets

Posted on 22 April 2013 by Laxman  |  Email |Print

Despite measures to cool commercial property speculation, a leading insurance company recently entered into a HK$4.5 billion agreement to purchase a Kowloon Bay office building.
The acquisition of the West Tower at One Bay East at 83 Hoi Bun Road - being built by Wheelock Properties - by Manulife shows that long-term investors still favor rent- generating properties………………………………………..Full Article: Source

Australia: Investors bolster property markets

Posted on 22 April 2013 by Laxman  |  Email |Print

Improved affordability coupled with low interest rates has prompted an investor resurgence in Australia’s housing market, which has experienced its strongest start to the year since 2010.
The mediocre offer by banks on cash deposits has helped the recovery for real estate, according to Australian Property Monitors economist Andrew Wilson, who says this has seen a boom at the bottom and middle end of the market. Sydney is close to record clearance rates, last week hitting 75.6 per cent, up from just 57.8 per cent during the same period last year………………………………………..Full Article: Source

Property needs to be viewed as investment class asset

Posted on 22 April 2013 by Laxman  |  Email |Print

Property needs to be seen as an investment class asset to ensure self-managed super fund (SMSF) trustees are receiving adequate advice.
Following the release of the Australian Securities and Investments Commission (ASIC) taskforce into SMSF advice last week noting property spruiking activities in the sector, Property Investment Professionals of Australia (PIPA) chair Ben Kingsley told InvestorDaily that activity was the result of the area not being regulated as an asset class. “It’s this area that continues to remain a problem child, which is that property investment is not an investment class asset,” Mr Kingsley said………………………………………..Full Article: Source

Sydney property prices regain all lost ground

Posted on 22 April 2013 by Laxman  |  Email |Print

Property prices in Sydney have regained all their losses since the property slump in 2010 making it the first Australian city to do so whilst Melbourne has maintained steady prices despite predictions that prices would fall further.
According to RP Data Rismark, property prices in Sydney rose 1.5 per cent in March making it the first city in Australia to regain all the ground lost over the last three years………………………………………..Full Article: Source

CBRE: Global shopping center development grows 15pct in 2013

Posted on 19 April 2013 by Laxman  |  Email |Print

An unprecedented 32 million m² of shopping center space is currently under construction across the world, representing a 15% increase year-on-year (28 million m² in 2012), according to the latest research from global property advisor CBRE.
Shopping center development activity is heavily concentrated in emerging markets, with China home to more than half of all the space under construction (16.8 million m²). Seven of the 10 most active development markets globally are in China. These include Chengdu (2.9 million m²) and Tianjin (2.1 million m²), with Shenyang, Chongqing, Wuhan, Guangzhou and Hangzhou due to deliver over one million m² over the next three years………………………………………Full Article: Source

US: Rules of house flipping adapt to rebounding market

Posted on 19 April 2013 by Laxman  |  Email |Print

When the housing market went bust, house flippers went into hibernation. Now, as the recovery creeps along, bargain-hunters are once again looking for homes to fix up and resell for a quick profit.
Just take a look at the numbers. Home values are on the rise, with a year-over-year price increase of 11.6 percent, according to the National Association of Realtors. Inventory has cratered to levels not seen since 2005………………………………………Full Article: Source

Inside America’s billionaire housing boom

Posted on 19 April 2013 by Laxman  |  Email |Print

“The U.S. is just coming out of a housing downturn and it’s become a global safe haven for investors,” says Jonathan Miller, chief executive of Miller Samuel, a New York-based real estate appraisal firm. “But this time it’s not carpenters and nurses quitting their jobs to become mom-and-pop investors; it’s billionaires looking to sink money into unique properties.”
Miller believes these unique properties have become a “new global currency,” as investors view prime trophy real estate as a safe, relatively low-risk place to park cash that hedges against inflation while diversifying an investment portfolio………………………………………Full Article: Source

3 reasons the housing recovery may not last

Posted on 19 April 2013 by Laxman  |  Email |Print

The housing market has made a big comeback over the past year; home prices have surged some 8% and homebuyers can’t seem to buy up properties fast enough.
But just as quickly as the market is gaining ground, some industry experts worry it will come crashing back to Earth. Here are three reasons the housing market recovery may not last:……………………………………..Full Article: Source

Safer way to get exposure to U.S. housing market

Posted on 19 April 2013 by Laxman  |  Email |Print

It’s clear the housing market is on the right path, but whether it can continue to be as hot as it has been is uncertain; my feeling is that the easy money has already been made. And what has been impressive has been the housing market’s recovery in spite of the lack of a strong recovery in the jobs market, which continues to struggle along, as demonstrated by the creation of a mere 88,000 new jobs in March and the edging up of the unemployment rate.
Once the jobs situation improves to where we are seeing the consistent creation of hundreds of thousands of new jobs monthly, I expect the housing market to follow suit. The housing starts and building permits reports support the housing market recovery. In March, there were an impressive annualized 1.04 million housing starts, which was above the Briefing.com estimate of 935,000 and the upwardly revised 968,000 in February………………………………………Full Article: Source

Foreign investors prominent in Canada’s luxury real estate market

Posted on 19 April 2013 by Laxman  |  Email |Print

Foreign investors have a prominent and growing influence in the luxury real estate markets of Montreal, Vancouver and Toronto, a realtor survey by Sotheby’s International Realty Canada suggests. Half of the luxury home buyers in Montreal are from other countries while in Vancouver it’s 40 per cent, the Sotheby’s Top Tier Trend Report found.
The company, which specializes in high-end real estate, surveyed around 30 Sotheby’s realtors responsible for the firm’s biggest deals in a dozen Canadian markets………………………………………Full Article: Source

UK: Who will benefit from the housing market recovery?

Posted on 19 April 2013 by Laxman  |  Email |Print

Upbeat assessments of the U.K. economy are few and far between. The latest quarterly report from the influential ITEM Club predicted a modest 0.6% rise in GDP this year and says the housing market is now seeing a “win-win of rising disposable incomes and increasing affordability factors.”
The house price-to-wages ratio is 4.5, down from 2007’s peak of 5.8, and the ITEM Club sees disposable incomes gaining from rises in personal income tax allowance and strong employment levels. Affordability is increased by the government’s “Help to Buy” scheme. The ITEM Club thinks one million families will move house this year, up a quarter from recent levels, driving higher house prices, additional housing-related spending and ultimately construction………………………………………Full Article: Source

Savills: Investment in France boosted by retail and serviced properties in Q1 2013

Posted on 19 April 2013 by Laxman  |  Email |Print

According to Savills data €2.5 billion was invested in French commercial real estate in the first quarter of 2013, which is level with the same period in 2012. The international real estate advisor notes that investment volumes in the retail and serviced property sectors (hotels, care homes) fared particularly well rising respectively by 119% and 85% compared with Q1 2012.
These two sectors significantly boosted the market in the first quarter of 2013 accounting for four of the seven deals of over €100 million. Furthermore, these market segments represented a significant portion of regional portfolio sales, with the acquisition of four health establishments by Icade Santé for €175 million and CNP Assurances’ purchase of a €160 million portfolio of regional retail assets………………………………………Full Article: Source

Is London’s property market about to grind to a halt?

Posted on 19 April 2013 by Laxman  |  Email |Print

London estate agents do not lose a minute pumping out press releases in reaction to new laws or regulations that appear in some way to threaten their business.
The format for these releases is always the same: when the new law is proposed, the agents cry in agony that it cannot possibly be allowed to happen because it will destroy the property market. Then when it does happen, they put out another set of press releases claiming it really won’t make much difference after all and that the party can go on………………………………………Full Article: Source

Russia, Poland drive CEE volumes in Q1

Posted on 19 April 2013 by Laxman  |  Email |Print

Russia and Poland accounted for the overwhelming majority of real estate investment in Central & Eastern Europe in the first three months of 2013.
Latest figures from CBRE show total commercial real estate investment in the region reached €2.6 bn in Q1. Russia dominated with €1.8 bn of deals, followed by Poland at €600 mln………………………………………Full Article: Source

S.Arabia: Real estate experts expect the housing bubble to burst soon

Posted on 19 April 2013 by Laxman  |  Email |Print

The royal order related to land grants and construction loans will lead to a reduction in the Kingdom’s current exorbitant rents and property prices, a spokesman for the Ministry of Housing was quoted as saying in local media.
Custodian of the Two Holy Mosques King Abdullah has ordered the Ministry of Municipal and Rural Affairs, municipalities and localities, to hand over all developed pieces of land and plots ready for construction to the Ministry of Housing which will, in turn, distribute them to citizens with loans. Real estate experts say the king’s ruling will see a drop in real estate prices. Some expect a huge decline in rents because the land will be available to citizens within a year………………………………………Full Article: Source

Dubai real estate market remains on growth track

Posted on 19 April 2013 by Laxman  |  Email |Print

Ample demand for private and commercial properties fuel the real estate sector in the Gulf Arab sheikhdom which benefits from ongoing turmoil in some Arab countries.
Earlier in the week, real estate service provider REIDIN said in a study released last Sunday that property sales prices increased in Dubai (2.5 million inhabitants) on average by 18 percent year on year in the first three months of 2013. This increase was even more an indication for Dubai’s new economic strength, added REIDIN, as during the first quarter 2,200 new objects were added to the market in the sheikhdom………………………………………Full Article: Source

Dubai housing market is seen bouncing back

Posted on 19 April 2013 by Laxman  |  Email |Print

Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse of the emirate’s real estate market, a report said. The new properties to be built between 2013 and 2015 will represent 11 percent of the current stock of 357,000 units, consultants Jones Lang LaSalle said in a report on Dubai’s real estate market for the first quarter of 2013.
It said that a total of 28,000 dwellings are expected to be completed in 2013. Around 2,200 residential units, mostly apartments, have already been handed over in Q1 of the year, which include the Spirit Tower in Dubai Sports City, Lakeside Tower in JLT, Bay Central in Dubai Marina, as well as the Al-Furjan Villas by developer Nakheel………………………………………Full Article: Source

Cluttons in Oman: The Sultanate’s real estate sector is being driven forward by increased government spending

Posted on 19 April 2013 by Laxman  |  Email |Print

Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, today releases its Q1 2013 property market report for Oman. The Sultanate’s economy continues to perform well and recent government figures indicate that the national GDP grew by 13.2% during the first three quarters of 2012. According to ratings agency Standard and Poor (S&P), the government budget will remain in surplus for the next two years, although it is strongly reliant on sustained oil prices. Fortunately, sector analysts are forecasting that oil prices will remain stable or even show a small increase this year.
Government spending on development and infrastructure projects during the eighth Five Year Plan (2011 - 2015), part of a long-term development strategy set out in the ‘Vision 2020, will now amount to RO 16 million compared with the initial projection of RO 12.1 billion. It will include a 45% rise in expenditure on housing, from RO 323 million to RO 469 million during 2013. The economic outlook for the country remains positive but reliant on sustained oil prices and production. (Press Release)

Kuwait government takes steps to tackle housing shortage

Posted on 19 April 2013 by Laxman  |  Email |Print

As the waiting list for government-subsidised housing in Kuwait has grown to more than 100,000 in 2013, projects aimed at combating the shortage will see a number of new construction projects in the coming years. Sluggish residential real estate growth and restrictive legislation have created difficulties for the sector, but new public-private partnerships (PPPs) and improved credit access could help alleviate Kuwait’s housing problems.
In March 2013 the government revealed plans to build 174,000 new houses and three separate cities by 2020, two near the Iraqi border in the north, and one on the Saudi border in the south. Although no official price tag has been given for the project, estimates put the cost at around $5bn………………………………………Full Article: Source

Widening gap between housing supply and demand

Posted on 19 April 2013 by Laxman  |  Email |Print

China has a sufficient amount of real estate and construction space to provide housing for 120 million people, according to the National Bureau of Statistics, 21st Century Business Herald reported. According to the data released on April 15, there are 424 million square meters of real estate for sale and 353 million square meters of construction area.
Qin Hong, director of the Department of Housing and Urban Policy Research Center, believes that the biggest problem in housing development is not the imbalance between supply and demand, but housing resources………………………………………Full Article: Source

Investors commit $6.5 bln to property funds in March

Posted on 18 April 2013 by Laxman  |  Email |Print

Real estate funds announced $6.5 bn (€4.7 bn) of capital commitments globally during March, according to online fund community Indirex. Globally, 54 announcements were reported in March, with 37 of these involving new equity commitments.
North America attracted over half of the cash with Europe taking 16% and Asia 12%. In Europe, 11 announcements were made with four pertaining to capital commitments. The largest was the $500 mln first closing of La Banque Postale Asset Managements’ Infrastructure Debt fund…………………………………..Full Article: Source

Is Canada’s condo boom coming apart at the seams?

Posted on 18 April 2013 by Laxman  |  Email |Print

Perhaps nothing is as emblematic of the Canadian housing boom of the past decade as the hundreds of high-rise condo towers currently under construction across the country. Indeed, the story of Canada’s decade-long explosion in housing is to a large degree the story of a construction boom in the condo sector.
But that boom now appears to be coming apart at the seams leaving many wondering what’s in store for the condo markets in Canada’s largest cities…………………………………..Full Article: Source

US: Should home prices rise over time?

Posted on 18 April 2013 by Laxman  |  Email |Print

Nationwide home prices are up 8% over the last year, according to the Case-Shiller housing index. This isn’t surprising. The supply of existing homes for sale is at a seven-year low. Construction of new homes is still well below the rate of household formation. Prices will almost always rise in that situation. It’s simple supply and demand.
And it’s pulled millions of homeowners out from being underwater on their mortgage and brought new hope to the housing industry, boosting shares of D.R. Horton and NVR as the outlook for construction rises. ………………………………….Full Article: Source

U.S. investors move into U.K. housing

Posted on 18 April 2013 by Laxman  |  Email |Print

With the U.S. housing market recovering, some investors are looking across the Atlantic for opportunities in the U.K. housing market, as well. U.S. investors contributed more than 50% of the £200 million ($307 million) raised last month in an initial public offering by Countrywide PLC, the U.K.’s largest residential brokerage, according to people who worked on the deal.
Oaktree Capital Management LLC is now a majority shareholder of Countrywide, which relisted on the London Stock Exchange after a six-year stint as a private company…………………………………..Full Article: Source

Signs of life in the UK housing market

Posted on 18 April 2013 by Laxman  |  Email |Print

The UK housing market has been at the sharp end of the recession. Prices have fallen by 18% from the August 2007 peak and the number of transactions is running at half the levels seen before the financial crisis. Housebuilding has collapsed. In 2011/12 the number of new homes built fell to the lowest level since 1923.
Yet despite the decline in prices UK housing still looks relatively pricey on a long-term basis. The price of an average house in the UK, at £172,000, is now 4.5 times annual earnings…………………………………..Full Article: Source

German property funds outperform European and global investment vehicles

Posted on 18 April 2013 by Laxman  |  Email |Print

German property funds tracked by UK performance analysis group IPD outperformed global and Europe-focused property investment vehicles in the year to March 2013, returning 2.3 percent as against -1.0 percent for global and -0.3 percent for European property funds, IPD said in its monthly assessment of the sector. The report also showed that inflows surpassed outflows from liquidating property funds, indicating a return of investor confidence in Germany’s real estate market.
According to the IPD German Monthly Open Ended Funds Index OFIX, over the past year only German-allocated funds outperformed inflation, 1.4 percent in the 12 months to March, while European and global sub-indexes returned losses in both real and nominal terms…………………………………..Full Article: Source

German residential unit sales reach 5-year high

Posted on 18 April 2013 by Laxman  |  Email |Print

Strong investor demand for German residential property lifted both the volume and number of traded units in the first three months of 2013. Figures published by Savills indicate 68,600 housing units traded in Q1 this year, generating a total volume of just under €3.8 bn and representing 5% growth year-on-year.
The number of units sold rose 3% compared with the first quarter of 2012, marking a five-year-high, according to Savills…………………………………..Full Article: Source

Savills: Netherlands retail investment volumes up 30pct in Q1 2013

Posted on 18 April 2013 by Laxman  |  Email |Print

According to Savills latest Netherlands property market report, retail investment in Q1 2013 reached approximately €160 million, representing an increase of 30% on the same period last year, at €122 million. Key transactions included the sale of five shopping centers for a total of €70 million and the purchase of five supermarkets for €20 million.
Clive Pritchard, director of investment at Savills Netherlands, comments: “Retail investment performed very well in the Netherlands property market so far this year and we predict that it is set to continue as investor interest remains strong. Total volumes in the sector could reach €1 billion by the end of the year, beating last year’s total of €885 million.”………………………………….Full Article: Source

Dutch retail volumes up 30pct in Q1

Posted on 18 April 2013 by Laxman  |  Email |Print

Dutch retail property investment reached €160 mln in Q1 2013, representing an increase of 30% on the €122 mln recorded in the same period last year.
According to Savills’ latest Netherlands property market report, key transactions included the sale of five shopping centres for a total of €70 mln and the purchase of five supermarkets for €20 mln…………………………………..Full Article: Source

Romania passes property restitution bill

Posted on 18 April 2013 by Laxman  |  Email |Print

On Tuesday, the centre-left government of Victor Ponta adopted the property restitution bill designed to help families whose land or dwellings were confiscated by the previous communist regimes.
Ponta had said recently, the property restitution bill “we have drafted aims finally to find a solution to long-delayed problem of property restitution in Romania.” According to Associated Press, more than 200,000 such claims exist, and the law passed complies with a demand by the Council of Europe to repair such historical wrongs. The people who lost their fortunes will be entitled either to reclaim them or to get government compensation…………………………………..Full Article: Source

King orders land and home loans for Saudis

Posted on 18 April 2013 by Laxman  |  Email |Print

Custodian of the Two Holy Mosques King Abdullah has issued orders to grant citizens plots of land that have already been developed to build houses, and loans to construct houses on that land. The directive follows an earlier order of the King allocating SR250 billion to build 500,000 housing units for citizens without a home throughout the Kingdom.
Minister of Housing Dr. Showaish Al-Dhuwaihi said that the King’s new order shows his keenness to make available adequate housing facilities for citizens. King Abdullah ordered the Ministry of Municipal and Rural Affairs to immediately hand over all government land designed for housing purposes to the Ministry of Housing…………………………………..Full Article: Source

Abu Dhabi home, office rents to fall on supply, CBRE says

Posted on 18 April 2013 by Laxman  |  Email |Print

Residential and commercial rents in Abu Dhabi are expected to drop further as homes and offices are built four years after the credit crisis roiled the United Arab Emirates’ real estate market, according to CBRE Group Inc. (CBG)
“The impact of sustained growth in overall housing stock is reflected in the continued decline of lease rates and reduced tenant loyalty amidst abundant and more affordable options,” Matthew Green, the Los Angeles-based broker’s head of U.A.E. research, wrote in a report………………………………….Full Article: Source

Blackstone takes aim at Asian real estate

Posted on 18 April 2013 by Laxman  |  Email |Print

Blackstone Group is upping the ante in Asia, looking to raise the largest real-estate fund ever devoted to the region at a time when economic growth there shows signs of slowing. The private-equity giant, which has become one of the world’s biggest real-estate investors, plans to raise up to a $4 billion real-estate fund exclusively focused on China and other Asian markets, according to people with knowledge of the matter.
The target amount for the fund, which will be Blackstone’s first devoted to Asia, is twice what the firm initially indicated it intended to raise. It also would be the largest Asia property fund raised, according to data tracker Preqin…………………………………..Full Article: Source

China local authority debt could be worse than US housing market crash

Posted on 18 April 2013 by Laxman  |  Email |Print

China can face a similar or even bigger financial crisis than the United States if the local Government debt remains out of control for long, says a Senior Chinese auditor Zhang Kew Hoc, who is also the vice chairman of China’s accounting association, report CNBC.
Zhang Ke said that his accounting firm Shine Wing, due to mounting concerns, is not signing off on bond sales by local governments. Zhang said that they audited local government bond issues, which was full of risks. “Most don’t have strong debt servicing abilities. Things could become very serious” he said………………………………….Full Article: Source

Australia: Real estate agents’ confidence soars

Posted on 18 April 2013 by Laxman  |  Email |Print

Australian businesses may be doing it tough, but at least real estate agents are feeling pretty good. A survey of property industry sentiment shows confidence has risen to its highest level in 18 months. That goes against the wider trend in business sentiment, which remains stuck at below-average levels.
And there’s good reason for real estate agents feeling positive: house prices are increasing and investors and owner-occupiers are starting to borrow more. Property Council of Australia chief operating officer Ken Morrison says there is a feeling would-be buyers are returning to the market after a tough couple of years…………………………………..Full Article: Source

U.S. housing starts surpass 1 mln in March

Posted on 17 April 2013 by Laxman  |  Email |Print

U.S. builders broke ground in March on homes at a seasonally adjusted rate of 1.04 million, the fastest since June 2008. The gain was driven by a surge in apartment construction and showed continued strength in the housing market at the start of the spring buying season.
The Commerce Department says that builders increased their construction pace by 7 percent in March from February. Apartment construction jumped 31.1 percent to a seasonally adjusted rate of 392,000 — the fastest pace since January 2006. Single-family home construction, which represents nearly two-thirds of the market, fell 4.8 percent to a seasonally adjusted 619,000. That was down from February’s pace of 650,000, which was the fastest pace since May 2008……………………………………Full Article: Source

Forget the housing crash, this market has been booming

Posted on 17 April 2013 by Laxman  |  Email |Print

The housing crash of 2007-2008 that spilled into the great financial crisis is not news to any investor. Many are familiar with the devastating effects that collapse of the over-leveraged housing market had on the lives of individuals around the country.
However, despite all of the negativity in the nationwide housing market, one city has been booming in particular. With average capitalization rates form buildings near 20 year lows and new development around the city, this location has been a developers dream city. But this dream may become a nightmare very quickly… Which city is this that is booming so rapidly, that is attracting hot money from big developers all around the country? No, it is not New York or San Francisco, and it’s not some glitzy suburb of silicon valley……………………………………Full Article: Source

UK: Spring bounce for the housing market

Posted on 17 April 2013 by Laxman  |  Email |Print

The housing market looks primed for a spring bounce as first-time buyers return in force and increasingly confident sellers start hiking prices. The average UK asking price has just hit £244,706, up £15,717 since the start of the year, according to new figures from Rightmove, with the biggest rises outside London.
First-time buyers are streaming back into the market, with an extra 3 per cent in February alone, the best start to a year since 2008 according to the Council of Mortgage Lenders. Numbers are up 17 per cent on 12 months ago……………………………………Full Article: Source

London’s luxury-home boom may be ending, Grosvenor says

Posted on 17 April 2013 by Laxman  |  Email |Print

Grosvenor Group Ltd., the real estate company owned by the Duke of Westminster’s family trusts, said it’s looking to buy rental properties for middle-income tenants as London’s five-year luxury-home boom may be ending.
Grosvenor will target rental-home purchases because the value of luxury properties may climb at a slower rate, Chief Executive Officer Mark Preston said in a telephone interview today. The London-based company may partner with pension funds in the investments, he said……………………………………Full Article: Source

Swiss real-estate boom puts economy at risk warns SNB Danthine

Posted on 17 April 2013 by Laxman  |  Email |Print

The property market boom in Switzerland, driven in part by historically low interest rates, leaves the economy highly vulnerable and needs to be carefully monitored, Swiss National Bank Vice Chairman Jean-Pierre Danthine said Tuesday.
“Swiss real-estate prices have been increasing since 2000, and at an accelerated speed since 2008, reaching levels about 40% to 60% higher than 12 years ago,” Mr. Danthine said in a speech to be given Tuesday. The vice chairman’s speech was largely concerned with the risks of rapid credit growth in Switzerland, rather than the SNB’s current monetary policy……………………………………Full Article: Source

Housing prices in Ukraine stable in Q1, market could stir up in autumn 2013, say experts

Posted on 17 April 2013 by Laxman  |  Email |Print

There were no large fluctuations of prices for property in January-March 2013 in Ukraine, and the average housing price on the secondary market in Kyiv at the end of the first quarter of 2013 came to $1,800 per square meter. This information was presented by representatives of the Association of Realtors of Ukraine (ASNU) at a press conference at Interfax-Ukraine on Tuesday.
“The prices on the secondary market have not changed for around a year if we take the prices in Ukraine… [and] prices are stable today on the primary market too,” Head of the Information Technologies, Services, Analytics and MLS Committee at the Association of Ukrainian Realtors Eduard Brazas said……………………………………Full Article: Source

Prime Abu Dhabi property prices up 8pct in Q1

Posted on 17 April 2013 by Laxman  |  Email |Print

Sale prices of prime Abu Dhabi residential properties rose by 8 percent in the first quarter of 2013, according to a report from Jones Lang LaSalle (JLL).
The real estate services firm’s latest Abu Dhabi Market Overview Report found that average asking prices within investment areas increased to AED12,000 per sq m for villas and AED9,900 sqm for apartments……………………………………Full Article: Source

Dubai property market rebounds

Posted on 17 April 2013 by Laxman  |  Email |Print

A market report finds that an estimated 40,000 new homes will be available for buyers in Dubai over the next two years. Published by consultants Jones Lang LaSalle, the report shows that a number of new properties will be developed between 2013 and 2015, which would account for 11 percent of the 357,000 units envisaged by developers.
Those figures suggest that the emirate’s real estate market has made a strong comeback as developers start to revive projects that were abandoned in the aftermath of global financial crisis. After reaching its peak in 2008, property prices fell by as much as 50 percent as investors quickly retreated from the scene……………………………………Full Article: Source

Delhi-NCR residential housing market still on slow burner: Report

Posted on 17 April 2013 by Laxman  |  Email |Print

The Delhi-National Capital Region (NCR) residential market seems to be going slow on new launches, with the segment witnessing a 31 per cent dip compared with the second half of fiscal 2012-13.
A report by property portal Knight Frank India says developers are struggling with liquidity crunch due to project delays, while consumer confidence is marred due to higher interest rates, inflation and the current economic outlook……………………………………Full Article: Source

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