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Real Estate Briefing - Archive | May, 2013

Canadian house prices edge higher in April

Posted on 15 May 2013 by Laxman  |  Email |Print

Canadian home prices rose in April from March as three strong cities in Western Canada more than offset weak showings elsewhere, while the annual gain in prices slowed, the Teranet-National Bank Composite House Price Index showed on Tuesday.
The index, which measures price changes for repeat sales of single-family homes, showed overall prices rose 0.2% in April from a month earlier, but the weakest April gain in 15 years except for the 2009 recession. The index was up 2.0% from a year earlier, the smallest 12-month gain since November 2009……………………………………Full Article: Source

Canada: Flaherty dismisses worries over housing market amid ‘healthy’ correction

Posted on 15 May 2013 by Laxman  |  Email |Print

Finance Minister Jim Flaherty is dismissing fears about Canada’s housing market, saying the current slowdown is welcome news and that there is no need for further government intervention.
While some observers are expressing fears that a steep correction is underway that will bring down housing values and possibly affect bank credit ratings, Flaherty said Tuesday that he believes government mortgage tightening last July actually helped avert what could have turned into a housing bubble……………………………………Full Article: Source

US: A reality check on real estate

Posted on 15 May 2013 by Laxman  |  Email |Print

New statistics on the real estate market show home prices have risen by about 9% over the past year. Does this mean that real estate is back? On April 30, the Standard & Poors/Case-Shiller Home Price Indices release showed that a composite of real estate prices in 20 major metropolitan markets had increased by 9.3% over the past year, the best annual gain since May 2006.
Does that mean the housing market is back to the heady days of the real estate boom? A quick reality check shows that not to be the case — which may be good news for would-be home buyers……………………………………Full Article: Source

Trulia: It’s still a housing rebound, not a bubble

Posted on 15 May 2013 by Laxman  |  Email |Print

Home prices today are rising nearly as fast as they did during the peak bubble years of 2005 and 2006. Since that bubble helped push us into the Great Recession, we should all be on high alert for the next housing bubble.
To track whether home prices are in or nearing bubble territory, today we introduce Trulia’s Bubble Watch, which is based on the most recent price data from the Trulia Price Monitor and other data sources. So are we in bubble territory? No. bubble-phobes can rest easy. Even with recent sharp home price increases, prices are still low relative to fundamentals and are far below bubble levels……………………………………Full Article: Source

UK housing demand and home prices rise strongly, surveyors say

Posted on 15 May 2013 by Laxman  |  Email |Print

The post-recession recovery of the UK housing market revival is in full swing, an industry survey has shown. New buying inquiries soared last month and home prices continued to rise as property investment sentiment benefitted from government initiatives that give potential buyers greater access to mortgages.
The Royal Institution of Chartered Surveyors (RICS) said on Tuesday, May 14 that the combination of the government-backed Funding for Lending and Help to Buy schemes was the reason for a strong pick-up in demand for residential property that was not yet being matched by an increase in the supply of homes…………………………………..Full Article: Source

Gov’t schemes boosting housing market: Rics

Posted on 15 May 2013 by Laxman  |  Email |Print

Demand for property rose to its highest level in over three years during April, as the government’s ‘Help to Buy’ scheme began to make an impact on the UK’s housing market, the latest residential market survey from the Royal Institution of Chartered Surveyors has revealed.
Last month, new buyer enquiries rose to their highest level in over three years, with 25 per cent more chartered surveyors reporting demand for property rose rather than fell……………………………………Full Article: Source

George Osborne’s housing market sweeteners set to leave a bitter taste

Posted on 15 May 2013 by Laxman  |  Email |Print

Boosting the housing market to provide a feelgood factor is unlikely to work in the long term – and an economic study from Denmark suggests it won’t work in the short term either.
George Osborne was adamant when he became chancellor of the exchequer three years ago that Britain’s economic model had to change. Out would go an over-reliance on public and private debt, in would come the “march of the makers”……………………………………Full Article: Source

British Land to exit mainland Europe amid economic woes

Posted on 15 May 2013 by Laxman  |  Email |Print

British Land is looking to exit its £255m retail property business in mainland Europe after their assets lost almost a fifth of their value on the back of the economic crisis in Spain and Portugal.
British Land said its mainland European properties, which account for 2.4pc of its £10.5bn portfolio, fell 17pc in value in the year to the end of March, hit by rental concessions and widening yields……………………………………Full Article: Source

German real estate funds in the Euro crisis: Solid returns in local markets

Posted on 15 May 2013 by Laxman  |  Email |Print

First quarter 2013 results for German institutional property funds and German retail property funds stood at 0.3% and 0.0% respectively. In both groups of funds, those vehicles invested in Germany substantially outperformed European-targeted funds.
Daniel Piazolo, Managing Director of IPD, said, “We now receive data at least quarterly for 152 German funds with a Net Asset Value of EUR 105 bn. We are therefore in a position to provide crucial insights into the performance of all real estate funds subject to German investment law”……………………………………Full Article: Source

JLL: Good beginning to the year for the investment market in Poland

Posted on 15 May 2013 by Laxman  |  Email |Print

The period from January to the end of April of 2013 in Poland came in strong with an investment volume of €748 million. So far, the office sector has the largest share 2013 transactions (€424 million), followed by industrial (€184 million) and retail (€126 million), with the hotel sector rounding things off with €14 million.
In terms of the number of transactions, 2013 outpaced the same period in 2012 with 70% more transactions (17 deals in 2013 versus 10 closed in the corresponding period last year)……………………………………Full Article: Source

Real estate development in Moscow! What will those crazy Russians think of next?

Posted on 15 May 2013 by Laxman  |  Email |Print

Moscow is one of the world’s most expensive cities. It can vary a bit depending on who’s doing the ranking, but for the past several years Moscow usually comes in 3rd place after Tokyo, Japan and Luanda, Angola. It’s true that some of Moscow’s most ridiculously priced items are not housing-related, and it’s equally true that the Moscow real estate market is hardly the world’s most liquid or liberal, but housing in Moscow, as any expat can attest, is very, very expensive.
Prices for apartments in Moscow are broadly comparable to London and New York, famously expensive cities which, of course, are both located in countries that are much wealthier than Russia……………………………………Full Article: Source

S.Arabia: Residential construction industry ‘very competitive’

Posted on 15 May 2013 by Laxman  |  Email |Print

Actual demand for housing in the Kingdom is huge and the supply doesn’t meet the demand. “Saudi Arabia is a major player in the region both in political and economical terms; today the government is spending billions of dollars in infrastructure development, which is why we are noticing a new hub for infrastructure development in the region,” says Hossam Al-Rashoud, CEO of Maskan Arabia.
In an exclusive interview with Diana Al-Jassem of Arab News, Al-Rashoud confirmed that Maskan will be targeting the major cities and the secondary cities in the Kingdom in the coming few years……………………………………Full Article: Source

Doha residential realty market remains stable

Posted on 15 May 2013 by Laxman  |  Email |Print

The residential property market in Doha appears to be stable and may see steady growth both in outright sales and rentals in the upcoming quarters, according to Al Asmakh Real Estate report.
Qatar’s population was at 1.92mn as of March 31, 2013 with year-on-year growth of 8.5%, which may realise higher demand for new housing units, especially from expatriate population. Doha and Al Rayyan municipalities remain as main hub for new supply, it said in its first quarter report……………………………………Full Article: Source

Demand for office space in Asia Pacific subdued

Posted on 15 May 2013 by Laxman  |  Email |Print

Leasing activity in Asia Pacific’s Tier 1 office markets remained generally subdued in the first quarter of 2013, according to real estate advisory firm Jones Lang LaSalle, in its latest Asia Pacific Office Index.
Whilst take-up of grade A office space contracted in Singapore, Hong Kong, Australian cities and Beijing, it was steady in Japan, South Korea and emerging Southeast Asia; strong demand in Manila and Jakarta was actually constrained by a lack of available space……………………………………Full Article: Source

China: Property market maintains stable growth momentum

Posted on 15 May 2013 by Laxman  |  Email |Print

Investment rises 21.1% in past four months, sales value eases to 59.8%. China’s real estate investment growth quickened in the first four months of the year, but property sales growth dipped slightly due to the government’s latest round of policy tightening.
Property in-vestment, which affects more than 40 industries ranging from steel to furniture, increased 21.1 percent year-on-year from January to April, up 0.9 percentage points on the first quarter, the National Bureau of Statistics said on Monday……………………………………Full Article: Source

Hong Kong property investors switch search to overseas markets

Posted on 15 May 2013 by Laxman  |  Email |Print

A growing number of Hong Kong property investors are shifting their investment focus offshore - prompting local brokers to widen their sales’ lists in order to capture commissions on deals taking place overseas.
“There has definitely been a pick-up in buyer interest in overseas properties in recent months. Inquiries for international residential properties are up by 10 per cent since the government announced its latest control measures on the market in February,” said Denis Ma On-ping, local director of the Greater Pearl River Delta Research at agency Jones Lang LaSalle……………………………………Full Article: Source

Coming soon to Singapore: Relief for home buyers, renters

Posted on 15 May 2013 by Laxman  |  Email |Print

A flood of new homes is headed toward Singapore and it will carry with it a buyer’s market, analysts say. Developers in Singapore are already offering discounts and freebies such as furniture vouchers and will probably give away more expensive “toys”–maybe even cars–as new properties begin hitting the market in force, says Chris Comer, CEO of Castlewood Group, developer of Nikki Beach properties in Asia.
Comer is a Singapore resident with global experience, including in Dubai, where he worked during the boom and bust of the past decade. He said the downturn could hit Singapore within the next 12 months, and “you’ll start to see properties resold for less than they paid for them” as investors try to cash out, he said…………………………………..Full Article: Source

NZ housing market overcooked: IMF

Posted on 15 May 2013 by Laxman  |  Email |Print

New Zealand housing is already overvalued by about 25 percent and if it continues to rise may force the Reserve Bank to hike interest rates, according to the International Monetary Fund.
Property in New Zealand has become less affordable in the past two decades with the median house price at about four times income, some 20 percent higher than the average of the past 30 years, it said……………………………………Full Article: Source

Housing improvement may herald return of U.S. workforce mobility

Posted on 14 May 2013 by Laxman  |  Email |Print

While far from their 2006 peak, home prices in major metropolitan areas have been rising since early 2012. If that persists, it should make it easier for Americans to move and for employers to match job seekers with available jobs, lowering the jobless rate and increasing overall economic productivity and growth.

“Until the real-estate market picked up, people wouldn’t even consider a move without the certainty that they could sell their homes,” said Jerry Funaro, vice president of global marketing for TRC Global Solutions, a domestic and international relocation service based in Milwaukee…………………………………………Full Article: Source

Distortions of US housing markets

Posted on 14 May 2013 by Laxman  |  Email |Print

Housing is usually more stable because the motivations of the buyers are for long-term occupancy rather than exclusively for profit. But by rigging the market toward speculators, the Fed may have queered the pitch.
Sadly, once the money has fuelled a boom, you can’t just take it back. One of the brightest parts of the American economy is the housing market. It is considered the strongest proof of a recovery. Recent numbers appear to create a very optimistic story………………………………………..Full Article: Source

US housing groups to launch IPOs

Posted on 14 May 2013 by Laxman  |  Email |Print

A handful of companies that rent houses to single families are preparing to launch initial public offerings on the US stock market as their private equity and hedge fund owners take advantage of investor interest in the US housing recovery.
Colony American Homes, backed by investment firm Colony Capital, is expected to be among the largest in what is becoming a new area of the US publicly listed property sector………………………………………..Full Article: Source

Sign of another U.S. housing market bubble?

Posted on 14 May 2013 by Laxman  |  Email |Print

All you have to do is look at a price chart of Lennar Corp to see the proof that the U.S. housing market is on the mend. Since January 2012, shares of the Miami, Fl.-based new homebuilder have more than doubled.
In fact, since the industry nearly collapsed six years ago, new-home construction for builders like Lennar is now clearly on an upswing. According to the March 2013 report from the U.S. Commerce Department, new home construction was on pace for more than one million units for the first time since the gaudy days of June 2008………………………………………..Full Article: Source

Is the Canadian housing market falling apart?

Posted on 14 May 2013 by Laxman  |  Email |Print

Home prices in the greater Vancouver area are down 3.9 percent from a year ago, according to the Real Estate Board of Greater Vancouver. In West Vancouver, which is sometimes said to be the wealthiest municipality in Canada, home prices have fallen 5.6 percent. Sales are down 20 percent from a year ago.
Vancouver is not alone. All over Canada there is fear that the country is in a housing bubble that is now in the process of popping. In March, Montreal saw sales decline 17 percent year over year, even while inventory continues to climb. In Ottawa, sales have fallen 16 percent………………………………………..Full Article: Source

European retail volumes reach EUR5bln in Q1

Posted on 14 May 2013 by Laxman  |  Email |Print

European retail real estate investment totalled €5.1 bn in the first quarter of 2013, up nearly 60% on the year-earlier period, according to Jones Lang LaSalle.
The growth was driven by shopping centre investment, which rose 85% year-on-year to almost €4 bn, demonstrating the ongoing demand for this type of product………………………………………..Full Article: Source

U.K. house-price gauge rises to highest in almost three years

Posted on 14 May 2013 by Laxman  |  Email |Print

A U.K. house-price gauge rose to the highest in almost three years last month as government measures to support the housing market spurred demand, the Royal Institution of Chartered Surveyors said.
The index rose to 1 from minus 2 in March, the first reading above zero since June 2010, London-based RICS said in an e-mailed report today, citing a monthly poll of property surveyors. A positive number means more respondents saw values increase rather than decline. A measure of inquiries from new buyers rose to 25 from 13, the highest since November 2009………………………………………..Full Article: Source

House prices rise for first time since mid-2010, finds surveyors report

Posted on 14 May 2013 by Laxman  |  Email |Print

Government measures responsible for pickup in demand that has yet to be matched by increase in supply, says Rics. Fresh evidence that Britain’s housing market is recovering from its long post-recession torpor has emerged as estate agents report the first upward trend in house prices in almost three years.
The Royal Institution of Chartered Surveyors (Rics) said the government’s Funding for Lending Scheme (FLS) and the Help to Buy initiative announced in the budget were responsible for a strong pick-up in demand for residential property that was not yet being matched by an increase in the supply of homes to buy………………………………………..Full Article: Source

UK commercial property total return increases to 0.6pct

Posted on 14 May 2013 by Laxman  |  Email |Print

UK commercial property performance remained largely unchanged at the All Property level in April, according to the latest CBRE UK Monthly Index. Total return increased from 0.5% in March to 0.6% in April, with the annual return also picking up to 3.1% for the year to April 2013. However, capital values remained flat, and have declined by -2.8% over the course of the last twelve months.
All offices total return increased to 0.5% in April, while capital values remained at the level recorded in March. Overall sector returns were boosted by offices in Central London, returning 0.6% over the month………………………………………..Full Article: Source

German asset managers join forces to launch US property boutique

Posted on 14 May 2013 by Laxman  |  Email |Print

A German asset management boutique and a US property investor, both based in Germany, have launched a joint venture to create a new company targeting institutional and private clients looking to invest in US real estate.
The Feri group, based in Bad Homburg near Frankfurt, and US Treuhand, based in Darmstadt, will form new company UST Immobilien GmbH. US Treuhand manages at present a multi-billion euro portfolio through a third-party firm, Florida-based Estein & Associates USA, that oversees the buying and selling of US properties………………………………………..Full Article: Source

Spain home expropriation plans seen violating EU bailout

Posted on 14 May 2013 by Laxman  |  Email |Print

Spanish politicians trying to cushion the blows of austerity plan to seize foreclosed homes to house the needy, discouraging foreign investment and threatening to violate terms of the European bailout of the country’s banks.
The regional governments of Andalusia, with the most vacant properties in the country, and the tourist destination of the Canary Islands, are planning to expropriate foreclosed properties for as long as three years to house displaced families………………………………………..Full Article: Source

Turnover of real estate market in Azerbaijan grew by 40pct up to AZN 900 mln for past quarter

Posted on 14 May 2013 by Laxman  |  Email |Print

The Central Bank of Azerbaijan reports that turnover of country’s residential property market for 1st quarter of 2013 increased by 40.1% against the same term of 2012. In 2012 the index grew by 24.86% against 2011.
According to the CBA, turnover of residential property (the cash flow of notary’s offices) reached AZN 882.75 bn by 1 April 2013 versus AZN 629.947 million a year earlier………………………………………..Full Article: Source

18.3pct price increase puts Dubai among world’s hottest property markets

Posted on 14 May 2013 by Laxman  |  Email |Print

Property prices in Dubai rose 18.3 per cent in the past one year (March 2012 to March 2013), with the emirate maintaining it’s position among the top five best performing real estate markets in the world, according to a new report.
According to Knight Frank’s first quarter 2013 Prime Global Cities Index, the emirate is ranked fourth in the list of 29 global cities. Prices rose 5.4 per cent in the last three months (December 2012 to March 2013), the third highest in among the global cities compared………………………………………..Full Article: Source

Dubai: Hiring spree as property market rebounds

Posted on 14 May 2013 by Laxman  |  Email |Print

Property brokerage firms in Dubai are on a hiring spree with hundreds of new brokers likely to join company rosters in coming months. The local firms have stepped up hiring following Dubai property transactions rising 63 per cent to Dh44 billion in first quarter 2013 following rising global investor confidence in the emirate’s realty sector.
In the latest Knight Frank report, Dubai took the second position on the list of the most hottest property market in the world, with prices shooting up by 19 per cent in 2012………………………………………..Full Article: Source

Average property prices rise across most of Asia in first quarter of 2013

Posted on 14 May 2013 by Laxman  |  Email |Print

Average luxury property prices in Asia are continuing to increase with only Hong Kong and Singapore seeing values fall, according to the latest residential index from Jones Lang LaSalle.
The firms says that it has been a steady start to the year, and the first quarter of 2013 saw average capital values rise across seven of the nine luxury residential markets monitored by its index. Average capital values across the nine markets monitored were up 2.2% quarter on quarter and 6.1% year on year………………………………………..Full Article: Source

Mumbai property rates soar 66pct in 4 years

Posted on 14 May 2013 by Laxman  |  Email |Print

The Mumbai residential property rates, touted as the most costliest in India, appreciated by a whopping 66% during the last four years, quashing reports of an ‘imminent correction’, according to a report. Other satellite areas such as Thane and Navi Mumbai saw an even steeper rise in property prices compared to Mumbai’s average increase, growing by 70% and 74%, respectively.
“Residential property prices in Mumbai have increased steadily after the correction seen post the Lehman debacle. In the period from the second quarter of 2009 to the same quarter in 2013, residential real estate prices in Mumbai have increased by 66%”, said a report prepared by Jones Lang LaSalle India (JLLM)………………………………………..Full Article: Source

China April home sales fall 13pct as property curbs take toll

Posted on 14 May 2013 by Laxman  |  Email |Print

China’s home sales transaction value fell 13 percent in April from the previous month as the government’s new property curbs started to take effect.
The value of homes sold declined to 494.6 billion yuan ($80 billion) from 569.4 billion yuan in March, according to the difference between National Statistics Bureau data for the first four months of the year and the first quarter. The value of sales from January to April rose 65 percent to 1.69 trillion yuan from a year earlier, the data showed………………………………………..Full Article: Source

China: Property market slows as panic subsides

Posted on 14 May 2013 by Laxman  |  Email |Print

The value of new home purchases in China rose at a slower pace in the first four months with home seekers feeling less panicky in April compared to a hectic March.
Sales of new residential properties, excluding government-subsidized affordable housing, jumped 65.2 percent from a year earlier to 1.69 trillion yuan (US$273 billion) between January and April, the National Bureau of Statistics said. That compared with 69 percent annual growth registered in the first quarter………………………………………..Full Article: Source

China likely to ease property controls by year-end -Former PBOC Adviser

Posted on 14 May 2013 by Laxman  |  Email |Print

China’s policymakers will likely ease back on controls over the property market by the end of the year as such measures could hurt growth, a former academic adviser to the nation’s central bank said Monday.
“If the new government is too eager in slowing down the housing market that will do no favors for the Chinese economy,” said Li Daokui, former adviser to the People’s Bank of China. “In the long term growth is the solution,” he told a financial forum. He didn’t give any specific predictions of what form the policy retreat might take………………………………………..Full Article: Source

Australian March home-loan approvals rise by most in four years

Posted on 14 May 2013 by Laxman  |  Email |Print

Australian home-loan approvals rose the most in four years in March as central bank interest-rate cuts lured buyers into the market.
The number of loans granted to build or buy houses and apartments advanced 5.2 percent from February, when they rose a revised 2.1 percent, the statistics bureau said in Sydney today. The median estimate in a Bloomberg News survey of 16 economists was for approvals to rise 4 percent………………………………………..Full Article: Source

10 hottest U.S. housing markets of 2013

Posted on 10 May 2013 by Laxman  |  Email |Print

After a long and painful downturn in the housing market, home prices in many—but not all—regions of the U.S. are showing signs of recovery. According to Zillow, a real estate listing website, home values rose 5.1% across the U.S. between February 2012 and February 2013.
Many local housing markets are performing considerably better than the country as a whole. Home values rose more than 13% in 10 of the 30 largest housing markets for which Zillow has data, and rose more than 20% in five of them. Most of the 10 housing markets on the list were disproportionately hurt by the housing crisis………………………………….Full Article: Source

Housing recovery opens window to fix homeowner tax breaks

Posted on 10 May 2013 by Laxman  |  Email |Print

The U.S. housing market continues to recover. This week, we learned that the number of homeowners who are newly delinquent on their mortgages has fallen to pre-2007 levels. Housing prices also rose 9.3 percent in February for the biggest year-to-year advance since May 2006. To top it off, Fannie Mae, the government-owned mortgage financier, said it is returning $59.4 billion to taxpayers after a record quarterly profit.
This newfound strength creates an opportunity to address two tax breaks that are expensive, distortive and unfair: deductions for mortgage-interest payments and local property taxes………………………………….Full Article: Source

U.S. housing market: 5 things every homebuyer needs to know right now

Posted on 10 May 2013 by Laxman  |  Email |Print

The U.S. housing market’s recovery is gaining momentum, but there are still a number of issues for homebuyers to be cautious of.To get to the bottom of what’s really going on in the housing market, we talked to Gerri Willis, author of “Home Rich”, about the key things homebuyers need to know in today’s challenging market.
With the housing market gaining momentum, a housing market expert and author offers tip on what every homebuyer needs to know………………………………….Full Article: Source

Is this the spring for real estate?

Posted on 10 May 2013 by Laxman  |  Email |Print

Real estate enthusiasts are well aware of the seasonal strength usually seen in the business in the springtime. However, so far this season it has been hard to find sign of a spring fling, save perhaps in the performance of the iShares Dow Jones US Real Estate ETF (IYR), up 16% year-to-date through May 8.
As far as real estate data are concerned, we have seen only weak indications of better activity thus far. Perhaps the most compelling evidence so far came this past Wednesday, but it was a questionable sign at that. Real estate remains in need of confirmation from its monthly measurements………………………………….Full Article: Source

Cuba’s real estate market on the rise

Posted on 10 May 2013 by Laxman  |  Email |Print

In some ways, Yosuan Crespo’s real estate office resembles any you might find in New York, London or Tokyo. There are slick posters of hot properties hanging from the ceiling, a steady stream of hopeful buyers and sellers and a constant clack of computer keys.
But Crespo’s headquarters in central Havana’s trendy Vedado neighborhood is actually somebody else’s breezy front porch. The computer’s only connection to the Internet is a creaky dial-up link, and Crespo is careful to say he’s not operating as a broker, since the job is still technically illegal………………………………….Full Article: Source

UK: Housing market ‘most positive’ in five years, says housebuilder Barratt

Posted on 10 May 2013 by Laxman  |  Email |Print

The housing market is at its strongest in five years, according to Barratt Developments, Britain’s biggest housebuilder. “The present market backdrop, in terms of consumer demand and mortgage supply, is the most positive we have seen for five years,” Barratt said in a trading update on Tuesday. “The group expects to deliver a significant year-on-year improvement in operating profit.”
The sector is benefitting from being the focus of Government attempts to get the economy moving, most recently through the Help to Buy package of shared equity funding and mortgage guarantees unveiled in the Budget………………………………….Full Article: Source

In London, an underground real-estate revolution

Posted on 10 May 2013 by Laxman  |  Email |Print

A new $23 billion rail link in London could transform the property landscape around key stations as developers pour in; analysts predict big price bumps for Tottenham Court Road and Canary Wharf.
Traveling at rush hour on the London Underground, with hundreds of bodies squeezed into overheated carriages on a network that just celebrated its 150th anniversary, can be so unbearable that commuters have nicknamed the experience “cattle class.”…………………………………Full Article: Source

Dubai: Delinking valuations from real estate cycles

Posted on 10 May 2013 by Laxman  |  Email |Print

Valuations should be based on solid surmises rather than led by demand spikes. “It usually takes five or six years to recover from a downturn” — such a statement was repeatedly used by many after the Dubai property market’s decline in 2008… and they were right.
Dubai’s real estate market cycle shows strong signs of reversal for the first time since then and many stalled developments have resumed. Dubai is now gearing up for the next boom………………………………….Full Article: Source

Dubai ready to launch $500 million property fund

Posted on 10 May 2013 by Laxman  |  Email |Print

A $500 million investment fund targeting distressed and stalled properties in Dubai should be operational by the end of the year, according to the fund’s chief executive.
Investment Corporation of Dubai (ICD), one of Dubai’s sovereign wealth funds, and Canada-based Brookfield Asset Management originally announced the formation of a $1 billion fund in 2011. The fund, described as the first of its kind to focus on Dubai, was promoted as a way to inject new liquidity into the market………………………………….Full Article: Source

Real estate markets in the emirate of Sharja remain resilient says Cluttons

Posted on 10 May 2013 by Laxman  |  Email |Print

The real estate market in Sharjah remains resilient and is one of the Emirate’s top performing sectors, according to the latest report from property firm Cluttons.
Residential apartments in popular areas have witnessed an average rental increase of 10 to 15% and in the commercial sector landlords are becoming increasingly flexible with their office leasing agreements, boosting demand………………………………….Full Article: Source

India: Weak demand for real estate may continue in June quarter

Posted on 10 May 2013 by Laxman  |  Email |Print

India’s real estate market is likely to continue to remain sluggish in the quarter ending 30 June and developers may have to drop prices to revive demand for offices and homes, according to industry reports and analysts.
The real estate sector remained weak in the year ended 31 March as investors, buyers and tenants kept away from a market that is bearing the brunt of delays in approvals, rising construction costs and high interest rates. New investments in the real estate sector across India slumped by about 55% in the March quarter to Rs.42,000 crore from Rs.92,600 crore in the corresponding period last year, according to a 6 May report by industry lobby group, Associated Chambers of Commerce and Industry of India or Assocham………………………………….Full Article: Source

Consolidation in China’s property sector appears underway

Posted on 10 May 2013 by Laxman  |  Email |Print

A long time coming, consolidation in China’s property sector seems to finally be starting. State-owned Greenland Holding Group Co. late Wednesday said it bought a 60% stake in luxury property developer SPG Land Holdings Ltd. for US$389 million, the largest-ever acquisition of a controlling stake in a Hong Kong-listed Chinese real estate developer by value.
Policy tightening in China’s once booming property market has given well-funded real estate companies a leg up–they have the opportunity to buy out struggling developers or projects and in some cases, pick up prized assets along the way………………………………….Full Article: Source

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