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Real Estate Briefing 07.Oct 2008

Fortis recruits for real estate amid its turmoil
German open-ended funds 'to dominate home market in 2009'
French Property market avoids “le Crunch”
Global real estate market slump until 2011
Singapore expected to bounce back strongly
Analysts cautious commercial real estate outlook
Canadian property offers good news at last for property investors
China may move to revive sagging property market, JPMorgan says
US housing recovery possible in 2010
International financial crisis stabilizes Romanian real estate market
UK house prices collapse at record rate
London tops the office expenses
New Zealand banks 'rationing' lending for property buyers
House prices in London are close to stabilising
Dubai property on red alert
Global REIT boom ends with a thud
Global fall in house prices
World's biggest real estate investment expo opens in Dubai as growth slows
SA: Demand for property slows
Indian realty sector attracts $6 bn PE investment
Slump 'not to hit global realty capital flow'
Shares of hotel REITs drop amid global sell-off
Australian: Construction activity 'deteriorates'
GCC firms launch $100 bln projects
EuroGroup expands its presence in the european real estate market
Property crash began last January, Treasury figures reveal
New York property suffers from job losses and lack of Euro interest
DEGI continues European expansion
Real estate loans spur Irish recession
Australia: Rate cuts could buoy property market
France 'the safest place to invest'
German investors dominate in falling London markets

Posted on 07 October 2008 by Laxman |  Email |Print

From IPE: Raymond Satumalay, formerly investment manager at Bouwfonds Asset Management, is joining Fortis Vastgoed Vermogensbeheer, the real estate division of Fortis Insurance Netherlands, as its managing director of fund management.

Fortis may have seen a huge management change today following the purchase of its remaining assets by BNP Paribas, but in the midst of this week’s activity, the company has recruited Satumalay to join the firm from 1 November. During his time at Bouwfonds Asset Management, Satumalay was responsible for structuring and managing institutional funds and created a communications infrastructure fund….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Propertyeu.info: German open-ended funds (GOEFs) are likely to embark on a bumper shopping spree next year both at home and abroad following massive inflows this year which have left them with sizeable capital to place, according to Sascha Hettrich, a managing partner at King Sturge in Berlin.

‘German open-ended funds are likely to dominate their home market next year - they have learned to buy and sell at the right time in the cycle. I have spoken to fund managers who tell me that they are seeing inflows of EUR1 mln to EUR3 mln a day at the moment which they are very keen to invest,’ he said….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Vefuk.com: For anyone living and working in the UK, there is only one thing on their minds, who is going to be the next victim of the “credit crunch”? We have seen the collapse or takeover of Northern Rock, Lehman Brothers, HBOS and Bradford & Bingley.

Everyday we turn on the news to hear stories of rising energy & food prices and falling property prices. There is a general sense of doom and gloom. Don’t get me wrong, I am not saying that everything is perfect in France, but you only have to look at the people and the facts to see the sharp differences. The French see a house as a home and not as an investment. French banks demand a minimum down payment of 25% and providing a mortgage as a safe investment, not a “subprime” gamble….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Arabianbusiness.com: Peter Barge, CEO of Jones Lang LaSelle Asia Pacific, said no real estate markets would be immune from current crisis, and investors should pull their investment funds back from markets.

“Short-term, investors need to make some tough calls in 2009/10. I don’t see opportunities re-emerging until after then,” he said…. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From IPE: Singapore remains the centre of choice in Asia for long-term investors seeking stable real estate investment returns. Almost half those responding to a poll conducted by the Australia-based Asian property market research specialist said they expected prices in Asia to increase over the longer term with the island nation remaining an attractive investment, however, 42% said they anticipated short-term price decreases and instability.

To reinforce the claim, iProperty added its research found the majority – 85% – indicated they were looking to benefit from recent revaluations in Singapore by buying into the market there in they coming year….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Forbes: A prolonged downturn in commercial real estate appears more likely due to the national credit crunch and higher funding costs and equity requirements for real estate investment trusts, Goldman Sachs analysts said.

In a research note, the analysts said they had a cautious forecast of the commercial real estate market. They reduced their estimates for funds from operations for REITs for the rest of the year and into the next two years, making them consistent with the flat growth of the 2001 recession….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Nubricks.com: Strong buyer demand is driving house prices in Halifax in Nova Scotia with properties predicted to rise by up to 4.5% by the end of 2008.

Ailse MacFarlane Marketing Director of Landcorp International said, “The property industry has been lacking good news in recent months and predictions of a 4.5% increase in Halifax properties by the end of 2008 may be just the tonic needed to help kick start the global property market or at the very least buoy the market from its lowest point for over a decade. The strong buyer demand currently being seen in Halifax is due to a multitude of reasons….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Bloomberg: China may use targeted measures and interest-rate cuts to revive a sagging property market and sustain economic growth, said Jing Ulrich, chairwoman of China equities at JPMorgan Chase & Co. in Hong Kong.

Policy makers are trying to prevent a sharper slowdown in the world’s fourth-biggest economy as the credit crisis undermines demand in export markets. China can’t afford a housing-market slump because the property sector accounts for a quarter of fixed-asset investment and 10 percent of employment….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Inman.com: Until the excess inventory of 950,000 single-family homes and condos sitting vacant in the United States has been depleted, no significant housing upturn is likely until 2010 at the earliest, according to a housing market analysis.

In its latest issue of Research Notes, the National Multi Housing Council estimated there are approximately 825,000 excess vacant single-family homes and 125,000 excess vacant condos beyond normal vacancy levels in the United States. Add to that some 2 million in excess houses and condos that are occupied and on the market, and the housing market faces incredibly rough times over at least the next 14 months….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Financiarul.ro: In the context of the current international crisis the speculative temptations from the Romanian real estate market have been driven away and prices stabilized compared to last year, representatives of the real estate agencies told daily Bursa.

The crisis led to the normalization of the market because investors can no longer hope to round up revenues staking on profit much above the value of the investment made, as it happened last year, said Calin Clinciu, development manager at real estate agency EuroEst….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Cityam.com: A triple whammy of grim economic news descended on an already gloomy UK economic outlook yesterday as data showed house prices had plummeted by their steepest annual rate on record, the availability of credit had slumped while private housing orders collapsed.

House prices fell for the 11th successive month in September recording their biggest annual drop since records began in 1991, according to the influential Nationwide survey….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From IPE: London remains the most expensive office market in the world, according to the latest research by London-based global commercial property investment consultants, CB Richard Ellis (CBRE).

In its Global Market Rents Survey 2008 - which tracks office markets’ rental movements in terms of highest and fastest growing occupancy rates in the world’s major financial centres - the top 10 featured London twice as the West End continued to top the list while the City of London came in at sixth place….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Propertywire.com: Property buyers in New Zealand, especially those who are self employed, are facing an uphill battle to secure a mortgage as lenders tighten their criteria even further.

Analysts believe that lenders are moving towards wanting a 20% deposit and it isn’t going to get any better in the foreseeable future. Even people with clean credit records who would normally have no problems obtaining a mortgage are being rejected….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Findaproperty.com: The -15 per cent price fall that the London market has suffered since January may have brought the market close to rock bottom, says a new report from Haart.

Price falls had already started to ease in August with a -0.25 per cent decrease, and the pace slackened further in September to just -0.1 per cent, taking the average house price to £247,271….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From FT: The Dubai government likes to use the annual Cityscape real estate exhibition to build confidence in the emirate and build interest in its property market. Massive schemes are announced and ever-more ambitious plans are hatched.

But this year’s exhibition has come amid falling local stock markets - Saudi Arabia fell 10 per cent on Monday - and growing concerns that the international financial crisis will bring about a correction to what is widely viewed as a frothy market….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Sovereignsociety.com: One of the biggest casualties of the global financial crisis is the big bust now underway in REITs, or real estate investment trusts. Until mid-2007, U.S. REITs dominated global investment performance in the post-2000 technology stock “bubble” era with eye-popping 25% annualized returns.

International REITs were even more profitable, especially for dollar-based investors as foreign currency returns boosted profits combined with rising dividend distributions. A blizzard of international and regional REIT mutual funds and exchange traded funds (ETFs) were launched since 2005 as global demand went off the charts….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Newsletter.co.uk: House prices are falling globally and there are signs that the situation is getting worse, research has showed.

During the year to the end of June the cost of property fell in 21 of the 33 countries across the world for which there is reliable data, according to property research group The Global Property Guide. The group said the Baltic states, the United States, the UK and Ireland were leading the decline….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Uaedailynews.com: Dubai Crown Prince HH Sheikh Hamdan Bin Rashid Al Maktoum, opened Monday the biggest Cityscape in terms of participants and size of property development projects worth AED2 trillion, at the Dubai International Convention and Exhibition Centre.

After the inauguration, Sheikh Hamdan toured the pavilions showcasing huge property development projects. He was briefed on the latest entertainment, hotel, tourist and housing projects of local, regional and world companies….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Iafrica.com: Estate agents reported a further slowdown in activity in the property market in the third quarter of 2008, according to First National Bank’s home loan barometer released on Monday.

“From a level of 4.4 (on a scale of 1 to 10) in the second quarter, survey respondents reported a further decline to an average activity level of 4.1, the lowest in the history of the Barometer,” First National Bank’s home loans property strategist John Loos said….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Business-standard.com: The current global financial crisis might have cast a shadow on the Indian property market, but the country’s real estate sector witnessed an inflow of about $6 billion (Rs 26,900 crore) from global private equity players during the last one year.

According to a report by global realty consultant Cushman & Wakefield (C&W), PE funds struck 79 deals in the country during August 2007-2008 amounting to $6 billion, a rise of 100 per cent over the same period a year ago….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Gulfnews.com: Real estate capital will continue to flow despite the current global financial storm, a conference on global capital markets was told at Cityscape Dubai on Monday.

Steve Williams of UK-based Real Capital said real estate capital was a key driving force in global markets. The UAE is the third largest investor in the world behind the US and Europe. Fadi Moussalli, the regional director of Jones Lang LaSalle (Middle East and North Africa), said real estate was deemed a safe haven, especially for sovereign wealth funds, of which there was an abundance in the region….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Forbes: Shares of hotel real estate investment trusts dropped further on Monday amid a global market sell-off, after a gloomy forecast by Marriott International Inc. last week heightened investors’ worries about the already-battered industry.

In a note to investors on Sunday, Citi Investment Research analyst Joshua Attie cut his fourth-quarter and 2009 estimates for six lodging REITS to reflect lower-than-expected U.S. revenue per available room….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Theage.com.au: The Australian Industry Group-Housing Industry Association performance of construction index (PCI) fell 11.3 index points to 31.8 points in September, its weakest reading since the survey was established in September 2005.

The index was below the key 50 level, which separates expansion from contraction, for the seventh straight month….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Gulf-daily-news.com: GCC property firms launched $100 billion of new projects, but the news failed to restore investor confidence as fears grew that the global credit crunch is biting and the local real estate market overheating.

From a 350bn UAE dirhams ($95bn) beachfront project to a kilometre-high tower, developers at Dubai’s annual Cityscape exhibition launched the usual raft of mega-developments that have propelled the GCC commercial hub to international fame. The Dubai government has launched the 350bn dirham project to develop a huge swath of land near the coast….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

EuroGroup Real Estate, one of Bulgaria’s leading real estate companies, has announced its expansion into the European market, by establishing a partnership with one of the biggest real estate agencies in France.

EuroGroup achieved significant international growth in 2008 by entering Western and Central European markets. This year EuroGroup signed partnership contracts in the UK, Ireland, France and Poland, which is the largest market outside Bulgaria. Expansion of direct service activities to Central Europe delivers first sales success and that is why another Polish contract is expected to be signed this year. Moreover, company is considering the opportunities to establish business contacts in Germany and Hungary as well….. Full Press Release: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From News.com.au: Secret Treasury figures showing a crash in property tax revenues as far back as January have revealed the State Government has misled the public by claiming its Budget crisis had only just been exposed.

The Treasury revenue figures for the start of the 2008-2009 financial year reveal property tax revenues have so far slumped a disastrous 37 per cent, based on the first eight months of the calendar year….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Propertywire.com: Property in New York is heading for major price falls as high earners in the finance sector lose their jobs and bonuses and the number of foreign buyers drops.

Analysts believe that although New York real estate prices have held steady in the last six months since that’s about to change. At the luxury end of the market million dollar plus properties are lingering on the market for up to 90% longer than they did before the current finance crisis even in popular areas like the Upper East Side, Soho and West Village….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From IPE: DEGI, the €6bn German specialist property investment group, has bought a major European Union (EU) office complex in Brussels, in a deal worth €90m.

The properties were purchased indirectly through property companies and will be added to the DEGI International, the firm’s open-ended real estate fund focusing on global commercial properties. Other recent acquisitions included office complexes in Poland, The Czech Republic and in DEGI’s domestic market of Germany….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From UPI: A move by the Irish government to guarantee all $550 billion of the country’s bank deposits is a consequence of reckless real estate lending, analysts say.

When Ireland made the unilateral move last week, it surprised EU partners. But Sunday Germany announced that its government would guarantee private bank accounts as EU nations are being forced to confront the fact that their own lenders, as well as U.S. banks, made poor real estate bets, The Washington Post reported….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

Property buyers and sellers will “rush back to the market” after today’s huge interest rate cut by the Reserve Bank. “People will certainly rush back to the market, and the incentives are there, more likely now than ever to buy,” says Phil Naylor of Mortgage and Finance Association of Australia.

The Reserve Bank slashed interest rates by a whopping one percentage point today, to 6 per cent – the largest cut since May 1992. The market had tipped a 50 basis point cut, with banks expected to pass on about half of that…… Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From Propertyshowrooms.com: Alex Charles, the co-founder of the property website creme-de-languedoc.com: “If the UK sinks into a recession then investors will look to France for a safe investment; it is low risk because of the legal framework.”

Mr Charles went on to say that the Languedoc region itself has historically tended to outperform the rest of France, although many property buyers are responding to economic circumstances by making lower offers. Languedoc was recently highlighted by Sextant Properties as a location likely to be favoured by British buyers this autumn….. Full Article: Source

Posted on 07 October 2008 by Laxman |  Email |Print

From IPE: The Central London commercial property markets are continuing to fall under pressure from the current financial and economic crisis but indicators suggest overseas investors are still willing to consider deals, according to London-based commercial real estate services firm Cushman & Wakefield.

In its latest research, Cushman & Wakefield found the number of total transactions in Central London fell by 40% in the third quarter of 2008 compared with the second quarter with a total volume of transactions worth €1.61bn….. Full Article: Source

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