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Real Estate Briefing 13.Oct 2008

Posted on 13 October 2008 by Laxman |  Email |Print

From FT: Property investors will be able to use exchange traded derivatives from early next year. International derivatives exchange Eurex announced it has licensed the European indices of IPD (the Investment Property Databank) and plans to launch futures on the UK total returns index.

“Property is a big asset class,” said Ian Cullen, co-founding director of IPD. “But up till four years ago, it didn’t have any kind of derivatives.”…. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Propertywire.com: As European leaders meet in Paris today to try save the continent’s banking system there is concern that not enough is being done in the US where the credit crunch originated.

The fate of one of the strongest property markets in the world hangs in the balance as Wall Street stalwarts crumble and job losses loom over the Big Apple. The property sector in New York is now described as being static. New development has been scaled back because no lender is willing to finance even the most sure-thing projects….. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Cpifinancial.net: International real estate development investment company, Al Maabar, has unveiled details of its new project, to be developed in Baghdad. The $10 billion development, which is located at the Al Rasheed Military Compound, will stretch across 5,000 donums (1,250 hectares).

A large part of the site will also be devoted to undertaking some of the largest entertainment centers in Baghdad….. Full Article: Source

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From Financialnews.com: Investors in UK property have been in a tight squeeze since values started heading south 12 months ago. Along with falling capital values, they face declines in rental growth and banks pulling even further away from financing property deals.

The consensus among managers in the sector is that total returns from UK commercial property will remain negative until at least 2010. Investors confirm that demand for property has disappeared. Even German open-ended funds, which have figured as cheap buyers this year, have pulled away following the near collapse of Hypo Real Estate Group….. Full Article: Source

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From Epochtimes.com: For a long time China’s “Golden Week,” a long holiday celebrating National Day, has been synonymous with a boon for the housing market. However, despite high expectations for this year’s holiday by Chinese real estate developers, the market in Beijing, Shanghai and Shenzhen has instead shown itself as sluggish.

Despite Golden Week being anticipated to be a turning point for an otherwise stagnant housing market, it failed to reverse the downward slide of the market in Beijing. Despite a variety of discounts and promotions, sales volume remained extremely low….. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Business24-7.ae: International developers are looking at the Gulf’s booming real estate market with optimism as the global credit crunch makes US and European real estate markets less lucrative for the time being.

That optimism, however, continues to be tempered by a cautious approach, with the memory of being singed in other markets around the world still fresh on everyone’s minds, as could be seen at the recently concluded Cityscape Dubai….. Full Article: Source

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From Propertywire.com: Salaries in the real estate sector in the Gulf region are surging along with experienced workers both of which are improving the industry, according to a new report.

More workers in the industry are employed on a permanent basis than ever before and most work in Dubai, says a survey conducted by MacDonald & Co. It found that there has been a 13% increase in salaries in the last year and that 94% are employed in full time jobs compared with 91% in 2007….. Full Article: Source

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From FT: The planned $540m listing of a Chinese property developer, the sole Hong Kong initial public offering currently under way, may proceed in spite of last week’s stock market plunge, according to people familiar with the company’s plans.

A successful Renhe listing would provide some rare cheer for listing authorities in Hong Kong, which has experienced a drastic fall in the amount of funds raised compared with last year….. Full Article: Source

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From Indiatimes.com: The fresh wave of liquidity crunch is set to worsen problems for the Indian real estate sector. The sector is already facing a cash crunch on account of diminishing sales, expensive and largely unavailable credit and drying up of private equity funding.

And if an economic downturn sets in as feared, many developers may go out of business and others may be forced to drastically cut prices. Property consultancy firm Cushman & Wakefield estimates that real estate activity in the current fiscal is not likely to be more than half of what it was in the previous year….. Full Article: Source

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From FT: DTZ, the commercial property adviser, has hired Paul Idzik, former chief operating officer of Barclays, as its new chief executive.

London-listed DTZ confirmed on Friday that the American, who quit Barclays in May, would take over as chief executive in November, replacing Mark Struckett….. Full Article: Source

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From Building.co.uk: Government figures reveal sharp fall in housing orders only partly offset by a big increase in infrastructure work. Construction orders fell by 15% in the past three months to £6.7bn, according to UK government figures.

Orders in the quarter to the end of August were down by 18% on the same quarter in 2007, with the drop led by sharp falls in orders for private housing, although this was partly offset by a strong upturn in public-sector contracts. The seasonally adjusted figures, from the Office for National Statistics, show that the value of private housing orders, at £912m, was just half that for the same period in 2007….. Full Article: Source

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From Koreatimes.co.kr: What goes up indeed comes down, and the continuously tumbling prices in the “Bubble Seven” districts further proves that even the nation’s hotbed of property speculation is not an exception to the rule.

So far this year, prices in these towns ― Mokdong, Gangnam, Sonpa, Seocho, Bundang, Yongin and Pyongchon ― are down an average of 3 percent, according to Property Bank, a Seoul-based real estate consulting agency. This means, an average apartment price in these districts that once cost 818 million won is now valued at 793 million won….. Full Article: Source

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From IHT: ALL may not be completely grim in the investment world. Even in the throes of what some are calling the worst financial crisis since the Great Depression, some U.S. real estate investment trusts — those owning apartment buildings and self-storage facilities — have held up better than most stocks.

For the year through last Thursday, the storage sector was down by 4.3 percent, while apartments slid 14.15 percent. The broader universe of equity REITs, meanwhile, suffered a 29.6 percent decline, while the Standard & Poor’s 500-stock index plunged 38 percent….. Full Article: Source

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From Punchng.com: Real estate investment remains one of the consistent ways of securing guaranteed returns on investment, even in the face of the current world financial crisis. It does not only assure investors of equity returns on investment, it can also be used as a regular income provider, either through rental income or outright sale.

Real estate also allows for a global playing field for any interested investor regardless of status, nationality or educational background. The Group Managing Director, Xpress Property Services, Mr. Segun Alli, says that easy money can be made with proper study of the property market and available funds, especially in off plan purchases and property flipping….. Full Article: Source

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From Gowealthy.com: Colliers International, the global real estate consultancy, has launched comprehensive Saudi Arabia Real Estate Overview that provides comparative key performance indicators across 4 areas - Riyadh, Jeddah, Mecca and the Eastern Province.

According to the report, the demand-supply dynamic remains very positive with robust economic growth patterns set to continue underpinned by high oil prices and rapid industrial expansion promoted by accession to the World Trade Organization (WTO)….. Full Article: Source

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From Propertywire.com: The property market in France is beginning to show signs of stress although it has not been exposed to the US sub-prime crisis in the same way that other European markets have.

The national association of real estate agents is now estimating that property prices will fall 7% to 8% this year and that by the end of 2009 the decline could be as much as 15%. A number of studies also show declining prices. The number of transactions during the first half of 2008 was down 25% from the previous year….. Full Article: Source

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From Iii.co.uk: New Zealand house prices fell sharply in the year to September, reflecting an economy in recession and little prospect for a speedy recovery, government agency Quotable Value (QV) said.

QV’s residential house price index fell 5.8 percent in the month from a year earlier, its third monthly decline in a row, after a 4.5 percent drop in August and a 2.2 percent fall in July. Uncertainty about the impact of the global credit crisis, banks tightening lending criteria and a lull prior to the Nov. 8 general election were all reducing demand and pushing down prices, said QV’s Mark Dow….. Full Article: Source

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From Bloomberg: Irish construction activity shrank for a 16th month in September, led by a slump in home and office building. An index tracking construction was at 32.2 in September compared with 33 in August, Ulster Bank Ltd. said in a monthly report published in Dublin today. A reading below 50 indicates contraction.

Ireland’s decade-long housing boom ended after borrowing costs rose, prompting construction companies to scale back projects and cut jobs….. Full Article: Source

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From Zawya.com: A massive capital injection by global real estate fund managers could lift Dubai’s real estate market, which many analysts feel is heading for a correction.

“As the prospects of the US and UK housing markets remain gloomy, global real estate fund managers are expected to inject cash into the UAE’s property market, and we expect it to give the boost it needs in the coming months,” Iseeb Rehman, managing director of Sherwoods, told Gulf News on Thursday, the last day of Cityscape Dubai….. Full Article: Source

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From Macaudailytimesnews.com: The current financial instability in the Worlds’ economy is certainly going to affect Macau property prices. The question is; How ? Opinions vary of course, that is the nature of ‘forecasting’. One of the world’s most respected financial institutions, the International Monetary Fund or IMF, predicts recession in USA and Europe.

You may think that all these smart people gathered under one roof would be able to predict the future very accurately. In fact, the IMF predictions have been accurate less than 10% of the time. The opinion of the President of the Macau Association of Contractors and Developers, Mr Fong Chi Keong has been quoted in various media this past week. He stated that Macau Property prices may fall by 30 to 40% by the end of the year, and the downturn would last for exactly 20 months. Amazing insight….. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Saudigazette.com.sa: Fahd Bin Abdul Mohsin Al-Rasheed, Chief Executive Officer of Emaar, the company contracted to build the King Abdullah Economic City in Rabegh, has said that a new housing project will provide homes for 55,000 people of medium income.

The project will be put out for tender next year when its designs are completed, Al-Rasheed added. The senior Emaar official, speaking during the last day of Dubai’s Cityscape exhibition on Thursday, put the value of the whole Economic City project at SR375 billion, which accounts for infrastructure and properties following the area extension to 168 million square meters….. Full Article: Source

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From Theage.com.au: Panic on Wall Street and world sharemarkets has quickly spilled into property, spooking buyers and sellers, pushing Melbourne’s weekend auction clearance rate down 4%.

In some suburbs less than half the houses and units listed for auction found a buyer. Real estate agents reported that conversations at public auctions and open-for-inspections were dominated by the collapse of the Australian sharemarket on Friday and fears of worse to come this week….. Full Article: Source

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From Irishnews.com: The value of property assets of some of Ireland’s major developers is falling, which could lead to bad debts in some of the countries leading banks.

Some properties, particularly in the Dublin area, have been written down by up to almost two thirds of their value. With just two days to go to the budget, the country’s banks might be in trouble again….. Full Article: Source

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From Khaleejtimes.com: A research report has highlighted the fragile state of the UAE real estate market. However, the report by Citi Investment Research stated that the likely outcome for the sector is a slowdown and not a systemic collapse.

“Our positive long-term, fundamental outlook for Dubai real estate (particularly government backed developers) is unchanged; we expect ongoing white collar immigration, controlled addition of new supply and price rises towards global ceilings”, it noted. …. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Financialexpress.com: With the global economic meltdown taking its toll on the Indian real estate sector, renowned international property consultants are taking a cautious approach here and many are going slow on their expansion plans.

Although there is a strong buzz that many players will see their business come under pressure on the property management side as demand slows, they have still put on a brave front and are expecting the dust to settle down soon….. Full Article: Source

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From Bloomberg: U.S. private equity firm Blackstone Group LP dropped a 1.1 billion yuan ($161 million) Shanghai property purchase amid the global financial crisis and China’s real-estate price slump.

Blackstone scrapped the planned purchase of a 90 percent stake in Changshou Commercial Plaza in the eastern Chinese city, the Hong Kong-based, English-language newspaper said, quoting unidentified people. The plaza consists of two towers with a six- level shopping center and commercial complex in one….. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Vietnamnet.vn: Builders are trying to attract prospective house buyers to take advantage of the recent drop in prices in the real estate market. According to market research experts, property prices have fallen by 40-60 percent compared with the days following Lunar New Year, when Ho Chi Minh City’s property market was on the rise.

In the past few months, prices have been at a standstill. Small-time speculators, or short-term investors, who snapped up property when the real estate market was doing well, are now selling out to repay debts and fleeing the sector as banks have tightened property loans….. Full Article: Source

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From Inquirer.net: The global financial turmoil and high inflation have slowed down the Philippines’ raging real estate boom. Although luxury condominium prices continue to rise, the residential sector is definitely slowing.

The average price of luxury three-bedroom condominiums in Metro Manila rose 13.35 percent in the second quarter of 2008 from a year earlier. Adjusted for inflation, residential prices increased only 3.3 percent over the year….. Full Article: Source

Posted on 13 October 2008 by Laxman |  Email |Print

From Remonline.com: Buyers (and sellers) have a lot on their minds when approaching a purchase as significant as a new home. While an agent needs to be skilled at handling the logistics of a transaction, the ability to place the purchase in a larger context allows clients to have more peace of mind, while also imparting that the agent has dealt with every last detail.

Being able to connect what is for most people the largest personal business deal they will ever undertake to an opportunity to improve the environment, gives an agent a great edge. The National Association of Green Agents and Brokers (NAGAB) offers training courses and exclusive business opportunities that expand real estate professionals’ skill set….. Full Article: Source

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