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Real Estate Briefing 20.Oct 2008

Posted on 20 October 2008 by Laxman |  Email |Print

From Telegraph: The Daily Telegraph/Lombard Street Research Housing Affordability Index shows that houses have become significantly less overvalued in recent months.

However, households should not expect prices to bounce back as fast as they did in the past, the economic consultancy warned. The news may reassure homeowners, since a growing number of economists had predicted that prices would drop by as much as 30 pc or 40 pc in the coming years….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Gulf-daily-news.com: Financing conditions for real estate projects are worsening, and some big projects will stall as the credit crunch hits the Gulf region, a leading banker said.

“The days of cheap money are gone. Be prepared to pay more,” Dubai Islamic Bank (DIB) group head Khaled Al Kamda said. DIB is one of the Gulf’s biggest lenders and a key player in the massive developments in the UAE….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Property-report.com: Beijing´s real estate market continued its falls in the third quarter as transactions of both forward-delivery house and completed house registered considerable drops. Data shows that 18,676 future houses and 3,573 completed houses were sold in the period.

This marked a fall of 4.3 per cent and a small rise of 1.1 percent, compared to the second quarter, but a fall of 47.2 percent and a fall of 56.6 percent in comparison with the third quarter of 2007. …. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Bloomberg: Japanese regulators should create rules to spur mergers of real estate investment trusts to help them survive, said Yuichi Hiromoto, chief executive officer of Mitsubishi Corp. UBS Realty.

Japanese REITs, corporations that pool investor funds to buy and manage property, are under pressure after the global credit crunch led to a series of failures in the real estate sector. The Tokyo Stock Exchange REIT index hit an all-time low of 711.30 on Oct. 10 versus 1,000 at its April 2003 inception….. Full Article: Source

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From Indiatimes.com: Only a few months ago, billionaire Sergei Polonsky, the developer behind an array of gleaming Moscow skyscrapers, seemed invulnerable.

But now that the global financial crisis is hitting Russia, he has warned that the country’s construction industry is “on its knees” and begged journalists for help in a bid to stave off disaster. “The future and success of builders depend on you, dear journalists!” the 35-year-old tycoon pleaded in an open letter posted on his blog this month and republished in the Russian press….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Thestar.com.my: The central government endorses local governments’ measures to revitalize property markets, a senior official said on Saturday. “Local governments should be allowed certain freedom in formulating real estate policies,” Qiu Baoxing, vice-minister of housing and urban-rural planning.

“I believe each city government is capable of adopting sensible measures suited to local conditions.” His comments came after 18 cities, including Shanghai, Xi’an, Xiamen and Hangzhou, announced policies to boost the property market…. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Thestandard.com.hk: Sentiment in the residential property sector remains weak and transactions in the secondary market are expected to fall by as much as 10 percent in the wake of the financial crisis.

Hong Kong Property Services said that as of October 16, monthly transactions in the secondary market had fallen 16 percent from the previous month to 2,339 deals. “The market adjustment is expected to continue in the short term and transactions in the secondary market this month will fall below 5,000, a drop of 8 percent from last month,” said executive director Richard Lee Chi-shing….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From AFP: The falling US housing market, the trigger for the global financial crisis, is still far from reaching the bottom, promising more pain for consumers and more bad debt for banks, analysts say.

With the real estate bubble burst, prices are sinking under pressure from a glut of unsold homes, particularly in areas like California, Florida and Arizona, rising unemployment and foreclosures, as well as tightening credit conditions….. Full Article: Source

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From Businessmirror.com.ph: The party’s over for the real-estate industry, according to the head of the European Chamber of Commerce of the Philippines, as indicated by the entry of speculation into the local property sector.

David Young, of real-estate and property consultant Colliers International Inc., presented an analysis of the sector to the chamber that concluded the Philippines has already met the supply for commercial and residential space required by business….. Full Article: Source

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From Guardian: The government was under pressure last night to bring forward plans to rescue families who face losing their homes, after figures showed that more than 60,000 homeowners a month are falling into negative equity.

Opposition parties and debt charities said ministers needed to move quickly to organise a safety net to prevent families who faced repossession being made homeless at a time of rapidly falling house prices and rising unemployment….. Full Article: Source

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From Albawaba.com: Emaar Properties PJSC posted revenue and net operating profits of AED 12.520 billion (US$ 3.409 billion) and AED 5.573 billion (US$ 1.517 billion), respectively, for the first nine months of 2008, supported by strong domestic revenues and profit.

The revenue is similar to the first nine months 2007 revenue of AED 12.727 billion (US$ 3.465 billion) as higher revenues from Dubai operations were set off by decreased revenue from J L Homes in the US. The net operating profit is higher by 15% as compared to the net operating profit of AED 4.839 billion (US$ 1.317 billion) for the same period in 2007….. Full Article: Source

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From Reuters: Angola’s sizzling property market has sailed through the global financial crisis and is expected to continue to thrive in coming years, executives and analysts say.

Property values, particularly in the capital Luanda, skyrocketed amid an oil-fuelled economic boom that followed the end of a 27-year civil war in 2002, making the city one of the most expensive in the world to live. Basic one-bedroom flats rent at $7,000 a month, and it is not uncommon for expatriates to pay $20,000 a month for something more luxurious….. Full Article: Source

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From Reuters: Asking prices for homes in England and Wales fell 4.9 percent on a year ago in October compared with a 3.3 percent annual fall in September, a survey showed on Monday, as the housing market slowdown gains momentum.

Property website Rightmove said the bounce often associated with this time of year was muted, with asking prices up one percent on the month to 229,691 pounds ($398,500) from 227,438 pounds last month. The figures are not seasonally adjusted….. Full Article: Source

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From Propertywire.com: The development of the Pinnacle tower site in the City of London is to go ahead after the Middle East developer Arab Investments secured the funding to take it forward.

German HSH Nordbank has extended a loan used to purchase the site for another year allowing plans for the Kohn Pedersen Fox-designed scheme in London’s historic Bishopsgate area to continue….. Full Article: Source

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From FT: Barratt Developments, the housebuilder, is seeking partners for a joint venture to invest in its strategic land bank. The move is one of a series of possible measures to help reduce its £1.65bn debt burden as Barratt suffers from a bruising downturn in the housing market.

A person familiar with the situation said the company was eyeing the joint venture as a “very preliminary” plan, along with a number of other actions to rebuild the company’s balance sheet. Barratt declined to comment….. Full Article: Source

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From Financeasia.com: The Goodman Group has raised HK$2.7 billion ($346 million) in equity and debt capital for the Macquarie Goodman Hong Kong Logistics Fund, which is the largest owner of warehouse and distribution properties in Hong Kong.

The fund is an unlisted property trust investing in prime industrial assets throughout Hong Kong. It is focused on providing investors and customers with both a geographically and functionally diverse portfolio concentrating on logistics and warehousing properties….. Full Article: Source

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From Propertywire.com: Further construction links between France and the Middle East will be forged this week as the French Minister of State in charge of foreign trade spends four days touring the Gulf.

Anne-Marie Idrac, whose four day visit starts today in Saudi Arabia, is also visiting Qatar, the United Arab Emirates and Oman. She will be accompanied by a delegation of French companies, many involved in the infrastructure and property construction industries….. Full Article: Source

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From News.com.au: A full-scale mortgage rate war has broken out with a second major bank to cut its standard variable rate independent of the Reserve Bank.

The National Australia Bank will slice 0.2 percentage points from its variable mortgage rate from next Monday. The cut was announced as Prime Minister Kevin Rudd went on national TV to answer questions from everyday Australians about the global economic crisis….. Full Article: Source

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From Investmentnews.com: Shellshocked investors who are seeking refuge from plummeting stock prices might consider certain real estate investment trusts that offer dividend yields in excess of 10% on common stock — and even more on preferred shares.

However, fund managers and analysts cautioned, it is crucial for investors to look at the individual REITs’ cash flow, debt load, lease expirations and credit rating to ensure that the dividend isn’t at risk of being cut. …. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Thestar.com.my: Can the financial “tsunami” currently drowning many banks in the United States and Europe hit our shores? And, if so, how will our property market be affected?

I believe we cannot run away from the contagion effects of the credit crunch in the West and like it or not when our economy is affected, so will the property market. However, we will pull through especially given our conservative and well-regulated banking system….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Arabianbusiness.com: Saudi developer Al-Oula plans to sell Islamic bonds worth 3 billion riyals ($800 million) within two years to help finance projects both in the kingdom and in the region, its top executive said.

“We have a sukuk issue programme which is expected to start within one to two years… with a first tranche of 3 billion riyals,” Abdulaziz Al-Duailej said….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Homemove.co.uk: The prime minister of Spain, Jose Luis Rodriguez Zapatero, has warned that the downturn in the country’s property market could have a severe impact on small Spanish banks.

Regional banks and small lending institutions, known as cajas, are heavily involved in local property markets, having lent to both developers and mortgage borrowers. Cajas are particularly vulnerable because many have launched their own property ventures….. Full Article: Source

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From Arabianbusiness.com: Abu Dhabi is drawing up plans to introduce similar real estate laws to Dubai in a radical shake-up of the emirate’s property market.

Dubai-based law firm Al Tamimi has been in talks with the Department for Municipal Affairs in Abu Dhabi, which handles real estate legislation for the emirate, over proposals to introduce strata, broker, and escrow laws, that would improve regulation and give investors greater confidence when investing in the region….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Theage.com.au: Expat Australians looking to flee the global financial crisis are poised to set off a fresh wave of buying in property markets nationwide.

Jennifer Nielsen, chief executive of Loan Market Group, says inquiries for home loans from expatriates have escalated in recent weeks. Loan Market operates a home finance broking group including leading independent broker X Inc Finance….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Times Online: Shares in companies that deal with commercial property have fallen by more than 40% during the past 12 months, but the worst may not be over if we examine what is happening in the underlying real-estate market.

Deals have dried up. Just £17 billion of commercial property has been sold so far this year — the same amount that was sold in the third quarter of 2007 alone. In central London CB Richard Ellis (CBRE), the world’s biggest real-estate agent, says only £5.2 billion of office buildings have been sold in the year to date, compared with £17.5 billion for 2007 as a whole. …. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Propertywire.com: They are calling it Diwali madness but it is a sign of the times - property developers in India are offering massive discounts as the markets suffer from the global finance crisis.

Everywhere you look there are offers. Posters declare – discount bonanza - and the deeper you delve the better the bargain. Offers include free covered parking spaces, exemptions from preferential location charges, discounts on the rate per square feet of the property, paid interest and holidays….. Full Article: Source

Posted on 20 October 2008 by Laxman |  Email |Print

From Bloomberg: U.K. house prices posted the biggest annual decline in at least six years in October as the British economy stared “into the abyss,” Rightmove Plc said.

The average asking price for a home fell 4.9 percent from a year earlier, the most since records began in 2002, to 229,691 pounds ($398,000), Britain’s most-used property Web site said today. In London, prices dropped 2 percent from a year ago….. Full Article: Source&sid=a6w5PdGTezY4&refer=economy

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