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Real Estate Briefing 21.Oct 2008

Mixed opinions surface over Middle Eastern property
British mortgage lending plunges by 42%
Asia-pacific property sales tumble in Quarter amid global slump
Spanish property prices could fall 50 pct
Singapore Mininter: Financial turmoil hurt property market sentiment
Australia: Property shortage holds back first-time buyers
Commercial real estate still buyer’s market
Squeeze is on European property firms
75% of U.S. housing correction realized; fitch projects another 10% drop before bottom
LaSalle eyes plum Asia deals
Malaysia: Relaxed FIC rules boon for residential property
Housing market 'Crash' until 2011
Halfway through housing recession, says Knight Frank
South East Asia property market likely to weather the global downturn
UK: House sales at 30-year low
House sellers increase asking prices in October
Real estate sales up in Naples, but down countywide
Empty space highlights speed of downturn
Hungary: Commercial property players say credit crunch could lead to higher rents
Indian real estate sector in recession mode
US: New construction falls 5 pct in September
Developers hope for November bailout
The global property bust will hurt Asia too
Singapore developers target indonesians
Japan should help REITs to Merge, Mitsubishi UBS says
China: Property market may warm up till 2010
Egypt’s real estate market stays the course
Agents warn housing market meltdown is global
A good time to buy French property
Spanish house price figures 'inaccurate'
Lehman's $3.4 billion property fund seeks sponsor
Landmark properties introduces the Dubai property price index based on transactional data
US managers begin switch from deals to strategy

Posted on 21 October 2008 by Laxman |  Email |Print

From IPE: Experts are predicting the Middle Eastern real estate markets will significantly outperform all other regions yet the latest data from a central bank suggests real estate valuations in the region have already been hit by the credit crunch.

A survey carried out by Jones Lang LaSalle in association with Cityscape Dubai, and known as the 2008 Investor Sentiment Survey, suggests over 50% of its 350 respondents believe the Middle East real estate markets will do better than any other market worldwide over the next two years….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Timesonline.co.uk: The collapse in mortgage lending continued last month as banks further tightened the screws on home loans and would-be buyers shied away from the plunging housing market, new figures confirmed.

Total of mortgage lending by banks and building societies last month fell to just £17.7 billion, the lowest monthly figure for more than three and a half years, the Council of Mortgage Lenders (CML) reported….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Bloomberg: Commercial property sales in the Asia-Pacific region dropped 62 percent in the third quarter as the lending crisis spread, Real Capital Analytics Inc. said.

Sales declined to $20.9 billion in the three months ended September from $55.5 billion a year earlier, said Dan Fasulo, head of research for the New York-based firm. Worldwide, property sales dropped 59 percent to $119.8 billion from $292.8 billion….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Iii.co.uk: Real estate prices in Spain could fall as much as 50 percent over the next three years, stated realtor Grupo Inmo’s financial director, Javier Ortiz.

“If realtors don’t sell their flats 25 or 30 percent cheaper now … in two or three years they’ll have older, unmarketable properties that are 17 percent more expensive (due to financial costs), so they’ll be forced to sell 42 or 47 percent cheaper in real terms,” Ortiz said….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Nasdaq.com: Singapore’s economy is expected to be weak for the next several quarters as the city-state feels further spillover from the financial crisis, Minister for Trade and Industry Lim Hng Kiang said.

“The impact of evolving crisis has already started to flow to Singapore,” Lim told parliament. “Prepare for weak growth in coming quarters.” Singapore fell into recession in the third quarter and the government now expects the economy to expand 3% in 2008….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Theage.com.au: Melbourne’s property market might have to wait until the new year for a boost from the Federal Government’s stimulus package as first home buyers armed with their grants face a lack of supply and increasing competition for homes.

Real estate agents, banks, mortgage brokers and builders have noticed a spike in inquiries from prospective new home buyers but that had yet to translate into a leap in sales….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Financialweek.com: The commercial real estate industry continues to face its most difficult period in years, and the worst may be yet to come, according to a new report from Moody’s Investors Service.

Commercial property prices were almost unchanged for the second consecutive month, posting a 0.1% decrease in August, as measured by the Moody’s/REAL commercial property price index (CPPI)….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From WSJ: European property companies are struggling to get their houses in order before the bailiffs come knocking.

The higher cost of debt combined with falling property values could see forced sales of office and retail properties across the continent as their owners struggle to refinance acquisitions made at the top of the market….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

The rate of U.S. home price declines will slow in the coming months, though another 10% decline is in the cards before home prices begin to exhibit more stability, according to Fitch Ratings.

To date, national home prices have declined by 22%. Fitch’s peak to trough expectation is for prices to decline by 30% from the peak price achieved in 2006. The additional 8% decline represents a 10% decline from today’s levels. Fitch thinks that most of this correction will be incurred in the next several quarters, with prices exhibiting more stability in 2010. …. Full Press Release: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Reuters: LaSalle Investment Management is keen to snap up property bargains in Japan, China and Australia and is also drawing more investors looking for stable, long-term returns in the region, an executive said.

The property fund unit of Jones Lang LaSalle unveiled a $3 billion (1.8 billion pound) Asia “opportunity” fund in August, which will be boosted by borrowing to $12 billion of spending power….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Thestar.com.my: Further liberalisation of the Foreign Investment Committee (FIC) guidelines to attract foreign investors to the local property market, especially for commercial property, is most welcomed, industry players said.

It would be a most timely measure to raise the country’s attractiveness as a real estate investment destination, they said….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Sky.com: Fewer sales show that parts of the property market have crashed, said Miles Shipside, commerical director of Rightmove. He said house prices will hit rock bottom in 2010, causing problems for those who need to borrow money.

“I think we’re going to see a paradigm shift in the housing market. I think a lot of people looking at housing in the future will not qualify for a mortgage.Inaccurate asking prices have sent the average price of a house in England and Wales up to £229,691….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Estateagenttoday.co.uk: Knight Frank says we are now half way through the property crash and predicts sales volumes to hit their lowest point later this year.

Forecasting the market for next year, it expects prices to fall 30% from their peak, taking values back to September 2003 levels. It believes prices will continue to fall until late 2009 or early 2010. It also believes sales volumes will pick up, but will only reach 60% of their long-term average by the second half of 2009….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Propertywire.com: Outside of India and China, Asia is well positioned to weather the global finance and property downturn, according to the latest analysis.

South East Asia’s property markets are not immune but they are more likely to be resilient to the US subprime crisis and knock-on financial meltdown, it is claimed….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Reuters: The decline in house prices accelerated in September and sales fell to the lowest level in at least 30 years, a survey showed on Tuesday, in a sign the housing market slump may have some way to go yet.

The Royal Institution of Chartered Surveyors said its house balance fell to -84.2 last month from -81.8 in August, broadly in line with economists’ forecasts….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Ftadviser.com: Property owners are being slow to face up to the reality of the slowing housing market, with the sellers asking for 0.3 per cent more in October than the month before.

In London, the average seller is looking for £395,560 in October for a property compared with £394,248 in September. However, this is 2 per cent less than the same time last year, when average house prices were selling above £400,000….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Naplesnews.com: For Naples real estate agents, home sales may be up this year. But throughout Collier County, sales are down, excluding bank foreclosures.

They’ve been down almost every month since at least January 2007, according to a report by The Bidder’s Broker in Naples. “We are making fewer sales than we did last year month after month,” Naples real estate broker and expert Ross McIntosh said….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From FT: Opposite Cannon Street station in the City of London is a fast-changing development site surrounded by boards proudly bearing the promise: Minerva PLC delivering Walbrook for 2009.

Read that again, this time with a rising note of panic. With just over a year to go before completion, the likelihood of finding a tenant for Minerva’s rotund glass building, the Walbrook, seems increasingly slight. And Minerva’s other City scheme, at St Botolph’s, due for completion six months later, is only partially let….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Realdeal.hu: Experts predict the squeeze on financing will result in a considerable increase in rental prices for commercial property, even as demand falls.

Financing contracts on real estate funds not extended on expiry are likely to bring large volumes of real estate to the market. …. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Merinews.com: The US financial crisis has caused disturbing impact on the Indian real estate market, which is facing a plunge in real estate demand. The industry is facing crunch of skilled manpower and it remains unorganised, characterised by small players.

The negative version of Indian real estate industry is ’they have complete disrespect for sustainability’ and that the concept of green buildings, proper waste disposal methods and the longevity of the product are often dismissed….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Reuters: U.S. construction starts fell 5 percent in September to a seasonally adjusted annual rate of $529.9 billion, McGraw-Hill Construction said in a report.

Nonresidential building and nonbuilding construction spending fell, while residential building managed a slight gain from a very low level, the monthly report said. Since the start of the year, total construction on an unadjusted basis fell 14 percent from a year earlier, to $433.8 billion….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Moscowtimes.ru: Retailers and property developers hope to secure government support by early next month, industry sources said, as officials met top players from the crisis-hit industries.

Last week, First Deputy Prime Minister Igor Shuvalov, seen as one of the main crisis troubleshooters in the government of Vladimir Putin, held separate meetings with industry leaders, but few concrete details emerged following the talks….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Moneyweek.com: The panic is over, but the worry has just begun. Desperate measures by central banks and governments have hopefully saved us from a complete collapse of the global financial system, yet markets remain unimpressed, managing only a brief relief rally.

It’s easy to understand why. There’s precious little good news anywhere. Take US retail sales for September: they were frankly terrible, down 1.2% on the month….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Tempointeractive.com: Indonesians are still very much the target of the Singapore property sector. Property buyers from Indonesia are currently in second place after Malaysia.

Far East Organization executive director Chia Boon Kuah said Indonesian citizens are a potential market for Singaporean property developers. He said many Indonesians own apartments or condominiums in his country. Far East, the biggest developer in Singapore, currently operates 2.400 homes. …. Full Article: Source

Posted on 21 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 Inc.

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 property industry….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Chinadaily.com.cn: China’s real estate market may enter another round of expansion around 2010, after the adjustment and transformation of the market, predicted a professor from Zhejiang University.

Jia Shenghua, deputy of the real estate research center in Zhejiang University, said that unlike ordinary consumables, the real estate sector is a quasi-financial market with periodicity. “Judging from the current situation, the market in general is in a descending period, which may last for a period of time, and it may take until 2010 for the market to go up and expand again,” said Jia…. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Dailystaregypt.com: The past several years have seen a steady outflow of Cairo’s families to spacious villas in new satellite cities, and with the recent move of several major public and private sector operations to New Cairo, it is clear that the city’s suburbs are now the place to be for business as well.

Egyptian and foreign contractors have jumped in to provide ample supply for the seemingly endless demand….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Henleystandard.co.uk: Whilst the banking system remains in turmoil, the effect on the housing market, both global and local, is becoming more and more marked. According to a survey from the Royal Institution of Chartered Surveyors (RICS), estate agents sold, on average, under one property per week each in September.

And the number of properties sold across the UK is the lowest since the RICS surveys began in 1978. Sales are 52 per cent lower than in September last year. London had the fewest sales per estate agent, with an average of just eight in the previous three months….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From French-property-news.com: With agents and vendors needing to sell property a more favourable market has arisen for the buyer. You may find your budget stretching further than you anticipated.

While there will always be a healthy property market in France for the super rich (in locations such as the Cote d’Azur), recent economic events have helped to create a more favourable market for buyers with a smaller budget, as prices are being driven down by the need for agents and vendors to sell….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Propertyshowrooms.com: The Spanish property market has seen prices drop by more than official figures indicate, it has been argued.

Spanish Property Insight noted that recent house prices figures have suggested that overall prices are still rising, although the higher rate of inflation means they are coming down in real terms….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Reuters: A $3.4 billion global property fund set up by Lehman Brothers may look for a new sponsor to take a 20 percent stake owned by the failed investment bank, an executive said.

The private equity unit of Lehman Brothers that runs the fund is legally separate from the investment bank and was not affected by its bankruptcy filing or Nomura Holding’s purchase of parts of its Asia, European and Middle East businesses….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From Zawya.com: Landmark Properties, one of the Middle East’s leading real estate firms, announced today the publication of its report analysing Dubai’s residential real estate market. It presents a review of the sector’s development into one of the world’s premier emerging property markets.

In the report, Landmark Properties estimates that by 2010, roughly 90 percent of all real estate transactions will be end-user driven; a significant reversal that points to a rapidly maturing market….. Full Article: Source

Posted on 21 October 2008 by Laxman |  Email |Print

From IPE: US real estate investment managers are shifting their focus away from deal-specific research to strategic portfolio analysis, more in line with their European counterparts, as a side effect of the current market uncertainty, according to research conducted by International Property Databank (IPD).

US managers commonly focus on identifying the best individual assets on their own terms, irrespective of whether they fit into a pre-set strategy, while in contrast European investors tend to place more importance to portfolio analysis and may rule out certain deals that fall outside a strategy….. Full Article: Source

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