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Real Estate Briefing 24.Oct 2008

Posted on 24 October 2008 by Laxman |  Email |Print

From economist.com: Homeowners in a middle-class district in northern Beijing are angry. The developer of their block of flats has slashed the prices of new flats now on sale. China’s housing market, barely existent a decade ago, is undergoing its first big downturn after years of boom. The earlier buyers want their money back.

For several years China’s leaders have been trying gently to deflate a housing-market bubble pumped up by huge demand from a fast-growing middle class with few other investment opportunities. In the past few months their efforts have begun to pay off….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Propertyweek.com: The American Embassy building in Grosvenor Square, Mayfair has officially gone to market. The move follows the United States Department of State’s decision to acquire a site in the Nine Elms Opportunity Area in Battersea, South London.

The US Department of State is offering a long leasehold on the 270,000 sq ft, which has a footprint of approximately 40,250 sq ft ….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Penews.com: Fundraising for real estate withstood the downturn better than other private equity categories in the third quarter, but smaller funds struggled to find investors who prefer larger, better-established funds.

Thirty-two real estate funds closed in the third quarter, raising $30.8bn, the third best quarter on record, according to a report from UK data provider Preqin.Only the second quarter of this year, when real estate funds raised $32.4bn (€25.2bn), and the second quarter of last year, when they raised $36.2m, were higher….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Timesonline.co.uk: Once described as “holding the key to London’s future growth” by Ken Livingstone, East London is at risk of falling from grace.

The promised Olympic revival is already suffering from funding problems, while the collapse of some of the world’s biggest banks has left Canary Wharf and the Docklands, often described as “soulless” by nonresidents, feeling eerier than usual….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From WSJ: The construction industry, already hit hard by the housing downturn, is bracing for serious reductions in commercial and public-works projects that could lead to the industry’s deepest and longest contraction in recent years.

In a closely watched report scheduled to be released Thursday, McGraw-Hill Construction estimates the value of new construction projects will fall to $515 billion next year, down 7% from this year and off 25% from its peak of $690 billion in 2006. The decline will be led by cutbacks in the construction of hotels, office buildings, warehouses and factories….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Propertyweek.com: Direct commercial real estate transaction volumes across Europe are down 60% from last year, totalling just €25bn (£20bn) in Q3, says Lang LaSalle. The combined annual total for the year so far is 50% down from 2007, totalling €94bn (£74bn) altogether.

Only three markets (Netherlands, Sweden and Russia) recorded an increase in volumes compared to Q3 2007….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Privateequityrealestate.net: Asia has emerged as the top destination for private equity real estate players, with more than $16.2 billion of capital raised in 2008 to date, according to data by PERE.

The total capital raised in dedicated Asia value-add and opportunistic funds this year is almost triple that of last year. By October 2007, just $5.7 billion had been raised in Asia-focused funds – at the time representing 13 percent of all capital raised in funds closed for that period….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Rbcnews.com: The Russian real estate market is likely to see a fall in prices and a rise in supply, experts say. They predict that up until spring 2009 the market will be influenced by two different factors of a single nature, pushing it in opposite directions.

On the one hand, analysts note, restricted access to loans for developers may result in an increase in supply, as banks are already receiving unfinished projects from indebted developers who had pledged them as a security for loans. Banks will inevitably soon dump such products on the market. …. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Propertywire.com: Judges in the UK are to receive new guidelines on property repossessions as concerns increase that the number of houses seized for non-payment of mortgages could soar with the country moving into recession.

Mortgage providers will have to demonstrate to the courts that repossession is being sought because all other options have failed. They will have to show that they have tried other measures such as repayment holidays, changing the type of mortgage and extending the length of the mortgage….. Full Article: Source

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From FT: A group of the largest property owning companies have called on the government to scrap or amend legislation covering business rates on empty properties in the pre-Budget report.

Companies began paying full rates on vacant properties for the first time this year, following an initial grace period. It has been criticised as an extra financial burden on an already struggling property sector….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Reuters: U.S. commercial real estate values may drop as much as 30 percent from their peaks as financing options are pinched by the credit crunch and lenders demand higher returns, according to JPMorgan Chase & Co.

The slowing economy has also led to rising vacancy rates and a slowdown in cash flows from the properties used to finance debt, JPMorgan analyst Alan Todd said in a slide presentation for a Thursday conference call….. Full Article: Source

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From Bridgingandcommercial.co.uk: The commercial property sector is unlikely to bottom out soon, Capital Economics suggested. According to an expert at the organisation, previous “optimism” that the market would have levelled off by now has been dashed, as the credit crunch worsens and firms look to downsize.

Recent figures from CB Richard Ellis laid bear the extent to which commercial property has been damaged by the recent financial turmoil….. Full Article: Source

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From Bdafrica.com: Kenya’s classiest houses are set to suffer falling prices for the first time in a decade as inflation, falling remittances and tighter mortgage terms squeeze cash out of the market.

Property marketers say apartments in Nairobi’s leafy suburbs and build-to-sell bungalows in Mombasa may be hit hardest, as global economic meltdown hits Kenyans abroad, limiting their participation in the local market….. Full Article: Source

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From Indianexpress.com: Real estate and infrastructure projects will take a hit in the current liquidity crisis. Even when the Government has injected enough liquidity into the system, bankers are shying away from high-risk lending.

According top PSU bank officials, lending will be robust towards SMEs (manufacturing), agriculture, education, retail and other financial institutions….. Full Article: Source

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From Cpifinancial.net: Third quarter private equity real estate fundraising remains strong but smaller fund managers struggling. Smaller private equity real estate firms set to struggle as investors become more cautious when making new commitments.

Although fundraising for private equity real estate remains high, cautious investors have been less willing to invest with smaller fund managers, and it is the larger fund managers that have enjoyed success in the third quarter. The value of funds raised has remained high; however the number of funds closing has dropped significantly, leading to significant congestion and difficulties in the fundraising market….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Investmentweek.co.uk: Reits outperformed equities and other property stocks in the third quarter, particularly in the US and South Africa, according to a report from Standard & Poor’s.

The S&P Global Reit index was down 4.41% whilst the S&P 500 was down 13.08% for three months until 30 September. …. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From AP: China’s latest effort to stave off a crash landing for the economy and revive its weakening housing market failed to stir much enthusiasm Thursday among investors spooked by a raft of bad news at home and abroad.

Moving ahead on pledges of new measures to help counter the slowdown, authorities announced late Wednesday a reduction in required down payments for home purchases, a waiver on stamp taxes for real estate deals and plans to step up construction of affordable housing….. Full Article: Source

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From Radioaustralia.net.au: Four of Australia’s biggest fund managers have suspended withdrawals from their mortgage-backed investments. Perpetual Investments, Babcock and Brown, Australian Unity, and AXA Asia Pacific have advised the Australian Stock Exchange of their decisions, after customers rushed to redeem their savings.

Monthly income distributions to investors will not be affected….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Nytimes.com: China’s real estate bubble has turned into a bust in many cities, complicating the government’s effort to manage an economic slowdown here. As China’s real estate boom slows, construction projects are stalled for lack of financing.

The pain is obvious in Liu Shirong’s apartment development. Mr. Liu, a shy electrical engineer doesn’t mind living in a complex where only 50 of 780 apartments are occupied and the swimming pool is eternally empty. “I have peace and quiet at night,” he said….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

After the regime of the Soviet Union had collapsed in the eighties, Eastern European countries started building up democracy. Gradually changing into market economy, young countries had to return the property (nationalized by the government before) to the rightful owners.

Also national companies which had many Real Estate objects OA were privatized. This market is different to the one in the Western Europe by the fact that Western countries had many economically strong urban centers since the Middle Ages. Eastern Europe which was the agricultural part of the continent for a long time had laid the foundation for modern cities only because of industrialization which has been developed by the communist government….. Full Press Release: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Propertywire.com: Real estate developments could open up in Alaska thanks to the state’s international exposure since its governor Sarah Palin was named as presidential candidate John McCain’s running mate, it is claimed.

Anchorage’s remote location may not make it an obvious location for developments but the high profile is creating a stir and could open real estate investment opportunities, according to Darryl Browman, president of California-based Browman Development….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Reuters: Private equity real estate fundraising defied slumping property markets in the third quarter, consultancy Preqin said on Wednesday, as investors hoped for cheap property buying opportunities in coming years.

Preqin, which produces data on private equity, hedge funds and other parts of the financial sector, said $30.8 billion (18.8 billion pounds) was raised in aggregate globally in the third quarter, down only slightly from $32.4 billion in the second quarter….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Offplanpropertyexchange.com: Property investment professionals with Indian interests could be breathing a collective sigh of relief after the government took steps to stabilise the financial system. Mirroring recent measures passed by some western countries, India’s central bank has cut the repo rate by 100 basis points to 8.0 per cent.

The bank said it decided on the cut as India is currently experiencing the “indirect impact” of the world liquidity squeeze….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Channelnewsasia.com: The Government of Singapore Investment Corp (GIC) has increased its investment in an Australian property firm.Media reports in Australia said GIC has increased its stake in GPT to between 12 and 18 per cent after pumping in an additional A$250 million to A$300 million.

GPT is one of Australia’s largest diversified listed property groups with prime retail and office assets across Australia….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Marketwatch.com: Asia Properties, Inc. has approved a plan to participate in purchases of distressed resort real estate assets in Asia over the next two years. CEO, Daniel McKinney said, “Due to the recent financial turmoil and world wide economic malaise, we expect to find some interesting distressed Asian deals over the 24 months.”

Unlike many other property companies, API is not highly leveraged and has paid cash for its real estate acquisitions, and has no bank mortgages….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Propertywire.com: Distressed sales in the US don’t necessarily mean easy investment pickings, says property journalist Laura Henderson.

The foreclosures market is known for being fraught with risks: decrepit money pits, drawn out transaction processes, and troubled tenants who refuse to move on and out. Rather than creating more prudent investment opportunities, however, the torrid market of the past five years is now adding new levels of unsecured risk, leaving even fewer genuine deals out there….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Cyprus-property-buyers.com: As the world’s largest economies settle into a global recession, the Cyprus property market sends out mixed messages on how it’s confronting the crisis, with analysts divided on whether house prices are actually going up or down.

One real estate consultant argues the international financial crisis has hit the foreign buyers’ property market hard, pushing prices down by up to 20 per cent, while a home price index released yesterday revealed that house prices were still climbing last month, though at a slower pace….. Full Article: Source

Posted on 24 October 2008 by Laxman |  Email |Print

From Inman.com: National home prices fell 11.3 percent from a year ago in August, and recently reported layoffs are likely to push foreclosure-related filings past the 3.2 million mark this year, First American CoreLogic said in releasing its latest home-price index.

Year-over-year nominal home-price declines - changes over a 12-month period, unadjusted for inflation - have held steady at around 11 percent for three consecutive months, said Mark Fleming, chief economist for First American CoreLogic….. Full Article: Source

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