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Real Estate Briefing 27.Oct 2008

House prices will fall for another year, says CEBR
Global market: The day after
Tokyo housing property set for full-blown' decline
Construction, electrical and plumbing groups are worst hit
Commercial-real-estate bust is coming, report warns
Dubai to focus on green buildings in 5-10 years
Chinese property market vital for economy turnaround
Sharjah’s real estate industry safe
Days of inflated house prices and mad mortgages are over
Phillipines: Property regulator warns of long-term pressures
UAE: Developers go cold on speculators
Property prices start falling in Dubai and Abu Dhabi
Permanent real estate exhibition centre to be established in Dubai
Philippines: The real estate puzzle
US: Which candidate’s plan would best ease the mortgage crisis?
Aruji to set up fund to invest in Russian real estate
India: Realty check for real estate developers
Thailand: Impact of global woes limited so far
Bahraini real estate growth 'modest'
Dubai Property agents fear crash as home sales slump
Australia: Buyers beware as housing market stalls
House prices may fall 25 per cent by 2010
Chill of winter descends on Bulgarian property market
Strong property growth predicted for Angola
SA property co's tackle Africa
Falling property prices lure back first-time buyers
The good, bad and the ugly of frozen mortgage funds
Bawadi, Dubai properties in $5.5 bln JV
Scottish house prices 'set to plunge by 12%'
UK housing sales on the rise
Risky mortgage lending by mutuals drives consolidation
Australia: Housing's haves and have-nots in a stew

Posted on 27 October 2008 by Laxman |  Email |Print

From Times Online: House prices will continue to fall for another 12 months and will not bounce back to last year’s levels until at least 2013, a leading economics group said .

The value of the average home will fall by 25 per cent, or £50,000, to reach a low of £149,000 in autumn next year, despite the prospect of much lower interest rates, the Centre for Economics and Business Research (CEBR) said. House prices have already tumbled by more than 12 per cent in the past year, according to figures from Halifax, the lender….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Ired.com: Now, when the real estate industry in too many countries undergoes serious changes, the question is what will look like the new engine of economic growth?

The era of ever-increased and ever-easier bank credits may be over, at least for now. The main alternative, the governmental-backed projects, is also not very practical; the leading proponents of this option are also in deep debts….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Bloomberg: Tokyo residential property prices may be poised for a major decline because of excess housing supply and flagging demand, said Minoru Mori, chairman of Japan’s biggest privately held developer.

“We foresee full-blown drops in residential property prices,” Mori Building Co.’s chairman said in an Oct. 25 interview in Shanghai.
….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From FT: Months before it was clear the UK was headed towards a recession, one benchmark of a faltering economy was sending a clear signal - by the second quarter of 2008, company winding up petitions and both creditors’ and debtors’ bankruptcy petition filings in courts were rising.

Company winding up petitions were up 11 per cent in the second quarter of 2008 compared with the same period in 2007, while creditors’ petitions - filed by those who are owed money - was up 18 per cent on the period the year before, according to Ministry of Justice data….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Investment News: Economists and market experts say a doom-and-gloom report on commercial real estate released last week confirms the industry’s worst fears about an imminent major correction.

The widely respected annual report, “Emerging Trends in Real Estate,” by the Urban Land Institute of Washington and PricewaterhouseCoopers LLP of New York, predicts that in 2009, commercial real estate will suffer its worst year since the industry’s crash of 1991-92, with a noticeable rebound unlikely until 2011 at the earliest…… Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Zawya: All buildings in Dubai could be environmentally friendly and energy efficient in five to 10 years as construction of green buildings will become the norm due to market demands, said a senior planning official from Dubai Municipality.

The recent announcement for the Middle East’s largest solar panel manufacturing plant to be built in Dubai will help to create that market, said Eisa Al Maidour, assistant director general of Dubai Municipality for planning and engineering sector, and chairman of the Green Building Committee. …. Full Article: Source

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From Property Wire: Attempts by the Chinese government to stop the country’s property market cooling are not enough, according to finance analysts.

As the leaders of over 40 nations attend this weekend’s Asia Europe Summit in Beijing, analysts are pointing out that China might be able to save itself but not the world….. Full Article: Source

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From Khaleej Times: The Real estate industry will remain unaffected in Sharjah and other emirates, despite the on-going global financial crunch, though the inflow of foreign capital might have slowed down, said the Director-General of Sharjah Expo Centre, Saif Mohammed Al Midfa.

He noted that regional as well as local investment in the construction sector continues to remain strong and this will propel the sector to greater heights….. Full Article: Source

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From Walesonline.co.uk: The credit crunch will prompt a return to old-fashioned values, producing a more sensible and sustainable housing market, according to the head of an organisation representing thousands of Welsh property professionals.

Cathy McLean, below, director of the Royal Institution of Chartered Surveyors Wales, said the “madness” of the days of inflated house prices and five-times salary mortgages will never return.
….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Bworldonline.com: Even as property consultancies like Jones Lang Lasalle Leechiu and Richard CB Ellis project that the sector will ride out the spreading financial crunch till next year, the government regulator has admitted it expects the industry to be affected should the crisis drag on for the long term.

“We are expecting a slowdown on the purchasing power of consumers, in which case their priorities would shift. Their focus would be on food and clothing, they will no longer prioritize becoming owners of their own houses,” Zacarias A. Abanes, director of policies and programs of the Housing and Urban Development Coordinating Council said….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From The national: Developers are steering away from speculative home buyers and focusing more on end-users as the global financial meltdown and uncertainty in the home economy forces them to adjust their business plans.

Some firms, instead of reducing prices, are revising their payment structures to make financing easier for home buyers. Others are attempting to strike deals with mortgage lenders to ensure customers have access to funding….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Property Wire: Property sales in Dubai and Abu Dhabi have stalled and resale prices have dropped for the first time due to the global financial crisis, according to real estate professionals.

Off-plan sales have been the hardest hit as speculators struggle to meet instalment plans due to difficulties finding finance. But they are finding it hard to sell on their properties because potential buyers are also finding it more difficult to secure loans….. Full Article: Source

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From Middle East Events: 24 Group, one of the leading outdoor media specialists and exhibition stand builders, is establishing a permanent exhibition center where real estate players in the UAE and the Middle East can showcase their projects all year-round.

The first permanent property and mortgage exhibition in the UAE is dubbed the Property Outlet and will be located at the shopping mall of Crowne Plaza Towers, in the heart of Dubai City’s business district. Supported by the Real Estate Regulatory Agency (RERA) and managed by 24 GROUP, the Property Outlet introduces a new concept in real estate exhibition in the UAE by creating a permanent display center which puts together the most prominent property developers, brokers, banks and private finance institutions under one roof….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Inquirer.net: Amid our economic slowdown since the start of the year even well before the US financial meltdown ensued, there is one industry that has defied the general trend, even doing better this year so far compared to last year’s performance.

The real estate sector grew almost 22 percent in the first half of the year, even improving on its 20-percent growth in the same period last year. In stark contrast, industries that had been zooming with double-digit growth in recent years, especially communication and finance, struggled with a mere 2.6- and 2.4-percent growth in the second quarter of 2008. ….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Csmonitor.com: Republican Sen. John McCain favors a more aggressive approach of buying up bad loans and reissuing new ones mostly at taxpayer expense.

His Democratic rival, Sen. Barack Obama, would try carrots and sticks to move lenders to renegotiate and swallow much of the losses. Many housing experts find fault with both plans, leaning toward a partial mix of the two….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Portalino: Japanese financial group Aruji will set up a fund worth 200 billion Japanese yen (over $1.85 billion) for investments in Russian real estate, the president of Aruji Gate Securities Inc. said.

“The registration of a fund for investment in Russian real estate, Aruji Real Estate Investment Fund, for operation over a five-year period (with an option to continue the term of its operation to 15 years) is at the concluding stage. The fund’s shares/units will be offered to Japanese investors as early as July-August,” Takuji Asaga said….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Live Mint: Heavily leveraged real estate developers are running out of options with banks reluctant to lend and their delivery deadlines nearing. Some have been forced to borrow from private lenders at steep rates.

As the Indian economy faces a liquidity crisis, banks remain wary of lending money to the real estate sector. The developers, facing deadline pressures for delivery of projects, are forced to tap private money lending sources. Consequently, they have been forced to borrow money at steep rates….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Bangkok Post: Of the two storms currently hitting Thailand’s property market, local political unrest has had a far greater impact than the global economic panic because most of the buyers are Thais who are affected more by events within their own country, according to Apisit Limlomwongse, managing director of Nexus Property Consultants.

People here are not really feeling the effect of the worldwide financial crisis yet because the market is already seen as being at a low point and there is not much room left for it to sink….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Arabian Business: The Bahraini real estate market will extend growth on healthy local demand but at more moderate rates than those seen in the past two years, according to an executive at a major developer.

The Gulf Arab state has seen a higher proportion of local and regional investors - rather than expatriate buyers - in its property market in comparision to neighbouring markets….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Zawya: A six-year real estate boom in Dubai that spurred a $475 billion building frenzy has ended, according to agents who say sales are collapsing amid fears that the global economic downturn will hit the sheikdom.

“Last month was a real disaster and worse is coming I guess,” Mehdi Zoghbi, an agent at Middle East Real Estate Consultantsv said…. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From News.com: Clearance rates again crashed to record lows over the weekend, with the lure of the increased first-home owners grant failing to offset buyers’ concerns about the global financial crisis.

In Sydney, the auction clearance rate plummeted to 39.6 per cent, 10 points lower than the figure recorded last weekend and 24 per cent lower than the figure recorded for the same weekend last year…… Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Metro: House prices will have plunged 25 per cent by the end of next year, according to the Centre for Economic and Business Research.

The cost of the average home will drop £50,000 from a high of just below £200,000 last year to about £150,000 by December 2009 - the same as in 2004. Prices fell 1.3 per cent in the past tumultuous month, giving an overall fall of seven per cent in the last year…. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Property Wire: Bulgaria’s property market is suffering a steep decline with desperate owners selling at huge losses and developers halting work on major projects.

Holiday properties are experiencing the worst of the decline as the market is saturated and developers struggle to find buyers for big projects, according to Dobromir Ganev, managing director of Foros real estate agency….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Property Wire: As property markets around the world shrivel in one country the sector is thriving and expected to continue to enjoy considerable growth.

Angola, which rivals Nigeria as sub-Saharan Africa’s biggest oil producer, is undergoing a massive reconstruction programme which is fueling a property boom. mProperty values, particularly in the capital Luanda, have skyrocketed amid an oil-fuelled economic boom that followed the end of the country’s 27-year civil war in 2002….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Fin24.co.za: Johannesburg - South African property firms are expanding into Africa as part of a major drive.

Groups like JHI and Broll have been involved in Africa for a number of years, with an expansive network of offices on the continent. Two SA property groups have recently announced massive projects in Namibia and Zambia…… Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Daily Express: Many first-time buyers previously priced out of the property market are now considering a purchase, as house prices fall and mortgage rates are expected to come down.

Property prices have fallen by around 12 per cent in the past 12 months, according to the Halifax, and analysts are forecasting further falls of at least 15 per cent over the next year. But experts warn new buyers still risk high monthly repayments unless they have a hefty deposit….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Business Spectator: Collapsed Australian real estate development financier Hastings Capital sought out self-funded retirees as customers.

They took up the offer of relatively high returns and provided funding to developers such as Lou Tasich, who has since been implicated in allegedly corrupt behaviour at Wollongong City Council and has not repaid most of the money lent to him. Those who invested in Hastings through the debentures issued are unlikely to receive more than $A0.65 in the dollar….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Anbinvest.com: Mohammad Binbrek, Group CEO of Dubai Properties Group announced that the company has inked a deal Bawadi which is a member of Tatweer Dubai. Binbrek added that the agreement is to construct a $5.5 billion tourism project over a 30 million square foot area at Bawadi.

The partnership will oversee the construction of 3, 4 and 5-star hotels offering more than 5,000 hotel rooms, a four million square feet GLA shopping area comprising an integrated desert resort, and a water and sports specialised entertainment park….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From Scotsman: Scottish house prices will fall even harder and faster than predicted, leading forecasters warned last night.

Capital Economics said it now expected properties north of the border to lose 12% of their value this year and another 15% next. The research giant, one of the most respected firms of market analysts in the UK, had previously predicted a more modest decline of 10% in 2008 and again in 2009….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From The Sun: House sales are up for the first time in five months — despite prices continuing to slide, figures show. The number of properties sold in October has risen 5.4 per cent.

The average house in England and Wales lost 1.3 per cent of its value, property information group Hometrack found. Houses cost about £163,200 on average — 7.3 per cent less than a year ago. Hometrack spokesman Richard Donnell warned: “Continued price falls are inevitable.” …. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From FT: The recent spate of takeover deals among the UK’s 59 building societies has been triggered by the unwise diversification of mutuals into riskier mortgage lending during the housing boom.

Since the financial crisis began, the Financial Services Authority has been monitoring the health of the sector closely because it accounts for 20 per cent of residential mortgage loans and mutuals have about £230bn of retail savings….. Full Article: Source

Posted on 27 October 2008 by Laxman |  Email |Print

From The Australian: The boom produced a two-tiered property market in many Australian cities, but the global financial meltdown has left almost everyone with a lack of confidence and a degree of confusion about how it will all play out.

Now Australia’s housing market is made up of those who are fearful of seeing their investment decline and those who are hopeful that falling prices will soon enable them to get into the market…… Full Article: Source

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