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Real Estate Briefing 29.Oct 2008

Posted on 29 October 2008 by Laxman |  Email |Print

From Times Online: American house prices fell at their fastest rate on record as Wall Street braced itself for at least another year of real estate misery.

According to the S&P Case-Shiller US index — widely viewed as the most authoritative measure of American residential real estate values — house prices across the 20 US cities surveyed fell by 16.6 per cent in August compared with the same period the year before….. Full Article: Source

Posted on 29 October 2008 by Laxman |  Email |Print

From Citywire.co.uk: However dire the mortgage and property market is – and it is pretty dire – there are always some bright spots. Not everyone is a first time buyer looking for a 90% loan and there is demand from existing owner occupiers, second home buyers and investors – most of whom are waiting to see where house prices settle.

‘Some of our professional landlords are already in the market and have been able to negotiate deals at up to 25% below the 2007 prices,’ says Lee Grandin, managing director of Landlord Mortgages….. Full Article: Source

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From Reuters: The Canadian housing market is edging toward a major downturn as overbuilding is adding to already “voluminous” supply, Merrill Lynch economists said on Tuesday.

Economists David Wolf and Carolyn Kwan said developments in the Canadian market lag similar developments in the U.S. market by about two years. They said the ramp-up in Canadian construction may even be larger than it was in the United States, with more units, largely condos, being built in each of Toronto and Vancouver than in all Canadian cities combined a decade ago….. Full Article: Source

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From Propertyweek.com: Institutional investors in Europe and the US are increasing their allocation to property, according to private equity company JE Robert Companies.

In a survey published today, JER said 60% of 245 executives from financial institutions, endowments and foundations, who were surveyed, said their mandates for property were growing….. Full Article: Source

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From Reuters: China and South Korea have moved to prop up their frazzled housing markets but probably need to do much more to avoid major price slides that could ruin developers, damage banks and threaten the region’s economies.

The Chinese government, fearing a price bubble, was in market cooling mode only a year ago, squeezing developers with a clampdown on loans and hatching moves to stamp out speculation….. Full Article: Source

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From Propertywire.com: The intervention of governments in the Middle East to stop the property bubble from bursting is inevitable, according to analysts.

Sunday’s intervention of Kuwait’s central bank to guarantee deposits and its bailout of the country’s largest banks is the first in the oil-rich Gulf but won’t be the last….. Full Article: Source

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From Propertywire.com: Over a million British properties could fall into negative equity as house prices drop faster in the UK than in the US, the Bank of England is warning.

About 1.2 million British households could suffer outstanding mortgage debt higher than the value of their home, it said in twice-yearly Financial Stability Report….. Full Article: Source

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From Business24-7.ae: UAE-based developers said yesterday they are open to the idea of investing in Kuwait’s real estate sector, but a cautious approach is what they intend now.

“We look at opportunities everywhere and even Kuwait would be an option. However, we need to understand the rules and regulations of the country whenever they are passed,” Mohamed S Binbrek, Group Chief Executive Officer, Dubai Properties Group said….. Full Article: Source

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From Independent: The number of homes that were repossessed during the three months to the end of June soared by 71 per cent compared with a year earlier, figures showed today.

The Financial Services Authority said 11,054 homes were repossessed in the three months to the end of June, compared with just 6,476 during the same three months of 2007….. Full Article: Source

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From Khaleejtimes.com: As construction of Capital Gate continues in the UAE capital city, Abu Dhabi National Exhibitions Company (Adnec), which is developing the iconic building, and RMJM, project architects, have submitted a joint application to the Guinness Book of Records to recognise the tower as the “most inclined in the world.”

Capital Gate leans westward an astonishing 18 degrees; by comparison the Leaning Tower of Pisa leans less than 4 degrees. Because of its unique posture, the tower is being constructed on top of an incredibly dense mesh of reinforced steel….. Full Article: Source

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From Homesoverseas.co.uk: The Vigia group in Portugal, are offering prospective purchasers in the opportunity to test drive property in their popular Parque da Floresta Golf and Leisure Resort on the Western Algarve in Portugal, by renting for three-months.

The company are hoping that the possibility of checking out a home before committing to buying will prove an attractive option in these uncertain economic times….. Full Article: Source

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From Bridgingandcommercial.co.uk: The government’s £37 billion bank recapitalisation plan will not have a significant effect on the commercial property downturn, Capital Economics has said.

Earlier this month, the treasury announced that public money would be used to buy equity stakes in three major UK banks: RBS, HBOS and Lloyds TSB. This could mean that 60 per cent of RBS and 40 per cent of a merged Lloyds TSB/HBOS would be in government control….. Full Article: Source

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From WSJ: Mezzanine lender Dominion Capital Management LLC didn’t anticipate developing shopping centers when it lent $170 million to developer Premier Properties USA Inc. But that is what Dominion is doing after Premier fell into bankruptcy court last spring.

Dominion, a small lender based in Atlanta, foreclosed in April on Premier’s 11 shopping centers, which were in varied stages of development. With them, the lender inherited a pile of problems: anxious first-mortgage holders; millions of dollars in contractors’ liens; and one new center where allegedly faulty construction forced retailers to vacate….. Full Article: Source

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From Propertyweek.com: The Black Sea Property Fund has delayed the start of its residential development Evergreen in the Mladost region of Sofia because of adverse market conditions in the country.

The AIM-listed company said that any termination fees or penalties from this delay will not have a material impact on the company. It said that the property will be retained by the company in its land bank and the board will decide what to do with it in due course….. Full Article: Source

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From Bangkokpost.com: Property funds may be one of the last asset classes that can still offer relatively stable returns for nervous investors over a medium-term outlook, according to fund managers.

Property funds, while exposed to an economic downturn as much as any sector, can represent a sound investment option considering that many offer guaranteed returns for the first several years of 5% to 9%….. Full Article: Source

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From Loudountimes.com: The nations’ real estate markets will bottom out next year but will continue to struggle to recover through 2010, according to a report by the Urban Land Institute and PricewaterhouseCoopers.

The Emerging Trends in Real Estate 2009 report, which cites real estate experts from across the country and was released Oct. 21, says commercial property in particular will suffer over the next year and faces its worst market since the recession of the early ’90s. Commercial property values could plummet another 15 percent to 20 percent from their highs of mid-2007, the report said….. Full Article: Source

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From Thetidenews.com: The bearish trends in the Nigeria capital market threatening to cripple the Nigerian economy seems to be having effect on the real estate sector of the economy as well.

This is due to the fact that land and property owners have refused to sell off their properties for fear of not being able to invest in the stock market….. Full Article: Source

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From FT: The most competitive mortgages came from HSBC during the third quarter of this year, with only Yorkshire Building Society coming close as a rival, according to analysis by Mform mortgage company.

The other lenders to make up the top five in the most consitstently competitive lenders were Nationwide, Newcastle Building Society and the Halifax….. Full Article: Source

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From Propertywire.com: New properties in Spain have fewer defects as buyers become more aware of their rights and are prepared to challenge developers, according to a new report.

The top two defects found in a survey of 700 new properties built by 51 developers between April 2007 and December 2008, were walls and ceiling defects (39%) followed by tiling (35%) especially levels and damage….. Full Article: Source

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From Financialpost.com: The prosperity and growth of Canada’s lodging real estate investment trust sector is “at risk” because of reduced access to capital, according to a report from Blackmont Capital analyst Trevor Johnson.

He notes lodging sector trusts usually use a debt to equity ratio of 45% to 70% to finance acquisition growth but that type of credit is just not available today….. Full Article: Source

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From AFP: Armed with a mass of petrodollars, Gulf construction companies stand at the vanguard of a property boom in Tunisia, which is opening itself up to foreign investors.

Diggers are busy tearing up the wider Tunis area, which is braced for vast urban development, as the government tries to boost economic growth to offset the country’s spiralling unemployment. The largest project, launched in September and christened “The Mediterranean Gate,” will house Africa’s tallest tower according to Farhan Faraidouni, the head of Sama Dubai property development company, a subsidiary of Dubai Holding….. Full Article: Source

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From FT Adviser: Now is a “once in a lifetime” opportunity for investors to purchase cheap, listed real estate, according to Simon Hedger, senior portfolio manger at Principal Global Investors.

As the credit crisis came into full effect, listed real estate in the UK and Western Europe has fallen by as much as 60 per cent, but is now on the cusp of a recovery, according to Hedger….. Full Article: Source

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From Xinhuanet.com: China’s largest real estate developer by market value, Vanke, has reported third-quarter profit down by 13.4 percent from the same period last year due to a slowing housing market.

The Shenzhen-listed company said it would be impossible to reach its annual target of a 15-percent net profit rise from 2007’s 4.84 billion yuan (708 million U.S. dollars). The third-quarter profit of 2008 was 215 million yuan (31 million U. S. dollars)….. Full Article: Source

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From Radionz.co.nz: AXA New Zealand has frozen three mortgage funds worth $225 million in a bid to prevent a run on its funds.

It has frozen the funds for 30 days in response to fears that people will withdraw their funds to switch to investments covered by the Government’s deposit guarantee scheme. At present, most managed funds are not included in the scheme….. Full Article: Source

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From Shelteroffshore.com: The appeal of the French natural landscape, the cuisine and fantastically laidback lifestyle has been luring Britons across the Channel for years.

France is still one of the most visited nations by us Brits, and what’s more it’s a country that so many of us love with a lasting passion that we actually want to make a more permanent home there….. Full Article: Source

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From Nbr.co.nz: Australian Prime Minister Kevin Rudd has suggested that if mortgage funds want a guarantee on investor deposits, they should apply for banking licences.

But Mr Rudd remains firm on excluding “market-linked products” in general. Deposit guarantees are a hot topic for mortgage fund managers across the Tasman, where around $A24 billion of investments in Australian mortgage funds have been frozen to stop investors withdrawing their money….. Full Article: Source

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From Allafrica.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 UK Press: The number of different mortgage deals available for people with only a 5% deposit has dived by nearly 50% during the past week.

There are now just 40 home loans available for people borrowing up to 95% of their home’s value, down from 75 just a week ago - a 47% fall. There has also been a steep drop in the number of 90% deals on the market, with these falling to 261 now from 324 last week….. Full Article: Source

Posted on 29 October 2008 by Laxman |  Email |Print

From Building.co.uk: House prices will not reach the 2007 levels at which they peaked, until 2013, the Centre for Economics and Business Research (CEBR) has announced.

The centre has predicted that prices will continue to fall, reaching their lowest in 2009, and decreasing in value by 25%, resulting in 2.5m homeowners facing negative equity….. Full Article: Source

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