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Real Estate Briefing 30.Oct 2008

Posted on 30 October 2008 by Laxman |  Email |Print

From Forbes: If you’re a homeowner seeing property values plummet, look to the commercial real estate market for solace. It might tell you which areas will recover fastest–and which will likely remain weak.

The Urban Land Institute recently asked 700 real estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, Realtors and Real Estate Investment Trust executives. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Telegraph: According to Cushman & Wakefield, the onset of the banking crisis has pushed up prime yields, which measure the value of a property in terms of its rental income, by 47 basis points since the start of September to 6.49pc – the highest for 15 years.

The market has all but frozen because of the lack of debt and investors re-evaluating the premium they want before spending their cash, the report said, adding that the UK commercial property market remains at the “front line” of the financial crisis. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From BBC: UK house prices continued falling in October and are now nearly 15% lower than a year ago, says the Nationwide. The building society’s latest survey says property prices fell by 1.4% this past month, pushing the annual rate of fall up from 12.4% to 14.6%.

This means the price of an average house was £158,872 - nearly £30,000 less than a year ago. …. Full Article: Source

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From WSJ: German property financier Hypo Real Estate Holding AG said early Wednesday it has applied for a guarantee by the German government’s €500 billion ($635 billion) rescue fund to back up short-term liquidity needs, as a €50 billion bailout plan agreed in October is being finalized.

The guarantee, which the company requests for a €15 billion liquidity line provided by the German central bank, or Deutsche Bundesbank, aims to cover short-term liquidity requirements before the agreed €50 billion rescue package involving bank loans and a state guarantee becomes “fully available by mid-November,” the company said. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Zawya.com: The first stage of new green building regulations due to be handed over to Dubai’s Executive Council next January 1 is set to lead the world in sustainability, industry experts say.

“In green building what we are attempting to do will be the first in the world. To have regulations that look into all the environmental elements and be mandated, it’s never been done,” Adi Afaneh, senior environmental planner, planning department at Dubai Municipality said. There are currently around 252 international green systems worldwide. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Inman.com: Countries often develop their arrogance from their great cities; thanks to Paris, the French exhibit a sense of specialism about their special place on the planet.

The French authenticity is difficult to challenge — the bread, the wine, the architecture and the fashion to name a few distinctions. However, the country is often just downright different. …. Full Article: Source

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From Independent: Mortgage lending slumped to its lowest level for more than three and a half years during September as the stagnant housing market stifled demand, figures showed today.

A total of £17.7 billion was advanced during the month, 10 per cent less than during August and 42 per cent below the level for September last year, according to the Council of Mortgage Lenders. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From FT: Homeowners in some of central London’s wealthiest areas are now feeling the full effect of the decline in property prices, data published by the Land Registry yesterday showed.

In September, house prices in Kensington and Chelsea - which had been steadily rising at an annualised rate of 33.5 per cent a year ago - fell by 2 per cent, having fallen by 1.1 per cent the previous month. …. Full Article: Source

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From Allafrica.com: The United States (US) ambassador to Angola, Dan Mozena, Tuesday in Luanda reiterated his country’s availability to assist Angola in building of the best houses to cater for population.

The US diplomat said this at the end of a meeting held with Urbanisation and Housing minister, Sita José. According to him, the US private and public sectors can, greatly, assist Angola in this “huge task of real estate sector”. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Indiatimes.com: With a slump in the Indian real estate sector due to excessive credit crunch and demand slowdown, home buyers can expect a further correction in real estate prices in the range of 15-20% in next six months. There are several factors working against the Indian real estate sector that can bring about such a price correction.

With the Reserve Bank of India (RBI) tightening money supply and increasing interest rates to fight inflation, the developers are facing liquidity crunch. Banks are getting jittery over loan disbursals to real estate developers. Even if the developers manage to get loans from banks, they are hardpressed to keep more collateral with the banks. …. Full Article: Source

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From Propertywire.com: The property market in Ukraine is struggling with idle cranes dominating the Kiev skyline showing that most construction has stopped.

Having secured a deal with the International Monetary fund to shore up its faltering economy one of the worst hit sectors in Ukraine is residential property. …. Full Article: Source

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From Birminghampost.net: Leading agency King Sturge has warned liability to pay full rates on empty buildings could tempt landlords to offer cut price deals and damage an already uncertain market.

The company believes landlords taking this action could spark widespread “stand-offs” between themselves and tenants as a direct result of the new legislation. In April, the government scrapped rate relief on empty commercial and industrial properties such as warehouses and offices. …. Full Article: Source

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From Propertywire.com: The real estate industry in Thailand is asking the government to extend tax and fee reduction incentives for property investors in a bid to prevent a market downturn.

The country’s real estate associations also called for the Bank of Thailand to cut interest rates and relax approval conditions for home loans. …. Full Article: Source

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From News.com.au: Research by CB Richard Ellis analyst Kevin Stanley shows sales reached only $5.6 billion in the first three quarters of 2008, compared with $12 billion last year. Mr Stanley said the Australia-wide results were consistent with global trends.

“Investment activity has slowed due to uncertainty about how far prices may yet fall and a lack of debt available for larger transactions,” he said. …. Full Article: Source

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From Homesoverseas.co.uk: Property auctioneers in South Africa report that there has been a marked improvement in investor sentiment over the past couple of weeks following the Reserve Bank’s decision not to raise interest rates, with buyers packing into residential property auctions.

Rael Levitt, CEO of The Alliance Group, says trading on the group’s auction floors this month throughout the country has seen the strongest investor appetite in more than a year. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From WSJ: More real-estate investment trusts are expected to sacrifice their dividends as broader market turmoil drains their liquidity and hinders debt refinancing.

LaSalle Hotel Properties said last week that it cut its annual dividend by 51% to provide $100 million in liquidity over the next 26 months. The hotel REIT, whose shares have fallen more than 70% so far this year, is considered to be in the vanguard. …. Full Article: Source b

Posted on 30 October 2008 by Laxman |  Email |Print

From Business-standard.com: The doyens of the country’s real estate sector — K P Singh of DLF and Ramesh Chandra of Unitech — recently met top UPA government functionaries to seek higher tax breaks on housing loans and easier lending by banks to the sector.

The meeting comes in the wake of these companies seeing a massive erosion in their market capitalisation. Singh and Chandra recently came together to call on a leading UPA minister and top Congress politician to sound him out about the travails of the real estate sector, which has seen realty prices falling and credit for builders disappearing. …. Full Article: Source

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From Theedgedaily.com: Malaysian construction players which had sought refuge in the high-growth markets of the Middle East may now no longer regard the region as a safe haven in the face of the global credit crunch.

Analysts said the local construction companies looking to replenish their order books with jobs particularly from the Middle East were likely to find the road to that region bumpier than it used to be, primarily due to funding issues there. …. Full Article: Source

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From Marketwatch.com: Turmoil in the credit markets and economic weakness has virtually frozen the commercial property markets, with buyers reluctant to commit as prices fall and sellers refusing to deal unless forced to by financing constraints, a panel of real estate financiers said.

With vacancies predicted to rise for nearly all property types and rents expected to fall, office, retail, hotel and industrial holdings are likely to drop in value in the coming year, making it difficult to underwrite any transactions, the panel of experts said at a meeting of the Urban Land Institute here. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Phnompenhpost.com: Ministry of Economy and Finance official Hang Chuon Naron says that Cambodia’s weakened real estate market is likely to be back on track within two or three years.

“I hope the real estate market in Cambodia will return to normal within the next three years,” Hang Chuon Naron told Prime Location on the sidelines of a recent conference on initial public offerings in Phnom Penh. He also said that the global financial crisis and the recent slowdown in construction in Cambodia were the causes of the sluggish market. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Time: The last piece of the last residential construction crane in Miami is coming down this week. Don’t expect to see another crane in this city for a decade, says Peter Zalewski, a real estate broker and founder of Condo Vultures, a realty intelligence service.

Miami is both a metaphor and model for once torrid real estate markets that melted in the subprime debacle. Miami developers threw up some 23,000 units beginning in 2003, many of them bought by speculators who thought they could flip them for a quick profit. Some did. …. Full Article: Source

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From Investmentmarkets.co.uk: The beleaguered Spanish mortgage market has continued to take a battering this week after the Spanish Housing Association announced that the number of mortgage transactions has continued to fall.

The number of house transactions in August fell by 36 percent compared to last year, which signalled that the situation is getting worse. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From CCTV: Recent new lending policies from the Chinese government don’t appear to be having much effect on propping up the battered housing market so far.

To breath life back into the housing market, the central bank last week cut taxes, mortgage rates and down payments to make purchasing easier for home buyers. But dealers say they have not spotted any changes to the market, that has been in downturn for almost a year. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Saveborrowspend.co.uk: House prices in the UK will not hit the peak they were in 2007 for another five years, according to predictions from the Centre for Economic and Business Research (CEBR).

Forecasts from the group also suggest that a trough at the end of 2009 will see house prices fall by 25 per cent from their highest point last year, it has been reported. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Propertywire.com: As leaders of the Greek Cypriot and Turkish Cypriot communities continue their talks on the re-unification of Cyprus debate over buying property on the divided island also continues. Passions run high.

Cyprus is not only physically divided, it has come to represent the emotions of two different nations - the Greeks and the Turks, a strong Mediterranean brew that exists on an island divided into the internationally recognised Republic of Cyprus and the ‘occupied’ Turkish Republic of North Cyprus. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Theage.com.au: Australia has the worst-performing listed real estate investment trusts in the world, according to a global study. Of 16 countries with mature real estate investment trust (REIT) markets, Australia has delivered the worst returns to investors in the past year — with an average loss of 48.71%.

That compares with an average loss of 21% globally. Australian REITs also had the worst performance over three years, delivering a loss of 6.55%. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Europe-re.com: UK commercial property values have fallen by 7.2% in the last eight weeks according to global real estate adviser Cushman & Wakefield. Figures in its latest Business Briefing:

UK Property Investment Market also show that average prime UK yields have increased to 6.49% as at mid-October, the highest since 1993. The report concludes that whilst the UK remains at the frontline of the global financial crisis it is continuing to see a rapid adjustment in pricing. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From Zawya.com: The unique strengths of Abu Dhabi mean the Emirate’s real estate sector is poised for continued growth despite the global downturn, said Sorouh’s Managing Director, Abubaker Al Khouri.

Al Khouri outlined the strong market fundamentals which ensure demand will remain strong over both the short- and long-term. These include an economy which is experiencing high levels of GDP growth, a booming population and recent liberalisation of the real estate sector. …. Full Article: Source

Posted on 30 October 2008 by Laxman |  Email |Print

From B92: The price of new flats in Podgorica has been cut by half. Only Belgrade is holding firm: prices have leveled out, and are likely to fall by 5-10 percent in the coming year. Nonetheless, the global financial crisis has checked skyrocketing property prices in the capital.

However, there will be no dramatic drop in real estate prices, as was the case in the U.S. and parts of Europe, and what reductions there are will be in five to ten percent increments on a yearly basis. …. Full Article: Source

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