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Real Estate Briefing 02.Jun 2009

Global house price falls in Q1 2009, the worst ever
Investor alignment could solve 'diversity' problems
Maturing debt is top concern for real estate firms
US recovery to be a slow haul - ING
U.S. construction spending surprises
IPD unveils its first US property index
CEE activity in April beats Q1 monthly average
UK: House prices are up 4.2pc in real terms over the past three months
UK: Land registry says house price falls easing
UK: Gloomier outlook for commercial property
U.K. Hometrack house prices stopped falling in May
Henderson leads real estate funds in May
French property owners beware of wealth tax change
Dutch pension fund BPF Bouw alters real estate strategy
Cyprus held up as good property investment bet
Dubai speculators starving developers of funds
Dubai property market on recovery path
Nakheel to merge with DMCC property arm
Qatar banks seek clarity on realty portfolio buy offer
Saudi real estate regulations to follow Dubai model
Morocco affordable housing a guide for the UAE
South Africa: Oversupply sinks property market
Hong Kong property
Singapore home prices slide down the ladder
ING Real Estate takes over $772 mln Asia fund
India: Realty back in vogue for PE funds
New laws to cut red tape and improve real estate planning in Vietnam
New Zealand: Loss for commercial property investors
New Zealand: Real estate listings plummet
Japan looking healthier
Nomura Real Estate to raise $672 mln
Highlighting international real estate ETFs
Buying the right REIT
Outlook for multifamily REITs stable for now

Posted on 02 June 2009 by Laxman |  Email |Print

From Globalpropertyguide.com: House prices dropped further around the world during Q1 2009, as personal consumption expenditure decreased, consumer confidence remained low, credit remained tight and the unemployment rate worsened.
The housing crisis contagion reached more countries. Among the 32 countries in the Global Property Guide’s survey of house prices, 27 recorded price falls during the year to the end of the first quarter of 2009, in real terms………Full Article: Source

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From IPE: The common practice of having diverse investor bases in real estate funds poses significant challenges for pension funds’ due diligence, delegates heard at IPE Real Estate’s Investor Forum in Amsterdam last week.

Speaking at the IPE Real Estate Investor Forum in Amsterdam last week, Hermann Aukamp, managing director at German pension fund Nordrheinische Aerzteversorgung (NAEV), said investing alongside different investors in funds had been proved to represent “a big problem for pension funds”………Full Article (Subscription Required) : Source

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From Privateequityrealestate.net: A survey by Ernst & Young suggests the ability to refinance maturing debt on commercial properties in the next 12 to 18 months is the single most important concern in today’s market.

It says in addition to refinancing risk, the ability to procure acquisition financing and an overall deleveraging of fund portfolios occupied the fourth and fifth highest priorities, respectively……Full Article (Subscription Required) : Source

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From IPE: ING Clarion Partners has predicted there will be no quick recovery of the US real estate markets.

In a report, entitled US view: Real Estate Investing in a Time of Uncertainty, David Lynn, managing director at ING Clarion said “we feel that the real estate markets in [the US] will likely remain under stress at least into 2010”………Full Article (Subscription Required) : Source

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From Reuters: U.S. construction spending unexpectedly posted its biggest increase in eight months in April, advancing for a second straight month as the private sector put money into both residential and nonresidential projects, according to a government report on Monday.

The Commerce Department said spending on construction projects rose 0.8 percent in April from March, the biggest increase since August. Spending climbed a revised 0.4 percent in March, previously reported as a 0.3 percent rise………Full Article: Source

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From IPE: IPD, the provider of real estate performance analysis and benchmarking, had added US coverage to its range of country coverage with the launch of its first annual commercial real estate index and quarterly indicator for the United States.

The IPD global property index will now include the US on a fully comparable basis and “the US index will be fully consistent with the other 22 indices in our range, so we can make comparisons on a like-for-like basis,” said Simon Fairchild, managing director at IPD US………Full Article (Subscription Required) : Source

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From Propertyeu.info: Property investment turnover in Central & Eastern Europe (CEE) totaled approximately EUR 100 mln in April through a total of five transactions, according to CB Richard Ellis’ CEE Property Investment MarketView for April 2009.

While this means that property investment remained low in April compared to previous years, it was about 32% higher than the monthly average for the first quarter of 2009………Full Article: Source

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From Telegraph: The real Nationwide house price figures show a very clear trend and provide strong evidence that the market is now moving as rapidly towards stabilisation as it did when it started falling.

Five months into 2009 it is becoming clear that just as most forecasts for house prices in 2008, including mine, were not pessimistic enough, nearly every forecast for 2009 is going to be too pessimistic………Full Article: Source

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From FT: House prices in England and Wales fell in April, but the drop was the smallest of any month over the past year, according to the latest data from the UK Land Registry.

The Index eased by 0.3 per cent in April, with house prices in London showing an average 1.4 per cent rise, the highest anywhere in the UK. The average house price in England and Wales is now £152,898, down from £182,557 a year earlier, a drop of 16.2 per cent. ……..Full Article (Subscription Required) : Source

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From Reuters: More pain is in store for commercial property investors after fund managers and analysts further cut predictions for the sector, and tempered their hopes of a recovery in 2011, consensus data showed on Friday.

Experts predict property values and rental rates will worsen in all real estate sectors — office, industrial, retail — adding to concerns about the ability of property owners to service billions of pounds in bank loans………Full Article: Source

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From Bloomberg: U.K. house prices stopped falling in May for the first time in 20 months, adding to evidence the property market slump is abating, a survey of real-estate agents by Hometrack Ltd. showed.

Average prices in England and Wales held at 155,600 pounds ($255,000) after they declined 0.3 percent in April, the London- based property researcher said in an e-mailed statement today………Full Article: Source

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From Reuters: Anglo-Australian group Henderson’s Asia-Pacific equities fund was the top performer among British-registered real estate funds in May, according to data from Thomson Reuters fund research firm Lipper.

The Henderson fund, managed by Singapore-based Chris Reilly, is largely invested in Hong Kong and Japanese stocks and returned 20 percent for the month, just ahead of an Asia-Pacific fund managed by Fidelity………Full Article: Source

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From French-property-news.com: People who own property in France will no longer be able to avoid a potentially hefty tax bill by setting up a non- trading company, according to a UK tax expert.

The French wealth tax was introduced for the second time in 1989 and applies to foreigners living in the country as well as French residents. UK residents are liable to pay wealth tax if they have a French property worth more than €790,000………Full Article: Source

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From IPE: BPF Bouw, the €24.2bn pension fund for the Dutch building industry, plans to increase the size of its global indirect real estate portfolio but in doing so will aim for a greater weighting to European markets and core investments with little or no leverage.

The pension fund has a 25% allocation to real estate, three-quarters of which is invested directly in the Netherlands, and the balance is invested internationally through joint ventures, club deals and commingled funds………Full Article (Subscription Required) : Source

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From Assetz.co.uk: Cyprus offers one of the best bets for those keen on investing, whether in property specifically or just to find the best return on their money, it has been stated.

Such was the point made by developer Pafilia, which has chosen the end of May and the start of June as the time to showcase its latest project on the island………Full Article: Source

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From Constructionweekonline.com: The construction industry will not feel the benefit of lower construction costs until speculative property buyers have left the market for good, a top developer has warned.

Speculators are panic-selling properties, which is undercutting the fair market price and unnerving investors, in turn starving developers of funds, the expert said………Full Article: Source

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From Menafn.com: A report released by HSBC titled ‘Property Ladder’ said that property prices in Dubai are at their lowest levels with signs of recovery returning to the market, new research said yesterday.

The report said that distressed stock is gradually clearing, with further signs of consolidation as volumes continue to pick up. Furthermore, mortgage providers have moved to ease their requirements recently, raising loan-to-value (LTV) and relaxing credit norms, which HSBC views as a further sign of some normalcy returning to the market………Full Article: Source

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From FT: The real estate arm of Dubai Multi Commodities Centre has merged with Nakheel, the offshore developer behind the Palm Island off Dubai’s coast, in another property merger as the emirate’s real estate sector continues to take a beating.

The merger, announced late on Sunday by both companies, illustrates ongoing consolidation in the sector as government-owned companies streamline operations amid the real estate crash………Full Article (Subscription Required) : Source

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From Gulf-times.com: The chiefs of commercial banks are meeting today at the Qatar Central Bank (QCB), seeking more clarity on the government’s proposal to purchase their real estate portfolio, it is learnt.

Confirming the meeting, Doha Bank chief executive officer R Seetharaman said there was a need for clarity on the government’s offer………Full Article: Source

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From Ameinfo.com: This is a very exciting time for the Saudi property market.
With an eye to some of the excesses and unsuccessful property developments seen in other GCC countries, along with striking demographics indicating that the boom in the Kingdom of Saudi Arabia will continue over the coming years, the country is introducing new laws and a regulatory framework to ensure that its own real estate sector growth is healthy and viable………Full Article: Source

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From Thenational.ae: All property players in the country agree on one thing: there is a need for more affordable housing. In Abu Dhabi in particular, the issue has been neglected until recently, with most of the 140,000 residential units scheduled for delivery by 2013 being high-end accommodation, according to Colliers International.

But following the slowdown in the property market, developers, including Al Qudra, Aldar and Sorouh, have announced strategy changes to address the needs of the low-priced segment, too………Full Article: Source

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From Thetimes.co.za: House prices are continuing to decline, due to a sizeable oversupply that has built up in the residential market, FNB said yesterday.

Its latest house price index continued to decline in May to -11.3 percent year-on-year. This represented a deterioration on the revised -9.2percent rate of year- on-year decline recorded for April………Full Article: Source

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From FT: The six big listed property developers have seen their aggregate market capitalisation more than double since October last year.
Sell signals are blinking red: the trailing price/earnings gap between the property sector and the benchmark, which has averaged 200 basis points over the past five years, is now a mere 40. Residential property prices, meanwhile, have climbed back up to December 2007 levels; the recent peak, in March 2008, is a mere 15 per cent away……..Full Article (Subscription Required) : Source

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From Asiaone.com: From around the top of the heap to near the bottom of the pile in just 12 months! A year ago, Singapore was ranked as the fourth best-performing market in the world under Knight Frank’s Global House Price Index based on the first-quarter’s year-on-year price change.

This week, it emerged as the third-worst in a table that listed a total of 46 markets………Full Article: Source

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From Reuters: Dutch financial group ING’s real estate arm said on Monday it had taken control of a $772 million real estate fund from a Japanese manager, boosting its Asian assets by nearly 20 percent.

The closed-end New City Asia Opportunity Fund, which owns mostly Chinese, Japanese and South Korean assets, will be renamed the Phoenix Real Estate Fund, ING Real Estate Investment said in a statement………Full Article: Source

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From Business-standard.com: After being at the receiving end of investors’ wrath, the real estate sector is back on the radar of private equity (PE) investors. Real estate consultants say PE funds are now finding good investment opportunities in the sector.
The high level of interest is quite clear in the recent wave of qualified institutional placements from real estate companies………Full Article: Source

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From Propertywire.com: The government in Vietnam is drawing up a major overhaul of the country’s planning laws aimed at making it simpler for property developers to get projects underway.

At present the average development project needs 33 licenses which can take up to three years to obtain……..Full Article (Subscription Required) : Source

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From Radionz.co.nz: A new survey shows commercial property investors have made their first loss for 15 years. The survey was carried out by Melbourne research company IDP Property for the lobby group Property Council of New Zealand.

The figures show returns for the year to March were -0.8%. The survey found collapsing property values were the main culprit………Full Article: Source

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From Tvnz.co.nz: Real-estate listings for May show a near 30% drop in the number of properties listed compared with April.

Alastair Helm from realestate.co.nz says new listings didn’t even hit the 10,000 mark and have been slipping for the last three months………Full Article: Source

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From Themovechannel.com: There is growing speculation the Japanese property market has bottomed out with analysts forecasting an improvement in the economy…

Credit Suisse Group AG said that property manager Nomura Real Estate Holdings operations are improving. Analysts said that the company’s condominium, investment and brokerage operations are outperforming expectations………Full Article: Source

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From Bloomberg: Nomura Real Estate Holdings Inc., an arm of Japan’s largest securities company, plans to raise as much as 64.1 billion yen ($672 million) from the sale of new shares for investment in housing development.

The company will sell 36 million new shares in the open market and 5.4 million new shares to Nomura Securities Co., it said in a statement to the Tokyo exchange………Full Article: Source

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From Seekingalpha.com: We Americans live in interesting times. On the one hand, our new Camelot-like president has raised the hopes of millions. On the other hand, we’re in the most challenging economic environment of our generation.
Two victims of the meltdown have been real estate and the dollar: real estate because of all the overvalued properties, the dollar because of government spending………Full Article: Source

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From CNBC: The rally in real estate investment trusts “has gotten a bit ahead of itself,” a former top analyst turned industry executive told Cramer and Erin Burnett during Monday’s Stop Trading!.
But there are sectors worth buying within the REIT group, the executive said………Full Article: Source

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From Multihousingnews.com: Out of the nine multifamily REITs rated by Moody’s, eight have stable outlooks and one has a negative outlook (Colonial Properties Trust). Meanwhile, the outlook for the sector is stable, according to the company’s REIT Outlook 2009 report.
During the fourth quarter of 2008 and firstSchreiber quarter of 2009, the fundamentals of the apartment industry have steadily eroded and the forecast for rental demand is more uncertain………Full Article: Source

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