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Real Estate Briefing 09.Jun 2009

Posted on 09 June 2009 by Laxman |  Email |Print

From Bloomberg: U.S. housing prices are in the midst of a decline that may last for years, according to Robert J. Shiller, a finance professor at Yale University.

Shiller, who helped create home-price indexes bearing his name, wrote in a New York Times story yesterday that declines in real estate tend to be relatively long-lasting. As an example, he mentioned land prices in Japan’s major cities, which fell for 15 straight years after a 1980s housing bubble burst……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Reuters: Canadian housing starts rose 9.2 percent in May, slightly better than expected, and was broadly based and encompassed both single and multiple segments, the Canada Mortgage and Housing Corp (CMHC) said on Monday.

New home construction rose to a seasonally adjusted annual rate of 128,400 units in May from 117,600 units units in April, CMHC said……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Investment volumes in Europe fell 74% in the first three months of 2009 year-on-year to just EUR 11.4 bn, according to the latest European commercial real estate investment update from adviser Cushman & Wakefield.

No market was unscathed, the report said, adding that rents are under pressure in most areas as the decline of the occupational sector accelerates further. With prime yields rising further, capital values across Europe were down 18.5% over the year……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From BBC: Rising interest from potential buyers coupled with falling numbers of sellers is stabilising UK house prices, according to surveyors.

New buyer inquiries increased for the seventh month in a row in May - at the fastest rate since 1999, said the Royal Institution of Chartered Surveyors……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Buildersmerchantsjournal.net: The construction output figures from the Office of National Statistics have confirmed that output in the construction sector is at its lowest point ever.

The figures confirm what the Construction Products Association highlighted in last month’s State of Trade Survey, that total output in construction during the first quarter of 2009 fell an unprecedented 16% compared to the same quarter a year earlier……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From FT: The property industry does not need much prompting to answer when opportunity begins to knock.

Naturally, entrepreneurial property managers have grasped with gusto the green shoots of recovery being seen in parts of the market, launching a succession of listed and unlisted funds to try to take advantage of any change in price……..Full Article (Subscription Required) : Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Moneywise.co.uk: Britain’s property market has changed dramatically over the past 18 months. Five years of soaring prices, followed by the credit crunch, global recession and an overall tightening of lending criteria, have caused average house values to plummet.

Most regions across the UK have been affected, according to Propertyforecasts.co.uk. “It has been disastrous, with significant falls being experienced since last April,” says Mandy Bradley, the website’s director……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From FT: The slump in the value of City of London offices has been so severe that it is now the only real estate hub that offers a good deal for international investors.

No other office market has seen as swift an adjustment in price that would make sense for investors, according to the annual Money into Property report from consultancy DTZ, which covers 38 countries across Europe, Asia-Pacific and the Americas……..Full Article (Subscription Required) : Source

Posted on 09 June 2009 by Laxman |  Email |Print

From IPE: The UK has dropped from second to fourth ranking in the global market, according to IPD.

“The UK is no longer the biggest European market in terms of capital deployed. Germany has overtaken the UK and France is just behind,” said IPD co-founding director Ian Cullen……..Full Article(Subscription Required) : Source

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From Forbes: Troubled German lender Hypo Real Estate Holding AG said Monday the government now holds 90 percent of its shares - but that it still needs more help despite government bailout efforts.

The government’s Financial Market Stabilization Fund, or SoFFin bought 987 million new shares from a special capital increase June 2 in its effort to nationalize the Munich-based lender. Hypo’s total share capital now stands at about euro3.7 billion, which would make the government’s stake worth some euro3.3 billion……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Propertywire.com: Residents of the Channel Islands just off the French coast who have invested in property in France could benefit from the recent Tax Information Exchange Agreement with the French government.

It is also likely to make buying French property much more attractive for Channel Islands investors especially since real estate on Hersey is continuing to buck the UK national trend and rise upwards……..Full Article: Source

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From Spanishnews.es: According to the latest data from the Spanish property portal Fotocasa, the price of resale property in Spain during the month of May 2009, is at 2,429 euros per square meter, which translates to an 11.1 per cent decrease over the past 12 months.

The drop is the worst drop registered since the property portal began collecting data in 2005……..Full Article: Source

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From Propertyfundsworld.com: The Nordic economies have all been hit through the collapse of global trade and manufacturing activity, according to Aberdeen Property Investors.

However, there are differences within the region, and Aberdeen expects the contraction in GDP to range from 1.5 to 4.5 for the four Nordic countries this year……..Full Article: Source

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From Moscowtimes.ru: VTB Capital, Deutsche Bank and Finnish construction company SVR have started a 300 million euro ($416 million) fund for investing in real estate development projects, the new fund has announced.

Other investors into the fund include Scandinavian pension funds Ilmarinen and Etera……..Full Article: Source

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From Business24-7.ae: The announced delivery of 33,000 units by 2012 will oversupply the Doha market if the city fails to maintain a sustainable population growth of five per cent over the same period, according to a new report.

“At five per cent annual population growth, demand and supply will reach an equilibrium. Likewise, if annual growth is sluggish at two per cent, then the market will be oversupplied by 10,000 units……..Full Article: Source

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From Gowealthy.com: New regulations are being planned by Ajman Real-estate Regulatory Agency (Arra) by this month-end. The new rules might link payments to construction milestones achieved, a top government official quoted as said by Emirates Business 24/7.

Infact, last week, Ajman’s real estate monitoring body set a new deadline of July 1 for property developers in Ajman to complete their registration procedures with the agency……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Forbes: An investment fund run by the Abu Dhabi government is looking to boost its stake in a mortgage lender created to protect the emirate’s booming property market from the global economic crisis.

Ali Eid al-Mehairi, chairman of the mortgage provider Abu Dhabi Finance, said in an e-mail Monday that the state-run fund Mubadala Development is seeking to increase its stake to 52 percent. Al-Mehairi is also development director of Mubadala……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Tradearabia.com: A likely oversupply in Qatar’s real estate market in 2010 will further depress property prices, a property consultancy said on Monday.

‘The supply deficit will shrink rapidly in the short to medium term, and with the probable contraction of population growth to 2 percent, the market is likely to be oversupplied by 2010,’ Landmark Advisory said in a report……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Zawya.com: No sharp decline in residential property rents is expected as Qatar’s residential property market is expected to continue to experience relatively strong demand over the medium term with the economy remaining stable and the country’s population continuing to grow, says a report on Qatar’s real estate market.

Analysing the residential, commercial, industrial and retail sectors, the report by DTZ, one of the global real estate advisory firms, predicts stable growth across all these asset classes……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Ameinfo.com: The National Bank of Kuwait (NBK) has said in a report that real estate transactions in April had amounted to KD96.7m, up 8% on March.
The value of sales in the commercial sector and apartments had surged by 51% and 13% respectively, while residential sales had dropped by 8%, NBK noted……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Realestateweb.co.za: More ugly house price data - and that’s after home loan rates have been slashed 4,5% since December. New Absa stats.

SA Reserve Bank Governor Tito Mboweni’s dramatic slashing of interest rates over the past six months has failed to halt the trend of falling residential property prices. And there’s no good property price news expected from the bank this year……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Feer.com: “The end is near!” That was the message top government expert Cao Jianhai delivered in April when he predicted that residential property prices in China will plunge by half in the next two years.
He reasons that China’s recent run-up in housing—average prices have tripled over the past five years—is unsustainable given the huge volume of new apartments sitting empty throughout the country……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Indiatimes.com: Realty companies are resorting to discounts to sell commercial properties in order to improve cash flows and reduce mounting debts.

DLF, the country’s biggest real estate firm by market capitalization, has recently sold its 66% stake in a special purpose vehicle that owns eight acres at Prabhadevi in Mumbai for Rs 310 crore, which analysts feel was at a discount……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From IPE: The Alaska Permanent Fund Corporation has increased its targeted allocation to real estate from 10% to 13%, to help cope with the impact of the financial markets crisis on its portfolio.

Alaska Permanent Fund officials believe there are going to be new opportunities to be had, despite problems in the US financial markets and the need to re-weight its real estate portfolio……..Full Article (Subscription Required) : Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Assetz.co.uk: When it comes to overseas property, it is not hard to find people talking down the international scene. After all, prices have fallen, so have the number of buyers and the state of the world economy may suggest that a recovery is some way off.

But is this a reliable picture? After all, while falling prices are not so good for short-termists who might wish to buy real estate in a booming market and then flip it, those with a longer term outlook may see things differently……..Full Article: Source

Posted on 09 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Valuers have been advised that they may need to provide advice on the outlook of a property’s value, as well as establishing the current market value, in the current economic climate.

The advice is one of the key recommendations of a valuation information alert published on Monday by the Royal Institution of Chartered Surveyors (RICS)……..Full Article: Source

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