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Real Estate Briefing 10.Jun 2009

Posted on 10 June 2009 by Laxman |  Email |Print

From Theage.com.au: An international property report has forecast “no near-term end to the market’s misery” following record-low transactions and a fall in the value of invested stock.

Property adviser DTZ’s Money into Property report found the total value of invested real estate stock declined for the first time since 1997, falling 4.4 per cent in constant currency terms to just under $US12 trillion ($A15 trillion)……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Reuters: The default rate of U.S. commercial real estate bank loans reached its highest level in 15 years and is not expected to peak until 2011, according to a report by Real Estate Econometrics.

During the first quarter 2009, the national default rate for commercial real estate mortgages held by regulated depository institutions rose to 2.25 percent from 1.62 in the fourth quarter of 2008, according to the real estate research firm’s report released on Tuesday……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Bloomberg: The default rate on commercial mortgages held by U.S. banks may rise to the highest in 17 years in the fourth quarter as debt for refinancing remains scarce and the recession drags down rents.

The rate is likely to reach 4.1 percent by year-end, Real Estate Econometrics LLC, a New York-based property research firm, said in a report today……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Propertyshowrooms.com: The US is attracting more British buyers as the cost of buying a property there falls. Research by money exchange company Currency Index has found that the country is growing in popularity, something the firm has attributed to falling prices, less expensive mortgages due to base rate cuts and the strengthening pound.

Commenting on the development in the US and in other countries, spokesman at the firm Robin Hayes said: “We are seeing a renewed demand for currency exchange as people pick up property bargains,” noting that Florida is among these buyer destinations……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Propertywire.com: Residential property prices are continuing to fall and now there are fears that increases in mortgage rates could put off a lot of investors, especially first time buyers.

Canadian home prices fell 5.8% in March from the same month a year earlier, a faster pace of decline than in February, according to the latest published figures from the Teranet-National Bank National Composite House Price Index……..Full Article (Subscription Required) : Source

Posted on 10 June 2009 by Laxman |  Email |Print

From FT: Confidence is returning to the commercial property market, with the UK furthest advanced in the cycle, according to Anne Breen, head of property research at Standard Life Investments.

She points out that the collapse in commercial property that started in the summer of 2007 has so far been the swiftest downturn in the sector’s history, reflecting the deep global recession, the financial crisis and a turnround in sentiment……..Full Article (Subscription Required) : Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Guardian: A combination of rising buyer inquiries and a shortage of homes for sale is supporting house prices, Rics says.
Increasing interest from new buyers plus a shortage of properties for sale is helping to stabilise house prices, according to the latest housing market survey from the Royal Institution of Chartered Surveyors (Rics)……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Prime yields for UK commercial property stabilised at 7.35% across all sectors in May, according to the latest research from real estate adviser Cushman & Wakefield. This is the highest level since 1992.
Only prime yields on regional out of town offices remained under outward pressure during the month, the adviser added……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Propertyshowrooms.com: Properties in Spain and Portugal have become a lot more affordable for Britons, a new survey has found.

Research by money exchange firm Currency Index indicated that a combination of factors have made buying in such countries less expensive, with prices, mortgage costs and exchange rates all increasingly favourable, the Press and Journal reports……..Full Article: Source

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From Thenational.ae: Investment funds focusing on distressed property are forming in the UAE, helping to solve some of the problems caused by disputes between developers and investors that have hit tower builders’ cash flows.

Their emergence has coincided with a recovery in prices in some parts of Dubai and Abu Dhabi, raising hopes that the property market may have turned the corner after a sharp downturn……..Full Article: Source

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From Gowealthy.com: Arqaam Capital, investment bank in Middle East, stated that the recovery in UAE real estate stocks signals a recovery in Dubai property prices later this year. The bank predicted that Dubai real estate would bottom out in the second quarter of 2009.

Ali Khan, MD, Arqaam Capital, said, “I am pretty confident that by the end of the year, house prices will be higher than they are today. …….Full Article: Source

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From Khaleejtimes.com: Commercial real estate in Dubai needs to come down further in price if the emirate is to compete effectively with other global financial hubs such as New York City, Standard Chartered bank said on Tuesday.
Standard Chartered analyst Philippe Dauba-Pantanacce argued in a report that the emirate’s commercial property market remains overvalued……..Full Article: Source

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From Gulfnews.com: Dubai’s property market appears to be returning to a growth path, after having ‘bottomed out’, major real estate players and market analysts believe.

“As the asset values are becoming attractive, there is a renewed interest among overseas investors in Dubai’s properties,” Peter Riddoch, chief executive of Damac Properties said……..Full Article: Source

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From Gowealthy.com: Saudi Arabia’s residential property prices in Jeddah will soar by the end of this year as major developments in the city comes up gradually, according to Arabian Business.com a new report predicted. Similar predictions were heard with regard to Dubai property sector as well recently.

The supply of residential properties in this populous city is increasing faster than demand, especially with the higher end of the apartment segment, according to a report by real estate consultancy Jones Lang LaSalle (JLL). …….Full Article: Source

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From Reuters: China Vanke Co, the country’s biggest-listed property developer, said on Monday its May property sales rose 19.7 percent from a year earlier to 6.41 billion yuan ($938.2 million).

The volume of space sold during the month, at 697,000 square metres, was up 19.3 percent from a year earlier……..Full Article: Source

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From Kantipuronline.com: Kathmandu Property Investment and Real Estate Expo began here on Sunday as Nepali real estate developers start exploring Nepali real estate market in Europe.

This is first-ever real estate expo organised by Nepali housing developers in Europe. Inaugurated by Pramesh Hamal, Nepalese ambassador to Belgium, the expo is primarily targeted at Nepalis living in Europe. …….Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Commercialpropertynews.com: Tenants have the edge in most of the world’s major office markets, concludes an analysis by CB Richard Ellis Inc. Class A rents are sliding dramatically and vacancy is ticking upwards in nearly every region, according to the study published last week.

Office occupancy costs in 173 global markets declined 2.8 percent in the 12 months ending March 31. That represents a dramatic change in direction from the 12-month period ending September 2008, during which costs grew 8 percent. In the United States, vacancy has increased 130 basis points during the past two quarters……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Thecareerengineer.com: The number of green building projects has risen significantly, if figures from NextGen Research concerning the sale of environmentally-friendly building materials are anything to go by.

However, the increase in the number of green construction jobs being created is not quick enough to tackle the growing problem of climate change, the Green Register has claimed……..Full Article: Source

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From Investordaily.com.au: Westpac-owned multi-manager investment firm Advance Asset Management has added a new real estate investment trust (REIT) fund to its arsenal of products.

The Advance Global Property Fund invests in REITs in the US, Europe and Asia Pacific and is managed by CBRE Global Real Estate Securities. …….Full Article: Source

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From Assetz.co.uk: When it comes to investing in property overseas, there are plenty of opportunities to do so at present. That is the message of those who know how the market has come to suit buyers, not least those who have ready cash to part with rather than having to get mortgages.

Such a point is significant. Reflecting on the situation in countries like Spain, director of trading at payment solutions technology firm Currencies Direct Mark O’Sullivan noted that while the cost of property has fallen, the mortgage market is something of a minefield……..Full Article: Source

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From Privateequityrealestate.net: Starwood Capital has launched a $500 million debt vehicle that will target distressed commercial and residential real estate opportunities using financing from the US government rescue plans, TALF and PPIP.

Starwood Property Trust (SPT), which will register as a REIT, is seeking to raise $500 million in its IPO, according to regulatory filings. “We believe that the next five years will be one of the most attractive real estate investment periods in the past 50 years,” the filings said…….Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Propertyeu.info: The majority of European non-listed real estate funds are designed to enable early exit, but investors are being held back from exiting by the fear they will be labelled as distressed sellers, and will consequently have to sell their stakes at a hefty discount.

That is one of the key conclusions of a new Liquidity Provisions Study produced by the European Association of Non-Listed Real Estate Funds (INREV)……..Full Article: Source

Posted on 10 June 2009 by Laxman |  Email |Print

From Iii.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

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