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Real Estate Briefing 12.Jun 2009

Worst is over for Asia residential property markets
Asia Pacific office market trends
Crisis easing, prop funds rethink emerging Europe
US home values: First 3 months of 2009 wiped out $1.3 trillion
US real estate values to fall by 10% in Q2
Overlooked signs the U.S. housing market is turning
Has the U.S. housing market made a bottom?
Are Asian investors about to storm Manhattan real estate? AIG deal suggests yes!
London 'the place to invest' for commercial property
UK: Report shows 38% demolition in construction orders
UK house prices could fall a further 35% - Homes still not affordable
Italian property investment set to halve in 2009
Greece: Real Estate Market presents signs of recovery
Bulgaria real estate market sees steep decline in new builds
UAE: Property to level out ‘by year end’
UBS sees Dubai property prices falling 40%
A third of Dubai's homes may be empty by end of next year
Dubai real estate companies diversify to meet market needs
Iran: Real-Estate brokers to assist Mehr scheme
Johannesburg South Africa´s commercial property centre
India: Realty focussed PE funding skids 61% to $17 bn till May
Stability key to Indian real estate market
India's cheap housing boom: The nano home
China: Property prices bottom out
China: Recovery on as property sales surge
Real estate firm ‘believes’ in Korea
Residential property syndication arrives in New Zealand
REITs to lead commercial property revival
Citi forsees $300bln of commercial debt defaults
DTZ and Saggel Transactions advise on sale of Paris real-estate assets
SPAC Capitol Acquisition being acquired, forming REIT
Global conditions hit value of Guernsey funds in quarter one
EstCapital launches energy property fund

Posted on 12 June 2009 by Laxman |  Email |Print

From Asiaone.com: Demand for residential property is seen picking up in key Asian cities but economic recession will continue to depress the region’s office markets, pushing Grade A rents in Singapore and Tokyo down nearly 40 percent in the next 18 months, a Reuters poll shows.

“The office market is driven more by headcount and employment issues,” said Aaron Fischer, head of property research at CLSA. “On the residential side, liquidity in the market place is affecting property, in Hong Kong and Singapore, particularly at a time when interest rates are low.”…….Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Property-report.com: An analysis of the office markets in Singapore, Bangkok, Jakarta and Kuala Lumpur over Q1 2009. Key findings from research by DTZ Research are presented here.
Singapore: Occupier demand weakened considerably in the quarter as companies continued focusing on space consolidation and held back expansion plans. …….Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Guardian: Global real estate investors who fled emerging Europe at the start of the year are inching back to the region, lured by prospects of higher returns as fears of widespread economic collapse ebb.
Emerging real estate markets such as Poland, whose economy has held up relative well in a global downturn, and Russia, which is bolstered by rising crude oil prices, are becoming attractive, but Hungary and the Baltics remain no-go zones……..Full Article: Source

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From AP: The brute force of the recession earlier this year turned back the clock on Americans’ personal wealth to 2004 and wiped out a staggering $1.3 trillion as home values shrank and investments withered.

Net worth, or the value of assets such as homes, checking accounts and investments minus debts like mortgages and credit cards, declined 2.6 percent in the first three months of the year, the Federal Reserve said Thursday……..Full Article: Source

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From Privateequityrealestate.net: Real estate capital values in the US should fall by 10 percent in the second quarter of this year from the previous quarter.

This was the prediction of Jeff Jacobson, chief executive officer of Chicago-based LaSalle Investment Management……..Full Article: Source

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From Philly.com: The number of U.S. homeowners behind on payments or in foreclosure shattered the record in the first quarter, the Mortgage Bankers Association reported last week.
Nearly one in eight mortgage holders were either delinquent or in the foreclosure process - and prime mortgages in trouble for the first time outnumbered subprime loans on a percentage basis. Read more on the record jump in foreclosures in the first quarter……..Full Article: Source

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From Marketoracle.co.uk: Listening to the news and reading the headlines would make you believe the economy is recovering and the good times will come in the not to distant future.
After all home sales rose 0.3% in April and all those green shoots are sprouting. Many analysts are stating we have seen the bottom in housing. That would be good news indeed……..Full Article: Source

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From Observer.com: A Korean investment bank and local developer Young Woo are in contract to buy AIG’s two skyscrapers downtown - this begs the question: Is Asian money the next wave to hit New York commercial real estate?

“It is definitely a trend,” said Yoron Cohen, executive vice president of Cushman & Wakefield’s New York capital markets group. “We have quite a few Asian groups looking at stuff that we have for sale.”…….Full Article: Source

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From Bridgingandcommercial.co.uk: Support for the commercial property market in the capital has been given by a top economist. Ed Stansfield, property specialist at Capital Economics, said today that the London market was positioned to make a quick exit from the downturn.

However, he warned that suggestions that the City was the only place that offered “fair value” to property investors at the moment could be an overstatement of the true situation……..Full Article: Source

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From Scotsman.com: In a further blow to the embattled industry, new construction orders slumped by 38 per cent in the first quarter of 2009 against the same period last year, figures out yesterday revealed.
Data from the Office for National Statistics also showed that new construction orders contracted by 9 per cent in the three months to April compared with the three months to January……..Full Article: Source

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From Write-about-property.com: According to Halifax the current house price vs earnings ratio stands at 4.37, making houses more affordable than they have been for the past 6 years say Halifax.

Given that the average Gloucester house price was so much more expensive in relation to the average salary of its residents, I decided to expand the study and see if the same story was told for the UK……..Full Article: Source

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From Propertyeu.info: Investment in Italian commercial property is set to fall further this year with full-year volumes expected to halve to EUR 2 bn, from around EUR 4 bn a year earlier, according to Douglas Babington-Smith, head of the Italian office capital markets team at Jones Lang LaSalle.
In the second quarter of 2009, investment volume totalled EUR 400-500 mln, marking an increase from EUR 300 mln registered in the first quarter of the year……..Full Article: Source

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From Emportal.rs: The distribution of unsold residencies will play a key role in the recovery of the real estate market. Based on the scenario that real estate prices will be reduced up to 10% in 2009-2010, Bank of Greece estimates that unsold estate can reach 40.000 in 2010 (from 137.000 in 2008).
According to experts the selling demand will focus on real estate that have not been sold during the previous two years, the prices of which are expected to drop up to 10%. What will play an important role to buying interest is the preservation of bank interests in low levels……..Full Article: Source

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From Propertywire.com: Construction of new residential property in Bulgaria has declined dramatically according to the latest figures published by the National Statistics Institute.

Building declined 42.8% in the first quarter of 2009 compared with the last quarter of 2008. Compared with a year ago the fall is 12.9%, the data shows……..Full Article: Source

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From Thenational.ae: Property prices in the UAE may decline by another 20 per cent and level out by the end of the year, according to a report by Deutsche Bank.

The predictions follow evidence over the past two months that prices in some areas of Dubai and Abu Dhabi have risen. Prices are expected to decline again because a number of expatriate workers are expected to leave the country over the summer period at a time when many new properties are coming onto the market……..Full Article: Source

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From Arabianbusiness.com: Property prices in Dubai will have fallen another 40 percent by the end of 2010 when one in three homes will be vacant, UBS said on Thursday.

“From our vantage point we think we’re still relatively early in the cycle,” analyst Saud Masud said in an interview about recent reports that Dubai real estate prices are showing signs of stabilising. “We believe the fundamentals are weakening as we speak.”…….Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Bi-me.com: The vacancy rate in Dubai’s residential property market could double to about a third by the end of 2010 as the population declines and new buildings add to a glut of homes, UBS said.

The amount of empty houses and apartments may increase from as much as 15% at the moment, Saud Masud, a Dubai-based analyst at UBS, said in an interview today. About 30,000 homes will be competed by 2011, Masud estimates. …….Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Ameinfo.com: Real estate companies in Dubai are increasingly looking to increase the tools available to prospective buyers, and to diversify their product offerings, as the city’s real estate market completes the shift from speculator-driven to catering for end users.
Landmark Properties announced that it was in the process of rolling out a range of ‘calculator’ tools in order to help prospective clients determine the affordability of potential purchases. …….Full Article: Source

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From Zawya.com: Following the recent statements of President Mahmoud Ahmadinejad about the role of real-estate brokers in reducing housing prices, the government wants to invite their guild to implement Mehr Housing Scheme.

The scheme, which is aimed at building housing units for the vulnerable strata, provides an opportunity for the government to solve the housing problem of workers, the Persian daily Donya-ye Eqtesad wrote……..Full Article: Source

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From Nubricks.com: The largest and one of the most cosmopolitan cities in South Africa, Johannesburg’s reputation as the ‘crime capital’ of the country has ensured that the majority of tourists merely use it as a jumping-off point to the wild coasts and animals hundreds of miles away – but what does the city itself have to offer?

The onetime gold mining town has grown up. Modern day Johannesburg is now South Africa’s commercial centre and offers an eclectic range of theatres, restaurants and culture……..Full Article: Source

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From Business-standard.com: Fund raising by real estate sector focussed private equity funds have declined 61 per cent to $17 billion till May this year, as investors turned cautious while making new investment commitments.
According to a report by global research firm Preqin, PE investments till May this year, “has seen private equity real estate funds raise $17 billion, a reduction of 61 per cent on the same period in 2008″. PE fund raising till May 2008 stood at $44 billion……..Full Article: Source

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From Gulfnews.com: The biggest motivating factor for non-resident Indians (NRIs) to buy real estate in their home country is the political stability that follows the second term of Manmohan Singh as Prime Minister, according to Sukhraj Nahar, chairman of the Mumbai-based Nahar Group.

“We have been getting enquiries from NRIs ever since the poll results were announced,” Nahar explains. “The moment it was clear that political stability was ensured, NRIs reacted and started the process of buying a home in India……..Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Economist.com: India’s cities need at least 25m more homes, according to report from McKinsey, a consultancy, and the Federation of Indian Chambers of Commerce.
In Mumbai, the commercial capital, more than 8m people now live in shantytowns, often paying substantial rent for the privilege. But buying a home of their own is way out of reach for most of them: a 70-square-metre flat in the centre of the city costs $500,000 or so……..Full Article: Source

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From Cctv.com: China’s property prices fell by 0.6 percent year on year during last month. But they were higher than in April. Experts say this shows the country’s property market has bottomed out.

Things are looking up for the real estate sector. The National Bureau of Statistics says although property prices in May dropped from a year ago, they were 0.6 percent higher than in April……..Full Article: Source

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From China Daily: China’s property sales and investment accelerated, adding to signs that growth in the world’s third-largest economy is recovering.

Sales rose 45.3 percent to 1 trillion yuan in the first five months from a year earlier and real estate investment growth quickened to 6.8 percent, the National Bureau of Statistics said. Sales grew 35.4 percent in the first four months……..Full Article: Source

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From Joongangdaily.joins.com: The real estate market in Asia is looking quite murky at present and the region is struggling to cope with the economic crisis.

But there are things to be cheerful about, according to Alastair Hughes, Chief Executive Officer of the Asia Pacific region at Jones Lang LaSalle……..Full Article: Source

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From Voxy.co.nz: Although not new to the Commercial sector it is ground breaking news in the Residential Market. Very much like car pooling, several people share the same vehicle to reach a common destination Residential Property Syndication (RPS) will do the same for Property Investors.

RPS was born from brain storming with several interested parties. It was agreed when we sat down that we weren’t going to get hung up on trying to reinvent the wheel, but rather work out how we could keep the vehicle moving forward……..Full Article: Source

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From Investordaily.com.au: Investors looking to take advantage of the rebound in commercial property markets should consider investing in real estate investment trusts (REITs), as these vehicles have historically led the recovery of this market segment, according to CBRE Global Real Estate Securities senior managing director Steve Carroll.
“REITs have led the decline in commercial real estate historically by 12 to 24 months and they will lead the recovery,” Carroll said……..Full Article: Source

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From Privateequityrealestate.net: Roger Orf, president and chief executive officer at Citi Property Investors said: Europe today that $300 billion of commercial mortgages could default.

Most of the debt, he said at the conference in London, had been originated during the 2006 and 2007 vintages at the height of the investment market……..Full Article: Source

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From Propertyfundsworld.com: Sovafim, a French government-owned company dedicated to the disposal of public real-estate assets, has signed an exclusive contract with a group formed by DTZ’s investment department and Saggel Transactions for the sale of 40,000 square metres of real-estate assets.

Saggel and DTZ’s investment department have joined forces to set up a grouping capable of providing Sovafim with consulting expertise in the areas of corporate and residential real estate, with a view to optimising the sale of a diverse portfolio totalling more than 40,000 square metres……..Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Dow Jones: Capitol Acquisition Corp. (CLA) announced Thursday a newly organized real-estate investment trust, Two Harbors Investment Corp., and its sale to the REIT, forming a company that will focus on securities made up of pools of mortgages.

The deal comes less than two years after the U.S. housing bubble burst, and seeks to make money off distressed home loans and the ongoing turbulence in the market for such securities……..Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Propertyfundsworld.com: Continuing volatility in the global markets resulted in the value of Guernsey funds falling by GBP24.5bn or 12.2 per cent during the first quarter of the year, according to Guernsey Finance.

The contraction took the total value of funds under management and administration in the island to GBP175.9bn at the end of March 2009. This represents a decrease of GBP27.9bn (13.7 per cent) year on year……..Full Article: Source

Posted on 12 June 2009 by Laxman |  Email |Print

From Propertyeu.info: EstCapital plans to reach the first closing for its new RealEnergy fund by the end of this year, CEO Federico Tosato told PropretyEU in an interview.
The fund - Italy’s first vehicle to invest in environmental buildings and energy-producing properties - is expected to raise up to EUR 100 mln from a number of institutional investors by the end of 2009……..Full Article: Source

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