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Real Estate Briefing 16.Jun 2009

Capital flows to commercial property 'will halve' this year
Sustainable investment boosted by UNEPFI toolkit
June NAHB Housing index falls one point to 15
Canada's real estate market on the road to recovery
Canadian market 'ripe for investment'
Prices of real properties in Europe to drop by 40%
British property investors returning to market
Pension funds show interest in UK housing
UK: Property asking price gap narrowing
UK: Will property recovery vanish as in 1992?
UK residential may be on the up – index fund manager
Irish agency to seize family homes of country’s richest developers
Dutch property sector won't recover until 2011-2012
Bulgaria Property: Sofia and Varna
What's next for Spain?
Saudi real estate market 'needs $120 bln' for housing units
Residential property insight from Saudi Arabia
Saudi to have 2mln home shortage
Dubai house prices to fall another 20 pct in 2009
India: Will funds from QIBs end cash-crunched developers’ troubles?
Taiwan: Property prices stabilizing on rate cuts, excess capital
Market 'maturing' in Vietnam
Japan's real-estate shares aren't so real
Australia: House price forecast 'inaccurate'
Real estate trusts look up, at last
What it will take to right real estate ETFs
Newriver's $400 mln UK IPO draws good response
Realia set to reach agreement with banks for EUR 900mln refinancing
Unitech plans to raise $250 mln
Property downturn has Morgan Stanley reeling
Homes you can buy with a credit card
Real-estate giant Solidere reports net profit of $214.3 mln in 2008
Maguire Properties sells SoCal tower to Emmes

Posted on 16 June 2009 by Laxman |  Email |Print

From Business24-7.ae: Global capital flows into commercial real estate will drop by 40 per cent this year as investors wait for the price correction to run its course in most markets of the world, according to a projection by Tony M Horrell, International Director and Chief Executive of the European Capital Markets Group at Jones Lang LaSalle, the global real estate services firm.

From about $378 billion (Dh1.47 trillion) overall global flows into commercial property last year, Horrell said: “It wouldn’t surprise me if this year we were $200bn or so”…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From IPE: A new toolkit to guide investors through the process of investing in property in a sustainable manner has been launched by the Property Working Group (PWG) of the United Nations Environment Programme Finance Initiative (UNEP FI).

Much has been said by the main industry stakeholders about the importance of investing in sustainable real estate, so what does this new toolkit bring to the party?……Full Article (Subscription Required) : Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Forbes: US homebuilder confidence as measured by the National Association of Home Builders/Wells Fargo Housing Market Index (HMI), fell unexpectedly in June to a level of 15. Economists were expecting the index to rise one point to 17.

‘As expected, the housing market continues to bump along trying to find a bottom,’ said NAHB Chief Economist David Crowe…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Allheadlinenews.com: Another positive report from the Canadian Real Estate Association for its May sales is expected by industry observers following a forecast by economist of recovery for the real estate market.

The CREA is expected to release the May data on Monday. Since February the association has been reporting rising sales. In April the increase was by 11.2 percent. It was considered the largest month-to-month increase in sales activity in five years, with almost 35,000 homes sold…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Hifx.co.uk: The Canadian market is well-placed for property investment and could benefit from the beginning of a global economic recovery, it has been claimed.

As a growing number of bodies begin to suggest the worst of the recession could be over in many countries around the world, it has been claimed that Canada’s property market will benefit as more people make international money transfers and invest in the country’s buildings…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Standartnews.com: Over the next few years, the prices of real properties in Europe will fall by 30% or 40%, according to a survey of the leading U.S. economic analyst RGE Monitor, as quoted by DW and expert.bg.

Worldwide, the real estate markets have been tormented by economic slowdown and credit crunch. RGE Monitor quotes as saying that the real estate prices in most European countries will fall by ten or fifteen percent by next year and this trend will continue over the next four or five years with a total slump in the real estate prices of up to twenty or thirty percent…….Full Article: Source

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From Nytimes.com: Investors returning to the battered British commercial property market are snapping up offices and shopping centers for 75 percent less than at the peak of the market in 2007, according to the real estate adviser DTZ.
That decline was less than the 89 percent drop in the United States or 80 percent in the Asia Pacific region…….Full Article: Source

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From IPE: European pension funds who would not traditionally invest in UK rental housing may do so for the first time through an initiative to kick start investment in UK private residential property, according to a UK government body.

The Homes and Communities Agency (HCA) said it has now received 64 ‘expressions of interest’ in its Private Rental Sector Initiative (PRSI), which is designed to encourage institutional investors to build, own and maintain privately-rented homes as well as take on stalled development projects, and deliver the much-needed large-scale housing target the UK government is seeking to achieve…….Full Article (Subscription Required): Source

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From UK Press: The gap between property asking prices and the price homes sell for is narrowing. Nearly 60% of surveyors said the difference between what homeowners hoped their property was worth and what buyers were prepared to pay was reducing, with homes selling for an average of 11% below their asking price, according to the Royal Institution of Chartered Surveyors.

The current situation contrasts with August last year, when surveyors reported that the gap between asking prices and selling ones was widening, and it further adds to evidence that the housing market is beginning to stabilise…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Thisismoney.co.uk: A property market recovery has been tipped after a flurry of positive reports, but will house price rises die out, as they did in the 1990s slump?
The open question is whether this summer’s surge will follow the same pattern…….Full Article: Source

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From IPE: A real estate investment house has claimed investing in UK residential housing “may have turned a corner”, although physical house price rises are still increasing at a very slow rate.

Alpha Beta Fund Management has argued the UK housing market could be turning – even thought it still predicts further physical house price falls - as an existing UK house price index, the Halifax House Price Index (HHPI), gained 1.5% so far this year and its own derivatives-based UK residential index fund rose almost 20% within the first five months of this year…….Full Article (Subscription Required): Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Irishcentral.com: Ireland’s richest developers are being forced to leave their mansions for more humble digs.

Under legislation drawn up for National Asset Management Agency (NAMA), Ireland’s solution to their real estate market meltdown and ensuing banking crisis, the homes will be taken over by the State, and the owners will be made to evacuate…….Full Article: Source

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From Propertyeu.info: Prospects for the Dutch real estate sector will not pick up until 2011 or 2012, according to Nout Wellink, president of the Dutch Central Bank.
Next year won’t be much better than 2009, Wellink said, adding that vacancies will continue to rise while prices will be pressured further. ‘We cannot avoid the major underlying currents of this crisis and its international dimension.’……Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Questbg.com: The Bulgaria property market has received mixed reviews in the media as to whether buyers should look to invest or not.
Much of this has occurred due to the frenzied property buying over the last five years with the belief that the market could do nothing but grow. Bulgarian off plan apartments were eagerly bought at whatever price and in whichever location…….Full Article: Source

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From Themovechannel.com: Just 484 holiday homes in Spain were sold to overseas nationals during the first quarter of this year, following a drastic fall in demand for property in Spain, according to the Ministry of Housing.

Overall, the volume of Spain property transactions fell by 34 per cent in Q1. Only 104,703 homes were sold between January and March this year, compared to 159,088 in the same period last year. ……Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Dailystar.com.lb: The Saudi real estate market requires investments of more than SAR450 billion or $120 billion over the next five years, said Aayed al-Qahtani, CEO of Somow Real Estate.
He added that at least 1 million residential units need to be constructed to satisfy demand over the same period…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Zawya.com: There is an undersupply of up to two million homes in Saudi Arabia, caused by pent up demand, a move towards smaller households and increasingly available finance.

Population growth is forecasted by the Department of Economy to rise over 32% in 10 years to 33 Million. This would require an additional 1.4 million homes, given that the current average household size is 5.7…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Ameinfo.com: A report by CB Richard Ellis has said that Saudi Arabia is likely to suffer from a shortage of two million homes over the next ten years as the country’s population increases.

The kingdom’s population is predicted to increase by up to 30% over the next decade, to 33 million people. A new mortgage law will also increase the level of home ownership…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Guardian: Dubai house prices will fall another 20 percent this year, as the former boomtown continues to suffer a sharp economic downturn, a Reuters poll showed.
Residential real estate prices in Dubai — home to man-made islands in the shape of palm trees and the world’s tallest building — have a less than 20 percent chance of picking up before 2011, according to the median forecast of ten analysts at banks, investment firms and research institutions…….Full Article: Source

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From Expressestates.in: Developers suffering from the cash crunch are raising funds by various means including issuance of further securities to people other than the existing equity shareholders of the company and also by way of qualified institutional placement (QIP) to qualified institutional buyers (QIBs).
The scenario of raising funds through this route is taking toll these days, today many Indian realtors are collectively raising more than Rs 25,000 crore to fund their plans…….Full Article: Source

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From Taipeitimes.com: Although economic fundamentals remain weak, local property prices appear to have stabilized as a result of a series of rate cuts and excess capital, analysts said on Sunday.

Victor Chang, a marketing consultant at Era Real Estate Taiwan, who forecast in January that residential property prices would drop 10 percent this year, said the downward adjustment had ended in the first quarter, with products in prime locations returning to their levels from before the global financial crisis…….Full Article: Source

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From Themovechannel.com: Real estate developers in Vietnam are drawing up strategic partnerships with other investors in a sign that the property market is maturing.

A lot of alliances and partnerships have been set up since the beginning of the second quarter, especially in the Ho Chi Minh City real estate market…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From WSJ: The recent surge in Japanese real-estate stocks is, well, unreal. Yes, there are some encouraging signs in the sector.
The pace of rise in office vacancies is slowing, condominium sales are improving, and more money is coming into Japan’s property sector because there’s more global liquidity. Plus, the Japanese government has announced support steps, including financial support for real-estate investment trusts, and tax breaks on home sales…….Full Article (Subscription Required): Source

Posted on 16 June 2009 by Laxman |  Email |Print

From News.com.au: A bullish property forecast predicting 20 per cent growth in house prices over the next three years has drawn strong negative reaction from industry experts.

Yesterday, property research group BIS Shrapnel released its Residential Property Prospects report which predicted double-digit price growth in all state capitals…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Ibtimes.com.au: Listed property securities are unlikely to quickly return to their once exalted status. However, the AMP’s chief economist and strategist, Dr Shane Oliver says they are showing signs of having bottomed.

The credit crunch is gradually fading, funding risk is now low, gearing has been reduced, Australian REITs are trading at a huge discount to net tangible assets and they are offering very high yields…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Nasdaq.com: When the housing bubble burst, real estate prices, along with related exchange traded funds (ETFs), plummeted. But many Americans are still unable to afford the price tags on their dream homes.

The cost of land, homebuilding, taxes and homeownership exceeds what many people are able to afford as a result of slow personal income growth and inflation, remarks John F. Wasik for The Huffington Post…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Reuters: UK property investment firm Newriver Retail’s 250 million pound ($413 million) London flotation is attracting good investor response, thanks to its distressed assets strategy, fund managers said.

The initial public offering on the London Stock Exchange’s Alternative Investment Market (AIM), arranged by Merrill Lynch, is poised to be the biggest in Europe so far this year…….Full Article: Source

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From Propertyeu.info: Spanish property company Realia said it is close to reaching an agreement with banks to refinance EUR 900 mln of debt facilities maturing this year.
Chairman Ignacio Bayon told Spanish papers during a press conference in Madrid that he is confident that the refinancing will be signed soon, extending the loan to 2012. He added that the company, with total debt of EUR 2.3 bn, already has a deal on the negotiation table…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Indiatimes.com: Unitech, India’s second largest realty major, is looking to raise more equity and is evaluating several options for this exercise.
A person close to Unitech said the company is looking to raise at least $250 million through the equity route and evaluating many options such as qualified institutional placement (QIP) and even an overseas listing through the global depository receipts or the American depository receipts (ADR) routes. ……Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Pionline.com: Morgan Stanley, once a giant in the real estate business, is in a world of hurt. Among the wounds afflicting the Morgan Stanley Real Estate group:

Morgan Stanley is writing down 80% of the properties in Fund V U.S. and 60% in Fund VI International…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Forbes: Prices are continuing to slide. For brave bargain hunters, here are 10 homes one can put on plastic.
Looking for a property within walking distance to the beach?……Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From Dailystar.com.lb: The giant real estate company Solidere on Monday said that its net profit for 2008 reached $214.3 million, an increase of 18 percent compared to 2007.
“We have recorded a total pretax profit of $214.3 million or $182.7 million after deducting income tax which reached $31.6 million,” the company said in a statement…….Full Article: Source

Posted on 16 June 2009 by Laxman |  Email |Print

From AP: Facing mounting debt payments and lagging demand for office space, Maguire Properties Inc. has sold a 19-story office high rise in Southern California to another real estate investment firm for $160 million — a discount of roughly 35 percent.

Maguire, which owns and operates office buildings, sold the 3161 Michelson building in Irvine, Calif., to New York-based Emmes Group of Cos., the companies said Monday. The Wall Street Journal reported the sale on Sunday…….Full Article: Source

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