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Real Estate Briefing 17.Jun 2009

Posted on 17 June 2009 by Laxman |  Email |Print

From Telegraph: The first green shoots seem to be emerging in the US housing market, with the number of homes under construction rising to a two-and-a-half-year high.
New construction work on houses or flats – so called “housing starts” – rose by 17.2pc in May to a seasonally adjusted annualised rate of 532,000 homes. This is a level not seen since January 2006, before the current housing crisis began……..Full Article: Source

Posted on 17 June 2009 by Laxman |  Email |Print

From Bloomberg: U.S. home prices may fall another 14 percent, led by the New York and Orange County, California, metropolitan areas, before reaching a bottom as an increase in unemployment offsets lower prices, Deutsche Bank AG said.

“Affordability is no longer the driving issue in the housing market, and we believe prices still have a ways to fall in many areas before home prices reach their trough,” Deutsche Bank analysts led by Karen Weaver, wrote in a report yesterday. “The bottom is getting closer, but we are not there yet.” …….Full Article: Source

Posted on 17 June 2009 by Laxman |  Email |Print

From Time: What’s it feel like to survive one hurricane only to be told that another is on the way? New York City–area homeowners are in just that spot.
After the region suffered the brunt of financial-industry cutbacks, the next big wave of woe could be a nor’easter of collapsing home prices……..Full Article: Source

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From Propertywire.com: The residential real estate market in Canada is improving with estate agents reporting improved sales and economists claiming that the worst of the slump is over.

Although January showed declining sales, figures every months since then have been upward……..Full Article: Source

Posted on 17 June 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: The average Canada property price fell by 5.8% in March, compared to the corresponding month last year, according to the Teranet-National Bank National Composite House Price Index.

March’s rate of decline is greater than the 4.1% annual fall recorded in February, and down 8.5% nationwide since the peak of the market in August 2008……..Full Article: Source

Posted on 17 June 2009 by Laxman |  Email |Print

From Propertyeu.info: European property shares moved sideways over the last eight weeks and underperformed the benchmark MSCI Europe stock index by 10%, according to a new report by JP Morgan’s property analysts.
While warning stocks are unlikely to bounce back as quickly as happened in the 1990s, the report - The winner takes all - provides six tips on how to make the most of the challenging ‘but highly differentiated environment’……..Full Article: Source

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From Independent: Britain’s property market has shown flickers of warming up in recent weeks, according to optimistic estate agents and industry insiders.
But do these talked-up figures really reflect the actual experience of buyers or sellers struggling to move, and is the temperature of the housing market across the country really rising?…….Full Article: Source

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From Financialadvice.co.uk: A report by the Royal Institution of Chartered Surveyors has given further hope to homeowners across the UK with a suggestion that the gap between advertised asking prices and actual selling prices has reduced over recent weeks.
This would indicate that value is returning to the UK housing market and buyer are more willing to pay nearer the asking price than at any time in the recent past. So have we now turned the corner?…….Full Article: Source

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From Propertyfundsworld.com: The UK residential property market offers investors attractive opportunities, with high rental yields available of up to ten per cent and the additional prospect of substantial capital returns in the long-term, delegates at a recent roundtable concluded.

While there might still be some downside left in the property market, IFAs and estate agents said it is highly likely to be close to the bottom……..Full Article: Source

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From Citywire.co.uk: The lack of corporate activity in the residential property market, among other indicators, suggests the recent rise in house prices is a seasonal uptick on an otherwise downward trend according to Neptune’s Robin Geffen.…….Full Article: Source

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From Moneyfacts.co.uk: The bottom of the housing market slump could well be in sight, after research revealed rents stabilised in May while house prices increased.
With conditions in the house sales market improving, some reluctant landlords have started to sell their properties, according to smartlandlord.co.uk……..Full Article: Source

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From Kyero.com: 614,000 completed new homes left unsold, Analysts say number less than forecast, Another 627,000 still in construction.

Spain had 614,000 new homes sitting unsold at the end of 2008 — lower than most analysts’ estimates — according to the first major survey of Europe’s most over-stocked home market……..Full Article: Source

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From Assetz.co.uk: French property, like the sector in so many countries around the world, has taken a few blows of late, a major and obvious one being a slowing of the flood of UK investors to a trickle.
But not everybody has given up; for there are those who would suggest now offers good reasons to buy……..Full Article: Source

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From Hotproperty.co.uk: Cheap property on Greek islands is no longer a dream with properties available under €60,000, which is less than £55,000.
Buyers can have the best of all worlds as there are also many commercial and business opportunities for employment while buyers can take advantage of the sun-drenched climate, according to a news article in questgreekislands.com……..Full Article: Source

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From Khaleej Times: The UAE real estate market should bounce back next year, but the banking sector is likely to face hardships for at least another 12 months, an executive of a Dubai-based research and consultancy firm said.

In an interview with Khaleej Times, Waqar Mirza, Director of KF1 Management Consultants, said the UAE government needs to simplify and speed up procedures for businesses and cut the cost of visas to help lighten the financial load that many companies face here……..Full Article: Source

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From Ameinfo.com: The regional media has been filled with conflicting stories of whether Dubai’s hard pressed property market has reached the turning point of its downward cycle.

While the city’s real estate companies have been quick to point to signs of a potential upturn in the sector, market analysts have remained pessimistic in their outlook……..Full Article: Source

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From Homesoverseas.co.uk: Property developer Aqaar has confirmed that the first phase of Ajman One, the emirate’s first fully integrated complex, is on schedule for completion and handover in Q1 2011.

Ten of the 12 residential towers in the £440m mixed-use scheme have already sold out, illustrating that there is much demand for good quality property in Ajman……..Full Article: Source

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From Thestandard.com.hk: China Investment Corp is pouring money into an Australian property company after burning its fingers in US financial institutions.

The mainland’s sovereign wealth fund will spend A$200 million (HK$1.2 billion) for an 8 percent stake in property firm Goodman Group, the latter’s chief executive Greg Goodman said……..Full Article: Source

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From Reuters: Chinese property prices will stabilise over the rest of 2009, supported by the government’s stimulus measures, advisors CB Richard Ellis said on Tuesday.

Real estate prices rose 0.6 percent in May from April, the third consecutive monthly increase……..Full Article: Source

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From China Knowledge: Shanghai Industrial Holdings Ltd, which is engaged in the real estate development, infrastructure, medicine and consumer products businesses, on Jun. 11 announced that it has agreed to purchase one of Glorious Property’s high-end residential property projects for RMB 2 billion, sources reported.

According to the agreement signed by the two property firms, a wholly-owned subsidiary of Glorious Property will be in charge of developing, selling and operating the residential property project. Glorious Property will have the option to repurchase the project at the end of 2011 through the subsidiary. …….Full Article: Source

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From Shanghaidaily.com: While housing sales in many parts of the world remain lethargic, sales volumes in China have rebounded strongly.

The pace of sales in some cities has been frenetic. In Guangzhou, first-hand residential transactions rose 108.2 percent in April over year-earlier figures……..Full Article: Source

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From Straitstimes.com: The euphoria in the private home market is tipped to start tapering off in the wake of the weaker stock market, although no one expects sales to plunge to the dismal levels seen late last year.

Recent sales data suggests the market has touched bottom and is climbing its way back up, spurred by developers cutting prices and offering incentives as well as a feeling among buyers that they had better move fast before the bargains go……..Full Article: Source

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From Chinastakes.com: Real estate market bubbles may be emerging in China’s major cities, and it’s anybody’s guess whether the industry rebound that started early in 2009 will see out the year.

National Bureau of Statistics figures from the first five months this year show sales of residential commercial housing in China up 25.5%, year on year, and sales income up 45.3%, over the same period of last year. …….Full Article: Source

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From CNN: The notion that real estate could be a safe haven may seem like investing lunacy right now. After all, the words “real estate” conjure nightmares of the nation’s decimated housing industry and the downward spiral of commercial real estate.
And yet, as often happens, the wreckage of the sector is creating opportunities: a group of dependable real estate investment trusts (REITs) whose prices have been pummeled so badly that their yields are nearing double digits……..Full Article: Source

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From Reuters: Royal Bank of Scotland plans to give struggling customers time to resolve debt issues rather than foreclose on commercial property assets, its CEO, Stephen Hester, said at an industry conference on Tuesday.

“We, in our commercial interest as well as the national interest, are likely to behave responsibly and to play a long game in working with our customers to work through their debt management issues,” he told the British Property Federation’s annual conference……..Full Article: Source

Posted on 17 June 2009 by Laxman |  Email |Print

From Accountancyage.com: Stakeholders of real estate companies are likely to re-work executive pay arrangements, according to new research by PricewaterhouseCoopers.

Median salaries for chief executives and finance directors of real estate firms are currently £405,000 and £300,000, but these executives should not expect much in the way of a pay rise in the next year……..Full Article: Source

Posted on 17 June 2009 by Laxman |  Email |Print

From Propertyeu.info: CB Richard Ellis Investors has acquired the Aramis office scheme in Zaventem, Belgium. The financial details of the transaction on behalf of investment fund CB Richard Ellis Strategic Partners Europe Fund III were not disclosed.

The building was purchased from Kairos and Airport Garden……..Full Article: Source

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