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Real Estate Briefing 19.Jun 2009

Posted on 19 June 2009 by Laxman |  Email |Print

From Reuters: Delinquencies on mortgages that underlie commercial mortgage-backed securities (CMBS) rose by $1.63 billion in May, pushed up in part by the bankruptcy of General Growth Properties Inc, according to rating agency Realpoint.

The amount of delinquencies, up for the ninth straight month, rose to a 12-month trailing high of $18.78 billion out of a total unpaid balance of $835.4 billion of CMBS pools Realpoint had under review at the end of May, the rating agency said on Thursday………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

Real estate owners and investors are expecting further declines in commercial property values over the next 12 months as tenant demand weakens, rental rates decline and overall cap rates rise, according to the quarterly findings of PricewaterhouseCoopers’ Korpacz Real Estate Investor Survey.
And some of these declines could be steep. In addition, with buyers and sellers in a stalemate, loan default rates and distressed sales are expected to rise, which some investors fear will lead to a market overcorrection, erroneously driving down values and undervaluing many commercial properties………Full Press Release: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Assetz.co.uk: When it comes to investing in property in the US, there has been a distinct trend in the sector in recent months, with sales rising again in a number of locations thanks to the increased affordability of homes and the availability of distressed and foreclosed sale bargains.

Such opportunities to buy at low costs may have benefited many people. Americans simply wishing to own a home at all may now do so, provided they can get the mortgage finance………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Reuters: This year’s peak home-buying season was lackluster, as buyers seeking to trade up to larger houses were absent, said the head of one of the country’s largest real estate firms.

Jim Gillespie, president and chief executive of Coldwell Banker Real Estate LLC, in an interview with Reuters, said sales were only modest during the spring, with demand overwhelmingly dominated by first-time home buyers and investors………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From WSJ: Single-family housing starts rose in May for the third straight month, fresh evidence the beleaguered housing market is beginning to stabilize.
But the glut of homes in parts of the country will continue to drag down prices………Full Article (Subscription Required) : Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Several European governments are weighing major property disposals as debt levels rise in response to the global banking crisis and the recession, according to new research from CB Richard Ellis.

Entitled ‘Governments Turn to Property Sales’, the report reviews asset disposal plans in a number of major markets including France, Germany, Greece and the UK………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From The Press Association: Property prices are still too high for many despite the market slump, the Prince of Wales has warned.

Charles said although house prices had “fallen slightly recently”, countryside homes were still too expensive for many rural workers………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Propertyeu.info: Certain areas of the UK, in response to the recession, are offering office occupiers increasingly competitive rental costs with some of the best incentives available for 10 years, according to new research from Jones Lang LaSalle.

The research examines 100 UK markets and reveals that in terms of real cost savings some of the biggest opportunities for occupiers can be secured in major regional centres such as Birmingham, Manchester and Liverpool………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Telegraph: Banks made virtually no new loans to real estate companies in April and May, according to the Bank of England, revealing for the first time the extent of the funding crisis facing the industry.
The Bank also said that lending to all businesses fell by its biggest amount in nearly nine years in April and that high street lenders had reported this trend had continued in May. ……..Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Telegraph: The strength of the euro against sterling is working in favour of British people selling up in France.
Although it might seem odd to be selling in the teeth of the recession, the English are gambling on changing world fortunes, and the strength of the euro against sterling is working in their favour………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Halifax-international-expats.com: Media attention will help the international property market in Turkey to remain strong, an expert has noted.

With Conti figures showing interest in the country to have grown, European sales manager at Atlas International James Dearsley predicted that Britons will continue to look there when buying property abroad………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Cyprus-property-buyers.com: Demand for properties by non-Cypriots in the first five months of the year has fallen by nearly 80%.
Some estate agents believe that a full recovery will not happen before 2012………Full Article: Source

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From Guardian: Israel’s Property and Building said on Thursday it was considering purchasing a stake in British Land’s Broadgate office complex in London for 100 million pounds ($164 million).
British Land, the UK’s second-largest property company by market value, said it has received preliminary approaches from potential buyers for a stake in Broadgate………Full Article: Source

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From BBC: In the Egyptian capital, Cairo, the streets are as busy as ever, but all around, newly-built apartments lie empty.

They are the visible sign that the real estate boom that hit Cairo and most of Egypt in the 2007 and 2008 is now over………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Zawya.com: The construction sector in the GCC would start moving towards recovery starting mid-2010, according to a survey of leading industry officials.

The survey by Norton Rose (Middle East) also revealed that Saudi Arabia, Abu Dhabi and Qatar would emerge as the leading players in the sector………Full Article: Source

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From Gulfnews.com: While the world waits with bated breath to see what the future holds for the housing market, the small island nation of Bahrain is weathering the global slowdown and offering investors with cash to spare value for money.

Sale prices for property in Bahrain have certainly dipped with lower transaction values apparent, but, according to industry experts, this is good news for prospective buyers………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Zawya.com: Major developers in the UAE will eventually be able to offer their own home financing to buyers for units in their projects, industry experts say.

Although lending has started again in the market, it remains sluggish and there are only a limited number of financing options, especially for mid-income earners………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Menafn.com: Players in Kuwait’s real estate sector have had a rough ride, similar to their counterparts elsewhere in the region.
However, there are now indications that the market has stabilised and signs that a modest rebound may be under way………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Asiaone.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

Posted on 19 June 2009 by Laxman |  Email |Print

From Chinadaily.com.cn: 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

Posted on 19 June 2009 by Laxman |  Email |Print

From Xinhua: Chinese home prices began to pick up from one-year lows starting in February and home buying volumes reached a record high in recent months.
Evidently, some buyers believed that prices had hit bottom at the start of the year. The situation has given Sun and other home buyers reason for concern………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Propertywire.com: A new draft bill on land and property tax in Thailand is being drawn up with some warning that it may not benefit the residential real estate market.

It is aimed at helping property owners make better use of their property and land especially in terms of selling any that is unused………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Philstar.com: People usually buy real estate for residential purposes but there are those who wisely purchase a condominium unit, which can be rented out or sold in the future, as investment.

Buying a piece of real estate means that several factors have to be considered before even writing your first check………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Halifax-international-expats.com: International property buyers have been given a boost by the news that stamp duty is to be reduced in one state in Australia.

The government of New South Wales is hoping to encourage investment in the area by halving the charge, with the move applying to the purchase of new homes………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

From Bloomberg: Tesco Plc’s 430.6 million-pound ($700 million) sale of bonds secured by store leases, the first public issue of commercial property notes since 2007, may signal the future of the asset-backed market with its simple structure.

Tesco, the world’s third-biggest retailer, sold one portion of 30-year bonds backed by guaranteed lease payments from 14 supermarkets and distribution centers………Full Article: Source

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From Propertyfundsworld.com: RMR Asia Pacific Real Estate Fund and RMR Asia Real Estate Fund have been reorganised into New RMR Asia Pacific Real Estate Fund.

On completion of the reorganisations, New RAP was renamed RMR Asia Pacific Real Estate Fund and RAP was renamed Old RMR Asia Pacific Real Estate Fund………Full Article: Source

Posted on 19 June 2009 by Laxman |  Email |Print

Peter Niculescu has joined Capital Market Risk Advisors (CMRA) as a Partner and Head of Fixed Income. Peter will provide advisory and litigation support services with re­spect to all types of fixed income and derivatives strategies and instruments, including mortgages, RMBS, CDOs, CDS, CLOs, options, and other structured and complex securities, and will advise clients with respect to corporate credit, portfolio and hedging strategies, risk analyses and valuations.

Before joining CMRA, Peter was responsible for portfolio investments and funding at Fannie Mae as EVP and Head of Capital Markets, prior to which he ran Mortgage and Fixed Income Research as a Managing Director at Goldman Sachs. Peter started his career as a fixed income portfolio manager at Sanford C. Bernstein. He has a Ph.D in Economics from Yale and is a CFA………Full Press Release: Source

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