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Real Estate Briefing 22.Jun 2009

Posted on 22 June 2009 by Laxman |  Email |Print

From Theglobeandmail.com: Though buyers are rushing in, rising interest rates, growing unemployment and a likely new wave of foreclosures signal that problems in the sector are far from over.
At the current pace of sales, it would take 10 months to move all the houses now for sale in the United States. That’s about twice as long as it would take in a normal market, said Stan Humphries, vice-president of analytics at Zillow.com, a Seattle-based company that tracks U.S. housing prices………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Propertywire.com: The commercial property market crisis in the US is set to continue well into next year with average prices falling between 11.4 and 12%, according to the latest analysis from consultants.

The Dallas area will suffer the sharpest office building value declines with prices falling 17% says the survey of investors by PricewaterhouseCoopers. Some properties may see declines of more than 33%. San Diego will see declines of 16%, Atlanta 13.5% and Houston 12.5%………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From WSJ: A home-sales revival that began last year in some of California’s cheaper inland areas has begun to spread to several more expensive coastal areas, another hint that devastated real-estate markets in the state — and other parts of the country — may see less grim days ahead.

Homes are selling briskly again in the lower end of the market in Santa Clara County, just south of San Francisco, with prospective buyers making multiple offers and bidding well above asking prices. The median sales price of a single-family home in May was $445,000 in the county, up 5.7% from February, when prices stopped dropping………Full Article (Subscription Required): Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Firstrung.co.uk: UK house prices (asking) have stopped their recent ‘dead cat bounce’ according to Miles Shipside and his team at Rightmove.
Estate agents now have on average seventy properties each on their books, and are only selling ten per month according to RICS………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Safestore.co.uk: The average estate agent in the UK made ten property sales in May, according to a new study. National Association of Estate Agents (NAEA) figures show that this was the same number reported in April, but a 30 per cent increase year-on-year.

Additionally, each agent had an average of 299 house hunters on its books, which prompted the NAEA president Gary Smith to say there are “buyers a-plenty” in the UK………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Seekingalpha.com: UK house prices have fallen by 20 per cent on average over almost two years. Now a combination of low mortgage rate deals and rising rental yields are tempting a few brave souls back into the market, and prices ticked up slightly last month. But is this time to buy?

Surely the evidence of an end to the falling market is very slim. Any falling market tends to have the odd dead-cat bounce on the way down and the recent price rebound seems just another example………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Independent: The housebuilder Taylor Wimpey said yesterday that it had begun to see “stability” in the slump and that its order book had grown by almost 75 per cent since the start of this year.
It is the first house builder to call the bottom of the property market. The news pushed up shares in housebuilders………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Earthtimes.org: The Dutch government Friday extended conditions of a special insurance for home owners temporarily until late 2010, in an attempt to stimulate the real estate market.
The insurance guarantees that mortgages for homes of up to 350,000 euros will be paid if - under certain circumstances - the owners can no longer meet their financial obligations………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Dow Jones: Switzerland’s property market is robust but the low level of Swiss interest rates may lead to imprudent investment and lending decisions, Swiss National Bank directorate member Thomas Jordan warned Friday.

The decline in Swiss mortgage rates, due to the SNB’s recent near-zero interest rate policy, has had a beneficial effect on the economy, Jordan told a business conference. He added there is no sign of a shortage of credit in the Swiss real-estate market………Full Article (Subscription Required): Source

Posted on 22 June 2009 by Laxman |  Email |Print

Fom Propertywire.com: Real estate investors in Spain whose properties have been affected by the crackdown on illegal planning are hopeful that an amnesty is on the horizon.

They say that the sheer number of properties that have been apparently built on the nod of corrupt officials will make it unlikely that they will all be demolished………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

Fom Timesofmalta.com: Property prices in the first quarter are down by 15 to 20 per cent compared with the same period last year, according to a preliminary report by the Chamber for Commerce, Enterprise and Industry.

However, there are also indications that the downward trend is “probably being reversed” as confidence slowly returns to an industry that is one of the major contributors to the economy………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Cyprus-property-buyers.com: Prices and demand for property have been falling across Cyprus since autumn 2008; Limassol is the only town where prices are still moving upwards.
In its annual Property Market Index presented by The Cyprus Weekly, property valuers and property consultants Antonis Loizou & Associates Ltd present the real picture of the property market today, based on their own information and data and make a forecast for the future of the sector………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Business24-7.ae: The Middle East was the only region in 2008 to increase real estate investment into other regions but the prognosis for such flows is bleak for this year and the next, new research has said.

Middle Eastern investors pumped $9.8 billion (Dh35.9bn) into European, the United States and Asia Pacific property, a two per cent increase over the $9.6bn worth of real estate they bought in the same regions in 2007, according to the Money into Property (MiP) 2009 report released by the United Kingdom-based DTZ Research………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Maktoob.com: International investors will begin buying up distressed UAE property-backed assets by the end of 2009, Morgan Stanley’s regional chief said in remarks published on Sunday, a sign the Gulf state’s property crash is beginning to bottom out.

“Once you see distressed funds coming to the market and picking up whole portfolios from developers and banks then you know we are on the mend,” Georges Makhoul, head of the U.S. bank’s Middle Eastern and North African operations, told UAE daily the National………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Gulfnews.com: Jordanian banks enjoy sound financials that have allowed them to escape the worst of the global financial crisis, but property market downturns threaten to dent their bottomline, bankers and investment analysts said.

The country’s 23 commercial banks, which hold 19 billion dinars (Dh98.3 billion) in deposits, have had minimal exposure to Western markets, and a strong supervisory system run by an independent central bank has limited their currency, property and stockmarket exposure………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Thenational.ae: The announcement that Saudi Arabia is planning to set up a Fannie Mae-style company, operating like the Federal National Mortgage Association in the US, to buy mortgages from financial institutions, has set the kingdom buzzing with the belief that at last the Saudi property sector will take off.

Given the considerable potential of the Saudi housing market, this should also be attractive news to Gulf investors seeking to diversify into property in Saudi Arabia………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Business24-7.ae: Prices of apartments in master developments such as Dubai Silicon Oasis, International City and Discovery Gardens have stabilised in the past three months, making them “affordable” for middle income earners in the emirate, according to real estate agents.

“The most affordable areas in the emirate are Dubai Silicon Oasis, International City and Discovery Gardens, where prices have levelled off in the past three months,” said Vineet Kumar, Head of Sales-Dubai, Asteco Property Management………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Propertywire.com: Mortgage lending in Dubai appears to be increasing amid growing confidence in the real estate sector that better liquidity will see a recovery by the end of the year.

Noor Islamic Bank reported that its mortgage business is 40 to 50% up on the start of the year. Dubai Islamic Bank has announced it would offer 90% financing on properties in the United Arab Emirates………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

Fom Seekingalpha.com: Recent inputs regarding investor interest in Shanghai property shows it’s again running very high. There are some key structural reasons this is probably a good time to be considering taking some positions here:
The Chinese are now making it easier to buy property. A recent offering calls for investors to come up with a 30% downpayment to receive a 4% loan for the remaining 70%………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Chinadaily.com.cn: 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.

Figures from the National Bureau of Statistics (NBS) showed that prices of new and existing homes in 70 large and mid-sized Chinese cities including Beijing, Shanghai and others fell 0.6 percent year-on-year in May, but prices still edged up 0.6 percent from April………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Indiatimes.com: The Indian HNI (high net worth individual) is being aggressively wooed by foreign developers. With the balance of economic power shifting towards Asia, and with India projected to be the world’s third largest economy by 2050, and a subsequent increase in the number of wealthy individuals, property consultants from across the globe are making a sales pitch, and also getting the HNI segment interested enough to buy.

HNIs are people with net financial assets (liquid assets) of at least $1 million, excluding primary residence and consumables………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Indianexpress.com: Amid the ongoing economic recession, the real estate market is opening up in case of smaller units. Investors are betting on small residential options like houses, flats and plots, which offer better returns and minimise the risk.

Since affordability of these units is one of the factors generating demand, real estate developers in tricity are offering wider options with a focus on small budgets………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Thejakartapost.com: The worsening global economic conditions have caused a slowdown to the property sector in many regions, and Asia Pacific is no exception. While this declining trend has hit every sector of the property industry nationwide as well as locally, the office sector is the one that has suffered the worst impact.

The impact of this global downturn has put the lid on the growth of Asia Pacific’s property sector. Generally, countries with the most developed financial institutions are among the most affected by these negative impacts. These include Hong Kong, Taiwan, Japan, Australia and Singapore………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Vietnamnet.vn: Unexpected price hikes in the real estate market have escalated beyond expectations with investors returning in droves, particularly in Hanoi and HCM City.
Over the past two months, land and house prices in inner and suburban Hanoi have sharply increased by 15-30 percent………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Bloomberg: Japan will set up a fund worth “hundreds of billions of yen” within the next few months to aid real estate investment trusts hurt by the global credit crisis, a ruling party lawmaker said yesterday.

The fund, financed by real estate companies and the state- run Development Bank of Japan, will provide loans to the trusts, known as J-REITs, with the aim of reviving the real estate market, said Takumi Nemoto, a ruling Liberal Democratic Party lawmaker. They may also purchase a portion of the REITs’ debt………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Phuketwan.com: Phuket real estate is suffering a dramatic slowdown because of the global economy and the falloff in tourism, says Tanan Tonpiboon, President of the Phuket Real Estate Association.

Up to 30 percent of construction has ceased, he said. Of developments where construction is complete, sales are running at 20 percent to 40 percent………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

Fom Nzherald.co.nz: Some of the nation’s poshest property proved the biggest casualty of the market slump that’s pounded values everywhere.

The upmarket Auckland suburb of Remuera is among those hardest hit by falling prices………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Nytimes.com: Real estate investment trusts have long been touted as good portfolio diversifiers because they typically don’t move in lock step with other financial markets. But REITs have hardly been impervious to the recent debacle on Wall Street.
By early March, returns on property-owning REITs had plunged an average of 75 percent from their peak in February 2007………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Independent: Depressed commercial property prices have prompted a wave of interest in the market with up to 16 firms currently working on or readying plans to launch real estate funds.

Blackstone, the New York-listed financial services firm, heads the list with plans to raise around $2bn (£1.2bn) in Europe for a new Special Situations real estate fund………Full Article: Source

Posted on 22 June 2009 by Laxman |  Email |Print

From Commercialpropertynews.com: Green building standards may not seem to be on the front burner of commercial real estate as much this year as last, simply because very little new development is breaking ground these days.
Yet think and planning and policy shifts regarding sustainable real estate go on, anticipating the day when development will begin again………Full Article: Source

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