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Real Estate Briefing 25.Jun 2009

U.S. commercial property market thawing
U.S. distressed real estate totals $97.4bln
Home-price recovery may be undermined by appraisals
US urban markets could take until 2017 to recover, warns expert
US: Moody’s Index puts commercial real estate at 2004 levels
New home sales fall unexpectedly
Is Canada's housing market tanking or taking off?
Canadian home prices fall a fifth straight month, Teranet says
Canadian property market regaining popularity
British consider Canada immigration for property investment
Colombia April construction permits drop 29% in area
Credit Suisse upgrades UK commercial property shares
Glimmers of hope for British real estate
UK: House sales 'continuing to rise'
Union sees German commercial property resilience
German funds reopening earlier; investors seen returning
Behind the Israeli real estate tiger
Qatar housing rents ‘set for upward revision’
Rent prices for Dubai apartments to fall in Q3, says report
Dubai regulator to bring in new rules for evaluators
Ajman property project investors stage protest
Property markets in Asia expected to remain weak till year-end
Asia developers upbeat as home sales rebound
China’s real estate market not yet ready for trusts, ING says
China: Realty sector needs reality check
Residential property poised to lead India rebound
Australia property prices expected to rise
Australia REITs may have raised too much equity
Do REITs deserve a place in your portfolio?
Real estate ETF falls 82% in three months
Can you find the bottom in real estate ETFs?

Posted on 25 June 2009 by Laxman |  Email |Print

From Reuters: The gap between U.S. commercial property buyers and sellers is narrowing, indicating the shattered market is closer to beginning the painful path to recovery, the head of Prudential Real Estate Investors said on Wednesday.

Prudential Real Estate Investors, or PREI, invests in commercial real estate-related debt and equity on behalf of pension funds and other institutional investors…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Bizjournals.com: National distressed commercial real estate totaled $97.4 billion in early June, including foreclosures, lender-owned properties and those headed in that direction, according to a new report from Delta Associates.

Distressed commercial real estate volume has doubled every three months since December 2008 with retail properties representing the largest segment in June, at $29.7 billion…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Bloomberg: There may be another culprit scuttling a U.S. housing recovery: low home appraisals.

Flawed appraisals are derailing real estate sales and depressing values across the U.S., the National Association of Realtors said yesterday as it reported that existing home prices declined 17 percent in May from a year earlier…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Birminghampost.net: The US urban commercial real estate markets probably will not recover until 2017, the head analyst of commercial mortgages for Deutsche Bank Securities has said.

“The froth is still working itself out,” said Richard Parkus, Deutsche Bank head of Commercial Mortgage-backed securities…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From WSJ: The Moody’s/REAL National All Property Type Aggregate Index is out today and finds that the value of offices, apartments, hotels, warehouses and malls have dropped to September 2004 levels.

“There’s all this talk of green chutes, people saying the second order of employment data is positive,” said Neal Elkin, president of Real Estate Analytics, LLC, one of the study’s two sponsors. “We’re in a situation now where our second order of returns [for real estate] is sharply negative. That’s a little intimidating.”……Full Article (Subscription Required): Source

Posted on 25 June 2009 by Laxman |  Email |Print

From CNNMoney,com: Sales of newly constructed homes fell unexpectedly in May and were down almost a third from last-year’s levels, a government report said Wednesday.

New home sales ticked down 0.6% last month to a seasonally-adjusted annual rate of 342,000, the Commerce Department reported. That was from a revised reading of 344,000 in April…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Financialpost.com: The Canadian housing market is beginning to look like a large jumbled puzzle. A week after a report showed the price of an average house had soared to a record high, an alternate report suggested Wednesday prices have in fact declined for five consecutive months.

Both sources are respectable, and their data accurate. But different methodology has led to a discrepancy between the figures. So where does the Canadian housing market stand?……Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Bloomberg: Canadian home prices fell on an annual basis for the fifth month in a row in April, the Teranet- National Bank National Composite House Price Index showed.

Prices were 6.7 percent lower than the same month a year earlier, according to the report released today by National Bank Financial. The index is now 8.9 percent less than its peak of last August…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Hotproperty.co.uk: The housing market in Canada is said to be regaining its popularity with overseas property buyers, Halifax International has today.

The international arm of Halifax has stated there is a feeling of positivity about the Canadian property market. The property website, Property-Abroad.com commented earlier in June that Canada is once again one of the top ten most popular countries with buyers looking to invest in properties abroad…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Globalvisas.com: The British are increasingly looking to move to Canada in order to make the most of the property investment opportunities waiting for them over the Atlantic.

The Canadian property market is showing signs that recovery is just around the corner and there are thought to be many overseas investors waiting in the wings to buy up bargain property before prices start to increase once more…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Dow Jones: Colombian authorities in April approved permits for construction on 29% less area than in the same month of 2008, according to government figures released late Tuesday.

Permits covering 1.05 million square meters were issued in April, the National Statistics Department, or DANE, said Wednesday. The area covered for housing decreased 16% to 789,500 square meters while the area for other types of construction slumped 53% to 257,929 square meters…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Propertyweek.com: Credit Suisse has raised its recommendation for UK commercial property shares to ‘overweight’ because ‘the UK economic momentum is better than any other developed country’.

Credit Suisse’s global equity research team recommended buying Hammerson and British Land shares in a research note today…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Forbes: If Britain really has put the worst of its property troubles behind it, the latest sign comes from the luxury market. Houses priced between one and four million pounds ($1.7 to $6.6 million) in central London rose 4.3% in the second quarter of 2009, according to luxury real estate agent Savills.

It’s the first time in 18 months that luxury house prices in the British capital have risen…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From BBC: The number of homes sold in the UK has continued to rise, according to HM Revenue and Customs (HMRC).

Some 62,000 residential properties costing more than £40,000 were sold in May, up 7% on the previous month…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Reuters: Real estate fund manager Union Investment Real Estate AG is steering clear of most emerging markets, except for Latin America, and believes the German commercial property price correction has largely petered out.

“There is enough money underpinning the German property market which will help to hold prices, at least for the good quality properties,” its management board Chairman, Reinhard Kutscher, told the Reuters Global Real Estate Summit by phone…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Propertyeu.info: German open-ended funds (GOEFs) are set to turn the corner earlier than expected after imposing a mass lockdown on redemptions in October last year to stem outflows, according to property adviser CB Richard Ellis.
CBRE bases its claim on a number of ‘favourable developments’, including the early reopening of SEB’s ImmoInvest fund and strong inflows into the funds in April…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Haaretz.com: According to figures from the Central Bureau of Statistics, Israeli home prices not only didn’t decline in the first quarter of 2009, even though property continued to slump in the crisis-stricken markets of the west.
No. Here in Israel, apartment prices actually rose by an average of nearly 5%…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Tradearabia.com: Residential rental rates in Qatar are projected to witness upward revision by 2010 as the two-year rent freeze lapses, says a recent study by Global Investment House, a top Kuwaiti investment company.

In line with this, LifeStyle Homes and Properties, a leading real estate sales and marketing consultancy in Qatar, has expressed its optimism about the continuous growth of the real estate market in the country…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Ameinfo.com: A new report from Landmark Advisory says that despite the fact that some landlords are still experiencing robust demand for higher-quality rented homes in premium locations, a further decline in residential rents during the third quarter of this year is likely.
As evident from the latest sales and rental price lists, the sharpest decline is with apartments, the consultancy firm said…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Business24-7.ae: Dubai’s Real Estate Regulatory Agency (Rera) said yesterday it will introduce conditions and requirements for people looking to get licence as property evaluators as it launched a property evaluation book.

Yousif Alhashmi, Director, Real Estate Licencing Department, Rera said: “We are preparing new conditions and requirements for getting the licence.” He also warned people not to represent themselves as real estate valuers when they just have a brokerage licence…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Khaleejtimes.com: A group of investors staged a protest outside a real estate firm to demand an answer to where their money has gone.

Fourteen investors from UK, Canada, Iran and Saudi Arabia travelled to Dubai to picket the offices of Casamia Star, on Shaikh Zayed Road, on Tuesday…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Channelnewsasia.com: Property markets across the Asia-Pacific region are projected to remain weak for the rest of the year across all sectors, and broad value is expected to return to most markets only by about 2010.

Markets such as Sydney and Shanghai are expected to lead the way, according to some of the key findings that emerged from real estate adviser DTZ’s annual “Money into Property” report…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Reuters: Asian property firms are beginning to see light at the end of the tunnel and several are positioning for an upturn even as the world economy struggles to recover from its worst recession in decades.

The mood among U.S. and European executives at this week’s Reuters Global Real Estate Summit is glum, but Asian counterparts are more upbeat with some revealing plans for new projects in anticipation of an upturn later this year…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Bloomberg: China’s capital markets aren’t ready for real-estate investment trusts and the country should first encourage institutional investors to buy property, the Asian head of an ING Groep NV real estate unit said.

Before introducing REITs, it would be “preferable” for China to have insurance companies and pension funds be active real estate investors, Richard Price, Asia chief executive officer of ING Real Estate Investment Management, said today…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Chinadaily.com.cn: Owing to the negative growth of foreign direct investment (FDI) in successive months, the Ministry of Commerce and/or possibly some other departments are reportedly thinking about ways to continue to attract foreign investors.
Though officials fail to clarify how and on which fields, reports are that one of the possibilities is to ease the country’s limits on foreign investment in the real estate industry…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Forbes: Residential real estate will lead the recovery of India’s wounded property market in 2010 thanks to accelerating economic growth, lower interest rates and improved liquidity, Indian ratings and research agency CRISIL said Wednesday.

Prices for commercial and retail space will likely remain weak through 2010 because of oversupply and slack demand, CRISIL said in a new study of 10 cities across India…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Australia property prices will appreciate by close to 20% over the next three years, helped on by greater activity among first time buyers, according BIS Shrapnel’s Residential Property Prospects report, which looked at figures compiled by the country’s Real Estate Institute.

The report projects that average residential prices in nearly all capital cities will increase by between 11% and 19% by 2012, although when adjusted for inflation, the actual level of price escalation with approximately halve, in percentage terms…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Guardian: Major Australian property trusts have recapitalised and are armed with stronger balance sheets, but some may have raised too much equity at the expense of future earnings growth.
In the first half of 2009, Australian real estate investment trusts (REITs) raised more than A$9 billion ($7.04 billion) in equity to pare down debt, with banks reluctant to extend loans or demanding sharply higher interest rates amid a global financial crisis…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Morningstar.co.uk: Real estate might diversify an institution’s portfolio, but we can’t say the same for REITs in an individual investor’s portfolio.
Last November, our US ETF team soured on US REITs and even went so far as to sell them from our asset-allocation model portfolio…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Thestreet.com: With pessimistic predictions of a longer-than-forecast global recession, the World Bank spooked the stock market into testing the recent rally.
Eight of the 10 exchange traded funds with the worst grades from TheSteet.com Ratings rise at twice the pace of their underlying indexes’ declines…….Full Article: Source

Posted on 25 June 2009 by Laxman |  Email |Print

From Nasdaq.com: Although encouraging news has recently been released regarding the real estate sector and the exchange traded funds (ETFs) that track it, many suggest that an immediate recovery is still not imminent.

Signs of trouble in the real estate market still persist: new home sales dropped 0.6% in May, falling short of economists’ forecasts. There’s also a 10-month backlog of new homes…….Full Article: Source

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