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Real Estate Briefing 29.Jun 2009

Posted on 29 June 2009 by Laxman |  Email |Print

From Asianinvestor.net: For the richest people in the world, the proverbial flight to safety didn’t just mean flocking to fixed-income instruments or cash and deposits. It also meant increasing their allocation to real estate.

High-net-worth individuals (HNWIs) from the Middle East and Asia-Pacific ex-Japan, in particular, had the highest allocations to real estate. According to the latest World Wealth Report from Merrill Lynch and consulting firm Capgemini, real estate investments picked up in 2008, rising to 18% of total HNWI financial assets from 14% in 2007, when its share had dropped by 10 percentage points from the year before……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Examiner.com: The deepness of the recession is indicated by two sets of statistics that belie the happy talk of its ending.
For new housing sales there is little to indicate a rising sales volume and people who have been living in homes without making payments for 6 months to a year will receive foreclosure notices……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Forbes: Has the housing market scraped bottom? Not in some of the wealthier neighborhoods–places like New York City’s Greenwich Village, Santa Monica, Calif. and Chicago’s Lincoln Park. They held up nicely while the rest of the country slumped last year.
This year such Tiffany zip codes are on track to fall 15% to 25%……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From CNN: Good news or bad news? The National Association of Realtors reported Tuesday that 33% of May existing-home sales were distressed (read: foreclosures and short sales) and the median sales price is now $173,000.

If you’re employed by the glass-half-full NAR, you need to spin that as good news, and the eternal optimists did not disappoint. The trade association pointed out that the share of sales that were distressed has declined from the 45% rate in April……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Bloomberg: U.K. houses held their value for a second month in June as increased demand and a lack of supply supported residential prices, Hometrack Ltd. said.

The average cost of a home in England and Wales was 155,600 pounds ($257,000), the London-based property researcher said in an e-mailed statement today……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Dailymail.co.uk: A surge in buyers coupled with a shortage of new properties for sale is propping up house prices, it is claimed today.

The number of buyers registered with estate agents has risen by 36 per cent in the last six months, while the number of homes on the market is up by just 6.4 per cent……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Dailyexpress.co.uk: House prices will begin to rebound sooner than previously expected, according to a new report that forecasts a 3.4 per cent leap next year.

The prediction — in the BNP Paribas Real Estate housing report published today and compiled by Professor Patrick Minford, a former economic adviser to Margaret Thatcher — is in contrast to a ­Reuters poll of City economists this month which found prices would remain flat before returning to growth in 2011……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Telegraph: Confidence in the housing market is continuing to recover, with the majority of people believing that prices will rise over the next year.

A survey by propertyfinder.com found that 53pc of the 2,500 respondents thought house prices would increase by June 2010 – although only by 0.6pc……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Europe-re.com: The Q1 2009 take-up in Prague reached 73 % of the average quarterly take-up of 2005-2008 take-up.
Prague is rated the third best city in the European comparison of 16 cities according to the survey of global property adviser DTZ, despite the prevailing economic situation……..Full Article: Source

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From Propertywire.com: The commercial property market in Prague is performing well despite the prevailing economic conditions but analysts warn that it is still considerably down on last year.

The experts also point out that the relatively good results for Prague, and others in central and Eastern Europe could be due to a delay in the full impact of the global finance crisis……..Full Article: Source

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From Propertyeu.info: Italy’s Toti Group is in final talks with fund manager Sorgente SGR for the sale of the Colonna retail gallery in Rome for a price of around EUR 180-200 mln, Italian newspapers have reported.
The company has reportedly emerged as the preferred bidder for the prime shopping centre in Rome ahead of the Libian sovereign wealth fund Lafico (Lybian Arab Foreign Investment Company)……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Propertywire.com: British property investors are still showing considerable interest in buying real estate abroad despite the recession, according to the latest figures from an international search website.

Spain is the number one search destination, pushing France into second place, according to the latest figures from primelocation.com……..Full Article: Source

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From Propertyeu.info: Adviser BNP Paribas Real Estate, formerly AtisReal, has announced three new alliances in Albania, Bulgaria and Serbia with Danos & Associates, with whom BNP Paribas Real Estate has had a partnership with in Greece and Cyprus since May 2008.

The first services to be offered are transaction and valuation in commercial real estate (over 90%) and residential, (10%)……..Full Article: Source

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From Khaleejtimes.com: Emaar Properties PJSC, the Middle East’s largest real estate developer, on Sunday said its merger with three Dubai companies would create a giant real estate group with an asset base of AED 194 billion (US$ 52.8 billion) and a debt of AED 13.4 billion, or roughly 7 % of the total assets.

In a letter posted Sunday on the Dubai Financial Market’s Web site, Chairman of Emaar Mohammed Al Abbar said its proposed merger with Dubai Holding subsidiaries Dubai Properties LLC, Samar Dubai LLC and Tatweer LLC would take up to four months……..Full Article: Source

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From Indiatimes.com: The Dubai developer behind the world’s tallest building plans to merge with three rivals owned by the sheikdom’s ruler, in a consolidation aimed at better coping with a global meltdown fuelled weakness in the one-time Arab boomtown’s real estate sector.

In a statement posted Sunday on the Dubai Financial Market’s website, Emaar Properties said its proposed merger with Dubai Holding subsidiaries Dubai Properties, Samar Dubai and Tatweer would create a company with an asset base of 194 billion dirhams ($52.8 billion) and a debt of 13.4 billion dirhams, or roughly 7% of the total assets……..Full Article: Source

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From Theage.com.au: Dubai real estate giant Emaar Properties said on Sunday that the debt of the entity to be created through its merger with three other property developers will not exceed 3.64 billion US dollars, seven percent of combined assets.

The listed company, which is mostly controlled by the government, and the government-owned Dubai Holding had said on Friday that they were in advanced talks to merge Emaar and three Dubai Holding property units — Dubai Properties, Sama Dubai and Tatweer……..Full Article: Source

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From Seekingalpha.com: The four-way merger of Dubai property companies led by Emaar Properties, and the Nakheel led consolidation of Dubai World property interests is major progress towards sorting out the mess left by the Dubai real estate crash at the corporate level.

But down-on-the-ground in the property marketplace another problem is inhibiting recovery, aside from the continual dumping of massive amounts of newly completed property onto a declining market: sellers are still not being realistic about their asking prices……..Full Article: Source

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From Gowealthy.com: Dubai Metro seems to have rubbed on its magic to property sector as well.
Real estate properties in the near vicinity of Dubai Metro stations have started selling for unheard of prices……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Tradearabia.com: The Bank of Kuwait and The Middle East (BKME) said it has arranged a new KD32 million ($111.4 million) real estate financing facility for Abyaar Real Estate Development Company.

This facility follows the success of the KD14 million financing extended to Abyaar at the beginning of the year and is a landmark deal in the Kuwait financial sector especially in the wake of the global financial crisis, said a BKME official……..Full Article: Source

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From Hotproperty.co.uk: The general mood among US and European property executives who attended the Reuters Global Real Estate Summit was still somewhat subdued, according to a report from Reuters itself.
Asian delegates are, however, beginning to experience a more upbeat mood in response to a projected upturn in the property market later during 2009……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Xinhuanet.com: Economists at a financial forum in Ningbo city of Zhejiang Province say China’s housing prices are still high, and that the warming up of the property market has mainly been due to capital influx.

An economist and former vice chairman of the standing committee of the National People’s Congress, Cheng Siwei, says China’s financial system has suffered less from the global financial crisis than those in developed countries……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Chinadaily.com.cn: China’s Ministry of Commerce (MOC) Friday denied media reports that claimed China might simplify and ease the foreign exchange registration procedures for foreign investment in real estate.

The Beijing-based China Times reported June 21 that the MOC had submitted a proposal to the State Council (Cabinet) listing 42 rules covering taxation, foreign exchange and regulatory supervision and advocated easier approval for foreign investment, especially in the real estate sector……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Channelnewsasia.com: A nearly-completed 13-storey Shanghai apartment building toppled over, killing a worker and raising concerns in China’s largest city over construction standards, state media reported Sunday.

Shanghai Mayor Han Zheng ordered a full investigation into the cause of the incident, which occurred Saturday in the southwestern part of the city, the Shanghai Daily reported……..Full Article: Source

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From Vccircle.com: Real estate major Unitech has just raised $ 575 million (Rs 2,800 crore) through placement of shares with overseas investors at Rs 81 per share. This comes on the back of almost 9 times oversubscription for the mid sized IPO of Mahindra Holidays & Resorts which closed on Friday.

These two fund raising activities show that liquidity flows into India have not witnessed any setback as feared in some sections of the market who feel there is a deluge of qualified institutional placements (QIPs), more than what can be absorbed……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Sify.com: Residential property builders have something to cheer if the result of a poll of property brokers conducted by Edelweiss Capital is any indication.
The pan-India poll shows that property brokers expect prices of residential property, especially i n the Mumbai and NCR region, to increase around the Budget, Edelweiss said in a press release issued here……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Hotproperty.co.uk: Problems such as tsunamis and anti-government protests over the last five years have done little to discourage foreign investors from entering the Thai property market.
According to a Mail Online article, the upmarket resorts on the island of Phuket on the west coast of Thailand – along with other resorts in the vicinity – remain particularly popular among British buyers……..Full Article: Source

Posted on 29 June 2009 by Laxman |  Email |Print

From Marketwatch.com: Investors who purchased exchange-traded funds tracking real estate investment trusts in hopes of diversifying their portfolio against stock-market shocks have been sorely disappointed.

REITs, which let individuals invest in commercial real estate, have been thumped by the recession and tight lending markets. The companies manage specific types of properties such as shopping malls, apartments and storage facilities……..Full Article: Source

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