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Real Estate Briefing 03.Jul 2009

U.S. home prices seen down over 40 percent: Barclays
US mortgage rates fall in Freddie Mac survey
NY City apartment sales down over 50 percent
UK commercial property bottom expected by end of 2009
Word on the street: will house prices fall much further?
Worst of UK house price fall over
UK construction sector is on a knife edge warns CIPS boss
German banks provide EUR 140mln loan to Paris property
Grosvenor says Spanish property prices need to fall another 40%
Buyers gravitate to bargain Spanish property
Czech investment volumes fall 87% in H1 - CBRE
Italy market 'to improve'
Russian real estate: Rebuilding a house of cards
Value of Gulf RE projects under way is $2.39trillion
Dubai prices rise, but analysts warn against over-optimism
Olympic 2020 would stimulate Dubai property sector
Moody's downgrades Dubai Holding; Emaar on review
SA house prices: Warnings of worse to come
China: Real estate sales up, prices soar
India: Property begins to sell again
Singapore’s Q209 private residential prices showing correction
Koreans stick to real estate to the Last
Taiwan: Residential property activity in top cities up 12.5 percent
Taiwan property open to China Mainlanders
Japan's real estate trusts rise from the abyss
Australia ‘best for property investment’
Australia's Valad restructures Europe properties
Will REITs lag along with the recession?
REITs move off bottom, can commercial real estate be far behind?
Jones Lang LaSalle tops in corporate real estate services provider
Carpathian completes EUR 235mln debt restructuring
Real Estate – Hedge-fund and private-equity firms under pressure to sublet office space, Health of the U.S. housing market (video)

Posted on 03 July 2009 by Laxman |  Email |Print

From Reuters: U.S. housing prices will fall by a double-digit percentage from already beaten-down levels, resulting in an overall 40 percent plunge by the time foreclosures peak in the second half of 2010, Barclays Capital economist Michelle Meyer said.

Meyer issued her forecast two days after the Standard & Poor’s/Case-Shiller Home Price Indexes showed for April an 18.1 percent year-to-year decline, compared with 18.7 percent in March, in the rate of home price declines in 20 major U.S. metropolitan areas. The indexes have tracked the prices of U.S. single-family homes since 1987……….Full Article: Source

Posted on 03 July 2009 by Laxman |  Email |Print

From WSJ: Mortgage rates fell this week, though the average rate on 30-year fixed-rate mortgages remained above 5%, according to Freddie Mac’s (FRE) weekly survey of mortgage rates.

Mortgage rates had fallen earlier this year as providers try to entice buyers amid the housing market downturn, but yields on Treasurys moved higher in recent months, helping bring mortgage rates along with them……….Full Article (Subscription Required) : Source

Posted on 03 July 2009 by Laxman |  Email |Print

From Reuters: Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.

The average price of Manhattan apartment in the second quarter slid to $1,312,920 down from $1,669,729 a year earlier, according to a Prudential Douglas Elliman Real Estate report released on Thursday……….Full Article: Source

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From Propertywire.com: The UK commercial property market is likely to reach bottom at the end of this year but mothballed sites probably won’t be viable until 2011, it is claimed.

‘You can’t see people putting spades in the ground again until they can achieve a pre-let. When might you get that rent again? It certainly won’t be before the end of 2010, beginning of 2011,’ said Mike Sales head of property investments at Henderson Global Investors……….Full Article: Source

Posted on 03 July 2009 by Laxman |  Email |Print

From Telegraph: Don’t get excited by the ‘recovery’ in the housing market – it’s likely to be short-lived.
More positive house price news this week: Nationwide recorded rises of 0.4 per cent in June……….Full Article: Source

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From The Press Association: A Bank of England policymaker and mortgage market expert told MPs that he believed the worst of the UK house price falls were over.

Professor David Miles - author of a Government-commissioned report on the mortgage market in 2003 and 2004 - offered more hope for the embattled property sector after Nationwide on Wednesday revealed that prices rose in June for the third time in four months……….Full Article: Source

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From Birminghampost.net: Tentative ‘green shoots’, seen elsewhere in the economy, failed to reach the construction industry last month, although the decline in civil engineering activity was less than in any month since last September.

Overall, the Purchasing Managers’ monthly survey of construction gave an index number for activity of 44.5 per cent, on a scale where anything below 50 indicates a decline……….Full Article: Source

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From Propertyeu.info: German lenders Helaba, Westimmo and Postbank have arranged a club deal loan totalling EUR 140 mln on behalf of MGPA for a mixed office and retail property at Place de Madeleine in the central business district of Paris.

The building was completely restructured in 1991 and partly refurbished in 2002. Its total lettable space of 29,800 m2 (60% offices and 40% retail) is almost fully leased……….Full Article: Source

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From Bloomberg: Grosvenor Group Ltd., the real-estate company of Britain’s third-wealthiest man, said commercial- property prices in Spain need to fall by as much as 40 percent before it will consider investing there again.

Grosvenor, owned by the Duke of Westminster’s family trust, became a net seller of Spanish real estate when the market peaked three years ago……….Full Article: Source

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From Kyero.com: According to the latest analysis from Kyero.com, foreign buyers are increasingly looking for bargain properties and are focusing their property searches in Spain’s best-known provinces.
Published on July 1st 2009, the latest Kyero.com enquiry report analyses over 100,000 enquiries made by email through the site during the first half of 2009……….Full Article: Source

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From Propertyeu.info: Investment volumes in the Czech real estate market fell to EUR 73.1 mln in the first half of 2009, down 87% on the year-earlier period, according to the latest study by CB Richard Ellis.
The H1 2009 investment figure represents four transactions, CBRE said……….Full Article: Source

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From Themovechannel.com: The Italian property market is slow but agents expect it to improve in the future. This is the result of a survey by Banca d’Italia (Italy’s central bank) in association with Tecnoborsa.

The two bodies polled some 929 estate agents across the country to examine the state of the national property market……….Full Article: Source

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From Euromoney.com: In 2008, Russia’s property developers were hit by a brutal mix of fast-shrinking funding options and falling customer demand, sending equity valuations into a tailspin.
While the Global Property Research emerging markets real estate index registered a 40% fall in the year to the end of March, Russia was the worst performer of any large economy, falling by 95%……….Full Article: Source

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From Zawya.com: The effects of the global financial crisis on the Middle East property sector have become prominent in the dawn of 2009, when the region started witnessing a decline in unit sales and a distinctively massive correction of prices for residential projects.
Amidst all this, continuous activity within the region’s real estate sector is still being monitored, as governments strengthen their efforts to soften the impact by ensuring liquidity and supporting major developments. With its repute as one of the top destinations for multibillion dollar luxury residential developments, the Middle East continues to play a role in the growth of the real estate market across the globe……….Full Press Release: Source

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From Ameinfo.com: The average prices for houses in 13 major locations around Dubai increased by 6.5% in June, compared to the average for the previous month, although analysts said that this did not mean that falls in the emirate’s property market were over.
A report published this week by finance house Deutsche Bank found that the average price in 13 ‘key’ real estate locations around Dubai stood at Dhs1,285, a 6.5% increase on prices in the same areas in May……….Full Article: Source

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From Homesoverseas.co.uk: Potential plans by the ruler of Dubai to put together a bid to host the 2020 Olympic Games is looked upon as a decision that could boost the flagging Dubai property market.

The emirate is currently at the due diligence stage with regards to bidding for the Olympic Games……….Full Article: Source

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From Tradearabia.com: Moody’s Investors Service has downgraded the ratings of Dubai Holding Commercial Operations Group (DHCOG) to A3 from A2 and placed the ratings on review for possible further downgrade.

The Baa1 ratings of Emaar Properties PJSC (Emaar) were placed on review for downgrade……….Full Article: Source

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From Realestateweb.co.za: Days after SA Reserve Bank governor Tito Mboweni took a break from lowering South Africa’s interest rates, house price data and analysis from two big banks shows property values are still falling.

FNB’s June house price index shows the “accelerating deflation trend remains intact” while Standard Bank’s monthly property report and median house price figure confirm that the strain has not alleviated in the residential market……….Full Article: Source

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From Chinadaily.com.cn: The real estate market is quickly turning hot. “The bidders have gone irrational. A bubble in Beijing’s property market is definitely there,” said Pan Shiyi, chairman of property giant SOHO China, who was also a bidder that day, after the latest auction.
This “bubble” is being felt in the real estate market in major cities across the country……….Full Article: Source

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From Indianexpress.com: Property transactions have picked up in the last month or two, brokers have reported after nearly a year of stagnancy in the market.

A pan-India survey by Edelweiss Securities Limited has found that most brokers, 87 per cent of those covered, had seen a higher number of transactions in June than in the previous month. About 100 brokers in 20 micro markets across the cities of Mumbai, the National Capital Region, Bangalore and Chennai were surveyed……….Full Article: Source

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From Property-report.com: The price index of private residential property in Singapore fell from 5.9 percent from 139.9 points to 131.7 points in the second quarter of 2009 following a record drop of 14.1 percent in the previous quarter, the Urban Redevelopment Authority´s (URA) recent flash estimates show.

Prices of non-landed properties in prime areas took the lead in price falls registering a 6.6 percent decline followed by those in the rest of central region and suburban areas which declined by 6.3 percent and 2.6 percent respectively……….Full Article: Source

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From Koreatimes.co.kr: Even when cornered by the global economic crisis, Koreans regard their real estate asset as something they should keep until the last moment, a survey showed.

According to the survey of 1,503 people by Real Estate 114, an online real estate market information provider, 45.3 percent of respondents said they had to sell all or part of their assets such as stocks or real estate amid the recession……….Full Article: Source

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From Chinapost.com.tw: Residential property transactions in Taiwan’s six major metropolises increased 12.5 percent in June, according to a survey released by Taiwan Housing Group yesterday.
Transactions in the following areas: Taipei City, Taipei County, Taoyuan County, the Greater Hsinchu area, Taichung and Kaohsiung increased by 15.1 percent, 13.4 percent, 11 percent, 9.7 percent, 11.4 percent and 14.4 percent, respectively, in June over May, the survey showed……….Full Article: Source

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From Cri.cn: Taiwan will open its commercial property market to the Chinese mainland in a bid to woo business investment, but mainland homebuyers will not be able to transfer the properties freely because of worries about real estate speculation, a senior official said Tuesday.
Commercial property can be transferred freely after purchase, but residential properties must be held for three years before being resold, Deng Chen-chung, deputy head of Taiwan’s Economic Affairs Authority, said……….Full Article: Source

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From Financeasia.com: Japan’s 40 real estate investment trusts (Reits) are slowly and painfully recovering from their worst experience since they were introduced in 2001. However, some analysts still see major structural problems in the industry.

But the good news first. On June 29, the Tokyo Stock Exchange Reits index reached a year-to-date high, finishing at 976.16 points. On Tuesday, it had slipped back to 973.14……….Full Article: Source

Posted on 03 July 2009 by Laxman |  Email |Print

From Thinkingaustralia.com: Financial experts have voted Australia one of the best countries in the world for property investments, writes Nick Gibson.

A new survey of investors showed that 64 % of fund-of-funds managers listed Australia as their preferred location while 41 % rated Australian office investment as their preferred choice……….Full Article: Source

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From Reuters: Australia-listed property fund manager Valad Property Group said on Thursday it has restructured its European properties business, through the creation of a joint venture with creditor Bank of Scotland.

Valad said it contributed 230 million pounds ($378 million) in UK and European property assets to the 50:50 joint venture, along with 373 million pounds in associated liabilities, and 187 million pounds of net equity in joint ventures and investments……….Full Article: Source

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From Seekingalpha.com: The first six months of 2009 have been a very good time for the high yield sector. They had fallen sharply in 2008, especially in Q4, when investors sold yield high yield securities to buy Treasuries.

In 2009, they rebounded sharply as investors decided to accept risk in pursuit of double digit high yields……….Full Article: Source

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From Costar.com: Data from the National Association of Real Estate Investment Trusts (NAREIT) clearly show that investors have smiled on REITs so far this year.
There were 45 secondary equity offerings in the REIT industry in 2009 through May 31, which raised $14.2 billion. In May alone, 18 secondary equity offerings raised $5.3 billion. By comparison, there were 76 secondary offerings in all of 2008 raising about the same amount……….Full Article: Source

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From Business-standard.com: Jones Lang LaSalle has been recognised as the best overall provider of corporate real estate services by the Watkins 2009 Survey of Corporate Real Estate Service Providers.
Of the 19 providers evaluated by the largest users of commercial real estate services, Jones Lang LaSalle was rated No 1 in every category, including delivery of results, adaptability of services, pricing, reputation and financial strength……….Full Article: Source

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From Propertyeu.info: Carpathian has announced that it has signed a EUR 235 mln debt restructuring deal with Deutsche Pfandbriefbank, formerly known as Hypo Real Estate.

The transaction represents all of Carpathian’s existing facilities with the bank and about 56% of the total group debt of EUR 417.1 mln at end-December 2008……….Full Article: Source

Posted on 03 July 2009 by Laxman |  Email |Print

From WSJ.com: On top of the lumps taken from the credit crisis, stock-market declines and the recession, hedge-fund and private-equity firms now have a real-estate problem.
After loading up on lavish office space near the top of the market, some firms are trying to sublease what they don’t need for as much as 30% less than their rental rate……….Full Article: Source

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