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Real Estate Briefing 06.Jul 2009

Posted on 06 July 2009 by Laxman |  Email |Print

From Business24-7.ae: Media attention in recent months has concentrated on the woes of the residential markets worldwide, which have been poor almost without exception. It has been something of a given fact that commercial property, which entered into a downturn some years before the residential sector, was in the same boat.

But now, perhaps, the commercial market is picking up, with short-term signs of more demand and long-term signs of re-pricing and re-positioning………Full Article: Source

Posted on 06 July 2009 by Laxman |  Email |Print

From Examiner.com: The Great Recession our economy is experiencing began with the twin crises of the real estate and mortgage industries in 2006. Between 2000 and 2006, the real estate market was booming due in large part to easy mortgage terms.

Countless people bought into the market driving prices up and spurring major new home construction. In late 2006 the market crashed. Borrowers began to default on loans they could not afford. Lenders began to foreclose on the homes and found the homes to be worth less than owed……….Full Article: Source

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From Timesonline.co.uk:The UK housing market could be over the worst of the slump, according to a former adviser to the Treasury on the mortgage market.

David Miles, a new member of the Bank of England’s monetary policy committee, said: “My hunch, and I put it no stronger than that, is that we have seen most of the overall aggregate house price falls.” ……..Full Article: Source

Posted on 06 July 2009 by Laxman |  Email |Print

From Timesonline.co.uk: How do we interpret the latest house price numbers?
The Nationwide says prices rose 0.9% last month, after a 1.3% increase in May. They have now gone up in three of the past four months, and the three-month-on-three-month change is positive for the first time since December 2007………Full Article: Source

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From Telegraph: The amount of office space let in central London rose by 98pc in the last three months as businesses looked to take advantage of the attractive deals being offered by landlords.
The improvement in office take-up is a boost to the commercial property industry and suggests that confidence is returning among tenants………Full Article: Source

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From Europe-re.com: Investment in London commercial property has risen for the first time since Q2 2007 according to new figures from Cushman & Wakefield.
Its statistics for Q2 2009 show that £1.433 bln. was invested in central London’s main West End and City & Docklands markets, an increase of over 110% on Q1’s figure of £679 mln……….Full Article: Source

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From Thepeninsulaqatar.com: According to several studies, the German housing market still provides positive cash-flow development and increase in rents and prices.
Despite the financial crisis, the residential real estate markets in the major cities of Germany are performing very well, and international investors are looking forward to increasing their investments in the market this year……….Full Article: Source

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From Efinancialnews.com: German open-ended property funds are set to turn the corner “earlier than expected”, eight months after funds holding half the assets in the sector stopped investors from withdrawing their money, according to analysis by a property services company..…….Full Article (Subscription Required): Source

Posted on 06 July 2009 by Laxman |  Email |Print

From Propertysecrets.net: Asesores Financieros Internacionales (AFI) forecast that Spanish property will fall 30% from peak to trough and the market will not turn positive until 2011.

The falls are due to a substantial overhang of stock. The total number of new empty available properties reached 830,000 units in June 09………Full Article: Source

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From Sofiaecho.com: Bulgaria’s housing inventory increased by a paltry 0.1 per cent in 2008 from the previous year, according to figures from the National Statistical Institute (NSI) released on July 3 2009.

Last year the country had 2.13 million home buildings containing 3.76 million residential units………Full Article: Source

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From Homesoverseas.co.uk: Hungary could soon become the gambling capital of Europe after the US-based Hard Rock International company, proprietor of the Hard Rock Café chain, announced plans to invest around £4.3bn to construct the largest casino and hotel complex in the continent.

The company has already purchased land in Hungary, close to the Austrian and Slovakian border with a view to completing the first casino and hotel by 2012………Full Article: Source

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From Propertywire.com: The real estate market in Kuwait has slowed considerably with property sales down 17% in May, according to a new report.

The National Bank of Kuwait reports indicates that transactions are now at their worst level for five months. Property business in Kuwait recorded just 314 deals worth a total $278m in May………Full Article: Source

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From Kuwaittimes.net: Real estate sales activity continued to decline during May, falling to its second weakest level in five months. A total of 314 sales transactions were registered at a value of KD 80.1 million. National Bank of Kuwait reports that, sales volume fell 17% from the previous month.
The residential sector saw moderate growth with value and number of transactions rising by 3% and 7% respectively. NBK noted the drop in May sales values came largely from a decrease in commercial sales, which saw a 66% decline………Full Article: Source

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From Arabianbusiness.com: Emaar, the Middle East’s largest property developer, plans to merge with three government-owned developers in Dubai. How will the move affect Emaar’s investors and the emirate’s property market?

When Emaar last week announced plans to merge with three developers at government-owned Dubai Holding, the market’s reaction spoke for itself………Full Article: Source

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From Khaleejtimes.com: Emaar Properties said that it is studying various fund raising options including an IPO for its Indian subsidiary, Emaar MGF.

Emaar said that India remains one of its key growth markets and “based on regulatory approvals and depending on market opportunities, the company continues to evaluate various fund raising options including an initial public offering.”……..Full Article: Source

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From Business24-7.ae: A drop in mortgage interest rates will help ease liquidity for end-users to buy into the real estate sector across the UAE, developers and analysts said.

“We have always been saying mortgage availability must increase to encourage end-users, as developers want to discourage speculation. We have always called for increased lending to happen along with increased loan-to-value ratios (LTVs),” said Abid Junaid, Executive Director, ETA Star Properties………Full Article: Source

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From Arabianbusiness.com: More than 60 percent of people think UAE property prices are going to drop by another 20-30 percent this year, according to an online poll.

Arabian Business asked its readers whether they thought the real estate market had hit the bottom, with just 5 percent in agreement………Full Article: Source

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From Thepeninsulaqatar.com: An investment manager part-owned by the Saudi royal family is planning to invest a chunk of its assets in UK and US commercial property, according to Prince Faisal bin Salman bin Abdulaziz, its chairman.

For Jadwa Investment, commercial real estate was, with natural resources, the most appealing investment opportunity, Prince Faisal said………Full Article: Source

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From Propertywire.com: Asian property firms are looking ahead to recovery and positioning for an upturn even as the world economy struggles to recover from its worst recession in decades.

The mood in US and European real estate markets is still gloomy but in Asia the attitude is more upbeat with some firms revealing plans for new projects in anticipation of an upturn later this year………Full Article: Source

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From Xinhua: China Vanke Co. Ltd., the country’s largest property developer by market value, said its property sales climbed 27.5 percent from a year ago to 30.76 billion yuan (4.50 billion U.S. dollars) in the first half year.

Vanke sold about 3.49 million square meters of houses in the first half year, up 31.2 percent year on year, according to its statement released at the Shenzhen Stock Exchange on Saturday………Full Article: Source

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From UPI: Real estate prices in major cities in China have suddenly gone from bust to boom, a leading real estate expert said. “The bidders have gone irrational,” said Pan Shiyi, chairman of SOHO China, a large property investment company.

In one instance, a land parcel in Beijing was taken off the market 15 months ago due to a lack of interest, the China Daily reported. But this week, the same parcel broke a record for a single-parcel price, selling for $585 million, the newspaper said………Full Article: Source

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From Bloomberg: Hong Kong’s home sales rose last month to the highest value in a year, figures from the Land Registry show.

The value of residential units changing hands increased 26.1 percent from May to HK$49.71 billion ($6.41 billion). By volume, the transactions rose 17.1 percent from May to 13,805, the government said today on its Web site………Full Article: Source

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From Livemint.com: Riding high on the return of demand and rising sales in housing, several real estate developers are stopping discounts, have stalled further price cuts, increased prices in budget housing projects launched recently, and are returning to revive high-end projects.
Property experts said they do not expect this to be reflective of demand returning strongly to the housing market and think it is just that some developers are testing the waters with higher prices………Full Article: Source

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From Asiaone.com: A year after it started, the recession to end all recessions has yet to hit bottom officially. But private home buyers in Singapore don’t seem to care.
Since February, they have been snapping up almost as many homes each month as during the frenzy of 2007……….Full Article: Source

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From Koreatimes.co.kr: Fears of another property bubble are growing, with ample liquidity supplied by the government and the central bank flowing into speculation into the local property market.
Many individuals are pulling their money out of the stock market and moving to look for real estate, hoping for another property bubble………Full Article: Source

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From Mb.com.ph: The business process outsourcing (BPO) industry has vowed to work with property developers to address the sector’s demand for office spaces, a move seen to be crucial to lower rentals.

Oscar Sanez, Philippine Exporters Confederation, Inc. (PHILEXPORT) trustee for the information technology (IT) services sector, said the sector is establishing demand projections quarterly to determine the period when outsourcing firms could face a supply crunch or oversupply………Full Article: Source

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From Thestar.com.my: Malaysia can expect to see more institutional property funds and real estate investment trusts (REITs) coming into the market in the next few quarters following the liberalisation of Foreign Investment Committee (FIC) guidelines for property purchases by foreigners and removal of the bumiputra equity condition in public-listed companies.

According to Axis REIT Managers Bhd chief executive officer-cum-executive director Stewart LaBrooy, the removal of the 30% bumiputra condition on listed companies, which hopefully would also apply to REIT management companies, would spur a more level playing field for industry players………Full Article: Source

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From Bloomberg: New Zealand house prices rose for the first time in six quarters, signaling the property market is stabilizing and may help the economy recover from a recession.

Average prices gained 0.4 percent in the three months ended June 30 from the preceding quarter when they fell 2.1 percent, Quotable Value New Zealand Ltd., the government valuation agency, said in an e-mailed report………Full Article: Source

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From Scotsman.com: Sir Alex Ferguson and Sir David Frost are setting up a £1 billion property business that aims to buy up property at knock-down prices with the support of Middle Eastern investors.
The football manager and the television personality intend to seek backing for commercial property deals across Europe on the basis that the bottom of the market has been reached………Full Article: Source

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From Seekingalpha.com: Is this what you get from the best and the brightest on Wall Street? On Tuesday, June 30, 2009, a day that should live in financial infamy, investment manager MacroMarkets launched two ETFs designed to track housing values.
But they don’t own any houses. And they’re 3-times leveraged………Full Article: Source

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