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Real Estate Briefing 08.Jul 2009

Real estate private equity fundraising plummets
U.S. home prices to fall through 2011’s Q1
Delinquencies on U.S. home-equity loans reach record
America's 25 best places to move
Best of rally in US REIT bonds likely past
Slow recovery underway in Canadian residential property market
Brazil property market remains negative - Fitch
Colliers arranges largest CEE real estate deal of 2009
Property as an investment back in focus in UK
UK leads European house price falls
UK commercial property prices fall 0.8 pct in June-CBRE
Is the UK property sector really starting to recover?
Acquisition marks a sea change in London
Asking prices for Irish residential property fell about 20% in 12 months to June 2009
German real estate firm holds investment meeting
Bulgarian property market experiences growth
Latvia property: seize the moment
Distressed funds circle Dubai realty
UAE property prices expected to fall further
UAE's Al-Futtaim to decide on Morocco build in 2010
Dubai ponders how to rebuild confidence in local real estate
Duba's Deyaar to close $136 mln fund by year-end
Deyaar CEO: We’re not in talks with Union Properties
Jordan Real estate trading drops by 38 pc during first six months of this year
India property sales up
China: Property firms eyeing overseas realty buys
Australia construction activity contracts in June
Australian property market to worsen up to year end
Vornado said to seek $1 bln for distressed real estate
F&C Commercial Property to invest in listed firms after restructure
After the Fall: Opportunities and strategies for real estate investing in the coming decade

Posted on 08 July 2009 by Laxman |  Email |Print

From Reuters: Fund-raising by real estate private equity firms reached a 5-year low in the second quarter as investors remained worried about falling values, according to alternative asset research firm Preqin.

Sixteen funds dedicated to real estate investment raised a total of $8.9 billion, the lowest quarterly total since the 2004 third quarter, when 22 private equity real estate funds raised $8 billion, the UK-based firm said in a report released on Tuesday……….Full Article: Source

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From Bloomberg: Home prices may fall in more than half of the largest U.S. cities through the first quarter of 2011 as unemployment and foreclosures rise, mortgage insurer PMI Group Inc. said.

Thirty of the 50 biggest metropolitan areas have at least a 75 percent chance of lower prices through March 31, 2011, Walnut Creek, California-based PMI said in a report today. The decline is likely to spread to “all regions of the nation” from California, Florida, Nevada and Arizona, the states most affected by the housing slump, PMI said……….Full Article: Source

Posted on 08 July 2009 by Laxman |  Email |Print

From Bloomberg: Late payments on home-equity loans rose to a record in the first quarter as 18 straight months of job losses and a slumping economy left more borrowers unable to pay their debts, the American Bankers Association reported.

Delinquencies on home-equity loans climbed to 3.52 percent of all accounts from 3.03 percent in the fourth quarter, and late payments on home-equity lines of credit climbed to a record 1.89 percent, the group reported today……….Full Article: Source

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From Forbes: Professionals looking to get ahead are relocating to these burgeoning areas.
In the early 1980s, Mark Remson, then a recent graduate of Humboldt State College, couldn’t find work in his major of forestry management……….Full Article: Source

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From Reuters: A dramatic rally in bonds of U.S. real estate investment trusts may not be sustainable as the sector faces a protracted slump in property values, low occupancy rates, and weakened credit markets.

Rebounding from their worst year ever, high-grade REIT bonds have rallied 36 percent this year, including a 22 percent gain in the second quarter alone, according to Bank of America Merrill Lynch data……….Full Article: Source

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From Propertywire.com: The residential property market in Canada is showing signs of recovery but analysts are warning that it will be slow.

A rise in mortgage rates and high unemployment are just two of the factors that are likely to hold back prices and sales……….Full Article: Source

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From Dow Jones: Brazil’s commercial and residential property market remains negative, according to a report by Fitch released Tuesday.

The “volumes of project launches have shrunk dramatically since September 2008, due to weak demand and limited access to appropriate funding sources. This situation is likely to continue,” Fitch analysts wrote……….Full Article (Subscription Required): Source

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From Propertyeu.info: Colliers International has announced it arranged the largest commercial real estate transaction in Central and Eastern Europe to date in 2009.

In the transaction, construction giant Skanska sold Deloitte House, located in the central business district of Warsaw, to a fund managed by German-based international investment management firm Deka Immobilien for EUR 117 mln……….Full Article: Source

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From Businessweekly.co.uk: Low interest rates and the continuing uncertainty over the stability of traditional stocks and shares as investments is bringing residential property back into focus for investors as a more safe, secure, and long-term investment option.

In our region’s more popular conurbations – Cambridge in particular – we see continuing demand for good quality rental properties giving rental values a steadiness not always found in other areas. ………Full Article: Source

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From Thisismoney.co.uk: The decline in house prices across Europe accelerated in the first three months of 2009, with the UK property market leading the falls, according to the FT European index.
The report, which compares quarterly prices on a year earlier, showed Eurozone property prices down 3.5% annually in the first three months of 2009, while the wider Europe region (which includes the UK) was down 5.1%……….Full Article: Source

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From Reuters: British commercial property prices fell 0.8 percent in June, taking the market’s total drop to 44 percent since its mid-2007 peak and suggesting a turning point may be near, CB Richard Ellis data showed on Tuesday.

In its monthly index, CBRE, the world’s largest real estate broker, said the all property total return was down 0.1 percent in June and 9.4 percent for the year to date……….Full Article: Source

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From Financialadvice.co.uk: The encouraging news from UK housebuilding giant Persimmon caught many in the market by surprise, with the confirmation that further land bank write-downs are not required perhaps the most positive note.
However, while the group appears to have called the bottom of the market there was no indication as to when UK house prices will start to rise again and when hundreds of thousands of UK homeowners can expect to move out of negative equity. So what exactly is going on?………Full Article: Source

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From WSJ: In another sign that the London commercial-property market may have turned the corner, Germany’s Union Investment Real Estate AG agreed to purchase a prime office building in the City financial district for £141.5 million ($230.5 million).

The eight-story office building — 10 Gresham St., located near St. Paul’s Cathedral and the Bank of England — was developed by Standard Life Investments, the investment arm of British insurer Standard Life PLC……….Full Article (Subscription Required): Source

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From Finfacts.ie: Asking prices for Irish residential property fell almost 6% nationwide in the second quarter of the year, according to the latest report published by property website Daft.ie.
The national average asking price now stands at €263,000, about 20% lower than this time a year ago and 23% lower than the peak in 2007. ………Full Article: Source

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From Gulf-times.com: Engel & Volkers hosted its first real estate investment meeting recently to introduce local individuals and investment companies to the German housing market.
The event, focused on prime residential buildings in Germany, had international investment group Trend Capital’s chairman Frank Simon, law firm Beiten Burkhardt’s Thomas Fischer and German embassy official Martin Loetzer as guest speakers……….Full Article: Source

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From Propertyshowrooms.com: Bulgaria’s property market witnessed a slight expansion during 2008 when compared with the previous year, new data has revealed.

Investors considering purchasing property in Bulgaria are advised that prices climbed by 0.1 per cent last year, despite the global economic downturn, the Sofia Echo reports……….Full Article: Source

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From Property-abroad.com: The Latvian economy has fallen into the deepest recession in all of Europe. Some people see this negatively, but for the astute property investor this can mean a golden opportunity.
The history of past economic crashes tells us that, 9 times out of 10 the towns, regions and/or countries worst affected by financially tumultuous times, see the quickest and most aggressive recovery……….Full Article: Source

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From Gulfnews.com: A number of distressed funds are standing on the sidelines waiting to jump into Dubai’s real estate pool and invest in some of the attractively valued assets, industry experts said on Tuesday.

While no significant distressed funds are yet active, the few in the pipeline are likely to increase confidence in the market and rescue defaulted assets……….Full Article: Source

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From Homesoverseas.co.uk: Over 60% of people interviewed for a recent online poll believe that UAE property prices will fall by a further 20-30% this year.

A survey conducted by Arabian Business asked its readers whether they thought the property market had bottomed out, with only 5% believing it actually had……….Full Article: Source

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From Reuters: United Arab Emirates fund manager Al-Futtaim Capital will make a final decision on whether to develop a multi-billion dollar property project in Morocco in about a year, a company executive said on Tuesday.

Dubai-based Al-Futtaim has an option to develop a 7 million square metre plot in Bouznika on the Moroccan Atlantic coast, but due to the risky financial climate, is in no rush to proceed, Managing Director Marwan Shehadeh told reporters……….Full Article: Source

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From Seekingalpha.com: Re-building confidence in the Dubai property sector was the subject of the Cityscape Connect Business Breakfast in the Grand Hyatt this morning, and the highly professional tone of this event seemed to immediately contribute towards its objective.

However, Rome was not built in a day and confidence in the Dubai real estate sector is not going to be easy to put together after the boom which burst last September, an immediate victim of the global financial crisis, although arguably a local bubble had been growing for more than a year……….Full Article: Source

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From Maktoob.com: Dubai’s second-largest property developer Deyaar expects to close a 500 million dirham ($136.2 million) distressed debt fund by year-end, the firm’s chief executive said on Tuesday.

“We will begin fund raising in the next two weeks,” Markus Giebel told reporters……….Full Article: Source

Posted on 08 July 2009 by Laxman |  Email |Print

From Khaleejtimes.com: Deyaar Development denied on Tuesday that it was in talks with its peer Union Properties for a possible merger between the two Dubai-based listed developers — a subject of intense market speculation since the suspension of trade in the shares of home loan providers Amlak Finance and Tamweel late last year.

Rumours of consolidation in Dubai’s troubled real estate sector got a second wind after Emaar Properties announced last month that it was looking at a possible merger with three unlisted developers owned by conglomerate Dubai Holding……….Full Article: Source

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From Zawya.com: Real estate trading during the first six months of 2009 fell by 38 per cent, reaching JD1.9 billion compared with JD3.2 billion for the same period of last year.
According to figures released by the Land and Survey Department (LSD), the department’s revenues during the first half of the year stood at JD125 million, compared with JD201 million in the same period of 2008……….Full Article: Source

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From Homesoverseas.co.uk: India property sales levels have risen by as much as 25-30% since April, following 10-15% growth in Q1 2009, in light of lower interest rates and residential property prices, as well as the construction sector’s greater focus of affordable housing.

This information was obtained by the Economic Times, who spoke to a number of banks, property developers and real estate consultancies……….Full Article: Source

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From Rednet.cn: Buoyed by the visit of China’s first home-purchase delegation to the US in February, a growing number of Chinese institutional investors and property firms are seeking overseas buying opportunities in the real estate sector, but with a much more serious and low profile approach.
“One or two property deals valued at more than $100 million each are expected to be inked in the next six months, and another four to five deals are in the pipeline,” Jeremy Helsby, CEO of Savills, a UK-based real estate service provider, told China Daily in an exclusive interview……….Full Article: Source

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From Forbes: Australia’s construction industry suffered a setback in June as renewed weakness in apartment building and engineering drove a sharp contraction in activity and new orders, an industry survey showed on Tuesday.

The survey of 200 firms by Australia Industry Group and the Housing Industry Association suggested tight credit conditions were hurting big projects, particularly in apartment building……….Full Article: Source

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From Write-about-property.com: Australian property commentators are fearful that the scheme helping first-time buyers onto the property ladder and currently giving the property market at least the appearance of a healthier disposition will finish before the reality catches up with that appearance.

Dr Andrew Wilson, senior economist at Rider Levett Bucknall, said as a reflection of the dire sentiment, by the end of June the value of non-residential construction work, including apartments, was down by as much as $16 billion from last year’s $60 billion……….Full Article: Source

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From Bloomberg: Vornado Realty Trust, the third- biggest U.S. real estate investment trust by market value, is trying to raise $1 billion to invest in real estate assets, according to a person with knowledge of the fundraising.

Property investors including REITs are raising money from stock investors and through private funds to take advantage of falling real estate prices as debt financing becomes scarce……….Full Article: Source

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From Citywire.co.uk: F&C Asset Management has restructured its £600 million Commercial Property investment trust in a bid to expand its investment approach to include listed property companies.………Full Article: Source

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From Ibtimes.com: Author Steve Bergsman is a real estate investment junkie much as others are political or sports junkies. His 2009 book, “After the Fall,” subtitled “Opportunities and Strategies for Real Estate Investing in the Coming Decade,” cogently explains where we’ve been, where we are and where we are going in the wake of the great economic, financial and real estate crash of 2008.

Bergsman’s message: Proceed with caution, be patient and realize that there are many kinds of real estate markets — each with particular potentials and pitfalls……….Full Article: Source

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