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Real Estate Briefing 10.Jul 2009

International realty fund Ireo to invest $2 bln in India
Commercial real estate is a ‘time bomb,’ Maloney says
Global Reits will benefit from US sub-prime debacle
Property prices in US showing first gain since 2006
U.S. banks must mind commercial real estate book: Fed
US: Commercial real estate woes grow
Canada comeback
New Canadians are driving force in real estate
Housing starts rise in June: CMHC
CEE property investment down 91 pct in first half-CBRE
Eurozone 'looking good' for property investment
UK: Barratt sees house prices fall by 19 pct in 'shallow' market
UK: The property market continues with its mini rally
Investment in London commercial property up 110 pct
Low London real estate prices attract Israeli buyers
Union Investment re-enters London with EUR 165mln acquisition
Sentiment in the German real estate defies crisis - King Sturge
Spanish urban property market 'to stabilise in 2010'
Cheap housing market revives in Azerbaijan
South Africa: Commercial property hit hard by slump
South Africa property prices up 1.2 pct year-on-year
Land, property rights dominate Zimbabwe investment conference
Angola real estate market to remain robust
Dubai property sales plummet 42.6 pct
Dubai's Nakheel cuts 400 more jobs
Funds 'holding back' from Dubai property market
Saudi office rent levels lowest in GCC
China real estate mutual fund/ETF faceoff
China: Reality of the real estate market is really bitter
Macquarie sells Shanghai property as market rebounds
AXA REIM targets China for $500mln Asia fund debut
Banks in India hit out at 'greedy' developers
Singapore: Q2 property investment sales triple
Malaysian property markets looking good
Taiwan: FSC relaxes restrictions on property investment
NZ residential property market 'steady'
CBRE in emerging markets
Is it time to invest in real estate?

Posted on 10 July 2009 by Laxman |  Email |Print

From Livemint.com: International real estate fund Ireo has earmarked $2 billion, or Rs9,800 crore, for investment in India, plans to launch up to 8 million sq. ft of residential and commercial projects across the country over the next 12 months.
The fund, which has been present in India since 2003, has 13 projects in its portfolio at present in New Delhi’s suburbs, Haryana, Punjab, Tamil Nadu and Maharashtra………Full Article: Source

Posted on 10 July 2009 by Laxman |  Email |Print

From Bloomberg: The $3.5 trillion commercial real estate market is a ticking “time bomb” that may lead to a second wave of losses at large U.S. banks, congressional Joint Economic Committee Chairwoman Carolyn Maloney said.

About $700 billion in commercial mortgages will need to be refinanced before the end of 2010 and “doing nothing is not an option,” Maloney, a New York Democrat, said at a committee hearing today………Full Article: Source

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From Citywire.co.uk: Global listed real estate funds are set to benefit from the fall-out of the US sub-prime debacle, according to Delawere Investment vice president Babak Zenouzi.……..Full Article: Source

Posted on 10 July 2009 by Laxman |  Email |Print

From Propertywire.com: Residential property prices in the US have recorded their first quarterly gain since 2006, according to figures from the latest index to be published.

Overall property prices rose 1.7% in the first quarter of 2009, according to the July Home Data Index from Clear Capital………Full Article: Source

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From Reuters: Many U.S. banks should strengthen their appraisals and stress tests for their holdings of commercial real estate, a Federal Reserve bank examiner told a congressional panel on Thursday.

“Some banks need to improve their understanding of how concentrations — both single-name and sectoral/geographical concentrations — can impact capital levels during shocks,” Jon Greenlee, the associate chief of the Fed’s banking supervision division, said in testimony prepared for delivery to the congressional Joint Economic Committee………Full Article: Source

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From Chron.com: Owners of shopping malls, hotels and offices are defaulting on their loans at an alarming rate, and the commercial real estate market is not expected to hit bottom for three more years, industry experts warned Thursday.

“The commercial real estate time bomb is ticking,” said Rep. Carolyn Maloney, D-N.Y., who heads the congressional Joint Economic Committee………Full Article: Source

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From Themovechannel.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 Cbc.ca: Canadian immigrants are narrowing the homeownership gap with their Canadian-born counterparts, according to a new report Thursday by Scotia Economics.

The report compared census data from Statistics Canada from 2001 and 2006, when the housing boom was near its peak and unemployment was low………Full Article: Source

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From Cbc.ca: Housing starts by Canadian builders increased 9.5 per cent in June, Canada Mortgage and Housing Corp. (CMHC) said Thursday.

The agency said the seasonally adjusted annual rate of housing starts was 140,700 units in June, up from 130,300 units in May………Full Article: Source

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From Forbes: Central and Eastern European (CEE) commercial property investment plummeted 91 percent year-on-year to around 560 million euros ($779.5 million) in the first half of 2009 as buyers and sellers hit a stalemate over pricing.

The CB Richard Ellis (CBRE) data obtained exclusively by Reuters demonstrates how credit market turmoil in western Europe has impacted nascent real estate markets further east, sparking a heavy exodus of debt-dependent foreign investors………Full Article: Source

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From Assetz.co.uk: The weakness of the pound against the euro has arguably made countries within the latter monetary union less attractive places for property investment for those in the UK.
The exchange rate has not only made it more expensive to buy holiday homes and apartments in some cases, but it has also made the eurozone less affordable to visit and increased the cost of living………Full Article: Source

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From Guardian: Debt-saddled housebuilder Barratt Developments said today that its average selling prices for private homes fell by 19% to £166,000 over the past year as recovery in the housing market proves elusive.

The firm, which last year was forced to renegotiate bank covenants as it reeled from the £2.2bn purchase of a rival builder in 2007 months before the crash started, completed 13,202 homes, a fall of more than 5,000 on last year………Full Article: Source

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From Timesonline.co.uk: A chill wind blew in from Halifax this week. Just as estate agents and property owners were basking in a warmer atmosphere, the latest monthly house price data from the northern lender showed that — contrary to earlier reports from Nationwide, Rightmove and Hometrack — conditions were cooling.

But fear not. The research gurus at Halifax Bank of Scotland were quick to point out that, at 0.5 per cent, the June fall in house prices was negligible and that further improvement from the average of £157,713 (down 15 per cent in a year) could be expected………Full Article: Source

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From Choregus.co.uk: The commercial property market in Office space London serviced officesLondon has seen it’s highest level of investment since early in 2007, placing it in the driving seat as the first major capital to recover from the downturn.
Approximately £1,433 billion was ploughed into the major office markets in London in Q2 of this year, which represents a massive increase of 110% on Q1………Full Article: Source

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From Haaretz.com: Israeli businessman and Toyota importer George Horesh is going into partnership with Egal Ahouvi in an income-yielding property in Britain.
Horesh’s privately owned company has acquired 50% of the rights in a five-building office complex in Solent Business Park from Ahouvi’s privately owned company, Blenheim, for about NIS 170 million………Full Article: Source

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From Propertyeu.info: Union Investment Real Estate has carried out its first acquisition in the London office market for three years.
The German company acquired the office building at 10 Gresham Street in the City of London for just under EUR 165 mln from insurance company Standard Life………Full Article: Source

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From Propertyeu.info: King Sturge Real Estate Economy Index compiled monthly in Germany has gone up again in June despite the deep recession.

In its latest survey, the sentiment indicator improved by 6%, from 55.6 up to 58.9 index points. King Sturge said the positive trend of the Real Estate Economy Index was supported by all the indicator values surveyed………Full Article: Source

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From Propertyshowrooms.com: According to Asesores Financieros Internacionales (AFI), property prices in cities may rise to previous levels during 2010, a fact that may interest property investors keen to secure a bargain when costs are low.

A report by the financial research firm also forecast that the cost an average home in Spain will have reached a low of 30 per cent before the glut of properties moves and the market as a whole experiences a sustained recovery in 2012, Spanish Property Insight reports………Full Article: Source

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From Abc.az: The Baku Realtors Association (BRA) has reported of revival at the real estate market of Azerbaijan.

Nusret Ibrahimov, one of the BRA founders (a representative of consulting and assessment company MBA Ltd.), says that certain revival was observed this June at the market of cheap housing………Full Article: Source

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From Allafrica.com: The CEO of JSE-listed Growthpoint Properties, the largest listed property company, yesterday said SA was unlikely to see any “meaningful” commercial development in the next 12-18 months due to the economic slump.

Speaking to Business Day, Norbert Sasse said his group’s view was that the struggling property market had not yet hit the bottom and expected further deterioration………Full Article: Source

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From Homesoverseas.co.uk: The average price of a property in South Africa appreciated by 1.2% year-on-year in June, according to the latest oobarometer price index.

Ooba’s findings in the annual price shows a very slight improvement in annual South African property prices, but should not necessarily be seen as a market upturn………Full Article: Source

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From Voanews.com: Land and property rights took center stage at the opening of a two-day investment conference in Zimbabwe.
President Robert Mugabe passionately defended Zimbabwe’s land reform program and blamed the British for not compensating the farmers for the loss of their land………Full Article: Source

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From Reuters: Angola’s real estate market should remain robust in coming years as demand for new homes and office buildings continues to be high, despite the global economic downturn, a leading developer said.

Jose Leitao, whose holding company Grupo Gema is building Angola’s biggest real-estate project, said he did not think the impasse in the nation’s first post-war presidential poll would deter investors from the sector………Full Article: Source

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From Homesoverseas.co.uk: Data from REIDIN.com, a research company that monitors Dubai property transactions using data from the Dubai Land Department, shows that just 1,724 properties in Dubai were sold in H1 2009, down 42.6% over the corresponding period last year.

The results for the first half of this year come as house builders in Dubai get ready to release their earnings reports for Q2 of this year………Full Article: Source

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From AFP: Dubai’s biggest property developer Nakheel has laid off a further 400 employees as its struggles to adjust to the economic downturn in the United Arab Emirates, a newspaper said on Thursday.

The report comes after Nakheel cut 500 jobs, or 15 percent of its workforce, in November as the global financial decline hit Dubai’s property sector — the engine of economic growth during the boom time in the Gulf emirate………Full Article: Source

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From Ameinfo.com: Individual investors and institutional funds have available liquidity, but are holding off on investing in assets in Dubai due to the lack of clarity as to the true situation on the ground, according to a panel of industry experts.
Despite this short term gap, the emirate has the fundamentals to attract international interest in the medium to long term………Full Article: Source

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From Zawya.com: Office space rentals in Saudi Arabia are the lowest among peer Gulf Co-operation Council (GCC) cities due to the relatively poor office sector fundamentals but current yields are on the higher side, says a research report.

“Average rental levels in Saudi Arabia are much lower even compared to Dubai………Full Article: Source

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From Thestreet.com: While Western real estate has been something of a rollercoaster ride for investors this year, some fund managers have looked beyond the borders of the U.S. in their search to add some diversity in the form of real estate to their portfolios. Interestingly, some have set aside a large chunk of their portfolios for this one sector.
Traditionally two funds are best compared within a sector, such as materials or energy. However, actively managed mutual funds have the capability to resemble anything the fund manager sees fit within the fund’s stated objectives………Full Article: Source

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From Chinadaily.com.cn: The collapse of a 13-storey apartment building in Shanghai symbolizes the future of the Chinese property market. This is the belief of some commentators, but Ren Zhiqiang begs to differ.

One of the leading figures in the realty industry, Ren wrote in his blog that the housing market was still strong. The president of Beijing Huayuan Group criticized a CCTV program for saying the Shanghai project had a profit margin of 360 percent. The actual gross profit in the industry doesn’t exceed 100 percent, he contended………Full Article: Source

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From Reuters: An investment unit of Australia’s biggest investment bank Macquarie Group Ltd last week sold a Shanghai luxury residential property that was put on the block more than a year ago, taking advantage of a rebound in China’s real estate market.

The 26-storey City Apartments in downtown Shanghai was sold to a small group of Chinese investors for about 300 million yuan ($44 million), according to two people with direct knowledge of the deal. Macquarie bought the property four years ago for about 400 million yuan………Full Article: Source

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From Privateequityrealestate.net: AXA Real Estate Investment Managers is targeting an equity haul of up to $500 million for its first Asian real estate opportunity fund to be launched in the first half of 2010.

Contrary to reports that the firm was putting its investment activities in the region on hold, AXA REIM is now preparing the fund which would invest in middle to middle-upper tier city residential schemes in China. The firm is expected to confirm the launch later this month………Full Article: Source

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From Propertywire.com: Banks in India are urging property developers to stop increasing real estate prices as it could stall a recovery in the market.

There is considerable disquiet that the developers have been taking advantage of a pick up in sales to increase prices on middle range properties and fears that it could put off would be buyers………Full Article: Source

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From Asiaone.com: Property investment sales more than tripled in Q2 this year as sentiment improved on the back of easing credit and the stockmarket rally, says DTZ.

The firm says in its Q2 Singapore property market report that total investment value during the quarter jumped 254 per cent to $662 million - the first increase after two quarters of decline………Full Article: Source

Posted on 10 July 2009 by Laxman |  Email |Print

From Themalaysianinsider.com: Always a favourite, landed real estate is receiving more interest in the current property lull. According to property agents, there has been a slight pick-up in the past two months, mainly in primary sales and landed properties located in popular suburbs.

Zerin Properties’ chief executive Previn Singhe described April and May as “surprising months with very strong interest in landed properties”, centred mainly in the Klang Valley as prospective purchasers act on the premise that prices are unlikely to slip because of the limited supply………Full Article: Source

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From Taipeitimes.com: The Financial Supervisory Commission yesterday revised a legal amendment to relax restrictions on property investments by domestic insurance companies.

Some 13 life insurers are expected to benefit from the new regulation and soon be allowed to inject more capital into the real-­estate market, a commission official said yesterday………Full Article: Source

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From Theage.com.au: Residential properties fetched better prices in June than in May but not as many of them sold, according to the latest Real Estate Institute (REINZ) property market report.

The median price of $340,000 in June is up from $337,000 in May and unchanged from June last year………Full Article: Source

Posted on 10 July 2009 by Laxman |  Email |Print

From Propertyweek.com: CB Richard Ellis has set up a team to advise on complex and emerging markets.

The desk, which will be supported by consultancy Source8, has been set up in response to increasing demand, CBRE said………Full Article: Source

Posted on 10 July 2009 by Laxman |  Email |Print

From Nytimes.com: If the prime directive of investing is to “buy low, sell high,” it must be time to invest in real estate, right?

Well, maybe. I think real estate bets fall into the category of things to do with money you can afford to lose………Full Article: Source

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