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Real Estate Briefing 13.Jul 2009

Posted on 13 July 2009 by Laxman |  Email |Print

From Bloomberg: U.S. home sellers cut the prices of their properties by a total of $27.1 billion as the recession and rising foreclosures curtailed demand, Trulia Inc. said.

One quarter of sellers with homes on the market as of July 1 reduced their price by an average of 10 percent, the San Francisco-based real estate data provider said today. Properties listed for more than $1 million had the biggest cuts, with owners taking about 13 percent off the asking price……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Washingtonexaminer.com: Floor upon floor of empty offices, plummeting commercial values and scarce financing have set the stage for a second real estate crisis in a Washington region already battered by the housing crash.

The troubled stock of offices, retail centers, apartment buildings, hotels and other commercial property will leave local governments without a key source of revenue and increase pressure on elected officials to find new money or cut spending……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Direct investment in commercial real estate in Europe stood at EUR 24 bn in the first half of 2009, with the volume in the second quarter similar to that in the first, according to new research from Jones Lang LaSalle.

But the EUR 24 bn transacted in direct commercial real estate investment in the first half of this year was down 42% on the second half of 2008 (EUR 41.5 bn)……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Propertywire.com: The UK commercial property market is in the best position to recover compared with other key European sectors but the US is still on a downward spiral, according to reports from analysts.

Hammerson, one of the leading European property companies, declared that the UK commercial property market, which has been declining for the past two years, is starting to recover……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Independent: The signs emanating from the UK property market are still mixed. In June, house prices rose according to Nationwide but fell by the estimates of the Halifax.
Yet, overall, many market watchers reckon that the unrelenting downward move in house prices we have seen since late 2007 may now have come to an end……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Financialadvice.co.uk: Estate agents in some areas of the UK are reporting that one in 10 properties for sale are being sold at above the asking price, with substantial demand in some areas.
The likes of London, Oxford and Cornwall have been singled out as particularly buoyant property markets although there is some scepticism with regards to these claims. However, could there be a reason for the sudden interest……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Bloomberg: London & Stamford Property Ltd., the company set up in November 2007 to take advantage of the U.K. real estate market slump, aims to raise a net 219.5 million pounds ($357 million) in a share sale to fund more acquisitions.

London & Stamford will sell 215 million new shares at 105 pence each, or 12 percent less than yesterday’s closing share price, to its existing shareholders and to new investors, the Guernsey-registered company said in a statement today……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Propertyeu.info: German investment company, iii-investments, has purchased a seven-storey office building in Paris on behalf of a special fund it manages. The financial details were not disclosed.

The building is located in the second Arrondissement near the Paris stock exchange in the CBD. The building was refurbished recently and is leased for 9 years to Red Bull France……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Stockholmnews.com: Usually the housing market slows down during the summer holidays. This was expected in Stockholm especially for this summer due to the financial crisis. But surprisingly new numbers show that this is not the case.

The situation in Stockholm this summer is a continuation of an upward trend during the spring according to real estate agents that Svenska Dagbladet has spoken with. The expectation is that it will slow down somewhat during the summer but not to the extent that the upward trend will be broken……..Full Article: Source

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From Business24-7.ae: Spain’s long-running construction boom is a big casualty of the global economic crisis, and the once-thriving golf industry is particularly feeling the crunch.

In Alicante and Murcia, there are 20 golf courses, many with related property developments that have felt the pinch, CNN reported on its website……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Colliers International projects that the Bulgaria property sector will start to improve in the second half of this year, according to the company’s latest H1 2009 reports.

The Bulgarian property market, which was considered to be one of the top property investment destinations in the world a couple of years ago, has since suffered……..Full Article: Source

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From Cyprus-property-buyers.com/: Cyprus property investors should expect to pay in the region of €2,004/sq.m for a 120sq.m apartment in Paphos and expect to receive a gross rental yield of 2.83% according to the latest figures published by the Global Property Guide.
Perhaps not surprisingly, Monte Carlo is in the number 1 position, more than twice as expensive, at €34,142, as the runner up. Battling for the number 2 position are prime central Moscow and London……..Full Article: Source

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From WSJ: Deyaar Development , one of Dubai’s largest publicly traded real-estate companies, Sunday posted a 69% decline in second-quarter net profit as the downturn in the emirate’s property market hit sales and project delivery.

Deyaar’s net profit for the period fell to 75.4 million U.A.E. dirhams ($20.5 million), the company said in a statement on the Dubai Financial Market. Net profit in the second quarter of 2008 had totaled 246.9 million dirhams, more than double than in the second quarter of 2007……..Full Article (Subscription Required) : Source

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From Maktoob.com: Property firms in the United Arab Emirates are poised to report weaker second-quarter profits on lower revenues from land and property sales, as the real estate sector continues to suffer in the global financial crisis.

Dubai’s Deyaar. the emirate’s second-largest developer by market capitalisation, set the tone, reporting on Sunday its earnings for the period slumped 69.5 percent from the previous year……..Full Article: Source

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From Business24-7.ae: Dubai’s Real Estate Regulatory Agency (Rera) has suspended the trade licence of a property broker and warned other such companies registered with the Department of Economic Development (DED) to also register with the agency or face a similar fate.

“Rera has encouraged all brokers to formally register with the agency and those who have not registered should do so as soon as possible in order to avoid having their DED-issued licence suspended,” said Rera Brokers Licensing Department Director Yousif Al Hashimi……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Thepeninsulaqatar.com: Recovering from a recession-driven slump, the real estate sector is set to get a boost, as adding to a slew of private projects being announced, the government has decided to disburse easy long-term house loans to more than 5,400 nationals.

The development, according to property market observers, would further ease housing shortage, help stabilise the rental market and pep up construction activity……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Indiatimes.com: Presently facing a downward trend, the real estate market is likely to recover by 2010 with increase in demand for residential segment driven by improving affordability, steady economic growth and greater liquidity.
These are the findings of a survey carried out in 10 cities, including Chandigarh, by the Crisil Real Estate Research Group……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Bloomberg: China’s urban home prices rose for the first time in seven months, adding to evidence that record bank lending is driving a recovery in the world’s third-largest economy.

Prices in 70 major Chinese cities gained 0.2 percent in June from a year earlier, the National Development and Reform Commission said today on its Web site……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Cctv.com: China issued tight lending policies on second home purchases in 2007, in an effort to curb speculation of the housing market.
Now as commercial banks are encouraged to issue more loans to stimulate investment and spending to sustain the government’s 8 percent annual economic growth, some cash has been lent to second home buyers without complying with the nation’s policy……..Full Article: Source

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From Propertywire.com: Land prices in Vietnam are increasing due to demand form property investors who are diverting their cash from the stock market to the real estate market, it is claimed.

Nguyen Anh Minh, general director of the Hanoi-based Housing and Urban Development Financial Investment Corporation, said that it was a clear sign that the country’s real estate market is recovering……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Bernama.com: The positive feedback received by the property industry from foreign investors following the recent announcement on the deregulation of the Foreign Investment Committee (FIC) guidelines,cannot be translated into actual investment as yet, said the Deputy Minister of International Trade and Industry Datuk Mukhriz Mahathir.

“As the announcement was made just a week ago, we did not expect to receive such a quick reaction from foreigners……..Full Article: Source

Posted on 13 July 2009 by Laxman |  Email |Print

From Theaustralian.news.com.au: The property market continued to show signs of recovery at the weekend, with comparatively healthy auction clearance rates and turnover.

The clearance rate in Sydney was 69 per cent, well up on the 48 per cent for the same time last year, said Australian Property Monitors……..Full Article: Source

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