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Real Estate Briefing 14.Jul 2009

Posted on 14 July 2009 by Laxman |  Email |Print

From Bloomberg: Construction spending on offices, retail centers and hotels is likely to fall 16 percent this year and 12 percent in 2010, more than previously forecast, the American Institute of Architects said.

Rising unemployment and reductions in business spending prompted the Washington-based institute to cut its outlook from January, when it predicted non-residential construction spending would drop 11 percent this year and 5 percent in 2010………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Ctv.ca: Canadian housing sales have surged in the early summer, suggesting that the national real estate market may be on the mend, says a new report from RE/MAX.

As a result of a sizzling month of sales in June, Canada’s two largest real estate markets — Toronto and Vancouver — came close to breaking their all-time sales records………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: European tax havens located within close proximity of Britain have managed to avoid the property downward experienced across much of Europe, due partly to an increase in the number of wealthy Britons seeking to flee the UK, and avoid likely tax rises, according to a report out today.

Advisory specialist, Sovereign Group, report that property values in Monaco and Gibraltar have not fallen, and have either stabilised or appreciated, despite the fact that the price of nearby properties in Cote d’Azur and property in Costa del Sol have fallen by up to 50% since the peak of the market in late 2007………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Investment turnover in commercial real estate in Central and Eastern Europe (CEE) totalled approximately EUR 560 mln in the first half of 2009, according to CB Richard Ellis’forthcoming report, CEE Property Investment MarketView H1 2009.
The figure marks a decline of 86% from volumes seen in H2 2008 and is down 91% compared with H1 2008………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Shelteroffshore.com: If you’re one of the estimated 1.2 million Britons to own a home abroad, you could be in-line for a substantial tax rebate from the British government – but you will have to act very fast.

A lot has been written in the financial and taxation media about this tax break, but still it has not permeated the mainstream very well, and many Britons are unaware that their second home abroad could generate them a nice little windfall from the taxman. ……..Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Dailymail.co.uk: The difference between the asking and selling prices for homes shrank to just 1.9 per cent last month, a report shows.

The figure was down from 6.3 per cent in May and sales also held up last month despite fewer properties coming on to the market, according to a survey for the National Association of Estate Agents………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Telegraph: Activity in the housing market fell back slightly during June following a steep increase in May, research has showed.
There was a slight dip in both the number of properties sold and the number of house-hunters registered with estate agents during the month, according to the National Association of Estate Agents (NAEA)………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Reuters: Property investors are turning to the student accommodation sector as a would-be phoenix rising from the ashes of the UK real estate market, promising growth in returns and size for at least the next few years.

Property experts reckon average rents for UK student housing will rise about 10 percent in 2009 — as demand outstrips supply — and then slowly wane as investors crowd in………Full Article: Source

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From Themovechannel.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

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From Reuters: Plucky property sellers are morphing into lenders to soothe Britain’s property debt famine and turn dealmaking hopes to reality, in moves that may break the banks’ stranglehold on big-ticket property deals.

Aviva Investors has thrown the issue into relief by offering debt funding to the successful bidder for a 750-800 million pound portfolio of 47 retail parks, offices and warehouses code-named “Project Ed”………Full Article: Source

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From Propertyeu.info: The first six months of 2009 represented an unprecedented period in the Irish property investment market with only EUR 41.6 mln invested over the period.
The slump in transactional activity reflected curtailed bank funding and a lack of clarity regarding values which had a severe impact on investment activity, according to a recent report by adviser CB Richard Ellis………Full Article: Source

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From Reuters: Morgan Stanley froze its 1.7 billion euro ($2.4 billion) German open-ended property fund, P2 Value, for subscriptions on Monday, saying the value of properties held by the fund may need to be cut considerably.

The fund had been closed for redemptions since the end pf October 2008………Full Article: Source

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From Sofiaecho.com: The latest report from Colliers International has indicated that the average price of a home in Bulgaria has decreased by about 14 per cent in the first quarter of 2009 as opposed to corresponding figures from 2008.
It also indicated that the country’s construction sector has been hit the hardest by the global financial crisis as the drop in investment is expected to reach over one 1.2 billion euro………Full Article: Source

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From Propertyeu.info: Rental levels fell at the fastest ever rate in all three Baltic capitals - Vilnius, Riga and Talinn - in the first half of 2009, with declines in excess of 30%, according to Re&Solution.
However, rents stabilised toward the end of the period and are expected to bottom out in the second half of the year………Full Article: Source

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From Turkishdailynews.com.tr: The real estate market in Turkey has been heavily affected by the global crisis in the first half of the year, according to a report by Jones Lang LaSalle.
But the report also notes rising consumer confidence and retail sales, the so-called ‘green shoots’ that hint at an improvement in the second half……..Full Article: Source

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From Zawya.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

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From People.com.cn: At present, it is likely that China’s inflation pressure will not be reflected in commodity prices, but in prices of assets, especially housing prices will, Xia Bin, director-general of the Institute of Finance at the Development Research Center of State Council, recently told People’s Daily.

In light of the current pricing trend in the real estate market, a bubble has started to accumulate due to transactions closed based on a forecast of rising prices rather than a forecast of future returns or actual demand. ……..Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Xinhua: China’s national property climate index, which reflects overall conditions in the sector, rose 0.61 percent to 96.55 last month, the National Bureau of Statistics (NBS) said here Monday.

It is the third consecutive month, since April, that the index has seen month-on-month growth, suggesting a rebound in the sector. The index had been falling since it peaked at 106.59 in November 2007. ……..Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From AFP: China State Construction Engineering Corporation, the country’s largest home builder, has said it hopes to raise more than 5.9 billion dollars in the biggest domestic IPO since early 2008.

The company obtained final regulatory approval to list on Shanghai’s stock market late Friday and planned to issue up to 12 billion A-shares, it said in a prospectus filed with the Shanghai Stock Exchange on Monday………Full Article: Source

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From Vietnamnet.vn: Real estate prices in Hanoi have been staying firm, which has led to decreases in successful transactions on real estate trading floors.
Meanwhile, according to Pham Trung Ha, Director of Hoa Phat Real Estate Company, land and apartment prices at many projects in urban areas were increasing sharply………Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Property-report.com: The recent sales of Parakou Building and Anson House in April 2009 have ended a 10-month hiatus in commercial realty investment.
Prior to the downturn activities in the Singapore, commercial investment market were rising on the back of a buoyant office leasing market that was unmatched in history……….Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Property-report.com: Singapore´s rental market for both the office and industrial markets are heading southwards, research from CB Richard Ellis (CBRE) and DTZ show.

According to CBRE, prime office rents averaged S$8.60 per sq ft per month, reflecting a 18.2 percent decrease quarter-on-quarter as compared to the 18.6 percent quarter-on-quarter drop in the first quarter of 2009……….Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Property-report.com: Confidence grew among Thai property developers in the second quarter, while the economic and political climate is expected to improve in the second half of this year, according to a survey carried out by the Real Estate Information Centre (REIC).

Covering 149 property companies, the index said developer sentiment rose in the second quarter to 48.1, up from 42.2 points in the first quarter……….Full Article: Source

Posted on 14 July 2009 by Laxman |  Email |Print

From Bloomberg: Leon Black’s Apollo Global Management LLC plans to raise $600 million in a public offering of shares in its only commercial property investment fund.

Apollo Commercial Real Estate Finance Inc., organized as a real estate investment trust, will focus on properties in major cities, according to documents filed July 10 with the U.S. Securities and Exchange Commission………Full Article: Source

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