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Real Estate Briefing 16.Jul 2009

Posted on 16 July 2009 by Laxman |  Email |Print

From Reuters: The long-awaited bottoming of the U.S. housing market may be in sight, but a recovery could take as long as 18 months and will likely be muted, Fitch Ratings said in a report on Wednesday.

“Single family housing starts and new home sales seem to be indicating a trough, albeit at very low levels by historical comparisons,” said Bob Curran, lead author of the report……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Reuters: More than one fifth of the commercial real estate loans securitized in 2007, the peak of the boom, could be wiped out by borrowers failing to make payments, according to a new report by Deutsche Bank AG released on Wednesday.

Total losses for outstanding commercial mortgage-backed securities (CMBS) loans may be as high as 9 percent to 12 percent as borrowers fail to meet monthly payments, or get an adequate loan to meet the balloon payment when a current loan matures, according the report……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Propertywire.com: European commercial property investment activity has increased in the last few weeks in a sign that investor sentiment is improving, according to analysts.

Turnover increased to €13 billion in the second quarter of 2009, a 12% increase on the €11.6 billion recorded in the first three months of the year, according to the latest European Property Investment report from consultants CB Richard Ellis……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Bloomberg: U.K. banks may transfer commercial property loans into real estate investment trusts to purge their balance sheets of debt and avoid future writedowns.

Banks are considering using REITs as publicly traded “exit vehicles” that could limit the losses they and their borrowers face, said Ian Marcus, head of real estate at Credit Suisse Group AG……..Full Article: Source
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Posted on 16 July 2009 by Laxman |  Email |Print

From WSJ: The U.K. housing market shows signs of improvement and developers are looking to acquire land again, but economists say a sustained housing recovery remains far off.

Home prices fell for six quarters beginning in February 2007 to about £158,000 ($256,500), down from nearly £200,000 at the peak, according to Halifax Bank……..Full Article (Subscription Required) : Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Myfinances.co.uk: There is a 30 per cent chance house prices will still be at 2008 levels in 2020. A study by accountants PricewaterhouseCoopers (PwC) points to further house price drops in 2010, no growth in 2011 and then gradual recovery for a decade.

In 2015 house prices are forecast to be “more likely than not” below 2008 levels……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Reuters: Two UK property industry bodies have joined the list of critics of the European Union’s controversial draft law on alternative investment funds.

In letters to the UK Treasury and the Financial Services Authority earlier this month, seen by Reuters, the Property Industry Alliance (PIA) said it had “identified a number of serious concerns” about April’s directive on Alternative Investment Fund Managers……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Globest.com: French REIT Gecina has sold a 92,000 square meter office building in the west of Paris for €98 million as part of a disposal program that should exceed its target of €700 million this year, providing the proceeds to meet a €540 million bond redemption in 2010 and other debt obligations.

The company said the latest disposal concerns an office building in Saint Quentin in the Yvelines region fully leased to the Thalès electronics group……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Paris and Madrid are expected to reach fair value by the end of this year, according to DTZ’s Money into Property Europe report.
While 2009 will continue to see no near-term end to market misery in property markets across the region, broad value will gradually return to Continental Europe over the next 12 months, the report added……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Assetz.co.uk: Is now the time to buy a bargain in France? The last few months have seen - perhaps inevitably - a tailing off of UK buyers looking to purchase across the channel. The economic downturn has provided a number of reasons why this may be so.

Among these are the general effects of the recession, making some wary of investment or reducing the value of their financial assets and income……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Kyero.com: Britons who have had second thoughts about buying holiday homes in Spain are being pursued in the Spanish courts by the developers - despite a clause in their contract allowing them to back out of the deal, law firm DWF has warned.
The firm is acting for a number of British buyers who have been threatened with legal action……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: The Polish property market is still struggling due mainly to the global financial turmoil and an oversupply of homes, according to Emmerson Real Estate’s ‘Major Polish Residential Markets in mid-2009’report.

Although the study shows that residential prices are no longer in freefall, it does say that the housing sector is still in “in the doldrums”……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Property in Portugal remains the number one most searched for destination to buy a home abroad based on country page views, and property views, on homesoverseas.co.uk.

Portugal property enquiries have increased month-on-month since the beginning of 2009, having started the year as the fourth most searched for destination buy a property overseas……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Euromoney.com: Running a bank in Qatar appears to be getting easier all the time. The local government’s latest bailout plan for its financial sector will involve the state clearing up to $4.1 billion of troubled real estate loans and investment from lenders’ balance sheets.

Details have been sparse – for example, about who will manage the assets. With the government lacking institutional capacity to collect repayments, the job might go back to the banks – potentially allowing lenders to reap fees for this……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Maktoob.com: Dubai home prices continued to fall in the second quarter but some areas, such as the man-made Palm Island - one of the worst hit places by the slump - saw an increase, property services firm Asteco said in a study released on Thursday.

Average home prices in Dubai fell 15 percent during the April-June period, compared with the first quarter, Asteco said, adding that the rate of decline has slowed compared with the previous two quarters because of a fall in distress sales……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Globalarabnetwork.com: Iraq is suffering from a shortfall in the number of houses in the market and a construction programme to address rising public needs for good standard accommodation means that investment opportunities now exist in Iraq’s housing sector.

Under current housing building plans approved by the Iraqi government in June, the country aims to build 3.5 million new homes within the next ten years to meet the housing crisis that it is facing. This means to the construction of 350,000 units every year……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Realestateweb.co.za: Expect to wait at least five months to sell a house through an estate agent. That’s the message contained in the results of the latest quarterly FNB Residential Property Barometer, released this week.

Demand for residential property is still very low while there is an oversupply of properties on the market. Estate agents canvassed in the survey believe “ongoing strict banks’ lending criteria, especially when it comes to widespread deposit requirements on new loans, are a major constraint on demand”, said FNB in a media release……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From AFP: “No frills, Simple homes” reads the banner hanging in the Delhi headquarters of Unitech, India’s leading property developer.

It’s a mantra that has been taken up by realtors across the country with a new-found passion for affordable housing that owes little to their social conscience and everything to their bottom line……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Globalpropertyguide.com: In early 2009, luxury condominium prices, and sales, both fell in Manila. Compared to the previous quarter, the average price of luxury three-bedroom condominiums in the Makati Central Business District dropped by 0.7%, according to Colliers International (a fall of 0.6% in real terms).

During the year to Q1 2009 the average price has appeared to increase by 4.6%, to PHP101,000. But this increase is illusory, because when adjusted for inflation, the average price has in fact fallen by 2.2%……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Thestar.com.my: It’s failed and saddled with debt, but Li Zhang, a Chinese investment manager who came to Australia about 20 years ago, sees a lot of potential in shopping mall owner Centro Properties Group.

Zhang, his friends, relatives, and some companies in China as well as in Australia have pitched in as much as A$50mil to buy an 11.8% stake in Centro. As Centro continues to face refinancing issues, Zhang says his group is even trying to line up a Chinese bank to shoulder Centro’s debt……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Wabusinessnews.com.au: Property funds invested in industrial and commercial property face a challenging future as a series of factors conspire against the sector.

Several fund managers, including local player Aspen Group, have sold properties and/or sought capital injections after getting caught out with unsustainable gearing levels during the credit crunch……..Full Article (Subscription Required) : Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Nbr.co.nz: Jumpstart Capital Partners, a privately-owned American real estate investment company, says it is putting together a $US100 million ($NZ158 million) fund “to “capitalise on distressed and undervalued real estate assets” in New Zealand.

The fund, named Jumpstart Capital Asset Management, is being driven by an executive who has previously raised money in a separate venture to invest in Queenstown’s Jacks Point subdivision……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Reuters: Apollo Commercial Real Estate Inc has filed an application to raise up to $600 million in an initial public offering and plans to invest in commercial mortgage-backed securities with part of the proceeds, according to a regulatory filing.

Apollo Commercial Real Estate, which plans to qualify as a real estate investment trust by the end of the year, will be managed by a subsidiary of the private equity firm Apollo Global Management, it said in a prospectus it filed on Friday with the U.S. Securities and Exchange Commission……..Full Article: Source

Posted on 16 July 2009 by Laxman |  Email |Print

From Assetz.co.uk: For those looking at property investment around the world, the last couple of years have undoubtedly been grim, with prices falling, some markets all but collapsing, credit being hard to come by and the sound of chickens coming home to roost being deafening.

Of course, for some there have been advantages. Buyers with the cash funds to invest have often been digging less deep to secure bargains, not least in places such as the US, where foreclosed homes and distressed sales have offered many units at greatly reduced prices……..Full Article: Source

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