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Real Estate Briefing 23.Jul 2009

Posted on 23 July 2009 by Laxman |  Email |Print

From Guardian: Avenue Princesse Grace in Monaco is the most expensive street in the world, with each square metre in an apartment setting you back £73,000 – or about the same as a 70-square-metre apartment on the seafront in Hastings, according to Dow Jones’ Wealth Bulletin.

But the palm-lined street, named after the Hollywood star Grace Kelly and popular with Russian oligarchs, is suffering from “la crise du credit” like everywhere else……….Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Bloomberg: U.S. home prices had the smallest annual drop in 10 months, signaling the free fall of property values is abating in the three-year housing slump at the center of a global recession.

Prices declined 5.6 percent in May from a year earlier and rose 0.9 from April, the Federal Housing Finance Agency in Washington said today………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Bizjournals.com: Commercial real estate values around the country have dropped 35 percent from their peak in October 2007, according to Moody’s REAL Commercial Property Price Indices.

The decline appears to be accelerating as the index dropped more than 15 percent during April and May. Transactional volume also fell along with value, which is showing signs of effects from distressed sales………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Bloomberg: Federal Reserve Chairman Ben S. Bernanke said a potential wave of defaults in commercial real estate may present a “difficult” challenge for the economy, without committing to additional steps to aid the market.

Bernanke, testifying before the Senate Banking Committee today, urged lenders to modify “problem” mortgages to avert defaults………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: The dynamic of the European property market is set to change considerably in the New Year, with the UK potentially the biggest loser, according to Pierre & Vacances (P&V) Group.

From 1 January 2010 next year, companies and trustees managing investment funds in the Channel Islands, Isle of Man and British Virgin Islands will be able to invest in French property free of the French annual 3% tax on their open market value. This will radically alter the flow of funds within Europe………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Dow Jones: Commercial real estate investment turnover has plummeted in Central and Eastern Europe this year, but experts point to pockets of activity in Poland, Czech Republic and Russia and expect further revival in these markets.

First-half CEE investment turnover fell 91% year-on-year to EUR560 million, according to CB Richard Ellis. However, Russia, Poland and Czech Republic accounted for 78% of that figure, indicating investor confidence in those countries………Full Article (Subscription Required) : Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Sky.com: The house-price slump will persist until mid 2011 - despite recent signs of a turnaround, according to the National Institute of Economic and Social Research.

Recent gains were driven by a lack of available homes, it added, but the decline will resume in the coming months………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Nytimes.com: Real estate agents say that the residential housing market is staging a convincing recovery in prime locations like London, but banks are still reluctant to lend.
Simon Gammon, a managing partner at Knight Frank, a real estate brokerage that deals in high-end property, discussed the techniques that give wealthy clients an edge in the battle to secure financing for real estate purchases………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Fleetstreetinvest.co.uk: Recent newsflow from the UK housing market has become much less negative in the last few months, leading some commentators to speculate that the market has already reached the bottom.
In this piece we examine the latest evidence and look at future developments that will shape the property market going forward. There are investment opportunities out there, if one knows where to look……….Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Leading UK economic commentator Anatole Kaletsky has dismissed three of the most widely discussed threats to the property market, saying they are ‘pretty far fetched’ and often presented as ‘indisputable facts’.

The three threats he refers to are fears of a sharp increase in short-term interest rates, the risk of an inflationary upsurge fuelled by the vast amounts of new money being ‘printed’ by central banks, and the perception that governments, especially in the US and UK, have borrowed so much money that some kind of national bankruptcy lies ahead………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Bloomberg: The City of London, the U.K. capital’s main financial district, will lead a recovery in the country’s commercial-property market, Helical Bar Plc Chief Executive Officer Mike Slade said.

“The City will start rebounding quicker than anything else,” Slade, 62, said today. “We are very much involved in looking at sites and we will start building in two years.” ……..Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Prime yields for office buildings in CBD locations in Germany’s top five markets, Berlin, Düsseldorf, Frankfurt, Hamburg and Munich remained largely unchanged in Q2 compared to the first three months of the year, according to international property advisor Savills.

In Frankfurt the net initial yield moved out 20 basis points compared to Q1 and now stands at 5.5%. Berlin also recorded 5.5% yields, followed by 5.2% in Düsseldorf and 5.0% in Hamburg………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Bloomberg: Arancha Ibarra considers herself one of the lucky victims of Spain’s housing collapse.

After struggling to find a buyer for her renovated two- bedroom apartment in Madrid for two years, Ibarra found a tenant for 750 euros ($1,066) a month, becoming one of the 1.5 million second-home owners thrust onto the country’s rental market………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From WSJ: Spain’s oversupply of second homes has forced brokers, developers and lenders to come up with creative ways to unload them.
It isn’t uncommon now for Spanish banks such Banco Santander SA, Banco Espanol de Credito SA, Banco Bilbao Vizcaya Argentaria SA or the Spanish savings banks known as “cajas” that bankrolled much of the boom to effectively finance more than 100% of a home purchase, by providing no-money-down mortgages and picking up the sales taxes………Full Article (Subscription Required) : Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Emportal.rs: Prices of real estate in Serbia have dropped 10 to 15 percent over the past months. In spite of a mild increase in flat sale, the turnover reached only 20 percent of the 2008 level.

Even though real estate dealers say the mild progress is satisfactory, many of them will not be able to survive the crisis………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Khaleejtimes.com: Dubai’s depressed property sector might start to recover by the middle of 2010, as foreign investors have begun to show interest in the emirate, a Sharjah-based property developer said.

“The property market has bottomed out and become very selective. We are seeing some foreign investors returning to the market,” said Federico Tauber, President of Tameer Holding Investment LLC………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Kippreport.com: Dubai rents continued to drop in July as more properties were introduced into the market, according to Landmark Advisory’s July rent index. The study also states that some areas in Dubai are seeing increases in rental rates, although they are not the norm.

Properties in neighborhoods such as International City saw rents slide by up to 22 percent in July compared with June, with Jumeirah Beach Resident (JBR) and Palm Jumeirah say rents rise by as much as 14 percent………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Themovechannel.com: The price of new residential property in 36 cities in China has increased by 6.3 per cent in the last year, new figures show.

As a result bank lending has tripled in the last six months because of increased demand for property, according to the National Development and Reform Commission. In June alone prices increased by 1.1 per cent, the economic planning agency said………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Asiaone.com: When private home sales unexpectedly jumped in February, in the thick of Singapore’s worst-ever recession, pundits called it a false dawn and warned that the rally would not last.

But now, the market has sustained its rebound for five straight months and is expected to keep growing………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Propertywire.com: Residential property prices in Singapore have suffered an unexpected further decline in the second quarter of 2009 despite a frenzy of buying, according to the latest official figures.

Prices fell 5.9% from April to June following an even steeper 14.1% decline in the first quarter of the year, the data from the Urban Redevelopment Authority show………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Businessmirror.com.ph: The Bangko Sentral ng Pilipinas (BSP) allayed fears the real-estate market has been infected by speculation and said real-estate prices continue to be at a level consistent with the market.

On Tuesday, BSP Assistant Governor Maria Cyd Tuano-Amador said, “There are no indications of speculative activity in the real-estate sector as a result of low interest rates on properties.”……..Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Investor confidence in the Australia property market finally appears to be improving, following a slow 18 months for the residential sector.
Low interest rates coupled with improving yields at over 5% are attracting property investors, amid expectations that the Australian property market has bottomed out………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Thestreet.com: Real estate investment trusts, or REITs, have suffered since the recession hit. But many investors threw out the babies with the bath water.
Annaly Capital Management and MFA Financial are two misunderstood REITs that offer huge yields and are poised to rebound………Full Article: Source

Posted on 23 July 2009 by Laxman |  Email |Print

From Propertyweek.com: Peter Hall, former director of agency at CB Richard Ellis’ Southampton office has set up a commercial property consultancy, Hall & Kirkwood.

The Hampshire-based consultancy will provide services to occupiers, developers and funds across the south coast………Full Article: Source

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