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Real Estate Briefing 24.Jul 2009

Posted on 24 July 2009 by Laxman |  Email |Print

From Reuters: An unusually robust rise in home prices from April to May could foreshadow a recovery in many U.S. housing markets, according to a report released on Thursday by Radar Logic, a real estate data and analytics company.

Twenty-two out of 25 metropolitan statistical areas, or MSAs, displayed month-over-month price increases in May, according to Radar Logic’s RPX Monthly Housing Market Report for May 2009………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Bloomberg: Home resales in the U.S. rose in June for a third consecutive month, spurred by tax incentives, lower borrowing costs and foreclosure-driven declines in prices.

Purchases climbed 3.6 percent to an annual rate of 4.89 million, stronger than forecast and the highest level since October, the National Association of Realtors said today in Washington. Median prices fell 15 percent………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From FT Alphaville: Two of America’s biggest banks, Morgan Stanley and Wells Fargo, on Wednesday threw into sharp relief the mounting woes of the US commercial property market when they reported large losses and surging bad loans.
The disappointing second-quarter results for two of the largest lenders and investors in office, retail and industrial property across the US confirmed investors’ fears that commercial real estate would be the next front in the financial crisis after the collapse of the housing market………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Theepochtimes.com: The real estate market is gearing up for a deluge of distressed commercial properties. Slower than residential to reach a critical point due to their income-producing and multi-tenanted nature, the commercial real estate market took longer to sour.

Many properties are due for refinancing as the mortgages are shorter-term—5 to 10 years, as opposed to the typical 30-year residential loan………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Globest.com: Despite a relative paucity of sales transactions, there are some signs that fundraising for future net lease property investment is beginning to ratchet up, or at least that there are hopes among some would-be fundraisers.
One non-traded REIT and several private funds are among the new investment entities focused on the net lease sector to have been launched in recent months………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Take-up in the UK office market rose 32% to 1.4 million sq ft in Q2 after a very slow first quarter, with 50% of the take-up generated by four deals, according to a new report by King Sturge. Year-on-year, however, take-up fell in Q2 by 25%.

Business services firms, traditionally the biggest occupiers of office space, accounted for the steepest fall in demand with take-up in this segment half the average level in Q2 2009. Public sector occupiers helped maintain momentum by acquiring 38% of the UK total whilst take-up from industrial firms was well above average in Q2………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Linexlegal.com: UK property market experts were in Guernsey recently to speak at a seminar hosted by Channel Islands law firm Carey Olsen.
The team from Savills, a leading property and real estate service provider in the UK, were in agreement that the market in the UK did not have much further to fall and that the signs of recovery were starting to be seen in residential and commercial sales………..Full Article (Subscription Required) : Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Mortgageintroducer.com: Commenting on data released this morning from the British Bankers Association, which shows a further jump in the number of mortgage approvals for home purchase, RICS Chief Economist Simon Rubinsohn says:

“The increase in mortgage approvals for June, over 35,000 mortgages were approved for the purchase of homes - the highest monthly figure since March last year, follows the positive lead provided by the RICS ‘new buyers enquiries’ series which is continuing to show growing levels of interest in the housing market………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From WSJ: Commercial real-estate investment turnover has plummeted in Central and Eastern Europe this year, but experts point to pockets of activity in Russia, the Czech Republic and Poland.

The volume of transactions in the region during first half of the year fell 91% to €560 million ($795.1 million) from the year-ago period, according to CB Richard Ellis. Russia, Poland and the Czech Republic accounted for 78% of those transactions………….Full Article (Subscription Required) : Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Moneyweek.com: Spain’s house price crash is worse than it looks. Right now there’s clearly some ’statistical noise’ in the housing market.
After a sharp fall, prices stabilise for a while, which can give the impression there’s a pick up underway. But anyone feeling like buying a house right now should take a look at what’s happening in Spain………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Novinite.com: The residential real estate prices in Bulgaria are down nearly 10% during the second quarter of 2009 compared to the first one.

In comparison with the same quarter of 2008 the residential market prices are down 22%. The data was released Thursday by Bulgaria’s National Statistics Institute (NSI)………….Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Propertysecrets.net: The Department of Interior of Cyprus has adopted a new law regarding the immigration.
The law allows non-EU citizens, who legally purchase property in Cyprus of a value exceeding €300,000, to be entitled to apply for and receive an immigration permit………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Zawya.com: Marginal rent growth has been seen in select areas such as Al Qusais, Arabian Ranches, International Media Production Zone (IMPZ) and Al Barsha, while other areas still have continued to register fall, said a new report.

“Rent declines are largely due to a combination of increasing supply and weak demand for specific areas or developments,” said Jesse Downs, Director of Research and Advisory Services, in a July leasing guide. ……….Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Reuters: Piecemeal moves to tighten real estate regulation in Dubai will do little to help the Gulf emirate’s rocky road to mature property market status, with western investors continuing to shun it in the short term.

“You’re not going to get western expat money deployed locally when there is still confusion over property ownership rights,” said Nomura Investment Bank analyst Chet Riley………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Bloomberg: Property markets in the Middle East will start to recover by the beginning of 2011, according to the chief executive officer of Depa Ltd., which is fitting out the interior of the world’s tallest tower in Dubai.

“Slowly we will see at the beginning of 2011 or the end of 2010 the start of a good revival,” Mohannad Sweid said yesterday in an interview in Dubai, where Depa is based………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Chinadaily.com.cn: A number of foreign institutional investors have quickened their pace of cashing in on properties in Shanghai and Beijing, mainly due to tightened cash flow, imminent closing of realty funds and rising concerns of a possible policy change, industry insiders said.

“There will be two to three property deals, with a value around $100 million each, that will be inked in Beijing in the following months, with the sellers being international real estate funds,” Eric Pang, head of the investment department of Jones Lang LaSalle (JLL) Beijing, told China Daily………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Chinadaily.com.cn: China’s realty market saw land acquisitions at record prices in the past month.

Data from Centaline Property Agency has revealed that land reserves of China’s 10 major property developers jumped 74 percent month-on-month in June………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Indiatimes.com: “The right sized product, at the right price will surely be a sell-out,” says Sukhraj Nahar, chairman of the Nahar Group.
“The NRI customer needs the security of being able to walk up to the chairman of the company and ask just about any question related to the project,” says Nahar, on the product’s success………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Bloomberg: South Korea may do more within “two to three weeks” to cool property-market speculation after gains in house prices, government minister Chung Jong Hwan said.

The government “sees speculative demand in some areas and we won’t allow it,” Chung, the land, transport and maritime affairs minister, said in an interview in Seoul yesterday. He didn’t specify possible measures………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Nubricks.com: New research has revealed that residential property prices in the Land of the Long White Cloud are continuing to stabilise and values improved by a considerable amount last month, giving hope that the New Zealand market is bouncing back from the brink.
With both volume and median sale price of houses changing, economists are saying the property market — a leading indicator of the whole New Zealand economy — is slowly improving………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Propertyshowrooms.com: The Australian property market is continuing to display some good signs of improvement, the minutes of this month’s meeting of the board of the Reserve Bank of Australia have shown.

Commenting on the various aspects of the economy in the country, the board noted that “house prices had increased in almost all areas over recent months” and that “housing loan approvals were strong”, adding that “overall housing credit had recorded solid growth”………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Businessspectator.com.au: Around 10-20 per cent of all super fund capital is invested in “real estate”. But when talking about Australian real estate, super funds largely restrict themselves to the relatively small $252 billion “core property” universe comprising industrial, retail and commercial real estate.

Super funds have virtually no exposures to the $3.9 trillion residential property asset-class (and 40 per cent of their members don’t own a home either – they rent)………….Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Nasdaq.com: Has the housing market and related exchange traded funds (ETFs) hit rock bottom yet? While some may think houses are as cheap as they will ever be, more pessimistic investors think the housing bottom still remains elusive.

People should not unequivocally trust the words of pundits who are hinting at a housing bottom, remarks Barry Ritholtz for The Big Picture………..Full Article: Source

Posted on 24 July 2009 by Laxman |  Email |Print

From Investopedia.com: The real estate industry is comprised of numerous investment niches, including builders, mortgage financiers and real estate investment trusts (REITs), and not all of them perform in lock-step with one another.
Though the industry as a whole might not be doing as well, it appears the REITs are currently having their day in the sun…………Full Article: Source

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