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Real Estate Briefing 28.Jul 2009

US: Almost $165 bln in commercial loans due in ‘09
Widening commercial real estate crisis hits U.S. banks
New-home sales climb 11%, most in eight years
Sharp rise in US home sales gives hope slump is over
US pension giants lose big on real estate
Will commercial real estate be bailed out?
US aid may ease commercial real estate credit
Brazil property mortgage rate cuts
Direct commercial real estate investment in Europe stabilized in Q2 2009
Cross-border investment rebounds in Europe in Q2
C&W sees more appetite from institutional investors
U.K. property prices held their value in July, Hometrack says
UK property market turning green
Capital values stabilising for UK property, says Aberdeen
ING calls the bottom of UK real estate
UK: Investor rental plan looks back to 1950s
UK's BMW pension redistributes its real estate
Bulgaria property prices head south
Real estate prices fall to 2007 low in Moscow
Buyers return to Dubai property market, with caution
NBAD and Evans Randall invest in property fund
UAE leads the Gulf in construction development
About turn awaits China's developers
Chinese real estate market improving despite downturn
China conducts survey on land lease costs, property prices
Axa REIM edges towards China real estate fund
Developers in India switch to providing budget housing
India: Realty April-June net seen slumping as sales dip
Singapore: Mass market buyers prop up home prices
Singapore: Home-hunters back on the prowl again
Hong Kong new mortgage loans approvals rise to record
Hong Kong residential:Tighter supply Vs rising unemployment
NZ: Signs of life in property market
Aussie property about to ride a big wave
Australian newspapers hit back at Google's Real Estate service
Google sparks real estate listings brawl
Global commercial property survey Q2 2009
Wolseley warns of construction slump until 2010

Posted on 28 July 2009 by Laxman |  Email |Print

From Bloomberg: Almost $165 billion in U.S. commercial real estate loans will mature this year and need to be sold or refinanced as rents and occupancies fall, according to First American CoreLogic.

The U.S. South has the most maturing loans with 60,893 mortgages valued at $96 billion coming due on shops, offices, hotels, apartment buildings and land, Santa Ana, California- based First American said in a report. The West is second with 20,549 mortgages maturing for a value of $35 billion……….Full Article: Source

Posted on 28 July 2009 by Laxman |  Email |Print

From WSJ: When commercial real estate markets went bust two decades ago, bankers said they learned a hard lesson. The latest earnings reports from U.S. banks suggest many, in fact, didn’t.

Losses from loans tied to strip malls, office buildings, housing complexes, and the like are hurtling toward record levels not seen since the infamous savings-and-loan crisis……….Full Article (Subscription Required) : Source

Posted on 28 July 2009 by Laxman |  Email |Print

From Bloomberg: Purchases of new homes in the U.S. climbed 11 percent in June, the biggest gain in eight years, underscoring evidence that the deepest housing slump since the Great Depression is starting to stabilize.

Sales increased to a 384,000 annual pace, higher than every forecast in a Bloomberg News survey and the most since November, figures from the Commerce Department showed today in Washington. The number of houses on the market dropped to the lowest level in more than a decade……….Full Article: Source

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From Timesonline.co.uk: Sales of new homes jumped last month as Americans took advantage of bargain-basement prices and low interest rates to enter the housing market, raising hopes that the property slump that has plagued the US since 2005 was ending.

However, developers of luxury Manhattan apartments continued to struggle to offload as wealthy buyers waited for signs of a more substantial economic improvement, new figures from estate agents showed……….Full Article: Source

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From IPE: The two largest pension funds in the United States have seen their real estate holdings plummet in value over the last year, as the California State Teachers Retirement System’s property portfolio dropped by 43% in 12 months, while CalPERS lost over a third in a year to the end of March.

CalSTRS’ pension fund real estate assets were valued at $13bn (€9.2bn) at the end of June, having been valued at $20.8bn just 12 months earlier……….Full Article (Subscription Required): Source

Posted on 28 July 2009 by Laxman |  Email |Print

From Investopedia.com: Many investors are starting to become worried about looming problems within commercial real estate lending, as the credit cycle continues its tortuous path through the American landscape. Is it possible that this will be round two of the bailout of the U.S. financial system?.
This is not a new issue, and many have written on this area previously, but Federal Reserve Chairman Ben Bernanke may have focused renewed interest on with his testimony before Congress earlier this week……….Full Article: Source

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From Cincinnati.com: Macroeconomic forces such as consumer spending declines and rising unemployment have pushed the commercial real estate market near its bottom. But the inability of developers to secure financing is keeping it there.
Real estate professionals both nationally and locally are pushing for federal aid for the industry. If banks can unload the debt associated with struggling properties, then they are freed to loan to new projects, the experts say……….Full Article: Source

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From Homesoverseas.co.uk: The central bank in Brazil has cut the country’s benchmark interest rate by 0.5% to a record low of 8.75%, which is good news for anyone looking to buy a property in Brazil.

It is the fifth time in the past five months that the country’s policymakers have agreed to reduce interest rates, which in turn lowers mortgage borrowing rates for existing Brazil property owners as well as for people currently looking to buy a home in Brazil……….Full Article: Source

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From Europe-re.com: Direct investment in commercial real estate in Europe stood at €24 bln. in the first half of 2009, according to new research from Jones Lang LaSalle. Levels in the second quarter were similar to volumes seen in the first quarter of the year.
The €24 bln. transacted in direct commercial real estate investment in the first half of this year was down 42% on the second half of 2008 (€41.5bln.)……….Full Article: Source

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From Propertyeu.info: Cross-border commercial real estate investment activity rebounded in Europe in the second quarter of 2009, signalling increased appetite from international and pan-European investors, according to Jones Lang LaSalle’s new European Capital Markets Bulletin.
Cross-border investment accounted for 52% of total direct commercial investment volumes, up from a low of 27% in Q1 2009……….Full Article: Source

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From Propertyeu.info: Institutional investors will show more appetite for real estate in the second half of 2009, adviser Cushman & Wakefield predicts.
‘Whilst many institutional investors used the first half of the year in particular for the strategic realignment of their portfolios in view of the global economic crisis and, as a result, made negligible investments in indirect real estate assets, there are increasing signs that we are about to enter a renewed phase of investment……….Full Article: Source

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From Bloomberg: U.K. house prices held their value for a third month in July as the credit squeeze and the recession prevented the property market from improving, Hometrack Ltd. said.

The average cost of a home in England and Wales was 155,600 pounds ($256,351), 7.7 percent lower than a year earlier, the London-based property research company said in an e-mailed statement today……….Full Article: Source

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From Business24-7.ae: Much has been made of the declining residential house prices across the world, but not so much has been said about residential development land – an asset which has seen an even more spectacular collapse in its value.

Some estimates suggest that some development lands have fallen by more than 55 per cent on average across the UK – or as much as 60 per cent in some specific areas – since the highs of 2007……….Full Article: Source

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From Propertyfundsworld.com: While total returns for 2009 will remain firmly in negative territory, the bulk of the anticipated capital value decline occurred in the first half of the year and capital values will stabilise over the next 12 months, according to a report by Aberdeen Property Investors.

The report says yields have already stabilised and are starting to fall again for prime property let on long leases to high quality tenants, and for smaller lot sizes in particular……….Full Article: Source

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From IPE: The commercial real estate market in the UK has bottomed out in relation to property yields, according to Ian Whittock, chief investment officer at ING Real Estate Investment Management.

Yields for prime UK real estate have hardened in recent weeks and competitive bidding has pushed up pricing in certain areas of the market, although some commentators question whether today’s market values can be can be sustained in the face of a poor rental market outlook……….Full Article (Subscription Required): Source

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From Timesonline.co.uk: Britain’s housing landscape is set for one of its most profound changes in more than half a century after pension funds confirmed plans to build blocks of homes for private rental in areas of greatest need.
Much of the building will be in the South East Aviva Investors said that it would plough millions of pounds into purpose-built rented accommodation for those priced out of home ownership……….Full Article: Source

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From IPE: The UK pension fund of car manufacturer BMW has sold a distribution centre in Europort, Wakefield to UK real estate company Patrick Properties.

The 220,000 square foot property, let to Royal Mail, was sold for £10.6m (€12.2m), reflecting an initial yield of 8.4%……….Full Article (Subscription Required): Source

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From Homesoverseas.co.uk: The average price of a property in Bulgaria fell by almost a quarter during the first half of 2009 compared to the same period last year, according to a report on Bulgarian National Radio, citing data from property firm Address.

Address expects Bulgaria property prices to continue to fall throughout the rest of 2009, before potentially starting to stabilise early next year……….Full Article: Source

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From Themoscowtimes.com: Moscow real estate prices continued a seemingly inexorable decline in July, breaking through the psychologically important level of $4,000 per square meter last week and continuing to sink lower, according to data compiled by a leading analytical company.

The average price of Moscow real estate on Monday was $3,930 per square meter, according to research portal IRN.ru. Last week, the average price was $3,957 per square meter, lower than the support level of $4,000 per square meter set two years ago……….Full Article: Source

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From Thenational.ae: Whether buyers are prepared to wait or not, their desire for Dubai property is helping prices in certain areas creep up from what property agents call their “lowest point”, in March.

A four-bedroom garden villa on Palm Jumeirah is now listed at between Dh7.5 million (US$2m) and Dh8m, compared with Dh6.5m in March, while a basic apartment in the Shoreline Apartments carries a price tag of Dh1.9m, compared with Dh1.7m in March……….Full Article: Source

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From Reuters: The National Bank of Abu Dhabi (NBAD) and British Investment bank Evans Randall will invest about $20 million (12 million pounds) in a European property fund, a UAE newspaper reported on Sunday.

NBAD and Evans Randall in December 2008 announced plans to set up a joint venture to provide mezzanine investments in European real estate, primarily in the UK and Germany……….Full Article: Source

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From Propertywire.com: The United Arab Emirates is leading the way in development in the Gulf region with almost $930 billion worth of projects currently underway, according to a new report.

A study from the Kuwait National Bank says that this amounts to 45% of all projects planned in the Gulf area which amounts to some $2.1 trillion……….Full Article: Source

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From WSJ: There may be no bubble in China’s property market — yet. But property developer stocks are outpacing even the Shanghai market’s precipitate rise this year.

Not everyone is sharing the euphoria. Some policymakers are voicing concern about a market recovery that’s been fueled by the sharp rise in China’s bank lending this year……….Full Article (Subscription Required): Source

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From Chinapost.com.tw: Government stimulus measures and speculative investors have helped forge a surprising turnaround, with rocketing prices in some large cities sparking concerns of a new bubble.

“China’s residential market has touched rock bottom and is now recovering at a faster pace than expected,” said Alan Chiang, residential market head at property consultancy firm DTZ China……….Full Article: Source

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From Nasdaq.com: Land lease costs in China account for 23.2% of the prices of new property developments on average, a survey by the Ministry of Land and Resources shows.

The cost of land, in effect the lump sum developers pay local governments to lease land, accounts for between 5.3% and 58.6% of the prices of new developments, according to the survey, posted on government Web site Landvalue.com……….Full Article: Source

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From IPE: AXA Real Estate Investment Managers has moved one step closer to creating a dedicated Chinese real estate fund.

The European fund manager has signed an agreement with China’s largest insurance company, Ping An Trust, to co-invest in the development of residential projects in China……….Full Article(Subscription Required): Source

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From Channelnewsasia.com: Real estate developers in India think the worst may be over as property prices stabilise. Buyers are also returning, encouraged by the government’s decision to provide cheaper home loans.

India’s real estate sector is showing its first signs of stability after a free fall that started last year. A series of interest rate cuts on home loans and a revival in optimism have encouraged developers to start new projects……….Full Article: Source

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From Indiatimes.com: Mid-cap real estate developers are expected to show a slump in sales by half to as much as 90 percent in the June quarter, as home buyers stay clear of purchases, according to a poll of brokerages by Reuters.

Margins are also seen squeezed as many launch cheaper housing to boost unit purchases, but the firms are expected to show a fall in their bottomline by at least 60 percent, or plunge to losses during the quarter over a year-ago, according to the poll……….Full Article: Source

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From Asiaone.com: They were shut out of the property market during the most recent boom in 2007, when furious demand for luxury homes drove up home prices far beyond their reach.

Now, buyers of cheaper mass market homes - defined loosely as bigger HDB flats and condominiums in the suburbs - are back in the market with a vengeance……….Full Article: Source

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From Asiaone.com: ‘Singapore is probably the only place on earth where there is a recession and unemployment but the property market is still so hot,’ said Mr Eugene Lim, associate director of property firm ERA Asia Pacific.

But reasons behind the shopping spree are not hard to find. They range from low interest rates, lower prices and a fear of missing the bottom to cash-rich buyers and optimism that the economy will bounce back soon……….Full Article: Source

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From Bloomberg: New mortgage loans approved in Hong Kong jumped to a record HK$38.4 billion ($5 billion) in June, as low borrowing costs and rising home prices fueled demand.

The value of new home loans rose 36.5 percent last month from May, the Hong Kong Monetary Authority said today on its Web site……….Full Article: Source

Posted on 28 July 2009 by Laxman |  Email |Print

From Stockstar.com/: While the number of newly completed residential units increased 94% YoYfor 1H09, number of unsold units under construction fell 2% YoY, whichimplies a tighter potential supply of new units.
This is attributable to limitedland supply under the current application list system. Tight supply shallunderpin property price despite increasing unemployment rate……….Full Article: Source

Posted on 28 July 2009 by Laxman |  Email |Print

From Stuff.co.nz: An indicator of the housing market improved to its best reading in two years, as the economy struggled to escape a recession that began at the start of 2008.

The Mike Pero Mortgages-Infometrics property cycle indicator climbed to a positive 4.01 in June, from 0.31 in May, the first time it has been at that level since mid-2007……….Full Article: Source

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From News.com.au: Australia’s property sector is about to catch a wave but homeowners and investors do not need to worry about a wipe-out.

While a bubble in the first home owner segment of the housing market is set to burst with the winding back of government grants in two months, industry experts say investors will fill the breach……….Full Article: Source

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From Bigmouthmedia.com: A recent enhancement to Google’s mapping service has landed the search engine in hot water with Australian newspapers.

Last month, the Mountain View giant announced that Google Maps would list hot property with a real estate feature providing aggregated listings of estate agents and publishers……….Full Article: Source

Posted on 28 July 2009 by Laxman |  Email |Print

From Smh.com.au: Google is facing the greatest challenge yet to its might in Australia as two of its largest media customers threaten to pull their business over the internet company’s decision to enter the real estate listings market.

Fairfax Media and News Limited are independently weighing up whether to pull the millions of dollars they collectively spend on buying key search terms on Google following the latter’s decision to list properties for sale on Google Maps……….Full Article: Source

Posted on 28 July 2009 by Laxman |  Email |Print

From Finfacts.ie: Despite some improvement in the economic data and a moderation in the pace of decline in capital values in all world regions, rents fell sharply says the latest RICS Global Property Survey.
Surveyors in Italy, Spain and Ireland remain particularly downbeat about the rents outlook……….Full Article: Source

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From Timesonline.co.uk: Wolseley, the world’s biggest supplier of plumbing and heating materials, said today that the construction industry would remain in the doldrums for the rest of the year and into 2010.

In a bleak outlook for the coming months, the construction group said that it would continue to cut jobs and sell off businesses in Eastern Europe and Belgium amid deteriorating market conditions……….Full Article: Source

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