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Real Estate Briefing 29.Jul 2009

Posted on 29 July 2009 by Laxman |  Email |Print

From Reuters: The U.S. housing market may finally have turned around after three years, given the rise in the widely-watched Case-Shiller home price index for May, the developers of the index told Reuters on Tuesday.

The Case-Shiller home price index for May posted an increase of 0.5 percent, the first monthly rise since 2006, in instead of a forecast 0.5 percent decline, though prices have tumbled more than 32 percent from their peak in the second quarter of 2006………Full Article: Source

Posted on 29 July 2009 by Laxman |  Email |Print

From Market Watch: Commercial real estate is the new Achilles heel for the U.S. banking sector, said Janet Yellen, the president of the San Francisco Federal Reserve Bank on Tuesday.

“The next area of significant vulnerability for the banking system, particularly for community and regional banks with real estate concentrations, is income-producing office, warehouse and retail commercial property,” Yellen told a bankers conference in Idaho………Full Article: Source

Posted on 29 July 2009 by Laxman |  Email |Print

From Dow Jones: Investors looking for blue-light specials on distressed commercial property are finding the pickings surprisingly slim as banks refrain from holding fire sales on troubled assets.

Despite rising loan delinquencies and foreclosures on hotels and on retail, apartment and office buildings, banks are reluctant to unload troubled assets at bargain-basement prices amid a lack of transparency and agreement on fair valuations………Full Article: Source

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From Assetz.co.uk: For those concerned with the question of when the world recession will run out of steam and growth might re-emerge, the recent finding that Britain’s economy shrank by more than expected in the second quarter came as a major blow.
But while confidence in the UK has taken a hit, it seems there are better prospects across the Atlantic………Full Article: Source

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From Thestar.com: Canadians, buoyed by a budding housing market recovery, took on more debt in June as they tapped banks for a variety of loans tied to real estate, says a report released yesterday by TD Economics.

Total bank-issued credit to households grew by 1 per cent in June from May. On a year-over-year basis, household credit increased by 9.9 per cent………Full Article: Source

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From Bloomberg: Marcos Duarte, co-founder of the $1 billion hedge fund Polo Capital Gestao de Fundos Ltda., is buying more Brazilian homebuilder shares even after the stocks more than doubled this year.

Duarte said the Rio de Janeiro-based firm is buying real estate developers Klabin Segall SA and EZ Tec Empreendimentos e Participacoes SA, adding to bets on the industry that helped his 659 million-real ($348 million) Polo Norte Multimercado LP fund outperform 96 percent of its peers in 2009………Full Article: Source

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From Independent: House prices in England and Wales rose in June for the first time in 18 months, official figures revealed yesterday in further evidence that the housing market may finally be bottoming out.

The Land Registry, which logs the value of all completed housing transactions in England and Wales and thus provides the most accurate data on prices, said the market was up by 0.1 per cent in June compared to May, the first positive month since January 2008………Full Article: Source

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From Guardian: Official figures show the first increase in 18 months, but Land Registry warns this is not a return ‘to solid growth’.
House prices in England and Wales rose for the first time in almost a year and a half in June, the Land Registry said today, but it was quick to add that the move reflected a flattening of prices “not a return to solid growth”………Full Article: Source

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From Bridgingandcommercial.co.uk: A further decline in values is likely for UK commercial property, an expert has warned. Gertraud Discherl of KPMG Advisory said that recent speculation that real estate prices had bottomed out, after suffering double-digit percentage point devaluations over the past year, might be misguided.

She added that property was currently “on the cusp of a wave” of “significant … write-downs”, which would bring about a further downwards leg for prices………Full Article: Source

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From Investmentinternational.com: A new survey by The Sovereign Group indicates a robust property market in the offshore sector.
Most offshore tax jurisdictions within easy reach of Britain are bucking the European property market slump as wealthy Britons prepare for an exodus from harsh UK tax rises, according to a survey by international offshore tax firm The Sovereign Group………Full Article: Source

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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

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From Propertyeu.info: German open-ended property funds recorded EUR 3.1 bn in net inflows over the first six months of 2009, bringing total fund volume to EUR 87.5 bn at end-June compared with EUR 87.2 bn in the year-earlier period, fund industry body BVI reported on Tuesday.

In terms of total volume, open-ended property funds were the third biggest investment category in the first half after equity funds (EUR 155.7 bn) and interest rate funds (EUR 144.1 bn)………Full Article: Source

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From Homesoverseas.co.uk: Athena Mortgages has launched a monthly French Property and Mortgage Watch, which should provide a useful overview of the French property market and an invaluable pool of information for potential investors looking to invest in property in France.

July’s report includes French property price trends, gross yields information, and some of the most popular areas to invest in property………Full Article: Source

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From Shelteroffshore.com: A recent article in the Guardian about the appeal of property in Portugal spawned a host of spin off articles on property related websites that grabbed hold of anything positive about the nation’s market from the original piece, and pushed the appeal of the country’s real estate to the max.

However, despite the overall positive findings of the original Guardian article’s author Graham Norwood, we would like to argue that property in Portugal is not necessarily so popular with Britons at the moment – even those seeking to buy into a more stable market in Europe perhaps………Full Article: Source

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From Bloomberg: Real estate projects worth more than $300 billion have been put on hold or canceled in the United Arab Emirates as the financial crisis halted construction of over 400 projects, Proleads Group said.

The U.A.E.’s construction market remains active with more than 750 on-going projects and 450 recently completed, the Dubai-based research group said in an e-mailed statement today………Full Article: Source

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From Offplanpropertyexchange.com: Those with property investment and property management interests in the UAE may welcome research from HSBC which shows that property prices are rising in the emirates.

The new Property Ladder study shows that there has been a marked growth in the UAE property sector, in part spurred by a relaxation of maximum loan-to-value (LTV) rates that have allowed more people to get on the housing ladder………Full Article: Source

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From Arabianbusiness.com: The decline in Dubai’s residential property market is likely to continue until the second quarter of next year, Moody’s has said.

“Moody’s notes that the Dubai residential property market generally remains oversupplied, and the downward trend in the market is unlikely to stabilise before Q2 2010,” the credit rating agency said in a special comment on Dubai-based developer Emaar………Full Article: Source

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From AFP: Iraq has a housing shortfall of 1.5 million homes and the situation will worsen in the coming years as more and more Iraqis migrate to cities, the United Nations said on Monday.

The country also requires an additional 4,000 primary schools, while half of the 15,000-odd schools already in use require major rehabilitation, the UN’s urban development agency said in a report outlining its plans in Iraq over the next three years………Full Article: Source

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From Zawya.com: The number of property sales transactions in Lebanon went down by a 10.6 percent year-on-year in June 2009, which more than offset the growth in demand witnessed in the first quarter of the year and in May, leading to a yearly decline of 3.3 percent in property sales transactions in the first half of the year to reach 33,830.

Figures released by the Directorate of Real Estate and published by Bank Audi Weekly Monitor indicate that the total value of property sales in Lebanon in the first half of 2009 was at LL3.703.3 trillion, down by 5.2 percent from the value of property sales registered in the first half of 2008………Full Article: Source

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From Propertywire.com: The residential property market in South Africa appears to be coping with the global downturn although concerns about a rising number of foreclosures are increasing.

The average price of a property in South Africa increased by 1.2% year-on-year in June, according to the latest property price index………Full Article: Source

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From Allafrica.com: Although higher price tags on especially large houses in Windhoek during April drove the value side of the FNB Housing Index up to levels of last January, everything is far from coming up roses in the local property market.
Housing demand is still subdued despite lower interest rates, prices for smaller houses remain under pressure and prospective home buyers are facing tighter lending criteria………Full Article: Source

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From Cri.cn: China’s Ministry of Land and Resources recently released data indicating that the average land price accounts for about 23 percent of the surge in house prices, sparking defensive replies from property developers and even more heated discussion across the country about the sizzling property market.

A commentator from Securities Times said the move is an active defense by land authorities against the blame for fueling the rise in property prices. It is commendable of the ministry to respond to people’s inquiry in a timely manner and make information public………Full Article: Source

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From People.com.cn: The central government has held meetings to research and investigate problems in the real estate market, and the call to prevent a bubble forming keeps getting louder.
Is there a real need to cool the real estate market down in the second half of the year? Housing prices in some areas are soaring while the real economy is still at rock bottom. Is an overheated real estate market a crisis or an opportunity?……..Full Article: Source

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From Chinastakes.com: While the real estate market appears to be is in the midst of a boom, defaults among developers are also beginning to rise. Small and medium developers are resorting to faking sales to get bank loans to relieve their funding pressure.

Statistics show that from May 1 to July 24, which seemed to be good days for Shanghai’s real estate market, many housing projects were seeing over 30% cancellations, and the cancellation rate of some projects was as high as 125%………Full Article: Source

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From Reuters: India’s property market could see lower prices and a pick up in business activity lifting demand in the near term, but new supply will keep a lid on rises in property values, a top industry official said on Tuesday.

“In India, demand is holding up relatively better as the economy is still growing. Commercial property is stabilising, but residential has seen a bounceback,” Alastair Hughes, chief executive for Asia Pacific at property services firm Jones Lang LaSalle, told Reuters in an interview………Full Article: Source

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From Asiaone.com: To help offset a drastic drop in private investment, Malaysia plans to aggressively internationalise its real estate and has set a target of attracting RM20 billion (S$8.2 billion) in foreign investment over the next decade.

It has tasked a new public-private entity called Malaysia Property Incorporated (MPI) with improving the level of foreign investment in the sector, which is currently a mere 2.5 per cent of the value of total properties transacted………Full Article: Source

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From Computerworld.com.au: Google’s Australian trial of new real estate aggregation service as part of Google Maps has raised the ire of media heavyweights Fairfax and News Limited.
Users can now search for properties to rent or buy when browsing Australian maps, filtering by price range and property criteria, in a similar manner to the search functions of dominant Australian real estate portals domain.com.au and realestate.com.au………Full Article: Source

Posted on 29 July 2009 by Laxman |  Email |Print

From Forbes: Investors have been pouring money back into real estate, but Deutsche Bank sees reasons to worry.
No business was closer to the epicenter–real estate and real estate finance–than publicly traded property companies, known as real estate investment trusts, or REITs………Full Article: Source

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