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Real Estate Briefing 30.Jul 2009

Posted on 30 July 2009 by Laxman |  Email |Print

From Bloomberg: About $2.2 trillion of U.S. commercial properties bought or refinanced since 2004 are now worth less than the original price, raising the threat of more foreclosures, Real Capital Analytics said.

Prices have fallen so far that about $1.3 trillion of properties have either lost their owners’ down payment or are close to it, Robert White, president of the New York-based research firm, said in a report………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Reuters: The equity in $1.3 trillion worth of U.S commercial real estate acquired or refinanced in 2006 through early 2008 is at risk of being completely wiped out by price collapses, according to a report by Real Estate Capital Analytics.

About $2.2 trillion of properties acquired or refinanced after the 2004 start of the commercial real estate bubble have lost value, according to the report, released on Wednesday by the real estate data company………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Fnarena.com: A major contributor to the global financial crisis was the downturn in US housing prices as this not only brought the sub-prime issue to the fore but the fall in house prices has subsequently impacted on household wealth and this has translated into lower consumer spending levels.

In the view of Standard Chartered there remain significant risks with respect to US real estate, with possibly the next shoe to drop being the commercial property sector as prices here are currently falling faster than house prices………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Bloomberg: Commercial property companies may sell about $3 billion of mortgage-backed bonds starting in September as part of the U.S. program to revive lending for shopping malls, skyscrapers and hotels.

More than a dozen real estate investment trusts are likely to participate in the Federal Reserve’s Term Asset-Backed Securities Loan Facility, or TALF, said Steven Wechsler, chief executive officer of the National Association of Real Estate Investment Trusts………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Reuters: U.S. banks’ losses from loans to homebuilders should start to taper off in about six months, a Standard & Poor’s analyst said on Wednesday.

“The bottom in homebuilder activity apparently started forming after the second quarter closed, so write-offs should taper off late this year or early next,” said Tanya Azarchs, a bank credit rating analyst with Standard & Poor’s in New York………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Forbes: The top 10 spots on this year’s list boast median home sale prices upward of $2 million.
What’s more, many of the ZIP codes on our list saw strong price appreciation since our examination of the top U.S. spots last year………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Bloomberg: Canadian home prices fell on an annual basis for the sixth month in a row in May, the Teranet- National Bank National Composite House Price Index showed.

Prices were 6.9 percent lower than the same month a year earlier, according to the report released today by National Bank Financial………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Prime European office rents declined by 4.6% in the second quarter of 2009 compared with the previous three months and are now on average 15.4% lower than in Q2 2008, according to Jones Lang LaSalle’s Q2 2009 European Office Clock Report.
At the same time, the overall vacancy rate increased 80 basis points to 9.3%………Full Article: Source

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From Independent: Fresh evidence that Britain’s battered housing market is finally on the road to recovery came yesterday with Bank of England figures that showed mortgage approvals for house purchases in June reached 47,584, the highest number since April 2008 and the fifth monthly improvement in a row.

But mortgage lending was a lot lower than expected at £343m – economists had predicted £600m – and total consumer lending was its weakest since the Bank first recorded it in April 1993………Full Article: Source

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From Propertyeu.info: As pressure to generate income continues to mount, nearly two thirds (64%) of UK charities are positive about the prospects of investing in property in helping to secure their required income, according to a study conducted by Cordea Savills, the international property fund manager, and investment manager Rensburg Sheppards.
Some 41% of the charities polled plan to increase their allocation to property over the next 18 months………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From French-property-news.com: The Fédération Nationale de l’Immobilier (FNAIM) unveiled its report on property prices in France for the first half of 2009 in July, revealing that prices are standing up well despite the recession and are on course to meet predictions of a 5-10% drop over the year.

It seems that the drop in prices experienced towards the end of 2008 and beginning of 2009 is abating, with prices jumping 3.9% in the second trimester of 2009, helping to level out the drop in property prices for the year to date to 7.3%………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Propertyeu.info: Sentiment in the Polish warehouse market improved in the second quarter of this year, with take-up increasing 30% to 174,800 m2 compared to the previous quarter, Cushman & Wakefield reported.

After a slow start to the year, several major deals were closed in Q2, but tenants continued to exercise caution, the adviser said………Full Article: Source

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From Homesoverseas.co.uk: Prospects for the Cyprus property sector look sound in comparison to most property markets in Europe, according to Cypriot government.

In an interview with the Financial Mirror, Cyprus’ interior minister Neoclis Sylikiotis said: “property investment is much safer in Cyprus than anywhere else.”……..Full Article: Source

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From Europe-re.com: Despite the global slowdown, the UAE continues to be one of the most active construction markets in the world with more than 750 active projects in construction and 450 recently completed, according to a new report by Dubai-based research house Proleads Global.
Although more than 400 projects with a total value in excess of US $300 billion have been placed on hold or cancelled, (the rest either in study, planning, design or bidding), the report forecasts stability returning to the sector this year with some recovery in cash flow in 2010………Full Article: Source

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From Propertywire.com: The merger between leading property developers in Dubai will create a giant entity that will dominate the real estate market, it is claimed.

Opinion is divided as to whether the merger of Emaar Properties and three companies in the Dubai Holding Commercial Operations Group will have a positive or negative impact in the short term………Full Article: Source

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From Thepeninsulaqatar.com: The Gulf has largely avoided the writedowns of repackaged subprime mortgages that unleashed such havoc on global financial markets last year.
But instead, the nascent local mortgage industry has been hit by a slump in domestic property. Across the region residential property values and rental costs have declined, some even more deeply than in the US………Full Article: Source

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From Business24-7.ae: Private equity (PE) real estate funds are still struggling to raise capital in the current economic environment.

The second quarter of 2009 saw 21 real estate funds close, with an aggregate commitments of $10.3 billion (Dh37.83bn)………Full Article: Source

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From Themovechannel.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 per cent year-on-year in June, according to the latest property price index………Full Article: Source

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From Chinadaily.com.cn: China Merchants Property is planning to raise 5 billion yuan through a private placement of new shares to help finance the acquisition of development land.

This is the latest move in a series of mega capital raising schemes by the country’s leading real estate developers going on an expansion mode to take advantage of the recovering real estate market………Full Article: Source

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From People.com.cn: The current market access threshold for real estate enterprises is too low, said Zhu Zhongyi, vice chairman and secretary-general of China Real Estate Association (CREA) recently.
China must improve real estate tendering and bidding systems, regulate access standards, and strengthen corporate brand building to help some real estate enterprises form their own brand reputation………Full Article: Source

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From Chinadaily.com.cn: Latest statistics show that Hong Kong investment in the mainland real estate rebounded in the first half of this year, Xinhua.net reported Wednesday.

According to figures released by Hong Kong-based Land Power, a real estate consulting group, as of the end of June, the amount of the mainland property that Hong Kong people have bought is between 11,000 to 12,000 units, a 23 percent year-on-year rise………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Channelnewsasia.com: The government is seeing some signs of speculation in the Singapore property market, according to National Development Minister Mah Bow Tan.

Speaking on the sidelines of the topping out ceremony of the Marina Bay Financial Centre on Wednesday morning, Mr Mah said the government is monitoring the situation………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Thejakartaglobe.com: Jones Lang LaSalle said Jakarta’s residential market has yet to recover from the global economic downturn, with figures for property sales and leases down dramatically compared to last year.

“Sales of apartments are still down, while new unit leasing also declined during the first half of this year,” Anton Sitorus, head of research at PT Jones Lang LaSalle Indonesia, said on Wednesday………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Asianewsnet.net: Local investors will continue to be main players in the real estate market in the short and medium term, and will seek assets from foreigners looking to leave the market.

Managing director of CB Richard Ellis Viet Nam Ltd Co, Marc Townsend, told the Viet Nam International Real Estate Conference in HCM City on Saturday that more real estate assets will be offered for sale in the near future………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Theaustralian.news.com.au: As much as $10 billion has been wiped from the value of unlisted wholesale property trust assets in the year to June.

Analysts predict about $3bn worth of real estate holdings will need to be sold by these funds in the coming months………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Reuters: Investors in real estate funds can’t give their stakes away. In another sign of more bad news to come for commercial real estate, NYPPEX Private Markets reports a sharp drop in prices for limited partnership stakes in real estate funds in the unregulated secondary market.
NYPPEX says the average bid for these partnership shares plunged 61% over the past month to a price that represents roughly 22 cents on the dollar………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Investopedia.com: The traditional idea of a short sale is selling something you don’t have so that you can buy it back at a lower price. The easiest example is stocks. Short sale of a stock involves borrowing stocks from a broker in order to sell them, and when prices fall, buying back the stocks to return to the broker and keeping any profit made.
One option that is similar to shorting of a stock is to invest in ETFs that are short in real estate. These ETFs are typically designed to give inverse returns to a pool of real estate investments, usually REITs. ……..Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From ETFguide.com: U.S. home prices may be stabilizing according to latest figures reported by the Standard & Poor’s Case Shiller index. But before you uncork the champagne, it’s still too early to conclude “the worst is over.”

Home prices from the period of April to May rose or remained unchanged in 15 out of 20 cities. The Case Shiller index tracks the performance of home prices in 20 U.S. metropolitan areas………Full Article: Source

Posted on 30 July 2009 by Laxman |  Email |Print

From Investmentweek.co.uk: Global commercial property markets are showing signs of a recovery as emerging markets lead strong rises for the S&P Property and REIT indices in Q2.

The latest Quarterly Global Property & REIT report from Standard & Poor’s Index Services found property markets rebounded sharply in Q2. It reports the S&P Global Property Index soared nearly 38% during the period after falling almost 20% in Q1………Full Article: Source

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