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Real Estate Briefing 31.Jul 2009

Posted on 31 July 2009 by Laxman |  Email |Print

From Economist.com: Commercial property was a popular asset class for much of this decade. Institutional investors who lost a lot of money when the dotcom bubble burst were persuaded that switching from the stockmarket into property would diversify their portfolios and reduce their risk.
Cheap finance was plentiful. Investors could indulge in a version of the “carry trade”—borrowing at a low interest rate to buy buildings and counting on the rental yield and capital growth to more than cover their financing costs……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Economist.com: Banks face another round of property-related bad debts: this time it will be flashy offices, not rundown homes.
There is something comforting about investing in bricks and mortar. To many people it is a solid, “real” asset, unlike those complex pieces of paper that flighty financial markets spend all their time trading……….Full Article: Source

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From Propertyfundsworld.com: Commercial property markets are showing signs of a recovery following sharp rises in the S&P Property and Reit Indices in the second quarter, according to a report from Standard & Poor’s Index Services.

After a disappointing Q1, in which the S&P Global Property Index continued its downward spiral falling by 19.81 per cent, property markets across the board have rebounded sharply with the index posting an increase in Q2 of 37.9 per cent. ………Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Propertyweek.com: The decline in property returns slowed in the second quarter of 2009 according to the Jones Lang Lasalle Quarterly Property Index.

Real estate returns fell by 1.8% in the second quarter of 2009, compared with 6.4% in the first quarter, recording the smallest negative quarterly returns since June 2008……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Reuters: The amount of troubled U.S.commercial real estate loans may double to $100 billion by year end as delinquencies rise and financing remains hard to find, Fitch Ratings said on Thursday.

Commercial real estate has emerged as one of the biggest threats to a rebound for financial institutions and the U.S. ecomomy, as falling revenue from office buildings, shopping centers and apartments reduce property values……….Full Article: Source

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From Marketoracle.co.uk: Now that a number of recent housing reports are generating some incredibly positive headlines and the global economy appears to be slowly digging its way out of an enormous hole that was created last fall when the world nearly came to an end, the burning question on the minds of millions of people is …
Has the housing market hit bottom?………Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Economist.com: Is the housing market really coming back to life? Prices may finally have embarked on a tentative upswing but mortgage lending remains a mixed picture. Figures from the Bank of England on July 29th show that property loans increased in June by only £342m ($561m), about the same as in May and less than most economists were expecting.
The number of mortgage approvals, however, rose by almost 8% to 47,600, up from a trough of 27,400 last November……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Europe-re.com: CB Richard Ellis Group, Inc. (CBRE) announced a slight upturn in the European commercial real estate investment market, with turnover for the second quarter (Q2) of 2009 totaling €13 billion, a 12% increase on the €11.6 billion transacted in Q1 2009.
The increase in activity was heavily weighted towards the last few weeks of the quarter. This increase in activity has been matched by stabilising yields……….Full Article: Source

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From WSJ: U.K. house prices have a “reasonable chance” of ending the year slightly higher than where they started it, the Nationwide Building Society said Thursday in one of the most upbeat comments on the market since it was throttled by the credit crisis.

“Only a few months ago, such an outcome would have appeared unthinkable,” Martin Gahbauer, Nationwide’s chief economist, said in the report……….Full Article (Subscription Required) : Source

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From Bloomberg: London Mayor Boris Johnson today published a plan to fund the city’s Crossrail transportation system by levying a 2 percent supplement on taxes for commercial real estate with an assessed value of 50,000 pounds ($82,520) or more.

The measure will be introduced in April and will be limited to an “estimated” one fifth of London’s business premises, the mayor’s office said today in an e-mailed statement……….Full Article: Source

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From Economist.com: Spanish banks have been doing their best to shield themselves from the bursting of the country’s property bubble. By buying properties before the loans on them go bad, lenders can mask their worst bets.
Restructuring loans has the same effect. Help is now at hand from an unlikely source: the normally sober Bank of Spain. In July the central bank circulated guidance that relaxed provisioning rules on risky mortgages……….Full Article: Source

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From Reuters: Spain’s real estate investment trusts will do little to attract foreign investors or soothe its catatonic property sector before an expected economic rally in 2011, even if they do help detoxify distressed banks.

“We should have had them (REITs) two or three years ago. They are locking the door after the horse has bolted,” said CB Richard Ellis’ Iberian research head, Edward Farrelly……….Full Article: Source

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From Sofiaecho.com: If the Bulgarian construction sector was to keep its first-quarter development pace, the industry would see a 25 per cent drop in the number of new construction projects to come to the market in 2009 compared to the year before, estimates from Arco Real Estate, the local office of Estonian real estate group Arco Vara, said.

Sofia was headed for a 32 per cent year-on-year drop, whereas Varna and Bourgas faced declines of 32 and 14 per cent, respectively, the agency said………..Full Article: Source

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From Nuwireinvestor.com: House price increases in Slovenia began to slow in 2007, and started to decrease in 2008. In the first quarter of 2009, the price of second-hand dwelling houses declined by 7% (-8.7% in real terms) from a year earlier, according to the Statistical Office of the Republic of Slovenia (SORS) - the biggest annual price fall since the series was established in 2003.
From 2004-2007, house prices increased at an average rate of 13%……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Nytimes.com: With its medieval cities and a coastline dotted with largely unspoilt islands, Croatia has been a natural destination for many of Europe’s real estate dollars in recent years.

Yet while the Adriatic sun continues to sparkle along the country’s Dalmatian coast, its real estate market has lost much of its glitter……….Full Article: Source

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From Zawya.com: Dubai real estate market endured another difficult quarter with minimum sales activity and further evidence of weak sales levels across all sectors.
Despite continued negativity, price declines are beginning to slow with cautious optimism that market bottom could be called before year end……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From AFP: Property giant Emaar posted a second-quarter net loss of 1.3 billion dirhams (350 million dollars) as a slowdown in the American real estate market forced it to write off the entire value of its US unit John Laing Homes.

Emaar, partly owned by the Dubai government, swung into loss from a profit of 2.1 billion dirhams (572 million dollars) in the same period last year, it said in a press release on its website……….Full Article: Source

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From Tradearabia.com: Moody’s has said that the proposed consolidation of Dubai’s two largest master real estate developers, Emaar Properties and Dubai Holding Commercial Operations Group, would create a dominant entity in Dubai’s property market.

The ramifications of the transaction are discussed in Moody’s Special Comment, ‘The Dubai Property Market in the Wake of Consolidation’……….Full Article: Source

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From Propertywire.com: The property market in Dubai is stressed but it is not getting any worse and improvement already being seen in some economies around the world backs up the arguments that it will start to recover in 2010.

Real estate market recovery is very much dependant on the global economic recovery and world economic events, a new report to be published at the end of July says……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Gowealthy.com: The rents for offices in Dubai have collapsed 50 per cent in the last 9 months due to fall in business activity with rates of residential properties also tumbling 40 per cent.
According to CB Richard Ellis (CBRE) in its quarterly UAE Property Insight Report, further drops in commercial and residential rents are likely as Dubai’s property market faces a 3 to 6 months continued negative growth. ………Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Propertywire.com: Encouraged by the recent flow of new government created liquidity and a re-bounding market optimism in the Asia Pacific region as compared to the start of 2009, some real estate investors have taken advantage of inexpensive financing costs by acquiring office assets in the hope for future capital gains.

A number of economic indicators in the region are showing signs that the recent dramatic market downturn may be tapering off, offering hope that the worse is over and that a global recovery may start in late 2009 or early 2010……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Homesoverseas.co.uk: Demand for property in China is reportedly going through the roof, following the country’s decision to revoke the ban on overseas nationals buying property on the country’s mainland.

Consultancy firm, Landpower report that Hong Kong nationals bought between 11,000 and 12,000 residential units in the mainland in the first half of 2009, up 23% from the same period last year……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From People.com.cn: The real estate industry, a pillar of the national economy, picked up after more than a year of decline and showed a clear trend of recovery.
The most obvious characteristic of this round of recovery in the real estate market is an increase in housing transactions which have doubled in some cities……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Forbes.com: China will soon allow the launch of real estate investment trusts (REITs) in the inter-bank market, a local newspaper reported on Thursday, a move that would give developers more exit options and expand channels for Chinese investors.

The Shanghai-based Oriental Morning Post said trust firms with registered capital topping 500 million yuan ($73.19 million) would be allowed to issue REITs to banks, mutual funds, insurers, securities firms and finance companies, either in the inter-bank market or through private placements……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Bignews.biz: With the recession hitting the US and the UK, people are now asking how this will affect the economic sectors, specifically the real estate industry.
In the Philippines, this will most likely be as one of its “déjà vu”, remembering the 1997 Asian financial crisis that affected not only real estate, but banking and construction as well……….Full Article: Source

Posted on 31 July 2009 by Laxman |  Email |Print

From Nuwireinvestor.com: The tropical islands of Trinidad and Tobago have seen prices of real estate fall of late, after over a decade of strong growth.
The decline is a result of factors that include the global economic crisis, and a new law that requires foreigners to acquire a license in order to buy property. To learn more about the current state of Trinidad and Tobago real estate, see the following article by Global Property Guide……….Full Article: Source

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