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Real Estate Briefing 02.Aug 2010

Posted on 02 August 2010 by Laxman |  Email |Print

From Bloomberg: Former Federal Reserve Chairman Alan Greenspan said the slowing economic recovery in the U.S. feels like a “quasi-recession” and the economy might contract again if home prices decline.
“We’re in a pause in a recovery, a modest recovery, but a pause in the modest recovery feels like a quasi-recession,” Greenspan said………………………………………Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Positive signs increased in the office markets during the second quarter of 2010 even though austerity measures and concerns surrounding sovereign debt in European economies triggered a new wave of economic uncertainty and volatility in financial markets, according to Jones Lang LaSalle’s latest European Property Clock.
Office take-up in Europe for Q2 2010 increased marginally to 2.6 million m2, up 6% on the previous quarter and 34% on Q2 2009……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Dailymail.co.uk: Doom-mongers who are predicting a ‘double dip’ in house prices have got it wrong.The Centre For Economics And Business Research (CEBR) said prices will increase 4 per cent this year and continue rising until 2014, mainly due to a shortage of homes in the UK and low interest rates.
Last week, there were concerns among homeowners after a report by the Nationwide Building Society revealed that property prices fell by 0.5 per cent in July - the first decline since February……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Financialadvice.co.uk: The Centre for Economics and Business Research (CEBR) recently released its view on the UK property market which would appear to be in direct conflict with a number of downbeat statements issued by other economic bodies last week.
The CEBR believes that UK property prices will rise by around 4% this year and continue to increase until the end of 2014 due in essence to the short supply of properties on the market……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Telegraph: The UK will see sluggish house price growth over the coming years according to the Centre for Economics and Business Research, as the Bank of England’s Monetary Policy Committee prepares to leave interest rates on hold this week.
The think tank said that although there would be no double-dip in the housing market – with “doomsayers” incorrectly predicting sharp falls over the coming years – growth in house prices was likely to slow next year……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Private equity real estate investors are re-examining their strategy and leaning towards the core segment following the poor performance of many of their investments and the rebound in one-year median returns for UK core funds.
UK core real estate funds have recovered at a much faster rate than other private equity real estate strategies, and recorded positive one-year medium internal rates of return (IRR) of 13.1% in March 2010, according to London-based fund tracking service Preqin……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Europe-re.com: The H1 2010 RICS rural land market survey paints a somewhat mixed picture with respect to prices. The transaction based measure of farmland prices fell by 6% (from £16,126 to £15,177 per hectare (approx. €19,285 – €18,150)) during H1, but the opinion based measure increased by 6% (from £12,715 to £13,530 per hectare) over the same period.
This divergence in trends can be attributed, in part, to the way both measures are constructed……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Shopping centre stock has been relatively limited in the second quarter of 2010, with yields for prime assets improving to 5.5% over the quarter.
Yields for smaller and more secondary assets have remained relatively static with vacancy rates and falling rents continuing to suppress value, according to property consultant Cushman & Wakefield……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Bloomberg: Luxury-home prices in central London declined in July for the first time in 16 months as the recovery persuaded more owners to sell, broker Knight Frank LLP said.
Prices of properties costing at least 1 million pounds ($1.56 million) fell 0.5 percent from June, the London-based real estate adviser said in an e-mailed report today. They rose 17 percent from a year earlier, the smallest gain since February……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Propertyeu.info: There are signs of stabilisation starting to emerge in the investment sector of the Irish commercial property market following the most significant downturn ever experienced, the Dublin office of CB Richard Ellis has said in a new report.
CBRE’s mid-year investment market Marketview publication for 2010 states that there has been an improvement in transactional activity in the Irish investment market in the first six months of 2010 with EUR 105 mln invested compared to EUR 41.6 mln invested in the same period last year and with EUR 92 mln invested in the whole year in 2009……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Europe-re.com: Henderson Global Investors has launched the German Retail Income Fund (GRIF), a specialist property fund aimed at German institutional investors. The fund will focus exclusively on German retail parks and self-service department stores.
Investment criteria is for core property, serving large catchment areas, having been recently renovated and let to tenants of high financial standing……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Propertywire.com: Greek island properties, long coveted by millionaires and Hollywood stars are being marked down by as much as 45% as the country’s debt crisis has resulted in higher real estate taxes.
A half built villa on Mykonos, an island in the Aegean Sea known for its all beach parties, is being offered by brokers at Athens based Ploumis Sotiropoulos for €2 million, a reduction of €500,000. The same firm has a three bedroom property on Corfu for €750,000, down from an original asking price of €1.4 million……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Propertywire.com: A real estate recovery in Bulgaria is still not emerging as the latest property price figures show that values fell by 0.8% between April and June compared with the previous quarter.
The figures from the National Statistical Institute (NSI) also show that on an annual basis, real estate prices have decreased by 9.7%……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Gulfnews.com: Prices for UAE property came down again in the last quarter at an average of 4 per cent, with villas performing the strongest, according to Colliers International House Price Index, suggesting a trend for the remainder of the year.
“We anticipate a further slowdown and we have an ongoing concern of the new supply entering the market, which will further impede recovery,” said Ian Albert, regional director, Colliers International……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Maktoob.com: Residential property prices in Dubai dropped by 4 percent in the second quarter compared to the previous three months and are likely to slide further as more units come online in the city’s already oversupplied market, a new report showed on Sunday.
The decline in the three months to the end of June was the first quarter-on-quarter contraction in 12 months, according to the report by consultancy Colliers International……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Arabianbusiness.com: Residents in Abu Dhabi are now able to access a wider array of affordable housing options, new data released by property consultancy CB Richard Ellis (CBRE) has suggested.
The firm’s second-quarter market report said that recent handovers on Reem Island had contributed to the levels of leasable stock, and that more units are expected to be completed during the second half of the year……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Zawya.com: The low cost homes project may not be listed among those that the Cabinet has been considering for reschedule following the implementation of funding law, according to officials from the Parliament’s Housing Affairs Committee.
The project will not be accorded government funding as a tender has already been floated and awarded to a company, prior to it being stalled. In response, the said company had taken legal action against the Cabinet reported, Al-Qabas……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Bloomberg: China won’t relax property measures until they have effectively controlled home prices, the China Securities Journal reported today, citing Wang Juelin, deputy director of the policy research center at the Ministry of Housing and Urban-Rural Development.
Most cities have been slow in issuing policies to rein in local property markets, the newspaper reported, citing Wang. China also needs to increase the supply of homes, Wang was cited as saying……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Seekingalpha.com: If you’ve not already seen the study by Yongheng Deng, Joseph Gyourko, and Jing Wuu that appeared at voxeu the other day and you still think there’s not a problem with real estate prices in China, you might want to go read that paper.
To provide some insight into just how risky prices and price-to-rent ratios are at these levels, we calculated what would happen if people began to expect that their homes would grow in value by only 4% per year. For Beijing, prices would fall by over 40%, absent offsetting rent increases or other countervailing factors……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Xinhua: China provided 56,000 hectares of land for residential use in the first six months of 2010, up 135 percent over the same period last year, according to the Ministry of Land and Resources.
A significant increase in the availability of land for housing was reported in areas like Guizhou Province, Beijing, Jiangxi Province, Heilongjiang Province and the Ningxia Hui Autonomous Region, said a statement on the ministry’s website……………………………………….Full Article: Source

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Posted on 02 August 2010 by Laxman |  Email |Print

From Marketwatch.com: Forget worries over double-dip recessions or bank stress tests — when it comes to land-auction time in Hong Kong, everything still looks rosy after another top-dollar price was reached last week.
If local developer tycoons are still prepared to get their checkbooks out, the message should be that the property bull market is alive and well……………………………………….Full Article: Source

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