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Real Estate Briefing 04.Aug 2010

Posted on 04 August 2010 by Laxman |  Email |Print

From Thepeninsulaqatar.com: Global property derivatives trading volumes plunged to their lowest quarterly level for four and a half years last quarter as sovereign default worries engulfed the euro zone, industry data showed yesterday.
Investment Property Databank, the global index compiler which tracks derivatives trading on its products, recorded £300m ($464m) of trades between April and June in a quarter broadly expected to plumb new depths for activity……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Emirates247.com: Prices for investment-grade US commercial real estate nearly set a record in the second quarter, but the number of sales remained listless, as investors chased stable, high quality properties, while owners of distressed properties held out for better prices, according to MIT Center for Real Estate indexes.
The prices for commercial properties sold by major institutional investors surged 17.3 per cent in the second quarter very near the 17.8 per cent record increase since the Transaction-Based Index (TBI) was created in 1984……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Usnews.com: Americans again signed fewer contracts to buy homes in June, as the real estate market continues to deteriorate following the removal of a key stimulus from Uncle Sam.
The pending home sales index—a gauge of the housing market’s health that measures signed sales contracts—dipped nearly 3 percent in June from a month earlier to its lowest-ever level, the National Association of Realtors said Tuesday. The index, which launched in 2001, fell 19 percent from June 2009……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Moneyam.com: US pending home sales edged down with near-term sales expected to be notably lower in contrast to the spring surge when buyers rushed to take advantage of the home buyer tax credit, the National Association of Realtors said today (3 August).
The Pending Home Sales Index, a forward-looking indicator, declined 2.6% to 75.7 based on contracts signed in June from an upwardly revised level of 77.7 in May, and is 18.6% below June 2009 when it was 93.0……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From WSJ: In a major push into the battered U.S. commercial real-estate market, China’s $300 billion sovereign-wealth fund is in advanced talks with Harvard University’s endowment to buy its stakes in half a dozen U.S.-focused real-estate funds for about $500 million, according to people familiar with the matter.
The deal would follow commitments that China Investment Corp., or CIC, has made to invest $1 billion in funds managed by Brookfield Asset Management, headquartered in both Toronto and New York, and $1 billion to Cornerstone Real Estate Advisers, of Hartford, Conn., people with knowledge of the situation say……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From WSJ: Lehman Brothers Holdings Inc., brought down in part by its huge property investments, is doubling down on some of its existing deals in a bet that commercial property markets are near bottom.
Since the investment bank’s collapse in September 2008, the firm overseeing Lehman’s bankruptcy has reinvested more than $1 billion in apartments, office buildings and other commercial property already owned or financed by Lehman……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From WSJ: The sale of the Chicago office tower at 300 North LaSalle St. for a record price of $655 million has left a number of real estate professionals rubbing their eyes.
Like most cities, Chicago is suffering from a weak office-leasing market. The city’s vacancy rate at the end of the second quarter was 18.5%, up from 17.4% during the same period last year, and effective rents have been on a downward spiral for over a year, according to Reis Inc……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Direct real estate investment across Europe totalled EUR 21.4 bn in Q2 2010, marking an 11% increase on the EUR 19.3 bn recorded in Q1 2010 and continuing the growth in the market since its low point in early 2009, according to global real estate adviser DTZ in its latest investment market update for Europe.
Commenting on the figures, Magali Marton, head of DTZ CEMEA Research said: ‘The recovery in volumes across Europe remains uneven……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertyfundsworld.com: European institutional investors sharpened their focus on higher returns in 2009 while striving to keep risk under control, according to the tenth edition of the European Institutional Asset Management Survey.
The findings of the survey, whose main focus is on European pension funds, point to an altogether more positive sentiment compared to the previous year, which has benefited above all riskier asset classes……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Europe-re.com: Central and Eastern Europe (CEE) office investment turnover totaled over €760 million in the first half (H1) of 2010, a 310% increase on the €185 million recorded in H1 2009, confirming views that the CEE office market has turned the corner.
CB Richard Ellis’ latest data on the CEE market shows that office investment remained highly concentrated in Poland and Russia in H1, which together accounted for almost 80% of the CEE office investment total……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertyeu.info: European listed real estate won ground in July and booked value growth of 7.8% in the GPR 250 Europe Index.
Returns for the individual European country indices was as follows: Greece (= Babis Vovos) 51.9%; Austria 14.1%; Finland 13.4%; Norway 10.2% (= Norwegian Property); France 9.4%; Netherlands 8.2%; Germany 8.2%; Sweden 7.8%; and Poland 7.1% (= GTC)……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertyweek.com: The UK commercial property market is set for a gloomy period next year, according to the latest pricing in the property derivatives market. Returns are expected to be negative in 2011.
At the quarterly derivatives briefing hosted by Investment Property Databank, the Investment Property Forum and the Property Derivatives Interest Group this morning IPD’s Kate Pedersen said all-property returns for 2011 according to the derivatives market were -0.32% - a drop of 7% over the second quarter……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertyeu.info: All-property total returns in the UK slowed to 3.6% in Q2 against 6.2% in the previous quarter, according to the latest Jones Lang LaSalle Quarterly Index. Capital value growth decreased to 2%, as the pace of yield compression continued to diminish.
Comparable returns on equities were -11.8% and gilts 6.4%. The equity market struggled in May and June recording a combined negative total return of -10.6%. The poor return partly reflected concern over the Eurozone and the impact of UK austerity measures……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Europe-re.com: Sentiment in Germany’s real estate industry is surging in tune with the optimistic data of the national economy. Unsurprisingly, the monthly King Sturge Real Estate Economy Index returned another increase for the poll-based Real Estate Climate in its July survey as it rose by 6.4% to an absolute score of 110.7 index points (up from 104.0 last month).
This outcome matches almost exactly the figures that the Real Estate Climate reported at the very start of the survey in January 2008……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Pirelli RE’s SGR asset management unit has announced the launch of two new real estate funds, Anastasia and Monteverdi, with a combined market value of over EUR 400 mln.
Pirelli RE said that the new launches, taking its total assets to some EUR 6.3 bn, ‘consolidate its leadership in Italy’s real estate fund market’……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Gulfnews.com: As property prices come down, the cost of living and doing business in the UAE will drop, helping to attract the people and skills needed to maintain and strengthen economic growth. The correction is in part simply a result of the prices coming into line with market demands.
As more development projects are completed, property prices will drop because of the laws of supply and demand. This will undoubtedly be painful for those who over-invested at the top of the market……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Zawya.com: Yemen and Malaysia discussed here on Sunday the possibility to invest in Yemen particularly in the area of housing, Saba reported.
Minister of Public Works and Roads Umar al-Kurshomi held talks with Deputy Chairman of Malay Chamber of Commerce Malaysia (MCCM) Mohamed Alaa El-Din over the opportunities and benefits from investment in housing in Yemen……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Spiegel.de: Two years after the US subprime crisis, China is seeing its own real estate bubble as a result of massive state stimulus programs. Many economists are warning it could burst soon, with unpredictable results for the global economy.
An interminable sawing, screeching, drilling and hammering rips through the oppressive summer heat and humidity in the northern Chinese city of Tianjin. Here, on the city’s dusty outskirts, hundreds of new apartment buildings and houses in every imaginable style are springing up……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Marketwatch.com: How many flats in China are sitting empty? The media recently floated a story — denied by power companies — that 64.5 million urban electricity meters registered zero consumption over a recent, six-month period. That led to a theory that China has enough empty apartments to house 200 million people.
Statistical transparency is lacking in this area, so the truth about empty apartments remains under wraps……………………………………….Full Article: Source

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Posted on 04 August 2010 by Laxman |  Email |Print

From Propertywire.com: Residential property prices in Australia are falling after a period of soaring rises amid what experts are describing as a period of consolidation.
With average values down 0.7% in the June quarter, analysts have welcomed the move which they say will prevent a real estate bubble. It is the first price fall for 17 months and there were concerns that interest rates were going to be raised again to prevent the market getting out of control……………………………………….Full Article: Source

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