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Real Estate Briefing 05.Aug 2010

Posted on 05 August 2010 by Laxman |  Email |Print

From WSJ: A gauge of pending home sales dipped in June, continuing a decline tied to the expiration of a tax credit for home buyers. The National Association of Realtors’ pending homes sales index, a leading indicator for the housing sector, fell 2.6% to 75.7.
The measure, which was down 18.6% from its June 2009 level, tracks transactions for existing homes in which a contract has been signed but the deal has not yet closed. Closings tend to occur one or two months after a contract signing……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Guardian: House prices increased by 0.6% in July, reversing the 0.6% fall seen in June, according to the latest house price survey from Halifax. It comes hot on the heels of Nationwide’s report showing house prices fell by 0.5% in July, continuing the stream of mixed messages on the housing market seen throughout the year.
Martin Ellis, housing economist at Halifax, said: “Overall, there has been little change in prices during 2010 so far. The mixed pattern of monthly rises and falls over the first seven months of the year is consistent with a slowing market……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Thisismoney.co.uk: The mixed messages on house prices continue, but where do official Land Registry figures show prices rising and falling? House prices inched ahead by 0.1% in June, according to the Land Registry, but London property is still recording double-digit growth.
The capital is outstripping the rest of England and Wales, where prices are up 8.4% year-on-year……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Moneyobserver.com: House prices increased by 0.6 per cent in July, according to Halifax, although the lender believes the housing market is slowing down.
The average house in the UK is now worth £167,425. In June, Halifax data showed that prices had fallen by 0.6 per cent. ‘Overall, there has been little change in prices during 2010 so far. The mixed pattern of monthly rises and falls over the first seven months of the year is consistent with a slowing market,’ says Martin Ellis, housing economist at Halifax……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Guardian: British Land has warned that the recovery in property prices has slowed in recent months, although an acute shortage of office space in London is continuing to drive rents higher.
The property developer, the biggest office landlord in the City, said today that while demand for prime office and shop space remains strong, the growth in values tailed off between April and June following the sharp recovery of the previous six months……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Europe-re.com: UK property yields and rents look to be heading for the doldrums as the influences driving capital movements plateau, delegates at the IPD/IPF/PDIG Quarterly Q2 Briefing.
IPD Research Director Malcolm Frodsham explained to delegates: “The early rapid recovery is behind us now, which suggests we may be heading for the doldrums or a convergence across markets – income returns will likely make up the vast bulk of investor returns in the second half of the year.”………………………………………Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Reuters: More distressed property sales are expected in the next 12 months as changes to international regulations will likely raise the capital cost of holding commercial property on banks’ balance sheets, an industry body said.
Growth in distressed property listings eased slightly in the second quarter of this year, but are expected to worsen in the third quarter, the UK Royal Institution of Chartered Surveyors (RICS) said on Thursday, based on the results of a survey of its members……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Citywire.co.uk: The strong recovery in the UK commercial property sector bears a striking resemblance to the mid-1990s market, when valuations rebounded sharply – despite falling rents – only to pull back again in the following year.
Having enjoyed a 12% uplift in bricks and mortar prices over the year so far, investors are now questioning how the sector will perform over the remainder of 2010……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Rian.ru: Investment in Russia’s real estate sector increased by 65 percent year on year in the first half of 2010 to $903 million, Jones Lang LaSalle consulting company said on Tuesday.
The company forecast investment flow would increase in the second half of the year to reach $4 billion for the whole year……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Inman.com: A new event will be held in Moscow this fall to help U.S. real estate agents break into the Russian buyer market, according to overseas property news and networking site Globaledge.co.uk.
Russian Summit is a collaboration between Global Edge and Russian exhibition and media company aiGroup. The event will take place at the World Trade Center in the Russian capital on Nov. 11 and 12. It will be made up of an English-language conference as well as a dual-language exhibition for Russian agents……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Thezimbabwean.co.uk: Zimbabwe has experienced a steady increase in rentals during the month of July as a result of property shortages, increased salaries across the board and a resurgence of low-scale mortgages, property analysts said this week.
However, most rentals being charged on the market have been described as unjustified, while the revival of mortgage lending is seen as a desperate attempt by building societies to grow business under a recovering economy……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Zawya Dow Jones: Kuwait’s Public Authority for Housing Welfare plans to construct 80,000 residential units within the next six years in partnership with the private sector, Kuwait-based Al Rai daily reports Wednesday citing Sheikh Ahmad Al Fahad Al Sabah, deputy prime minister for economic affairs and minister of state for development affairs and for housing affairs.
The projects to construct Al Khairan and Al Mutlaa residential cities will be offered soon to developers to implement them, Sabah said according to the paper……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Bloomberg: China’s banking regulator told lenders last month to conduct a new round of stress tests to gauge the impact of residential property prices falling as much as 60 percent in the hardest-hit markets, a person with knowledge of the matter said.
Banks were instructed to include worst-case scenarios of prices dropping 50 percent to 60 percent in cities where they have risen excessively, the person said, declining to be identified because the regulator’s requirement hasn’t been publicly announced……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Theglobeandmail.com: One of Wednesday’s news items that is not getting enough exposure is China’s decision to conduct stress tests on its lenders. Not just any old stress tests, but ones that gauge the impact of property prices falling as much as 60 per cent.
Bloomberg News has some of the details: “Banks were instructed to include worst-case scenarios of prices dropping 50 per cent to 60 per cent in cities where they have risen excessively, the person said, declining to be identified because the regulator’s requirement hasn’t been publicly announced……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Marketoracle.co.uk: Anyway Chinas been in the “Bubble-News” recently. All those amateur bubble-spotters who failed to spot the US housing bubble are out in force, making sure they don’t get caught with their pants down again.
The logic is… well actually I was speed-reading and I kept nodding-off so I may have missed a bi…but I think the idea is that prices on new homes have gone up a lot, like really a lot, so that HAS to be a bubble!!………………………………………Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Bloomberg: From her leafy, 11th-floor rooftop terrace at the headquarters of Soho China Ltd., billionaire Zhang Xin scans the relentlessly expanding Beijing skyline she helped create. Zhang’s avant-garde buildings — some sleek as chopsticks, others stepped like rice terraces — became part of the hottest real estate market on Earth in 2010.
Zhang says she’s well aware of the chorus of investors and economists who predict that China’s property boom is about to go bust, taking the global economy down with it……………………………………….Full Article: Source

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Posted on 05 August 2010 by Laxman |  Email |Print

From Theaustralian.com.au: Sydney and Melbourne house prices have gone through the roof over the past year. Adelaide and Darwin lead other capital cities in recording strong growth in the real estate market.
But analysts warn that the rate of growth is slowing rapidly across the nation and could flatline by year’s end……………………………………….Full Article: Source

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