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Real Estate Briefing 06.Aug 2010

Posted on 06 August 2010 by Laxman |  Email |Print

From Reuters: The value of Canadian building permits issued in June jumped a higher than expected 6.5 percent from May, when there was a steep drop, as strength in the commercial sector more than offset further cooling in the residential sector.
Analysts surveyed by Reuters had expected the value of building permits in June to rise 1.8 percent from May. The increase reflected a rise in six provinces and in 15 of 34 key metropolitan areas in Canada……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Dow Jones: Canada’s housing market is still vibrant, Canadian mortgage lender Home Capital Group Inc. said Thursday. “The pessimists say the housing market is all dried up,” said Chief Executive Gerald Soloway on an earnings conference call. But the company reported record originations of C$2.01 billion in the second quarter, up 57% from the same quarter last year.
“We’re going to continue to see a very healthy housing market,” Soloway added……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Nationalpost.com: Housing sales in the GTA fell by 34% in July compared to the same month last year, the Toronto Real Estate Board (TREB) reported today.
There were 6,564 sales last month, down from a record 9,967 sales in July 2009. New listings also took a hit, dropping to 10,825 — the lowest level for July since 2002……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Bloomberg: San Francisco home prices declined in May and New York values rose even as the S&P/Case-Shiller Index showed the opposite, Morgan Stanley said in a report.
San Francisco prices fell 1.2 percent while New York gained 0.8 percent in May, Morgan Stanley said in the report, which looked at homes that weren’t in foreclosure or involved in a short sale, in which a buyer pays less than the amount owed on the mortgage and the bank agrees to take a loss……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Propertywire.com: Commercial real estate purchases in the US may slump later this year as prices rise and lenders require buyers to put more cash into deals, it is claimed.
A double dip in the commercial real estate market may come as soon as September, according to Joe Cosenza vice chairman of the Inland Real Estate Group……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Central and Eastern Europe (CEE) office investment turnover totalled over EUR 760 mln in the first half of 2010, a 310% increase on the EUR 185 mln recorded in H1 2009.
The figures confirm views that the CEE office market has turned the corner, CB Richard Ellis said in a press release……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Stride.co.uk: Germany, France and Scandinavia are among the best bets for commercial property insurance policyholders’ investments, according to one expert, which may interest commercial property insurance policyholders in the UK.
Ed Stansfield, property economist at Capital Economics, suggested that France and the Nordic countries “stand out” in terms of economic prospects and pricing, while Germany is poised to be “one of the best performing” European countries in the coming years……………………………………….Full Article: Source

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Posted on 06 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 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 06 August 2010 by Laxman |  Email |Print

From IPE: The rally in the UK real estate market appears to have run its course, according to latest figures from Investment Property Databank (IPD).
The IPD UK Quarterly Property Index for the second quarter of 2010 suggeste that both property yields and rents were set to plateau going forward……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Moneyavenue.co.uk: According to the latest report made by the 2nd largest UK property investment trust, British Land, commercial property values in the country have seen a slower pace of growth in the second quarter of 2010.
The organization revealed that the overall value of its business property units (shopping and office centers) grew only by 1.4%, which compares to 7.5% and 8.2% in the previous two quarters……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Propertyeu.info: AIM-listed Guernsey closed-ended investment firm London & Stamford Property (LSP) has announced plans to move its listing to the main board of London Stock Exchange and to convert to a tax-transparent real estate investment trust (REIT).
The proposals have to be ratified by at least 75% of LSP’s shareholders. The board said in a statement on Thursday that it is aiming to complete the move by 1 October……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Sentiment in Germany’s real estate industry is surging in the wake of upbeat data on the national economy, property advisor King Sturge has reported.
The monthly King Sturge Real Estate Economy Index booked another increase for the poll-based Real Estate Climate survey in July, up 6.4% to an absolute score of 110.7 index points (up from 104.0 last month)……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Bloomberg: The amount of franc-denominated mortgages in Hungary surged to 2.2 trillion forint ($10.2 billion) in May from 133.8 billion forint at the start of 2005, according to central bank data.
Non-performing loans at local lenders such as OTP Bank Nyrt, Erste Group Bank AG and Foldhitel es Jelzalogbank Nyrt may rise to as much as 10 percent of total loans by the end of the year, said Tamas Erdei, president of the Budapest-based Banking Association……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From IPE: Luxembourg Fund Partners is set to launch a fund focusing on high-tech real estate in central and eastern Europe (CEE).
The Augustan Opportunity Fund Sicav will invest in commercial and technology facilities that service local demand, incorporate “eco-friendliness” and adhere to strict financial criteria……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Globalpropertyguide.com: Russian house prices dropped 7.56% during the year to Q1 2010. When adjusted for inflation, house prices fell 13.8% over the same period, according to the Federal State Statistics Service (Rosstat).
Property prices started to weaken in late-2008. In March 2010, the average price of Moscow newly-build elite property was US$19,475 (RUB593,372) per square meter, according to Knight Frank……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Gowealthy.com: According to the latest reports available from Landmark Advisory, the commercial property spaces in Dubai as well as Abu Dhabi will showcase a growth which will almost be “virtually double” the present condition over a period of next 3 to 4 years.
The Q3 2010 Dubai and Abu Dhabi Real Estate Report cites that there will be continuous growth in the oversupply of commercial spaces, with empty office spaces of approximately 45.9 million sq ft available by 2014 across UAE……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Emirates247.com: Residential oversupply in Dubai is set to peak in 2012 with vacancies estimated at 25 to 28 per cent, Landmark Advisory said. Commercial oversupply will continue, with up to 45.9 million square feet of empty office space by 2014 and vacancies likely to reach 53 per cent in 2011 and a high of 58 per cent in 2013/2014, the real estate consultancy said in its third quarter Dubai and Abu Dhabi real estate report.
In Dubai, there has been a slight reversal of the coastal-inland villa bifurcation, however, coastal properties have maintained significant premiums……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Ameinfo.com: According to figures by Oman’s Land Registry, the total volume of real estate transactions in the Sultanate during the first six months of 2010 rose by 60.8% to more than OR992m, compared to OR617m recorded during the same period of last year, Oman Daily Observer has reported.
Ownership deals by GCC citizens during the period grew by 40.7% to 2,299, against 1,634 a year earlier. Mortgage contracts during period were 5,784 with a total value exceeding OR698m. The total monetary value of the mortgage was OR392m, the statistics showed……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Expressindia.com: Tata Realty and Infrastructure Ltd (TRIL), a wholly-owned subsidiary of Tata Sons, would execute projects worth Rs 30,000 crore (US$ 6.5 billion) in the country over the next five years, a top company official said.
In the real estate segment, the company, established in March 2007, has projects worth Rs 8,000 crore for setting up residential apartments and special economic zones in cities such as Chennai and Nagpur, TRIL Managing Director and CEO Sanjay G Ubale told reporters here……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Reuters: Chinese regulators have demanded stress tests on a wide range of industries, including cement and steel, whose fortunes are closely tied to the property market, the official Shanghai Securities News reported on Friday.
It did not provide any details about the tests, but said they were part of a broader investigation into the economy’s ability to withstand falls in property prices……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From FT Alphaville: Standard Chartered analysts have always proved themselves pretty exhaustive when it comes to assessing the Chinese property market.
So when they say they believe a correction in property prices is imminent, it’s probably wise not to take their words too lightly……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Theepochtimes.com: Hong Kong residents are now paying up to HK$8 million (US$1 million) dollars for an apartment no bigger than a broom closet, but prices are set to boom even further.
Bloomberg reports that home prices will rise a further 15 per cent in the next 12 months, citing the regional head of property research for Asia’s leading independent brokerage and investment group CLSA Ltd……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Bloomberg: Demand for office space in Australia was double the 20-year average in the first half, the Property Council of Australia said in its Office Market Report today.
About 333,000 square meters (3.6 million square feet) of office space was leased in the six months to July, compared with the 20-year average of 171,000 square meters, the Council said……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Smh.com.au: Property buyers remained reluctant last month despite a fall in prices, real estate company First National Group says.
During July, the company’s 450 sales staff saw house prices fall by 80 per cent in at least one sector, such as two-bedroom or three-bedroom homes……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From Bloomberg: Tokyo’s office vacancy rate fell for the first time in 2 1/2 years in July, according to Miki Shoji Co., a privately held office brokerage company. Shares of property developers gained.
The measure of unoccupied office units fell to 9.1 percent last month from a record high of 9.14 percent in June, marking its first decline since January 2008, Tokyo-based Miki Shoji said in a report……………………………………….Full Article: Source

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Posted on 06 August 2010 by Laxman |  Email |Print

From the Opalesque team: Opalesque has learned that Reech Aim Partners LLP just got the approval by the CSSF - Luxembourg Regulators - to launch a UCITS III onshore version of the Iceberg Real Estate Hedge Fund.
The firm is following a general trend amongst hedge funders, as indeed it seems that most are launching onshore, mutual fund-like versions of their riskier and less regulated offshore funds. This is happening ahead of impending tougher European Union regulations, which should normally not affect the UCITS structure……………………………………….Full Article: Source

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