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Real Estate Briefing 11.Aug 2010

Posted on 11 August 2010 by Laxman |  Email |Print

From Reuters: Canadian housing starts fell in July for a third straight month and new home prices rose less than expected in June, further evidence that the housing boom that helped drive the country’s recovery from recession is starting to stall.
The reports released Tuesday are in line with other recent data that has shown higher interest rates, a new blended sales tax in Ontario and British Columbia, and stricter lending rules are weighing on the housing sector……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Theglobeandmail.com: The recent slowdown in Canada’s real estate market is the “most dramatic” of a general global softening, Bank of Nova Scotia said.
While Canada and Australia led a post-recession surge as world housing markets entered 2010, activity seems to have cooled again amid softer demand and prices that came with moderating economic growth, financial market turmoil and a sluggish rebound in labour markets, economist Adrienne Warren said in a new report……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Ctv.ca: New housing prices rose slightly across Canada in June, but a Bank of Nova Scotia report says the global real estate rebound is losing momentum.
Both global housing prices and demand fell in the second quarter, the bank’s Global Real Estate Trends Report said on Tuesday, despite a favourable start to 2010……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Nytimes.com: In real estate, as in life, timing is everything. Two of New York’s largest real estate brokerage firms, Cushman & Wakefield and CB Richard Ellis, have negotiated new leases for their Manhattan offices, and one seemed to get better terms than the other. The deals were struck 19 months apart, long enough to produce distinct changes in the market.
Cushman consolidated its three Midtown locations into a new building at 1290 Avenue of the Americas between 51st and 52nd Streets, and CBRE opted to remain where it was, in the MetLife Building, at 200 Park Avenue……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Propertywire.com: Residential real estate values in the US continued to decline in the second quarter of 2010, but conditions vary considerably in different states, the latest property index shows.
The Zillow Home Value Index fell 3.2% year on year and 0.6% from the first quarter to $182,500. The national rate of decline decelerated from the first quarter, marking the second consecutive quarter of slowing declines, and negative equity fell to 21.5%, according to the company’s second quarter report……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Bloomberg: The gain in U.K. home prices during the first half will prove to be a “sucker’s rally” as an increase in properties for sale causes values to fall this year and next, Savills Plc said.
The market probably won’t recover until 2012, the London- based property broker said in a report today, a year later than it predicted in November. Prices will drop 2.5 percent this year and 1 percent in 2011, Savills said……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Express.co.uk: Britain’s housing market was mired in confusion last night after conflicting reports about house prices. Values are up 10 per cent on the same time last year after a mini-boom forced house prices to rise across the UK, according to official figures.
But the respected Royal Institution of Chartered Surveyors reported prices falling for the first time in a year……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Guardian: When house prices rise, estate agents and surveyors say it’s about demand. When house prices fall they blame the media. House prices are falling for the first time since last July, according to the Royal Institution of Chartered Surveyors (Rics).
The reason? Maybe it’s excess supply coming on to the market; maybe it’s the lack of mortgage finance; or maybe it’s fear of job losses in the public sector. Or maybe it’s my fault……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Financialadvice.co.uk: A number of estate agents and surveyors around the UK are attempting to place the blame for the ongoing downturn in the UK property market on the media sector.
However, a number of prominent media property experts also point out that when the market is rising there is no credit given to the media in the UK and it is only when prices began to fall that damaging headlines “are to blame”……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From WSJ: U.K. banks and other creditors are speeding up commercial-property sales of distressed assets partly because they are concerned the recent increase in prices may be leveling off.
But buyers shouldn’t expect cheap property to flood the market and reduce prices. While banks will accelerate property sales, they will continue to sell assets in an orderly manner to protect prices in a recovering market, observers said……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Fool.co.uk: UK commercial property valuations soared as surveyors and trade buyers agreed the world wasn’t ending, after all. The prices of most FTSE-listed REITS and commercial property developers swiftly followed.
Yet despite the staunching of both valuations and voids, and the subsequent office price appreciation occurring all around them, the City boys seem increasingly unconvinced by this commercial property revival……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Propertyeu.info: The latest Bank of England lending figures show that bank lending in sterling to real estate in the second quarter of 2010 has dropped by £3.5 bn (EUR 4.2 bn) following a slight improvement in the first quarter, according to Jones Lang LaSalle Q2 2010 Bank Lending Survey.
This represents the biggest drop in a single quarter since the series began in 1987. Total lending outstanding reached £244 bn, including lending by building societies, at the end of June 2010……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Propertyeu.info: A consortium of Stam Europe and Area Property Partners is close to clinching the acquisition of the Comune di Milano I real estate fund from BNP Paribas REIM, PropertyEU has learned.
French investment manager Stam Europe and UK-based fund manager Area Property Partners are taking over the closed-end investment vehicle for a net equity price of EUR 87 mln and the assumption of EUR 153 mln in debt. This gives the fund an asset value of EUR 240 mln……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Emirates247.com: A steady decline in the average family size in Saudi Arabia means that more houses will be needed in the future and this will keep demand strong in this sector, the Gulf country’s largest bank said on Monday.
The shrinking size has been accompanied by a steady and rapid growth in the Kingdom’s population, recording a rate of around 2.6 per cent since 1992, National Commercial Bank (NCB) said in a study sent to Emirates 24|7……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Gulf-times.com: One of the most expensive places on earth to rent will soon suffer from a glut in available office space, according to market observers. In the United Arab Emirates, tens of millions of square feet of office space is expected to be available in the coming years, likely causing the currently high rents to drop and some developers to fail.
According to the third quarter report on real estate in Dubai and Abu Dhabi, real estate consultants Landmark Advisory, by 2014 the UAE will have close to 46mn square feet of empty office space. Despite this, the market is still a draw for investors, analysts said……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Property-abroad.com: Well, it seems that things still aren’t improving in the Dubai property market. According to the latest index from Colliers prices fell 4% in the second quarter. Colliers recorded rises in the third quarter of last year and the first quarter of this year, broken by a fall in the fourth quarter of last year.
The oversupply problem is massive and set to get bigger, before peaking in 2012 according to some analysts. But with so many vacant properties and half-finished developments no one wants to buy there, and it is hard to see the oversupply ever being swallowed up for some people……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Nikkei: Real estate sale prices in 70 major cities rose an average of 10.3% on the year in July, slowing from June’s 11.4%, according to data released Tuesday by the National Bureau of Statistics of China.
This marked a third straight month of slower growth — a sign that overheated prices may be losing steam. Sales have plunged since the government rolled out this April tougher mortgage requirements for second-home purchases in a bid to curb speculative investing……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Shanghaidaily.com: China’s three major real estate developers listed on the mainland’s two stock exchanges have reported a combined net profit of 5.664 billion yuan (US$836 million) in the first half of this year despite mixed sales performances.
Net income registered by China Vanke Co grew 11.4 percent year on year to 2.81 billion yuan in the six-month period……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Globaltimes.cn: To further enhance the transparency on transaction information, the government of the Hong Kong Special Administrative Region said on Tuesday that real estate developers should state the estimated completion date of the development while making public the transaction information.
The newly issued rules, which will take effect from August 12, also required developers to provide information on seized transactions within five working days after the Agreements for Sale and Purchase (ASPs) were canceled, said the spokesman for the Transport and Housing Bureau……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Joongang Daily: A malady is spreading through Korea’s banking system: bad financing loans for construction projects. Last month alone, the government injected 2.8 trillion won ($2.4 billion) in public funds into savings banks troubled by project financing loans.
At 61 savings banks where insolvent bonds related to project financing were cleared up by the state-run Korea Asset Management Corporation, a memorandum of understanding was recently concluded to require them to improve their fiscal structures. These institutions may have escaped serious harm, but alarms are already ringing in other parts of the financial sector……………………………………….Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Taipeitimes.com: Land transactions remained active in the Greater Taipei area last month despite the central bank’s measures to curb property speculation, a survey said.
Transactions of plots valued NT$200 million (US$6.3 million) and more in the area totaled NT$506 million last month, the highest for any single month this year after the central bank raised key interest rates by 12.5 basis points and imposed credit-tightening measures on residential properties in June………………………………………Full Article: Source

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Posted on 11 August 2010 by Laxman |  Email |Print

From Thestreet.com: ETFs that track real estate investment trusts are outperforming the broader market in 2010 and investors that want to get involved in the action have several options.
For investors looking for exposure to U.S. real estate, the two most popularly-traded and liquid funds are iShares Dow Jones U.S. Real Estate Index Fund (IYR) and iShares Cohen and Steers Realty Majors Index Fund (ICF)……………………………………….Full Article: Source

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