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Real Estate Briefing 16.Aug 2010

Posted on 16 August 2010 by Laxman |  Email |Print

Paul DalesFrom Usatoday.com: Whether the housing market is in another free-fall or not, just the thought of a double dip is forcing real estate investors to re-think how and where they spend their money. And maybe even if they should spend it at all.

“The days of flipping real estate, commercial or otherwise are pretty much over,” says Tom Casey, a certified financial planner at Casey Thomas & Associates, who advises his clients on real estate. “There are very few hot markets for flipping with so many people unemployed and property values down. It’s really a time for renting property, not trying to sell it for a profit.”……………………………………Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Bloomberg: Home resales in the U.S. may have tumbled to a record low in July as the expiration of federal tax credits dragged down the housing market, according to Josh Levin, a Citigroup Inc. analyst who follows homebuilders.

The CHART OF THE DAY shows how his estimate for last month, an annual rate of 4.1 million units, compares with the monthly totals since the National Association of Realtors consolidated sales figures for single-family homes and condominiums in 1999…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Calgaryherald.com: Continued strengthening of Alberta’s economy will lead to a turnaround later this year in the province’s housing market, says a senior economist. Alberta home prices are expected to rise by 2.6 per cent this year and another 0.9 per cent in 2011, according to an analysis of the Canadian housing market by Robert Hogue, with RBC Economics.

He said in his report the province’s average value of a detached bungalow will increase to $338,000 this year and to $341,800 next year…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Theglobeandmail.com: The developer thought it was a brilliant idea: Build a penthouse on top of an existing condo building in a chic Toronto neighbourhood to take advantage of the city’s insatiable lust for expensive real estate.

For $1.8-million, the new owner could walk into a brand new, 1,800-square-foot condo designed to her specifications. That was the idea, anyway. But the listing in prime Rosedale hit the market in February, just as sales were beginning to slow for real estate of all kinds, and no one was interested in the unit its agent has dubbed “Project Perch.”……………………………………Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Retail investment activity in Central and Eastern Europe (CEE) totalled around EUR 630 mln in the first half (H1) of 2010, a 190% increase compared to the same period last year.
CEE retail investment activity remained focussed on Central Europe in H1 2010, with Hungary, Poland, Romania and Russia accounting for 87% of the total, according to the latest research from CB Richard Ellis (CBRE)…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Telegraph: Growth in UK commercial property values slowed last month as economic uncertainty proved a drag on the market. According to IPD, the index provider, capital values rose 0.2pc, down from a rise of 0.5pc in June.

However, although the growth was slower, the figures mean UK values have now risen for 12 consecutive months – providing total growth of 15.4pc, following a 44pc decline in the previous two years…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From UKPA: UK property asking prices fell for the second month in a row as the market was hit by over-supply and subdued activity in the summer holidays, according to new research.

Property website Rightmove found sellers slashed prices by 1.7% during the month to August 7, sending the average asking price down by £4,091 to £232,241…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Bloomberg: London home sellers cut 17,000 pounds ($26,500) off their asking prices on average in August, wiping out gains recorded in the first half of the year, Rightmove Plc said.

Asking prices in the capital fell 4.1 percent on the month to an average 405,058 pounds, the operator of the nation’s biggest property website said in a report today. The drop is the biggest in two years and returns values to levels seen in January. Prices across England and Wales fell 1.7 percent…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Investment volume in the Czech Republic increased by 233% in the first half of this year to EUR 215 mln from the same period last year, according to a report by adviser DTZ. Despite the strong growth, DTZ zaid activity was still sluggish in comparison with the period between 2005 and 2008 when German funds drove demand.

Since then, interest from German funds has weakened considerably, with transaction volume currently generated largely by domestic investors…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Propertyeu.info: The Dutch office markets of Amsterdam, Rotterdam and Utrecht saw significant demand in H1 2010 with take-up rising 94% in Rotterdam to 89,000 m2, compared to the first half of 2009, Savills reported.
The figure represents the highest increase recorded amongst the four largest Dutch agglomerations…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Helium.com: High risk gambling can often pay off and the emerging property market in Albania is increasingly looking like a likely bet. The window of opportunity is ripe as Albania is considered for entrance to the EU in 2014. It has also received a great deal of foreign investment from world banking organisations and improvements are being made to the infrastructure of the country.
Investment in Albania to improve the country has come from OPEC, the European Investment Bank, the European Union, the European Bank for Reconstruction and the Japanese Bank for International Co-operation…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Arabianbusiness.com: Uncertainty over the introduction of Saudi Arabia’s mortgage law has led to a slowdown in the kingdom’s real estate market and has caused overcrowding in urban areas, according to a new report released on Sunday by real estate consultants CB Richard Ellis.

“Despite growing demand for housing, the ongoing and well documented failure to address the legal requirements of the kingdom’s mortgage sector has resulted in a slowdown in both lending and construction,” the CBRE report said…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Kippreport.com: Second-quarter earnings from Dubai-based property and construction companies fell short of expectations, in a sign the battered sector’s problems have further to run.Dubai’s second-largest property developer by market value Deyaar reported its third consecutive quarterly loss on Thursday, while Union swung to a loss. Contractor Drake & Scull’s profit almost halved.

Deyaar made a loss of 243 million dirhams ($66 million) in the three months to end-June, compared with 76.4 million dirhams a year ago. EFG-Hermes forecast a net profit of 19 million dirhams for the quarter…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Gulf-daily-news.com: Greed and easy money-making fever has gripped Bahrain severely. If powerful insecticides are not sprayed immediately, many businesses will fall dead soon.

It first infected the greedy landlords who increased the rents of flats all of a sudden without notice to as high as 40 to 50 per cent…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Financialexpress.com: Real estate portfolio management services (PMS) deals are picking up pace as high net worth individuals (HNI) look beyond equities. Industry sources said Birla Sun Life Asset Management Company(AMC), Anand Rathi, ICICI Prudential AMC and Enam are among companies that have entered into deals in this space.
Unlike in 2008, when interest was concentrated in the commercial segment, most fund managers are believed to be focusing on the residential segment, this time…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Thehindubusinessline.com: Avidly chased in 2007 and unceremoniously dumped in 2009 — this best describes the market’s relationship with real estate stocks. From massive IPO subscriptions and lofty double-digit valuations afforded to companies in this space in 2006-07, the real estate sector has now been exiled from institutional portfolios, with many fund managers guardedly declaring they do not hold any real estate stocks.

A 6 per cent decline in sales and 40 per cent decline in net profits for about 30 mid and large-cap real estate companies in 2009-10 may only seem to reinforce the market’s apathy to the sector…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Globaltimes.cn: The State Council’s tightening measures must be carried on to fight housing speculation, said China’s vice premier Li Keqiang during his visit to affordable housing projects in Beijing over the weekend.

Four months after the State Council’s decree on tightening bank mortgages for housing investment, more detailed measures are expected to be implemented…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Bloomberg: Hong Kong’s tightening of mortgage lending rules and plan to increase the supply of land may help cool surging home prices in the city, according to property agency Midland Holdings Ltd.

Down payments for apartments costing HK$12 million ($1.54 million) or more will rise to 40 percent, from 30 percent, with immediate effect, Hong Kong Monetary Authority Chief Executive Norman Chan said Aug. 13. The government will increase land sales next year, Financial Secretary John Tsang said earlier…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Property-report.com: Malaysian property buyers are expecting property prices to rise following the phasing out of subsidies by the government, according to property website iProperty.com Malaysia.

In its latest poll, about 40 per cent of 383 respondents expressed their intention to buy properties because they expected property prices to rise. A total of 38 per cent of the respondents preferred to wait out the issue as they believed the government might not follow through with its intention to phase out subsidies…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From VietNamNet Bridge: The first-half report cards of property companies make for sorry reading as the commercial real-estate market, hit hard in the last two years by the recession, remained depressed.
Thu Duc Housing Development Joint Stock Company (TDH), for instance, said it has set itself a revenue target of VND709.23 billion (US$37.3 million) and net profit target of VND223.23 billion ($11.7 million) this year…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Property-report.com: Prices of prime Phuket property are amongst the cheapest of the world’s most popular international homes market according to a new report.

The International Residential Report published by Chesterton Humberts discovered the price of new homes on the Thai island were EUR3,500 (US$4,460) per sqm. Prices for similar homes in Singapore were recorded at EUR16,200 (US$20,650), and at EUR19,500 (US$24,850) in Hong Kong…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From Nzherald.co.nz: Let’s face it: property is the investment many Kiwis consider the best for preserving the value of their nest egg and generating money. But putting all your cash in bricks and mortar might not be the best move.

Before you buy that nice little renter, ask yourself if you have got a good split of cash in the bank, fixed interest investments in the longer-term money markets, property and shares…………………………………….Full Article: Source

Posted on 16 August 2010 by Laxman |  Email |Print

From AFP: The proportion of deals of $1b or more in size has fallen from 17% in 2008 to 12% in both 2009 and the first half of this year. Dubai Times continue to be difficult for the private equity funds to raise cash for the real estate and infrastructure sectors, both of which were star performers before the global credit crisis brought returns crashing to the floor.

The second quarter of 2010 saw 20 private equity real estate funds hold a final close, raising an aggregate $7.3 billion. This was the lowest quarterly fundraising total since the third quarter of 2004, when 30 funds raised $6.1 billion…………………………………….Full Article: Source

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