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Real Estate Briefing 19.Aug 2010

Posted on 19 August 2010 by Laxman |  Email |Print

David Rosenberg

From Canadianbusiness.com: Canada’s housing boom is beginning to crack. The number of homes sold dropped considerably this summer in two of the nation’s largest cities, Vancouver and Toronto. Condo sales in the latter shrank during this year’s second quarter, the first time that’s happened in 16 years.
Resale prices are falling. Yet all this fits neatly with a prevailing opinion among realtors, economists and federal officials: that a combination of new harmonized sales taxes in Ontario and B.C., stricter lending standards and looming interest rate increases “front-loaded” sales into the first half of this year……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

Grant BishopFrom Montrealgazette.com: After a boom that lasted for most of the past two decades, Canada’s housing market is very likely heading into a period of stagnation. The latest figures on home resales tell the story, although you need to read them carefully.
After a frenzy of buying in late 2009 and early this year, the pace of home sales has fallen sharply. July sales were down by 30 per cent from the level a year earlier, reported the Canadian Real Estate Association yesterday……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From WSJ: What’s a poor home builder to do, when the housing market stinks and the economy is refusing to cooperate and just, you know, recover already? According to CitiGroup analyst Josh Levin: Consolidation’s the word.
In a note Wednesday, Mr. Levin wrote that the likelihood of acquisitions among the public homebuilding companies has increased for five reasons……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Bloomberg: Homebuilder takeovers may increase as tumbling demand for new houses and a faltering U.S. economic recovery spur companies to consolidate to gain market share, according to Citigroup Inc.
Ryland Group Inc., Meritage Homes Corp. and Beazer Homes USA Inc. are the most likely acquisition targets, Josh Levin, a New York-based analyst, wrote in a note to clients today……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Businessweek.com: New home construction edged up slightly in July but applications for building permits tumbled to the lowest point in 14 months, a sign of continued stress in housing.
Construction of new homes and apartments rose 1.7 percent in July, the Commerce Department reported Tuesday. Still, applications for building permits, considered a good sign of future activity, fell 3.1 percent……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Reuters: U.S. mortgage applications leaped last week as rock-bottom interest rates lifted demand for home refinancing to its highest level in 15 months, a development that could portend stronger economic growth.
Home loan refinancing puts extra cash into consumers’ hands that can be used to pay off existing debt or funnel money into the economy through extra spending……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Propertyshowrooms.com: People looking for property in Mato Grosso will be pleased to hear that one expert has said Brazil offers lots of potential to investors. According to Les Calvert, director of Property Abroad, countries which are showing good economic growth are ripe for investment, Brazil among them.
“For investment purposes, it is a growing economy, prices are still reasonable and there is definitely a market there for Brazil,” he stated……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Bloomberg: European construction output rose the most in three months in June, led by a rebound in Spain. Construction in the 16-nation euro region increased 2.7 percent from May, when it fell 0.7 percent, the European Union’s statistics office in Luxembourg said today.
From a year earlier, June output rose 3.1 percent after falling 6.2 percent in the previous month……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Investment activity in the European hotel market is starting to pick up, and growth is expected to accelerate further in the second half of 2010, according a new research report issued by Jones Lang LaSalle Hotels.
Transaction volume rose marginally to EUR 1.6 bn at the end of H1 2010, representing a 6% year-on-year increase……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Europe-re.com: Sentiment in the construction sector began to decline again in the second quarter of the year, as fears over the scale of public spending cuts and ongoing uncertainty about prospects for the economy hit the construction industry, says the latest RICS Construction Market Survey, published today (August 18, 2010).
Despite some encouraging signs at the beginning of the year, the latest data shows 7% more surveyors reporting a fall than rise in total construction workloads……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Ukbusinessproperty.co.uk: Irish property developers are continuing to cash out on London’s resurgent property market, with Cork developer Owen O’Callaghan set to be the latest to bank a multi-million profit following the sale of a Mayfair office block for £48.1 million .
Mr O’Callaghan, who has been a prominent critic of the National Asset Management Agency (Nama), is expected to pocket more than £15 million from the transaction after the 7 storey building at 18-20 Grafton Street, fetched £3.1 million over the asking price……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Novinite.com: Sofia, Bucharest and Warsaw are the three most expensive capitals in Europe when measured by the ratio of how much the average resident earns versus the cost of housing, a survey shows.
The average yearly salary in Poland, Romania and Bulgaria is only sufficient to buy a mere one or two square meters in the respective centers of each of the three countries’ capital cities, according to data of the Polish real estate company Home Broker……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Croatiantimes.com: While western real-estate markets are showing signs of recovery from one of the worst crises in history, real-estate prices in Croatia are expected to continue to fall this year, possibly up to five per cent.
According to research by London-based Knight Frank Residential Research, property prices have experienced significant growth in the first quarter worldwide. In many countries, they have returned to pre-crisis levels, research shows……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Gulfnews.com: While the focus today continues to be on higher vacancy rates pushing commercial property rents down in Dubai, analysts say a yield of eight per cent is possible on investments in this sector.
“In the short-term, there may be a negative impact on general rental rates because of the number of empty offices and future oversupply. However, we do not expect this to affect the return on the assets we’re selling as the rentals are locked in for the contract period of three to five years,” Porush Jhunjhunwala, head of commercial sales and leasing at Better Homes, said……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Albawaba.com: A.T. Kearney, one of the world’s leading management consulting firms, sees affordable housing as the new frontier for the MENA real estate industry. The affordable housing market in the MENA region is estimated to be worth as much as 125 million annually, according to A.T. Kearney.
In Saudi Arabia alone, it is estimated that there is an annual shortage of 150,000 units and in Egypt of 280,000 units……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Globalarabnetwork.com: Saudi Arabia is expected to spend an estimated $40 billion (SR150 billion )on the construction of smart buildings during the next eight years, the Saudi Gazette reports.
“Building owners are showing an increased interest in making their facilities more energy efficient and reducing operating costs,” said Shahid Bhatti, Project Manager for Saudi Build………………………………………Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Arabnews.com: According to the organizers of Saudi Build 2010 and Saudi Stone-Tech, two major construction exhibitions in the Kingdom, Smart Buildings, the term used to describe buildings distinguished by one central system that operates by communicating amongst components to control the function of the home, are planned to go up all over the country at a total cost of SR150 billion.
The source also said that the construction of the buildings was expected to be fully completed by 2018……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Forbes: E-House (China), the big China real estate brokerage that’s made most of its money in the country’s residential market, has set up a new company that will specialize in commercial real estate.
E-Commercial, which is 60% owned by E-House, will be led by a team that recently left the China operation of CB Richard Ellis Group, executives said at a press conference in Shanghai today……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Property-report.com: Hong Kong’s luxury residential property market saw better-than-expected auction results in July and this, combined with a lack of new supply, is continuing to fuel demand.
The findings of Knight Frank’s Hong Kong Property Market monthly report note that in late July, a luxury residential site in Mount Nicholson Road on the Peak was sold for more than HK$10 billion (US$1.28 billion) – a price exceeded market expectations……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Office space take-up rates continue to strengthen in Singapore and across Asia Pacific. According to Jones Lang LaSalle, this is due to improved economic climate and stronger business confidence.
Jones Lang LaSalle said that in the second quarter of this year, take-up of office space across Asia Pacific’s Tier I cities increased by 13 per cent on-quarter to 1.3 million square metres……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Focustaiwan.tw: An office space in the Taipei Financial Center was sold in an auction Wednesday at a record price of NT$955,000 per ping (3.3 square meters) of the Dunbei Business District in Taipei City, the auctioneers reported.
The space, located on different floors of the building, totaled 1,905 pings and was sold to a funeral service called Lung Yen Life Service Co. at the bid price of NT$1.82 billion (US$56.86 million), said the auction house Savills Taiwan……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Asiaone.com: Thailand’s Asian Property Development Pcl said on Wednesday the company may raise its 2010 pre-sales target due to strong housing demand and launches of new condominium projects.
“It’s possible that we will raise pre-sales target of 20 billion baht (S$854 million). That should be minimum and we should make more than 20 billion baht because we plan to open more condominiums this year,” Executive Vice President Pumipat Sinacharoen told Reuters……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Property-report.com: Residential developments located close to nature and with million dollar price tags have become a growing trend in Vietnam’s property market. Nha Trang and Da Lat cities, which are renowned for private beaches and natural pine forests respectively, are proof to this.
The seaside city of Nha Trang has been very successful in attracting buyers for luxury resort projects while Da Lat has welcomed many visitors since a number of resort villa projects were launched recently……………………………………….Full Article: Source

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Posted on 19 August 2010 by Laxman |  Email |Print

From Nzherald.co.nz: People are less keen to become landlords and landlords are more wary of selling because of falling house prices, a survey suggests. A year ago, one in four people intended to buy rental housing, but now one in seven has this goal.
The Nielsen online survey for realestate.co.nz found the appetite for rental housing had dropped in the past 12 months……………………………………….Full Article: Source

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