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Real Estate Briefing 23.Aug 2010

Posted on 23 August 2010 by Laxman |  Email |Print

From WSJ: New data suggests that mortgage fraud—which got tougher to pull off after the collapse of the U.S. real estate market—is returning in a big way. Data prepared for The Wall Street Journal by research firm CoreLogic, examining about seven million home loans made by hundreds of lenders, show that losses from mortgage fraud—ranging from falsified credit reports to identity theft—rose 17% last year after declining 57% in the two years after its 2006 peak.

In 2009, $14 billion in loans, or about 0.7% of all mortgage loans made in the U.S., were originated with fraudulent application data…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

Michael RhydderchFrom Taylorvinters.com: There is “better value” to be had from investments in the US prime commercial property market than in its UK counterpart, according to one sector expert. Cushman & Wakefield said that values have fallen “much further and faster” in the US, as office rents have adjusted “quite dramatically”.

Michael Rhydderch, partner at the real estate advisor, said that the prospect for rents going forward is better than most people believe. His comments follow the release of a report by DTZ, which showed that the prime commercial property markets in the US and Asia offer better value than those in Europe and the UK…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Propertyeu.info: Almost half of the office markets in the Europe, Middle East and Africa (EMEA) are now experiencing rental growth or stability, according to the latest ‘Global Office Rental Cycle’ research report by CB Richard Ellis. Following the Q2 bounceback, the EMEA region now closely trails the Asia Pacific region, which leads the global recovery in this sector.

The research report measures prime rents and take-up levels across 17 global markets. Paris, in particular, experienced a notable increase in office rents in the second quarter of 2010, the study found. Prime rents rose by 3%, and CBRE expects further rises over the coming months…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Propertyeu.info: The recovery in UK commercial property values since the middle of 2009 has been relatively rapid and impressive at the All Property level, confounding predictions of a prolonged and ongoing downward drift in values, according to a new research report from CB Richard Ellis.
However, the continuing gap between prime and secondary yield levels points towards divergent performances across different grades of stock and locations…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From BBC: Household finances came under pressure on all fronts in August, according to market researchers Markit and YouGov. Their survey of 2,000 households showed people were increasingly worried about losing their jobs and higher costs of living.

The Household Finance Index suggests individuals are feeling few benefits from the growing economy…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Independent: If the British property market resembles a shrivelling party balloon, in Ireland it looks more like the aftermath of the Hindenburg disaster. The bubble that started growing in the 1990s and accelerated out of control after 2002, when Ireland joined the euro, eventually burst spectacularly in 2008, and has yet to show any signs of recovery.
Since the crash, those who lost a fortune or who have been left with unsellable property have been looking for someone to blame…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Sfgate.com: House prices in Sweden, Finland and Norway may slump, derailing one of the strongest rebounds in Europe and threatening to drive their economies back into recession.

Swedish real estate may fall as the 20 percent of borrowers with the biggest debts struggle with burdens as much as 46 times their disposable incomes, says Royal Bank of Scotland Plc. Norway’s central bank says low interest rates risk overheating its lending and property markets, while euro-member Finland says a bubble may be forming in its housing market…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Arabianbusiness.com: European investors in a project located in Dubai Sports City have hired a Dublin-based lawyer to represent them in a dispute over delays in construction of the development.

Over 60 investors from around eight European countries have hired Anthony Joyce from the Dubai-based firm Anthony Joyce and Co, to represent them in discussions with developers Middle East Development LLC (MED) over progress at the Kensington Royale Project in Dubai Sports City…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Emirates247.com: Dubai’s real estate is expected to be on top of the sectors that are expected to recover from the downturn that hit most economic sectors in the Gulf region, according to the Chairman of Nakheel.

Ali Rashid Lootah said the real estate sector in the emirate is going through a state of stability in terms of rents and property prices, adding that this made it more attractive for dealers and investors…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Bloomberg: Nakheel PJSC, the Dubai World-owned property developer, paid 2.5 billion dirhams ($681 million) of bills it owes trade creditors, Chairman Ali Lootah was cited as saying in an interview with Al Khaleej.

About 80 percent of its trade creditors have agreed to new payment terms, the newspaper said, citing Lootah. Nakheel said on June 30 it had begun settling bills from its biggest trade creditors, involving a payout of 4 billion dirhams. The company is waiting for a final response from bank creditors on restructuring its obligations, Lootah was quoted as saying…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Arabianbusiness.com: Kuwait is to set up a KD500m ($1.735bn) fund to provide housing welfare especially for women, it was reported on Sunday.

The recommendation for the establishment for the special fund was made by the Kuwaiti Parliament’s women’s affairs committee and its implementation was agreed to by the Cabinet, according to a report by the Al-Watan newspaper…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Zawya.com: It seems that an overwhelming majority of Saudi citizens have abandoned their dreams of owning houses or villas following increases in real estate prices in the Kingdom.

And this has prompted many to purchase apartments instead, a trend that is more noticeable among people with limited incomes, according to a report in Al-Eqtisadiah newspaper…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Indiatimes.com: It’s not Indians alone who are monitoring the real estate market here. More and more money is being pumped into India’s housing sector from abroad. And this, despite the recent downturn. Foreign direct investment (FDI) in India’s booming real estate and housing market jumped 80 times between 2005 and 2010.

Figures obtained by TOI show that in 2005, FDI in real estate was a mere Rs 171 crore. That soared to Rs 13,586 crore in 2009-10. In April and May this year, Rs 737 crore in FDI was pumped into the sector…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Business-standard.com: Many feel the fluctuating market prices in real estate does not ensure stability required in banking space. The year is 2007. The Indian stock market is in the midst of a great bull run. Indiabulls, a prominent name in the financial services arena, applies for a licence for mutual fund operations.
Cut to 2008. HDIL Constructions and Kumar Housing Corporation apply to the Securities and Exchange Board of India (Sebi) for launching real estate mutual funds…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Indiatimes.com: Over the last four years, more and more of the HNIs have been drawn to properties. They don’t get into cash deals, broker-dealings and paper work — the messy side of real estate transactions. Instead, they ask real estate fund managers to grow their money.
Their message to fund managers is simple: “first, don’t buy listed stocks, go for unlisted builders; second, pick those property firms with projects in Mumbai and Delhi, the hottest markets.” Around 15 local real estate funds are today managing Rs 10,000-12,000 crore. That’s as big as the portfolio management business of stock brokers…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From Reuters: A 50-percent drop in China’s property prices will lead to a surge in bad real estate loans for Chinese lenders, a local newspaper reported, citing the results of the latest round of a Chinese bank stress test.
Many Chinese banks reported less-than-1-percent ratio in non-performing loans (NPL) to home buyers, but halved housing prices may expand the volume of such loans, pushing up the ratio by another 1-2 percentage points, the 21st Century Business Herald reported, citing banking sources…………………………………….Full Article: Source

Posted on 23 August 2010 by Laxman |  Email |Print

From VietNamNet Bridge: A delegation led by officials from the ministries of Public Security and Construction has started to inspect the operation of real-estate transaction floors in Ha Noi and HCM City. The main subjects of the inspection are floors managed by groups, corporations and companies that are carrying out the construction of new urban areas.

The inspection would focus on the opening and operation of property transaction floors, said Pham Gia Yen, chief inspector of the Ministry of Construction…………………………………….Full Article: Source

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