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Real Estate Briefing 30.Aug 2010

Posted on 30 August 2010 by Laxman |  Email |Print

Shaun Donovan From Bloomberg: The Obama administration plans to set up an emergency loan program for the unemployed and a government refinancing effort in the next few weeks to help homeowners pay their mortgages after home sales dropped in July, Housing and Urban Development Secretary Shaun Donovan said.

“The July numbers were worse than we expected, worse than the general market expected, and we are concerned,” Donovan said on CNN’s “State of the Union” program. “That’s why we are taking additional steps to move forward.”……………………………………Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

Bob WaltersFrom WSJ: A growing number of homeowners are choosing to pay down their mortgages at a faster rate–even if it means a substantial jump in their monthly payments. Between January and June, 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage, according to data from CoreLogic, a provider of financial, property and consumer information.

During all of 2009, 18.5% of borrowers who refinanced opted for a 15-year term. What’s prompting the shift to shorter loans? Historically low interest rates for fixed-rate mortgages…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Reuters: British house prices suffered their biggest fall since April 2009 this month, declining by 0.3 percent, property data company Hometrack said on Monday in its monthly survey of estate agents and surveyors.

August is traditionally a weak month for British house prices, with many buyers on holiday, and Hometrack’s data are not seasonally adjusted. Nonetheless the firm said a downward price trend was now underway after July’s 0.1 percent fall…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Guardian: Only a mug bets against rising house prices in Britain. This is a small island that has a rising population, tight planning controls and a tax system that favours property. Demand tends to run well ahead of supply, and that means bricks and mortar always seems a good investment.

Well, call me a mug if you like, but house prices are overpriced and have to fall. Activity is weak, with the number of new mortgage applications running at less than half their pre-recession levels. First-time buyers, according to a survey from Rightmove out today, account for only 20% of the market, about half the level needed to lubricate housing chains…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Property-magazine.eu: Chinese buyers are anticipated to replace Russian investors as major players in the prime central London market as the number of super-wealthy individuals continues to grow rapidly in the country, new research from CB Richard Ellis revealed.
Buyers with foreign currency are still enjoying attractive discounts on prime central London property as Sterling continues to remain weak…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Propertyfundsworld.com: Rental growth in the London office sector is likely to stall in the short term in line with a slowing in the global economy and a reduction in requirements for large buildings, according to a report by Henderson Global Investors.

However, a confluence of factors should come together to generate a prolonged period of buoyant growth over the medium term…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Emirates247.com: Dubai developers are reportedly taking advantage of an upturn in construction activity in order to put investors in difficult financial positions, according to media reports.

Some developers are rushing through to the 40 per cent completion stage on projects, in order to issue default notices to buyers who have missed instalments…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Albawaba.com: Real estate prices are on the rise in parts of Riyadh and Jeddah as Saudi Arabia’s growing population drives up demand for residential properties, according to research undertaken by the Consulting Division of Oxford Business Group (OBG).

Rakesh Kunhiraman, Dubai-based Director of OBG’s Consulting Division, said the growth witnessed in prime and emerging localities of the cities marked a turnaround for the Kingdom’s two key real estate markets…………………………………….Full Article: Source

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From Indiatimes.com: Indian rating agency Crisil just came up with a paid rating service for real estate projects. Crisil will utilize traditional channels including newspaper advertisements, property websites and roadshows to propagate and communicate star ratings on real estate projects.

In the first phase, we aim to increase awareness and usage among the developers, as we believe that good developers already feel the need for such a product…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Thehindu.com: Six real estate projects in Chennai have got top ratings from Crisil, which has, for the first time, has come out with a product to provide city-specific all round assessment of real estate projects.

Addressing a gathering got up to announce the award of 7-Star rating to Abode Valley and 6-Star rating to Central Park — couple of projects promoted by Lancor Holdings — Lodd Rajendra, Head of Business Development, Crisil Ratings, said Crisil was now working on two more mandates from the realty sector. He said Crisil had thus far rated 21 real estate projects…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Indiatimes.com: The creators of the Real Estate Regulation Bill should forget about constraints being faced by the current players and should concentrate upon creating a good ground reality that serves the customer and the developer and creates a long term vision for this industry.

When Indian administrative law can oblige a pharmacist to carry a diploma in pharmacy degree, a tax consultant to carry a chartered accountancy degree and a corporate advisor to carry an LLB and / or a company secretary degree then a real estate consultant and agent should also carry a Diploma in Real Estate degree…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Indiatimes.com: The US Embassy’s plans to sell a plot of prime land have hit a wall with permission being refused by the government which feels that the deal is not proportionate to the commercial value of the property.

The Embassy had struck a deal with a private builder for the sale of the two-acre plot located on Tilak Marg in the posh Lutyen’s Bungalow Zone of the capital for Rs 46 crore about six years back…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Reuters: China will continue to curb property speculation regardless of recent changes in housing prices, a senior government advisor said in remarks published in Sunday.

Xia Bin, an academic advisor to the central bank, told a weekend forum in Shanghai that Beijing would maintain its “appropriately loose” monetary and proactive fiscal policy stance despite a moderation in economic growth…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Macaudailytimes.com.mo: Buying an off the plan property is a common vehicle of investment the world over and Macau is no different. Buying off the plan, as the term suggests, involves entering a contract to buy a property before construction is complete. For developers, selling off the plan helps keep their cash flow positive and minimises the risks of large-scale projects. By securing pre-commitments, the viability of their development should be guaranteed.
Of course, buying off the plan means you are punting on buying at the right price and achieving good capital growth and can be a very good proposition for those that can predict the real estate market accurately and can anticipate the success of investing in an apartment complex in a certain area…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Telegraph: An increasing number of expats are turning away from the traditional apartment or condo to purchase property with land in Singapore. Land is scarce in the city-state of Singapore, but foreigners this year have been eagerly buying so-called “landed properties”.

According to new research by property agent Knight Frank, foreigners were responsible for the purchase of around 150 landed properties in the first half of 2010 - only slightly less than the number purchased in the whole of 2009…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Bloomberg: Singapore will announce more steps to cool the property market after previous measures failed to keep prices from rising, Prime Minister Lee Hsien Loong said.

The Ministry of National Development will unveil the measures before markets open today, Lee, 58, said in a televised National Day Rally speech yesterday, without providing details. The Singapore stock market starts trading at 9 a.m. local time…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Thailand-business-news.com: Property in South East Asia has dropped off the radar for cash-strapped British buyers, according to data from the United Kingdom’s leading property website. Property in South East Asia has dropped off the radar for cash-strapped British buyers, according to data from the United Kingdom’s leading property website.

The report from RightMove Overseas compared search statistics from July 2008 and July 2010, and the results do not bode well for South East Asian countries that previously enjoyed substantial interest from the United Kingdom…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Koreaherald.com: With partial easing of mortgage restrictions and extended tax breaks, the government is treading a fine line to boost the languid property market while preventing a real estate bubble from forming.

The government announced on Sunday a package of tax, financial and supply measures to revitalize the real estate market after over a month of delay…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From AFP: South Korea’s government on Sunday announced measures to ease curbs on mortgage lending to counteract a slump in the housing market.

Under the plan, jointly announced by several agencies including the land and finance ministries, the government will temporarily roll back some restrictions introduced in the mid-2000s to curb soaring prices…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Koreatimes.co.kr: Indisputably, the outstanding policy among the comprehensive steps aimed at reviving the slumping real estate markets announced on Sunday is the easing of the debt-to-income ratio (DTI) rules.

As the Seoul administration temporarily relaxes the DTI regulations in defiance of its previous stance of sticking to it by any means, folks will be able to borrow increased amounts from banks when they buy homes…………………………………….Full Article: Source

Posted on 30 August 2010 by Laxman |  Email |Print

From Stuff.co.nz: The Kiwi love affair with property investment is over. New research shows a drastic decline in the number of people intending to buy real estate as a money-making strategy.

Property experts say tax changes announced in the Budget, rumours of a capital gains tax and a lack of confidence due to the recession are contributing to investor reticence…………………………………….Full Article: Source

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