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Real Estate Briefing 02.Nov 2010

Posted on 02 November 2010 by Laxman |  Email |Print

From CNNMoney.com: The robo-signing controversy is just another issue that the already sluggish housing market didn’t need — but most analysts do not think it will have far-reaching impact. Nevertheless, the housing market still faces many problems: a weak economy, sluggish hiring, tight mortgage underwriting, falling home prices, and slowing sales.
Then there’s the potentially disastrous number of foreclosures that may occur over the coming years. “The market faces much bigger problems than the robo-signing issue,” said Mike Larson, a housing market analyst for Weiss Research…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Bloomberg: “The relative importance of housing to the consumer has been highly exaggerated,” according to Tobias Levkovich, Citigroup Inc.’s chief U.S. equity strategist. Levkovich drew the conclusion by tracking the equity in single-family homes and other owner-occupied real estate as a percentage of U.S. household net worth, using data compiled by the Federal Reserve.

As the CHART OF THE DAY illustrates, home equity accounted for 16.2 percent of net worth at the end of the second quarter, the Fed’s data showed. The first quarter’s figure, 15.4 percent, was the lowest in more than half a century…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Bloomberg: JPMorgan Chase & Co. analysts lowered their estimate for the cost to sellers of repurchasing soured U.S. mortgages to as much as $90 billion from a range that went as high as $120 billion.

JPMorgan analysts led by John Sim and Ed Reardon removed some potential losses from their previous forecast to account for issuers including New Century Financial Corp. and Lehman Brothers Holdings Inc. having failed, they wrote…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Propertyeu.info: European listed property stocks, as represented by the GPR 250 Europe Index, returned 3.6% in October compared to 6.7% in September. Sweden -2.1% and Spain -6.3% (= Inmobiliaria Colonial) were the only two countries with negative returns.

The best performances of the individual European country indices were as follows: Israel 11.0% (= Gazit Globe); Italy 6.0% (= Beni Stabili); Belgium 6.0%; Norway 5.9% (= Norwegian Property); the UK 5.6%; and Turkey 5.5% (= Is REIT)…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Caterersearch.com: Global hotel property deals could hit $18b (£11b) by the year end, up as much as 85% in terms of volume compared with last year, as investors return to the hotel market post-recession.

A new report by property agent Jones Lang LaSalle reveals that hotel transactions in the first three quarters of the year were up 60% at $12b (£7.4b) compared with 2009…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Propertywire.com: Residential real estate prices in the UK need to fall by another 20% to make properties affordable, economists claim. Property economist Capital Economics said only a fall of a fifth to bring the average price down by around £33,000 to £130,000 will bring properties within reach of buyers.

It is also says that the lack of mortgage credit and the weak economic outlook also point to prices falling through the rest of this year and 2011 and it is predicting a fall of 10% in 2011…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Cityam.com: Foreign buyers are helping push up house prices in the most affluent areas of central London, according to fresh research. While the value of prime homes in London has fallen one per cent since July, overseas buyers have buoyed prices in areas like Kensington and Chelsea, says agent Knight Frank.

Foreign buyers made up 68 per cent of all sales in June, compared to 53 per cent last year, with even more new overseas homeowners at the top end of the market…………………………………….Full Article: Source

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From IPE: The commercial real estate market in Ireland continued to see declines in capital values in the third quarter, meaning the market has been falling for more than three years, according to Investment Property Databank (IPD).

The SCS/IPD Ireland Quarterly Property index showed Irish commercial property values fell by 2.6% over the third quarter, extending the peak-to-trough decline to 59% since the second half of 2007…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Themoscowtimes.com: The jump in demand for high-end housing, which had been forecast by many analysts, has failed to materialize, real estate firm Evans said in a report. Rental demand for luxury housing remained unchanged in the third quarter, compared with the preceding three months, while demand to purchase such properties fell by 30 percent over the same period.

Even last year, 5 percent more deals on the elite housing market were signed than in July to September of this year, the report said…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Businessdailyafrica.com: The real estate boom has caught the eye of international marketing firms, which have intensified efforts to link up local developers with opportunity-seeking foreign investors, particularly those based in Europe and other emerging economies.

A team from Reed Midem, a France-based international marketing group, was in Nairobi last week, seeking to register local real estate developers for next year’s annual real estate exhibition conference —dubbed MIPIM— in Cannes…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Emirates247.com: Project cancellations and construction delays have decreased future residential supply estimates in Abu Dhabi by around 60 per cent since second quarter of 2008, Jones Lang LaSalle (JLL) has said.

Average apartment rentals have declined 16 per cent year-on-year (YOY), while some areas plunging 30 per cent, the global real estate consultancy said in its third quarter market overview…………………………………….Full Article: Source

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From Ndtv.com: The Reserve Bank on Monday noted that residential property prices are on a northward spiral in most of the major cities, especially in Delhi and Bangalore, while in Mumbai it seems to have reached a plateau.

According to the ‘Macroeconomic and monetary developments second quarter review by the RBI’, which was released on Monday ahead of the busy season credit policy tomorrow, while prices in Mumbai in the last three quarters have been showing moderate growth, in Delhi, they have been growing at a faster ate, which it thinks was partly due to the activities in relation to the recent Commonwealth Games…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Cityscapeintelligence.com: With the provision of more entertainment options in malls, Indian retailers now have vastly enhanced their ability to increase sales. Until recently, street markets and bazaars were the top performers in the retail space, and they were cornering a huge chunk of the overall sales. However, traditional markets now have to imitate malls by creating a better overall shopping experience for potential customers.

They have to offer a larger mix of diverse products – including food and beverage as well as entertainment outlets, preferably under one roof, like malls do. A consumer is attracted to a mall because of the availability of world-class services, exposure to various brands, tempting promotional offers and periodic discounts…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Cnbc.com: Beijing’s latest move on Sunday to charge higher mortgage rates for first time home buyers may not be enough to curb the country’s huge appetite for real estate investments, an analyst told CNBC on Monday.
“Even with the increase in mortgage (rates), those rising costs are not even keeping pace with the rise in inflation in China, which means the real interest rate that households are looking at — the ultimate real cost of capital — is actually coming down,” said Michael Kurtz, head of regional strategy at Macquarie Securities……………………………………Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Property-report.com: Singapore developers are feeling bearish about the country’s property market, according to findings published in the latest Real Estate Sentiment Index performed by the National University of Singapore.

With cooling measures being introduced August 30, 34 per cent of developers polled in Q3 2010 expected prices for new residential launches to decline by less than 10 per cent over the next six months…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Thailand-business-news.com: The Bangkok condominium market has drawn strong interest lately from overseas investors especially from Asia, says a recent report from Bangkok-based real estate agency Plus Property. According to the company’s assistant managing director Anukul Rathpitaksanti, enquiries from foreign buyers, mainly from Hong Kong and Singapore, have risen more than 15 per cent in the past two months and could account for 20 per cent of new condo sales this quarter.
“Sales of new and second-hand condominiums through our company have topped THB50 million (US$1.67 million) so far…………………………………….Full Article: Source

Posted on 02 November 2010 by Laxman |  Email |Print

From Europe-re.com: The global hotel investment market experienced a strong first three quarters with transaction volumes reaching US $12.0 billion (approx. €8.6 bln.), a significant 60% increase over the same period in 2009, according to Jones Lang La Salle Hotels.
Europe, Middle East and North Africa (EMEA) was the most active region for the first three quarters of the year, recording US $5.2 billion of hotel sales (+46% year over year)…………………………………….Full Article: Source

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