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Real Estate Briefing 03.Nov 2010

Posted on 03 November 2010 by Laxman |  Email |Print

From Reuters: Global property derivatives trading more than doubled to 756 million pounds in the third quarter from the second, reflecting a recovery in financial markets after the euro zone debt shock, data showed on Tuesday.
Investment Property Databank, which provides licences for investors who trade swaps based on its global suite of indexes, said year-to-date volumes totalled 1.5 billion pounds, with 300 million pounds of that in the second quarter……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Financialpost.com: Nouriel Roubini, the New York University professor who predicted the global financial crisis, said another “disaster” will happen if U.S. house prices fall again and prime mortgage defaults increase.
“If house prices are going to fall another 5% to 10%, another eight million households are going to be in negative equity,” Mr. Roubini said on Tuesday at a conference in Cape Town. “We are going to have another nasty crisis. That’s going to happen unless we do something about it. Forget about subprime, look at prime.”………………………………………Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Reuters: U.S. rule-makers are mulling an expansion of fair-value accounting to land and buildings held for investment, a change that could reshape the balance sheets of hundreds of real estate companies.
Fair value, which measures assets by their market worth rather than historical cost, is at the center of a big debate in the banking sector, where the Financial Accounting Standards Board is broadening its use……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Bivinteractive.com: Vancouver has been “bumped” from its spot as Canada’s top real estate market, but that does not mean it is in a slump. According to PwC’s 32nd annual Emerging Trends in Real Estate report, which interviewed and surveyed nearly 900 real estate experts, investors, developers and brokers in Canada and the U.S., Toronto is now the nation’s top real estate market thanks to continued interest in apartments and industrial properties.
But out west PwC said Vancouver’s office and condo markets are expected to “defy logic” and remain “red hot” in 2011……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Reuters: Best bets for Canada’s commercial real estate investors lie in apartments and opportunistic assets in a U.S. market recovery, while Toronto bumps Vancouver from the top-ranking city to invest and develop in next year, an influential survey said on Tuesday.
In 2011, Canadian real estate investors should expect “slowing, steady growth and decent prospects” as long as the U.S. economy does not weigh, according to the Emerging Trends in Real Estate 2011 report, released by PricewaterhouseCoopers and the Urban Land Institute……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Ctv.ca: Low mortgage rates and reasonable housing costs in Waterloo Region are on the way for 2011, according to analysts at the Canada Mortgage and Housing Corporation. The CMHC held its annual outlook seminar in Kitchener on Tuesday, and analysts say 2011 promises to be much more stable after a roller coaster ride in 2010.
The real estate market in Waterloo Region is expected to see slow and steady growth throughout 2011, driven by low interest rates, population growth and a slightly better job market……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Montrealgazette.com: The uncertain U.S. economy poses the biggest threat to Canada’s real-estate sector, which is expected to post modest growth next year, according to a report released Tuesday. Emerging Trends in Real Estate 2011 suggests growth will be slow, but steady, offering “decent prospects” for investors, though a weak U.S. economy will hurt Ontario markets in particular.
The report, produced by accounting advisory firm PwC and the non-profit Urban Land Institute, is based on interviews with more than 875 industry experts in Canada and the United States……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Occupier demand and investment activity are recovering now across Europe although the gap between emerging and developed economies widened in the third quarter of 2010, according to the latest RICS Global Commercial Property Survey published on Tuesday.
The results of the RICS survey show that many of the emerging markets globally that were relatively unscathed by the financial crisis are experiencing faster growth than developed economies such as the UK, Eurozone and US……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Ipinglobal.com: The recovery of European real estate is gathering pace, with average house price decline in the region slowing. Real estate values fell by just 0.1 per cent in the second quarter of 2010, compared to a fall of 4.1 per cent in the first quarter of the year.
Prices increased in 69 per cent of worldwide locations in the year up to the end of June, up from 19 per cent a year earlier, the latest Knight Frank Global House Price Index also shows……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Dailyexpress.co.uk: House prices in Scotland rose by £112 every day over the summer, signalling that the property market is slowly crawling its way back to recovery. New figures show the average price of a home reached £163,360 between July and September, the highest since the Registers of Scotland (RoS) statistics were first compiled seven years ago.
The increase comes despite plummeting sales, which are half the number compared to the height of the property boom in 2007……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Irishtimes.com: The Irish commercial property investment market has shown tentative signs of recovery during the first nine months of the year. Some €200 million worth of transactions were completed during the period – this represents an increase of 51 per cent on the same period in 2009.
Of course, this increase is measured against a very low base but the market is at least going in the right direction which is long overdue. Also very welcome is the strong level of overseas interest in the Irish commercial property market. Recent examples of this were the purchase of AIB Grafton Street by a German fund and the CityWest deal done by UK-based private investor London Regional……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Reuters: Norway’s $500-billion-plus sovereign wealth fund will start investing in real estate in the “near future” and will probably broaden its portfolio further with infrastructure assets, the central bank chief said on Tuesday.
Norges Bank runs Norway’s wealth fund on behalf of the government, which siphons away the bulk of the North Sea state’s taxes from oil and gas activities into the offshore fund……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Propertywire.com: Cheap mortgages are driving up residential property prices in Switzerland to levels that are worrying many analysts.
Average house prices in Switzerland have risen as much as 7% in the past year and by almost 11% around Lake Geneva, one of the country’s hottest property markets where modest two bedroom apartments are selling at an average of a million francs, unaffordable for the majority of residents……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Realestateweb.co.za: Israel is known for its difficulties but when it comes to property, alls fair in love and war, and Israel, having seemingly sidestepped the worst of the recession, now enjoys the position of top performing real estate market in the world.
That is according to the Global Property Guide, a US trade magazine that monitors international housing markets. It reports that real estate in Israel has been the best performing for the last two years since the global housing crash in 2008……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Zawya.com: Qatar’s government should consider steps to ease an oversupply of office space in the capital causing rent levels to fall and vacancy rates to climb, as it could potentially impact confidence in the real estate sector, says the Dubai-based Consultancy Division of Oxford Business Group.
Monthly rents in Doha’s prime central business district (CBD), the Diplomatic Area of West Bay, have fallen to around QR165 ($45) per sq metre this year after reaching highs of QR300 ($82) in mid-2008. The fall in rents has been attributed to rampant construction over the past five years that turned a shortage of office space into a surplus……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Maktoob.com: Residential rents saw more modest declines in Abu Dhabi during the third quarter, while office rents continued to tumble, CB Richard Ellis (CBRE) said on Wednesday.
The real estate consultancy said in a report that residential rental rates fell around 5 percent on Abu Dhabi Island, the centre of the UAE capital, while off-island rates fell 8-15 percent……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Indiatimes.com: Realty developers and property consultants on Tuesday said that Reserve Bank’s monetary measures are aimed at controlling property prices , which have gone up sharply in big cities, but feel that improving housing supply alone can prevent the creation of asset bubble.
Realty firms and property consultants are also of the view that RBI’s decision to increase provisioning for teaser home loans and loans of Rs 75 lakh or more would not have any impact on property demand and prices……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Property-report.com: The Reserve Bank of India has said 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’, released this week, while prices in Mumbai in the last three quarters have been showing moderate growth, in Delhi, they have been growing at a faster rate, which it thinks was partly due to the activities in relation to the recent Commonwealth Games……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Xinhua: Price fluctuation-oriented policies are doomed to fail in China’s property market reform, said an expert with the research center of the State Council Tuesday.
Hou Yunchun, vice director of the Development Research Center of the State Council, told a forum on fiscal and financial policies that temporary suppression cannot solve the property market’s problems……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From China Knowledge: Beijing saw the average price of second-hand properties reach RMB 22,648 per square meter in October, reflecting an increase of 4.06% month on month or 49.31% year on year, sources reported.
In the city’s eight major districts, the second-hand properties’ average price for last month was RMB 24,614 per sq m, up 3.7% month on month……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Telegraph: According to data released by the Hong Kong Monetary Authority (HKMA), luxury properties in Hong Kong now command even higher prices than they did before the 1997 Asian crisis, sparking fears of a housing bubble.
The average price for a home of around 100 square metres (1,100 square feet) is now 13.8 per cent higher than in the third quarter of 1997……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Straitstimes.com: Prime Minister Lee Hsien Loong said on Tuesday that the Government is keeping a close eye on the property market to avert the formation of an asset bubble. Recent measures to cool the market have dampened sentiment, but liquidity is awash in the region, he told news agency Reuters in an interview on the risks facing Singapore.
Mr Lee also vowed to continue to take action if necessary, Reuters reported……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From CNA: Taiwan’s central and local government officials will appeal to foreign investors at the Asia-Pacific region’s largest real estate exhibition next week in an effort to attract more investment from abroad.
Officials from the Cabinet-level Council for Economic Planning and Development (CEPD), Ministry of Transportation and Communications, and local governments of Taipei City, Taipei County, Hsinchu County and Tainan County will attend the MIPIM Asia in Hong Kong from Nov. 10 to Nov. 12……………………………………….Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From Taiwannews.com.tw: In an online survey of people’s 10 biggest grievances, conducted by the Research, Development and Evaluation Commission in late November 2009, “the cost of urban housing” ranked first. Although the government has since taken several steps to “exert downward pressure,” the price of housing has in fact only risen higher.
Exactly how high are housing costs in Taiwan? And what is pushing real-estate prices to rise?………………………………………Full Article: Source

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Posted on 03 November 2010 by Laxman |  Email |Print

From WSJ: Amid the gloom hanging over the U.S. housing market, Australia continues to defy critics who say one of the world’s few property hot spots is overdue for a correction.
Another test will come at the landmark Sydney Opera House on Monday, when real-estate agency Ray White Ltd. holds an auction of 11 luxury dwellings, 10 in New South Wales, one in Queensland……………………………………….Full Article: Source

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