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Real Estate Briefing 05.Nov 2010

Posted on 05 November 2010 by Laxman |  Email |Print

From Bloomberg: U.S. commercial property prices are rising in desirable investment markets like New York and Washington while office vacancies are beginning to fall more broadly, according to top real estate executives.
Values are “substantially” off the bottom after more than a year of decline, said Steven Roth, chairman of Vornado Realty Trust……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Bloomberg: Commercial real estate rents are poised to rise in 2011 after reaching a low this year, according to Bruce Mosler, co-chairman of Cushman & Wakefield Inc., the largest closely held property services company.
“The market has bottomed,” Mosler said today at the Real Estate Briefing hosted by Bloomberg Link in New York. “We can expect to see rental appreciation next year.”………………………………………Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Nydailynews.com: U.S. mortgage applications for home refinancing loans fell last week even as interest rates held near-record lows, data from an industry group showed.
The housing market has been showing modest signs of improvement, with home sales picking up in many regions of the country, but tight lending standards and a weak labor market are preventing many consumers from taking advantage of rock-bottom rates……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Montrealgazette.com: 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 05 November 2010 by Laxman |  Email |Print

From Bloomberg: The U.S. housing market won’t recover until employment increases and consumers become more confident, according to panelists at a Real Estate Briefing hosted today by Bloomberg Link in New York.
“When things turn and there is job growth and there is consumer confidence back, then we’ll see a change,” said Douglas Yearley, chief executive officer of luxury homebuilder Toll Brothers Inc., based in Horsham, Pennsylvania. “We have to get job growth back.”………………………………………Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Ipinglobal.com: Middle Eastern real estate investors are becoming increasingly prevalent in the US property market, it has been claimed. In total, there has been a 140 per cent jump in the amount of real estate purchased by Middle Eastern investors this year compared to last.
Data from the National Association of Realtors shows that the total spend by investors from the Middle East and Africa rose from USD1.1 billion in 2008-09, to USD2.64 billion in 2009-2010……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Crainsnewyork.com: New York’s real estate market has seen better days, but it is among the strongest in the country right now and should rise from here, according to a broad range of industry executives.
“There are very few people who would say the market hasn’t bottomed,” said Bruce Mosler, co-chairman of Cushman & Wakefield, at the Bloomberg Real Estate Briefing. “I’m more optimistic now.”………………………………………Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From UKPA: House prices rose at their fastest rate for 18 months in October after a steep drop during the previous month, new figures show. The average cost of a home rose by 1.8% in October, partially offsetting September’s record fall of 3.7%, according to Halifax.
But despite the increase, the group warned that the underlying trend for house prices was still downwards……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Reuters: Housing transactions could slump even lower if the government fails to take action over the contracting mortgage market, warned the chairman of Redrow as sales rose since July due to a shift in product mix.
The chairman and founder of Redrow, Steve Morgan, said that the mortgage situation is deteriorating as the major banks are being squeezed to repay colossal government loans, pushing overall housing transactions even lower……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Bloomberg: U.K. home prices may take longer than expected to return to peak levels as tax increases and job cuts cause values to drop through next year, Savills Plc said.
It will probably take until 2016 for prices to get back to where they were in 2007, according to a report released today. That’s two years later than the London-based broker predicted in November 2009. Savills expects average U.K. values to fall 3 percent next year and start to gain in 2012……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From IPE: Investment Property Databank (IPD) has warned that the rally in the UK commercial real estate market is all but over, with the third quarter seeing the shallowest period of capital growth in 2010.
Phil Tily, UK managing director at IPD, said: “The property rebound appears to have now run its course – with all key sets of growth measures now trending to zero.” That said, rental value growth finally crossed into positive territory (0.1%), bringing to a close a nine-quarter stretch during which rental values fell by more than 10%……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Telegraph: More than five million home owners will become “mortgage prisoners” or be forced to move to a cheaper area if new mortgage rules are introduced, lenders have warned.
The Council of Mortgage Lenders unveiled new figures yesterday suggesting tough new lending restrictions will lead to 2.2 million existing home owners being refused a new mortgage. These so-called “mortgage prisoners” would be trapped in their homes, unable to remortgage or move……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Citigroup’s European headquarters in London’s Canary Wharf is to go on the market for more than £1 bn (EUR 1.1 bn), according to a media report.
The Financial Times said that the 42-storey office skyscraper is being sold to back the debt entrepreneurs Glenn Maud and Derek Quinlan accrued when they bought the building for £1 bn at the height of the real estate boom in July 2007……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Dow Jones: Construction company Royal Bam Group said the deteriorating Dutch property market has forced it to take an impairment charge of EUR127 million and it now expects to report just a break-even in net profit for the year.
Bam, which earns roughly 50% of its revenue in the Netherlands, said the Dutch residential market had shown no signs of recovery in recent months and many municipal authorities have put new projects on hold and cut planned capacity……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Reuters: Dutch building group BAM took a 127 million euro ($179.6 million) property write-down citing an increasingly depressed housing market, as the credit crisis continues to hit building projects and the readiness of people to take on mortgages.
Following are some facts about the Dutch housing market……………………………………….Full Article: Source
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Posted on 05 November 2010 by Laxman |  Email |Print

From Pionline.com: Norway Government Pension Fund-Global, Oslo, made its first real estate investment, paying £448 million ($720 million) for a 25% stake in the U.K. Crown Estate’s Regent Street properties in London.
The 2.9 trillion Norwegian kroner ($498 billion) fund was given the green light on March 1 by the Norway Finance Ministry, which must approve the fund’s investment allocations, to make property investments. Until now, the fund could only invest in stocks and bonds……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Bellinghamherald.com: The global financial crisis has left Israel’s real estate market with a problem most U.S. homeowners only dream about: Property values are rising too fast.
Fueled by record-low interest rates and a shortage of new construction, average real estate prices in Israel are up nearly 30 percent since the start of 2009, according to government and industry statistics. Global Property Guide, a trade magazine, recently ranked Israel as the world’s hottest market in the two years ending in June……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Globes.co.il: Talking about the Bank of Israel’s commitment to deal with problems in the real estate market, Governor of the Bank of Israel Stanley Fischer made rare use of the word “bubble”: “We won’t let the Israeli economy develop a real estate bubble and as a result develop problems in the fiancial market we will prevent this,” he said.
On the basis of the Bank of Israel’s Inflation Report, Fischer estimated that rents would rise 6-8% next year……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Intasure.com: An abundance of positive news relating to Turkey’s economy is boosting its property market. Turkey’s property market may appeal to prospective holiday home insurance customers as the country’s economy continues to deliver good news.
It is proving to be an increasingly popular investment choice for Brits seeking a destination with an excellent climate, rich in culture……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Businessweek.com: New rules may loosen the country’s mortgage market and bring homeowners. Saudi Arabia’s housing stock has failed to keep up with a population that has quadrupled, to about 25 million, over the last 40 years.
The country’s underdeveloped home finance system and property law are a big part of the problem, analysts say……………………………………….Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Khaleejtimes.com: Landlords in Dubai are slashing rents by up to 20-30 per cent below market rates in anticipation of a new supply glut in the market, real estate firm Landmark Advisory said.
Jesse Downs, Director of Research & Advisory, Landmark Advisory, predicted that the most significant challenge would be the impending supply pipeline………………………………………Full Article: Source

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Posted on 05 November 2010 by Laxman |  Email |Print

From Property-report.com: Taiwan’s central and local government officials will appeal to foreign investors at the Asia-Pacific region’s largest real estate exhibition in November, to attract more investment from abroad by raising the profile of locations near science parks and major transportation facilities in the country.
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 are all expected to attend……………………………………….Full Article: Source

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