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Real Estate Briefing 08.Nov 2010

Posted on 08 November 2010 by Laxman |  Email |Print

From Bloomberg: A majority of real-estate investors plan acquisitions in the next 12 months as they expect lower vacancies and increased tenant demand to lift rents, according to a global survey compiled by Colliers International.
Sixty percent of respondents said they plan to make commercial property purchases in the next year, mainly in their home markets, according to the report released by the Seattle- based adviser. Those looking abroad favor Hong Kong, Singapore, Sydney, London, New York, Washington, Chicago and San Francisco, the survey showed……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Indiatimes.com: International real estate markets present an opportunity for investors in real estate with the cascading impact of the global meltdown pushing prices downwards. One such market is the US where an estimated 2.5-3 million non-resident Indians (NRIs) and persons of Indian origin (PIOs) are living in various States.
While high net worth individuals (HNIs) and those waiting in the wings are now sitting pretty to plunge into the market with the multiple options knocking at their doors, the liberalised foreign exchange scheme also presents an opportunity for resident Indians to enter the market……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Upi.com: Homeowners are staying put as long as they possibly can and house flipping is almost nonexistent today as consumers weather the longest housing depression in modern times. The percentage of homeowners who sold after owning only one year or less has fallen 50 percent since the height of the housing boom.
Only a third as many home sellers who sold last year had owned their homes for three years or less, according to the latest annual Home Buyers and Sellers Profile released by the National Association of Realtors at its annual meeting in New Orleans last week……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Philly.com: Tax credits, mortgage modifications, foreclosures, falling prices, bailouts, Fannie Mae, Freddie Mac: All are pieces of the government’s biggest intervention in the housing market since the Great Depression.
Democrats blamed Republicans for the mess, but didn’t fix things. Will the GOP, now that it has another shot? “There is nothing the government can do, but the Fed’s second round of quantitative easing may get things going a little faster by the spring,” said economist Joel L. Naroff, of Naroff Economic Advisors, of Holland, Bucks County, referring to the Fed’s decision Wednesday to buy $600 billion in securities to spur economic growth……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From WSJ: The miracle of New York real estate is that all the world’s treasures come packaged into this one beautiful state, including beaches, parks , mountains, lakes, islands, fabulous cities, and wonderful villages. These attractions combined with a favorable climate and warm, friendly people make New York a perfect destination for any kind of real estate investment.
New York has become an even more attractive option to invest in real estate due to its historic appreciation in real estate. Thus, purchasing a home in Westchester NY may be a terrific investment……………………………………….Full Article: Source

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From Propertyeu.info: Retail developers need to review their strategies following the wave of shopping centre development in the recent past, according to Jaap Gillis, COO of Europe’s leading private real estate company Redevco.
‘The independent developer, in my opinion, is a dying profession. The successful ones who redevelop in the future will be integrated into construction and investment companies.’………………………………………Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Independent: House price falls are tempting first-time buyers back to the property market, research indicated. Around 26 per cent of people who hope to buy their first property during the coming year are first-time buyers, up from a low of 22 per cent in July, according to property website Rightmove.
The group said the small increase in the number of first-time buyers who thought they would be able to get on to the property ladder coincided with a rise in the number of people who think house prices will fall during the coming year……………………………………….Full Article: Source

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From Jpost.com: Israeli housing prices rose last year by 15 percent according to the government housing market assessor, reported Army Radio on Sunday.
However, a survey of four-room apartments in the 6 biggest cities in Israel shows that there has been a freeze on housing prices in Tel Aviv and Beersheba, and a slight decrease in prices in Herzliya and Petah Tikva……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Bloomberg: Dubai home prices declined 6 percent in the third quarter while the United Arab Emirates’ biggest construction firm, Arabtec Holding PJSC, reported 96 percent drop in profit and Deyaar Development PJSC suffered a loss.
The Dubai House Price Index dropped 6 percent in the third quarter compared with the previous one, reaching its lowest level since the second quarter of 2009 on a summer slowdown and as banks continued to restrict lending, Colliers International, a brokerage, property and asset management company said today……………………………………….Full Article: Source

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From Emirates247.com: Office rents in Dubai are at their most affordable levels in years, having witnessed a decline of more than 14 per cent year-on-year on an average in October 2010 as new supply continues to depress commercial rentals across the emirate, an Emirates 24|7 analysis of data provided by Better Homes, a real estate consultancy, shows.
Average office rents in Dubai stood at Dh101 per sq ft in October this year, down 14.16 per cent from the average Dh117 per sq ft they commanded during the same month last year, according to the consultancy’s monthly rent monitor……………………………………….Full Article: Source

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From Arabnews.com: Residents across Jeddah are calling for the authorities to form an independent body to evaluate house rents across the city in order to prevent landlords from unjustifiably increasing rents.
According to recent statistics, 15 percent of the monthly salaries of Saudi nationals go toward paying rent and that over 60 percent of people do not own their own homes. Real estate experts also revealed that many young Saudis look to own or rent small homes……………………………………….Full Article: Source

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From Indiatimes.com: What makes India’s property market the biggest sink of black money in the country? The Adarsh Housing Society scam threatens to topple ministers, politicians and military top brass, but that’s unlikely to slow property transactions in Mumbai, Delhi or anywhere else in the country. Some of these, according to anecdotal evidence, could involve as much as 60% to 70% of the payment in hard cash.
“Real estate is where most of the cash generated in the economy flows,” admits a finance ministry official, who doesn’t want to be identified……………………………………….Full Article: Source

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From Indiatimes.com: The nexus between politicians and builders in Mumbai’s lucrative property market has been known about for decades. But more recently, politicians themselves have become builders and now operate through real estate companies. Their modus operandi is not particularly complex.
“Politicians send their ill-gotten wealth abroad through the hawala route. It then comes back again from front companies floated in Dubai and Mauritius , which then is pumped into such real estate firms in the form of foreign direct investment,” says a knowledgeable source within the property market……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Emirates247.com: Property prices in Mumbai and New Delhi are set to decline by almost 15 to 20 per cent in the next couple of months, according to an Indian real estate consultancy.
“A correction is likely to happen in Mumbai and New Delhi property prices. We believe the fall could be in the range of 15 to 20 per cent in the next few months. However, property prices in the tier II and III cities have been stable and likely to increase over the years,” Santosh Naik, Managing Director, Disha Direct, said……………………………………….Full Article: Source

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From Thefinancialexpress-bd.com: It is now a boom time for the real estate sector that has witnessed a rebound in sales in the last one year, bucking a two-year sluggish trend. According to homebuilders and developers, the changed environment following an elected government’s accession to power reawakened the market.
It is expected that a stable political and economic environment will help boost sales of apartments, commercial spaces and offices and plots in days to come. But many have expressed fear that any unusual hike in property prices might affect apartment sales……………………………………….Full Article: Source

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From Marketwatch.com: China’s property market has reached a turning point and will begin a gradual decline for years, said financial analyst Andy Xie at the Caixin Summit in Beijing.
“The property market has reached its peak,” said Xie, a board member at the firm Rosetta Stone Advisors. “Generally speaking, the government has been keeping money supply growth lower than the [gross domestic product] growth this year, and the tightened currency supply will leave little room for housing prices to rise further.”………………………………………Full Article: Source

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From Joongang Daily: Korea’s construction sentiment rose slightly in October from the previous month, but it remained below the benchmark amid a still slumping property market, a report showed.
The Construction and Economic Research Institute of Korea (Cerik) said in the report that its construction business survey index stood at 68.5 in October, compared with 62.6 the previous month……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Donga.com: “Cases of all new apartments being sold only to the most eligible bidders in the first round of public sale have occurred in succession.” Sales of all new apartments and residential-office units exclusively to the most eligible buyers in the first round of public sale have been seen in Busan, Pangyo New Town in Gyeonggi Province, and Seoul’s Gangnam district.
Such sales had all but disappeared since this year’s first half due to a real estate slump but have returned. This has led to high expectations for a market rebound among experts……………………………………….Full Article: Source

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From Chinapost.com.tw: Taipei’s upscale housing market will continue to see a boom, driven by the cross-strait economic cooperation framework agreement (ECFA), overseas direct flight links, and the injection of hot money, market observers were cited as saying.
Although the central bank raised interest rates by O.125 percent both in June and September, no further actions have been taken to dampen the housing the market, the observers were cited by the Central News Agency as saying……………………………………….Full Article: Source

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From The Age: Agents expect a challenging next few weeks, after the property market recorded its lowest clearance rate since December 2008. Of the 633 properties auctioned on the weekend, 61 per cent sold, according to the Real Estate Institute of Victoria.
It is a sharp contrast to the ‘’super Saturday” two weeks ago, which had clearance of 67 per cent from more than 1000 auctions. Craig Stephens from agent Jas H Stephens said the market was ”extremely cautious” in its first test after last week’s interest rate rise……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Smh.com.au: Residential property values continued to gradually decline in October and are now 5.5 per cent down from the market peak of late 2007, according to the latest QV Valuations report.
The report did not provide a measure for Canterbury, saying there were too few sales since the magnitude 7.1 earthquake on September 4 to generate a reliable index measure……………………………………….Full Article: Source

Posted on 08 November 2010 by Laxman |  Email |Print

From Internationalpropertyjournal.com: Demand for commercial property in Europe is growing, but it’s emerging markets leading the recovery, according to the latest survey by the Royal Institution of Chartered Surveyors. Data points to a “two speed” recovery, the RICS says. Emerging Asia and Latin America led the way in the third quarter, in particular China, Hong Kong, Brazil and Singapore.
“Many of the emerging markets that were relatively unscathed by the financial crisis are experiencing faster growth than developed economies such as the UK, Eurozone and the U.S.” RICS says……………………………………….Full Article: Source

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