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Real Estate Briefing 09.Nov 2010

Posted on 09 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Industrial markets across the globe are now in recovery mode, albeit at very different stages, with Asia leading the rental recovery according to a new MarketView report from CB Richard Ellis (CBRE).
All regions witnessed increases in investment spend in the first half of 2010, with appetite strongest across Europe, the Middle East and Africa (EMEA), where industrial sales increased by 90% on 2009 levels, with this pace set to continue into 2011……………………………………….Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From WSJ: At a time when many Americans are wondering how–and when–the housing market will recover, some people not only are encouraging first-time buyers to jump in to the market, they’re also helping them come up with a down payment.
Twenty-seven percent of first-time buyers who purchased a home between July 2009 and June 2010 received a gift from family or friends to help with the down payment, according to the National Association of Realtors’ annual Profile of Home Buyers and Sellers survey, released at NAR’s annual conference in New Orleans……………………………………….Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Bloomberg: The pace of defaults among U.S. homeowners who’ve never fallen two months behind on mortgages backing so-called non-agency securities is increasing for the first time in a year, according to Amherst Securities Group LP.
First-time defaults rose to 1.1 percent of previously “always performing” mortgages based on payments due in September, up from 1 percent the prior month, according to a report from the Austin, Texas-based securities firm……………………………………….Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Propertyshowrooms.com: Sellers in the US real estate market are cutting their asking prices by in excess of six per cent in a bid to offload surplus property. According to property website Zoopla, those looking to buy property in the country could be set to benefit from a massive reduction in cost.
The firm said that around 36.4 per cent of sellers have slashed the amount they are asking for their homes at least once since August……………………………………….Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Crainsnewyork.com: New York commercial real estate is very much on the radar screens of investors around the world. “For almost every region, if they were to invest outside of their home market, New York was at the top or near the top of their list,” said Ross Moore, chief economist at Colliers International and head of research nationally, noting that the usual suspects for global investors are New York, London and Paris.
“It’s really the big financial centers that seem to come up.”………………………………………Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Ctv.ca: Canada’s housing market is moderately overvalued but not a bubble waiting to be burst, BMO Nesbitt Burns says. “All things considered, the Canadian housing market does not appear to be in a bubble, and is unlikely to suffer a U.S.-style collapse,” economists Earl Sweet and Sal Guatieri said in a research note.
“A key and overriding difference is the quality of loan origination in the past decade, as well as other institutional factors such as mortgage insurance and recourse against defaulters,” they wrote in the report titled “Canadian housing: Pricey, not dicey.”………………………………………Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Canada.com: Major commercial real estate players say the market has hit bottom and they are preparing to add to their portfolios, according to Colliers International. Expecting the market will rebound over the next 12 months, eight in 10 Canadian respondents to a global survey of 200 major real estate investors with a combined portfolio of $710 billion said they expect to expand or rebalance their portfolios as a result.
Colliers, a global real estate services company, said Canadian players see good opportunities investing at home, with Toronto at the top of their list and 26 per cent of investors listing it as their preferred investment destination. It was followed by Vancouver (18 per cent), Calgary (14 per cent), Ottawa (nine per cent) and Montreal (seven per cent)……………………………………….Full Article: Source

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From Themovechannel.com: Property investors looking to buy real estate in Brazil are likely to be encouraged by news that the country’s housing market will remain unaffected by the result of the recent presidential election.
Indeed, in excess of 135 million Brazilians went to the polls to elect Dilma Rousseff as successor to Luiz Inacio Lula da Silva, who was constitutionally not allowed to stand for a third term……………………………………….Full Article: Source

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From Euroweeklynews.com: The Spanish climate and quality of life are priceless, but when buying property purely as an investment price matters. The Nationwide says house prices in the UK must drop by 20 percent to make homes affordable.
If the trend increases it will reduce the difference in Spanish and British house prices, potentially making the difference that made Spain an attractive property investment disappear. Yet, the overseas property exhibition ‘Place in the Sun’ at Birmingham’s NEC last month produced interesting results……………………………………….Full Article: Source

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From BBC: House prices continue to be dragged lower by a shortage of buyers, according to the Royal Institution of Chartered Surveyors (Rics). Its latest monthly survey reports that more than half (55%) of its members who work as estate agents said prices fell locally in the past three months.
Only 4% said that prices were rising. Rics said the continued pressure on house prices was due to caution by potential buyers and the continued rationing of mortgages by lenders……………………………………….Full Article: Source

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From Propertycommunity.com: Over the next five years the division between the best UK properties and the rest is set to widen, with prime central London house prices expected to rise by 33% compared to a UK average of 12%, according to a new forecast.
Within the mainstream the average will disguise growing divisions, according to Savills. The best, referred to as grade A stock, will outperform the average by 5% over the next five years, while grade C will underperform by the same margin, a difference of 10% between the different types of property in the same location……………………………………….Full Article: Source

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From BBC: Scottish chartered surveyors believe uncertainty over cuts has caused a downturn in the housing market. A survey for October found that more surveyors reported a drop in prices than a rise, giving a negative balance for the first time in more than a year.
The Royal Institution of Chartered Surveyors (RICS) found that new buyer inquiries and new instructions also all moved into negative territory……………………………………….Full Article: Source

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From Observer.com: Israel is the fastest growing real estate market in the world right now. Foreign investors — including many a New Yorker — are snapping up property in the often troubled paradise. But that might be a mistake.
Global Property Guide ranked Israel the hottest housing market for the last two years. In the most recent quarter, the publication reports that house prices in the country rose the sixth-fastest in the world. But four of the five were recovering from sharp drops, notes the Associated Press, meaning the nation of six million could have one of the hottest real estate markets around……………………………………….Full Article: Source

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From Almasryalyoum.com: State housing projects are often tied to presidential elections. But the projects typically lead to market inflation, with investors the only party poised to benefit. As part of the presidential platform, the government provides project tenders to investors interested in financing low-income housing construction on the condition the firm sells the units at government-stipulated prices.
“The real market of real estate should not be affected by either parliamentary or presidential elections,” said Salah Hegab, head of a construction committee. “It depends on the supply and demand. Real estate market in Egypt suffers big problems as most projects target only 20% of the upper class.”………………………………………Full Article: Source

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From Propertyshowrooms.com: South African real estate agents are confident that the property market in the country will remain popular, even though the football World Cup is over.
According to Adrian Goslett, regional director and chief executive officer of RE/MAX Southern Africa, the hosting of the tournament in the country has done much to raise its profile and improve perceptions held by potential overseas buyers……………………………………….Full Article: Source

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From Moneyweb.co.za: Former Federal Reserve Chairman Alan Greenspan put great faith in the wisdom of markets. Unfortunately, such confidence extended to the banking industry’s self regulation ability which proved severely misplaced as bankers played a lead role in distorting housing prices.
Yet Greenspan’s belief that market assessments exceed and precede the wisdom of individual participants is now being vindicated. The housing price implications of an overpriced currency coupled with the declining competitiveness of US workers are only now being fully appreciated by analysts, investors and policymakers……………………………………….Full Article: Source

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From Arabianbusiness.com: Middle East property investors are less likely to increase holdings in the region as they seek markets that are seen as safer, according to a global survey compiled by Colliers International.
About 38 percent of Middle East investors questioned by Colliers plan to expand or maintain their holdings in the next 12 months, according to the report released by the Seattle based adviser……………………………………….Full Article: Source

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From Arabianbusiness.com: Villa prices in some areas of Saudi Arabia have surged by as much as 40 percent in the second half of this year, fuelled by inflation and anticipation over the expected introduction of the mortgage law, according to a new survey.
Banque Saudi Fransi’s second-half Saudi real estate survey showed that the average prices for small villas in one area of north Riyadh rose by 40.6 percent……………………………………….Full Article: Source

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From Emirates247.com: The Dubai Land Department (DLD) is likely to restart property auctions, including foreclosed properties, from this month, according to a law firm.
“Recent discussions with the Land Department of Dubai indicated that they are now ready to re-commence property auctions, including foreclosed property, as the number of transactions processed daily by the department increases and they see the market stabilising. They hope to hold the next property auction in November,” Nick Clayson, Partner and head of real estate, Middle East, Norton Rose Group, said……………………………………….Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Indiatimes.com: The Reserve Bank of India on Monday said that home loan disbursals rose by 20 per cent to Rs 3.15 lakh crore in 2009-10 compared to the year-ago period, primarily helped by lower interest rate.
In its report ‘Trend and Progress of Banking in India 2009-10′, RBI said that while home advances rose, loans for other retail segments such as auto, consumer durables and personal purposes dropped in the last fiscal……………………………………….Full Article: Source

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From Bloomberg: Lam Yuet-fung expected 1,000 people a day to visit his booth at a five-day convention in Shenzhen starting Oct. 1 to inquire about buying homes in neighboring Hong Kong. By day four, more than 10,000 had stopped by.
“The reaction has never been as good,” said Lam, who credits the interest to the Shenzhen government’s Sept. 30 announcement that it is restricting home purchases by most local residents to two units……………………………………….Full Article: Source

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From Theedgeproperty.com: Residential prices in Beijing, Shanghai, Guangzhou and Shenzhen are not expected to decline more than 20% in 2011 despite the latest string of tightening measures, said Knight Frank in its latest Greater China quarterly report.
According to Knight Frank, the outlook for the China property market hinges on three factors: the liquidity of developers, the supply of new homes and the implementation of the government tightening policies……………………………………….Full Article: Source

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From Property-report.com: Rental prices for non-landed properties in Singapore rose at a slower pace in the third quarter than the two previous ones, according to data from the Singapore Urban Redevelopment Authority reported on by Today Online.
Rental prices rose just 3.6 per cent in the third quarter of 2010, compared to 6 per cent in Q2 and 4.8 per cent in Q1. Analysts said the slowdown mean that the market has reached a sustainable level and that rental prices are growing together with capital values of property, which have also seen slower rates of growth……………………………………….Full Article: Source

Posted on 09 November 2010 by Laxman |  Email |Print

From Vnagency.com.vn: The Ha Noi real estate market will be less active during the last quarter of the year, according to real estate experts. Chairman of the Ha Noi Real Estate Club Nguyen Huu Cuong said that while the real estate market might warm up slightly, many opportunities for profit were unlikely.
Cuong attributed the slow sales in part to Decree 71/2001/ND-CP on implementing the Law on Residential Housing of Viet Nam, which came into effect in early August……………………………………….Full Article: Source

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