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Real Estate Briefing 16.Nov 2010

Posted on 16 November 2010 by Laxman |  Email |Print

From Europe-re.com: 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 Group, Inc. (CBRE).
CBRE’s first global analysis of both the occupational and investor aspects of the industrial logistics sector, shows that Tokyo has emerged as the most expensive location in the world for distribution/logistics centers, followed by London and Sao Paulo in Brazil……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Bloomberg: So many U.S. homes are unoccupied these days that demand may not catch up with the supply until 2014, according to Josh Levin, an analyst at Citigroup Inc.
The CHART OF THE DAY displays the percentage of housing units that are vacant, according to quarterly data compiled by the Commerce Department. The chart also shows housing starts as a percentage of homes already built, or the housing stock……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From IPE: The US apartment market is in the early parts of a recovery, according to Pramerica Real Estate Investors. Frank Nitschke, a principal at Pramerica, said: “One of the reasons for the recovery is that we are seeing on a nationwide basis the fewest new construction starts for housing in two decades. This isn’t likely to change until at least the end of 2011.”
He said this would lead to the value of existing properties increasing and allow for rent increases in certain markets……………………………………….Full Article (Subscription Required): Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Housingwire.com: Standard & Poor’s analysts believe home prices will drop between 7% and 10% through 2011, erasing any improvements prices have recently made.
Home sales, which plummeted after the homebuyer tax credit expired in April have continued to lag. Pending home sales, which preclude existing home sale data, dipped 1.8% in September before the market goes into a winter many expect to be bleaker than usual……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From IPE: The value of the California Public Employees Retirement System’s real estate portfolio to the end of June has increased by $171m (€125m), or 1.1%, from the previous quarter and by more than $1.8bn (13.5%) year on year.
The total net asset value of the portfolio now stands at approximately $15.2bn……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Cbc.ca: The Canadian housing resale market was almost five per cent more active in October compared to the previous month, the Canadian Real Estate Association says.
The 4.6 per cent increase in sales on the agency’s Multiple Listing Service follows similar rises in September and August. As a result, activity is 13.3 per cent higher compared to July, the low point for 2010……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Montrealgazette.com: Quebec’s residential real estate market is expected to cool in 2011, with the pace of new construction slowing and resale housing prices growing by a modest 2.5 per cent, forecasts by Canada Mortgage and Housing Corp. show.
And Montreal’s sizzling new condo market - which is expected to nearly match the 10,000-unit record set in 2004 - should slow, with the multiple-unit housing start category expected to drop by nearly 11 per cent, year over year, the CMHC said Monday……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Propertyeu.info: The Royal Institution of Chartered Surveyors (RICS) has for the first time offered real estate firms across Europe the opportunity to become Regulated by RICS to ‘demonstrate to the public their ethical commitment in their daily business practices’.
With 10,000 firms already successfully registered in the UK since 2007, RICS regulation is now available on a voluntary basis to qualifying firms in continental Europe, with the aim of bringing increased client confidence and transparency to the real estate market……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

A reveals high levels of optimism towards the performance of commercial real estate in 2011. 93% of the survey respondents expect to conduct transactions in 2011 with 70% of the sample declaring that they intend to be net buyers by the end of the year.
75% of respondents rate the prospects for Commercial Real Estate to be better in 2011 than the previous year, with 41% expecting to see significantly higher trading levels by monetary volume and 63% expecting to see higher pricing levels……………………………………….Full Press Release: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Propertyeu.info: UK commercial property delivered a 15th consecutive month of positive capital growth in October, albeit at just 0.1%, according to IPD UK Monthly Index. Last month’s fractional positive growth brings the compounded upturn in values to 15.9% since the recovery emerged in August 2009, while the 12-month capital growth rate now stands at 12.2%.
Over October, income returns of 0.6%, together with the positive capital growth, contributed to a total return of 0.7%……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From IPE: The recovery in capital values in the UK real estate market slowed to a crawl in October and is expected to see a reversal in fortunes over 2011.
According to the latest figures from Investment Property Databank (IPD) UK Monthly index, commercial real estate values in the UK rose by just 0.1% in October, suggesting the 15.9% upturn in values since August 2009 has come to an end……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Telegraph: Houses in rural areas of the UK have increased in price by an average of £200 a week over the past 10 years. Houses in rural areas have climbed higher in price than their urban counterparts according to research conducted by Halifax.
Homes in towns and cities have increased by 91pc over the same period……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Telegraph: A fresh slump in the housing market means the average property is now taking more than three months to sell – the longest period on record. Falling prices, combined with continued uncertainty around the economy and the usual seasonal slowdown, means buyers are increasingly adopting a ‘wait and see’ approach, which is stifling sales.
The average property in England and Wales is now taking 102 days to sell, according to the property website Rightmove……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Realestatechannel.com: After a dip in 2011, prices for houses in central London should jump by 33 percent by the end of 2015, Savills Research predicts.
While much of the U.K. will continue to struggle, “overseas wealth inflows and a strong private sector economy, particularly in the financial and business services sectors” will drive up London valuations, Savills says in its 2011 residential forecast……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Ibtimes.com: German residential property prices rose in the third quarter, data showed on Monday in a sign real estate had benefitted from the country’s robust economic recovery and strong labour market.
Prices for owner-occupied housing rose 1.4 percent year-on-year, figures from the VDP association of German mortgage lenders showed, after posting a 0.7 percent increase in the previous three month period……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Citywire.co.uk: The German property fund sector remains in turmoil following the announcement Axa Real Estate has extended the closure of its €2.7 billion property fund for another twelve months.
The Axa Immoselect property fund was due to reopen later this month after a challenging couple of years for the firm but it chose to extend the open-ended property fund’s closure due to ‘insufficient liquidity to comply with all the anticipated redemption requests.’………………………………………Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Standardmedia.co.ke: Investor interest in residential real estate development has continued to soar, with the latest reports indicating that monies flowing into the sector over the last five years have more than tripled.
A report by Central Bank of Kenya, in conjunction with the World Bank, indicates that investment in real estate residential sector grew to Sh61 billion as of May this year, compared to Sh19 billion five years ago……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From WSJ: China announced new limits on the ability of foreigners to buy residential or commercial property on the mainland, in its latest effort to curb the inflows of speculative money into its economy and ease inflationary pressure.
Observers said the effect would likely be small, since foreigners make up a tiny proportion of China property sales. But the lack of details about the move could add another element of uncertainty to a real-estate market that already contends with volatility and sharp surges in values……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Cri.cn: Beijing has issued the country’s first local standards on residential property services, which put particular emphasis on the maintenance of public space and facilities, the “Beijing Evening News” reported.
The property service is divided into five grades based on different service standards in the “Residential Property Service Standards,” which was jointly released by Beijing Bureau of Quality and Technical Supervision and Beijing Municipal Commission of Housing and Urban-rural Development……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From China Knowledge: Beijing, China’s capital city, saw its property prices rise 11.1% year on year in October, 0.3 percentage points lower than in September, according to the statistics released by the Beijing Statistics Bureau.
Property prices edged up 0.1% month on month in October……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From WSJ: In terms of office real estate, Shanghai is the most sought-after location in Asia — at least according to a report by Colliers International. The real-estate services company surveyed global investors interested in buying office space in Asia within the next year and found that Asian investors have set their sights on Shanghai, with Hong Kong and Singapore respectively trailing behind.
But isn’t Hong Kong the coveted real-estate market in terms of number of sales and price?………………………………………Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Joongang Daily: The number of apartment transactions in Seoul and its surrounding areas rose sharply in October, adding to the belief that the real estate market is on the path to recovery. According to the Ministry of Land, Transport and Maritime Affairs, the number of apartments that were traded last month in Seoul and the surrounding area rose nearly 40 percent.
In October, 3,126 apartments were bought and sold in Seoul, which is 39 percent more than in September, while apartments traded in the surrounding areas rose 37.5 percent to 12,401……………………………………….Full Article: Source

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Posted on 16 November 2010 by Laxman |  Email |Print

From Taipeitimes.com: The plan to build more public housing will not help rein in soaring residential real estate prices or cool the property market due to its small supply and rent restrictions, real estate analysts said.
The Ministry of the Interior yesterday announced five sites in the Greater Taipei area where it will construct 1,661 units of public housing that will be leased to economically disadvantaged people when completed……………………………………….Full Article: Source

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