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Real Estate Briefing 19.Nov 2010

Posted on 19 November 2010 by Laxman |  Email |Print

From Reuters: Direct investment into global commercial property will spike by between 25 and 35 percent to more than $350 billion in 2011, its highest level since 2008, driven by strong growth in Asia-Pacific, research showed on Thursday.
Property consultancy Jones Lang Lasalle said in its Global Market Perspective report that 2011 ‘looks to be a promising year for investors seeking to take advantage of distressed opportunities in commercial real estate.’………………………………………Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Propertyeu.info: The global hotel investment market experienced a strong first three quarters with transaction volumes reaching $12 bn (EUR 8.8 bn), a 60% increase over the same period in 2009, according to Jones Lang La Salle Hotels.
Europe, Middle East and North Africa (EMEA) was the most active region for the first three quarters of the year, recording $5.2 bn of hotel sales (+46% year over year)……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From CNN: The U.S. housing markets stayed very affordable this past summer: 72.1% of all homes sold during the three months ended Sept. 30 were priced so reasonably that people earning the median household income could afford to buy them, according to an industry report.
One big factor enhancing affordability is the continued rock-bottom interest rates, which were at 4.32% by the end of September……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From IPE: The residential sector continues to lead the real estate recovery in the US, with capital values up 12.3% since the start of the year, according to Investment Property Databank (IPD).
Commercial property values have risen just over half this amount in 2010, at 6.5%, according to the latest IPD US Quarterly Property index, although the recovery started later than it did in residential……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Bloomberg: U.S. homeowners are dropping out of the Obama administration’s foreclosure prevention program at a faster rate than they are joining it, according to figures released today by the U.S. Treasury Department.
Borrowers aided by the Home Affordable Modification Program grew to nearly 520,000 in October, up 23,750 from a month earlier, the Treasury said in its monthly report. The increase was less than five percent………………………………………Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Propertywire.com: Property investors and those looking to buy a holiday home in the US can look forward to bargain prices for some time to come, according to analysts. Standard & Poor’s analysts believe residential real estate prices will drop between 7% and 10% through 2011, erasing any improvements prices have recently made.
And Fiserv, a financial services technology provider predicts a 7% fall before prices stabilise towards the end of next year……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Marketoracle.co.uk: Larry D. Spears writes: The year of 2010 saw very little improvement in the housing sector, and that’s not likely to change in 2011. The industry’s weaknesses - high unemployment, tight credit, ineffectual government programs, soaring inventories, plunging prices, and so on - are simply too gaping to be resolved by next year.
Even the normally ultra-optimistic National Association of Realtors (NAR) came out of its annual conference in New Orleans in early November with a frown on its face, predicting that, “nationwide, homeowners can expect little, if any, increase in home values in 2011.”………………………………………Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Reuters: When it comes to U.S. commercial real estate loans, banks may get real next year. The practice of extending maturing loans and pretending they are current when they cannot be refinanced may end next year, according to U.S. commercial real estate experts at the New York University annual Conference on Capital Markets in Real Estate in New York.
Since credit seized up about two years ago, banks and other lenders have been playing “extend and pretend” extending maturing loans instead of taking losses by foreclosing when a borrower cannot get a replacement loan……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Assetz.co.uk: Despite an unstable economy, US commercial properties are continuing to grow in value. Figures from performance analysis Investment Property Databank’s US Quarterly Property Index show a 3.2% growth in capital during the second quarter, compared to a second quarter increase of 2.1%.
It is believed the rebound has been caused by yield compression, after returns shrank by a little over a half of one percent to 6.5%……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Reuters: A strong domestic economy and relatively modest retail rental rates have hiked demand for retail property in Canada, with U.S. companies lining up to try out a market that’s stronger than the faltering one at home.
New entrants include Victoria’s Secret, a unit of Limited Brands, which brought its sexy lingerie and supermodels to the Toronto and Edmonton areas this year, opening stores to excited crowds……………………………………….Full Article: Source

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From Commercialfinancegroup.co.uk: Brazil is currently a great investment location. Brazil is a step ahead of the pack in terms of commercial property investment potential, according to one expert.
Robin Wilson, head of overseas at Rightmove.co.uk, highlighted the country’s “burgeoning economy” as one of the reasons why it may be a profitable place to buy assets……………………………………….Full Article: Source

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From Propertyeu.info: Poland stood out from its regional counterparts so far in 2010 and witnessed stronger investor interest for well performing shopping centres. However, in the short to mid term, capital will return to the rest of CEE and more prime product will become available for sale across the whole region.
This is one of the findings of Jones Lang LaSalle’s new CEE retail research report -Looking beyond the short term……………………………………….Full Article: Source

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From Reuters: The housing market will bear witness to more falls in prices as rising unemployment, severe government budget cuts and tough new mortgage rules chip away at buyer demand, the latest Reuters poll of analysts found.
The poll, taken over the past week, found over two-thirds of them predicting UK house prices will “double dip”, with the median expectation for a five percent fall from current levels……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Germany is the number one target destination for retailers looking to expand their international presence in 2011, CB Richard Ellis has said in a new report published at Mapic in Cannes.
Two of the reasons for Germany’s popularity are the country’s strong economic growth and a relative lack of international retailers……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Europe-re.com: The Netherlands property investment market has seen a returned focus on retail with €1.5 billion invested to end Q310 this year, compared to only €1bn throughout 2009. According to Savills, this focus on retail investment has returned earlier than forecast but is anticipated to remain over the next few years.
Savills reports that four portfolio transactions, each over €100 million, have significantly contributed to overall sales volumes……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Propertyeu.info: The aggressive pricing strategies of Spanish retailers has helped to stabilise rents, according to Savills. The international real estate advisor reports that primary rents for shopping centres are in the region of EUR 90 m2/month and retail parks at EUR 16 m2/month, which is consistent with 2009 levels.
The stabilisation in rents is linked to retailers introducing 30-70% discounts in product pricing or assuming the cost of the July 2010 VAT increase, in a bid to encourage consumer spending……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Italy is seeing renewed interest from retail investors as yields stabilise at 6.25-6.5% for prime shopping centres and 7-7.25% for retail parks, according to research from property adviser Savills.
The research shows that the supply of quality product in the investment market has improved, and this has caused prime yields to stabilise……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Bloomberg: Prices for top-tier offices will rise more in Moscow than anywhere else in the world next year as investors compete for prime assets, according to Jones Lang LaSalle Inc., the world’s second-largest commercial property broker.
Office values in Moscow will surge more than 20 percent in 2011, the Chicago-based company said today in its Global Market Perspective report. In 11 other markets, including New York and London, values of the best offices will gain at least 10 percent, the company forecast……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Ameinfo.com: Qatar Central Bank has said that the country’s real estate sector is unlikely to improve over the short run due to a large number of newly-constructed buildings lying unoccupied, the Peninsula has reported.
Rents have been going down keeping inflation under check since rentals have been the largest contributor to rising prices in the recent past. This would make it difficult for property developers who took bank loans for their projects to service their debt, QCB said……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Forbes: Improving business conditions in Asia are helping to nudge the region’s office rents higher, according to a survey released today by Chicago-based real estate consultancy Jones Lang LaSalle.
Grade A office rents in July-September gained 1.8% compared with a year earlier, the survey found. Greater China helped to lead the way, with rents rising by 10.9% in Beijing’s central business district, 8.6% in Hong Kong and 5.1% in Shanghai……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From IPE: Most UK investors are looking to increase their exposure to Asia Pacific real estate markets in the next three years, according to a survey conducted by Aviva Investors.
The investment manager surveyed 110 investors – institutional investors, pension consultants, wealth managers and independent financial advisers – at its annual real estate conference in London……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Dow Jones: China’s recently announced limits on property purchases by foreigners haven’t prompted foreign funds to drop their plans to invest in the country’s property market, executives from real estate and infrastructure consultancy EC Harris said Thursday.
China’s government said Monday foreign companies can purchase only commercial property that they plan to use themselves, and the property must be located in the city in which the firm is registered……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From WSJ: If Hong Kong isn’t careful, its economy could be set for another bout of “protracted and painful” deflation and a crash in housing prices like it saw in the late 1990s and early 2000s.
That’s the negative scenario painted by the International Monetary Fund in its annual assessment of Hong Kong’s economy, known by IMF geeks as an “Article IV consultation.”………………………………………Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Taipeitimes.com: Growth in the domestic housing market accelerated faster last month than in September as excess liquidity and low interest rates more than offset concerns over the central bank’s selective credit control, a survey showed, citing transactions in Taipei, Taichung and Kaohsiung.
Residential real estate transfers reached 4,864 units in Taipei City last month, an increase of 8.1 percent from 4,501 units a month earlier, although that marked a 12.3 percent drop from the same period last year, according to Sinyi Reality Co, the nation’s only listed real estate brokerage……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From Nzherald.co.nz: The commercial property sector is facing a protracted return to growth, but inexperienced developers will find it difficult to gain traction as banks continue to scrutinise risk-return trade-off.
Access to funding remained a lingering consideration, and while banks were interested in funding quality projects, a lack of depth in the second tier market had encouraged stricter assessment of transactions, BNZ’s head of treasury solutions Graeme Free said……………………………………….Full Article: Source

Posted on 19 November 2010 by Laxman |  Email |Print

From IPE: The assets of the top 100 real estate investment managers fell by 4.1% – or some €44bn – to just over €1trn as at 31 December 2009 compared with a year earlier, according to the latest IP Real Estate investment managers survey, which will appear in the next issue of IP Real Estate Magazine.
The survey, in which managers are ranked by worldwide real estate assets under management, also reveals that the assets of the top 50 fell by €48bn, or 5.1% while those in the lower half of the table gained €4bn over that period……………………………………….Full Article: Source

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