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Real Estate Briefing 22.Nov 2010

Posted on 22 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 22 November 2010 by Laxman |  Email |Print

From WSJ: Now is the best time to invest into the real estate market in NY. 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

Posted on 22 November 2010 by Laxman |  Email |Print

From Scotsman.com: The origins of the banking crisis date back to between 2004 and 2006 in the United States, when interest rates rose from 1 per cent to 5.35 per cent, triggering a slowdown in the housing market.
Homeowners began to default on their mortgages. The impact was felt across the financial system as many of the mortgages had been bundled up and sold on to banks and investors……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Themovechannel.com: It seemed that USA property prices could not get any cheaper, but they have. The latest USA property price report from the National Association of Realtors shows that property prices fell in almost half of all US metropolitan areas in the third quarter of this year.
This suggests that the market is running out of steam without tax credits, creating even greater USA property bargains in the process. The average price for single-family USA home is now $177,900 (£110,800)………………………………………..Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Propertyeu.info: European retail investment volume reached EUR 7.3 bn in the third quarter of 2010 and was heavily concentrated in only a small number of markets, according to the latest research from CB Richard Ellis (CBRE).
The top five markets - Germany, Poland, France, Spain and the UK - accounted for 90% of the quarter’s total activity, and perhaps more remarkably are also an exact match for the top five countries being targeted by retailers in the Europe, Middle East and Africa (EMEA) region for expansion in 2011……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Bloomberg: Morgan Stanley raised its rating on European real estate, saying the stocks will probably outperform the broader market “well into 2011” on rising investment.
Analysts including London-based Bart Gysens upgraded the industry as a whole to “attractive” from “cautious,” according to a note to investors. British Land Co., the U.K.’s second-largest real estate investment trust, Segro Plc and Unite Group Plc were Morgan Stanley’s top picks……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Overall fund of funds fee structures are simpler and lower than for direct funds, according to the inaugural Fund of Funds Fee Study published last week by INREV, the association of non-listed real estate investors.
Nearly half of the fund of funds polled in the survey base their annual management fees on net asset value, with an average of 0.4%. Performance fees are also common across value added and opportunity fund of funds, but less so in the core market, the study found……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Yourmortgage.co.uk: The housing market faces a double dip in house prices, a Reuters poll of industry analysts has found. The poll, taken over the past week, found that more than two-thirds of the 30 housing market analysts it surveyed predict UK house prices will “double dip”, with most expecting a 5% fall from current levels.
Economist, John Hawkesworth from PriceWaterhouseCoopers (PwC), said: “There are likely to be further falls in house prices over the next year given the dampening effect of the fiscal squeeze, restricted mortgage availability and fragile household confidence levels.”………………………………………Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Independent: UK buyers still flock to the Med despite horror stories of land claims affecting purchases. Julian Knight reports. It’s easy to see why Cyprus has been one of the most popular locations for Britons to have a holiday home over recent decades.
English is spoken widely across the island; the sun shines bright and warm right into November and beyond and the two major airports have regular flights to the UK, only four and a half hours away……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Europe-re.com: According to Savills, retail assets have accounted for 31.5% of total commercial investment in France since January 2010. This represents a record high volume of €2.5 billion, up 247% compared to the same time period in 2009.
The international real estate advisor records that sales of shopping centers and malls accounted for 64% of the market, totaling €1.6 billion, including the acquisitions of Cap 3000 by Altaréa/ABP/Predica for €450 million, 75% of Espace Saint Quentin bought by Allianz and 51% acquired in O’Parinor by Korean pension fund, NPS……………………………………….Full Article: Source

Posted on 22 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 22 November 2010 by Laxman |  Email |Print

From Gulfnews.com: Demand for construction in the Middle East is set to soar as the industry recovers from the economic downturn and the region forges ahead with major development, industry officials said.
Proleads Global, a UAE-based market research company has reported that nearly 1,300 projects valued at more than $418 billion (Dh1.5 trillion) are under construction in the UAE, with an additional 303 projects worth $143 billion in the design, planning or bidding stage……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Kippreport.com: According to a decree issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of UAE and Ruler of Dubai, “non-citizens , including non-GCC citizens, have the right to use property (rent or live in it) or alternatively possess right to rent for a period not exceeding 99 years.”
The decree received much attention this week after the Dubai Court rejected a case on the sharing of a lease on the basis that the disputing parties were not UAE citizens or GCC nationals……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Emirates247.com: Overexposure to the “highly speculative” real estate sector and highly leveraged companies has eroded asset quality of UAE banks, and the percentage of bad loans on the country’s banks’ books could go up to as much as 10 per cent, according to the Washington-based Institute of International Finance (IIF).
The ratio of non-performing loans (NPLs) to total loans has almost doubled from 2008 to 2009 in Kuwait and the UAE, and is expected to increase further this year, the IIF maintains in its regional overview of the GCC economies……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Arabianbusiness.com: Continued oversupply of office space in Dubai will see rents fall by as much as 20 percent in 2011, according to the latest research from Jones Lang LaSalle (JLL).
In its Real Estate Outlook for 2011, the consultancy predicted that both capital and rental values for Dubai commercial property would decline by between 10 and 20 percent, putting the emirate at the bottom of a survey of the world’s most important business cities……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Indiatimes.com: Urban cooperative banks (UCBs) have been allowed to lend more freely now, especially with regard to home loans and advances to the realty sector. The new rules were part of a slew of notifications by Reserve Bank of India easing the norms last week.
This is a sequel to the announcements made in the second quarter review of the monetary policy……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Themovechannel.com: Soaring land prices and higher construction costs could result in property prices rising in India if developers pass on the increases to buyers and concentrate on more profitable luxury projects, it is claimed.
But with sales expected to fall due to price hikes, there is concern that the country’s real estate market will suffer if they do……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Peopledaily.com.cn: China’s property prices are likely to decline by almost 20 percent next year and the market may go through a major period of readjustment in March or April 2011, according to a report released on Saturday by Beijing-based Renmin University of China.
Prices will be dragged down by the government’s measures to cool the property market, which have placed constraints on developers, as well as by an adjustment of the country’s monetary policy, though the sector is not expected to suffer a “hard landing”, according to the report……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Themovechannel.com: Whilst some countries are witnessing falling property prices and an ever-increasing gap between asking and selling prices, Hong Kong is at the other end of the spectrum and introducing desperate measures in a bid to cool its red hot housing market, amid fears of a real estate bubble.
The International Monetary Fund has turned up the heat on Hong Kong’s property market, urging the government to take control of the spiralling prices as they spread from high-end pads to the general market………………………………………..Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Taipeitimes.com: Weekend sales of used homes in some of Hong Kong’s biggest private housing estates fell 83 percent from the previous week as the government imposed additional taxes and raised down payments to curb surging prices.
The number of transactions fell to 10 on Saturday and yesterday at projects including Tai Koo Shing in the Island East district and Mei Foo Sun Chuen in Kowloon, Centaline Property Agency Ltd , the city’s biggest privately held real estate broker, said in a statement yesterday. There were 59 deals the previous weekend, the broker said last week……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Joongang Daily: According to Kookmin Bank, apartment prices in Seoul posted a rise of 0.02 percent last week from a week earlier, showing an upward trend for the first time in 35 weeks. Prices in the greater metropolitan area stayed the same last week, stopping a 36-week decline.
The rise in prices was primarily driven by [[price?]] hikes in apartments located in areas that suffered from big drops, including the Gangnam and Gangdong Districts as well as Mok-dong in Yangcheon District……………………………………….Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Theaustralian.com.au: A senior Treasury official has sounded the alarm over Australia’s property market. He has warned that the prospect of a sudden and dramatic drop in prices is “the elephant in the room” and should not be ignored by the federal government.
While the government and Reserve Bank insist Australia does not have a housing bubble - as some economists and the International Monetary Fund suggest - it remains such a worrying concept that Treasury has privately sought reassurance from its analysts that prices are not artificially high and that Australia does not face the kind of house price collapse that has hit Britain and the US………………………………………..Full Article: Source

Posted on 22 November 2010 by Laxman |  Email |Print

From Themovechannel.com: As 2010 draws to a close, attention is turning to the best locations to invest in property in 2011. The last year has been one of mixed fortunes with traditional second home destinations such as Spain, Italy and Greece still feeling the harsh effects of the economic downturn whilst other mostly non-euro zone countries such as Brazil, Turkey and Egypt flourished.
Overall levels of property investment rose in 2010 compared to 2009 with savvy investors capitalising on the bargains available as the property cycle reached bottom……………………………………….Full Article: Source

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