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Real Estate Briefing 23.Nov 2010

Posted on 23 November 2010 by Laxman |  Email |Print

From Forbes.com: According to the just-published Moody’s/REAL Commercial Property Price Index (CPPI), prices for commercial property popped 4.3% in September after three straight months of decline over the summer months.
The jump is the largest in the ten-year history of the index, which is based on transaction pricing data for repeat sales (a k a “flips” when they happened with particular speed) from New York-based Real Capital Analytics, an independent research firm……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Bloomberg: Sales of commercial-mortgage backed securities could reach $41 billion in 2011 amid ballooning loan maturities, according to Citigroup Inc.
As property owners seek to refinance the growing pipeline of maturing debt, sales of bonds tied to property loans are likely to be $25 billion to $41 billion next year, the report said……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Bloomberg: The U.S. office sector will be the slowest to recover as companies work through empty space and technology reduces their need for square footage, said Kenneth Rosen, a University of California, Berkeley, professor.
Unoccupied “shadow inventory” makes up 5 percent of total business leases, and that space will be filled before firms sign new rental agreements, Rosen, chairman of Berkeley’s Fisher Center for Real Estate and Urban Economics, said at a conference in San Francisco……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Reuters: Shares of U.S.-listed property insurers mostly fell on Monday after brokerage Sandler O’Neill downgraded a number of the top companies in the sector, citing limited potential for performance in 2011.
The firm downgraded four stocks to “hold” from “buy:” Dow component Travelers Cos Inc, Allstate Corp, Delphi Financial and Mercer Insurance……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Bizjournals.com: A wave of distressed residential properties may flood an already saturated residential real estate market in the coming months, according to CoreLogic. According to a report from the financial and property information provider CoreLogic, there were 2.1 million units of distressed, but not-yet-listed residential properties nationwide as of August 2010.
That’s an eight-month supply of distressed properties that had yet to hit the market. Already listed properties, including distressed and non-distressed homes, totaled 4.2 million units in August. 2010, enough supply to last 15 months……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Newstime.co.za: Peter Gilmour writes that the recent 2010 National Housing Pulse Survey conducted by the National Association of Realtors (NAR) in the US found that almost eight out of 10 respondents believe that buying a home is a good financial decision, despite ongoing challenges with the economy and housing market.
The survey, which measures how affordable housing issues affect consumers, mirrors sentiment among buyers and sellers in the South African market……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Vancouversun.com: 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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Posted on 23 November 2010 by Laxman |  Email |Print

From Vadvert.co.uk: While there is growing speculation that the Canadian housing market is a bubble ready to implode, a new report from BMO Capital Markets Economics asserts that market valuation is only moderately above long-term trends.
“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,” said BMO Economists Earl Sweet and Sal Guatieri. “A comparison of the ratio of prices to incomes with the long-term trend suggests Canadian house prices were overvalued by as much as 18 per cent in late 2009……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Reuters: The number of distressed property assets being sold will surge in the fourth quarter as banks take a tougher line on failing loans, particularly in debt-troubled Ireland, Spain and Portugal, a survey showed on Monday.
The Royal Institute of Chartered Surveyors survey found the top five countries in which fourth-quarter distressed properties sales would likely increase also included the United States and the UK, which were, respectively, ranked second and fourth……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Property-magazine.eu: CB Richard Ellis’ (CBRE) highlights in the Q3 2010 European Capital Markets report that the European real estate debt market is loosening up as more financing options become available and new lenders are entering the market.
Over the last quarter, a number of alternative lenders, most notably insurance companies and institutions, have entered the European debt market. This reflects the changing dynamics of the sector as alternative lenders seek to improve returns through commercial real estate lending……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Dailymail.co.uk: Homeowners desperate to sell were warned that Britain’s property market will remain frozen until 2012 at the earliest. Winkworth, a leading firm of estate agents, said it is expecting another slow year, with far fewer homes finding a buyer than during the boom years.
It will be the fourth year that millions of homeowners have faced a major battle to sell their property, a nightmare which began in 2008……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From IPE: Finnish pension funds Ilmarinen and Varma have mopped up shares in partly state-owned property firm Sponda following the sale by state investment firm Solidium Oy of shares worth €176m.
Varma, the €32.2bn private-sector pensions provider, almost immediately increased its shareholding from 0.70% to just under 9%……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Hurriyetdailynews.com: Decisions by the Capital Markets Board at the beginning of the year have boosted initial public offerings from Turkish property developers as the total market value of real estate companies at the Istanbul Stock Exchange has doubled so far in 2010. The large IPOs are funding the country’s fast-growing real estate sector.
The initial public offerings by five Turkish real estate investment trusts generated more than 609.2 million Turkish Liras in 2010, according to a recent report by the Capital Markets Board, or SPK……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Business-standard.com: Real estate companies in South India are hopeful of registering sound volume growth in the residential properties segment despite recent rate hikes by the Reserve Bank of India as banks hold home loan rates in their bids to improve the advances growth.
Also, unlike other geographies like National Capital Region (NCR) and Mumbai, price hike is not sharp in South Indian market providing leeway to home buyers……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Myiris.com: Buying a property after scouting for a good builder or verifying the authenticity of documents and the title of land you intend to invest in are no longer the indispensable hassles of real estate investment. If you are an investor with high net worth and with a good asset allocation in place, real estate funds offered by private equity (PE) investors or venture capital (VC) funds are the more recent options to investing in real estate.
When you invest in real estate funds, you essentially make an equity investment in schemes of PE/VC firms, who in turn invest the money in upcoming or ongoing real estate projects in residential, commercial or retail segments……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Ibtimes.com: Property prices in China are expected to decrease by about 20 percent in 2011 and the market is likely to readjust in March or April next year, says a report. Prices will be pulled down by the Chinese government measures to cool the property market but the sector is not expected to suffer a hard landing, says a report by Renmin University of China.
Property developers are expected to face a sharp decline in access to capital in the first quarter next year. Besides, situation will be worsened by tighter financing, loan repayments and severe restrictions on property buyers, according to Liu Yuanchun, deputy head of the university’s School of Economics……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From WSJ: Tougher-than-anticipated measures to curb Hong Kong’s soaring real-estate prices began rippling through the market Monday, driving down shares of property developers and prompting forecasts of declining home sales.
On Friday, the Hong Kong government slapped additional stamp duties on properties that are resold within two years and raised down-payment requirements on high-end home purchases. On Monday, government inflation figures showed Hong Kong property prices were up 15% in the January-September period, after a 30% surge in 2009……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Changes to the Residential Property Act were passed in Parliament on Monday.It restricts foreign ownership of landed residential properties, including strata landed housing and land meant for residential development.
To prevent speculation, approved purchasers are allowed to buy only one property, which cannot be sold within the initial period of three years……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Straitstimes.com: Office landlords here have much to cheer about after rises in third-quarter Grade A rents outshone gains in other Asia-Pacific business centres. Singapore, along with Beijing, topped the table, according to a survey by property consultancy Jones Lang LaSalle (JLL).
Both recorded quarterly net effective rental growth of 10.9 per cent in local currency terms. This excludes outgoings such as maintenance fees and property taxes and aims to reflect the net rental income earned by property investors……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Peopledaily.com.cn: High-end condominiums are sitting unsold after completion, as the luxury home market in Singapore remains quieter than in previous years, local media reported on Monday.
Twelve developments have been completed this year, each with more than 10 units still unsold as of last month, according to new data released by property consultancy CB Richard Ellis (CBRE), local daily The Straits Times reported……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From WSJ: IJM Land Bhd. and Malaysian Resources Corp. plan to merge into a new company in a bid to become the second-largest property group in Malaysia, a person familiar with the matter said. The new company will buy IJM Land and MRCB through a share-swap arrangement. “Details are likely be announced Tuesday,” the person said.
The planned merger is part of a continuing consolidation in Malaysia’s property sector. UEM Land Bhd. this month proposed buying the entire capital of Sunrise Bhd. to create the biggest property group in Malaysia with a market capitalization of more than 9 billion ringgit ($2.89 billion)……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From Property-report.com: Many property developers in Malaysia are not worried about the central bank’s latest cooling measures as they believe that the new ruling will not impact revenues much.
The new rules, which were imposed by Bank Negara earlier this month, require home buyers who have signed up for two mortgages and intend to apply for a third loan to finance only 70 per cent of the home value……………………………………….Full Article: Source

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Posted on 23 November 2010 by Laxman |  Email |Print

From IPE: The real estate industry still has “a long way to go” to catch up the rest of business in its approach to customers, according to Howard Morgan, managing director of real estate customer service consultants RealService.
In an article that forms part of the digital supplement on risk management that accompanies the November/December print edition of IP Real Estate, Morgan noted the findings of the UK Occupier Satisfaction Survey 2010, published recently by Property Industry Alliance and CoreNet Global UK, which reveals that occupiers rate their level of satisfaction at below 50%……………………………………….Full Article: Source

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