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Real Estate Briefing 24.Nov 2010

Japan, UK, US face biggest property debt gap - DTZ
Global direct real estate investment volumes constrained by product availability in Q3
U.S. Home seizures tumble 36pct, Lender Processing says
US: Home sales dip 2.2 pct in October
US: Commercial real-estate market improving, economists say
US: Price rise is a record
US property market looking positive as three indices show year on year gains
Washington housing prices up 8.4pct
European retail investment activity concentrated in top 5 target markets for retailer expansion
European CMBS still comatose
Sufficient new capital to bridge EUR 180bln funding gap: DTZ
Property values rise in core Western European markets: CBRE
Shard to become EU's tallest building – but will the market follow it up?
UK: Rent or buy? The property pendulum swings again
UK: Nationwide warns house prices likely to fall further
Ireland is most vulnerable commercial property market, DTZ says
Greek house prices fell 4.3pct in third quarter, Central Bank says
Is Israel's hot real estate market heading for a Dubai-like fall?
Morocco's property price rise gathers pace: c.bank
Beirut property market projected to rise over next three years
Middle East real estate sector still attracting attention
Dubai Islamic Bank in sharia-compliant REIT joint venture
India: Real estate regulatory bill continues to hang in fire
India: Avoid realty papers, Sebi tells MFs
Sustainability and Indian real estate
China tightens property market further
Hong Kong developers slam 'heavy' property cooling measures
More Chinese investors entering Singapore property market
Foreign buyers snap up real estate in Australia

Posted on 24 November 2010 by Laxman |  Email |Print

From Reuters: Up to $245 billion of property debts may face refinancing problems in the next three years globally, with the highest levels in Japan, the United Kingdom and the United States, property firm DTZ said on Wednesday.
The growing debt funding gap, the difference between the existing debt balance as it matures over time and the debt available to replace it, has been a major issue for the global real estate sector with a lot of maturing debt not able to get refinancing……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Europe-re.com: New research from Jones Lang LaSalle reveals that preliminary global direct commercial real estate investment volumes totalled US$69 billion (€50.8 bln.) in the third quarter of 2010. This level is similar to the second quarter of 2010 and indicates that the recovery in investment activity seen in the previous four quarters has levelled off.
Direct commercial real estate investment volumes in the first three quarters of this year have reached US$202 billion compared to the US$139 billion transacted over the same period of 2009. Jones Lang LaSalle expects volumes for the full year to reach US$280 to 290 billion……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Bloomberg: The number of U.S. homes seized by banks tumbled more than a third in October after loan servicers imposed a moratorium to probe whether repossessions were properly conducted, according to Lender Processing Services Inc.
Banks took over 79,886 homes, down 36 percent from a record 124,051 in September and the lowest number since May 2009, the Jacksonville, Florida-based real estate data company said in a report today. Lender Processing bases its figures on information collected from loan servicers at the time of foreclosure……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From AP: Sales of previously owned homes slipped slightly in October as the housing market struggled in the face of high unemployment and tight credit. The National Association of Realtors said Tuesday that sales of previously owned homes dipped 2.2 percent last month to a seasonally adjusted annual rate of 4.43 million units.
The performance was weaker than had been expected. Economists at JPMorgan Chase had forecast that sales would rise in October to an annual rate of 4.60 million units……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Americancoinop.com: While still experiencing challenges, the commercial real-estate market could see signs of steady improvement in the near future, specifically concerning lending, according to two economists.
National Association of Realtors (NAR) Chief Economist Lawrence Yun and Hugh Kelly, clinical professor of real estate at New York University Schack Institute of Real Estate, shared their predictions surrounding the commercial market, indicating a slight improvement in commercial lending……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From WSJ: Commercial real-estate prices rose in September, as measured by the Moody’s/REAL All Property Type Aggregate Index, which posted a 4.3% increase. It was the first increase in the index since May and the largest gain in the history of the index.
Not all sectors logged improvements in September. Moody’s said two property types, apartments and retail, had price increases, while the other two property types, industrial and office, measured declines……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Propertywire.com: Commercial real estate prices in the US increased 4.3% in September from the previous month, the biggest gain in a decade of records.
The Moody’s/REAL Commercial Property Price index is now 0.3% up from a year ago as a small number of high-priced deals drove up values after falling to an eight year low in August……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Bizjournals.com: Existing home prices in the Washington market posted the biggest year-over-year gain in the nation last month, even as prices and sales declined nationally.
The National Association of Realtors says existing home prices in Washington were up 8.4 percent compared to October 2009, with a median price of $327,700. Existing home sales in Washington were down 23.9 percent……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Europe-re.com: European retail investment turnover reached €7.3 billion in the third quarter (Q3) 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 United Kingdom – 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

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Posted on 24 November 2010 by Laxman |  Email |Print

From WSJ: Despite increasing signs the U.S. market for commercial mortgage-backed securities is coming back to life, European CMBS remain all but dead. Hopes earlier this year that two asset-linked property loans in the U.K. would spark a revival of European CMBS have gone unfulfilled.
With the exception of CMBS purchases by the European Central Bank as part of its efforts to provide liquidity for European banks, no CMBS have been issued in Europe since 2007……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Europe has the biggest exposure to property debt worldwide, accounting for 51% or $126 bn (EUR 92 bn) of the total $245 bn (EUR 179 bn) debt funding gap over the next three years, according to new research from property adviser DTZ.
Second in line is Asia Pacific with 29% ($70 bn), followed by the US with 20% ($49 bn)……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Propertyeu.info: European property values continued to rally during the third quarter of 2010, particularly in core Western Europe, according to the latest European Evaluation Monitor by CB Richard Ellis (CBRE).
The report indicates that since the European market posted its first positive quarterly movement in Q2 2010, prime yields have continued to fall across Europe, with a strong performance of prime assets in core markets. Year-on-year, pan-Europe values improved 2%, leaving them 19% below the level of Q4 2007……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Guardian: Architecture not the only challenge for London skyscraper’s owners as it outgrows Canary Wharf Tower. Like size, height doesn’t really matter.
Yet there is no getting away from the fact that skyscrapers retain their pulling power 70 years on from the prodigious rise of the Empire State Building and a decade after the savage fall of the twin towers of the World Trade Centre……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Citywire.co.uk: New research shows it is cheaper to buy a property than rent in 80% of towns and cities due to falling house prices and rising rents.
Rents have been rising steadily, hitting an average this month of nearly £700 a month according to figures from property services company LSL, which owns the UK’s largest lettings agency network. Rents are now 4.5% higher than a year ago and demand remains strong……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From BBC: House prices will continue to fall in the near future, the Nationwide building society has suggested. The lender said potential buyers were being deterred by the uncertainty generated by the government’s public spending cuts.
However it said price falls would not be as great as in 2008 due to low interest rates, which will restrict mortgage arrears and repossessions. The society has seen its half-year profits rise by 81% to £259m……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Bloomberg: Ireland is the world’s most vulnerable commercial real-estate market because it faces the biggest gap in funding relative to its size for refinancing debt, DTZ Holdings Plc said.
The $6.5 billion shortfall for debt coming due through 2013 is equivalent to 16 percent of the value of Ireland’s commercial real estate investment market, according to estimates released today by the London-based broker. On a proportional basis, the country is followed by Hungary, Spain, the U.K. and Japan……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Bloomberg: Greek house prices declined 4.3 percent in the third quarter of 2010 from a year earlier as fewer Greeks bought property with the country in its second year of recession.
Prices fell 3.1 percent in the capital Athens, and 9.7 percent in Thessaloniki, Greece’s second-biggest city, according to a report published today by the Bank of Greece on its website. Prices dropped 5.9 percent in other major Greek cities and 2.7 percent in the rest of Greece in the third quarter……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Realestatechannel.com: Israel is the fastest growing real estate market in the world right now, according to Vienna, Austria-based Global Property Guide. But some analysts speculate the astronomical property price rises in that small Mideast country could create another Dubai-like scenario where prices went south in a hurry.
Still, the New York Observer writes foreign investors, including many New Yorkers, are snapping up property in a country that is just a little larger than the entire state of Massachusetts……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Reuters: Annual growth of property prices in Morocco nearly doubled during the third quarter, fuelled mainly by higher prices for middle-class apartments, the country’s central bank said on Tuesday.
Compared to levels a year earlier, the index rose 2.4 percent in the third quarter compared to 1.4 percent in the second quarter, Bank Al-Maghrib said in a note……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Ameinfo.com: The Lebanese economy ministry has said that the country’s real estate market is expected to grow by up to 15% in the next three years.
“Lebanon has gone against the current of the international financial crisis in the real estate sector,” director general of the economy ministry Fuad Fleifel said………………………………………Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Zawya.com: The Middle East Real Estate sector continues to grab attention despite the bleak global economic climate, according to the latest research from the region’s leading online business intelligence platform Zawya.
Based on data analysed from thousands of members utilising Zawya’s Projects Monitor service in 2010, the most popular projects being tracked by professionals are in the Oil & Gas (30 per cent), Real Estate (19 per cent), Power & Water (18 per cent) and Infrastructure (16 per cent) industry sectors……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Reuters: Dubai Islamic Bank (DIB) launched the emirate’s first sharia-compliant real estate investment trust to aid in the recovery of the country’s battered real estate sector, top executives said on Tuesday.
Emirates REIT, a joint venture between DIB and French property firm Eiffel Management, looks to attract sharia-compliant property such as office buildings, warehouses, schools and car parks and convert the rental income into dividends for investors, said Adnan Chilwan, chief of retail banking at DIB……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Intoday.in: The government seems to be in no hurry to regularise the country’s real estate sector. The ministry of urban development, which had drafted the Model Real Estate Management (Regulation and Control) Bill way back in 2007 to rein in errant builders and real estate agents, is still to be made law.
According to the income tax (I-T) department, of all the unaccounted money found during various tax investigations, about 50 per cent has come from the realty sector alone. Real estate companies are also breaking law repeatedly……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Financialexpress.com: Market regulator Securities and Exchange Board of India (Sebi) has asked fund industry to stay away from “volatile sectors” such as realty and not to buy its papers, especially through close-ended capital protection schemes.
After the central bank recently expressed concern over the asset bubble situations in the real estate sector, it seems the market regulator is getting wary of investments into the sector which could jeopardise investors’ money. Market participants said, “Recently, while clearing a capital protection scheme of some fund houses, Sebi had asked them not to buy papers or debentures of the realty sector……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Cityscapeintelligence.com: Taking action on India’s environmental crisis is no longer an option – it is a necessity. Sustainable real estate presents India with a unique and enormous opportunity to make concrete progress in the country’s effort to improve its environment.
There is greater consciousness towards the environmental crisis in India with terms such as sustainable development, corporate social responsibility and triple bottom reporting becoming more common in the real estate industry……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Theasset.com: China launched a fresh round of property tightening measures before National Day on October 1, in response to the recent pick-up in property prices and to prevent a possible buying frenzy during the long holiday.
Commercial banks have been ordered to stop lending for third and subsequent home purchases, according to a statement issued by People’s Bank of China (PBOC). Downpayment requirements for first-time and second-time home buyers are raised to 30% and 50% respectively. Banks need to prevent consumer loans from being used for home purchasing……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From AFP: Property developers on Tuesday criticised government measures to rein in Hong Kong’s soaring property prices, saying they will scare off ordinary home buyers rather than wealthy speculators.
New World Development managing director Henry Cheng described the proposed measures, which include a sharp hike in stamp duty, as “a strong dose” that will do as much harm as good……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Channelnewsasia.com: More Chinese investors are entering the Singapore property market, according to property consultant DTZ. Among non-Singaporeans, mainland Chinese buyers have grown significantly in number from 2009, recording their highest ever share of 20 per cent in the third quarter this year.
This puts them on par with Indonesians as the second-largest group of non-Singaporean buyers after Malaysians, who topped with 21 per cent……………………………………….Full Article: Source

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Posted on 24 November 2010 by Laxman |  Email |Print

From Propertywire.com: European and Asian investors are buying up residential and commercial property in Australia as high interest rates are putting off national buyers, it is claimed.
In Sydney in particular a surge of overseas buyers is driving demand in the CBD, North Shore and Eastern Suburbs, according to the Real Estate Buyers Association of Australia……………………………………….Full Article: Source

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