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Real Estate Briefing 25.Nov 2010

Posted on 25 November 2010 by Laxman |  Email |Print

From Indiatimes.com: Global direct commercial property investment volumes will rise by 25 to 35 per cent to over $350 billion in 2011, the highest since 2008, with the Americas posting 40 per cent growth, property firm Jones Lang LaSalle said.
There is about $250 billion of equity earmarked for US real estate and investors are keen to pick up core office assets in gateway cities such as Chicago, Seattle, Houston and Dallas, Jones Lang LaSalle (JLL) said on Wednesday……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Europe-re.com: There has been a dramatic rise in the number of countries in which real estate professionals are reporting greater interest in distressed properties, according to a global report by RICS research. It also revealed that expectations for increased distressed property sales in the coming months are highest in the Republic of Ireland, US and Spain.
The RICS Global Distressed Property Monitor is a quarterly report that reveals trends in 25 commercial property markets across the globe……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Bloomberg: U.S. home prices fell 3.2 percent in the third quarter from a year earlier as demand weakened without federal tax credits, the Federal Housing Finance Agency said.
The Atlanta area led declines among the 25 largest metropolitan regions, with a 10 percent slump, the FHFA said in a statement. Prices rose 4.6 percent in the San Diego area for the biggest gain, according to the agency, which measures sales of homes with mortgages backed by Fannie Mae or Freddie Mac……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Xinhua: Sales of new single-family houses in the United States plummeted more than 8 percent in October, indicating U.S. home buyers’ caution about the property market and the economic outlook, a Wednesday U.S. Commerce Department report revealed.
Sales of new single-family houses last month were at a seasonally adjusted annual rate of 283,000 units, 8.1 percent below the revised 308,000 units in September, and were 28.5 percent below the October 2009 estimate of 396,000 units, said the department……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Seekingalpha.com: Dan Alpert, managing partner at Westwood Capital, thinks that banks are under-reserving and that this will come back to haunt them when house prices fall in “the final leg down” of the housing crisis.
That is the right view if you read between the lines of the last post from Annaly Capital Management. I am in full agreement here that loan loss provisioning is artificially boosting earnings (and bonuses) when more prudence would be warranted……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Torontosun.com: House prices in Canada fell 1.1% in September, ending a string of 16 straight monthly increases, new data shows. The Teranet-National Bank Composite House Price Index last fell in April 2009, with price tags on homes falling in all six major metropolitan markets for the first time since last February.
The biggest drop was recorded in Halifax where prices dipped 2.4%, followed by Calgary at 2.2% and Toronto at 1.6%……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Dow Jones: Peru’s construction sector is set to continue its double-digit growth next year and to drive the overall expansion in gross domestic product, industry officials said. Construction, public and private, is expected to expand 18% this year–one of the main drivers of Peru’s projected 8.5% overall economic growth.
“Construction will be very strong in 2011, maybe not 18%, but it should be strong, two-digit growth,” Walter Piazza, president of the private sector Peruvian Chamber of Construction, said Wednesday………………………………………Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Europe-re.com: The European Property Federation’s responses to questions posed by Werner Langen MEP, European Parliament Rapporteur, in relation to the European Commission’s legislative proposal on OTC derivatives follow below.
The European Property Federation represents all aspects of property ownership and investment: residential landlords, housing companies, commercial property investment and development companies, shopping centers and the property interests of the institutional investors (banks, insurance companies, pension funds)……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Telegraph: Consumers may be concerned about splashing out in shops with the eurozone economies faltering and a VAT rise imminent, but property companies do not appear to have the same concerns about their trips to the shopping centre.
Capital Shopping Centres is preparing a £1.6bn deal to buy the Trafford Centre, making the Manchester shopping centre the most expensive single property asset in the UK……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Mellersh.co.uk: UK commercial property management firms are operating in a market that continues to lead European rivals as far as real estate value recovery is concerned.
The latest European Evaluation Monitor by CB Richard Ellis has revealed that the UK was the strongest performing market region during the third quarter of 2010 thanks to capital growth of one per cent in the retail sector……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Themovechannel.com: UK property sales were down 11% in October from a year ago, according to HM Revenue & Customs, giving fresh evidence of the sector’s downturn. Just 79,000 residential properties were sold in October, HMRC said.
That was up 1,000 from September, but was 10,000 lower than in October last year……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Bloomberg: The number of foreclosed homes for sale in Spain may triple next year as new accounting rules prompt lenders to dump their depreciating assets, according to the co-founder of a website that advertises repossessed properties.
About 100,000 houses and apartments owned by banks are now on the market, Fernando Acuna said in an interview. A quarter of them are listed on the website operated by his Madrid-based company, Pisos Embargados de Bancos, on behalf of 25 banks……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Europe-re.com: With a stock of modern retail space reaching 2.17 million m², there is still room for quality developments on the Romanian retail market, according to the latest research brochure of CBRE Romania “Romanian Retail Market 2010”.
The retail stock in Romania registered a rapid and complete transformation only in the past 3 – 4 years, with 2008 & 2009 as record development years……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Themoscownews.com: The ripples from the sacking of Moscow mayor Yury Luzhkov are sending shudders through the city’s construction and real estate sectors.
And while the recent of arrival of Sergei Sobyanin in City Hall has seemingly clipped the wings of the previously all-powerful Inteko group, Daniil Seledchik, general director of housebuilders Etalon-Invest, feels it’s too early to judge the new marketplace……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Balkans.com: Turkey’s Capital Markets Board said in a recent report that initial public offerings (IPOs) are funding the country’s fast-growing real estate sector, reports Hurriyet Daily News.
According to the report, the IPOs of five real estate investment trusts in Turkey were worth TL 609.2m this year……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Reuters: Al Murjan Real Estate, developer of a $3 billion housing project in the United Arab Emirates, has filed for bankruptcy after running into financial difficulties, according to a letter sent by liquidators to property buyers.
The developer filed for insolvency in the emirate of Sharjah and two liquidators have been appointed, the FT reported earlier on Wednesday, citing lawyers saying that it was the first court-mandated bankruptcy of a distressed property project in the emirates……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Ameinfo.com: Landmark Advisory has said that apartment rentals in Abu Dhabi have continued to decline by as much as 16% in certain areas due to oversupply of new inventory. “As expected, lease rates have continued to decline since our last lease guide in July 2010.
This has impacted some areas more than others, particularly those where new supply is being delivered,” Jesse Downs, director of research and advisory, Landmark Advisory said……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Hindustantimes.com: The environmental clearance for the Navi Mumbai international airport is likely to make property prices in Navi Mumbai go through the roof. Manish Bhatija, director of Paradise Group, said: “It’s nice to know that the airport has finally been approved. We had been looking forward to it for a long time. The property market in Navi Mumbai will get a boost.”
He added: “Residential property prices will rise by 15 to 20 percent, while commercial prices will rise 25 to 35 percent. Kharghar, Ulwe, Panvel and Kamothe in particular will see a huge rise in property prices due to their proximity to the airport.”………………………………………Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Cnngo.com: Those looking to get in on the Shanghai luxury real estate market better buy now. If they wait, they might be better off booking a ticket south. Even with the real estate bubble, most prices have stayed in the relatively reasonable range, but according to a recent Bloomberg report, all that’s about to change.
The site reports that Joe Zhang, deputy head of China investment banking at UBS AG, says “Shanghai and Beijing’s luxury home prices may increase 15 percent each year to overtake Hong Kong in the next five to 10 years.”………………………………………Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Channelnewsasia.com: Japan’s commercial properties have the largest debt-funding gap in Asia Pacific, at US$70 billion. This is according to research by real estate firm DTZ.
The funding gap is defined as the difference between the debt secured by a commercial property that is maturing and needs to be paid, and the debt that is available to fill the vacuum……………………………………….Full Article: Source

Posted on 25 November 2010 by Laxman |  Email |Print

From Smh.com.au: The NZ National Property Trust said property values have stabilised, decreasing only 0.6 per cent over the last six months, but the office rental market will be under pressure over the coming two years.
The trust’s portfolio of retail, commercial and industrial properties is currently under-rented by an estimated 4.3 per cent……………………………………….Full Article: Source

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