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Real Estate Briefing 26.Nov 2010

Posted on 26 November 2010 by Laxman |  Email |Print

From Teglobeandmail.com: The collapse of the U.S. housing market has been epic. Home prices remain 30 per cent below the peak of May 2006, as measured by the S&P/Case-Shiller Home Price Index.
Unlike stocks, bonds and commodities, U.S. real estate has not had a big run-up in prices since the crash of 2008. It’s one of the few asset classes where bargain hunters might still be tempted to jump in. The values are even more enticing for Canadians due to a gain of more than 30 per cent in the loonie against the U.S. dollar since 2004……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From WSJReal-estate investors are gearing up for the next party well before their hangovers from the last one are gone. Across certain segments of the U.S. property market, investments made last decade continue to suffer under heavy debt loads.
Just last week, the owners of Manhattan’s iconic Lipstick Building sought bankruptcy protection, and liquidity problems are likely to push many others to the brink as debt comes due. Yet in some places, signs of a resurgence are bubbling up. Apartment rents, for instance, are on the rise and appear to have some momentum……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Mrketoracle.co.uk: Sales of new single-family homes fell 8.1% to an annual rate of 283,000 in October after an upwardly revised gain of 12.0% in September (previously estimated as a 6.6% increase).
Sales of new single-family homes have hovered around the historical low of 275,000, recorded in August, for the last six months……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Americasnewsonline.com: When things get really terrible, the real estate investors and other participants in the real estate market are making hay where they can by improving their local situations. In states like Florida where foreclosures have been rampant for the past year, a “cottage industry” has sprung up around moving those properties through the market].
“Real estate agents had homes to sell, landscapers and plumbers had work to do, and furniture stores and restaurants benefited too,” reported the Amarillo Globe News……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Europe-re.com: European property markets now offer more attractive returns to investors, with the latest all-property DTZ Fair Value Index (FVI) Q3 2010 score for Europe standing at 55, an increase from 49 in Q2. Although Europe is still less attractive than other markets globally, as revealed by the global FVI Q3 score of 63, the European index is now above 50, meaning there are more HOT markets than COLD.
The DTZ Fair Value Index measures the attractiveness of commercial real estate markets around the world and was launched in Q2 2010……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From IPE: European real estate values continued to show improvement during the third quarter, particularly in core western Europe, according to CB Richard Ellis (CBRE).
CBRE’s latest European Evaluation Monitor report found that prime yields have continued to fall across the continent since the European market posted its first positive quarterly movement in the second quarter, with a strong performance of prime assets in core markets……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Reuters: Britain’s largest quoted housing landlord Grainger said on Thursday its full-year operating profit rose 19.5 percent to 94.2 million pounds, and expressed caution about the outlook for the UK’s housing sector.
“In light of the on-going challenge of the current economic climate, we remain cautious about the prospects for general growth in residential values over the next two years,” Robin Broadhurst, chairman of Grainger, said in a statement……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Independent.ie: Ireland has the most vulnerable commercial property market in the world because it faces the biggest gap in funding relative to its size for refinancing debt, property company DTZ said.
The country has a $6.5bn (€4.8bn) shortfall for debt between now and 2013 which is equivalent to 16pc of the value of Ireland’s entire commercial real estate investment market, according to the London-based property broker, which also has operations in Ireland……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From WSJ: Spain faces a problem as empty homes left over from the housing boom go up for sale: determining just how much the properties are worth. Analysts, property-sales representatives and economists said data coming from the government and even some large appraisal companies understate the drop in real-estate prices.
That is causing confusion and scaring off some investors who could help banks clear their backlog of homes……………………………………….Full Article: Source

Posted on 26 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 26 November 2010 by Laxman |  Email |Print

From Globes.co.il: Israel’s housing market continued to bubble in October 2010. Demand for new apartments rose 13.7% to 3,414 homes in October from 3,005 homes in September, the Central Bureau of Statistics reports. Demand in September was 5.3% lower than in August.
New home sales rose 41.9% to 2,250 in October from 1,588 in September. However, new homes built for the owners’ own use, or by buyers groups, or for rent, fell 18% to 1,160……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Propertywire.com: It may not be the most obvious place to buy property, more associated with unrest and war, but the real estate market in Beirut is buoyant and set to grow by 15% in the next three years, according to industry professionals.
‘Lebanon has gone against the current of the international financial crisis in the real estate sector,’ Fuad Fleifel, director general of the economy ministry told the Beirut International Property Fair……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Saudigazette.com.sa: The mortgage markets in the six-nation Gulf Cooperation Council (GCC) remain extremely underdeveloped by global standards, said NCB Capital.
Against this backdrop, the region needs to develop an active mortgage market to regulate real estate activities as the sector begins to recover from the repercussions of the 2008 global fiscal crisis, the report said……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Gulfnews.com: Rentals in Abu Dhabi continue to be on the slide as more stock is delivered in the prime residential areas. But the decline will eventually work in the emirate’s favour, according to market analysts.
“Going forward, lease rates will need to compete with Dubai, as there is currently oversupply in that market, causing steep price declines, coupled with better quality than is available in the capital,” said Jesse Downs, director of research and advisory at Landmark Advisory……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Saudigazette.com.sa: Injaz Development Company, the Riyadh-based master developer and property investment firm, said a growing number of Kuwaiti investors are now taking advantage of Saudi Arabia’s ongoing real estate boom.
Injaz confirmed the high level of interest from Kuwait following its successful participation at the recently concluded Cityscape Global in Dubai, where Kuwaiti investors accounted for a large percentage of customers who visited Injaz’s stand……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Moneycontrol.com: Asia’s property markets are set for a continuous drip feed of tighter regulations in coming months as authorities try to take the froth out of surging home prices without triggering a crash.
Last week Hong Kong announced its fifth set of measures this year as it struggles to curb speculation in its property markets. China, Singapore, Taiwan, Thailand and Malaysia have also unveiled more stringent regulations in recent months……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Indiatimes.com: Finance minister Pranab Mukherjee’s direction to state-run lenders to prevent a recurrence of the loans-for-bribes scandal, and banks’ decision to go for a critical appraisal of all real estate loans above Rs 50 crore may stall projects and drive developers to private funds.
Liquidity for the sector may dry up as bankers turn cautious in sanctioning fresh loans, forcing builders to cut prices to improve cash position, helping prospective buyers who have been holding on due to high prices……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Indiatimes.com: CBI investigations into the multi-crore loan scam, which has put in the dock senior managers of LIC Housing Finance and several public sector banks, is sending tremors across the real estate sector. As more skeletons emerge from closet, experts fearing that the scandal could lead to a 10-15 per cent correction in the market.
The biggest area of concern is that these officials have been accused of giving loans to companies in return for monetary benefits from a city based financial services company, Money Matters, said to be associated with top real estate firms……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Reuters: China will intensify its property tightening drive in 2011, pushing house prices down moderately, China Minsheng Banking Corp said on Thursday.
Curbs rolled out so far, including higher down payments and mortgage rates, have failed to shake stubbornly high home prices, according to a report by the bank’s specialist property team……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Property-report.com: The price of luxury homes in China’s key cities has been increased after the government has launched new policy to restrict the amount of properties a family could buy, and investors eager to keep the growing inflation risks under control.
After the Shanghai municipal government announced the cool down measures, almost 80 per cent of the new properties, priced above 50,000 yuan (US$7,531) per sqm, raised their price……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Asiaone.com: Developer Wheelock expects prices for Hong Kong residential property to fall as much as 10 per cent in coming months, a senior executive said, days after the government implemented its toughest market- cooling measures this year.
Housing prices in the territory have risen by around 50 per cent since the start of last year, with luxury apartments rising beyond previous price peaks set in 1997 because of strong buying by mainland Chinese and low mortgage rates……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From WSJ: The Singapore government plans to pump more land into the city-state’s private residential property market in the first half of next year to help temper building price pressures.
The continuation of the land-supply program seen in the second half of this year comes amid signs the government remains concerned about the formation of a housing bubble despite three rounds of measures to curb speculative activity since September 2009……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Bloomberg: Singapore’s central bank said low borrowing costs and excess liquidity globally may push the island’s property prices higher again, setting back government efforts to cool the market.
There is a risk that financial institutions may ease lending standards and extend more loans to make up for narrowing interest margins, the Monetary Authority of Singapore said in its Financial Stability Review………………………………………Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Themalaysianinsider.com: The Najib Administration shrugged off today mounting speculation of an eventual property bubble in the country, claiming that despite figures showing otherwise, property prices in Malaysia had only surged by an overall of 3.3 per cent in the last decade.
Deputy Housing and Local Government Minister Datuk Seri Lajim Ukin told the Dewan Rakyat today that between 2000 and 2010, Malaysia’s property prices had not increased exponentially unlike what has been claimed by other parties, and maintaining that the country’s property prices were still the cheapest if compared to other Asian nations……………………………………….Full Article: Source

Posted on 26 November 2010 by Laxman |  Email |Print

From Property-report.com: Philippines is experiencing the best days since its 1990’s Ramos era in the property sector; the country is driven by a strong demand and investments as it becomes one of the top favorites in the region, alongside Vietnam and Indonesia, according to property management group CB Richard Ellis Philippines.
Rick M. Santos, chairman and founder of CBRE Philippines, has announced that take up of office spaces this year is at 250,000 square meters and is forecast to rise by 10 percent in 2011 with Fort Bonifacio and Ortigas being the preferred choices for office spaces……………………………………….Full Article: Source

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