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Real Estate Briefing 30.Nov 2010

Posted on 30 November 2010 by Laxman |  Email |Print

From Theglobeandmail.com: Canada is the world’s most expensive country in which to own office towers, at least when it comes to how deeply taxes cut into profits. Taxes on commercial property rents in Canada are a “massive” 53 per cent of total income, according to a study by international tax advisory firm Taxand. The United States, the next highest country on the list, taxes its commercial property rents at 41 per cent.
“The alarmingly high total tax rate in Canada is largely the combined result of high levels of both income tax, which stands at a rate of 30 per cent, and real estate tax at 3.6 per cent,” the study concludes……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Ctv.ca: Royal Bank of Canada says the cost of home ownership was more affordable in the third quarter, thanks to a drop in mortgage rates and softer house prices since earlier in the year.
The bank’s affordability measure shows how much pre-tax income is required to service the cost of mortgage payments, property taxes and utilities for the home……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From AFP: US apartment rents are expected to climb next year as the economy recovers from recession, a rise that may fuel inflation, a real-estate industry group said Monday. Multifamily real estate will star in an overall modest improvement in commercial property markets in 2011, the National Association of Realtors said in an outlook report.
NAR said ailing commercial real-estate markets — office, industrial, retail and rental housing — were flattening out after a steep plunge amid the worst recession in decades……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Bloomberg: U.S. commercial property vacancies may have peaked, led by a rebound in apartment buildings, as an improving economy spurs more demand for space, according to the National Association of Realtors.
“The basic fundamental of rising commercial leasing demand, resulting from a steadily improving economy, means overall vacancy rates have already peaked or will soon top out,” Lawrence Yun, chief economist of the real estate group, said………………………………………Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Bloomberg: Defaults on commercial property mortgages held by U.S. banks rose in the third quarter, extending a pattern begun in late 2006 when real estate prices were close to a peak, said Real Capital Analytics Inc.
About $604.1 million of loans on office buildings, malls, hotels and other commercial properties went into default in the three months ended Sept. 30, pushing the default rate to 4.36 percent of outstanding loan balances, from 3.41 percent a year earlier and 4.27 percent at midyear, the New York-based real estate research firm said……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Kiplinger.com: The outlook for commercial real estate is still ugly, though less so than a year ago. After a 40% decline in average property values since August 2007 and a nearly 80% drop in sales volume during the recession, more deals are finally getting done. Buyers and sellers are moving closer on pricing.
And a small amount of mortgage-backed debt is again being securitized and sold, providing a trickle of new financing now and the hope of a steadier stream in the future……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Huffingtonpost.com: The national housing picture is grim, but the local picture isn’t quite so dreary. U.S. home prices fell 1.6 percent in the third quarter and 3.2 percent from the year prior, according to new data from the Federal Housing Finance Agency.
But in a handful of states, home prices have actually registered impressive, year-over-year gains, lead by unexpectedly bustling regions like North Dakota, West Virginia and Louisiana……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Propertywire.com: Brazil is currently the most popular country in the world of overseas property in terms of interest, according to a real estate investment consultancy.
The London based overseas property investment consultancy Colordarcy says it is receiving in excess of 300 enquiries per week, but unfortunately only 30% of the leads qualify because of difficulties in obtaining finance……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Propertyeu.info: Prime office rents continued to grow during the third quarter, albeit at a slower pace, according to Jones Lang LaSalle’s Q3 European Office Clock. The Office Rental Index rose by a modest 0.7% over the quarter, driven by London, Moscow and Stockholm.
Patricia Lannoije, Head of Research Belux at Jones Lang LaSalle, said: ‘The research also shows that demand for office space decreased slightly over the quarter, but stands 36% higher than a year ago with net absorption remaining positive……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From IPE: Insurance companies are beginning to enter the European real estate debt market, although it may take some time before they are as active as their counterparts in the US.
Peter Denton, managing director at West Immo, told delegates at the IPD/IPF Property Investment Conference 2010 that Solvency II regulations would encourage European insurance companies to lend against real estate……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Bbjonline.hu: Germany has maintained its leading position as the most attractive retail market in the Europe, Middle East and Africa (EMEA) region, while Hungary ranked 13th of the same list with 22% of retail brands planning to open a store there next year, according to new research by the world’s leading real estate advisor, CB Richard Ellis (CBRE).
Strong economic growth and a relative lack of international retailers are two of the reasons Germany has been selected as the number one target destination for retailers looking to expand their international presence in 2011……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Thisismoney.co.uk: November marked a fifth month of falling house prices, according to property information firm Hometrack. The research company said the average cost of a home in England and Wales fell by 0.8% during the month, edging down to £155,000. It followed a 0.9% fall in October.
Hometrack also warned that demand from potential buyers dropped at its fastest pace for nearly two years. Estate agents reported a 4.3% fall in the number of new buyers registering, the steepest decline since January 2009……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Reuters: British real estate asset manager Warner Estate Holdings said on Monday that investor sentiment in the property market had worsened as a result of economic uncertainties in the UK and eurozone.
“The improvement in sentiment in the property market in the early part of this year, brought about by increased demand and some capital growth, appears to have waned as the UK economy waits to assess the impact of the proposed government’s austerity measures,” Chairman Philip Warner said in a statement, as the group posted its half-year results……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From IPE: Commercial real estate in the UK does not provide a hedge against inflation, according to research commissioned by the Investment Property Forum (IPF).
Neil Blake, director of economic analysis at Oxford Economics, told delegates at the IPD/IPF Property Investment Conference 2010 that UK property ultimately benefited from a low inflationary environment and that equities provided a better hedge……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Europe-re.com: Occupiers in the capital are bullish about their prospects, in an encouraging sign for developers, according to a survey from Cushman & Wakefield. The vast majority (87%) expect business to improve or stay the same over the next 12 months and nearly three-quarters (71%) are looking for growth opportunities.
Nearly four-fifths (79%) predict that their employee numbers will increase or stay the same and two-thirds (70%) expect the general UK economy to improve or stay the same over 2011……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Iol.co.za: South Africa is not alone in experiencing a severe slump in its residential property market. Bloomberg reports that mortgage bond foreclosures in Spain may triple next year. However, the worst appears to be over in the South African market in terms of home repossessions although house price growth is still erratic.
FNB Home Loans expects the average price of houses to decline next year after an expected increase of 6.4 percent this year compared with last year. Absa has forecast average nominal house price growth of 7 percent year on year for this year and says it is expected to remain low next year……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Bloomberg: Moscow luxury-home rents will rise about 15 percent next year as the expanding economy and a government plan to attract foreign technology companies fuels demand, Penny Lane Realty said.
The average monthly rent for high-end apartment is currently about $4,000, according to Vadim Lamin, head of prime residential properties at the Moscow-based property broker. Rents range from $2,000 for a studio to $35,000 for a 600- square-meter (6,500-square-foot) apartment, Lamin said……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Reuters: Iraq needs an investment of $100 billion under a plan to build a million new homes in the capital and meet a shortfall in residential property for its growing population, Baghdad’s mayor said on Monday.
An eight-month delay in forming a government after a March election has deterred many foreign developers from entering Iraq to take advantage of efforts to rebuild its capital, Saber al-Issawi told Reuters in an interview……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Thenational.ae: Dubai’s property sector has bottomed out and will spend much of the next two years on the rise, says the chairman of the emirate’s biggest developer. Mohamed Alabbar, the chairman of Emaar Properties, said yesterday Dubai was oversupplied but the situation may correct itself within 20 months, a projection analysts called optimistic given an estimated supply overhang of 80,000 units in the next two years.
“In terms of equilibrium between supply and demand, I feel that’s probably optimistic,” said Richard Paul, the head of residential valuations at Cluttons, a property consultancy……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From AFP: The construction and real estate sectors in Dubai have registered a near five percent fall in 2010, a top Dubai government official told AFP on Monday of the sector hit hard by the financial crisis.
“I believe that all the main sectors have registered varying proportions of growth (in 2010), except property and construction which saw a five percent drop,” Sami al-Qamzi, director general of the Dubai department of economic development, told AFP……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Livemint.com: Property analysts say many private equity (PE) funds with a focus on real estate are looking at similar risk-protected deals following several project delays during the downturn.
“The current set of funds are largely domestic capital investors who would help out developers in land acquisition because banks wouldn’t lend towards this,” said Ajit Krishnan, partner, real estate practice, at consultancy Ernst and Young. “Developers, instead of going to individual investors, can approach such new structured funds to raise the money required.”………………………………………Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From MarketWatch: Hong Kong’s property market is facing fresh controversy in the aftermath of the government’s new stamp duty aimed at curbing speculation.
After a series of aggressive analyst forecasts for property prices in the next two years, it appeared as if the government was spurred into action. But it seems to have pleased no one with its 15% stamp duty on all properties bought and sold within six months……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From CNA: A majority of Taiwanese participating in a survey on the local real estate market felt that home prices would rise in the wake of Saturday’s municipal elections, poll results released by Taiwan Realty Corp. showed Monday.
According to the survey, 52.52 percent of respondents agreed that property prices would rise after the elections, while 22.42 percent of those polled thought property prices would fall and 25.02 percent said they would remain unchanged……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Smartcompany.com.au: Australian housing is not in a bubble but it is very overvalued, and combined with high debt levels leaves Australian households vulnerable should anything significantly threaten house prices. It is a reason for the RBA to tread carefully in raising interest rates.
Poor and worsening affordability will likely lead to soft house prices over the next year or so. Key factors to watch for in terms of the risk of a substantial housing slump are a collapse in China leading to much higher unemployment, excessive tightening by the RBA and a big increase in the supply of housing……………………………………….Full Article: Source

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Posted on 30 November 2010 by Laxman |  Email |Print

From Propertyeu.info: The number of countries in which real estate professionals are reporting greater interest in distressed properties has risen dramatically, according to a global report published by the royal Institute of Chartered Surveyors (RICS). Expectations for increased distressed property sales in the coming months are highest in Ireland, the US, Spain, Portugal and Hungary.
According to the results, 20 countries witnessed increased interest from specialist funds in distressed properties in the third quarter, compared to 11 in the second quarter……………………………………….Full Article: Source

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