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Real Estate Briefing 01.Dec 2010

Home prices in U.S. cities rose less than forecast
S&P says home prices dropped 2pct in third quarter, calls market "weak"
Tiny house movement thrives amid real estate bust
Home prices to stay near bottom, Case says: Tom Keene
NAR: The real estate market has hit bottom
Will the US real estate market ever recover to soaring heights again
High taxes hamper real estate investment in Canada: Study
RBC predicts stability in housing market
Brazil is popular choice for overseas real estate investors
JLL: More European office markets close in on prime rental growth
Europe: Investment volume slips in Q3: CBRE
UK house prices fall again in Nov -Nationwide
British housing market faces a ‘tough year,’ Countrywide says
House prices will fall 2.7pct in the next year, says Office for Budget Responsibility
UK: Residential rents rise as demand outstrips supply
Retail investment in France, a record-breaking high of 35pct in 2010
Germany's property lenders remain active
CBRE: Germany top of the shops for retailer expansion in 2011
Latvian house prices rising, GDP growth positive
Dar Al Arkan struggles despite Saudi property boom
Dubai property sector fell by five percent in 2010: official
Ex-Citi property banker to raise $350 mln for India fund
India: RBI unlikely to permit roll-over of realty loans
Overseas money floods Chinese property market
China property market’s outlook stable, Moody’s says
Singapore prices rising to dangerous levels
Renewed optimism in Japan real estate, but will it last?
NZ: House listings up but glut remains
Global hotel volumes to jump 40pct in 2011: JLL Hotels

Posted on 01 December 2010 by Laxman |  Email |Print

From Bloomberg: Home prices in 20 U.S. cities rose in September at the slowest pace in eight months, showing the latest slump in sales is destabilizing housing.
The S&P/Case-Shiller index of property values climbed 0.6 percent from September 2009, the smallest gain since January, the last time prices declined year over year, the group said today in New York. The increase was smaller than the 1 percent median forecast in a Bloomberg News survey of economists……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From AXcess News: Standard & Poor’s called the U.S. housing market “weak” this morning after the Rating Agency released its latest S&P/Case-Shiller Home Price Index. Home prices in the third quarter fell 2% nationwide, the rating agency noted.
The drop in home prices nationwide came on top of a 4.7% increase in prices in the second quarter. But compared to year-ago levels, home prices in the U.S. are only down 1.5%……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From AP: As Americans downsize in the aftermath of a colossal real estate bust, at least one tiny corner of the housing market appears to be thriving. To save money or simplify their lives, a small but growing number of Americans are buying or building homes that could fit inside many people’s living rooms, according to entrepreneurs in the small house industry.
Some put these wheeled homes in their backyards to use as offices, studios or extra bedrooms. Others use them as mobile vacation homes they can park in the woods……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Bloomberg: U.S. home prices are unlikely to fall much further in the next year even after a “discouraging” report on values in September, said Karl E. Case, the co-creator of the S&P/Case-Shiller Index.
“If I were betting even odds, I’d bet that we don’t have much further decline, but that we bounce along the bottom,” Case, a retired professor of economics at Wellesley College, said today in a Bloomberg Television interview on “Surveillance Midday” with Tom Keene. “If you gave me 2-to-1 odds, I’d bet they go down.”………………………………………Full Article: Source

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From Globest.com: At long last, it is here: the bottom of what has been the worst real estate and capital market cycle in anyone’s recent memory. So says National Association of Realtors’ commercial economist George Rheiu. “There are multiple indicators suggesting that, on the commercial real estate side at least, we have hit bottom,” he tells GlobeSt.com. The most recent indicator was the upwardly revised GDP figures, now at 2.5%.
Granted, this is not a growth rate “to write home about” Rheiu says, but it adds to the growing pile of evidence that a recovery is underway. When the GDP figures were released, NAR bumped up its own projections for the industry, he says……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Americasnewsonline.com: The report was the latest evidence of stabilization in the U.S. commercial real estate market. Credit rating agency Standard & Poor’s said on Monday the delinquency rate for loans behind commercial mortgage-backed securities (CMBS) rose 3 percent in the third quarter, down a jump of 14.1 percent in the second and 30.2 percent in the first. A loan is considered delinquent if it is more than 30 days late.
A few markets showed renewed life earlier this year, but mostly due to the federal first-time home buyer tax credit, which finally expired in September……………………………………….Full Article: Source

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From Thestar.com: High taxes are an impediment to commercial real estate investors looking to invest in Canada, says a new global study. “I think it’s clear that the system is broken and no one has the fortitude to step up to fix it,” said Gerry Divaris, vice president of Cushman & Wakefield property tax services.
Commercial property owners in Canada pay the highest taxes globally, according to a report by Luxemburg-based tax advisory service Taxand……………………………………….Full Article: Source

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From Theglobeandmail.com: Canada’s largest bank is predicting a period of stability in the housing market next year as rising mortgage rates are offset by improvements in the job market and household income.
“We don’t see any kind of imbalances out there that need to be corrected or rectified over the next year or so, so we think that probably will translate into modest everything,” RBC senior economist Robert Hogue said……………………………………….Full Article: Source

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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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From Europe-re.com: Jones Lang LaSalle’s Q3 European Office Clock highlights that prime office rents continued to grow during the quarter, albeit at a slower pace. The Jones Lang LaSalle 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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From Propertyeu.info: Commercial real estate investment volume fell to EUR 23.1 bn in Q3 from EUR 24.6 bn in the previous quarter, according to research from CB Richard Ellis. Despite the fall, the longer term trend appears to be steadily upwards, the adviser said.
‘Investor demand remains heavily concentrated at the prime end of the market, a trend that we expect to continue in the mid-term.’………………………………………Full Article: Source

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From Reuters: British house prices fell for the fourth month in five in November, a survey showed on Wednesday, in a sign the downturn in the country’s property market is becoming more entrenched.
Mortgage lender Nationwide said the average price of a property fell 0.3 percent in November, a slightly bigger drop than the 0.2 percent fall forecast by analysts. The annual rate of growth fell to 0.4 percent, its weakest since September 2009……………………………………….Full Article: Source

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From Bloomberg: U.K. home prices may fall by as much as 5 percent next year as the government raises taxes and cuts jobs to reduce the record budget deficit, the country’s largest property broker said.
“It will be another tough year,” Grenville Turner, chief executive officer of Countrywide Plc, said in an interview. The company, based in the town of Milton Keynes in southeast England, handles one in 10 British home sales……………………………………….Full Article: Source

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From Telegraph: House prices will fall 2.7pc in the coming financial year, the Office for Budget Responsibility (OBR) has forecast. The expected contraction in residential property prices represents a downwards revision of five percentage points on the OBR’s June forecast for 2.3pc growth in 2011/12.
Mortgage approvals and enquiries from new buyers now point to “muted transactions growth” in the near term, the OBR said, echoing the view from economists who see the slowdown in the housing market intensifying……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Europe-re.com: Falling supply of new property to the rental market coupled with increased demand led to a rise in rents in the three months to the end of October, says the latest RICS Residential Lettings Survey published today (December 1, 2010).
39% more surveyors reported seeing an increase in rents over the three-month period, than a fall (up from 27%)……………………………………….Full Article: Source

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From Europe-re.com: With €6.9 billion transacted in the first nine months of the year, the French commercial real estate investment market has registered a 41% increase compared to the same time last year and has gained in momentum since its low point in 2009 when the total annual investment volume did not exceed €7.8 billion, according to Cushman & Wakefield.
While offices are still the predominant asset type, they have lost market share. With €3.9 billion transacted since the beginning of the year, offices only accounted for 58% of market share compared with 67% in 2009……………………………………….Full Article: Source

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From WSJ: Financing for property acquisitions may still be tight in Europe, but German banks have been among the most active lenders in many of the deals in Europe’s main real-estate markets this year.
What is their secret? While securitization of property debt remains all but nonexistent in Europe, German mortgage banks have a financial Wunderwaffe: the Pfandbrief, a type of tightly regulated covered bond……………………………………….Full Article: Source

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From Europe-re.com: 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.
Germany has maintained its leading position as the most attractive retail market in the Europe, Middle East and Africa (EMEA) region, with 41% 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)……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Globalpropertyguide.com: Residential real estate prices continue to rise in Latvia especially in the capital Riga, as economic growth returns. A year after the crisis bottomed, average apartment prices in Riga are up 26% y-o-y to September 2010, at €614 per sq. m., according to Arco Real Estate, a leading Baltic real estate agent.
Price rises have slowed since April, but each month brings a gain……………………………………….Full Article: Source

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From Thenational.ae: The Saudi property market is booming, but the kingdom’s largest company in the sector continues to struggle. Dar Al Arkan shares are down almost 40 per cent in the past six months and the company said this week it would need to sell some assets in order to pay down debt.
It has been through a round of refinancing this year but is not getting any closer to clearing its outstanding payments, analysts say……………………………………….Full Article: Source

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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

Posted on 01 December 2010 by Laxman |  Email |Print

From Bloomberg: Ravi Hansoty, the former head of the Asia-Pacific region at Citi Property Investors, plans to raise as much as $350 million by the end of next year for an India property fund.
The fund aims to buy land to build apartments and hotels in India as early as June, said Hansoty, who left Citigroup Inc.’s real estate asset management unit in November. Hansoty said he will set up his company in Mumbai and may relocate from Hong Kong after he stops accepting new money from investors……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Hindustantimes.com: The cash-starved real estate sector could well find the going tougher. Smarting under the allegations of bribery against some its executives for granting loans to realty firms, banks are contemplating whether to bar roll-over of the loans of these firms.
The roll-over scheme allows companies to reset their loan amounts with a new repayment schedule and a lower interest rates during the initial stage.An official source said no final decision has been taken on the issue as yet……………………………………….Full Article: Source

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From Peopledaily.com.cn: An increasing number of foreign institutional investors are flooding into China’s property market via taking part in the development stage, lured by the sector’s high investment returns and the country’s solid economic fundamentals.
Statistics from the Ministry of Commerce on Tuesday showed that a total of 114 foreign-funded real estate companies went on the record in November, either for the launch of a new company or to provide a capital boost for those already in existence……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Bloomberg: China’s property market was given a stable outlook by Moody’s Investors Service, which expects developers to withstand a “moderate downward correction” in prices in the next year following government curbs.
China this year suspended mortgages for third-home purchases and pledged to speed up trials of property taxes to restrain foreign capital and cool real estate prices. It last month raised interest rates for the first time in three years……………………………………….Full Article: Source

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From Themovechannel.com: Property prices in Singapore, generally accepted as already being too high, are set to rise again, according to the country’s central bank. It says that 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 latest Financial Stability Review……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Citywire.co.uk: The Japanese property market saw improvements within its office and retail areas during the summer months but managers have warned investors against premature optimism for the sector.
Figures from global real estate consultant DTZ published in October show that commercial property transactions rose by more than 15% to ¥402 billion (€3.5 billion) during the third quarter of 2010……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Nzherald.co.nz: New real estate stats show what the industry is calling “a late, but by no means insignificant rise” in market activity. A monthly report prepared by industry website realestate.co.nz shows a “strong rise in new listings coming onto the market” in November - up 7.3 per cent to 12,932.
Actual sales have failed to show any great lift though……………………………………….Full Article: Source

Posted on 01 December 2010 by Laxman |  Email |Print

From Propertyeu.info: Following a strong recovery in 2010, global hotel transaction volume is set to increase by another 30-40% in 2011, according to initial results from Jones Lang LaSalle’s Hotel Investment Outlook 2011. This would mean a total volume of around $28-$30 bn (EUR 21.5-23 bn).
After ‘a very challenging year’ in 2009, which was characterised by frozen liquidity, stalled transactions and drastic drops in hotel performance and values in many hotel markets globally, 2010 signalled dramatic improvement and a fresh pace for opportunistic, cashed-up buyers, the adviser said……………………………………….Full Article: Source

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