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Real Estate Briefing 09.Dec 2010

Posted on 09 December 2010 by Laxman |  Email |Print

From Bloomberg: U.S. home prices will decline as much as 11 percent as weak demand and rising inventory extend the housing slump into 2012, according to Morgan Stanley.
Prices will be as much as 36 percent below their 2006 peak before finding a bottom, Morgan Stanley analysts led by Oliver Chang wrote in a report today. Sales will stay “depressed” through next year amid tightened lending standards, they said……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Forbes.com: The news on the housing front continues to be bleak. U.S. home prices declined 2% in the third quarter, according to the latest S&P/Case-Shiller Home Price Index data released last week. Prices were down in September in 18 of the 20 metro areas covered by the index.
Houses continue to sit unsold on the market as well, with the number of homes sold down 2.9% so far in 2010, according to the National Association of Realtors. “The housing market continues to suffer from broad macroeconomic conditions,” says Stan Humphries, chief economist at Zillow.com……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Bloomberg: The worst is over for the U.S. housing market and a rebound will gain momentum in 2012, according to Douglas Yearley, chief executive officer of Toll Brothers Inc.
“The recovery is here to stay,” Yearley, whose company is the largest U.S. luxury-home builder, said in an interview yesterday at Bloomberg’s headquarters office in New York. “I think 2011 will be an improving year, but I think 2012 will be a big year for us.”………………………………………Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Financemarkets.co.uk: The US housing market is expected to remain weak for the next two years, these are the findings of property websites, Trulia and RealtyTrac. According to the survey, more than half (58%) of US citizens expect the property market to stay weak until 2012, while one in five believe it will be 2015 or later before a recovery is seen in the housing market.
Meanwhile, the survey established that almost half of those questioned would consider walking away from their mortgage if they were in negative equity……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Bryanellis.com: While earlier this year some analysts were predicting a housing recovery as soon as 2012, now the predictions are a little less optimistic – largely thanks to the “robo-signer” scandal that rocked the lending and the loan servicing industries late this year.
“We don’t see a full market recovery until 2014,” declared RealtyTrac’s Rick Sharga, who expects a full three million homeowners to have received foreclosure notices in 2010, although only about one million of those homes will be seized by the end of the year, largely due to the hold-up of all foreclosures during lenders’ private investigations into their own lending practices……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Washingtonexaminer.com: The Washington area’s housing market isn’t expected to rebound for at least a year, and 2011 could mark a new low for some areas, according to real estate experts.
Home prices are expected to stay flat through at least the first half of the year, according to Rick Sharga, senior vice president of RealtyTrac, a foreclosure-tracking firm in Irvine, Calif. But in areas with higher foreclosure rates — like Prince George’s and Prince William counties — the market could worsen……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Bloomberg: Manhattan office rents may rise as much as 10 percent next year as global growth accelerates, the chief economist of Colliers International’s New York regional office said.
“Cash balances and corporate liquidity are almost at an all-time high,” Peter Kozel said today at a press briefing in Manhattan. “That’s enormous potential energy just waiting to be released. And New York City is enormously tied into the global economy.”………………………………………Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Theaustralian.com.au: Taxes could limit future housing-market bubbles, according to research by the Organisation for Economic Co-operation and Development. The Paris-based think-tank is understood to be preparing a study for the new year examining whether there is potential for new levies to be imposed on property to limit boom-bust cycles.
A policy document from the OECD argued that taxes on property were the least “harmful” to economic growth, while corporation taxes rank as the most growth-unfriendly……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From UKPA: Demand for property increased for the first time in four months during November as price falls tempted buyers back to the market, research indicates.
The average estate agency branch had 241 house-hunters on its books during the month, up from 218 in October, according to the National Association of Estate Agents……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Bloomberg: U.K. home prices are rising. Or they’re falling. It depends whom you ask. Property researcher Hometrack Ltd. reported a 0.9 percent monthly decline in October, the biggest since January 2009. Mortgage lender Halifax said prices rose 1.8 percent, rebounding from a 3.7 percent drop in September.
Acadametrics Ltd. tracked a 0.3 percent gain, pushing prices to the highest since June 2008. Britons deciding whether to buy, sell or invest in residential property are left to sift through at least seven indexes that provide different results and regularly diverge on the direction of prices……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Propertyeu.info: German office rents are expected to grow by 2% next year, with vacancy rates falling to 11.2% due to an improving economy, according to Deka’s Immobilien Monitor 2011 published on Wednesday.
Over the new few years, German office rents are expected to grow by as much as 5% a year, said Karsten Junius, leader of capital markets and property research at Deka Bank, speaking during the bank’s teleconference……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Europe-re.com: The October RICS/Ci Portuguese Housing Market Survey showed an increasing number of respondents reporting falling rather than rising prices with the headline net balance dropping from –45 to –52.
Weaker price sentiment is being driven by a combination of rising supply and falling demand. Indeed, the new vendor instructions net balance remained firmly in positive territory at +23 (though slightly down from +36 in September), while the new buyer enquiry net balance fell further to –30 (from –7 previously)……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Property-abroad.com: According to experts, Turkey is expected to be one of the most popular overseas investment areas in 2011 as it boasts a strong economy and a good number of tourists. This year alone Turkey’s tourism has reached record highs which has boosted the economy as well as the real estate property market.
The construction industry has benefitted as well, growing 21.9 percent in the second quarter of this year. New developments are continually going up and being sold at affordable prices……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Jpost.com: Although the local real-estate market has been on a tear, it’s important to note that nothing goes up forever. Moreover, investors should note that the old refrain, “Real estate never goes down in Israel,” isn’t necessarily true. In fact, earlier this decade, the real-estate market in the country was dormant.
Keep in mind that while supply is limited, which is good for price appreciation, both the Bank of Israel and the government are doing all they can to try and cool off the local market……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Gulfnews.com: General Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, on Wednesday issued Resolution No. 64 of 2010 which aims to encourage real estate developers and investors in the emirate to register their real estate ownership and makes the process of transferring property ownership easier and faster, the official news agency WAM reported.
The resolution also aims to facilitate the process of acquiring loans to finance real estate investments. It specifies the framework and general rules related to property rights registration procedures……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Globalpropertyguide.com: Property prices continue to rise in Sri Lanka, as the security situation stabilises. There’s no official house price data in Sri Lanka, but developers and homebuyers confirm there have been double-digit property price rises in recent years.
The value of apartments in the secondary market has risen more than 100% in the past 3 to 4 years, say local real estate analysts. Land prices in residential areas of Colombo, the capital, have gone through the roof……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Peopledaily.com.cn: China’s top think tank has said that the country’s real estate bubble has soared in urban areas, with the biggest gap between market price and actual value in Fuzhou, capital of East China’s Fujian province.
The actual value of commercial housing in Fuzhou is only 3,998 yuan ($600) per square meter, while the market price is 13,457 yuan, according to a survey published in a report on the housing market in China (2010-2011) released by the Social Sciences Academic Press on Wednesday……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Asiaone.com: China’s property prices will probably edge down in 2011 as authorities remain committed to squeezing speculators out of the market, mainly via monetary tightening steps, a top government think tank said on Wednesday.
Developers are expected to cut prices in the first three months to boost sales as their cash flow dries up, the Chinese Academy of Social Sciences said in a report, without giving a specific estimate……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Ibtimes.com: Hong Kong’s new anti-speculation moves are taking effect as exuberance in the residential property market has cooled in recent weeks, officials said on Wednesday.
Speaking to lawmakers on Tuesday, acting Financial Secretary Prof KC Chan said as the Special Stamp Duty is applicable to all residential units regardless of size or value, there should not be capital switching from the luxury market to the mass market……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From WSJ: Hong Kong’s efforts to put the brakes on surging home prices appear to be working – from the humble mass-market family home to the shiniest high-rise flat.
Centaline Property estimates that prices gone down by about 5% across the board, hitting every niche, since the new legislation went into effect Nov. 19……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Todayonline.com: The country is now the Asia-Pacific’s No 1 city for real estate investment for the coming year, overtaking Shanghai, which has seen falling investor interest due to high property prices.
According to a global survey led by the Urban Land Institute of PricewaterhouseCoopers, Singapore bumped Shanghai off the top property investment destination because property prices are seen as having more room to grow……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Abc.net.au: It has been a turbulent time in the Perth Property sector this year with most properties now sitting on the market for around three months before being sold. David Airey, President of the Real Estate Institute of Australia, says the biggest challenges this year in the real estate market were too much stock and overpriced properties.
“While the market’s been adjusting down, as buyers keep making offers - under-asking prices and sellers adjust those prices. That’s been the biggest challenge for agencies to try to gear to sellers to meet the market,” Airey said……………………………………….Full Article: Source

Posted on 09 December 2010 by Laxman |  Email |Print

From Globalpropertyguide.com: House prices in the Cayman Islands are down 15% on average in 2010, due to a drop in housing demand attributable to a shrinking population. The Economics and Statistics Office recorded a decline of 7.3% in the overall population in 2009.
In the midst of the worldwide recession, employers were forced to lay off foreign workers, who make up most of the working-age group in the island. As a result, the number of non-Caymanians fell from 25,152 to 21,655, a decline of almost 14%……………………………………….Full Article: Source

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