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Real Estate Briefing 13.Dec 2010

Posted on 13 December 2010 by Laxman |  Email |Print

From Businessweek.com: A pall has settled over the U.S. housing market. The first-time home buyer’s credit has dried up, and home prices are down 29 percent from their 2006 peak. On Dec. 9 the latest release of the Federal Reserve’s Flow of Funds data shows the value of homeowner equity in the third quarter of this year at $6.4 trillion—52 percent lower than four years ago.
Judging by the learned consensus at holiday parties—where homeowners swap sorry tales of underwater mortgages and bleak sales—don’t count on things getting better in months to come ………………………………………Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Propertyeu.info: Green building initiatives are a key influencer when tenants decide to sign a commercial real estate lease, according to a survey by GE Capital Real Estate. The survey, conducted over the past year, included more than 2,220 office tenants in the US, Canada, France, Germany, Sweden, the UK, Spain and Japan. An average of 50% of those polled say green building initiatives are a high priority.
Japan (59%), Canada (52%) and Sweden (52%) placed the greatest importance on green building practices, compared with only 43% in the US, the lowest of the countries surveyed……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From WSJ: A private-equity firm that has been focusing on distressed and unusual New York properties bought a Manhattan office building for $135 million in a sign that there are still bargains in the city’s commercial real estate market for investors who are bullish on the city’s future.
The price Savanna paid for the 513,000-square-foot property at 1375 Broadway came to $263 a square foot. That’s one of the lowest prices paid this year for a New York office building……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Advisorone.com: Investors have seen mixed messages about the health of the commercial real estate market recently. On Oct. 19, Moody’s reported that commercial property values had dropped 3.3% during August to a new low, 45.1% below the October 2007 peak.
But CoStar Group countered on Nov. 3 that investment-grade property values had recovered by 5.5% in Sept., while Green Street Advisors reported on Nov. 2 that property values remained stable in October. The numbers point to two dominant themes……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From IPE: Amid a great deal of fanfare, Europe welcomed its first commercial real estate collaterised debt obligation (CRE CDO) issue at the end of 2006. The Anthracite Euro CRE CDO, managed by BlackRock Financial Management was warmly received by investors and more deals are likely to flow in 2007.
According to a research report from Barclays Capital, citing press reports, possible issuers include US groups Wharton Asset Management, LNR Property Holdings, which is 75%-owned by investment firm Cerberus Capital Management, Wachovia Securities as well as Eurocastle Investment Limited, a euro-denominated Guernsey closed-end investment company managed by US-based Fortress Investment Group……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Seekingalpha.com: One of the most interesting and damning bits of evidence that tipped many off to the existence of a significant real estate bubble during the early 2000s was the fact that dramatically increasing property prices were occurring in most industrialized nations.
The U.S., U.K., France, Ireland, most of continental Europe, Canada, Australia and elsewhere were all simultaneously experiencing significant property booms thereby thwarting, more or less, many of the “limited supply” and “Superstar Cities” arguments that sought to justify individual regions explosive appreciation……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Reuters: Asking prices for homes in England and Wales have fallen 3.0 percent over the past month to stand just 0.4 percent higher than a year ago, due to economic uncertainty and low mortgage approvals, property website Rightmove said on Monday.
December’s fall follows a 3.2 percent decline in November, with further drops possible in 2011 when Rightmove predicts a decrease of as much as 5 percent for the year if property repossessions pick up……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From UKPA: House sellers slashed asking prices by 3% during the past month in the worst November/December performance for three years, according to latest research.
Property website Rightmove said average property asking prices fell by nearly £7,000 to £222,410 in the four weeks to December 4, the biggest such fall since the 3.2% drop in 2007 after the collapse of Lehman Brothers……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Propertyeu.info: German investors are on course to boost their share of transactions in the Dutch real estate market to around EUR 1 bn this year. This is significantly more than the figure for the past two years. In 2009, German investors accounted for transactions worth some EUR 570 mln compared to €750 mln a year earlier.
Since the beginning of this year, German closed-end funds in particular have been involved in a significant number of office transactions in the Netherlands involving more than €500 mln in the first six months alone. Real IS has been one of the most active German investors in the Netherlands so far this year……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Emirates247.com: Dubai’s real estate market is gradually stabilising and should begin to gain traction next year and thereafter on the back of improving domestic economic and financial conditions, according to a Credit Suisse study.
Dubai’s troubles with its slumping property market and cash-strapped state-owned firms mean a longer road back to health, which is holding back overall GDP growth in 2010……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Saudigazette.com.sa: Investments in Saudi Arabia’s real estate sector will top SR1.5 trillion as the year ends, said Husain Alharthi, Managing Director of the National Exhibitions Company (NEC) Sunday.
More than 60 real estate firms from Saudi Arabia and other Gulf Cooperation Council (GCC) states are participating to discuss business prospects as the Saudi capital sets about its vision of transforming the city into the “New Riyadh”. “Total investment in the Kingdom’s real estate sector is expected to surpass SR1.5 trillion by the year-end, with many developments taking place in Riyadh,” Alharthi said……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Arabnews.com: The Riyadh real estate market is reaping the benefits of the Saudi government’s regulatory reform and massive investment in infrastructure, according to Jones Lang LaSalle’s report “Riyadh City Profile,” which was published this week.
The report covers the office, residential, retail and hospitality market segments of Riyadh. Jones Lang LaSalle is a preeminent name in the global real estate industry with 180 offices worldwide and has worked in over 20 countries in the Middle East and North Africa (MENA) region on projects worth $200 billion and on transactions in excess of $1.2 billion……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Sify.com: Real estate remains the preferred choice of urban Indians for long-term investments, scoring over equities, gold and state-run savings schemes, says a leading industry lobby.
‘Sixty-five percent of working individuals in urban India prefer to invest their hard-earned money in real estate for the long term,’ said the Associated Chambers of Commerce and Industry (Assocham) survey ‘Current Investment Patterns in working Urban Indians’……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Peopledaily.com.cn: China’s property prices rose at the slowest pace in a year in November, as the government continued its rigorous real estate policies and launched new measures to soak up liquidity in the market.
Home prices in 70 major cities climbed 7.7 percent from a year earlier, the National Bureau of Statistics (NBS) said on Dec 10. That’s slower than the 8.6 percent increase in October and the 9.1 percent figure for September……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Bloomberg: Changsha Zoomlion Heavy Industry Science & Technology Development Co., which is seeking to raise as much as $2.1 billion in a Hong Kong stock sale, said urbanization in China will continue to drive demand for construction equipment.
Spending on railways, power plants and highway construction will keep growing in the next five years, with China’s accelerating economy boosting the growth prospects for the company, Senior President Zhang Jianguo said today from London via video conference……………………………………….Full Article: Source

Posted on 13 December 2010 by Laxman |  Email |Print

From Ibtimes.com: Australia along with Singapore and China led with the highest direct commercial property transaction volume in the Asia-Pacific region amounting to US$18.2 billion, an increase of 14 percent compared to the previous quarter said an international real estate services consultant.
“We will continue to see a further increase in volumes to the end of this year, but the number of buyers versus sellers is likely to come back to more realistic levels next year,” said Stuart Crow, Jones Lang LaSalle Asia-Pacific capital markets head in a statement……………………………………….Full Article: Source

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