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Real Estate Briefing 17.Dec 2010

US: Housing starts rise 3.9pct in November
US: More signs of a weak housing market emerge
Housing market to recover in 2013: Analyst
QE2 and commercial real estate: Rough waters ahead?
Record plunge in foreclosures, thanks to robo-signers
List: Top 10 most expensive properties on the market in 2010
Canada: Our housing market to side step U.S. style bubble
European funds show first capital growth in three years: INREV
UK: House prices will inch ahead in 2011
UK: Call for official house price index
British property still liquid despite European woes
US property giant rejected in multibillion bid for UK shopping centres
Luxembourg office market: Blue skies ahead?
Swedish house prices advance a 19th consecutive month
Greece accelerates real-estate and asset privatizations
Bulgaria is Russia’s favourite on real estates market
Israel: Gov't to report more steps to cool real estate market
Saudi real estate market looking up
Housing demand is generated by local buyers and not foreign investors in Kingdom
India added more than 55 mn sq ft of office space in 2010
Knight Frank puts Indian hotel room market at Rs. 119 bn by 2013
India: Is this the right time to buy a house?
China: Private investment flows back to home market
Kynikos’s Chanos says China real estate boom goes ‘unabated’
Singapore prices to rise 5pct in 2011 and 2012: Credit Suisse
More price upside for luxury homes: Analysts
Malaysia: Property to remain buoyant in 2011
S.Korean president: Real estate market recovering
Taiwan wrestles with burgeoning housing bubble
Australia: IMF claims housing market overheated but locals predict growth in 2011
NZ: Green shoots emerging in property market

Posted on 17 December 2010 by Laxman |  Email |Print

From Thestreet.com: Homebuilders began construction on 3.9% more homes in November, better than the expected growth rate, while applications for building permits fell 4%, pointing to a softening in future homebuilding activity.
The Commerce Department said early Wednesday that housing starts came in at a seasonally adjusted annual rate of 555,000 in November. The figure compares with an upwardly revised rate of 534,000 housing starts in October and came in better than the rate of 545,000 economists had expected, according to consensus estimates listed on Briefing.com. October’s housing starts rate was originally reported at a pace of 519,000……………………………………….Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From Latimes.com: National housing starts were up 3.9% from October, but down 5.8% from November 2009. Meanwhile, permits, which some economists view as a steadier view of builders’ intentions and less influenced by seasonal variations, were down 4% from October and 14.7% below November 2009.
Patrick Newport, U.S. economist for IHS Global Insight, had this to say: Housing starts remain depressed for three main reasons. First, the jobs recession has sharply reduced the rate of household formation, which has led to “doubling up” and a drop in immigration……………………………………….Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From Thestreet.com: Thursday’s disappointing homebuilding permits data further confirms that the “housing market recovery remains fragile at best,” said Kevin Brungardt, CEO of RoundPoint Financial, a mortgage origination and servicing firm.
He cited the usual suspects of high unemployment, potential buyers’ low confidence among in the stability of home prices and the large inventory of distressed properties that still need to be cleared……………………………………….Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From Forbes.com: Today’s conventional wisdom is that commercial real estate is always a good inflation hedge. But is it? With the second round of quantitative easing (“QE2”) setting sail to the tune of $600 million, will it smooth the voyage to recovery for commercial real estate or is it fraught with perils?
What could be the consequences for commercial real estate property income levels and valuations if QE2 eventually succeeds? What if it fails? Will it have minimal impact, or will it cause turbulent, “inflation-fested” waters that inundate commercial real estate……………………………………….Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From CNNMoney.com: The number of foreclosure notices filed in November plunged 21%, the biggest month-over-month drop ever recorded by RealtyTrac, the online foreclosure marketer. Filings fell 14% compared with November 2009.
The number of Americans who actually lost their homes to bank repossessions plummeted even more steeply — to 67,428. That was off a whopping 28% from 93,236 in October. Repossessions are down a third since September……………………………………….Full Article: Source

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From Nydailynews.com: Real estate buffs: it’s that time of year again! As 2010 comes to an end, it’s time to take a gander at the 10 most expensive properties on the market this year, according to luxury blog Luxist.com.
Topping their list is Candy Spelling’s Los Angeles estate - called The Manor- on the market for a staggering $150 million. The estate often tops yearly round-up lists since going on the market four years ago……………………………………….Full Article: Source

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From Thestar.com: As Bank of Canada Governor Mark Carney tries to talk Canadians out of piling up too much debt, the comments have led to a lot of speculation about whether Canada faces a U.S.- style housing meltdown.
Nothing could be further from the truth. The factors that led to the US housing crisis were unique to their market. Next year should see strong growth in prices and sales, especially in the GTA, and I plan to write about why in the next few weeks……………………………………….Full Article: Source

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From Propertyeu.info: Continental European non-listed real estate funds have seen capital growth for the first time since 2007, according to the European Association for investors in non-listed real estate funds (INREV).
The latest INREV Quarterly Index results for the sector show capital growth of 0.7%, resulting in a total return of 1.4%. Capital growth was negative in INREV’s Annual Index in 2008 and 2009 as well as the first two quarters of 2010……………………………………….Full Article: Source

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From Thisismoney.co.uk: House prices will rise next year as the Bank of England puts a prop under the property market, according to a joint forecast from leading economic analysts and estate agents. The property market will inch ahead in both London and the rest of England and Wales, according to the Centre for Economics and Business Research and estate agents Chesterton Humberts.
The rock bottom base rate being kept on hold at 0.5% throughout 2011 and a fresh dose of quantitative easing will bolster the market, with London prices rising by 1.2% and the rest of England & Wales seeing a 0.8% increase……………………………………….Full Article: Source

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From UKPA: A new official house price index should be launched measuring changes to property values across the whole of the UK, the National Statistician has said. Jil Matheson said a single headline measure of changes to property values should be introduced to help people who monitored house prices.
She said there were concerns about the coverage, clarity and comparability of the current official housing statistics……………………………………….Full Article: Source

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From Fundstrategy.co.uk: Direct property funds in Britain still have an abundance of liquidity and capital, despite the suspension of property funds in troubled continental Europe.
In November, Axa Investment Managers Deutschland continued the suspension of unit certificates in its AXA Immoselect investment fund for a further 12 months……………………………………….Full Article: Source

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From Bridgingandcommercial.co.uk: The leading real estate firm in the United States has been rejected after it unveiled plans to bid for the owner of the Lakeside and Metro shopping centres – in a move valuing the company at £2.9 billion.
Simon Property Group (SPG), based in Indianapolis, made an offer for Capital Shopping Centres (CSC), which it has a five per cent stake in, on the basis that the UK firm pulled out of a controversial acquisition of Manchester’s Trafford Centre……………………………………….Full Article: Source

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From Europe-re.com: Jones Lang LaSalle presents its view on the Luxembourg office market 2010 and the perspectives for 2011. The corporate real estate market has benefited from an upswing in Europe in 2010. We are still quite far from the euphoria preceding the crisis, however, the key indicators on the rental market and real estate investment market have recovered, which suggests a stronger year in 2011.
In Luxembourg as well, 2010 has ultimately been a good transition year. The various players in the real estate sector have held their ground and prepared for the future……………………………………….Full Article: Source

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From Bloomberg: Swedish house prices rose for a 19th consecutive three-month period in November, as the central bank signals interest-rate increases are in part a response to imbalances in the credit and property markets.
The average house price rose an annual 5 percent in the three months through November, following a 5 percent gain in the October quarter, Statistics Sweden said in a statement on its website today. From the previous quarter, prices were unchanged, the office said……………………………………….Full Article: Source

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From Dow Jones: Greece will speed up its privatization of real-estate and other assets, the finance ministry said Thursday, following a decision by the interministerial privatization committee.
Greece plans to raise EUR7 billion between 2011 to 2013 from privatizations, as promised to its international lenders, to slash high budget deficits and a sizeable national debt……………………………………….Full Article: Source

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From Standartnews.com: Bulgaria is Russia’s favourite on the real estate market as Bulgaria occupies a leading place in the positioning for November 2010 of the Russian website Prian.ru, which places the destinations on the basis of searches for realties in the website.
In November, 16,78% of all searches on the website were for real estates in Bulgaria. In July 2010, the percentage reached the record breaking 21,55%. As a whole, November is the month when the interest of Russians in buying real estates abroad drops down……………………………………….Full Article: Source

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From Globes.co.il: Minister of Finance Yuval Steinitz and Minister of Housing and Construction Ariel Atias will announce additional measures to cool the real estate market, at a joint press conference this morning. The measures will reportedly include higher taxes on the purchase of apartments for investment.
Just a month ago, on November 15, the government launched a series of measures to boost the housing supply in the short term, and lower prices. The measures include a reduction in the betterment tax for a limited period to encourage the sale of 1.9 million dunam (475,000 acres) of privately owned land……………………………………….Full Article: Source

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From Gulfnews.com: A succession of favourable factors should ensure Saudi Arabia’s real estate market starts the new year on a solid footing. The current global oil prices being where they are, the Saudi economy is on track to record another year of sound growth, which would in turn set off increased corporate activity.
That would translate into heightened demand for office stock, particularly the new ones that are coming through the development pipeline. And there’s quite a lot of that happening……………………………………….Full Article: Source

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From Arabnews.com: Saudi Arabia’s real estate market is large and fast-growing. It is ten times bigger than any other Gulf market, but remains underdeveloped, with the balance of estimates suggesting that just 30 percent of Saudis own their own home.
Freehold ownership is currently legally confined to Saudi nationals, though foreigners can buy leasehold property in designated developments. The key characteristic is that demand is primarily generated by local buyers and not foreign investors, according to Samba Financial Group’s report “Saudi Arabia’s Housing Market: Structural Issues, Financing, and Potential”, issued on Wednesday……………………………………….Full Article: Source

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From Indianexpress.com: Mumbai will lead the Indian office supply market with more than 25% share in the year 2011-2012, according to CB Richard Ellis India with Bangalore and NCR following at 19% and 17% market share respectively.
According to a real estate market overview and outlook presented by CB Richard Ellis India, the country added approximately 55 million sq.ft. of office space in 2010 and is expected to add approximately 50 million in 2011-12. Additionally, real estate transactions which were on the rise in 2010, post the downturn in 2009, will continue to increase in 2011 as well……………………………………….Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From Business-standard.com: Leading independent global property consultancy – Knight Frank India Pvt Ltd today announced the release of their in-depth research study on India’s Hotel Market. The report provides an extensive scenario of the hotel market projecting the demand and supply dynamics of 10 major cities by the end of 2013.
The study assesses to measure the performance of the existing hotels in terms of ARRs, occupancy rates and other operational characteristics as well as analyses the present market condition regarding hotel development. The study encompasses ten key cities in the hospitality industry namely NCR, Mumbai, Bengaluru, Goa, Pune, Jaipur, Hyderabad, Chennai, Kolkata and Ahmedabad………………………………………Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From Indiatimes.com: This question perpetually haunts a home buyer, particularly when property prices are very high. The time is always right when you are buying a house for your own residential purpose. So are you looking forward to buying your own dream home? You should take into account certain factors before concretising your purchase decision.
As a rule, no prospective home buyer can or should try to time the market and base his/her purchase decision on that. But there is a major exception to this rule……………………………………….Full Article: Source

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From Cri.cn: China’s central bank has discovered a backflow of private investment into the real estate market in the fourth quarter after consecutive macro-control measures by the government failed to significantly bring down skyrocketing home prices.
The bank said Wednesday that the real estate market again became the biggest pool for investments in the fourth quarter, following a survey of 20,000 residents in 50 cities, “The Beijing News” reports……………………………………….Full Article: Source

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From Bloomberg: China’s property boom hasn’t slowed even after the government announced policy tightening measures, Jim Chanos, founder of Kynikos Associates LP, said.
The real estate market has picked up, said Chanos in an interview with Carol Massar and Matt Miller on Bloomberg Television’s Street Smart program. Millions of Chinese apartments have gone empty, he said……………………………………….Full Article: Source

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From Property-report.com: Residential property prices in Singapore are expected to increase five per cent in each of the next two years – on top of an estimated 15 per cent gain this year – due to low interest rates, a growing population, and strong economic expansion, according to the international financial services group Credit Suisse.
Credit Suisse said any weakness in the world economy, new cooling measures by the government and a strong interest rates would be risk factors for the Lion State’s residential property market……………………………………….Full Article: Source

Posted on 17 December 2010 by Laxman |  Email |Print

From Todayonline.com: More top-end condominiums in the core central region (CCR) have been changing hands - at higher prices - with each passing month. Yet, deals above $4,000 psf are still rare. Analysts say that this shows the luxury segment still has room for capital appreciation.
November saw only one such transaction - a Scotts Square unit which sold for $4,358 psf, according to the Urban Redevelopment Authority (URA). In October, a Boulevard Vue unit sold for $4,800 psf……………………………………….Full Article: Source

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From Btimes.com.my: The property market in Malaysia is expected to remain buoyant next year, seeing a moderate uptrend in prices, in line with economic growth and growing interest among foreigners.
Speakers at a press conference on the Fourth Malaysian Property Summit 2011 here today said, no property bubble is expected in the foreseeable future, due to pent up demand for certain upmarket condo launches……………………………………….Full Article: Source

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From Reuters: South Korean President Lee Myung-bak said on Thursday the domestic real estate market showed signs of a gradual recovery.
He made the remark while visiting an eastern Seoul region without elaborating, the presidential office said in a statement……………………………………….Full Article: Source

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From WSJ: Shanghai, Beijing and Hong Kong aren’t the only cities in the greater China region contending with politically problematic property bubbles. Housing prices are becoming a headache for authorities in Taipei, as well.
While property prices on the rest of the island are fairly manageable, prices in Taipei and surrounds have taken off, with home prices rising 9.13% on-year in the second quarter of the year. The average home price is now more than 11 times the annual household income of an average person……………………………………….Full Article: Source

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From Smartcompany.com.au: The International Monetary Fund has warned that housing prices in Australia are overheated by as much as 10% due to an influx of capital driven by the commodities boom.
But Australian Property Monitors’ economist Andrew Wilson says that figure doesn’t matter as long as homebuyers can pay their mortgages, and the rising number of full-time jobs will keep the market sustained even though price growth could stay flat……………………………………….Full Article: Source

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From Stuff.co.nz : New Zealand’s property market may still have languished in decline in November, but green shoots are starting to emerge with improvements in price, volume and days to sell, according to an industry analysis.
The housing market was rated at minus 10 for a third consecutive month, according to the Mike Pero Mortgages-Infometrics Property Cycle Indicator, an analysis of changes in house sales, price movements and sales time. A value of minus 10 shows a strong downturn, while plus 10 indicates a strong upturn……………………………………….Full Article: Source

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