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Real Estate Briefing 23.Dec 2010

Posted on 23 December 2010 by Laxman |  Email |Print

From Washingtonpost.com: The housing market is showing surprising signs of improvement in recent months, as the broader economy strengthens slightly heading into 2011. Sales of previously owned homes climbed 5.6 percent in November, the National Association of Realtors said Wednesday, with gains reported in every region of the country, although home-buying activity remained well below healthy levels.
The median price of existing homes sold in November was $170,600, up 0.4 percent from a year earlier, the association said……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Bloomberg: Sales of existing homes rose less than forecast in November as the industry that triggered the worst U.S. recession in seven decades struggled to recover after a government tax credit lapsed.
Purchases increased 5.6 percent from the prior month to a 4.68 million annual rate, the National Association of Realtors said in Washington. Economists projected sales would rise to a 4.75 million pace, according to the median forecast in a Bloomberg News survey. The median price rose 0.4 percent from a year earlier……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Cbc.ca: Sales of existing homes in the U.S. rose a modest 5.6 per cent in November as the beleaguered American housing market struggled to rebound amid high unemployment.
The National Association of Realtors said sales rose to a seasonally adjusted annual rate of 4.68 million units — still shy of the 5.2 million pace that analysts consider to be a healthy market……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Propertywire.com: Residential property sales in the US are likely to be slow for another two years as the market struggles to recover in 2011, according to experts.
Real estate sales fell nearly 5% in November from the previous month and are now 26% lower than a year earlier, according to the most recent RE/MAX national housing report……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Crainsnewyork.com: As the Manhattan office market continues to regain its footing, the amounts of money investors are making on the properties they acquire continue to drop. The rate of returns investors are realizing on purchased office properties has fallen to levels not seen since 2008, according to a survey of investors conducted by PricewaterhouseCoopers and released this week.
The average capitalization rate for Manhattan commercial properties—the rate of return on an investment anticipated by a buyer in the first year of ownership—fell to 6.02% in the fourth quarter, down from 6.23% in the third quarter and 6.65% a year earlier. The rate stood at 6.07% in the first quarter of 2009 and 5.81% in the fourth quarter of 2008……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From AFP: Google said Wednesday that it had purchased an 18-story building in New York to house its more than 2,000-strong workforce in the city. Google did not announce a purchase price for the building at 111 Eighth Avenue in the Chelsea neighborhood but the New York Post put the cost at 1.77 billion dollars.
The newspaper said the final price, including transfer taxes and assorted other fees, could be 1.9 billion dollars……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Bloomberg: London’s commercial property market will probably draw the most investment for the second consecutive year as prospects of rising rental income attract cash from as far afield as Hong Kong, Qatar and Canada.
Sales of existing commercial property in the U.K. capital totaled $13.9 billion in the first nine months, more than in any other city, according to Real Capital Analytics Inc. Some of the biggest deals of the year were announced in the final quarter……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Propertyeu.info: Czech investor CPI has acquired two office buildings part of the City West office park project in Prague from local developer Finep for around EUR 70 mln. CB Richard Ellis, which advised the seller on the acquisition, said the deal is the largest Czech real estate investment transaction of 2010.
Completed in January 2010, the asset comprises 28,820 m2 of lettable area, the majority of which is leased to Siemens as its corporate headquarters in the Czech Republic……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Europe-re.com: The light industrial/logistics sector will be one of the best performing real estate market segments across Middle East North Africa (MENA) region over the next few years, according to the latest research from Jones Lang LaSalle.
This positive outlook for the logistics sector is being driven by regional government initiatives for economic diversification from energy-based industries towards expansion into other commercial sectors such as trade, export-import, tourism and logistics……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Khaleejtimes.com: The mortgage market penetration in the UAE, which is just seven per cent of its Gross Domestic Product (GDP), remains very small by global standards, says a report by NCB Capital.
Stressing that an active mortgage market in the Gulf is now the need of the hour, the report said the UAE and other GCC countries lag far behind the developed countries with an average mortgage penetration of five per cent of the region’s GDP compared to 70 per cent penetration in the US and 50 per cent in the UK, NCB, Saudi Arabia’s largest investment bank said……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Emirates247.com: A combination of factors – technological and commercial – is threatening the very existence of the real estate brokers and agents in the UAE. As the effect of the economic slowdown slowly unwinds limited budgets for people looking to rent and landlords who are desperate to ensure maximum yield for properties on lease are forcing them to bypass the middle-person.
And it is cyberspace that is providing the platform for the two to meet directly……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Thenational.ae: Chinese investors have dramatically increased their purchases of residential property in Dubai since the collapse of prices in the emirate two years ago, an analysis of sales data shows.
In the first eight months of this year, Chinese buyers purchased Dh578 million (US$157.3m) worth of homes, a 700 per cent increase on the Dh82m figure for the same period in 2008, according to data compiled by REIDIN.com……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Todayonline.com: Asia’s residential property market stole much of the limelight this year as concerns of record property prices spurred government intervention in the form of repeated cooling measures. Singapore, China and Hong Kong were among the jurisdictions that have introduced anti-speculative measures to cool down their red-hot property market.
China was at the forefront of introducing price controls after property prices in the country surged 7.7 per cent over an 18-month period. This prompted the government to introduce measures such as a ban on mortgage loans for third properties……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Business-standard.com: Property developers are knocking on the doors of portfolio managers, private equity (PE) funds, non-banking finance companies (NBFCs) and other investors as commercial banks, mostly public sector ones, are tightening lending to real estate firms in the aftermath of the bribe-for-loan scam.
“The number of enquiries from developers has increased in the last couple of months and we expect a good deal flow down the line,’’ says Pradeep Khanna, senior fund manager, portfolio management services (PMS) at ICICI Prudential Asset Management Co. The firm did around half-a-dozen deals with real estate companies last year……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Guardian: It’s not a surprise that China is worried about a potential housing bubble, the dangers of which are so vividly presented in satellite images of its so-called “ghost towns”. House prices rose by 7.7% in November, marking 18 months of gains.
This is despite the government prohibiting mortgages for third homes and announcing plans to introduce a property tax. In fact, sales volume jumped 14.5% from a year earlier. Housing ownership is traditionally favoured by the Chinese, but even more so at the moment since it was only a decade ago that housing was privatised. The housing market has certainly taken off since then……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Reuters: China will harden measures against speculation in its red-hot property market by intensifying scrutiny of foreign investment in the sector, according to a government website posting seen on Wednesday.
The Ministry of Commerce, which oversees foreign investment in China, said it would increase checks on property investment involving foreign currencies and ban foreign investors from betting on capital gains……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Bworldonline.com: China has ordered local authorities to rein in rapid rises in land prices and pledged to crack down on shady developers, as Beijing struggles to keep a lid on the country’s red-hot property market.
In a statement posted on its Web site late Sunday, the ministry of land and resources highlighted the “complicated” situation in the sector and said high prices in some cities had triggered widespread public concern……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Property-report.com: Thailand’s Agency for Real Estate Affairs (AREA) said in its latest survey that there’s no sign of oversupply in the Bangkok condominium market, with its modest 21 per cent vacancy rate. According to AREA president Dr. Sopon Pornchokchai, the company surveyed 103 condominiums completed within the past eight to 12 months in central Bangkok.
Of the 40,027 units in total, 79 per cent, or 31,584, units were occupied. Of the occupied units, 73 per cent of 22,914 units were owner-occupants, while the rest ware tenants……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Bangkokpost.com: The number of transferred housing units in Greater Bangkok during the first 10 months rose by 15% year-on-year due to expiration of the property tax incentives. The Real Estate Information Center (REIC) reported around 147,000 transferred housing units during January to October 2010, with the largest portion of 59,000 units (40%) condominiums, an increase of 35% year-on-year.
Townhouses made up 44,400 units, accounting for 30%, while single houses numbered 25,900 (18%), shophouses 13,200 (9%) and duplex houses 4,500 (3%)……………………………………….Full Article: Source

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Posted on 23 December 2010 by Laxman |  Email |Print

From Ninemsn.com.au: Australia’s economic recovery will probably not be derailed by a slump in the housing market. But you never know. Most likely, 2011 will turn out to be the third year of steady recovery from the global financial crisis (GFC) that caused the economy to stagger backwards for just a single quarter in late 2008.
Or will it? It is all too easy to forget a key lesson from the crisis that came to a head in late 2008……………………………………….Full Article: Source

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