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Real Estate Briefing 03.May 2011

Posted on 03 May 2011 by Laxman |  Email |Print

There’s no industry in more pain right now than construction. The real estate bubble extended beyond just housing — commercial real estate prices rose and fell over roughly the same period.
As a result, construction is hurting across-the-board, since too much building occurred over the past decade and there’s little need for additional structures at this time. How ugly does the construction picture look? It’s so bad that the industry might be relieved to see a measly 1.4% uptick in March construction spending……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Charles LiebermanBetween 750,000 and 1 million new households will be created in 2011, predict UBS Securities LLC’s Maury Harris and IHS Global Insight’s Patrick Newport. That compares with just 357,000 added in the year ended March 2010, the lowest on record, according to the Census Bureau. As employment picks up, new households are likely to rise above the past decade’s average of 1.3 million a year, according to Newport……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

With U.S. home prices back down to their 2009 lows, you might be wondering what all the government programs to stabilize the housing market have accomplished.
And for good reason. Various federal initiatives, especially the first-time homebuyer’s tax credit, seemed to put a brake on the three-year dive in prices from July 2006, the peak, to April 2009……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

If you’re in the market to sell your home, you probably feel you can’t catch a break. Nearly five years into the housing bust, when many experts thought the real estate market would at least have stabilized, sales and prices are still dropping in most of the country.
In February existing-home sales tumbled 9.6% from the previous month, and the median price of a single-family home dropped to $157,000 from $163,900 the previous year, according to the National Association of Realtors……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

European commercial property investment activity hit €28.5 bln. in the first quarter of 2011, 45% up on the opening period of last year. Activity was down 30.5% on a quarter-over-quarter basis but this was no great surprise given that the closing three months of 2010 was the strongest quarter since Q1 2008 as investors felt under real pressure to close deals before the year-end.
Commenting on the figures, Michael Rhydderch, Head of the European Capital Markets Group at Cushman & Wakefield said: “The year started well, with plenty of momentum from 2010 and unfinished deals to complete……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

European listed real estate, as represented in the GPR 250 Europe Index, ended April 2.6% higher, with the strong performance being driven by UK stocks. On a country by country basis, the UK topped the ranking with an increase of 5.9% in April, while Norway came second returning 5.5% in the same period.
Switzerland, Italy and Turkey rose 5%, 4.2% and 4% respectively last month, while France, the Netherlands, Sweden, Austria, Germany and Belgium all remained in positive territory returning between 2.7% (France) and 1% (Belgium) in the past month……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Investment deals in Central and Eastern Europe real estate totaled approximately €1.85 billion in Q1 2011, according to a report by property consultants Jones Lang LaSalle. The transactions were spread across the office (over 40 percent), retail (28 percent) and industrial (26 percent) sectors and almost tripled the first quarter investment totals from 2010.
Czech property investment accounted for €465 million of the total and came through three transactions — the VGP logistics portfolio, Keystone and CA Immo’s take-over of Europolis……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Knight Frank surveyed 200 housebuilders/developers, from volume to niche, in all parts of the UK, building homes in a range of price brackets. Planning is becoming a bigger issue for housebuilders: nearly 60% of builders surveyed said localism legislation will slow the speed of obtaining consents.
Mortgage finance is the single greatest threat to the new homes sector, closely followed by future rises in interest rates and weak UK economic growth; 39% of builders surveyed suggest implementing subsidized mortgages for first-time buyers……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

U.K. house prices stopped falling in April for the first time in 10 months as demand for homes picked up, Hometrack Ltd. said.
The average cost of a home was unchanged from March at 153,100 pounds ($255,000), the London-based property researcher said………………………………………Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

As Egypt charts a course forward to what many hope will be a democratic nation, officials face the daunting task of keeping the economy stable while undoing a legacy of corruption and cronyism widely seen as favoring companies and a minority of businessmen at the expense of millions.
For many in the country, property developers are justified targets, in part because they secured state land at cut-rate costs and then resold developed lots at exorbitant prices. But some fear the companies — and the private sector in general — are becoming the victims of a witch hunt that will undercut growth and undermine the economy……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Emirates NBD said on Monday that banks must play a key role in reinvigorating the UAE’s real estate sector by offering better deals on home loans.
The country’s biggest bank said it was time for banks to take advantage of the “huge potential for growth in home financing”……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

The residential property market has witnessed a mixed performance last month with a positive absorption seen in different areas in parallel to an increase in supply, according to Century 21 Qatar last month’s market report.
Apartment’s rental highlighted an optimistic increase with most popular areas under study……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

The Reserve Bank today expressed concerns over high housing prices . Property prices continued to rise in most cities during the third quarter of 2010-11, as reflected in the RBI’s quarterly house price index based on data in respect of seven cities collected from the Department of Registration and Stamps of the respective state governments, the apex bank said in its Macroeconomic and Monetary Developments in 2010-11.
However, the indices for Delhi and Chennai witnessed a decline during this period, it said……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Ronnie Chan, chairman of Hong Kong- based developer Hang Lung Properties Ltd., said “humongous demand” from consumers and action by the central government reduce the chance that China’s property market will collapse.
Concerns over a real estate bubble are “total crap,” Chan said today at the Milken Institute Global Conference in Beverly Hills, California……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

The widespread fall in Australian house prices during the March quarter is healthy. The danger lies in what might happen next. The decline will make overseas investors in our sharemarket nervous because many analysts overseas regard the Australian housing market as simply way out of line with the rest of the world. Some say it is a bubble ready to burst.
The downturn was a clear response to two forces. The first was that during the March quarter banks started to tighten their lending criteria, partly to reflect higher interest rates……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Melbourne house prices have suffered the worst start to 2011 of any city, barring flood-ravaged Brisbane, falling at the fastest rate in two-and-a-half years. As households struggle with higher interest rates and soaring prices for petrol, groceries and utilities, official data showed yesterday that house prices fell 2.5 per cent in the three months to March compared with the previous three months.
The result is Melbourne’s biggest house price decline since the height of the global financial crisis in the 2008 September quarter and matches the 2.5 per cent decline in Brisbane in the aftermath of the floods……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

If New Zealand’s richest man, Graeme Hart, can sell a big chunk of his record-sized dairy farms on offer in south Waikato, new life must be stirring in the moribund rural real estate market, industry watchers say.
Mr Hart, through his Rank Group-owned Carter Holt Harvey forestry company, has sold eight farms near Tokoroa out of 29 on offer. The farms have languished on the market since 2009 in the post-global financial crisis recession……………………………………….Full Article: Source

Posted on 03 May 2011 by Laxman |  Email |Print

Real estate managers are going green for environmental reasons, and are reaping the benefits through lower costs and higher returns.
Much of the funding for measures to make real estate portfolios more environmentally friendly withered during the economic crisis, as real estate managers needed money to help cover their debt and maintain their properties. But that changed when they saw the financial rewards of reduced operating expenses and higher returns from energy conservation……………………………………….Full Article: Source

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