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Real Estate Briefing 05.May 2011

Posted on 05 May 2011 by Laxman |  Email |Print

The global debt refinancing shortfall in the real-estate market has been reduced by 17% over the last six months, mainly because the U.S. funding gap has narrowed to zero, but the U.K. and Japan continue to have the largest absolute gaps, experts say.

Commercial property advisor DTZ Holdings PLC said that the global debt funding gap–which is the difference between existing debt and the debt available to replace it–is expected to shrink to $202 billion over the next three years, compared with a gap of $245 billion forecast in November……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Nigel AlmondThe global debt funding gap is estimated to total US $202 bln. (approx. €136 billion) over the next three years (2011-2013) according to new research from DTZ. This represents a 17% reduction on the US $245 bln. estimated in November 2010.
The latest report shows that despite the overall reduction in the global figure there are significant variations at a regional level. Both Europe and North America have seen a reduction in their debt funding gaps. In the United States, the funding gap is now estimated to be zero over 2011-2013, down from US $49 bln……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

The real estate market may be in a slump, but few sellers have it tougher than the federal government. The nation’s biggest property owner, the U.S. government has 14,000 office buildings, warehouses and other properties that have officially been deemed unneeded. Yet speedy disposal historically has been stymied by layers of red tape, political interference and bureaucratic inertia (not to mention the dread of packing and moving).

On Wednesday, the Obama administration proposed creating an independent commission to streamline the process of physically downsizing the federal government……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

House prices in Britain will fall for the next five years in the longest slump for at least half a century, leading economists warn today. Property values in the UK are set to fall 4.5 per cent this year and 10.5 per cent by the end of 2015, according to the National Institute of Economic and Social Research.

The five-year slump in real terms – after inflation has been taken into account – is the longest period of decline since records began in the 1960s……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

House prices are falling at their fastest rate for two years at what is traditionally a boom time of the year for the market, data showed. Economists said the figures illustrated how Britain’s property market remained in a ‘fragile state’.

One analyst even described the lower end of the market as being in a ’state of rigor mortis’ because the lack of affordable mortgages is preventing first-time buyers stepping onto the property ladder……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Savills said it had performed in line with expectations in the first four months of year, adding a rosier outlook for London residential property compensated for a potential shortfall in some European markets.

The global property consultant said in a statement ahead of its annual meeting on Wednesday that political and economic turbulence in many parts of the world had resulted in further significant interest in London’s residential property……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Irish commercial property is beginning to show signs of reaching the bottom, based on an initial reading of the latest SCSI/IPD Ireland Quarterly Property Index.

However a spokesman for the Society of Chartered Surveyors Ireland says that it’s still too early to call the bottom as the market is awaiting clarification of some Government policies……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Unperturbed by British investors protesting outside, Spain’s development minister today explained to businessmen at the Spanish Embassy in London why now is the time to invest in Spain’s 700,000 unsold holiday homes.
The sales pitch reflects growing alarm in Spain at the huge stock of newly-built homes, the majority of which are on the coast and have been vacant since the country’s economic crisis began……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Portugal’s claim that it has reached an agreement on a bailout from the EU and the International Monetary Fund is good news for the Portugal property market, according to one Portuguese property developer.

Morgan Forbes believe that yesterday’s televised statement by the caretaker prime minister Jose Socrates confirming that Portugal will be asking for financial assistance worth around €78 billion (£70 billion) should offer greater stability for those people thinking of buying a home in Portugal……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Slovak residential property prices declined 0.5 percent in the first quarter as elevated unemployment hurts demand, the central bank said.

The average price for residential property dropped to 1,264 euros ($1,879) per square meter (10.8 square feet) from 1,270 euros in the fourth quarter, the Bratislava, Slovakia-based Narodna Banka Slovenska said today on its website. On an annual basis, prices were down 2.5 percent……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

South Africa is experiencing a property market correction. The question is whether it is or has been on the same scale as has been experienced in the USA during the last 3 years. The American dream has in some states unfortunately changed into an American nightmare.
Only a certain sector of the South African property market is experiencing a correction akin to the “American nightmare” of a devaluation of property value up to 50% and has predominantly been visible on two fronts……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

China’s residential property prices have remained resilient despite government tightening measures because of a number of loopholes, according to a report from ratings agency Fitch Ratings.
The Chinese Residential Real Estate Q and A highlights the measures employed by the government, and looks at the reasons why they are failing. For example, the central bank cut lending limits for mortgages, but this has not had as much as an effect as it should have because many buyers are cash buyers. According to the report, Fitch estimates “that this proportion of cash payment is in the region of 30% to 50% of new-build purchasers.”………………………………………Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Hong Kong home sales fell to the lowest volume in more than two years in April as government curbs and rising mortgage rates sapped demand after a price surge since 2009.

The number of units that changed hands last month declined 37.6 percent from a year earlier to 7,635, according to a statement on the Land Registry website yesterday. That’s the lowest since March 2009, according to data compiled by Bloomberg……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

Commercial property is fast becoming a hot favorite among investors in Singapore, going by both the sales figures and loans taken out in the first quarter of this year. Mixed-use and commercial property accounted for more than 20 percent of total property investment sales in the first three months of the year, and was worth about SG$2.26 billion (US$1.8 billion), according to data from Colliers International.

Some banks The Straits Times spoke to have reported a rise in customer interest in buying such properties in the first three months of the year……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

South Korea’s construction industry went through hard times last year despite a general boom in growth in other sectors, a report by the central bank showed Thursday.
The woes were mainly due to the sluggish local real estate market that caused a general drop in houses being built across the country and led to a decrease in work. Such developments exerted negative influence on key numbers such as ratio of operating income to sales, cash flow coverage ratio and reliance of borrowings……………………………………….Full Article: Source

Posted on 05 May 2011 by Laxman |  Email |Print

At a time when most are focusing on luxury, boutique and convention hotels, amenity-light chain properties offer value. In 2010 real estate watchers became very excited about two potentially big trends: initial public offerings and mergers and acquisitions.
Unfortunately the consolidation wave never materialized, and the new stocks that were offered seriously lagged major REIT indexes. Last year investors stuck with the established REITS that had made it through the downturn, as they raised $47.7 billion in secondary stock offerings and unsecured debt. Overall REITs had a total return of 28%. As a group they snapped up $25 billion worth of individual properties……………………………………….Full Article: Source

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