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Real Estate Briefing 06.May 2011

Posted on 06 May 2011 by Laxman |  Email |Print

Global commercial property investments are set to exceed $440 billion this year, the highest since 2007, with the Americas likely to post 60 percent growth partly on an easing debt situation in the United States, Jones Lang LaSalle said. In the first quarter of this year, volumes grew 44 percent to $94 billion from the same period last year, according to the property services firm.

Brazil became the fifth most active investment market in the first quarter, helping the BRIC group (Brazil, Russia, India, and China) of emerging markets account for 13 percent of global volumes in the first quarter, up from 2 percent in 2007, it said……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

The global debt funding gap on commercial property for the period 2011-13 shrank 17 percent to $202 billion after the amount of outstanding real estate debt in the United States fell and forecast property prices there rose, research showed.

Property consultancy DTZ said much of the drop from $245 billion in November 2010 could be pinned on outstanding U.S. debt falling from $49 billion to zero, driven down by a 6 percent drop in debt and a 9 percent rise in forecast values……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Dinner-party conversations about house prices, newspapers packed with ads for glitzy show-homes and properties changing hands for twice their price three years ago: recently Brazil’s business capital, São Paulo, has felt a lot like pre-bust London or New York.
The property fever there and in other Latin American countries makes some fear that the region’s economic renaissance may have become over-exuberant. But the housing boom is grounded in rising prosperity rather than excessive debt……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Home prices have double dipped nationwide, now lower than their March 2009 trough, according to a new report from Clear Capital. It was inevitable, and it was predicted (by me for sure) that a surge in sales of foreclosed properties and a big push by banks to facilitate short sales would force home prices down dramatically.

Sales of bank-owned (REO) properties hit 34.5 percent of the market, according to the survey, resulting in a national price drop of 4.9 percent quarterly and 5 percent year-over-year. National home prices have fallen 11.5 percent in the past nine months, a rate not seen since 2008……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

On May 5, the real estate data firm Clear Capital announced a “national double dip” in US home prices. Should we be worried? Perhaps. But I’m looking at the data in a different way.

Take a look at Clear Capital’s tables of both the highest and lowest performing markets. While all quarter-on-quarter rates of change are down, some year-on-year comparisons still remain positive……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Whilst property prices in the Usa have fallen over recent years, they may have to fall yet further before Americans start to buy again. That’s the view of Douglas A. McIntyre, writing for 24/7 Wall Street.

More Americans believe that property prices will fall over the next year than believe they will rise, meaning the ‘stand-off between buyers and sellers is likely to continue for the foreseeable future.’………………………………………Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

The Washington market once again leads the nation in the latest report on housing, but the newest data shows an official double dip in prices nationally.

Real estate data tracking firm Clear Capital says prices in April nationally were down 4.9 percent from the previous three months, putting median prices 0.7 percent below their lows set in March 2009……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Warren Buffett, whose commercial mortgage joint-venture is financing multi-family real estate deals, said the market is showing signs of strength. “Prices have been pretty strong if you start looking at particularly apartment buildings, but even shopping malls,” Buffett said in an interview in Omaha, Nebraska, where his Berkshire Hathaway Inc is based.

“There’s been certainly less of a crack in prices than I would have expected.” Berkshire became a 50 per cent owner in late 2009 of Berkadia Commercial Mortgage LLC, formerly part of Capmark Financial Group Inc……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Sentiment in the global real estate market improved during the first quarter of 2011, reflecting spreading economic recovery. In Europe, Germany was one of the strongest performers, reports the latest RICS Global Commercial Property Survey, published on Friday.

The survey shows that real estate professionals, particularly in emerging Europe, appear increasingly bullish towards the occupier market. In addition, the survey suggests a positive outlook for Q2 2011, with more countries expecting rents to rise and capital values to increase than in previous quarters……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Strong demand for prime UK offices from overseas investors saw first-quarter 2011 direct property investment nearly double to 8 billion pounds ($13.2 billion), with demand for these assets likely to continue this year.

Real estate services company Jones Lang LaSalle (JLL.N) said most of the direct investment activity was focused on central London offices, with a supply squeeze and aggressive bidding by overseas and other investors serving to push prices higher……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Europe’s largest retailer, Carrefour, said on Thursday it had asked its board to defer the planned listing of a 25 percent stake in real estate unit Carrrefour Property.

The group said it would stick to its plans to spin off 100 percent of Spanish discount unit Dia, however……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

The Cypriot government has passed a new bill ensuring property buyers on the island will receive title deeds to their properties, regardless of whether the seller owes money on the home.

The lack of access of some international property buyers to the title deeds of their homes has caused much of the trouble currently occurring on the Cypriot real estate market with unscrupulous developers, who remortgage or default on properties that they then sell on to unwitting investors……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Following last month’s disappointing sales figures published on Tuesday, the latest figures from the Statistical Service released earlier today offer no encouraging signs of an upturn in the Island’s property and construction sectors.
According to figures released today by the Cyprus Statistical Service, 669 building permits were authorised in February 2011, a fall of 3.1% over the 813 authorised in February 2010, comprising:………………………………………Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Prime office rents in the Middle East have fallen off a list of the world’s top ten most expensive locations, according to real estate consultancy Knight Frank.

Commercial rents in Abu Dhabi and Dubai, which were ranked the world’s sixth and seventh priciest in 2010, have failed to make the top ten this year amid oversupply and falling rates……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

The UAE’s property market, which suffered one of the biggest crashes during the global crisis, is gaining momentum. House prices have fallen by around 60% from their Q4 2008 peak, according to Jones Lang LaSalle, but positive economic growth, strong government support, and mortgage lenders returning to the market are helping property prices stabilize, though local analysts are generally pessimistic about future price prospects.
The residential property price index rose slightly by 0.8% in Q4 2010 from the previous quarter, down 6% on a year earlier, according to Colliers International Middle East……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

According to several recently published reports, the outlook for Kuwait’s real estate sector is looking up. After hitting a low in 2009, the real estate market has begun to show signs of recovery and following robust expansion in 2010, the sector appears poised to see further growth this year.

On April 22, Kuwait Finance House (KFH), the country’s largest sharia-compliant financial institution, issued a report detailing the first-quarter performance of the domestic real estate sector. The KFH report estimated that the total value of real estate transactions - including the residential, investment and commercial segments - grew by 5.3% over the previous quarter……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Excess liquidity in developed economies is bringing in speculative money to Asia, thereby, increasing chances of asset price bubbles, says a report by UN agency ESCAP .

“There are significant risks associated with the excess liquidity in the developed countries, which is resulting in large inflows of speculative capital to Asia and the Pacific,” the UN said in its report titled ‘Economic and Social Survey of Asia and the Pacific 2011′……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

China Citic Bank Corp., the seventh-largest Chinese lender by assets, warned Wednesday of severe risk in China’s real estate market this year and said it plans to cut lending to the sector, in a sign banks could start to feel the impact of government efforts to cool the property market.

“Citic Bank relatively clearly sees that real estate risk this year is severe,” said Shi Yuan, the general manager of the bank’s risk management section, on a quarterly teleconference. He noted Chinese Premier Wen Jiabao has repeatedly stressed the importance of continuing with the government’s property-tightening measures, such as limiting home purchases and raising down-payment requirements……………………………………….Full Article: Source

Posted on 06 May 2011 by Laxman |  Email |Print

Tokyo most expensive location for two bedroom apartments; Hong Kong third most expensive location in the world for two-bedroom rental property. Strong currencies make renting in the region more expensive for foreigners. Cheapest two-bedroom rental property surveyed in Europe was in Sarajevo (117) followed by Ankara (116).
Rents are on the rise in Asia spurred on by strong economic growth among most of its economies, according to the latest accommodation reports published by ECA International………………………………………..Full Article: Source

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