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Real Estate Briefing 11.May 2011

Posted on 11 May 2011 by Laxman |  Email |Print

Two closely watched indexes on commercial real estate continue to draw much different pictures of the market recovery. Green Street Advisors’ commercial-property index showed values rose 2% in April, with values still 10% to 15% shy of the peak and 40% above the 2009 trough.
But in the most recent Moody’s/Real index for all property types, values fell 3.3% in February, within 1% of its post-peak low in August 2010……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Patrick NewportHome prices fell in more than three- fourths of U.S. cities in the first quarter as foreclosures that sell at cut-rate prices devalued real estate.
The median price of a single-family home dropped in 118 metropolitan areas out of 153 cities measured, the National Association of Realtors said in a report today. The biggest decline was in Biloxi, Mississippi, followed by Akron, Ohio……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

At Bank of America Corp. (BAC), where the company’s home-price forecasts have proved too good to be true, billions of dollars of new losses are at stake along with the credibility of Chief Executive Officer Brian T. Moynihan.
The 51-year-old Moynihan, who succeeded Kenneth D. Lewis in 2010 after the worst housing market since the Depression, has tied his firm’s performance to a recovery in home prices this year — a prediction more optimistic than one made by the bank’s own economist……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Where there are struggling housing markets, there are fraudsters. Despite the fact that mortgage lending has become increasingly tight for potential homeowners, with origination volumes decreasing to a little over one trillion dollars in 2010, mortgage fraud rages on.
LexisNexis Mortgage Asset Research Institute, a subsidy of data and risk research company, LexisNexis Risk Solutions, released its 13th annual Periodic Mortgage Fraud Case Report……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Another day of data brought further proof of the resiliency of the Canadian housing market and the current frailty of its U.S. counterpart. The latest bad news for American housing was a report from real estate company Zillow showing the market might have a ways to go before it bottoms out.
Zillow said existing home prices in the United States fell 3% in the first quarter of 2011 -a pace not seen since 2008, which was the worst point of the housing recession. U.S. prices have dropped 29.5% from their peak in June 2006, the company said……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

The European real estate sector faces further ‘haircuts’ as the spectre of stafglation looms large, Reggie Middleton, a leading consultant credited with predicting the collapse of both Bear Stearns and Lehman Brothers, warns in the May edition of PropertyEU Magazine.
‘I don’t see how further devaluations are avoidable if interest rates rise and I think rates are almost guaranteed to rise,’ he said. ‘The NOI side of the equation is bound to take a hit as austerity plans and a sluggish economy equate to lower operating incomes.’………………………………………Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Debt-ridden countries could offer potential for canny Brits on the look-out for a holiday home. Eight out of 10 Britons looking to buy a holiday home abroad are interested in those European countries which have been hit worst by the recession.
Portugal, Ireland, Italy, Greece and Spain are now lumped together under the unflattering acronym of the PIIGS. They’re up to their eyes in debt and, in the case of Portugal, Ireland and Greece, they’ve had to be bailed out to keep them afloat……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

UK commercial property returns fell to 2.3% in the first quarter of 2011, according to the IPD UK Quarterly Property Index, as the re-pricing from the downturn appears to be running its course.
The rate of capital growth fell by 50 basis points, to 0.8%……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

A collection of Britain’s leading property bosses have called on David Cameron to force all commercial landlords to publish the energy efficiency of their buildings.
In a letter to the Prime Minister signed by the chief executives of British Land, Land Securities, and Hammerson, the property industry warns that without a “level playing field” the green credentials of buildings will never be improved……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Up to 1.5 million homeowners could be lumbered with a mortgage greater than the value of their home, as property prices plunge. A Money Mail investigation has found the threat of negative equity is hanging over the heads of hundreds of thousands of homeowners who put down deposits of less than 20 pc during the boom years.
It is difficult for economists to make precise estimates, but many agree a matching fall in house prices could leave between 1.02 million and 1.1 million homeowners in negative equity……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Not every property survey is quite as gloomy as the Halifax’s most recent one. Surveyors and estate agents are more optimistic than anyone had expected. According to the Royal Institution of Chartered Surveyors (Rics), the majority are still seeing house prices fall.
But the reading for April came in at -21, rather than the -23 expected. And that’s the most upbeat they’ve been since July 2010……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

The Scottish housing market is at least two years away from a recovery as squeezed household incomes, public-sector cuts and lending restrictions continue to suppress demand, it has been claimed.
The latest residential property report from Savills predicts that house prices in Scotland will fall 2.5 per cent this year before stabilising in 2012. They are unlikely to rise before 2013, said the estate agent, before rebounding by 3.5 per cent in………………………………………Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

The price of an apartment in Paris continues to skyrocket, with one real estate firm reporting a 20% rise in prices last year alone, with more increases expected over the rest of 2011.
Tim Swannie of luxury French property specialists Home Hunts says the influx of foreign buyers looking for a sturdy European investment opportunity, combined with locals hanging onto their existing real estate, has created a demand-supply imbalance in the market……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Approximately €5.53 billion of commercial property changed hands in Germany in Q1 2011 according to international real estate advisor Savills.
Retail transactions accounted for 55% of the total transaction volume and 65% of total portfolio transactions, but the firm highlights that the two major deals in Q1 were both in the retail sector each with a transaction volume of €700 million……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

The contour of the Real Estate Draft Bill has been changed to make it a central legislation, a shift from it being a state matter earlier. With the focus of the revised Bill now on consumer protection and contractual obligations of developers, the Ministry of Housing and Urban Poverty Alleviation has sought the approval of the Ministry of Law on the proposed legislation, it is learnt.
The law ministry is expected to give its opinion by the end of this month. The concept of a real estate Bill has been around in the government for almost 10 years now, and a draft Bill has been in the making for well over two years……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Investors will find plenty of opportunities to invest in property in India this year. Writing for the Property Report website, Anuj Puri, chairman and country head of Jones Lang LaSalle India, has highlighted the enormous growth potential that the country boasts.
Indeed, in spite of the continuing turbulence and uncertainty in other parts of the globe, India’s economy will continue to grow at an annual rate of eight to ten per cent. In fact, by 2020 the country is forecast to become the third largest economy in the world……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Israeli conglomerate Elbit Imaging Ltd and its subsidiary Plaza Centers NV are making fresh investments of at least $500 million (Rs.2,235 crore) to develop real estate projects in India.
The Tel Aviv-based company is globally known for developing shopping malls, having built 84 centres in Europe, the US and Israel……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

The series of property curbs rolled out by Beijing may have cooled residential house prices in China, but it has led to a surge of money into commercial real estate, according to global real estate services firm Jones Lang LaSalle.
“There are lots of people who want to buy apartments as an investment who can’t. But they can buy commercial properties. So we are seeing a surge of money coming from what we believe is the residential investors into the commercial sector,” Alastair Hughes, Asia-Pacific CEO of the firm said……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

China’s statistics bureau said Wednesday investment in real-estate development totaled CNY1.334 trillion in the January-April period, up 34.3% from a year earlier.
Commercial and residential property sales totaled CNY1.408 trillion during the period, up 13.3% from a year earlier, the National Bureau of Statistics said……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Two of China’s biggest banks have given some of their branches discretion to raise the minimum down payment and mortgage rates for first-time home buyers in areas where prices have surged, signaling growing concern among banks about real-estate bubbles.
Branches of China Construction Bank Corp, the country’s largest mortgage lender by assets, have raised the minimum down payment to 40% from the official minimum 30% required by the banking regulator in the wealthy coastal province of Zhejiang, an official at the bank’s central headquarters said Tuesday……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

A Malaysian property developer plans to list the Pavilion Kuala Lumpur development whose assets are worth up to 5 billion ringgit ($1.7 billion), in what could be the country’s largest IPO of a real estate investment trust, the Business Times newspaper reported on Wednesday.
The report quoted unnamed sources as saying that Desmond Lim Siew Choon, who controls property developer Malton Bhd , could list Pavilion as early as end-2011. CIMB Investment Bank , Credit Suisse and Maybank Investment are handling the deal, it said……………………………………….Full Article: Source

Posted on 11 May 2011 by Laxman |  Email |Print

Figures for April show the NZ housing market remaining steady, with signs of a lift of prices in the South Island and Auckland prices still solid with limited supply, the Real Estate Institute of New Zealand (REINZ) says.
Figures published on Wednesday show 4,987 unconditional sales last month, down from 5,848 in March and 5,207 in April 2010……………………………………….Full Article: Source

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