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Real Estate Briefing 13.May 2011

Posted on 13 May 2011 by Laxman |  Email |Print

The lender is betting a recovery that will limit new losses in mortgage loans is coming sooner than many analysts—including its own economist—believe . Bank of America (BAC) is betting a recovery in home prices this year will allow it to avoid new losses on mortgage loans.
That outlook clashes with the views of some independent analysts—and its own economist. Chief Executive Officer Brian T. Moynihan’s credibility is riding on the outcome as he seeks to convince investors that the lender can curb costs from bad mortgages……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Apartment rents and occupancies are likely to continue to rise as the U.S. home and labor markets remain depressed, economists said at a conference sponsored by investment-advisory firm Bentall Kennedy.
“There are fewer jobs today than 10 years ago,” said Doug Poutasse, head of North American strategy and research at Toronto-based Bentall Kennedy, which oversees $23 billion of real estate assets. “There has been a tremendous demographic shift.”………………………………………Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

President Bill Clinton once described homes as something Americans “will always know that their country wanted them to have because they were entitled to it as part of the American dream”.
It’s how the 42nd president ended an address in The White House extolling the virtues of homeownership. He gave the speech in 1995, a year like most before it and several since, when US politicians were more than happy to talk about the housing market……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Minneapolis, Dallas and Denver are enticing U.S. commercial-property investors as a rebound in demand spreads from prime markets along the U.S. coasts.
The cities had three of the four biggest gains in sales by dollar volume among major metropolitan areas outside the coasts in the first quarter, according to CoStar Group Inc. (CSGP), a Washington-based property-research firm……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

If you thought the housing crisis was bad, think again. It’s worse.New data just out from Zillow, the real-estate information company, show house prices are falling at their fastest rate since the Lehman collapse.
Average home prices are down 8% from a year ago, 3% over the quarter, and are falling at about 1% every month, according to Zillow……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Spend an hour talking with Alpine Woods Capital fund manager, Joel Wells, and he’ll turn you into a true believer. Wells’ bullishness on Brazilian real estate is contagious. If commercial developers there ever needed a US agent to give them buzz, Wells would be their Ari Emanuel.
There’s the obvious story everyone following Brazilian real estate has been hearing since 2005 — housing prices are rising, interest rates are at historic lows, the middle class is the majority of the population for the first time ever and they have money to burn……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

European commercial real estate recovered to deliver a pan-regional return of 8% in 2010, a significant improvement on 1.4% in 2009, according to Investment Property Databank (IPD).
The finding marked the 10th year the IPD Pan-European index has been in existence and showed that the total return for European property over that period was 6.1%……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Legal & General (L&G) has warned that the recovery in the UK commercial property market will languish over the next seven years.
According to L&G, this situation is directly linked to the government’s austerity package and the fact consumers continue to deleverage……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

U.K. house prices rose in April as buyers rushed to beat a sales-tax increase, research company Acadametrics Ltd. and LSL Property Services Plc said.
The average price of a home in England and Wales increased 0.3 percent from March to 223,352 pounds ($363,300), the groups estimated in an e-mailed report in London today. From a year earlier, prices were up 0.9 percent……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Property is starting to behave differently – or decouple – from other asset classes like shares and bonds according to Gary Hutcheson, head of Ignis property and manager of the UK Commercial Property investment trust.
This could help investors trying to diversify their portfolios by buying across asset classes – shares, bonds, property, commodities and currencies – in the hope that they won’t all behave in the same way and therefore protect them in difficult markets……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Construction of the Olympic Park in east London is 83% complete, Olympics Minister Hugh Robertson has said.The handball arena, which will seat 7,000 people, has become the latest venue to be finished.
In addition to handball, goalball and modern pentathlon will take place at the handball arena, which has 3,000 sq m of external copper cladding. It is due to become a multi-use sports centre for athletics training and community use after the 2012 Games……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Luxury-home rents in central London rose twice as fast as purchase prices last month as a decline in the number of available properties fueled competition, Knight Frank LLP said.
The cost of leasing a house or apartment in the city’s most expensive neighborhoods climbed 16.3 percent from a year earlier, while sales prices rose 8.3 percent, the property broker said in separate reports today. This year, rents may increase by 5 percent to 10 percent, Knight Frank said……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

French real estate company SGP is in line to mount a takeover of DTZ, following an announcement on Wednesday that it was in discussions with various suitors, according to a UK newspaper.
SGP already owns 55% of the indebted real estate company and could choose to buy all remaining shares in a deal that would value DTZ at £162m (€186m), according to The Daily Telegraph……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Last week members of the Spanish government came to London to present Spain as an attractive destination for property investment. To an audience of UK investment fund managers and financial advisors, Spain’s minister for housing Jose Blanco and secretary of state for housing Beatriz Corredor attempted to show that Spain, although struck by the crisis, is a solid economy showing signs of recovery.
The message was directed at investors in the Spanish housing market in the hope of filling a surplus supply of approximately 700,000 homes, the majority built along the southern Spanish coastline………………………………………Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Egypt’s real estate market seems to need more time to recover from the impact of protests that erupted on Jan. 25 as buyers wait for the house prices to continue to fall.
“I could not take any step to buy a new, larger one. All my friends advised me to wait as the prices will be reduced more in the coming period,” said Ameriah Mahmoud, a 38-year-old housewife who lives with her family in a small flat in Cairo……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

An increasing number of African investors are looking to invest in Dubai’s property market, aiming to capitalise on tax-free returns. According to Damac Properties, a leading real estate firm in the Middle East, the confidence has been boosted by the improving investment environment and a more tightly regulated property market in the Emirate.
The new rules, it says, will make Dubai a more transparent, better regulated real estate market. “We have witnessed a significant increase in enquiries about our Dubai portfolio from African investors looking to capitalise on favourable conditions in a secure market,” said Niall McLoughlin, the firm’s senior vice president……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

The major infrastructure projects and investments in transport sector will expedite the recovery in Dubai real estate sector, a study says. The completion of world-class infrastructure and a business-friendly environment over the last two years will be among the main factors behind the creation of more demand for Dubai real estate.
The study further reveals that remarkable transport infrastructure investments such as Dubai Metro Green Line and the major extensions of Dubai International Airport will increase the attractiveness of the Emirate and the eventual rebound of its real
estate market……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

With Dubai’s economy back on track, the emirate’s real estate sector is showing signs of improvement, with the head of Dubai’s Real Estate Regulatory Authority (Rera) revealing that the value of property transactions grew by a fifth in the first quarter of this year compared with the last quarter of previous year.
“The total value of transactions in Dubai in the first quarter was Dh30 billion ($8.2b) with 10,554 transactions, which is up by 20 per cent from Q4 of 2010,” Marwan Bin Ghlaita, the CEO of Rera, has been quoted as saying by newswire Zawya Dow Jones……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Values of luxury residential properties across Asia continued to slowly rise in the first quarter of 2011. As with the last quarter of 2010, values rose 1.8 per cent, according to Residential Index data from Jones Lang LaSalle.
This is a slowdown from the hectic third quarter of 2010, when prices grew by 7.4 per cent. The cooling pace comes after various governments enacted anti-speculative measures in 2010……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Real estate firms are approaching non-banking financial companies (NBFCs) for loans to pay for land, construction and pre-development of projects, as most banks have shut their doors on the sector.
Last year, 20 developers raised about Rs.3,000 crore from NBFCs through non-convertible debentures (NCDs), Enam Securities Pvt. Ltd says in an April report……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Chinese developers’ profit margins are set to shrink as they build public housing projects to stay on good terms with the government.
China is aiming to add a record 36 million units of affordable or social housing in the next five years, to cover 20 percent of the country’s residential market, the government said……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

The supply of land for subsidized housing is increasing dramatically in 2011, the nation’s land watchdog said.
An estimated area of 77,400 hectares is planned for government-subsidized housing projects, nearly 140 percent more than last year, Liao Yonglin, director of the land use and administration department at the Ministry of Land and Resources, said on Thursday……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

When it comes to shopping, the Indonesians are slated to be the next big spenders. That is according to analysts, who said the country’s large population and robust economic growth will contribute to higher disposable incomes.
They said that retail real estate investment trusts, or REITs based in emerging markets like Indonesia and China, look set to benefit……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

A lot of high grade apartments have been marketed recently in Hanoi, while transactions on real estate trading floors remain quiet with low demand. Small investors now offer to sell apartments at a disadvantage to stop loss.
On an online real estate trading floor, one can see an ad piece where Trang, the owner of a C-class apartment of Ecopark project, is offering to sell the apartment at a disadvantage. “After surveying the sample apartment, I found that the products here are too attractive with excellent infrastructure items and beautiful view……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Australia’s home prices may well hover for the rest of this year but a “wholesale downward shift” in values was unlikely, according to an ANZ report. The bank’s latest Pan-Regional Housing Outlook argues Australia’s buoyant economy and tight housing market will continue to keep house prices steady.
The strong labour market and skills shortage will put upward pressure on wages and, as a result, “forced” selling of homes will remain at low levels, the report said……………………………………….Full Article: Source

Posted on 13 May 2011 by Laxman |  Email |Print

Despite a weak residential-housing market and challenging retail conditions, Australia’s property sector — and specialized-shopping firms in particular — still holds appeal, analysts say.
Property firms are also buffeting strong currency headwinds, as the Australian dollar bobs at 29-year highs against the greenback, but low interest rates in the U.S. are helping firms like Westfield Group Australia offset the impact……………………………………….Full Article: Source

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