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Real Estate Briefing 17.May 2011

Posted on 17 May 2011 by Laxman |  Email |Print

Michelle MeyerConfidence among U.S. homebuilders was little changed in May as executives turned more pessimistic on the outlook for sales, a sign any pickup will take time to develop.
The National Association of Home Builders/Wells Fargo sentiment index held at 16 this month, lower than the median forecast of economists surveyed by Bloomberg News which projected it would increase to 17, data from the Washington- based group showed today. A measure of sales expectations for the next six months fell to an eight-month low……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Simon FairchildUS real estate value growth fell in the first quarter of 2011 to 1.1%, a 150 basis point decrease from December last year, according to the IPD US Quarterly Property Index. While growth slowed, the US commercial property market has now recorded a full year of positive capital growth, amounting to 9.4%.
Simon Fairchild, IPD Managing Director, speaking at the launch, held at the Langham Hotel in Boston, Massachusetts, said, “While the US real estate market continues to claw back some of the value losses it experienced in 2008 and 2009, the recovery is patchy and the pace of capital appreciation slowed in the first quarter of 2011,” says Simon Fairchild, IPD Managing Director……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Distressed sales and economic conditions are causing real estate professionals to make less and work more than they did back in the housing market’s heyday in 2006, according to an annual survey by Inman News about work and pay trends in the real estate industry.
Overall, the survey of more than 1,000 real estate professionals found that real estate professionals are making less on commissions, closing fewer transactions, and facing a spike in distressed properties that is dampening commissions and compensation for many in the industry. ………………………………………Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Vancouver’s Royal Pacific Realty had such a surge of business during the first two weeks of February that agents and assistants worked day and night shifts to find homes for Chinese buyers visiting during the Lunar New Year.
“It was unprecedented,” said Royal Pacific Chief Executive Officer David Choi. “I called them sleepwalkers.” Sales of detached homes, townhouses and condominiums in metropolitan Vancouver………………………………………Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Demand for retail premises is driving growth in the European commercial property sector, a new survey has found. Sustained demand for retail property has become the primary driver of the European commercial property market with continental Europe the main beneficiary, according to a new study.
According to research from consultancy firm CB Richard Ellis (CBRE), first-quarter commercial property investment was 32 per cent higher in 2011 than at the same point of last year, boosted by increased risk appetite………………………………………Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

A draft law could see EU member states forced to publish comparable house price indices on a quarterly basis from the second quarter of next year. The bill is part of efforts to synchronise the consumer price indices of member states so that inflation can be measured more accurately in the bloc.
Despite the fact that the bill is still a long way from becoming law — still being called by its unofficial name Technical manual on owner-occupied housing for Harmonised Index of Consumer Prices because it is yet to receive a code — some are already preparing for the change. ………………………………………Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Europe stands to see the most investment capital deployed by infrastructure fund managers, with 47 Europe-focused funds targeting an aggregate $33.3bn (€23.6bn), according to Preqin.
The data analysis company said Europe was widely recognised as the centre of the unlisted infrastructure industry, and its latest report showed the volume of capital earmarked for the continent outstripped the US, Asia and the ‘rest of the world’ (RoW) markets……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

The European commercial real estate investment market continues to recover, driven by an increase in demand for prime retail property assets, according to the latest CB Richard Ellis (CBRE) European Capital Markets report.
Direct European commercial real estate investment reached €28 billion in the first quarter of 2011 – a 32% increase on the same period last year……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Commercial property prices in the U.K. rose at a slower pace in April after public spending cuts deterred companies from renting additional space, Investment Property Databank Ltd. said.
The average values of offices, stores and warehouses increased 2.7 percent from a year earlier, the London-based research company said today on its website. That compares with a 3.5 percent gain in March. ……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

As we start a new decade, the British love affair with property is as passionate and as painful as ever. Simple questions of whether to buy or sell are interlinked with life-changing decisions about schools, university funding, careers and pensions. We will look back on this time as a memorable hiatus between the ig slide and the recovery which may come next year.
The squeezed middle has been taking the recession full on the chin. It has shown ingenuity and resourcefulness like never before. Couples have continued to restore their homes, add value, create new lives in the country, find the best schools, explore their dreams……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Institutional investors in France look set to increase their allocations to non-listed real estate funds by 56% over the next three years, rising from €34 billion to €53 billion, according to INREV’s Investor Universe France Survey 2011.
France is Europe’s largest institutional market but with the exception of Germany, has the lowest real estate exposure at 5.7%. Due to its sheer size the total amount dedicated to real estate is the largest among the five countries studied so far at €130 billion……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

A French cabinet ruling last week has approved a new council tax that will be imposed on property belonging to non-residents. It will affect 360,000 properties across the country, many of which are holiday homes owned by British and Dutch foreigners.
The tax aims to take 20 per cent of a property’s rental value, the rentable cost of a building if it’s on the market. And it is designed to cut France’s gaping budget deficit by about 176 million euros per year……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

The size of investments in the domestic real estate market grew 128 percent last year to reach almost 2.2 billion euros ($3.1 billion), as economic stabilization after the crisis encouraged foreign and local investors, a survey said Monday.
Although the overall transaction volume remained low compared with the pre-crisis level, Russia outperformed other countries in Central and Eastern Europe and mainstream investors are expected to return to the market in the future, CB Richard Ellis said in the report……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Foreign buyers have disappeared from the inner streets of Budapest, real estate agencies told Napi Gazdaság.
According to one agent, turnover on Ráday utca - the cafe and restaurant-dotted street in District IX - was largely driven by German, Irish and Italian buyers in 2005-2006, following developments in the neighborhood. At that time, prices were in the range of Ft 300,000-Ft 350,000 (€1,120- €1,300) per square meter. Prices now rarely go above Ft 300,000/sqm, and there are few Hungarian buyers and no foreigns buyers at all looking to purchase in this part of the city……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Istanbul is one of the best European locations with a potential for real estate investment. The city has been named the top destination for new property acquisitions and developments, according to the Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute.
For the second year in a row, the largest Turkish city - which is home to one fifth of the country’s population - has claimed the number one position on the charts……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Housing prices in China have risen by 53 percent over the last four years, raising concerns that a bubble has been created in the real estate sector. There is little doubt that there has been a growing speculative component in property markets in many Chinese cities and/or segments, which in turn has pushed up housing prices beyond their fundamentally justified levels.
This leads us to three important questions: First, will the bubble burst? Second, if so, when? Third, how serious may be the implications for the economy?………………………………………Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Private home sales in Singapore rose 29% in April from a month earlier, in a sign that recent government measures to cool the city-state’s red-hot property market have yet to temper strong underlying demand.
A total of 1,788 private residential units were sold in April, up from 1,386 in March and the highest since November 2010, when 1,915 units were sold, according to data posted on the URA’s website Monday. In February, a total of 1,105 private homes were sold……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

To buy or rent an apartment in Europe is quite strenuous: comparing real estate ads, visiting properties in groups, filling out numerous forms and providing the right financial warranties and then waiting for a positive outcome or starting over if your application is rejected.
Furthermore, prices in major European capitals are on a constant rise for small and poorly maintained flats. For example, in Paris, the average square meter price is around €7,000 while in Bangkok, it is around THB 100,000 (€2,300/$3,300) for a unit in new building with a pool, a gym, and a sauna…………………………………………Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

AXA Real Estate has illustrated its faith in the Japanese economy with the launch of a specialised debt investment vehicle, raising an initial Yen15 billion ($175 million).
The primary investment into the vehicle has come from a Japan-based AXA Group insurance company and the firm expects additional flow from other insurance subsidiaries and third party institutions……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

Demand home loans has slumped to a decade low and spells further falls in house prices. he increasing imbalance in the housing market, with demand falling while the number of properties for sale surges, will put pressure on the Reserve Bank to defer the interest rate rises financial markets had expected could occur as soon as next month.
The number of new home loans fell by 1.5 per cent in March and is now down by 12 per cent since the RBA and the big banks lifted their mortgage rates in November……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

The bad news keeps coming for the Australian housing market. esterday, data from the Australian Bureau of Statistics showed the number of new owner-occupier housing loans fell by 1.5% in March, versus expectations of a 2.4% rise.
The 44,968 new loans sold in March was the lowest result since March 2001, leading CommSec economist Craig James to comment that “the housing sector has well and truly come off the boil”……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

More an orderly retreat than a rout. Australian real estate, long the subject of global concern, bears all the symptoms of a market that simply has run out of puff.
Ever since America’s housing bubble burst in 2007, setting off a chain reaction in Britain and across Europe - which then infected the global financial system - international pundits have been warning of a similar catastrophe here……………………………………….Full Article: Source

Posted on 17 May 2011 by Laxman |  Email |Print

The residential property sector is set to welcome a new wave of professional investment. Joanna Faith looks at whether the asset class is a good play for retail investors…We save for them, read about them, speculate about their value, and spend hours searching for the perfect one.
Yet despite being a nation obsessed with home-owning, the investment fund potential of residential property has, up until now, been largely overlooked……………………………………….Full Article: Source

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