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Real Estate Briefing 20.May 2011

Posted on 20 May 2011 by Laxman |  Email |Print

At the ripe old age of five years, America’s housing bust is still very much alive and kicking. House prices dropped 3.3% in the year to February according to the S&P/Case-Shiller index, the fastest decline since November 2009. The Federal Reserve’s preferred measure, the CoreLogic house-price index, showed an even worse one-year decline of 7.5% in March.
And Zillow, an online real-estate database, recently said that prices fell 8.2% in the year to March. Zillow has reported falling prices for 57 consecutive months……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Jay BrinkmannThe mortgage delinquency picture is getting brighter, according to an industry report released Thursday, with falling delinquency rates indicating the housing crisis may be at the beginning of its end.
A quarterly release from the Mortgage Bankers Association revealed that mortgage payment problems eased during the first three months of 2011 for every category of default……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Own a home? Brace yourself for an even longer recovery than anticipated. A new homeowners survey released jointly by Trulia.com and RealtyTrac suggests we won’t see a housing recovery until 2014 at the earliest now.
“I’d love to say we have taken a few steps forward, but the reality is we are backtracking,” says a somber Pete Flint, Chief executive of Trulia.com, a San Francisco, Calif.-based real estate listing site……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

More than half of US homeowners and renters say housing won’t recover until at least 2014, reflecting a deepening pessimism about the real estate market, according to a survey released yesterday by Trulia and RealtyTrac.
The survey, taken in April, found that 54 percent of respondents don’t expect a recovery for at least three years, up from 34 percent in November, the two real estate data companies said yesterday. Those who see a turnaround by the end of next year fell to 15 percent from 27 percent……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

The housing market continues to suffer - from plummeting sales to plunging prices. But guess what? Property taxes are not suffering.
Since 2006, housing prices have fallen around 18% a year, but property taxes are rising 7% a year. The census shows between 2006 and 2008, the amount of money state and local governments collected from property taxes jumped from $364.5 billion to nearly $410 billion. Property taxes account for almost three-quarters of all the tax revenue collected by local municipalities……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

EMEA prime highstreet retail rents broadly held firm against a background of continuing uncertainty over the sovereign debt issues plaguing some of the weaker Eurozone member, and the continuing unrest in the Middle East and North Africa, according to a new report published by Colliers International.
In itz EMEA Retail Rents Map, Colliers said that competition for prime high street locations is healthy in most of the region’s key cities with prime high street rents remaining firm, particularly in Western Europe……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

The mezzanine real estate debt market in Europe is maturing, driven by increased lender competition and pricing stabilization, which should generate greater activity in 2011 and beyond according to a new report by CB Richard Ellis.
At the height of the crisis, expecting a surge of distress, lenders sought opportunistic returns of 20%-25% for providing mezzanine financing on core assets in prime locations. At this time, over 100 potential participants expressed interest in the market……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

House sales have risen by almost 30% during the first quarter of this year, but prices have plummeted by 5.8% during this time. The latest figures from the University of Ulster’s Quarterly House Price Survey show that 925 houses were sold from January to March this year compared to 684 in the last three months of 2010.
And falling prices mean the average value of a house in Northern Ireland is now £143,918, which is a double-digit decrease of 15% compared to a year ago……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

The British construction industry enjoyed a positive first quarter of 2011, largely thanks to the success of commercial property and private housing sectors. New figures from the Royal Institute of Chartered Surveyors (Rics) showed 17 per cent more surveyors reported a rise in the creation of business premises compared with those who experienced a decline.
Many construction firms were said to be busier during the three-month period than they were at the same time last year……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Plans by the National Asset Management Agency to start lending to home buyers and commercial property investors will include incentives to protect purchasers against future negative equity.
The aim of the measures is to kick-start the flagging property market. Nama insists that they are not intended to interfere artificially with the market. Nama plans to launch a product for purchasers of residential properties in the autumn that will safeguard against the risk of negative equity, where the loan is higher than the value of the property……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

The two largest listed construction groups in the Netherlands, Royal BAM and Heijmans are still battling a subdued domestic housing market that is hampered by stricter mortgage-lending requirements and tax uncertainties.
But the two firms have benefited from a pick-up in non-residential construction, spurred partly by government cash injections……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

The residential real estate markets in the Baltic and parts of Eastern Europe are showing some signs of recovery with certain areas recording price increases and a rise in the number of new properties being built.
Last month apartments prices in Vilnius increased by 0.7% and the average price has now rise to €1,200 per square meter, according to the Ober-Haus Baltic Apartment Price Index……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Some 151 separate contracts were processed at the Cypriot Department of Land and Surveys by overseas buyers during April, it has been revealed. The figure is up by 19 per cent on the same period last year and suggests that foreign investors are beginning to return to the once hard-hit Cypriot property market.
Indeed, the trend is not limited to a monthly increase. During the first quarter of 2011, total sales to overseas buyers increased by more than 16 per cent year-on-year……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

A report by one of the leading firms specialised in the real estate consultancy revealed that the Omani real estate market is still suffering from the repercussions of the global financial crisis and instability.
In spite of all these factors, some positive signs appear in the long term as it is expected that the market will witness a slow recovery during the next few years, said Cluttons……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

According to a new report by global real estate firm Jones Lang LaSalle, the Asia Pacific real estate market continued to witness positive sentiment and increased activity across most sectors in 1Q11.
The region’s economy grew by an estimated 7.0% in 2010, significantly above growth in the rest of the world of around 3%. Business activity still remains buoyant, despite a number of challenges including natural disasters and rising inflationary pressures. Economic outperformance is expected to continue during 2011, although growth is expected to moderate due to a slowdown in external demand and government spending……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Asian private banking clients are investing in property in developed markets including London to curtail risks, according to Standard Chartered Plc (STAN), the U.K. lender that makes most of its profit in the region.
“We’re seeing quite a flow into the U.K., into prime property in London, both commercial and residential,” the bank’s global head of private banking, Shayne Nelson, said……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Private equity investors are poised to exit roughly $5 billion worth of Indian real estate investments in the next two or three years, a Nomura report said, adding pressure to a sector struggling with access to capital and falling property prices.
During the boom years of 2006-2008, India attracted an influx of private equity in property, a big chunk of it structured as debt, and in some cases developers will be forced to buy back the investment from the PE firms, the report said……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

More Chinese cities saw new home prices rise in April compared with the previous month, and price growth has risen a tad in some major cities despite a fall in transactions, underscoring challenges the central government faces in curbing prices.
Faced with public anger over unaffordable housing prices, China’s authorities have progressively implemented a series of measures to rein in speculation in the property market, including restrictions on property sales, stepped-up monitoring of prices and tighter monetary policies……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

Located on the eastern coast of Singapore’s Sentosa island, Sentosa Cove is billed as the city state’s most exclusive marina residential area.
House prices here start at around $12 million (S$ 15 million) and it’s the only site of so-called “landed properties” that foreigners who aren’t permanent residents can actually buy a house without special permission from the government. Foreigners in the country are generally only allowed to buy apartments, part of the government’s measure to contain prices……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

South Korea’s financial supervisor said additional real estate project financing loans might go sour due to the prolonged slump in the property market.
The Financial Supervisory Service (FSS) said in a statement that 18 domestic banks held 6.7 trillion Korean won ($6.16 billion) in distressed real-estate project financing loans at end-March, up from 6.4 trillion won at the end of December……………………………………….Full Article: Source

Posted on 20 May 2011 by Laxman |  Email |Print

The resort villa market in Vietnam is booming with a lot of new projects underway. While the market for apartments is witnessing low demand due to tight bank loans, the villa resort market seem to be the most profitable segment of the real estate market.
Tran Hoang Nam, investment director of Archi Group suggested that the increase in demand for resort villas is due to business men increasingly taking clients to a resort facility instead of a restaurant……………………………………….Full Article: Source

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