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Real Estate Briefing 23.May 2011

Posted on 23 May 2011 by Laxman |  Email |Print

Just as busts follow booms, booms are supposed to follow busts. But there has been no boom, not even a boomlet, to light a candle in the gloom of the housing collapse. Many economists thought that a recovery from the real-estate meltdown that started in 2007 would be well on its way by 2011.
The unhappiness is understandable. But some extension of this pain would not be a terrible thing in the long run……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Santhosh KumarAccording to the US National Association of Realtors , Indians contributed 7% of total international home sales of $82 billion in the US during the year ended March 2011, only behind the Canadians (23%) and the Chinese (9%). The year saw the highest home sales in America after the meltdown, and the largest purchase in value terms by the Indian community in three years.
“The US is a mature market and very transparent. Unlike in India, it is easier to manage property there,” explains Santhosh Kumar, chief executive officer of operations at global property firm Jones Lang LaSalle, which has closed about 5-6 such transactions in the last 12 months……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

The nation’s biggest banks and mortgage lenders have steadily amassed real estate empires, acquiring a glut of foreclosed homes that threatens to deepen the housing slump and create a further drag on the economic recovery.
All told, they own more than 872,000 homes as a result of the groundswell in foreclosures, almost twice as many as when the financial crisis began in 2007, according to RealtyTrac, a real estate data provider……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Brazilian home sales are unlikely to be affected by rising borrowing costs so long as the central bank keeps the benchmark interest rate below 14 percent, said Duilio Calciolari, the new chief executive officer of Gafisa SA.
“Interest rates and inflation are a concern,” Calciolari said in an interview at Bloomberg headquarters in New York yesterday. “But we don’t see an impact if they go to 14 percent to try to contain inflation.”………………………………………Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

The Council of Mortgage lenders said gross lending fell to £9.8 billion in April, down from £11.4 billion in March, and 5 per cent lower than a year ago. The bank holidays last month – including Easter and the Royal Wedding - saw many workers enjoy extended holidays in exchange for taking just a few days annual leave.
Bob Pannell, CML chief economist, said: “It represents an unfortunate temporary loss of signal, at a time when it would be useful to gauge the resilience of house purchase demand to economic uncertainties and the pressure on household incomes……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

De Montfort University’s UK Commercial Property Lending Market Survey showed on Friday that lenders held commercial property debts of 206.9 billion pounds on their balance sheets at end-2010, down 9.4 percent from 228.3 billion a year earlier.
The dip was the first recorded by De Montfort since 1999, when its annual report began. Much of the fall was due to big transfers of bad commercial property loans to governments and their bad banks, including about 10 billion pounds moved to Ireland’s National Asset Management Agency (NAMA), the report said……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

The Charities Property Fund acquired four properties in the first quarter of 2011 and surpassed the £400 million milestone, having a Net Asset Value of £418 million (approx. €478 million).
It is the first and largest property fund designed specifically for charities. The Fund returned 2.0% in the first quarter of 2011 and 8.8% over the 12 months to 31st March……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

There seem to be plenty of good reasons to avoid Egypt’s battered real estate sector, yet some investors are tiptoeing back into stocks seen as less exposed to legal probes of questionable state land sales.
The industry, a motor of Egypt’s decade-long investment boom, was undermined by crony capitalism. Now it is bearing the brunt of widening corruption probes after a popular uprising swept President Hosni Mubarak from power in February……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Housing Finance Ltd., Kenya’s only publicly traded mortgage company, said investment in housing may slow in 2012 ahead of an election that may aggravate political tensions that exploded into violence three years ago.
“The political situation is of great concern due to the ongoing international criminal court cases against prominent politicians, the implementation of the constitution and the expectation of a divisive campaign for the 2012 elections, which carries a lot of risk for investors,” Managing Director Frank Ireri said by phone yesterday from, Nairobi, the capital……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

The evolution of a youthful demographic will lead the way for the property sector as it rebuilds itself in the GCC.
With 2011 GDP slated to hover around the 5.9 per cent mark in the GCC (as compared to 4.5 per cent in 2010 and 0.7 per cent in 2009), the real estate markets are once again looking at a growth cycle that feels more tangible, less speculative and is predicated on several drivers that are spurring the climb, according to a report released yesterday by Al Masah Capital, a progressive, Dubai-based alternative investment house……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

The Council of Saudi Chambers of Commerce and Industry (CSCCI) plans to recommend setting up a separate authority for real estate in the kingdom, Arab News has reported. “We are conducting a detailed study about this proposal and the final report is to be released within a period of two months,” Real Estate Committee chairman Hamad Al-Shuweir said.
The authority could frame regulations for the fast developing sector and be a window for real estate industry of the kingdom to both local and international markets, he said……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Ulan Bator’s housing index is up! The world’s newest house price index rose 4.46% y-o-y to Q1 2011, though when adjusted for inflation house prices were 3.36% down y-o-y.
But in the first quarter of 2011 the index rose by 1.6%, the third quarterly rise since late 2008, when house prices began to fall due to the commodity crisis. The index, which covers six districts of Ulan Bator, the capital, was first published in the fourth quarter of 2008 by the National Statistics Office of Mongolia……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Real estate services added over Rs 1 lakh crore to Delhi’s GDP of Rs 2.58 lakh crore in 2010-11, emerging as top contributors to the city’s economy and reflecting the rapid growth and buoyancy in the sector.
The real estate sector, which includes property brokers, home buyers, land owners, property owners and housing finance institutions, contributed 39.69% to the gross state domestic product (GSDP) of the city at current prices, according to latest Delhi Government statistics……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Australians are divided over whether it is a good time to invest in property amid falling house prices and signs that Australia’s economic bet on China may not be as safe as houses.
A survey of 2000 homeowners, first home buyers and investors found 48 per cent believe it is a good time to buy, according to listed home loan provider Homeloans Ltd……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Former Hong Kong Monetary Authority chief executive Joseph Yam Chi-kwong thinks we should not restrain mainland residents from buying local property in spite of escalating home prices.
I can only half agree with him. Free market principles would decree that we do not limit the right of mainlanders to buy property in the city. When supply falls, housing prices will naturally rise. But then demand will eventually drop due to the high prices……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Real estate is booming in the Philippines, as a spate of new construction signals. With the economy expanding at 7%, its highest rate in three decades, and with remittances from more than 10 million overseas Filipinos expected to increase 7% this year, demand for new homes is strong.
Prices of luxury homes in prime locations are up a modest 3% this year, but with 2011 not yet half over, rents in those buildings are already up more than 8%, according to data from real estate firm CBRE……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

The Thai property market has failed to reach the same heights of foreign demand as most Asian markets, with the exception of the Bangkok boom years in the early noughties. Foreigners were responsible for 35% of sales in Bangkok’s business district before the crisis, now this figure is down to 20%.
While this can partially be blamed on the state of the US and European economies and the strength of the Thai baht, another huge reason is the lack of mortgages available for foreign buyers……………………………………….Full Article: Source

Posted on 23 May 2011 by Laxman |  Email |Print

Global listed property strategies are likely to pay income distributions from 30 June, 2011; however, the risks of a fluctuating currency remain, according to Morningstar’s latest listed property funds sector review.
Morningstar noted that global real estate investment trusts (REITs) did not suffer as much as their domestic counterparts during the global financial crisis……………………………………….Full Article: Source

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