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Real Estate Briefing 25.May 2011

Posted on 25 May 2011 by Laxman |  Email |Print

Sales of new homes in the United States increased for the second consecutive month in April, crawling out of a record bottom earlier this year, official data showed Tuesday. The Commerce Department reported that sales rose to an annual rate of 323,000, an increase of 7.3 percent from March.
The reading was solidly stronger than the average analyst estimate of an annual rate of 300,000 homes. New-home sales had fallen in February to a rate of 278,000, hitting an all-time low for the data series started in 1963……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Sales of new homes posted a 7.1% gain in April from March, raising expectations that the downturn in residential construction could be near a bottom. New homes sold in April at a seasonally adjusted annual rate of 323,000 units. That was an increase from March, but still down 23% from the sales pace of April 2010.
In February, new homes were selling at an annual pace of 278,000 units, tying the slowest rate since the Census Bureau began tracking the data in 1963, but sales have risen in the past two months……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

The Great Recession began with the bursting of the housing bubble. Today, nearly two years after the recession officially ended, the housing market is still in trouble.
At times, it has looked as if things were improving, like last year’s jump in sales because of a temporary homebuyer’s tax credit or the recent rise in new-home sales from near-record lows. But, over all, sales and construction have been flat for two years, while prices, driven down by foreclosures, are plumbing new depths……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

For nearly two years, corporate profits have been surging, gross domestic product has been growing, and the majority of the key indicators we track have been moving in the right direction. Yet, home sales have remained in the dumps.
The indicators that hit closest to home (pun intended) are the ones that housing needs the most. These are the day-to-day realities that keep us feeling glum:………………………………………Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

If you’re hunting for a real estate bargain, look no further: Here are 10 cities where the typical home costs less than $82,000.
The nation’s cheapest major housing market is the area in and around Youngstown, Ohio. There, the median home price barely breaks $55,000, according to the National Association of Realtors. We’re not talking about hovels in slums; these are well-kept homes in nice suburban or city settings priced at levels to make consumers in pricey coastal markets ache with envy……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Rising housing values are helping to create more wealthy people in Canada. A study by the Deloitte Center for Financial Services says the number of millionaire households in Canada will grow from 1.745 million to 2.413 million by 2020, an increase of 38 per cent.
As Michael Nairne of the National Post pointed out, ìThe study estimated there are 182,000 households in Canada worth between $5- and $30-million and 17,000 households in the $30-million plus cohort……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

The world’s largest private equity firm is taking its money out of Canadian real estate to take advantage of surging demand for buildings, flooding the market with $900-million of office buildings.
Blackstone Group LP has conscripted CIBC World Markets to sell its 29 Canadian buildings just as life returns to the Canadian investment market, with cash-rich real estate investment funds looking to invest billions of dollars to expand their portfolios……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Property sales in the UK are still lower than a year ago, according to HM Revenue & Customs (HMRC). Just 66,000 homes were sold in April, 1,000 fewer than in March and 6,000 fewer than in April last year.
Sales in the first four months of the year have been 5% lower than in the same period of 2010. The figures suggest that with the continued rationing of mortgages, and the economy in the doldrums, there is little chance of sales reviving……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Home owners could be in for a nasty surprise as borrowing costs return to normal over the medium term, according to Capital Economics.
“There is plainly a great deal of uncertainty around what will happen to spreads on mortgage interest rates when Bank Rate does eventually rise. But if current spreads were maintained, average mortgage interest rates could rise to 8 percent,” Paul Diggle, a property economist at Capital Economics, wrote in a research note……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

The commercial property sector in London may be in good shape, as it has been stated the capital is outperforming many other European cities. Results from two large property companies have shown the difference in the pace of the recovery between the UK’s financial centre and its continental rivals.
In the UK, Land Securities posted better than expected results to hit its highest share level for two years, while in Germany, Gagfah group dropped to its lowest level in eight months for locations in Frankfurt……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Property prices, activity and confidence have all fallen further in Portugal as weakening demand continues to affect the country’s real estate market, according to the latest index.
Price falls have slowed down in Lisbon but gathered momentum in Porto and the Algarve, the April housing market survey from the Royal Institution of Chartered Surveyors and Confidencial Imobiliário shows……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

People looking to make an overseas property investment may want to consider homes in the Baltic states, as new figures have shown a steady increase in prices.
The countries have been attracting investment interest from British people for a number of years, as their economic and political landscapes shift closer to western Europe following independence from the old Soviet Union in 1991……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

The political deadlock over Cabinet formation and the volatile situation in the region have started to take their toll on Lebanon’s once booming real estate sector, with total sales of properties falling 21 percent in the first four months of this year.
According to figures released by the Directorate of Real Estate at the Finance Ministry, property transactions registered at the ministry reached 23,563 in this period, a drop of 21.3 percent compared to the same period of 2010……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

In April 2011, our Real Estate team surveyed a select group of international investors about their attitudes towards investment in the Asia-Pacific. Despite recent speculation that the strength of the Australian dollar could dampen interest in the region, the survey found that the Asia-Pacific is still in demand as an investment destination.
Well over half of the respondents - who came predominantly from Europe and the US and collectively manage real estate portfolios valued at almost US$100 billion - intend to invest in the Asia-Pacific region in the future……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Foreign research firms that advise to the real estate sector are finally seeing some concrete gains in India. With domestic fundraising avenues getting scarce, real estate developers are now increasingly seeking their help to access foreign investors and also to understand the target audience better.
While these firms set up shops in India long time back, some point “discussions are now materialising into actual deals”……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

A glut in the residential property market is driving developers to brokers to sell their projects in the Delhi-National Capital Region (NCR). Nearly 66,000 residential units were launched between October and March in Delhi-NCR, according to property consultant Jones Lang LaSalle India. The launches included 43,000 units in Noida alone.
Delhi-NCR includes satellite towns around the Capital such as Noida, Greater Noida, Gurgaon and Faridabad……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

The number of apartments for sale in Beijing has increased and house prices have fallen slightly, indicating lower sales volumes and suggesting that the overheated property market has begun to cool down.
The number of new apartments for sale grew to 100,868 units on May 22, higher than the year’s previous record of 100,362 on January 18 during the winter low season, according to the report from property consultancy Centaline China Real Estate Tuesday……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Prices at new property projects to be launched in Beijing in June are expected to drop to RMB 20,490 per square meter, down 3.9% from this month, the National Business Daily reported, citing data from Beijing-based Yahao Real Estate Selling & Consulting Solution Agency.
According to the data, 39 property projects will be launched in June in the city, 16 of which are brand-new, with an average price of RMB 19,913 per square meter, as more developers are choosing to offer discounts to counter the negative effects from the government’s property policies……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

The proportion of foreign home buyers in Singapore shot to its highest level ever in Q1 2011, according to research by DTZ. Foreigners bought 16 per cent of all homes sold in the quarter, the highest quarterly percentage since data was made available for analysis in 1995. The previous high was 15 per cent in Q4 2007.
The research report is based on caveats lodged for both new and secondary sales. Caveats lodged are used as a proxy for sales transactions, thus the terms ‘transactions’ and ‘caveats’ are used interchangeably in this report……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

Previously a Housing and Urban Development Company (HUDC) public housing project, Laguna Park is taking on second life, and could become the second-largest collective sale in Singaporean history, coming with a price tag of S$1.33 billion (US$1.04 billion).
Farrer Court, sold in 2007, currently holds the record for largest collective sale and like Laguna Park is a former HUDC project. Farrer Court is on a 838,488 sq f plot, and sold at S$1.34 billion (US$1.12 billion)……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

All signs are pointing to a surging property market in the Philippines. The economy is growing at 7 per cent, its highest rate in 30 years, and remittances from more than 10 million overseas Filipinos is expected to increase 7 per cent this year.
While the price of luxury homes has only grown 3 per cent to date this year, the rents in these sites are already up more than 8 per cent, according to data from real estate firm CBRE……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

When Brett Ward started to think about investing in global property securities in 2001, it was a new concept challenging the conventional view of real estate investment. The view then - and, to a degree, now - is that property should be a domestic asset and going offshore meant exposure to currency and geographical risks.
Ward, then a young investment analyst who had taken over AMP Capital Investors’ Australian real estate investment team in 2000, felt differently……………………………………….Full Article: Source

Posted on 25 May 2011 by Laxman |  Email |Print

House property values fell in all Australia’s capital cities in April. Sydney’s fell 0.3 per cent to a $667,500 median, the third lowest fall. The city had a 0.6 per cent drop during March.
”The magnitude of the corrections are not extreme, and is not a cause for alarm at this stage,” a Residex forecaster, John Edwards, said. ”But it is very unusual to see the total market in a correction phase.”………………………………………Full Article: Source

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