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Real Estate Briefing 27.May 2011

Posted on 27 May 2011 by Laxman |  Email |Print

Increasingly aggressive property appraisals, so-called “incentive management fees” for hotel properties, and the limited return of “pro forma” underwriting are among the troubling trends that Standard & Poor’s cites as red flags in the quickly evolving revival of the commercial mortgage-backed security market.
In a report released earlier this week, Standard & Poor’s identifies several new trends - and a return to questionable “old” trends - in recent CMBS transactions………………………………………..Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

If you think there’s no competition in this sluggish real estate market, think again. A survey released Thursday by online real-estate firm Move Inc. suggests housing markets around the country are heating up with more activity from investors.
The survey of 1,000 investors found that they will be more active than typical homebuyers by 3:1. More than half think prices will stay about the same over the next six months to a year, but 22% said prices will rise. And 23% said prices will fall……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Are you a dope for buying a home in the U.S. right now? If you need and want one, there’s no harm in that. Yet if you think it’s an investment that will actually appreciate, you’re taking a sucker’s bet.
During the bubble years, the “greater fool” theory prevailed. When you bought a home, you were confident that someone would buy it for a higher price than you paid. “Flippers” prospered from this mass psychology……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Weekly Mortgage Activity hit a lull as contracted average mortgage rates increased last week, but an important component data-point within the Mortgage Bankers Association report reminded us that better days lie ahead for housing. In fact, they appear to have already begun.
Mortgage activity had benefited over recent weeks on the precipitous decline of mortgage rates. But last week, as average contracted rates on 30-year and 15-year fixed rate mortgages increased to 4.69% (from 4.6%) and 3.78% (from 3.75%), respectively, activity lulled……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Foreclosures are the blight that has spread through the real estate market and driven prices to decade lows. The drop in property values that foreclosures have caused has pressured homeowners who want to sell their own houses.
Foreclosures have been a critical reason that many have underwater mortgages which prevents them from selling their homes at all. And foreclosures cause more foreclosures. Those underwater mortgages become too much of a burden to some Americans. These people lose their homes……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

US property purchases by international buyers have increased to $16 billion this year, the largest increase for several years according to new data from the National Association of Realtors.
Properties are being bought up by immigrants and non-resident foreigners, who are seeing the US as a good market in which to invest due to the large inventory and low prices. The US market has the added advantage of good long-term capital growth potential and excellent rental opportunities……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Canada’s housing market faces a risk of sliding prices, according to a report released Wednesday that warns the current global economic rebound from the 2008 crisis could falter.
The Organization for Economic Co-operation and Development’s twice-a-year economic outlook report said the world economy is in an uneven recovery and confronting far more “downside” than “upside” risks……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Nearly half of Canadians would consider selling their homes privately but very few are aware of changes implemented several months ago that make that task easier, a new survey suggests.
While 45 per cent of Canadians would consider bypassing realtors to sell privately with the advice of a real estate lawyer, only 11 per cent were aware of and understood changes to getting on the Multiple Listing Service, according to an Environics poll sponsored by the TitlePlus program……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Europe’s real estate markets turned the corner in 2010, with invested stock increasing by 4% in marked contrast to the previous year’s decline of 8%, according to DTZ’s flagship ‘Money into Property 2011’ report.
This is forecast to increase further in 2011. The increase in invested stock varied considerably across Europe, ranging from 1% in the UK to 11% in France. There was one notable area of decline, Portugal, Italy, Ireland, Greece and Spain (PIIGS) posted a 3% fall……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

The European listed real estate sector which is only a small fraction of the investable market has the potential to double in size over the next five years This as banks look to offload distressed property assets held on their books and private investors turn to attractive REIT structures to realize the value of their investments, the Head of Research at the European Public Real Estate Association (EPRA) told a seminar at the Realty 2011 trade fair yesterday (May 25, 2011).
Fraser Hughes, Head of Research at EPRA said: “A number of opportunities are converging that have the potential to double the current €300 billion market capitalization of the European listed real estate sector over the next five years under a best-case scenario.”………………………………………Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

The hotel market in EMEA is perceived to be firmly on a path to recovery according to Jones Lang LaSalle Hotels’ latest Hotel Investor Sentiment Survey.
Improved market conditions have prompted investors to explore hotel investment opportunities, particularly throughout Western Europe. Only the Middle East and North Africa (MENA) reported negative short-term expectations, driven by political difficulties……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Investors looking for higher yield in commercial property would do well to migrate from London to Eastern Europe, Holger Schmidtmayr, Board Director at Austrian real estate investment company Sparkassen Immobilien,said.
Despite suffering from anti-investment rhetoric from host governments and perceptions of widespread corruption, cities like Hungary’s capital Budapest or neighboring Romania’s Bucharest offer good growth opportunities for the next few years, Schmidtmayr said in an interview……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

The latest Global Commercial Property Survey by the Royal Institute of Chartered Surveyors (UK) is positive on the prospects for growth in many global markets. The report found improvements in many countries and said that an increasing number of property professionals were feeling positive about their respective property markets.
It also suggested that the outlook for the second quarter is positive with capital values set to increase and rents expected to rise in more countries as the global property market recovers……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

French pension funds have shifted away from the local real estate market in recent years, seeing too many management constraints linked to the asset class and a relatively poor return on investment.
In spite of a recent study published by real estate analyst Investment Property Databank (IPD) showing that the French real estate sector was one of the most dynamic in Europe, with a return on investment of almost 10% in 2010, several French pension funds have been reluctant to invest in the market……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

A positive economic outlook and a continued market growth make Sweden’s property investment market attractive for investors at home and abroad in 2011 according to international real estate advisor Savills.
The firm reports that by the end of the first quarter of 2011 total turnover reached SEK19.5 billion (€2.18 billion), up from SEK 8.5 billion (€2.07 billion) in the same period of 2010……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Hamdy El Fakhrany didn’t set out to strike a blow against Egyptian government corruption when he traveled to a state land auction in 2007. All he wanted was a quarter of an acre to build a house. The auction was canceled, as were the others he tried to attend over the next six months, the 53-year-old engineer says.
Finally, an employee at the Housing Ministry took him aside and told him how things worked in then-President Hosni Mubarak’s Egypt……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Saudi Arabia’s 5 billion-riyal ($1.3 billion) loan to Emaar Economic City will fund the company’s Brussels-sized housing and business development near Jeddah through 2012, Deutsche Bank AG said.
The loan, secured against 24.7 million square meters of land, or 15 percent of Emaar Economic City’s holdings, “should boost development activity in the city, after significantly slowing down in 2010,” analysts Athmane Benzerroug and Nabil Ahmed wrote in a note to investors today……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Asia Pacific will trail Europe to become the second-biggest commercial property market by the end of this year, according to global property consultants DTZ. But come 2012, DTZ said Asia Pacific’s commercial property market will increase to US$4.4 trillion, placing the region on par with its European counterpart.
Asia Pacific’s commercial property market grew by 14 per cent in 2010 to US$3.5 trillion, registering the biggest growth globally. This is according to DTZ’s annual “Money into Property” report……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

The fundamental aim of any residential property investment should be to maximise yield as well as capital gains and to reduce the risk as far as possible. To illustrate, renovating and embellishing a property makes it eligible for a higher rent, which means maximised yield.
Property investment aimed at capital gains involves buying real estate cheap and selling it at a higher rate, thereby maximising one’s return on investment (RoI). An astute investor will also buy a well-located property at a high price if the rental market is booming, since this makes it possible to rent it out for as long as it takes for the price to rise again……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Analysts say fears of collapse in China’s property market are overstated, though one ratings agency is concerned about bad debts on property loans. When the wind whips up the dust in Beijing’s outskirts where demolition and rebuilding is proceeding at a frantic pace and cranes dot the skyline, you can sense the scale of China’s property market boom in your lungs.
At every traffic intersection, young hustlers pass out advertising leaflets for new housing developments. The property boom is the main topic of conversation over bowls of noodles and glasses of Maotai, a distilled sorghum drink, in the restaurants……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Hong Kong’s entrepreneurial giants Li Ka-Shing of Cheung Kong Holdings and Henderson Land’s Lee Shau-kee have been purchasing shares in their own firms, despite government efforts to cool down the rocketing market.
“The one thing I want to point out to investors is that whenever these two titans buy at the same time, it is almost like a solar eclipse. It only happens once in a blue moon,” Robert Halili, managing director of Asia Insider told CNBC……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

Sales of residential property in Singapore soared again in April, with activity up 29 per cent, new figures show. Local agents report that 1,788 home sales were recorded over the course of the month, with the total level of transactions reaching a five-month high.
With an annual growth rate cited at around at 23.5 per cent for the first three months of the year, government cooling measures to calm down the property market have clearly failed, with agents noting that this is because they are too short-term……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

A South Korean construction firm said Thursday it has signed a $7.25 billion preliminary agreement to build a new town in Iraq, terming it the biggest-ever single deal for a Korean builder overseas.
Hanwha Engineering and Construction will build 100,000 homes plus infrastructure for the town 25 kilometres (16 miles) east of central Baghdad, a spokesman said. “This is the largest single deal a South Korean construction firm has ever clinched overseas,” he told AFP……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

The Real Estate Information Centre has estimated that the housing market, especially in Bangkok and vicinities this year will not be as lively as last year but will not shrink much.
Real Estate Information Centre Executive Director Samma Kitsin admitted that there was no policy from the government to support the housing market in the first four months this year while the 0% interest rate for the first house purchase will be effective in the latter half of the year……………………………………….Full Article: Source

Posted on 27 May 2011 by Laxman |  Email |Print

A new survey of Australian homeowners and investors has found that less than half of the country’s population believe that now is a good time to buy real estate. High living costs, interest rate rises and volatile prices are all weighing on potential buyers’ minds and have helped to create a cautious environment.
The research, by Homeloans Ltd, comes after it was reported last week that house prices in Australia are falling……………………………………….Full Article: Source

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