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Real Estate Briefing 30.May 2011

Posted on 30 May 2011 by Laxman |  Email |Print

Raymond TortoAn index of global office values jumped 12 percent in the first quarter of 2011 from a year ago while a rent index rose 4.3 percent, real estate services firm CB Richard Ellis Group Inc. said in a report.
“The fact that capital values have rebounded ahead of rents reflects several factors, including the deeper integration of commercial real estate into the global capital markets,” Raymond Torto, CBRE’s global chief economist, said in an e- mailed release. The pricing of real estate relative to other assets and the availability of favorable financing in the U.S. have also contributed to the recovery, he said……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Christian UlbrichGlobal commercial real estate firm Jones Lang LaSalle will merge with international property consultancy King Sturge. The combined firm will be the clear leader in the UK and also in continental Europe, with greatly enhanced strength and depth of service capabilities across the region that will directly benefit the clients of both companies.
The transaction is expected to close on May 31, 2011. Under its terms, Jones Lang LaSalle will pay consideration of £197 million (approx. €227 million or $324 million) to the partners of King Sturge, with £98 million in cash at closing and the balance paid out in cash over five years……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Defaults on European commercial mortgage-backed securities (CMBS) hit a record high in April as 12 new loans became delinquent in the period, according to rating agency Standard & Poor’s. This is the highest monthly number since S&P started covering the market in 2008.
The same number of loans went into special servicing, also representing a new high for monthly increases. Servicers transferred three loans out of special servicing in April and two of these were resolved at a loss, S&P said in a statement……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Demand for housing fell in May for the first time in three months putting downward pressure on house prices once again, according to the latest survey of estate agents by Hometrack.
The property analytics business predicts that prices will end the year 1 per cent lower and that demand for housing is likely to continue to post further modest declines over the summer, with sellers forced to cut prices in areas outside London……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Asian buyers accounted for the majority of new home purchases in central London for the first time as they took advantage of the pound’s weakness and avoided rising prices at home, Knight Frank LLP said.
The share of deals increased to 59 per cent in the six months through April from 48 per cent a year earlier, the London-based real-estate broker said in a report. Most of the Asian purchasers were based in Hong Kong or Singapore, where residential property prices have risen to records this year……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

A report prepared by “KFHR” Kuwait Finance House Research Ltd. disclosed expectations about further increase in real estate prices in Saudi Arabia, especially residential and office real estate properties during the upcoming period. The report explained that the government increased spending while government other policies seem to address the gap between supply and demand.
The increase is also attributed to the rapid adoption of new legislations, regulations, and procedures; notably the mortgage law, which will provide a direct driving force to the real estate sector after approval by the Government of the Custodian of the Two Holy Mosques……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

In anticipation of the Saudi mortgage law being approved this year, Credit Suisse forecast in a study that 52 percent of Saudi households pass the affordability threshold/test, and 17 percent would be potential mortgage seekers (average income of mortgage seekers will be SR11,160).
It further said the overall size of the mortgage sector could amount to as much as SR904 billion or 23 percent of GDP in 10 years, with our base case assumption at 16 percent of GDP (up from 1 percent currently), estimating “sector penetration to reach 10 percent of GDP in 5-6 years, growing at a 5-year CAGR of 46 percent.”………………………………………Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Kabul is witnessing an unlikely boom in luxury properties as the billions spent in Afghanistan by the West begin to bear unexpected fruit. The brochures offering pampered life in state-of-the-art apartments could be selling dream properties in any Western capital.
And the ornate towers and palm trees shown in artists’ impressions would look at home in the boulevards of a Gulf emirate……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Contrary to some speculation, the property market will not see a significant drop unless there’s a real estate bubble burst, said one economist. Due to tightened credit policies, real estate developers in Guangdong Province have come under increasing financial pressure, which may push them to cut prices to promote sales in early June, the Guangzhou Daily reported on Sunday, citing real estate advisor, Zhao Zhuowen.
The newspaper also reported developers in Dongguan, a second-tier city in the province, have been inviting pop singers from Hong Kong and Taiwan to attract potential home buyers for the past month……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

When a country registers a 15 percent growth rate, as Singapore did last year, there is bound to be a lot of the feel good factor going around.
And Singapore’s housing market is cashing in on this big time - prices have rebounded a 50 percent in just two years, according to the Urban Redevelopment Authority, and cooling measures by the government have done little to calm them……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

A long-awaited change in property ownership rules for foreigners in 2011 could further heat the country’s real estate market amid bullish investor sentiment in the sector. But the government has sent mixed messages over proposals that could potentially incite nationalist sentiment.
In March, the chairman of the Indonesian Investment Coordination Board (BKPM), Gita Wirjawan, said that he was confident the House of Representatives will pass a draft bill regulating foreign ownership of land by the third quarter of 2011……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Public Housing Minister Suharso Monoarfa appealed to property developers in the country on Saturday to avoid creating economic bubble conditions as they could fuel inflation.
Economic bubble conditions that had led to the global economic crisis were generally created by activity in the property sector like in the US in 2008, he said……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Special promotional offers may entice home buyers after the number of unsold residential properties held by most Thailand property firms increased in the first quarter of 2011 from the fourth quarter of 2010.
The unsold inventory amounted to nearly THB200 billion (US$6.6 billion) in the first quarter of 2011.
Meanwhile, demand for new residences dropped 7 per cent, quarter on quarter……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

Australia’s new home sales grew at the slowest pace this year in April as the housing market remains locked in the doldrums.
New home sales edged up just 0.2 per cent in April to just 11,000, the Housing Industry Association/ JELD-WEN survey found. That’s less than the 4.3 per cent increase reported for March, and the weakest pace since sales shrank in the final two months of 2010……………………………………….Full Article: Source

Posted on 30 May 2011 by Laxman |  Email |Print

ASB says optimism in the housing market is growing. The bank’s Housing Confidence Survey showed 29% of respondents say now is a good time to buy a house, compared to 27% in January.
The survey also revealed a significant drop in the number of people who believe interest rates will rise. Chief economist Nick Tuffley says just over 35% of respondents now expect interest rates to rise this year, down from 55% in January……………………………………….Full Article: Source

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