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Real Estate Briefing 08.Jun 2011

Posted on 08 June 2011 by Laxman |  Email |Print

Ira RheingoldThe Obama administration has grown increasingly frustrated with the country’s struggling housing sector and is exploring ways to keep it from weakening further, two sources familiar with the administration’s thinking said.
The White House has already set aside nearly $50 billion in taxpayer funds to help distressed homeowners keep their homes and stem the flow of foreclosures………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

A new Harvard study on the struggles in the nation’s housing market reaches a not-very-surprising conclusion: a recovery depends on job growth and stronger consumer confidence.
Arizona has been at the center of the housing crash, with local home values steadily dropping. The state and the Phoenix area have also been plagued by high numbers of home foreclosures………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Owners of big-name office buildings in some U.S. cities are racing to put them up for sale to exploit surging prices before it is too late.
In recent weeks, owners of the Willis Tower in Chicago, Constitution Center in Washington, the Seagram Building in New York and numerous other large properties have put all or portions of them on the block. They are hoping to cash in on the near-boom-era prices being paid by yield-hungry investors discouraged by the volatility of stocks and low interest rates in the bond market………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Seventeen U.S. shopping malls put on the block by Australian mall owner Westfield Group have attracted multiple early bidders in a closely watched sales process that will shed light on the value of mediocre malls amid the slow economic recovery.
While values of some property types like apartment buildings and office buildings in top markets are beginning to approach peak levels, investor appetite for retail property has been more subdued. The growing influence of online sales and the fallout from decades of overbuilding has made many retailers cautious about expansion in the U.S………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

RealtyPartner reports that home values fell at the most rapid pace since the 2008 real estate recession began. In the first quarter of 2011, they say the Home Value Index plummeted a record 3 percent during three short months.
Originally, they had predicted a bottoming of the housing values by the end of 2011, but with values dropping 1 percent a month, chief economist Stan Humphries says they are now anticipating continued decline in real estate values until 2012 at the earliest. Worse yet, by the end of the first quarter this year, nearly a third of Americans will be delinquent on their mortgage payments. (Press Release)

Posted on 08 June 2011 by Laxman |  Email |Print

European commercial property values continued to increase in the first quarter (Q1) of 2011 (+0.4%), but at a slower rate than seen in Q4 2010 (+1.2%), according to CB Richard Ellis’ (CBRE) Q1 2011 European Valuation Monitor.
This slower rate is consistent with recent changes in prime yields in Q1, where falls of 10 bps or less were recorded across the office, retail and industrial sectors; with the overriding picture being one of stability………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Retail stood out as the strongest performing segment in terms of property value growth in Q1 this year, according to CBRE’s European Valuation Monitor.
The report found that retail values lead the way in the commercial property recovery with 0.8% growth in Q1 this year. Overall, European property values increased just 0.4% in the first three months of 2011 compared to 1.2% in Q4 2010………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

House prices fell at their fastest annual rate for 19 months during May as buyers continued to stay away from the market, figures showed today.
Homes lost 4.2 per cent of their value during the past year, based on average prices during the three months to the end of May, compared with the same three-month period of the previous year, according to Halifax. It was the biggest annual drop recorded since October 2009 and left the average home costing £160,519………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

In the year to April, Irish residential property prices at a national level, fell by 12.2%. This compares with an annual rate of decline of 11.9% in March and a decline of 13.7% recorded in the twelve months to April 2010. Apartments in Dublin almost 53% lower than they were in Feb 2007.
The Central Statistics Office (CSO) said today that residential property prices fell by 1.0% in the month of April. This compares with a decline of 1.7% recorded in March and a decrease of just 0.7% in April of last year. In Dublin residential property prices fell by 0.7% in April and were 13% lower than a year ago………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Large investors are pouring money into French retail property in 2011 in a move away from the increasingly crowded UK and German markets, with deal volumes set to rise by almost 2 billion euros ($2.9 billion) this year.
French prime malls are the latest hot spot for global real estate investors seeking to benefit from rebounding European economies, after targeting the retail sectors of the UK, Germany and even Spain………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

The Paris property market is now the fastest growing in the world; with prices growing 22% in the year ending March 10th according to Knight Frank, the French capital beat Asia’s leading boom cities by some ways.
Hong Kong, which has experience one of the biggest property booms in the history of mankind was the closest, its 15% price growth during the same period placing it in second place in the chart in Knight Frank’s first ever global cities index………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Its enviable position straddling Europe and the Middle East has long made it a promising name on many investors’ ‘up and coming’ lists, and it seems that as the new decade progresses, Turkey continues to grow in leaps and bounds.
Annual tourist arrivals in the country are now increasing at over a million per year and migration rates tripled year-on-year in the capital city of Istanbul for 2009-10, meaning demand for property in the country is set to continue growing at a rapid pace over the coming year………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Property giants of Egypt have prospered during the reign of Hosni Mubarak, thanks to their close ties to the now-toppled regime. Under pressure from the people, the new government has started to open real estate files, shedding light on corruption and favoritism.
Egypt’s six biggest developers have 109.6 million square meters of land in Cairo, according to estimates. Nearly half of it is subject to dispute……………………………………….Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Moody’s Investor Service has kept its negative outlook for the real estate sector in the UAE and other Gulf oil producers but changed it into positive for Saudi Arabia following the massive public financial initiative announced by King Abdullah over the past few months.
Moody’s noted that business conditions in the six-nation Gulf Cooperation Council (GCC) are continuing to stabilise, underpinned by the modest global economic recovery that is currently underway………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, today released its latest “Riyadh Real Estate Market Overview – Q1 2011” covering the Riyadh office, residential, retail and hospitality market segments.
According to the report, the Riyadh real estate market is expected to experience strong demand on the back of improving economic indicators like oil prices and real GDP growth now projected at 5.7%. This positive outlook is further strengthened by the government’s recently announced stimulus package that aims to invest significant public capital into a broad range of public sector developments and infrastructure projects………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Governments across Asia continued to introduce cooling measures during the first quarter of 2011 as they attempted to rein in surging residential property prices but they remain on an upward trend, according to the latest analysis from CB Richard Ellis.
Its Asian luxury Residential Capital Value index increased by 5.5% quarter on quarter in the first three months of 2011. Hong Kong and Guangzhou saw accelerated growth in luxury property prices, it shows………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

India has 62,000 ultra high net worth households, with an average net worth of Rs 75 crore. In five years, the number of such households would more than treble to 219,000, each with a net worth of about Rs 100 crore.
According to a study by Kotak Wealth and Crisil Research released on Tuesday, the fast growth in their ranks notwithstanding, the number of ultra wealthy households remains a mere 0.03 per cent of the total households in the country. The report defined ultra high net worth households as those with a minimum net worth of Rs 25 crore………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Since last September, the Chinese government has launched a series of restrictive policies on the country’s fast growing property market, hoping to make housing more affordable to its 1.3 billion people and bring down high inflationary pressure. The policies, often commented as being “unprecedentedly stringent,” are relevant to the interests of multiple groups, including property developers, local governments, and prospective real estate purchasers.
In the complicated interest game, it remains to be seen whether or not a ceiling to the surging property prices will finally emerge………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

China’s exuberant property market will not collapse as prices are supported by brisk economic growth although there could be a bubble in the hotel sector, a U.S. property developer said.
Ambrish Baisiwala, chief executive of Portman Holdings, said he is bullish on China’s commercial and residential properties even though some investors believe there is a real estate bubble in the world’s second-largest economy………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

New-home prices plummeted by more than 20 percent year-on-year in the capital city in May, and analysts said other cities will follow the trend in the second half of this year.
In Beijing, the average price of a newly constructed unit dropped to 23,467 yuan ($3,400) a square meter (sq m), a month-on-month decrease of 7.19 percent, and 21.06 percent lower than the same period last year, according to SouFun.com, the largest property website in China………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Hong Kong’s government may set a record tomorrow when it auctions a residential piece of land in one of the most luxurious neighborhoods even as gains in home prices and transactions slow with rising mortgage rates.
The site on Borrett Road, about a 10-minute drive from the Central business district, may fetch HK$13 billion ($1.7 billion), or HK$30,000 a square foot, according to the median estimate of five surveyors and analysts polled by Bloomberg News………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

Sales of luxury properties in Singapore seems to be losing its shine and has slowed down in recent weeks. That is according to industry players who say that the segment has underperformed despite the overall property boom last year.
Analysts said most buyers of luxury properties here, mainly foreign investors, are turning cautious about buying their next multi-million dollar home due to the uncertain global economy………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

A year of low sales in real estate has caused a quarter of New Zealand real estate agents to leave the industry, Real Estate Agents Authority (REAA) figures show. The number of agents in New Zealand fell from 17,809 to 13,092 - a drop of 26 percent – over the last year.
Real Estate Agents Authority chief executive Keith Manch says in the current economic situation agents need to be “pretty committed” to retain their licenses, and many in the industry consider the number of agents could fall to as low as 10,000………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

There will be some short-term pain in commercial real estate markets before sentiment improves over the longer term, say directors of the global agency DTZ.
Concerns about the direction of interest rates, flat consumer sentiment and the impact of the higher dollar on attracting foreign investment are weighing on the sector, which was one of the more buoyant for investors six months ago………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

While price growth for property in Asia continues to dominate the headlines, Knight Frank’s recent Prime Global Cites Index has indicated that investors can enjoy capital growth a little closer to home.
The consultancy found that luxury real estate in Paris has seen prices rise by 22 per cent over the past year, rivalling the performance of many Asian cities. Knight Frank explained that this was driven primarily by supply constraints and growing interest from overseas buyers………………………………………..Full Article: Source

Posted on 08 June 2011 by Laxman |  Email |Print

The 10 largest private real estate firms, based on capital raised for closed-end funds in the past 10 years, have a combined $37 bn (EUR 25 bn) in uncalled capital, new research by Preqin indicates. About $20 bn is earmarked for investment in North America.
There is a further $121 bn in dry powder available to the rest of the real estate industry, according to Preqin, an organisation that provides financial data on the alternative assets industry………………………………………..Full Article: Source

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