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Real Estate Briefing 09.Jun 2011

Posted on 09 June 2011 by Laxman |  Email |Print

David CroweWith the housing market faring poorly, the top economist at the National Association of Home Builders lowered his forecast for home construction this year.
Builders are likely to break ground on 582,000 homes this year, down slightly from 585,000 in 2010 and a far cry from a peak of more than 2 million in 2005, David Crowe, the NAHB’s top economist said Wednesday. Crowe also forecasts that builders will start construction on only 431,000 single family homes this year — the lowest level of the housing bust………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Total housing starts in Canada in May rose 2.8% month over month to stand at 183,600 units, seasonally adjusted and annualized, according to Canada Mortgage and Housing Corporation (CMHC). However, that left them down 7.1% when compared with May of last year.
Through the first five months of this year, residential ground-breakings have averaged about 10% less than during the same January to May period in 2010. This is consistent with an existing homes resale market that has shown a similar degree of fatigue lately………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

According to the latest research report produced by Invista Real Estate Investment Management property performance across continental Europe improved in 2010 with retail outperforming the industrial and office sectors.
However, Invista expects this trend to change in the near future, with higher income returns in the industrial sector providing the foundation for increased total return performance………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

There has been a massive increase in the level of distressed property listings in Spain, according to the latest index from the Royal Institute of Chartered Surveyors (RICS). RICS’ Global Distressed Property Monitor found that the pace of economic recover and rising interest rates are causing the number of distressed listings to rise.
According to the report, Ireland, Spain and Hungary and Italy will see the highest number of distressed properties on the market in the next few months, while Russia, China, South Africa and Poland will see the fewest………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

The U.K. commercial property market is carrying around GBP350 billion of debt, property consultants Savills PLC (SVS.LN) said Wednesday, adding that this figure is around GBP100 billion more than was previously estimated by industry experts.
The company revealed at its annual financing conference that only 25% of the sector’s debt is allocated to prime assets, suggesting more than GBP250 billion is secured against secondary and tertiary property………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

They were supposed to control reckless lending and stop a repeat of the 2008 financial meltdown. But critics say new mortgage rules could stop all but the ‘white and the wealthy’ being able to buy their own houses, trapping lower-income families in the rental market.
The measures, proposed by six federal regulators, would limit lower-cost mortgages to buyers who can afford a 20 per cent down payment………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Bank of Ireland Plc, the nation’s largest bank, hired broker Holliday Fenoglio Fowler LP to advise it on the sale of its U.S. commercial property business, which includes $1.5 billion in performing loans.
The loans are primarily on commercial real estate in New York, Boston and Washington, Dublin-based Bank of Ireland said……………………………………….Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Portuguese property prices fell again in April as low levels of confidence and activity in the market continues to weaken demand.
Figures compiled by the Royal Institution of Chartered Surveyors and Confidencial Imobiliário show that the national activity index fell six points to -32, while the national confidence index declined by two points to -53. Property prices fell across the country, although Lisbon was the least affected………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Some prominent American universities and pension funds, among other wealthy foreign investors, are allegedly purchasing huge tracts of land in Africa — acts that may lead to the eviction of thousands of local farmers, according to a study by the Oakland Institute (Oakland Institute), a California-based think tank.
U.S. educational institutions, including Harvard University, as well as pension funds, are using UK hedge funds and European financial speculators to acquire large agricultural properties thousands of miles away on the African continent………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Hedge funds are behind “land grabs” in Africa to boost their profits in the food and biofuel sectors, a US think-tank says.
In a report, the Oakland Institute said hedge funds and other foreign firms had acquired large swathes of African land, often without proper contracts. It said the acquisitions had displaced millions of small farmers………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Jones Lang LaSalle has published its 2011 Middle East and North Africa (MENA) Real Estate Investor Sentiment Survey. The report indicates that although investment appetite exists, the region is missing out on significant regional and global capital flows because of the shortage of investment grade product and the lingering price gap between buyers and sellers.
While the survey is now in its sixth year, this is a newly launched institutional edition, which focuses on understanding the perspectives of the top 30 financial institutions investing in regional real estate markets………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Despite falling valuations in the real estate sector and in capital markets, bargain hunters are yet to show up in the Middle East. Global economic indicators are heading down again and intelligent investors are looking to fortify their positions.
The G8 said in its final communiqué after the two-day summit in the G8 summit in Deauville, western France, that “the global recovery is gaining strength and is becoming more self-sustained.” On the other hand, economists, such as Nouriel Roubini, nicknamed Dr. Doom, said on the same day end of May, stock markets were “at the tipping point” of a correction as global economic growth starts to slow………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

According Jones Lang LaSalle, 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 percent. 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.
Considering all real estate asset classes in Riyadh, the residential sector appears most promising because of strong national population growth combined with increasing number of expatriates entering the country to work in ‘hot’ sectors like construction, health care and education. (Press Release)

Posted on 09 June 2011 by Laxman |  Email |Print

The Asia-Pacific region has six of the world’s 10 most expensive cities for industrial real estate, leading a recovery in commercial properties, according to CB Richard Ellis Group Inc.
Rents in the region jumped 9 percent in the year ended March 31, with Tokyo the world’s most expensive industrial market, and Singapore, Sydney, Perth, Brisbane and Hong Kong among the 10 priciest cities, the Los Angeles-based commercial real estate broker said in an e-mailed report. London, Sao Paolo, Paris and Amsterdam complete the top 10……………………………………….Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Buying an office or retail space is a huge investment, which is why commercial real estate has been traditionally seen as an asset class that only institutional investors or heavyweight HNIs could invest in. That, however , is changing. Many retail investors are now getting into the office real estate game.
For a perspective of the opportunities in Indian commercial real estate, consider this - Manhattan in New York City has 450 million square feet of Grade A stock, while London has 200 million square feet………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Real estate portal 99acres.com on Wednesday said property prices in the national capital increased by up to 28.02 per cent in the January-March period this year in comparison to the year-ago period.
“Capital values in Delhi continue to move upward even though the market seems to be in a phase of stagnation and (there is) lots of talk about imminent price reduction,” 99acres.com Business Head Mr Vineet Singh said in a statement………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

After years of housing prices gone wild, China’s property bubble is starting to deflate. Residential prices are heading downward in some major cities, damping some undesired real-estate speculation but raising the prospect that the Chinese economy may slow more rapidly than anticipated with profound consequences for global growth.
Real estate is a foundation of China’s phenomenal growth record in the past two decades, and its health is crucial to China’s construction, steel and cement sectors………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

China’s real estate market might not have developed into the kind of credit fueled bubble that toppled the US economy in 2008, but general consensus, even from the China bulls, is that the property market is overheating and due for a correction.
According to China’s leading real estate information website SouFun.com, Beijing’s new home prices fell considerably in May compared to the same period a year ago. The average price of a newly constructed unit dropped to 23,467 yuan ($3,400) per square meter, down 7.2% from April and down 21% from May 2010, according to SouFun.com……………………………………….Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

Landed luxury properties are still hot and in demand due to scarcity of land in Singapore especially in prime areas. The costliest landed properties in Singapore are in Sentosa where sites are said to have exchanged hands for more than $2400 (US$1,95) psf.
This is also because there is no restriction to foreign buyers purchasing land in Sentosa, which is not the case in the rest of Singapore. Foreign investors are also buying into the Singapore luxury segment as Asian countries introduce more measures to curb investment demand………………………………………..Full Article: Source

Posted on 09 June 2011 by Laxman |  Email |Print

The residential property market was little changed overall for a sixth month in May but Auckland property values edged up, QV Valuations says. The post-earthquake Christchurch market continued to be fragmented, with strong demand in the less damaged northwestern suburbs.
Values were now 1.6 per cent lower than the same time last year, and 5.7 per cent below the market peak of late 2007, said Glenda Whitehead of QV Valuations………………………………………..Full Article: Source

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