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Real Estate Briefing 14.Jun 2011

Posted on 14 June 2011 by Laxman |  Email |Print

Mo TianquanInvestors are grabbing everything from $68,000 foreclosed condominiums in Florida to $2 million beachfront villas in Vietnam, a buying spree fueled by China’s surging wealth that mirrors the country’s expanding influence in markets for gold, oil and food.
The search for overseas property accelerated in the past seven months as the governments in Hong Kong and Beijing imposed purchasing and financing limits, steps that are starting to cool off domestic markets……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

David Harris Vacancy rates at U.S. malls are at their highest level in years. So why are investors pouring money into them? For many suburbanites across America, the local mall has been popularly viewed as a landmark of sorts, if not the ultimate teenage hangout.
In a way, that reputation – more as a place to meet up than a place to shop – has been part of their demise in recent years, as anchor stores struggle to compete with the rise of standalone big-box retail chains……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Residential property sales prices in the US continued a downward trend in May, but only half as far and half as fast as in April, according to the latest report from Clear Capital. Its latest Home Data Index shows that nationally prices fell 2.3% quarter on quarter and year on year they were down 7.6%.
The weakest market was the Detroit Metropolitan Statistical Area with a quarter on quarter change of -13.2%……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Bank of America Corp. (BAC), the largest U.S. lender, may face a further $27 billion of housing-related losses between now and 2013 amid increasing regulation as the economic recovery slows, analysts at Sanford C. Bernstein said.

The losses would be in addition to the $46 billion the Charlotte, North Carolina-based lender has booked so far, analysts led by John E. McDonald wrote in a note today……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

The total taxable value of Boston’s properties fell in fiscal 2011 for a second straight year, but showed signs of bottoming out as some residential values ticked higher, a new study shows.

The Boston Municipal Research Bureau on Monday said taxable value of the city’s properties fell by $456 million or 0.5 percent, after slumping 3.5 percent in fiscal 2010. Residential property values inched up 0.5 percent, while total business property values fell 2.4 percent……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Canada’s recreational property market appears to be bouncing back from a recessionary lull as buyers seek to capitalize on equity and stock-market gains, Re/Max says in a report Monday.

Demand rose 78 per cent in the 46 markets across the country covered by the realtor’s Recreational Property Report, while sales had risen or were on par in 41 per cent of those centres……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Pension funds must pay more attention to risk when moving into the European commercial real estate (CRE) market, as access to debt remains limited, Hatfield Philips International (HPI) has warned.

HPI, which reacted to a survey sent to lenders, institutional fund managers and specialist funders, said it expected to see more interest from pension funds, which historically have not considered the market a stand-alone investment class……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

A rise in the number of homeowners looking to sell their properties pushed house prices lower in England and Wales in May.

The Royal Institution of Chartered Surveyors’ monthly house price balance fell to minus-28 in May from minus-21 in April, marking the lowest level since January, it said Tuesday. The balance is the difference between the percentage of surveyors reporting higher prices and those reporting falls……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

The UK real estate market has been struggling in general, many homeowners and property investors have witness the reduction in house prices. The one exception is London where real estate is booming and attracting the worlds “super rich” according to the latest figures.

Estate agents Savills recent study has confirmed what may estates agents have been highlighting for sometime. The Asian community are some of the biggest buyers, investing over 3billion per year in prime real estate in London……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

It is the home of TV classics from Top of the Pops to Strictly Come Dancing, has Blue Peter pets buried in its famous garden and has even borne the brunt of a car bomb. But Television Centre in west London will not survive the BBC’s drive to cut costs, after the corporation decided to put the £300m building up for sale.

The doughnut-shaped complex, which dates back to 1960, may have been designed on the back of an envelope in a pub – but generations of television viewers brought up watching programmes broadcast from the Wood Lane building were up in arms on Twitter complaining about the planned sale……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

The sale last week of the Olympia malls in Teplice and Mladá Boleslav by Union Investment and CA Immo marks the start of what is anticipated to be a busy summer for the Czech retail property market.

With Poland continuing to heat up, investors looking for exposure to Central Europe are shifting their focus to the Czech Republic in search for value, James Chapman, head of Capital Markets at C&W Czech & Slovakia, told PropertyEU……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Real estate companies across the Gulf Cooperation Council (GCC) countries are continuing to hire with salaries remaining very competitive at all career levels, recruitment consultants say.

They believe the long-term outlook for recruitment in the sector remains “positive.”………………………………………Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Saudi Arabia must reduce red tape and help developers if it is to meet ambitious targets for new homes, according to the head of Dubai developer Emaar’s Middle East unit.

Emaar Middle East chairman Ahmad Al Kulli told a property conference in Jeddah on Sunday that infrastructure and development projects are slow due to rules and regulations imposed by the Saudi government……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Cluttons Oman, the leading property firm that has enjoyed a presence in the Sultanate since 1986, expects Oman’s property market to maintain steady growth over the coming years given the definite signs of stability being witnessed in the country’s property sector.
The observation from Cluttons Oman comes ahead of a number of events to mark its 25th anniversary in the Sultanate, which will include an educational initiative with local schoolchildren……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Unaffordable housing prices and a scam-ridden market have prompted investors to stay away from investing in the real estate market. Property dealers and research firms say investors are not keen to buy assets now, while those who do, are looking for suitable exits. Many are, in fact, waiting for a market correction.

Certain industry sources believe the downtrend in prices has already started and a price correction is inevitable. “Unofficially, the prices have already corrected. Some investors and developers have already exited at lower prices,” said an industry source……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

The much-vaunted property bubble in China is a myth. The country’s dynamic residential property market will not collapse because prices there are supported by brisk economic growth says US property developer Ambrish Baisiwala, chief executive of Portman Holdings.

Baisiwala says that he is “bullish” on China’s residential property outlook, but a bit more cautious on the hotel sector where there is definitely an “overhang.”………………………………………Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Property investors have been paying more attention to China over the last 18 months as real estate markets recover across the globe. China, and other developing markets in the Asia-Pacific region, are now seen to be more attractive to investors as they have to look harder and further for bargains, analysts said.

“We’re seeing that core real estate assets are still in strong demand across Asia-Pacific,” said Greg Penn, CB Richard Ellis’ executive director of investment properties for Asia……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Hong Kong’s de facto central bank tightened mortgage lending again Friday and for the first time toughened lending standards for nonlocals, as it works to tame a property boom fueled in part by demand from mainland China.

Average home prices jumped 24% in 2010 and 30% in 2009, pushed by abundant liquidity, record-low interest rates and a flood of investors from the mainland. The government has been increasing land supply and implementing other measures to temper prices, though results so far have been mixed……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

The national housing market recorded a further lift in volumes during the month of May, with the seasonally adjusted number of sales up 2.6% compared to April, according to REINZ figures, the most up-to-date data series on the New Zealand real estate market.

Across New Zealand 5,766 unconditional sales were reported for the month of May, up 779 on the number of sales reported for April and 560 more than last May. The national median house price at $350,000 was equal to the same month of last year, but down by $10,000 from April 2011……………………………………….Full Article: Source

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Posted on 14 June 2011 by Laxman |  Email |Print

Economic forecasting is a notoriously tricky art, but a recent study from economists at the Bank of England identifies what might increasingly become a useful tool for analyzing the economy: Google search trends.
Using data from Google Insights, the researchers found that search indexes for terms around “unemployment” were helpful for predicting actual unemployment rates. For house prices, they went further to suggest that search data could even “outperform some existing indicators over the period since 2004.”………………………………………Full Article: Source

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