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Real Estate Briefing 20.Jun 2011

Posted on 20 June 2011 by Laxman |  Email |Print

At first glance, you’re not likely to see a lot of similarities between stately Cambridge, Mass., and sprawling Denton, Texas. Both have pretty much recovered from the five-year-and-counting housing recession. And both provide invaluable clues for those looking to decipher whether their own markets have seen the worst of the crisis.
According to a statistical analysis performed for The Wall Street Journal by the online real-estate information and search firm Zillow, home values in a handful of communities are where they were just before the most frenzied days of the real-estate bubble……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Patrick A. GrayMaybe you should have bought here. Home values are actually rising in Pittsburgh, one of the few big metropolitan areas that has emerged virtually unscathed from the real-estate bust.
Indeed, since 2000, home prices in the Pittsburgh area have risen about 42%, according to the Federal Housing Finance Agency, which tracks home sales throughout the country……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Investor demand for prime shopping centres in the UK, Germany and France is unlikely to wane in the next few months, according to new research released last week by property adviser Cushman & Wakefield.
Core/core plus assets will be the main targets in these countries, according to C&W’s Market Beat report on the retail sector in the UK, Germany and France. Well-located secondary shopping centres with little vacancy could also provide real opportunities, especially in the UK……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

The majority of Europe’s commercial property markets are continuing to either stabilise or recover at a modest rate, according to Knight Frank’s Summer 2011 European Market Indicators research report. In the past three months, rental growth has been observed in a number of key European markets.
However, little movement in prime yields has been seen over the last quarter across most of Europe……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Real estate investment turnover in Central and Eastern Europe (CEE) reached €4.4 billion in the first five months of 2011, according to new research by CB Richard Ellis (CBRE).
This figure indicates an increase of 180% of the year-to-date investment volume compared to the same period in 2010. In a growing number of CEE markets liquidity has started to increase supported by growth in both the number as well as the size of the transactions……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Asking prices for houses in England and Wales are likely to rise overall in 2011, British property website Rightmove forecast on Monday, scaling back earlier predictions for a steep fall in prices for the second half of the year.
Rightmove, which says its website is used to market almost 90 percent of homes for sale, predicted that house prices would finish the year with an annual gain of 2 percent, in contrast to its December forecast for a 2-5 percent fall……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Optimistic home sellers are continuing to “romp away from reality”, with a further 0.6 per cent increase in asking prices recorded by the property website Rightmove.com.
Rightmove said that while this represented the sixth consecutive month of rises, the trend was unlikely to last and the rest of the year would see a steady decline as sellers came to terms with the weak fundamentals in the market……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

London home sellers raised asking prices to a record in June as demand from overseas buyers for luxury properties in the capital’s center began to “spill over” into some suburbs, Rightmove Plc said.
Average prices in London jumped 1.8 percent from May to 438,622 pounds ($708,680), the London-based operator of the U.K.’s biggest property website said in a report today. Nationally, values increased 0.6 percent, according to Rightmove, which added it doesn’t expect gains to be sustained………………………………………Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Czech billionaire Radovan Vitek, the biggest buyer of offices and retail buildings in the country last year, said his investment company may spend more on real estate in 2011 as competition for assets increases.
Vitek’s Czech Property Investments AS purchased 14 Czech properties for a total of 10 billion koruna ($580 million) in 2010. That was about 45 percent of the value of all the buildings that were bought and sold……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Makkah has been witnessing a huge influx of businessmen and investors interested in the holy city’s real estate development. The flow of Muslims during Haj and Umrah leads to a boom in hotel construction.
More than 2.5 million pilgrims flow to Makkah annually to perform the Haj. Those who visited in recent years have already witnessed the change in the city with luxury hotels and the high-rise residential buildings……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

The UAE has completed the drafting of a long-awaited law that could allow foreign investors to have 100 per cent ownership in some projects and is awaiting final approval before it is enforced this year, the country’s minister of economy said in remarks published on Sunday.
Sultan bin Saeed al Mansouri also told the Arabic language daily ‘Al Khaleej’ the UAE had overcome more than “95 per cent” of the effects of the 2008 global fiscal distress and is set to become stronger than before the crisis……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

From Mumbai to Melbourne, Asia’s property boom is stalling as the world’s highest interest rates and government efforts to curb prices take hold.
In China’s biggest cities, growth slowed in April after the government stepped up property measures. In India and Australia, prices are falling after the steepest interest rate increases among major economies……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Indians are not buying homes now like they used to, thanks to high prices and costly loans. There is a 30% rise in the inventories of real estate giants over last year, at Rs 25,000 to Rs 30,000 crore.
The developers themselves deny that inventory is piling up, but industry experts say that the high price levels are acting as a deterrent for potential investors. Mumbai and the national capital region (NCR) are the worst-hit, they say……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

As property prices surpass 2008 peak levels, realty experts believe that a correction is possible in the next couple of quarters, especially in Mumbai and Delhi. This offers an opportunity to real estate investors to book profits.
What is applicable for city limits in Mumbai or Delhi may not be true for the location where you own property. The residential property market is location-specific and the prices will vary for different areas……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

ICICI Venture Funds Management, the private equity arm of India’s largest private sector bank ICICI Bank, plans to raise 7.50 billion to 10 billion rupees ($167 million to $223 million) for its second real-estate fund, the India Advantage Fund Two.
The fund will raise capital from domestic banks and high-networth individuals and focus primarily on residential real-estate projects of mid-sized developers in top-tier cities such as Delhi-National Capital Region, Mumbai, Pune, Bangalore and Chennai……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

More Chinese cities have seen month-on-month declines in the prices of both new and secondhand homes, according to the National Bureau of Statistics (NBS) on Saturday.
The NBS said in a statement on its website that month-on-month price growth for new commercial homes was reported in 50 out of the NBS’s statistical pool of 70 major cities. That compared to 56 cities reporting month-on-month growth in April……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

China’s effort to cool home prices is damping the market for existing homes, with prices in May falling from the previous month in 23 of 70 cities measured.
That’s more than the 16 cities that posted declines in April, data from the National Bureau of Statistics posted to its website June 18 showed. Existing home prices in Beijing fell 0.2 percent from April while those in Shanghai increased 0.2 percent. The price of new homes, typically sold by developers, rose last month in 67 of the 70 cities monitored……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

It’s obvious Chief Executive Donald Tsang Yam-kuen didn’t sound as sweet as Hong Kong and Macao Affairs Office director Wang Guangya when they commented on our housing woes.
Deliberately or not, Wang refrained from making high-profile remarks on Hong Kong’s housing market until after he arrived in Macau……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Hong Kong’s finance chief warned on Sunday that the government may take further measures to curb rising property prices if necessary, local radio said.
Financial Secretary John Tsang said he was very concerned with the risk of an asset bubble forming, since property prices have surged past the record levels seen in 1997 prior to the Asian financial crisis, RTHK reported……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Hong Kong’s government may take more measures to curb property-price gains in the city as “risks” are rising, Financial Secretary John Tsang said.
“The current market situation is abnormal,” Tsang wrote in his official blog today. “It is difficult to predict the outlook of the property market but one thing for sure is that risks are increasing continuously,” he said. “We have no hesitation to increase the intensity of measures if necessary………………………………………Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

The property development industry is not yet ready for a new accounting practice that recognises revenue based on project completion, said Real Estate and Housing Developers’ Association Malaysia (Rehda) president Datuk Seri Michael Yam.
Yam has suggested a delay in the new ruling under the International Financial Reporting Interpretations Committee (IFRIC) 15, which is to be implemented on Jan 1, 2012……………………………………….Full Article: Source

Posted on 20 June 2011 by Laxman |  Email |Print

Let’s begin with a disclosure – I’ve considered this idea. It has appeal from a number of perspectives – the relatively high value in the Australian dollar, the relatively beaten up valuation of US residential property and perhaps even the relatively interesting lifestyle choice.
In the end though, New York ran second to Havana – the jazz and cigars always get me and besides Fidel can’t live forever……………………………………….Full Article: Source

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