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Real Estate Briefing 21.Jun 2011

Global property markets teeter to recovery
Global housing market weakens - prices stall or slide in half of all countries in Q1 2011
Global real estate activity rises: report
Realty rates follow population
Zandi sees earliest U.S. home price rise end: 2012
US: Housing troubles have deep foundations
Where is the bottom for the housing market (in your neighborhood)?
US: With no credit, housing investors dig deep
A reminder of housing market horrors
US: 5 house markets with best, worst outlook
Flaherty says Canada's housing market moderating
Central Europe volumes to reach EUR 5bln by end-2011: C&W
European investors eye more Asian properties: Savills
EU diversification with UK offers safest property returns, says UBS
UK commercial property investment market gets portfolio boost
Commercial property accounting – a law unto itself?
UK: House prices 'fall in late 2011'
Rightmove sees modest 2011 house price rise
Europe’s highest apartments pierce the clouds in London’s Shard Skyscraper
Germany's property renaissance
Gearing returns as property fund targets German investors close to home
Untapped potential in German listed real estate
Swedish national buffer funds unveil real estate venture Cityhold Property
Global property investment funds see Spain as ripe for bargain acquisitions
Barcelona the 'frontrunner' in Spanish property market
Greece prepares to sell off state assets to get loans
Israel: Fischer: Home prices could double in five years
India: Realtors dip into land banks to raise funds
China's rich swoop on homes overseas
Walter Kwok: Hong Kong property market is peaking
Korean pension fund targets London property in first overseas foray

Posted on 21 June 2011 by Laxman |  Email |Print

Kevin StanleyCommercial property is in the midst of a multi-speed global rebound in 2011, as the sector emerges from the shadow of recession and is buffeted by a range of economic, refinancing and demand pressures across markets.
Global property investors have piled back into the sector in 2011, plunging cash into the emerging markets of Asia, stoking worries of overheating, and have chased core assets in key U.S. and European cities, causing demand to outstrip supply……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Liam BaileyGlobal house prices increased by only 1.8% in the year to March, the lowest annual rate of growth recorded since Q4 2009. The latest Knight Frank Global House Price Index shows that house prices in 25 of the 50 countries included in the index remained flat or saw negative growth in the first three months of 2011, compared to only 18 countries a year earlier.
In regional terms, Asia remains the top-performing continent, recording 8.4% growth over the last 12 months. However, this is down from 17.8% a year earlier……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Global real estate activity increased in the first three months of this year, according to a new report released on Monday by property adviser CB Richard Ellis (CBRE). However, the report also said the recovery across Europe, the Middle East and North Africa (EMEA) was held back by Europe’s sovereign debt crisis.
“Lenders have not forgotten the legacy of bad debts that remain from the global crisis period,” said Dr. Raymond Torto, CBRE’s global chief economist……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

US housing markets showcase fluctuations of birth rate and demand, offering clues to China’s future prospects. Realty prices in the United States have fallen by more than 30 percent since the 2008 subprime crisis. That is partly a result of bursting bubbles, but one of the root causes lies in changes in US population size and structure, which brought declining needs and consuming power.
A primary index of supply-demand relation in the US housing market, vacancy rates have been constantly rising since March this year to reflect the declining consumption capacity of residents. ………………………………………Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Economist Mark Zandi says the United States is “nowhere near” a housing market recovery, but he can nonetheless see a light at the end of the tunnel.
Zandi, the chief economist of Moody’s Analytics, sees home prices rising at the earliest at the end of 2012, when buyers snapping up cut-rate foreclosures and short sales will have cleared the market to the point that the percentage of distressed sales starts to fall……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Federal Reserve Chairman Ben Bernanke may be right that recent rises in food and energy prices are transitory. If only the same were true of weakness in the housing market.
Instead, its decline has proven remarkably persistent. That is likely to be underscored by Tuesday’s release of existing-home-sales data from the National Association of Realtors……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

You may have seen the recent headline that the housing downturn we are currently in is worse than the one experienced during the Great Depression. According to Case-Shiller data, prices have fallen some 33 percent since the market began its collapse, greater than the 31 percent fall that began in the late 1920s and culminated in the early 1930s.
True enough, but the reality is this: Your community may or may not be in a double dip in home prices, cratering to the worse fall since the 1930s……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Nothing like getting to work on a Monday morning and finding no fewer than four dismal reports on the housing market in my “Inbox.”
It’s not like anyone thought housing recovered over the weekend (that was pretty clear from the precious few “Open House” signs in my neighborhood at least), but the outlook is deteriorating, and we’re just a day away from getting what is expected to be a weak report on existing home sales for May……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

The feds are suing J.P. Morgan and RBS for $800 million, in connection with the purchases of soured mortgage securities made by now-defunct credit unions.
The lawsuits center on the now eye-rollingly familiar complaints from investors far and wide: We bought securities tied to home mortgages we thought were low-risk. They turned out to be super high risk……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Some of the hardest-hit housing markets are beginning to show some signs of strength, though they’re not fully out of the woods yet, according to a new real-estate market forecast.
“Examples are places like Phoenix or Cape Coral, Fla. Many of these markets are better now because the housing supply has drastically fallen,” said Eric Fox, vice president of statistical and economic modeling for Veros Real Estate Solutions, in an email. Veros is a supplier of housing data to the country’s largest banks as well as government organizations……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Canadian Finance Minister Jim Flaherty said on Monday he continues to monitor the country’s housing market, which has some “hot spots”, but said the situation remained stable.
“We have seen some moderation in the housing market in Canada,” Flaherty told reporters after a speech in Toronto. “There are a couple of hot spots in the country, including Vancouver, the condo market in Vancouver, but overall I’m satisfied that there is some moderation in the market.”………………………………………Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Real estate investment in Central Europe continues to gain momentum with EUR 2.09 bn invested so far this year in the core markets of Poland, the Czech Republic, Slovakia, Hungary and Romania, according to Cushman & Wakefield.
The property adviser suggests that total volumes for the region could reach EUR 4.8 bn by the end of the year. ………………………………………Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

European real estate investors are likely to put a larger proportion of their funds in Asian commercial properties in coming years as they become more comfortable with a region that is leading growth, a senior executive at property services firm Savills said.
“Over the next three to five years, it’s going to increase significantly,” said Steffen Wolf, who joined Savills earlier this year as Asia-Pacific head of the firm’s investment management business……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Pension funds investing in European real estate should diversify across 15 countries and all sectors, and should combine UK and mainland European real estate for the highest risk-adjusted returns, according to a UBS report on pension fund investment.
Unleveraged property in mainland Europe will deliver an annual average core return of 4% – between those of government bonds and equities – over three and five-year periods……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Portfolio sales are back on the increase with transaction volumes last year totalling £6.02billion across 78 portfolios – 17.3% of total transaction volumes in the UK.
This was an increase of £1.9billion (33%) in portfolio transaction volumes compared to 2009 levels with 34 more portfolios traded……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Commercial property is big business in the UK and office stock has grown three-fold in recent years. The money involved is huge but accounting for services charges - which can boost rent by as much as £70m per year - is unregulated and patchy.
A few landlords produce detailed, timely accounts, but many content themselves with a scrap of paper detailing an end of year balance and some nominal information……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Average property asking prices are set to fall from a record high in June as the growing number of unsold properties on the market forces sellers to become more realistic, according to a report.
The average price at which a home is put on the market rose 0.6%, or £1,520, to £240,394 between May and June, said property website Rightmove, with prices in London reaching fresh peaks……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Asking prices for houses in England and Wales are likely to rise overall in 2011, 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 21 June 2011 by Laxman |  Email |Print

No one moves to London for the weather, which is just as well if you buy an apartment at the top of London’s Shard skyscraper, the highest in Western Europe. Residents may sit in or above the clouds on about one in four days a year, obscuring the spectacular views.
The highest home will be at 735 feet, on the 65th floor of the 1,016-foot (310-meter) tower near London Bridge. The bottom of the city’s cloud layer, known as the cloud ceiling, is at or below 700 feet for at least an hour for an average of 83 days a year, according to AccuWeather Inc……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Fancy buying a house in Germany? Institutional and retail investors are flooding back to a market that was briefly fashionable during the boom. House prices have soared in some of the biggest cities. Berlin prime residential property prices are up 17% since October; in Frankfurt, 15%. But investors should be wary: This is a highly localized market.
In theory, the case for German residential property is compelling: Although the population is shrinking, household formation is rising……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

German pension schemes will be the main takers for a new fund targeting cross-sector property in the Austrian market, according to Henderson Global Investors.
Warburg-Henderson KAG, a German subsidiary, will manage the fund, which has an existing war chest of €130m, 50% of it debt……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Philip Charls, CEO of the European Public Real Estate Association (EPRA), spoke with REIT.com during REITWeek 2011: NAREIT’s Investor Forum about the publicly listed European commercial real estate market.
The last time Charls spoke with REIT.com, the market was in the midst of recovering from the global economic recession. That has changed, as many regions are now focused on growth, he said……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

AP1 and AP2, two of Sweden’s national buffer funds, have unveiled their expected real-estate investment company Cityhold Property, which will focus on European property investments.
The company will be managed in cooperation with Catella, the Swedish real-estate specialists, which will assist Cityhold with resources and competence over a contract spanning several years……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Orion Capital Managers is one of several property investors on the acquisition trail looking to recession ravaged Spain to find cut price deals in the real estate market. It has about €650 million from its property and debt fund to invest.
The opportunistic Orion European Real Estate Fund III, which closed fundraising in October 2009, has €1.3 billion in committed capital from more than 70 investors, of which nearly half is already invested across Western Europe……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Individuals looking for property in Spain are likely to be interested in news that Barcelona is outperforming the rest of the country in terms of real estate sales.
The latest Barcelona Property Market Report for the final six months of 2010 indicates that the market in Barcelona is acting quite independently from the rest of Spain, Property-Abroad reports……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Greece is preparing to sell off billions of dollars worth of state assets including airports, highways and state-owned companies, as well as banks, real estate and gaming licenses, to meet international lenders’ demands that it raise funds.
European finance ministers said Sunday that they were on track to give Greece a second huge bailout to keep the government afloat, but reiterated that Athens had to take tough measures to get it……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

More can be done in the real-estate market, Bank of Israel Governor Stanley Fischer said Monday, expressing doubts about Finance Ministry figures that indicate home prices are falling.
The problems of housing supply and bureaucracy need to be dealt with, he said at the Israel Democracy Institute’s Caesarea Economic Forum in Reshon Lezion……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Sluggish sales, poor performance of the stock on the bourses and difficulty in raising money from banks and private equity (PE) players are forcing many real estate developers to turn to sell their land banks to raise funds to complete their projects.
“A lot of real estate credit is lying unused by the banks and the banks are extremely cautious and selective in lending money to real estate players,” Naveen Raheja, chairman and managing director (CMD), Raheja Developers, said……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

An increasing number of China’s rich are snapping up properties overseas in the expectation that domestic inflation will continue to rise after the consumer price index reached a 34-month high in May.
According to Colliers International, a real estate service provider, the proportion of Chinese buyers in Vancouver’s property market is on the rise. At the end of the first quarter this year, it increased to 29 percent of all homebuyers……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Walter Kwok, the non-executive director of Sun Hung Kai Properties, told media in Chongqing that property market in Hong Kong is at its peak.
He told journalists that the disappointing land auction of Borrett Road site is a signal that the property market will cool. As a reminder, the market expected that the site would be sold at a new record high, yet it hugely disappointed both in terms of price and the overall atmosphere of the bidding……………………………………….Full Article: Source

Posted on 21 June 2011 by Laxman |  Email |Print

Seoul-based pension scheme the Public Officials Benefit Association (POBA) is to invest approximately £170m (€193.4m) in prime London property over the next few months.
The scheme has hired ING REIM to scout City property for what will be its first real estate investment outside its domestic market……………………………………….Full Article: Source

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