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Real Estate Briefing 03.Aug 2011

Posted on 03 August 2011 by Laxman |  Email |Print

Brett BarryThe number of homes listed for sale declined sharply in a number of U.S. cities during the second quarter, offering glimmers of hope that some housing markets are starting to recover.
At the end of June, nearly 2.34 million homes were listed for sale on multiple-listing services in more than 900 metro areas, the lowest level for that time of year since at least 2007, according to Realtor.com. In some cases, inventory levels are at their lowest levels since the housing downturn began five years ago……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

The Fed’s monetary stimulus efforts of the last three years have done nothing to help what is arguably the biggest symptom of long-term deflation, namely the housing market. It’s important to recall that the final “hard down” portion of the 60-year cycle of inflation/deflation began with a collapse of real estate prices.
The real estate bear market has been the chief evidence of deflation in the U.S. since the housing market prior to the crash represented the biggest form of savings for most Americans……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

As politicians continue to battle over the national debt ceiling in the nation’s capitol , real estate analysts fear that the wrong deal could send the sluggishly recovering housing market into a tailspin. Director of the Corky McMillan Center for Real Estate Michael Lea believes that a short-term debt deal could mean that interest rates rise and, more problematically, consumer confidence could plummet.
“If you’re not confident about where the economy is going…you’re not going to be confident about buying a house,” he said, while other analysts speculated that personal finances would take a major hit if a long-term deal is not struck……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

European commercial property sales declined in the second quarter, according to new data. New data has indicated that sales of European commercial property fell slightly in the second quarter of the year, although some individual countries showed more strength than others.
According to the Financial Times, a survey from Real Capital Analytics revealed property investment across the continent stumbled to €28.2 billion (£24.6 billion) in the three months to June, leaving it largely unchanged from the same point in 2010……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Property investors may find Germany a great choice. German cities such as Bremerhaven, Leipzig and Chemnitz could be ideal property investment spots for professionals interested in buying houses overseas.
This is according to James Kirkman, property consultant at ProVenture Property, who said these areas are currently bringing the best return on investment, with yields between nine and 13 per cent……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

The demand for office space in Moscow has soared to 2008 record levels as renters hurried to take advantage of the low rental rates, but experts expect that this window of opportunity will close by the end of the year.
The total take-up of quality office space in the second quarter reached 530,000 square meters, according to the Cushman & Wakefield real estate agency. Denis Sokolov, research director at Cushman & Wakefield, said the market is making up for the low activity of 2009 and 2010 and will return to normal soon……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

The Saudi real estate sector is the next candidate to receive government spending and legislative changes. Previous amendments in the housing sector caused strong movement among investment companies.
Many investment companies are planning to take advantage of the Saudi government’s development plan, which will provide facilities and loans of up to 67 billion dollars to build 500 thousand houses……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Saudi Arabia is set to start work on building the world’s tallest skyscraper in a bid to outdo Gulf neighbour Dubai, which inaugurated its own record-breaking skyscraper less than two years ago.
The Saudis awarded a more than $1 billion contract for a spire that will soar two-thirds of a mile high, to be named the Kingdom Tower. It will have a Four Seasons hotel, serviced apartments, luxury condominiums and offices, encompassing, in all, about 5.4 million square feet……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Commercial properties in Asia will continue to do well in the second half of this year, according to real estate investment house Pacific Star in its biannual Asia Property Outlook and Strategy report.
Pacific Star said the Asian real estate environment continues to shine, despite greater global uncertainty, as it is supported by favourable economic fundamentals and positive consumer sentiment……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Mumbai’s residential sales dropped to a 30-month low in the quarter ended June as record home prices and higher interest rates crimped demand, according to Liases Foras Real Estate Rating & Research Pvt.
Sales in Mumbai, India’s most expensive property market, fell 11 percent from the previous quarter to 8 million square feet, the lowest since the three months ended December 2008, said Pankaj Kapoor, founder of Liases Foras. The number of unsold homes also rose to a record, he said……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Lease rentals for commercial spaces as well as large-size offices in the city, used mainly by Information Technology (IT) and IT-enabled services ( ITeS), will remain stable in the coming 12 months, observers in the real estate business have said.
Commercial property scenario in the city witnessed a robust demand in 2010 as well as the first half of the current year but additional supply coming from newly completed properties has kept the rentals in check……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

China will further focus on stabilizing property prices in the second half of the year, and will continue to implement and perfect the property tightening measures to curb speculative activity, a spokesman for China’s top economic planner said Tuesday.
A double dip will not happen in China’s economy, as the country’s active fiscal policy, prudent monetary policy and economic restructuring would help the country attain stable economic growth, said Li Pumin, a spokesman for the National Development and Reform Commission, in remarks published on the government’s website……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Beijing’s real estate market is still gloomy months after the government issued housing purchase restrictions, National Business Daily reported Tuesday.
According to statistics from bjfdc.gov.cn, 16 contractors offering forward delivery housing projects obtained pre-sale permits in Beijing last month. The project made 4,300 available to buyers in July, which is about 40 percent of the number from June. Just over 300 buyers purchased units of forward delivery housing in July, representing 7.1 percent of the total available……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Hong Kong developers are poised to snap up land in China at a time when their mainland rivals’ finances are being sapped by government property curbs.
Builders including Sun Hung Kai Properties Ltd. (16) and Cheung Kong (Holdings) Ltd. took in HK$66 billion ($8.47 billion) from new apartment sales in the six months ended June, a first-half record, according to Centaline Property Agency Ltd. Chinese developers face a shortage of credit and higher interest rates, prompting Standard & Poor’s to cut its outlook on the sector……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

A property bubble burst is unlikely to happen in the Asia Pacific, including Malaysia, as there are no signs to indicate such a trend in the next two years, says AmInvestment Bank Group.
Director for Retail Funds Ng Chze How said real estate investment trusts (REITS) would also not experience a burst including those acquired by the group……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

A 77-storey skyscraper is set to become the latest, and tallest, addition to Bangkok’s ever-changing skyline, already transformed by a construction boom that has raised fears of a property bubble.
Variously described on Internet forums as looking “like it has been eaten by giant termites” and reflecting “the chaos of Bangkok”, the MahaNakorn — Great Metropolis — will tower over the Thai capital when it is finished in 2014……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Residential property is going through a crisis of confidence at present; the market has been stalled by a continual conveyor belt of concerns. We’re worrying about the rising cost of living, the threat of a housing bubble, the direction of interest rates, the state of our economy, an overseas sovereign default, the carbon tax and a whole lot more.
Currently, the market remains balanced between positive forces (our strong fundamentals) and negative forces (poor consumer confidence) and until some of the uncertainty clears we’ll see many home buyers and investors sitting on the sidelines waiting to see how things pan out……………………………………….Full Article: Source

Posted on 03 August 2011 by Laxman |  Email |Print

Building approvals slumped in June, the June quarter and the year to June while house prices for the year to June and the June quarter were also lower. The news came hours before the RBA board meeting which decided to keep the cash rate steady at 4.75%.
The data confirmed for the RBA board, that housing (and house prices) continues to do it tough, like much of the rest of the non-mining economy……………………………………….Full Article: Source

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