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Real Estate Briefing 05.Aug 2011

Posted on 05 August 2011 by Laxman |  Email |Print

U.S. mortgage rates for 30-year loans plunged to the lowest level in more than eight months as the nation’s economic recovery showed signs of faltering.
The average rate for a 30-year fixed loan dropped to 4.39 percent in the week ended today from 4.55 percent, according to Freddie Mac. The average 15-year fixed-loan rate decreased to a record 3.54 percent from 3.66 percent, the McLean, Virginia- based mortgage-finance company said in a statement……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

How is it possible with such accommodating mortgage rates such as we enjoy at the moment, to suffer a real estate crisis with record defaults, foreclosures and many mortgages exceeding the value of homes?
For the record, Paul Volcker was Federal Reserve Chairman from 1979 to 1987, exactly the period of the ‘Matterhorn’ on the chart. It appears that he came in when rates were around 9%, did a big battle with inflation and left when mortgage rates were back down at 9% after peaking at almost 15%……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

The housing market’s persistent woes weigh doubly on small business. Industries such as construction and real estate are dominated by small companies, and many entrepreneurs borrow against their homes to finance their businesses.
That means small business, which accounts for half of private nonfarm gross domestic product and 65 percent of job growth, is unlikely to recover before the housing industry rebounds. “The recent decline in housing prices is significant enough to be a real constraint on small business finances,” researchers at the Federal Reserve Bank of Cleveland concluded in a December report……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Today’s consumers are more focused on still-falling home prices, and we got a slew of data on that this week as well. Clear Capital reported a 7.9 percent annual drop in home prices; this after CoreLogic reported a 6.8 percent drop yesterday.
I tried to get an explanation as to why the two reports differed, but all I could glean was that there are different “models” and Clear Capital’s includes more recent data. Both reports beamed that home prices were improving month to month for three or four months, but of course that’s seasonal and already turning opposite……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Signs of the long sought after recovery in the secondary market have continued to elude investors in the second quarter of 2011, according to the IPD UK Quarterly Property Index. Total return for the quarter was 2.0%.
All property capital value growth fell a further 30 basis points, to 0.5%, while capital growth for the all-important higher-yielding properties, a proxy measure for secondary assets………………………………………Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

The past three years have seen the highest rate of delivery of new grant-funded homes for more than a decade but far fewer homes will be funded in the future, data from the Homes and Communities Agency shows.
The HCA did not meet its original housebuilding targets for 2008-11, but exceeded revised targets put in place after the economic downturn hit the housing market, according to an analysis of recently released data carried out by Social Housing magazine……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

London’s prime real estate appears to have emerged strongly from the gloom that still envelops other property markets. The city’s prime residential property prices have returned to their pre-recession peak, according to a survey, while demand for prime retail and office space continues to grow, driving up prices.
Those trends are likely to continue as London next year hosts the Olympic Games and the queen’s diamond-jubilee celebrations, events that will require the completion of several major public-construction projects and will attract millions of visitors to the city……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

In the commercial real estate market in Germany, investments of about €587 million were made in warehouse, logistics and industrial real estate during the first six months of 2011.
In contrast to the trend in the overall market, which showed an increased transaction volume of 24% to a total of €11 billion, the logistics and industrial real estate market saw a decline of 17% in comparison with the previous year……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

The investment volume in Poland’s commercial real estate market reached just over €1 billion in the first half of 2011 according to research by international real estate advisor Savills, reflecting rising investment activity in Poland and confirming its strong position in Central and Eastern Europe.
The H1 total represents almost 60% of the total investment volume in 2010 (€1.73 billion) and Savills researchers believe that turnover in Poland is still on track to exceed €2 billion by the end of 2011, as forecasted by the firm earlier this year, representing a return to 2007 levels……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Last year some 90,000 homes were sold in Hungary, the same number as in 2009, the Central Statistics Office (KSH) announced. The sale of new homes fell from 8,000 in 2009 to 5,000 in 2010. Home sales fell from their peak of 191,000 in 2007, to 154,000 in 2008.
Home prices dropped 1.4% in 2010, after a sharp decline in 2009. The price decline for newly constructed homes was 6% in 2010. The real value of homes was 18% lower in 2010 than in 2007, the KSH said……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

With the current high demand for land in urban areas to build either for commercial or residential use, the scarcity of vacant parcels has resulted in rising prices for available space.
Accordingly, more organizations and institutions have been pushed to convert homes into offices whereas some look to buying and re-developing space where conditions allow. Quite often, institutions are opting to lease built up space especially within or near residential zones……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

$5.35 bln property deals overall, 31 pct rise vs last year, Foreign buying picks up 41 pct in first seven months of 2011, Property sector boom driven by apartment demand.
The value of property deals in Jordan rose 31 pct to 3.8 billion dinars ($5.4 bln) in the first seven months of the year on strong demand for apartments in the capital, official data showed on Wednesday……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Saudi Arabia may be suffering from a shortfall in residential property, but its biggest cities are seeing an oversupply of commercial space forcing landlords to come up with new plans to entice tenants, according to new research.
A report by real estate consultancy CB Richard Ellis (CBRE) showed that high-end office vacancy rates in Riyadh sit at around 20 percent……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

The Saudi property market is set to boom thanks to a boost in government spending. Reflecting this stimulus, the International Monetary Fund (IMF) recently announced economic growth forecasts of around 6.5 per cent in 2011 up from 4.1 per cent in 2010.
In March, King Abdullah pledged to spend 30 per cent of the Saudi Arabia’s annual economic output (approximately $130 billion (Dh477.5 billion) on mass housing, job creation and a number of other social and economic measures……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Bank credit to the UAE real estate sector lost steam it gained through 2010 and dropped by around 1.4 per cent in the first five months of 2011 as the sector appears to be still reeling under the 2008 global fiscal crisis.
The current political unrest in the Middle East and North Africa also seems to have allied with the post-crisis tightness by UAE banks’ to keep overall credit growth at low levels despite acceleration in the country’s GDP growth……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Finding office space in Dubai should be a snap: The office vacancy rate stands at more than 40 percent. Yet after searching fruitlessly for more than two years, Standard Chartered, the U.K.’s third-largest bank, decided to put up its own tower.
When construction is complete in 2012, it will occupy 8 of the building’s 13 floors……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Jones Lang LaSalle announced this week that HSBC has appointed the firm as one of two regional transaction partners for its corporate real estate portfolio across Asia Pacific (excluding Hong Kong).
This is part of HSBC’s ongoing plan to streamline its global property operations, enhance governance and improve portfolio planning. This relationship will support HSBC’s strategy of creating capacity for smart growth through the reduction of costs by standardizing processes and leveraging its global scale……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

At a time when India’s top real estate companies are exploring options to reduce their debt burden, a number of Mumbai-based companies, including Oberoi Realty, Hiranandani and Peninsula Land, have very low, or zero, debt on their books.
Consider this: The top three real estate companies — DLF, Unitech and HDIL — had over Rs 36,550-crore gross debt on March 31. DLF, which plans to raise Rs 6,000-7,000 crore by selling its non-core assets in two-three years, accounts for more than half, or Rs 23,990 crore, of this……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

There was a time when the names of posh condominiums in Singapore were just pompous (“The Legacy”) or cheesy (“Rhapsody on Mt Elizabeth”). At least they were in a recognised language. Developers seem to have decided that only neologisms can do justice to their latest creations.
Arise “Foresque Residences” (every day will be “filled with never-ending wonderment”); “Illuminaire on Devonshire”; “The Foresta@Mount Faber”; “The Trizon”; and “The Waterina” (with a “sanctuary-like water court”). No longer mere buildings, these are “new residential typologies”……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Despite fears of a bubble from some experts, Bangkok’s property boom continues and a new 77-storey tower could take over from the Baiyoke Tower as Bangkok’s tallest building. Expected to be completed in 2014, the MahaNakorn’s unique design will surely be a standout on Bangkok’s skyline.
Reaching 315 metres into the sky, MahaNakorn carries a price tag of THB19 billion (US$640 million) and will host apartments, retail options and a Ritz-Carlton Hotel……………………………………….Full Article: Source

Posted on 05 August 2011 by Laxman |  Email |Print

Australia’s building industry shrank in July for a 14th consecutive month as consumer caution and concern about higher borrowing costs weighed on house construction, a private survey showed.
The construction performance index was 36.1 from 35.8 in June, which was the lowest level since March 2009, according to a survey by the Australian Industry Group and the Housing Industry Association released in Sydney today. A reading below 50 indicates the industry is contracting……………………………………….Full Article: Source

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