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Real Estate Briefing 08.Aug 2011

Posted on 08 August 2011 by Laxman |  Email |Print

Richard A. SmithThe head of a major U.S. real-estate company is calling on the White House told hold a “housing summit” to address some of the major hurdles holding back the housing market.
Such an event would give “the benefit of unfiltered, real-time market feedback,” Realogy Corp. Chief Executive Richard Smith wrote in a letter sent Friday to President Barack Obama. Realogy owns major brokerages Century 21 and Coldwell Banker, among others……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

As the foreclosure crisis continues to wreak havoc on the housing market, a source of national pride has taken a sour turn. Home ownership is on the decline and, according to a recent Morgan Stanley report, the United States is fast becoming a nation of renters.
Last Friday, the Census Bureau reported that the percentage of people who owned a home had dropped to 65.9% during the second quarter — its lowest level since the first quarter of 1998 and a far cry from the high of 69.2% reached in late 2004……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

Home prices have been falling for months, sending us into a second housing shock. Home values are almost down to what they were back in 2002. A key factor bringing down prices - and holding back the recovery - is the huge number of foreclosed houses.
Many of them are stuck on the market for a reason that you wouldn’t expect: banks can’t find the ownership documents. It’s bizarre, but it turns out that Wall Street cut corners when it created those mortgage-backed investments that triggered the financial collapse……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

Venezuela signed a $1 billion deal with Iran to build 10,000 houses in the South American country, according to a statement on the Venezuelan Foreign Ministry’s website.
The houses will be constructed over the next 18 months in the Venezuelan states of Yaracuy, Lara and Carabobo and are expected to house 45,000 people……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

Seven out of the 11 UK regions are now “first-time buyer blackspots” as demand from new entrants trying to get on the property ladder slumps in the face of rising living costs and financial uncertainty, according to a new report.
The survey of 14,125 potential property buyers, undertaken by Rightmove, the online estate agent, found that of all respondents who intended to purchase property in the next 12 months, only 23% were doing so for the first time……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

U.K. house prices increased in July as record-low borrowing costs helped support demand for residential property.
Prices rose 0.3 percent from the previous month, the mortgage unit of Lloyds Banking Group Plc (LLOY) said in a statement in London today. From a year earlier, prices fell 2.6 percent to an average 163,981 pounds ($267,000)………………………………………Full Article: Source

Posted on 08 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 08 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 08 August 2011 by Laxman |  Email |Print

Ascott, which calls itself the world’s largest serviced residence owner-operator, is expanding its footprint in India in cities like Mumbai, Delhi and Pune, adding to its $250 million investment in seven upcoming properties.
“India is an important market for us. There is a big untapped demand but limited supply of serviced residences,” said Ronald Tay, the chief investment officer of the Singapore-based company………………………………………Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

Draft Bill on land acquisition pegs compensation on market value but how government agencies will reach this value remains a concern.
In response to farmers’ agitation in the last few years over faulty land acquisition and poor compensation—the Tata-Singur fiasco in West Bengal, Posco in Orissa or the recent farmers’ agitation in Noida—the ministry of rural development is planning to replace the archaic Land Acquisition Bill, 1894. It has come up with the draft of the National Land Acquisition and Rehabilitation and Resettlement Bill, 2011 and has placed it in the public domain till 31 August for comments. If passed, it will replace the existing bill……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

With their monthly income of 10,000 yuan (about $1,500), Beijing nurse Liang Huiqing and her husband would not have been able to get a foothold in China’s soaring property market without government help.
The couple, who have a 12-year-old son, bought their apartment in China’s vast capital for just 500,000 yuan — about one-sixth of the market price — under a state-subsidised housing programme……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

Many analysts and market watchers, whose job it is to warn of impending real estate bubbles, have trained their sights on China. It’s easy to see why. The economy has expanded an average 10 percent a year for the past 30 years, an incredible growth rate. Average housing prices tripled between 2005 to 2009 alone.
But here are three reasons Chinese real estate has more room to run on the upside before the good times end:………………………………………Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

As real estate prices in Singapore continue to spiral upwards, investors of the city-state are beginning to turn their attention towards cheaper pastures. According to recent research from Property Guru, as many as 37 per cent of respondents in a survey of Singaporean investors said that they are considering investing in the housing market of northern neighbor Singapore.
The 37 per cent figure makes Malaysia the most popular international destination for Singaporean buyers, and with good reason……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

As developed markets in Asia have become no more attractive to investors because the prices have become overly high, investors are now eyeing developing markets, of which Vietnam is the top choice.
William Young, MIPIM ASIA high ranking project director, affirmed at the press conference introducing the annual Asia-Pacific real estate summit and the international real estate trade fair MIPIM ASIA 2011, that the capital is pouring to Vietnam instead of other developed markets in the region……………………………………….Full Article: Source

Posted on 08 August 2011 by Laxman |  Email |Print

If the slight downward trend in home prices we are already seeing escalates, the walls may very well come tumbling down.
The property research firm SQM research claims property listings in Australia increased 44% between 2009 and 2010. Here is what Louis Christopher, managing director of the firm, had to say about the increase in listings:………………………………………Full Article: Source

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