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Real Estate Briefing 16.Aug 2011

Posted on 16 August 2011 by Laxman |  Email |Print

Cross-border transactions rose 50% to comprise half of the EUR 72 bn of direct commercial real estate investment completed in the second quarter of 2011, according to Jones Lang LaSalle.
JLL’s latest Global Capital Flows report indicates that global, US and Singaporean investors were the most active cross-border sources of capital. The property adviser expects global volumes to reach its full-year forecast of EUR 306 bn given the strong start to the year - but only so long as the current market volatility and uncertainty abates, ‘and there are no further significant economic setbacks’……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Construction companies in western Europe face escalating costs for building materials as they compete for supplies that producers prefer to ship to faster- growing countries like China and India, EC Harris LLP said.
The looming supply shortage will make it more difficult for contractors in Europe to contain expenses unless they plan their procurement needs better, according to a report today released by the London-based consulting firm……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Homebuilders are not feeling very good about a turnaround in the U.S. housing market.
The National Association of Home Builders says its index of builder sentiment in August was unchanged at 15. Any reading below 50 indicates negative sentiment about the housing market. The index hasn’t reached 50 since April 2006, the peak of the housing boom……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

The housing market remains the economy’s weakest link. The Commerce Department may report on Aug. 16 that housing starts dropped 4.6 percent to a 600,000 annual pace in July, according to the Bloomberg survey median. Permits, a sign of future construction, probably declined 1.9 percent from June.
Sales of previously owned houses, due from the National Association of Realtors on Aug. 18, rose last month after slumping to a seven-month low in June, economists predicted……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

More U.S. homeowners prefer to pay off their mortgages sooner as interest rates have stayed near rock-bottom and weak labor conditions have caused them to reduce their debt loads, a survey showed on Monday.
The current trend in refinancing into shorter-loan terms is a stark contrast to the one during the height of the housing boom, when families were taking out bigger mortgages against the rising values of their homes……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

The poor performance of the local property sector has been dealt another blow by an economist who says that Australian property is as much as 60% overvalued and could see the same type of crash that occurred in Japan over 20 years ago.
Those comments come alongside predictions from bankers and analysts that the Reserve Bank will hold off from raising interest rates when it meets again next month……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Mortgage fraud is on the rise in a trend that is likely to continue as long as the housing market remains anemic, the FBI says. The FBI reported 3,129 pending mortgage fraud investigations in 2010, up 12 percent from 2009 and up 90 percent from 2008, Allan Lengel writes on his Tickle the Wire blog, citing a new report.
“Mortgage fraud schemes are particularly resilient, and they readily adapt to economic changes and modifications in lending practices,” the FBI document states……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Commercial real estate investors’ reaction to recent market turbulence will differ depending on the risk profile of each individual company, CB Richard Ellis (CBRE) has said, but it predicted that real estate would not fare as poorly as the stock market.
CBRE said investors with higher risk tolerance would seek out opportunities, while more risk-averse investors might delay new deals……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Commercial-property buyers may shift their focus back to big coastal cities in the U.S. as persistent economic weakness and Europe’s sovereign-debt crisis prompt a retreat to the safest investments.
Investors have been moving into secondary markets such as Dallas and Minneapolis amid growing confidence in the recovery and soaring prices that drove down yields on office buildings, shopping malls and apartments in prime cities including New York, San Francisco and Washington……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

1. Louisville, CO: This sunny, lively mountain town is safe (crime rates are among the lowest in Colorado) and easy to navigate.
Lots of good jobs in tech, telecom, aerospace, clean energy, and health care can be found right in Louisville, and more are on their way. And there’s world-class mountain biking, hiking, and skiing in the nearby Rockies. Real estate prices have barely budged since 2005, yet a typical three-bedroom house here still runs less than a comparable one in nearby Boulder……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

The California Public Employees’ Retirement System (CalPERS) today approved a new $200 million program for emerging real estate managers who have less than $1 billion of assets under management.
The term of the new Emerging Manager Program for Real Estate will be five years. CalPERS will review the progress and outcome of the program after two years. “Our top goal is to achieve appropriate risk-adjusted earnings,” said Rob Feckner, CalPERS Board President. “We also hope to find investment opportunities in underserved sectors for sound long-term returns and to increase diversity among our pool of real estate investment managers.” (Press Release)

Posted on 16 August 2011 by Laxman |  Email |Print

Central & Eastern Europe’s (CEE) office stock grew modestly during the first half (H1) of 2011, but development completions remain at the lowest level on record, according to the latest data from CB Richard Ellis (CBRE).
Despite a recent increase in development starts across CEE, relatively low levels of completions are expected over the next 12-18 months……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

House sellers have dropped their asking prices for the second month in a row, the property website Rightmove says. Sales have been held back by the reality gap in the market, with asking prices rising for most of this year while selling prices have been flat.
However, Rightmove says asking prices dropped by 2.1% this month after a 1.6% fall in July……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

With Moscow rent prices pushing those in London and New York, more and more apartment owners are choosing to move out of town for a life funded by the high rent on their properties.
Real estate agencies say one in 20 Muscovites live off the rent made on their apartments, and of this number one in 10 do not work……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

If you’re looking to invest in real estate, New Europe is the place to be. While the rest of that continent is mired in an economic malaise, rapidly growing markets like Poland and Russia are hotbeds of retail property investing, according to data from global real estate adviser CB Richard Ellis.
Poland became the third most active retail investment market in Europe in the first half of 2011, with $1.73 billion transacted……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

House prices in the former black townships grew 14.6 percent year on year in the second quarter of this year, the highest of the four area value bands in the residential property market, according to FNB Home Loans.
FNB Home Loans strategist John Loos said the township market appeared to be the key source of the relative strength in the affordable area value band. However, he said year-on-year price growth in the township index had slowed for the second successive quarter……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Property prices and rents in the Gulf will continue to fall in the second half of 2011, Standard and Poor’s has said in its new outlook report on the region.
The rating agency said property developers in oversupplied markets, such as the UAE, are likely to continue to scale back development activities in favour of rental and management of existing property stocks……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

The realty index is down over 12% in the last week, key policy rates have increased many times over the last 15 months, raw material costs are on the upswing as a result of inflation and homebuyers are cautious. In short, the Indian realty mart is shrouded in uncertainty.
However, for real estate developers looking for growth capital, there seems to be a silver lining over this cloud of uncertainty as the sugar daddies of the financial world, the private equity (PE) funds, are lining up multiple investments into key city residential projects across the metros……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

The net profit in the June quarter is down for all major listed real estate companies, though most have claimed their respective performances show they’re doing well. The top managements have blamed the poor show on a challenging operational environment, citing high interest rates and elevated input cost.
The net profit of DLF Ltd dipped by 13 per cent, that of Unitech by 45 per cent, HDIL by 21.5 per cent, Parsvnath Developers by 19 per cent and DB Realty by 33.5 per cent……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Chinese homebuyers and developers are finding loopholes as they come under pressure from government policies to curb gains in residential prices, such as limits on the number of properties owned.
Builders are refraining from cutting prices, offering free parking lots and attics instead, as they face higher borrowing costs after Standard & Poor’s downgraded their outlook in June……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

Spiraling rent hikes are so out of proportion to local salaries that young out-of-towners may be forced to quit the capital.
With rents accounting for as much as half of workers’ salaries, and non-residents forbidden to buy, many are priced out of the property market. While the local government’s focus has been on cooling down overheated housing sales, they have yet to take action on soaring rents, despite discussions in May……………………………………….Full Article: Source

Posted on 16 August 2011 by Laxman |  Email |Print

The State Bank of Viet Nam’s tightening of monetary policies will benefit powerful foreign real estate investors and hamper local firms, according to property market analysts. SBV and Government efforts to curb inflation since February this year, have made it difficult for real estate developers to access credit, leading to a decline in property projects.
Last May, CapitaLand announced that its subsidiary-CapitaValue Homes had bought a 65 per cent stake in Quoc Cuong Sai Gon JSC for VND121.2 billion (US$5.9 million)……………………………………….Full Article: Source

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