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Real Estate Briefing 23.Aug 2011

Posted on 23 August 2011 by Laxman |  Email |Print

Gary AckermanA New York congressman is preparing legislation designed to provide a heavy dose of stimulus to the housing market by enticing first-time home buyers and investors to buy homes.
Billed as a 21st century version of the “Homestead Act,” the legislation is designed to help plow through a glut of foreclosed homes that are weighing on housing markets. Housing demand remains weak, even though mortgage rates have fallen to record lows……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

An ominous cloud is hanging over the housing market: Millions of distressed properties could be put up for sale at any moment, potentially adding to the glut of unsold homes that are already on the market and depressing home prices even further.
But there is one glimmer of hope in this otherwise ominous scenario. A recent report from Standard & Poor’s found that the time it would take for banks to purge all of this so-called “shadow inventory” from the market (through foreclosure sales, mortgage modifications and other measures) shrunk to 47 months during the second quarter……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Efforts to reach a settlement that would end the long-running probe of foreclosure practices are snagged over whether banks will get broad legal immunity from state officials for mortgage-related claims.
Federal and state officials are seeking penalties of $20 billion to $25 billion from Bank of America Corp., J.P. Morgan Chase & Co. and other financial firms under investigation since last fall. The banks are pushing hard for a deal, but they have insisted on a wide-ranging legal release from state attorneys general……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

U.S. commercial property prices rose 0.9 percent in June, the second straight monthly gain, as buyers increased purchases in smaller cities in search of higher returns, according to Moody’s Investors Service.
The index, which measures broad price trends, is down 6.6 percent from a year earlier and 45 percent below the peak of October 2007, the company said……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Canadians love talking, reading and complaining about housing. We are drawn to stories of fabulous mansions and we eat up predictions of property bubbles and busts.
If a house on your street goes up for sale, I’m betting most of your neighbours have all the particulars within a day and then spend hours comparing their own homes and what they might be worth if such and such an address sells for a certain lofty price……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Montreal had the biggest jump in the average price of a standard two-storey house in Canada during the second quarter, fueling a deterioration in affordability in city once known for its cheap real estate, an RBC report said Monday.
Year over year, the price of a 1,500-square-foot home rose 13.5 per cent in Montreal to $377,200 – a higher rate than in Canada’s sizzling Vancouver market where prices for the same type of house rose 9.7 per cent during the quarter, the RBC report on housing trends and affordability said……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Brazil’s government has taken steps to improve the transparency and liquidity of real estate funds in order to attract more investment into the country. The changes will make the funds simpler and clearer, which will make them appeal to more people and organisations.
Known as Breifs, the real estate funds have become more popular in recent years as a result of the country’s property boom and the accompanying record growth……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Brazil’s hotels are likely to set a record for growth in demand this year, spurring international chains to double their market share in South America’s largest country within a decade, Jones Lange LaSalle Hotels said.
Brazil’s revenue per available room probably will jump at least 20 percent this year, according to Ricardo Mader, a Sao Paulo-based executive vice president at the real estate advisory firm. Revpar, a measure of occupancy and rates, rose a record 17 percent in 2010………………………………………Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Growth in the European commercial property market slowed in the second quarter of this year. A report shows that growth in the European commercial property market slowed in the second quarter of this year.
Figures from property services firm CB Richard Ellis showed that average values were up 0.1% during the quarter, following growth of 0.4% and 1.2% in the previous two quarters……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

The second quarter of 2011 (Q2) marked a continued period of general stability in values across the European commercial property market. While positive (+0.1%), the rate of growth was much slower than seen in the previous two quarters (at +0.4%, and +1.2% respectively) according to the latest European Valuation Monitor (EVM) published by CB Richard Ellis.
Over recent quarters the retail sector has seen the strongest performance, and this trend continued – retail property was the only sector to see positive value change (+0.8%) in Q2, adding to a year-on-year rise of 3.5%……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

AXA Real Estate Investment Managers completed EUR 2.13 bn of transactions in Europe on behalf of its clients in the first half of 2011.
In accordance with earlier forecasts, the total transactions over the first half increased significantly across Europe, with 80 deals comprising EUR 1.19 bn of acquisitions and EUR 939 mln of sales completed during the period, compared to EUR 2.7 bn transactions for the whole of 2010……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Lease structures in the commercial property sector have reached an unprecedented level of flexibility, according to the BPF/IPD Annual Lease Review, as landlords continue to adapt to find new tenants, and maintain existing tenancies.
“With the importance of income stream paramount in the current commercial property market, indeed the latest monthly figures showed capital growth to have slowed to 0.1%, it is not surprising to see that landlords have been flexible in their leases over the last year……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

The UK government is facing opposition from local authorities across the capital to proposals that would allow developers to convert commercial real estate into residential without additional planning permission.
A body representing 33 London local authorities has written to the Department for Communities and Local Government (DCLG) urging it to rethink its proposed loosening of planning processes……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Investors’ continued appetite for new-build prime is “completely out of sync” with Germany’s real estate stock, according to a report published today by IVG. Instead, they should be looking at refurbishment projects that could be worth €244bn over the next five years.
High-profile conversion projects currently account for 1.5% of the German real estate inventory. The ‘Research Lab’ report said: “The big picture, meaning the remaining 99%, is often overlooked.”………………………………………Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Germany’s property investment market is considered to be “stable and prosperous” among investors, CB Richard Ellis (CBRE) has revealed. Research carried out by the firm found that many German commercial property investors are turning their attention to the domestic market, while professionals from the US have also shown an interest in the country’s assets.
CBRE went on to note that German open-ended funds have had strong appeal in the UK, Belgium and Sweden, as well as among native investors……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

The Madrid office vacancy rate has eased in the second quarter of 2011, standing at 4.73% in the city’s Central Business District (CBD), down from 5.31% in Q111, according to international real estate advisor Savills.
The firm states that this is an encouraging sign for Madrid’s office market, however it is important to note that occupier take-up is not the main reason for the decrease but a lack of new stock coming to the market. Take-up levels for Madrid reached approximately 90,000 m² in Q2 2011, down from 160,000 m² in Q2 2010……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Prices for commercial real estate on the world market are rising beyond any justifiable reality, LaSalle Investment Management says. And Russia is among the growth leaders.
Commercial real estate prices across the world are continuing to rise despite an ever-widening detachment from fundamental economic indicators, reported LaSalle Investment Management, a leading real estate and advisory agency……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Russians have turned to real estate as a safe haven for investment over the last two months amid the high volatility of world financial markets caused by Standard and Poor’s downgrading the U.S. credit rating and the debt crisis in Europe, developers said.
“We have noticed … a sales increase in August, it’s both direct sales of new homes and mortgage deals,” said Pavel Kocheryozhkin, deputy chief executive of YIT Moskovia, a subsidiary of Finnish developer YIT……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Kuwait’s real estate market grew 43 percent in the second quarter of 2011, with commercial property deals surging 172 percent, research by Kuwait Finance House has found.
Sales of residential properties rose 40.9 percent in the second quarter, but were outpaced by commercial real estate which saw a 172 percent rise in sales, the report said……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

The meteoric rise of Mumbai’s residential prices has been known for some time. Now, a survey of 10 mega-cities across the world has found that India’s financial capital has registered the highest percentage leap in property prices since 2005.
The recent World Class Cities Index by London-based, listed real estate adviser Savills shows average property rates in Mumbai surged 154 per cent since December 2005……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Some say that the best expression of excess capacity and overdevelopment in China is its real estate market. Shanghai, for example, is a prime instance of the property boom that the country has experienced in the past decade.
In key cities such as Beijing, property prices has already increased by more than 140 percent, making it unaffordable for a massive majority of homebuyers……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

The number of real estate transactions in Singapore jumped 225 per cent in the second quarter year-on-year to S$2.7billion (US$2.2billion).
Numbers were given added strength from double-digit growth in the financial service sector, driving up gross prime Raffles office rents 1.5 per cent from the previous quarter, according to Jones Lang LaSalle’s (JLL) Asia Pacific Capital Markets Bulletin……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Mainland Chinese buyers have been active in the foreign purchase market in Singapore, making up almost 30 per cent of sales, or 8 per cent of total sales.
The number of units purchased in June jumped up to 650, a significant increase from the 100 units sold in May, reported h88.com……………………………………….Full Article: Source

Posted on 23 August 2011 by Laxman |  Email |Print

Australia has seen commercial property investments soar by nearly 130% year on year, according to Real Capital Analytics (RCA), with both the company and Jones Lang LaSalle (JLL) highlighting it as a “favourite” for inter-regional investors.
According to RCA’s Global Capital Trends, the continent’s traditionally high yields – averaging 8.3% in the second quarter – had attracted foreign investors, who accounted for more than 40% of investment between April and June, while the 127% year-on-year rise had led to commercial sales amounting to AUD4.5bn (€3.4bn)………………………………………Full Article: Source

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