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Real Estate Briefing 05.Sep 2011

Posted on 05 September 2011 by Laxman |  Email |Print

Marshall SonenshineMost of the news lately about real estate has been dismal: Home prices are swooning, foreclosures ballooning.
There is, however, one bright spot: the rental market, where demand is up and rents are rising. That’s partly because those foreclosures have turned more than 4 million former homeowners into renters, but also because many other prospective homeowners, worried about losing their jobs or housing prices falling a lot further still, are reluctant to buy now……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Karen Shaw PetrouFor sale or rent by motivated owner: 248,000 foreclosed homes. The federal government, which has become the nation’s biggest owner of residential properties, is looking for ways to reduce and manage its huge inventory without swamping the real estate market or exposing federal agencies to enormous losses.
Government-run Fannie Mae, Freddie Mac and the Federal Housing Administration now own about a third of the country’s nearly 800,000 foreclosed properties. With that inventory predicted to grow, they are looking for new ways to cope……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Up until lately many pundits, including Paulson himself, have stated that the housing market had finally reached a turning point and that it was time to buy. Each time these pundits made these claims we stated that this simply was not true. Certain criteria need to be satisfied before this sector can put in a sustainable bottom.
The most important of which is jobs; if it is hard to land a new job, then it is not very likely that anyone is going to want to run out and buy a new house……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Mortgage rates in the U.S. remained at or near historic lows over the past week amid weak signals from the economy and the housing market, according to Freddie Mac’s survey of mortgage rates.
Freddie Mac Chief Economist Frank Nothaft said the stiff decline in August consumer confidence and a downward revision to U.S. second-quarter economic growth helped ease upward pressure on mortgage rates……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Prime office rents across Europe continued to grow modestly in the second quarter of 2011 (Q2 2011) according to Jones Lang LaSalle’s latest European Office Clock report.
Jones Lang LaSalle’s European Office Index revealed a 2.1% increase over Q2 2011 based on rental growth in eight index markets. This was led by a strong performance in Moscow (+20%), Warsaw (+13.6%) and Lyon (+8.0%) with more modest rental growth witnessed in some of the German markets (Munich +3.4%, Berlin +2.4%, Hamburg +2.2%) as well as London’s West End (+2.7%) and Stockholm (+2.5%)……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Renewed caution among occupiers has led to reduced activity across Europe’s main office markets, with the notable exception of Moscow, according to the latest EMEA Offices report from CB Richard Ellis (CBRE).
The report finds that uncertainty generated by the sovereign debt crisis and broader economic climate is affecting occupier behaviour, with many choosing to roll over existing leases or take short-term expansion space as opposed to relocating, at least until clearer signs of recovery are evident……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

U.K. construction grew at the slowest pace in eight months in August as demand weakened and homebuilding contracted further.
A gauge of building activity based on a survey of purchasing managers slipped to 52.6 from 53.5 in July, Markit Economics Ltd. and the Chartered Institute of Purchasing and Supply said today in a report in London. A reading above 50 indicates expansion. A measure of new orders fell to the lowest since January……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Central London prime offices have led the rebound in commercial property values since mid-2009, but capital growth in secondary assets has overtaken prime in the past few months.
The polarisation in performance between prime and secondary property has been a dominant feature of recovery since mid-2009 but things have changed in recent months, according to CBRE’s latest Monthly Index……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Institutional investors will drive the further development of the listed market in Germany, predicted Ulrich Holler, CEO of DIC Asset, during a panel discussion at the annual EPRA conference in London last Friday. ´The retail market is still far away,´ he noted. ´It will have to go the institutional way.
German retail investors are unlikely to become a major force any time soon, agreed Christian Ulbrich, CEO of Jones Lang LaSalle EMEA……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

The Danish property industry has responded cautiously to claims by the finance minister that a “frozen” property market was one of the few problems in an otherwise bullish economic scenario.
Finance minister Claus Hjort Frederiksen’s comments came after Denmark narrowly missed a third quarter of negative economic growth – technically, recession……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

If the government keeps its promises to expand the housing supply, we’ll have good reasons to believe that the market could see a slowing in the rise in prices.
Meitav Investment House Ltd. chief economist Ron Eichal believes that the Israeli real estate market has entered a slowdown that will last for years, and that home prices may fall. His conclusions are based on last week’s housing figures published by the Central Bureau of Statistics, which showed an increase in housing starts in the first half of 2011, and the social protest, which could affect the market……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

House prices in Dubai will fall up to 20 percent by the end of the year, readers in an Arabian Business poll have said, a steeper decline than that pegged by property analysts in the emirate.
Some 38 percent of respondents said the Gulf’s worst performing real estate market would see a 20 percent slide in prices, a deeper rout than the 15 percent forecast by analysts this month. A further 37 percent of the 350 readers polled said residential prices were still in decline, but put the expected drop at 15 percent, with 11 percent believe house prices had hit bottom. (Press Release)

Posted on 05 September 2011 by Laxman |  Email |Print

Residential property prices have shown an increasing trend in most of the cities covered under the NHB RESIDEX during the April-June quarter this year in comparison to the previous quarter.
NHB RESIDEX tracks the housing prices in select 15 cities. Of the 15 cities covered under NHB RESIDEX, the increasing trend was witnessed in as many as 12 cities, according to the latest quarterly update April-June 2011 released by the NHB……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Over the past year, real estate prices in India have risen by 21.3 per cent, making it the country with the second highest rise in real estate prices globally, according to a recent report by international property consultants Knight Frank.
The report by pegs India’s growth in residential realty rates second only to Hong Kong, which has seen a 26.5 per cent rise in the same period. As many as 21 of the 50 countries included in Knight Frank’s Global House Price Index have registered a decline in rates……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Land prices and transaction volumes both declined on a monthly basis in Chinese cities amid a sluggish market last month, a research institute said Sunday.
The China Index Academy (CIA), a Beijing-based company that studies China’s property market, said in a report that the average floor price for residential land in 133 Chinese cities currently being monitored by the institution declined 9 percent to 1,619 yuan (253 U.S. dollars) per square meter in August……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Property prices in China’s major cities declined 0.41% in August as measures to curb rising inflation and an overheating economy begin to bear fruit, increasing chances that the world’s second largest economy will achieve a hotly debated soft-landing.
While Western economies try to stave off inflation by expanding central bank balance sheets and injecting more stimulus , China’s growth rate allows it to focus on controlling real estate prices, among other measures, to try to fight off inflation and overheating, indicating that at least in terms of macroeconomic problems, China has decoupled……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

The property bubble is the least of it. Some economists are arguing the resulting systemic risk will jeopardise the country’s growth model.
Economist-gurus Nouriel Roubini and Gary Shilling, predictors of an eventual, property-induced hard landing for the Chinese economy, have been joined by ratings agency Fitch, which this week raised the possibility of systemic spread……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

A mainland Chinese property developer has teamed up with a Taiwanese partner to launch pre-construction sale for Vantone Taipei 2011, a collection of three high-rise holiday apartment buildings currently under construction on a hilltop outside Xiaopingding in the Danshui district of New Taipei City.
The project, which will comprise of 276 luxury apartments, has received warm responses from potential buyers in Shanghai and Beijing……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Over 1,000 demonstrators marched through downtown Hong Kong on Sunday demanding more public housing amid rising anger over the territory’s sky-high property market.
The noisy crowd snaked through the densely-packed city of 7 million, with activists calling on government officials to boost their efforts at bringing down soaring real-estate prices……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Analysts expect property loans to maintain their position as a key growth driver of credit expansion with some estimating them to grow between 10% and 12% this year due to the low interest rate environment and ample liquidity in the banking system.
While holding to this view, some feel the external environment, like the slowing US economy coupled with the sovereign debt crisis in the eurozone, could dampen demand for properties……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Home prices are rising in large cities such as Busan, Gwangju, Daejeon, Daegu and Ulsan and those in provincial cities such as Jeonju, North Jeolla Province. Certain areas saw double-digit hikes in housing prices and transactions stopped in other areas due to rising sale prices stemming from the lack of houses put on the market.
Higher housing prices are blamed on the mismatch between supply and demand due to the suspension of new housing construction……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

New Zealand property buyers seem to be getting a better deal than their Australian counterparts, says a commentator from across the ditch.
Chris Gray, the host of Australian programme Your Money Your Call on Sky News, says Kiwis have a big advantage in not paying as much tax on property as Aussies……………………………………….Full Article: Source

Posted on 05 September 2011 by Laxman |  Email |Print

Over the past 10 years capital city home values have increased at an average annual rate of 6.8%, however it has been a tale of two distinct five year periods: the boom times during the first part of the decade and more subdued growth recently.
Over the 12 months to July 2011, capital city home values have fallen by –2.9% and values are down 3.4% over the first seven months of the year. House values have declined much more substantially than unit values over the twelve month period (-3.7% vs. -0.5%) as more buyers seek out the relative affordability of apartments compared with houses……………………………………….Full Article: Source

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