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Real Estate Briefing 16.Sep 2011

Posted on 16 September 2011 by Laxman |  Email |Print

Colin DyerJones Lang LaSalle Inc , one of the world’s largest real estate service companies, sees continued hesitancy in global real estate markets, its CEO said on Thursday, but is confident the Asia Pacific region will fuel growth.

The Chicago-based company posted slightly better-than- expected second-quarter earnings in late July but cautioned that the rebound in global commercial real estate over the last year may be dissipating. “There has been little change (since July),” Colin Dyer, global CEO, Jones Lang LaSalle said……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Canada’s resale housing market remained relatively stable in August, but the national average price was up 7.7 per cent year over year at $349,916, according to the body that represents most Canadian real estate agents.

In its monthly report, the Canadian Real Estate Association says that while home sales held steady in August compared with July, they did post a big gain compared with a year ago, reflecting a slowdown last summer……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Toronto’s hot housing market may be showing the first signs of cooling as a surge of new listings arrived right after Labour Day to a lukewarm response from potential buyers.

Real estate agents say it’s too soon to tell whether buyers are losing confidence or are just slow to return from vacation as the fall market gears up……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Default notices on U.S. home loans notched their biggest monthly increase in four years in August, suggesting some of the backlog from documentation issues was easing, data showed on Thursday.

First-time default notices were filed on 78,880 homes last month, marking a nine-month high, according to a report by RealtyTrac. Notices jumped 33 percent from July, the biggest increase since August 2007……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

The number of U.S. homeowners who owe more than their property is worth slipped in the second quarter as more residences were lost to foreclosure, according to a report today from CoreLogic Inc. (CLGX)

About 10.88 million homes, or 22.5 percent of those with a mortgage, were “underwater” as of June 30, the Santa Ana, California-based company said. That’s down from 10.91 million, or 22.7 percent, in the prior three months……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Foreclosure filings rose in August, as more homebuyers fell behind on their mortgage payments.

Filings were up 7% compared to July, but were still 33% lower than they were a year ago — marking the eleventh straight month of year-over-year declines, according to RealtyTrac, a leading online marketer of foreclosed properties……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Most REITs are publicly traded companies that own and operate property including apartments, offices, retail space, health-care facilities, and hotels. They must distribute at least 90 percent of their taxable income to shareholders annually in the form of dividends.
The securities had an average dividend yield of 3.7 percent as of Sept. 12, according to the Bloomberg REIT Index of 129 publicly traded property owners. That compares with yields on 10-year Treasury notes of 1.95 percent as of Sept. 12, and 0.02 percent for the average taxable money-market fund as of Sept. 6, according to research firm iMoneyNet……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Mortgage real-estate investment trusts have been exempt from the Investment Act of 1940, which regulates the fees that can be charged to investors and limits the amount of leverage a fund can use. But the Securities and Exchange Commission said last month that it had initiated a review of that exemption, as mortgage REITs are beginning to look more like mutual funds.
The SEC’s review has rattled the mortgage REIT industry, which analysts call a narrow-but-important source of liquidity for the housing market. Property prices are depressed, demand for new home loans is low, and banks and government-sponsored agencies Fannie Mae and Freddie Mac are still trying to sell their backlogs of foreclosed homes……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Total returns for all non-listed real estate funds suffered a significant drop from 1.5% to 0.8% in local currency in the second quarter of 2011, according to the latest INREV Quarterly Index. Capital growth moved sharply down from 1.0% to 0.2%, marking a backwards step from the first quarter of 2011, when capital growth saw a historic increase to drive up total returns overall.

Taking the figure for continental Europe, the drop is even more marked, with total returns down from 1.5% to 0.4%; and capital growth falling from 1.0% to -0.2%……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Western investors are mistaken in withdrawing from “resilient” Central and Eastern European (CEE) markets, according to Austrian property company S-Immo – despite a freeze on some of its development projects as it awaits an economic recovery.

In a bullish defence of its eastward-looking strategy, board member Holger Schmidtmayr told journalists this week that the company would hold existing assets and increase its investment in Bucharest……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Confidence that U.K. home prices will rise climbed to the highest level since July 2010 after the Bank of England signaled that borrowing costs won’t increase soon, a gauge of sentiment showed.

The index of price expectations rose to 53.6 from 48.5 in August, according to a report by Markit Economics. A reading of more than 50 indicates respondents predict prices will increase in the next 12 months, according to the survey, which was published today by real-estate broker Knight Frank LLP……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

It’s been beaten up by accountants, attacked by Tory backbenchers, even sat on by Eric Pickles but – like a horror film villain – the proposal for a new swingeing mansion tax to help plug the deficit and punish the property market lottery winners just won’t die.

It’s subtly shape-shifting, too. Its latest incarnation is a form of council tax, collected on new, specially created ‘superbands’ in the UK’s wealthiest suburbs……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Despite wider economic shudders throughout August, capital growth remained steady at 0.1% in the IPD UK Monthly Index, ushering in 25 months of positive value movement in the UK property market.
“Retail assets continued to see declining values during August, as the spate of economic difficulties, that impact on consumer spending, continued,” said Phil Tily, IPD UK and Ireland Managing Director……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

You would need to have been living on Mars for the past ten years not to know about the rise and fall of the UK Housing Market. From the incredible price inflation of the early 2000s to the near collapse following the 2008 banking crisis, house prices regularly make for headline news. So what’s next?

Why is the ratio of the average house price to the average annual income still not back to pre-boom levels as some predicted should be the case? Will prices fall much further or are they on the increase?………………………………………Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Denmark’s PKA is channelling DKK375m (€50m) into a global property fund as part of its strategy of boosting real estate holdings outside its home territory.

The DKK150bn pensions administrator is investing the money in the SPF II fund run by Danish investment manager Sparinvest……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Greeks were fuming on Thursday at a surprise property tax that could leave out Church holdings while the country is being urged to make “costly” sacrifices to secure EU-IMF rescue loans.

The finance ministry, under pressure from its international creditors to plug a budget hole of more than 2.0 billion euros ($2.7 billion), on Wednesday further increased the tax which had already caused outrage when announced at the weekend……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

The recent news from property consultancy CBRE that Iraq is the fastest growing construction market in the Middle East was no surprise given the dire need for housing, infrastucture and facilities after more than eight years of war.

Most recently, it was South Korean firms that were fortunate to have won major housing contracts in the country, including the construction of 100,000 units as part of a project involving 500,000 homes……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Faced with tight liquidity conditions and falling residential sales, property developers are increasingly opting for selling their office properties than leasing these out.

Leasing had been the preferred mode for developers in the past, as it offered them a steady stream of income and protect them from losing the upside if property markets went up. But the slowdown in both residential and commercial properties has changed their conventional strategy……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

Jones Lang LaSalle yesterday announced plans to enter the real estate market in Sri Lanka. “Jones Lang LaSalle is opening a full-fledged operations branch in Sri Lanka. It is the first IPC to venture out into this lucrative country, based on its findings that Sri Lanka is a real estate boom unfolding even as we watch,” said Alastair Hughes, CEO of Jones Lang LaSalle Asia Pacific.

“Apart from an immense market for organized commercial, residential and retail real estate services, Sri Lanka’s progressive market policies give it an incredibly business-friendly environment that is very favourable to investment and economic growth. We see it as one of the most attractive investment destinations in the Asia-Pacific region.”………………………………………Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

China’s property prices may fall in the next 12 to 18 months as banks curb loans to real estate companies, which may slow development, Hong Kong billionaire developer Vincent Lo said.

The government is pushing banks to hold back lending to property firms as it attempts to cool the housing market, said Lo, chairman of Shui On Land Ltd. The developer received a Chinese bank’s approval for a loan, which was withdrawn as the lender had a policy change, he said……………………………………….Full Article: Source

Posted on 16 September 2011 by Laxman |  Email |Print

The head of CapitaLand’s residential unit said government cooling measures will not slow underlying demand for residential property in Singapore. Wong Heang Fine, CEO of CapitaLand Residential Singapore, said prices are likely to keep rising this year, although the pace of increase may moderate.

He said continuing low interest rates and high liquidity will support demand. Chong Lit Cheong, CEO of CapitaLand Commercial said rental rates for commercial space will moderate as demand softens with many major tenants such as investment banks having already secured office space……………………………………….Full Article: Source

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