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Real Estate Briefing 21.Sep 2011

Posted on 21 September 2011 by Laxman |  Email |Print

Yolande BarnesWorld-class cities not only attract international business, they are also the haunt of a growing number of global billionaires who are increasingly important investors in residential real estate and their wealth is creating a new global super class of real estate, says Savills.
A new index of super prime ‘global billionaire’ property reveals that the homes of the super-rich in the top 10 cities worldwide rose by an average 10% in value in the first six months of this year……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Barack ObamaNew construction of U.S. homes fell more than expected in August, dragging on economic growth and keeping pressure on President Barack Obama to do more to help the sputtering economy.
Housing starts dropped 5 percent, the most since April, to a seasonally adjusted annual rate of 571,000 units, the Commerce Department said on Tuesday……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Builders broke ground on fewer homes in August, evidence that the housing market remains depressed.
The Commerce Department said Tuesday that builders began work on a seasonally adjusted 571,000 homes last month, a 5 percent decline from July and a three-month low. That’s less than half the 1.2 million that economists say is consistent with healthy housing markets……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Builders began work on fewer U.S. homes than forecast in August, showing the industry remains flat on its back even as mortgage rates fall to record lows.
Housing starts dropped 5 percent to a three-month low 571,000 annual rate, Commerce Department figures showed today in Washington. The median forecast in a Bloomberg News survey called for a 590,000 pace. Building permits, a proxy for future construction, unexpectedly climbed……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

It was only two years ago that California – along with Arizona and Florida – was the poster child for plummeting home prices. But a new study says that not only are more homes selling in the Golden State these days, but home values are actually climbing across the board. That would be great news for the rest of the country.
After a brief climb in June, home sales nationwide were again in decline in July, according to the National Association of Realtors. The NAR says that the housing sector saw gains in the Northeast and Midwest, but experienced declines in the South and West……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

China is loading on real estate. Except that the purchase is not in China but in Vancouver, Canada. And the Chinese demand for a piece of land is so huge that customers are willing to pay more than the market rate for a property.
The prices have gone so high that Canadian nationals seeking job in Vancouver are finding it hard to find an affordable home. The median real-estate prices in Vancouver are 9.5 times median household income as per Demographia, a property survey……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Battered by the sovereign-debt crisis, European lenders are losing their taste for commercial-property loans, causing some investors to scramble for unusual alternatives.
French and German banks, the Continent’s primary real-estate lenders, already have exposure to Greece and other troubled government debt. They have cut down substantially on providing new loans, say investors. Europe’s limited securitization market, which never recovered from the downturn, has offered little help……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

David Atkins, chief executive of Hammerson and new chairman of the European Public Real Estate Association (EPRA), spoke with REIT.com at EPRA’s annual conference in London in early September about his outlook for the European property markets and his company.
Up until a few months ago, Atkins said his view on the European real estate market would have been one of continued recovery from the financial difficulty of 2008 and 2009……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Lloyds Banking Group PLC (LYG) is preparing to sell a GBP1 billion portfolio of commercial property loans, a person familiar with the matter said Tuesday, as the 41% state-owned bank seeks to dispose of GBP25 billion worth of commercial real-estate loans.
The sale is being managed by JP Morgan Cazenove and is expected to attract interest from private equity firms and other private investment funds………………………………………Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

London home sellers raised asking prices by the most in seven months in September as a lack of properties for sale and investors looking for safer assets amid financial-market turmoil bolstered values, Rightmove Plc said.
Asking prices rose 2.4 percent from August, when they fell 3.4 percent, the property website said in an e-mailed report today. Separate data from Rightmove showed national home values gained 0.7 percent after a 2.1 percent decline in August……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Luxury properties around the world are attracting attention from investors at present, with Paris named as one of the markets that is receiving the most interest.
According to the Christie’s International Luxury Residential Report, Paris is one of the real estate markets that has a scarce supply of high-end homes, which is driving up prices in the most desirable locations……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Italian pooled property funds continued to deliver stable returns at 1.2% in the first half of 2011, according to the IPD’s Italian Pooled Property Fund Indices (Italian PPFI).
Returns fell only 20 basis points from the 1.4% delivered in December 2010 despite economic uncertainty affecting the country and the Eurozone. On an annual basis to June 2011, all pooled funds delivered 2.6%, the strongest return since the downturn began……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

The office sectors of Moscow and St Petersburg saw impressive rental growth during the first half of 2011, in stark contrast to most other European markets.
Colliers International’s EMEA office rental map indicates growth of 11% and 10% in Moscow and St Petersburg in the first six months of the year……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

The construction industry in Saudi Arabia is expected to spend up to $420b over the next three years. The research conducted by Ventures Middle East for The Big 5 2011, has shown that the country’s projected spend will mostly lie in buildings and oil and gas developments.
Andy White, exhibition director of The Big 5 2011, said: “It is no industry secret that Saudi Arabia presents significant opportunities for the construction sector, however, this research highlights the extent of projected spend over the upcoming years as well as the specific areas that these opportunities are most abundant. (Press Release)

Posted on 21 September 2011 by Laxman |  Email |Print

Nakheel, Dubai’s leading master-developer, has announced that it has handed over number of projects to homeowners, as part of its committed deliverables under the restructuring plan. Nakheel has again achieved an outstanding delivery record in its residential community development.
Nakheel has handed over 700 units in Marina Residences project. Masakin Al Furjan is a quality 335 apartments in 7 buildings located at South Village in Al Furjan , over 100 units has been handed over, whereas the Jumeirah Village communities with total of 256 units was released and handed over to the owners……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

The Real Estate Development plan, or Tanmia, launched today by the Dubai Land Department, will cover 100 projects in 2012, and will span the next three to four years, a senior official said.
“One project already has approval under the initiative and two more will be signed this week,” Sultan bin Butti bin Mejren, Director General of the Land Department, said……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

The construction industry in Kuwait is estimated to spend more than US$63b over the next three years, with a significant focus on the development of educational facilities and commercial building as well as a boost in residential developments.
The research, conducted by Ventures Middle East on behalf of The Big 5 2011, has shown that education and commercial construction take precedence throughout 2012 and 2013, with a major spike in residential development in 2014, rising from an average of $600m to a staggering $5.4b in 2014. (Press Release)

Posted on 21 September 2011 by Laxman |  Email |Print

Disney has broken ground on a $3.6bn (£2.3bn) outpost in Shanghai; Legoland plans to open a park in Johor, Malaysia, next year; and Sanrio will open a theme park dedicated to the cute white cat with no mouth in eastern China in 2014.
“Asia’s large populations are now moving up into the bottom rungs of the middle classes,” says Chris Yoshii, global director for economics at Aecom, a consultancy that specialises in the industry……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Mortgage rates in Hong Kong, which have jumped nearly 200 basis points (bps) over the last six months, could rise to as much as 4.5 percent by the end of 2012, according to Barclays Capital, making it much harder for first-time homebuyers to enter the market.
Already, the bank estimates that first-time buyers need to pay nearly 47 percent of their household income in mortgage payments……………………………………….Full Article: Source

Posted on 21 September 2011 by Laxman |  Email |Print

Investors have fled the property market as house prices across Australia are falling. Loans being taken out by investors have tumbled in line with fewer sales, and property experts say the market will remain weak this year and next, with some of the biggest falls expected in Melbourne.
Rises in official interest rates, slowing population growth and unaffordable housing have all combined to hold back the Australian property market……………………………………….Full Article: Source

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