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Real Estate Briefing 22.Sep 2011

Posted on 22 September 2011 by Laxman |  Email |Print

Jittery investors, wary banks, the struggling economy and turbulent financial markets are stalling a two-year rebound in the U.S. commercial real-estate industry.
Across the country, companies that were looking for large chunks of office space have delayed those plans as uncertainty has risen. Among those companies that have changed or are re-evaluating plans areUBS AG, Morgan Stanley and the Quidsi unit of Amazon.com Inc., all of which were looking in New York City……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Existing home sales rose more than expected in August to the fastest annual pace since March as falling prices and low interest rates drew more buyers into the market, the National Association of Realtors said.
Sales climbed 7.7 percent month over month to an annual rate of 5.03 million units, the NAR said on Wednesday. The median price was 5.1 percent lower than a year earlier……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Even as home sales increased in August, median prices fell. Experts point to a ’shadow inventory’ of homes that will eventually face foreclosure and say prices won’t keep up with inflation for years.
Americans bought nearly 8 percent more homes in August than in July, a welcome sign of progress for the still-troubled US housing market. For the first time since April, sales of previously owned homes rose to an annualized rate of more than 5 million per year. The median sales price was $168,300, down from $177,300 a year before, the National Association of Realtors reported………………………………………Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

In the housing market inhabited by most Americans, prices have fallen 30 percent or more since the peak in 2007. That’s a steeper decline than during the Depression. Some people have had their homes on the market for a year without a single offer.
Almost a quarter of American homeowners owe more on their house than it’s worth. Another quarter have less than 20 percent equity. About half of homeowners couldn’t get a mortgage if they applied today, says Paul Dales, senior U.S. economist for Capital Economics……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

If there’s ever been a poster child for the folly of government intervention, it’s the housing market. Decades of political manipulation set the stage for the collapse that sunk the entire economy. It’s going to be a long time before the country gets back on its feet, unless we embrace reform.
Last month, new housing starts fell to 571,000, down from last year’s figure of 606,000 and about one-third of the 2006 peak. As the housing market goes, so too does the construction industry, which has shed more than 2.2 million jobs in just over five years……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Economists, builders and mortgage analysts are predicting the weakened U.S. economy will depress housing prices for years, restraining consumer spending, pushing more homeowners into foreclosure and clouding prospects for a sustained recovery.
Home prices are expected to drop 2.5% this year and rise just 1.1% annually through 2015, according to a recent survey of more than 100 economists to be released Wednesday. Prices have already fallen 31.6% from their 2005 peak, as measured by the Standard & Poor’s Case-Shiller 20-city index……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Heitman Managing Director Tim Pire said the best real estate investment opportunities in Europe can currently be found in central London and Germany and its surrounding region.
“Those real estate markets have been strong and the underlying economies have been stronger than other markets,” Pire said……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

With roughly $25 billion in assets under management on four continents, Hines has experienced both ups and downs as it has navigated the tricky cross-currents of the global economic downturn, recovery and who-knows-what’s-next.
Like many other big investors, the developer and fund manager didn’t escape the downturn unscathed, suffering losses in some of its funds……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

California home sales are expected to remain essentially flat this year and rise slightly in 2012, according to a housing market forecast from the California Association of Realtors.
The trade group predicted California home sales this year will stay roughly flat compared to 2010, at 491,100 units — a relative improvement given the 10 percent drop in sales in 2010……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

A leading economist has predicted continuing slow growth in the near term for both the US and Europe, with the solution being a review of the role of finance in the real economy, during this week’s CoreNet Global Summit in Paris.
During a session on the latest market upheavals and potential impacts on corporate real estate, Catherine Lubochinsky, professor of economics at the University of Paris 2 predicted that in the near term, the US and Europe will experience continuing slow growth and lower real wages……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

House prices will fall another 4 percent before stabilising next year as a tough economy dampens demand and nervous sellers stay away, a Reuters poll showed on Wednesday.
The results of the poll of 23 market watchers, taken over the past week, will make grim reading for homeowners who bought their property at the height of the boom four years ago and have already seen around 20 percent wiped off the value since then……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Yields on commercial leisure property in the UK have dipped in reaction to heightened investor demand, as buyers become more aware of the sector’s resistance to recession.
In its latest report on UK commercial leisure, property firm Savills said: “The market has experienced a sharp increase in investor demand, which, combined with a continued lack of available product, has resulted in prime yields moving in by 50 basis points from 6.75% in Q4 2010 to 6.25% in Q2 2011.”………………………………………Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

A new survey has recorded a 44 per cent increase in sales-agreed in Dublin in the second quarter of this year and a 14 per cent increase in sales-agreed nationwide .
The Society of Chartered Surveyors Ireland (SCSI), which surveyed its members, found that while sales activity levels in the residential property market were up, the increase comes from low levels of activity in the first three months and varies significantly at a regional level……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

The Dutch Pension Fund for the Construction Industry is set to boost its international real estate portfolio and believes Australia offers some of the best opportunities in Asia.
The management of the real estate assets, which account for 18% of the fund’s €29 billion, was spun off from the broader fund into a separate company, Bouwinvest, in 2003……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Institutional investors in Finland show a significant preference for the domestic market in their real estate investments, according to INREV’s Investor Universe Finland Survey 2011.
Around 80% of Finland’s total real estate exposure is in domestic direct core investments. Only 12% of all Finnish real estate investments are made abroad……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Macedonia has been recovering from the crisis. New dwellings in Skopje, Macedonia’s capital, saw 16.6% price rises during the year to H2 2010 (12.3% after inflation), according to the State Statistical Office, after an 7.83% drop in prices of new dwellings during the year to H2 2009 (a fall of 6.40% after inflation).
The year before the crisis, 2008, was a boom year, with a 27% house price rises in Skopje (22% after inflation), as foreign interest surged and the country gained confidence……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Governments across the Middle East and North Africa (MENA) region are increasing their efforts to construct new homes, but demand still far out-strips supply, with the region experiencing population growth around twice the global average, a new report has revealed.
Focusing on seven major markets, the report by real estate advisory firm Jones Lang LaSalle estimates that there remains a combined shortage of more than 3.5 million affordable dwellings across major markets within MENA and that demand will continue to outstrip supply for at least the next five years……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

The impending oversupply of residential apartments flooding onto the Dubai market has been well documented since the global financial crisis struck back in 2008. And now a glut of new skyscrapers are about to be released on the market, sparking fears over Dubai’s fragile residential property market.
In a sign of the times, landlords in International City on Dubai’s outskirts are offering discounts on deposits, rent-free months and added extras in a bid to defeat the summer lull that has sent tenancy enquiries into decline, Arabian Business reports……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

There is good news for owners of luxury residences and ultra prime homes in Asia, their property might now fetch ever-higher asking prices.
The world’s elite, particularly in Asia can expect their property values to soar, especially if they live in emerging financial district centres like Mumbai or Singapore. New research from Savills global real estate service provider reported that billionaire homeowners in Mumbai and Singapore have seen the value of their properties increase by 138 per cent and 144 per cent respectively over the past five years……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

Asia is a key player in the movement of the world economy in favor of emerging market cities, according to the MasterCard Index of Global Destination Cities.
The Index from MasterCard is a new approach to understanding the global economy and the dynamic flow of commerce across the world. It ranks cities by their total international visitor arrivals and the cross-border spending by these same visitors in the destination cities, and gives visitor and passenger growth forecasts for 2011……………………………………….Full Article: Source

Posted on 22 September 2011 by Laxman |  Email |Print

After the Government approved Hanoi’s master plan by 2030 and a vision towards 2050 in July, many experts in the property sector have regarded it as an important legal foundation for investors to effectively exploit potential and make a transparent development plan in the capital.
Tran Ngoc Chinh, chairman of the Vietnam Urban Planning Association, said the master plan will have a positive impact on property projects. This is a foundation for enterprises to select and focus on projects with appropriate scales and locations, Chinh said……………………………………….Full Article: Source

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