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Real Estate Briefing 27.Sep 2011

Posted on 27 September 2011 by Laxman |  Email |Print

Celia ChenNew-home sales fell for the fourth-straight month in August to the lowest level in a half year as the bursting of the housing bubble continued to weigh on the U.S. economic recovery.
Sales fell 2.3% from a month earlier to a seasonally adjusted annual rate of 295,000, the Commerce Department said Monday. The pace was the weakest in six months, and the month was the seventh-worst on records dating to 1963……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

New home sales in the US fell to a six-month low, as the biggest drop in prices in two years failed to persuade househunters to buy new rather than snap up repossessed houses which are on the market even more cheaply.
“Sales are very weak, and there will be very little improvement over the next couple of months,” said Celia Chen, a housing economist at Moody’s Analytics. “We expect a step up in distressed home sales, which will put more downward pressure on prices. It’ll be a very slow return to normal.”………………………………………Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

In less than a week, the home buying power of millions of Americans will be crippled by an average of $68,000. Some markets will experience declines as high as $250,000. That is, unless Congress intervenes before Oct. 1 when the limits for loans backed by the Federal Housing Administration (FHA) are set to shrivel to pre-crash levels.
But it’s not just buyers in the nation’s priciest markets, where FHA loan limits currently hover at $729,750, who’ll feel the heat of shrinking mortgage caps……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

The change will result in higher costs and bigger down payments for many home buyers. In California, real estate professionals are bracing for a hard hit as buyers learn they may no longer be able to afford the higher-priced homes they had been considering.
Uncle Sam is about to take a first tentative step out of the mortgage business by lowering the size of home loans that the federal government will guarantee, and it’s already hitting California neighborhoods with higher costs and bigger down payments……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Given the bloated supply of existing homes for sale, including a glut of foreclosures, there aren’t many people willing to shell out a premium price for a newly built house.
New-home sales dropped to a seasonally adjusted annualized rate of 295,000 in August, down from 323,000 for all of last year, and a far cry from 2005, when 1.28 million new homes were sold, according to the Census Bureau and the Department of Housing and Urban Development. Read more: Sales of new U.S. homes dip in August……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Volatility in financial markets and global economic uncertainty have left many investors concerned about the impact of any future downturn on Canadian commercial real estate markets, says a report released Monday by CB Richard Ellis Ltd.
While it is unclear where the Canadian and global economy is headed, the Canadian commercial real estate market is much better positioned to withstand any impending shocks than it was in 2008, said the report……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Astronomical real estate prices combined with global instability have many wondering if the bubble is about to burst in Metro Vancouver. “I guess the first question is — is there a real estate bubble at all?” said Cameron Muir, Chief Economist of the B.C. Real Estate Association.
Muir says the average home price is being skewed, inflated by skyrocketing prices for detached homes in Richmond, West Vancouver and the West Side where prices have soared, nearly 80 per cent over five years — 27 per cent in the past year alone……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

European banks have been more active in lending to speculative property developments over the past year, however this upward spike looks like being short lived according to the third annual ‘European Property Finance Trends’ report from EC Harris, the international Built Asset Consultancy.
The research found that nearly half (45%) of property lenders at European banks are likely to either lend less (22%) or maintain the same level of lending (23%) over the next five years. This was worse than last year when only 3% stated they would lend less, and 29% said they would lend at the same level……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

The UK property sector trails the rest of Europe in adopting sustainable practices, although steady improvements are being made in the industry and RICS is working with government to accelerate the process.
The RICS Sustainability Index, contained in the Green Gauge report puts the UK in fourth place, with a rating of 53%, behind Canada (74%), Continental Europe (65%) and Australasia (64%). With an increasing focus on energy efficiency and environmental issues, mainland Europe has now overtaken the UK in the index……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Terraced houses increased in value by more than any other type of home over the past decade after buyers were priced out of the top end of the market, according to new research.
The average price of a terraced property has increased 68.4% to £151,332 in the 10 years to the second quarter of 2011, said the Halifax……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

The prospects for capital growth in the UK’s commercial property market are limited but there are opportunities for discerning investors who follow appropriate strategies, writes Richard Kirby of F&C REIT.
UK commercial property has, quite rightly, been depicted as an asset class delivering a relatively high and stable income stream with the prospect of some capital growth……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Property owners and investors should consider buying up commercial property in London as the capital still offers great opportunities to businesses as opposed to other areas of the country.
That’s the view of Richard Kauntze, chief executive of the British Council for Offices, who has told of his belief that there are many advantages available for business looking for a place to use as a base……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Ireland’s residential property prices declined at a faster pace in August, after slowing in the previous month, data released by the Central Statistics Office showed Monday.
The residential property price index decreased 13.9 percent year-on-year in August, markedly faster than the 12.5 percent decline recorded in July. In June, property prices dropped 12.9 percent……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Finnish investors expect to increase allocations to non-listed real estate by nearly a third over the next three years, according to a study.
The new INREV study on the investor universe in Finland showed investors in the Nordic country saw themselves raising their allocations to the asset sub-class by 27% in the next three years……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

The residential property market in Portugal has deteriorated in the last month although the Algarve region is experiencing better market conditions that the rest of the country, according to the latest real estate index published today (Monday Sepember 26).
The August Royal Institution of Chartered Surveyors/Ci Portuguese Housing Market Survey shows that that both the national activity and national confidence indices deteriorated……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Serbia’s lawmakers have approved a law on the return of property confiscated by the communist authorities after World War II, which is key for its efforts to eventually join the European Union.
The reform, however, has faced criticism from the property heirs, who complain the law will not undo the injustice done to their families……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Dubai’s hotel, retail and residential real estate sectors are enjoying a boost from the emirate’s “safe haven” status amid unrest elsewhere in the Arab world, a report said on Monday.
The Arab Spring, which has resulted in the downfall of leaders in Tunisia, Egypt and Libya, has confirmed Dubai’s position in the region, property consultancy Jones Lang LaSalle said……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Dubai villa and apartment prices may soon bottom out as political turmoil elsewhere in the Middle East and North Africa prompts buyers to look for less-risky investments, Jones Lang LaSalle said.
Apartment prices in most parts of the Persian Gulf sheikdom are stabilizing or declining slightly, “indicating that the market might be very near its bottom,” the U.S. property broker said in a research report today. Villa sales increased 59 percent by value even as volume fell by nearly a third, indicating that higher-priced properties are attracting the most buyers……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Realty PE funds generate returns from the real estate market without the risk of locking funds in one property. They tie up with developers which need funds and buy stakes in their projects.
“Realty PE funds are typically development-based and buy stakes in projects. Rental-based funds buy a property with a committed tenant and earn the rent. One key difference is that the rental-based funds do not take any development risk,” says Richa Karpe, director (investment), Altamount Capital Management, which helps many families manage their wealth……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

Singapore is looking to lead by example in the Asia-Pacific region, to mitigate the worsening impact of built-up space on climate change. According to the United Nations Environment Programme (UNEP) over a third of the energy related to green house gas emissions is connected with buildings.
Singapore has set for itself a goal of making 80 per cent of its 210 million square metres of built-up space meet Singapore’s Building and Construction Authority’s (BCA) green building norms by 2030 which will mean a significant reduction in energy consumption and therefore emissions……………………………………….Full Article: Source

Posted on 27 September 2011 by Laxman |  Email |Print

The Real Estate and Housing Developers’ Association Malaysia (Rehda) is “cautiously optimistic” of the housing market outlook in the first half of next year despite a marked increase in building material and labour costs as well as a slowdown in economic activity.
A Rehda survey found that 41% of the developers who responded were optimistic of the first six months of 2012 compared with the second half of this year, where 48% said they were optimistic……………………………………….Full Article: Source

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