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Real Estate Briefing 05.Oct 2011

US commercial property investors are more bearish
Real estate executives turn more bearish
U.S. can rent its way toward a housing recovery: Peter Orszag
Obama should push principal reductions to help U.S. housing, Cisneros says
Review of foreclosure mistakes is set
Investors check out of real-estate stocks
Manhattan home prices rise: Average pad costs $1.4 mln
Why Canada has one of the worlds best housing markets
C.Europe property investment tests $8 bln for FY-C&W
Colliers: Only 43pct of European investors report any increase in risk appetite since early 2011
Colliers: Nordic economies strong but property markets still affected by the uncertain economy
Real estate bankruptcies rise in England, Deloitte report says
London attracts 39pct of European property investment
Scotland: Another year of pain on the cards for the housing market - but there are signs of hope
German investment volumes to exceed EUR 20bn in 2011: CBRE
Euro crisis dampens German market sentiment: King Sturge
Sweden sees major state property sale
Spain regions rush to sell $1.3 bln property to cut deficit
Global investors see property as best Middle East investment
New Dubai real estate rules to be in place by 2013
Some anecdotes about Chinese real estate, as told by Deutsche Bank
Hong Kong September home sales fall for ninth straight month
Singapore: Time to relook property cooling measures, say analysts
VietNam: Capital flow coming back to real estate market
Alternative lenders dominate hotel financing market, says Blackstone

Posted on 05 October 2011 by Laxman |  Email |Print

An overwhelming majority of U.S. commercial real estate investors are bearish on the outlook for the sector over the next 12 months due to a lack confidence in the Obama administration, poor job growth and gridlock in Washington, according to survey by law firm DLA Piper.
More than 70 percent of those who responded to the survey described themselves as bears, up from 60 percent from a year earlier and second only to the 90 percent who answered similarly in 2008……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Real estate executives have downgraded their outlooks through mid-2012 as volatile global financial markets, sluggish job growth and political gridlock conspire to limit recovery, according to a survey released on Tuesday.
Seven out of 10 executives polled by DLA Piper, which calls itself the world’s largest real estate law firm, in September described themselves as “bearish” for the next 12 months, up from 60% in 2010, the report said……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

After any financial collapse, housing plays a key role in the hard slog that typically follows: a weak housing market feeds into a weak economy, which then feeds back onto a weak housing market.
So even if the European banking system somehow avoids a meltdown, economic recovery in the U.S. will continue to languish unless we act more aggressively on housing……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

President Barack Obama has failed in his efforts to help the U.S. housing market recover and should focus on cutting the amount troubled homeowners owe, said Henry Cisneros, who was secretary of the U.S. Department of Housing and Urban Development under President Bill Clinton.
“It’s clear this has been the poorest part of the administration’s response,” Cisneros, 64, said during an interview at Bloomberg’s Los Angeles office yesterday. “The whole country is suffering through the fact that the housing sector is not up and running.”………………………………………Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Millions of current and former homeowners will have a chance to get their foreclosure cases examined to determine whether they should be compensated for banks’ mistakes, under a wide-ranging review being planned by federal regulators.
The review process, which could be unveiled in the next few weeks, will be open to borrowers who were in some stage of foreclosure in 2009 or 2010. Estimates prepared by the Office of the Comptroller of the Currency, which will oversee the review, indicate that 4.5 million borrowers could be eligible for review……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

For much of the past two years, real-estate stocks outperformed the broader stock market. But that trend ended during the fall as investors grew increasingly fretful that a weak global economy would sap demand for commercial space.
The Dow Jones All Equity REIT Index, which tracks the stock of 130 companies, posted a negative 15% total return during the third quarter, an about-face from the second quarter when the REIT index registered a 2.9% gain……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Taking advantage of a weak U.S. dollar and a beaten down housing market, foreign buyers helped push Manhattan home prices slightly higher in the third quarter, according to the city’s top residential real estate agents.
The average price for a condo or co-op in the city climbed to $1.42 million in the three months ended September 30, up 3% from the second quarter, according to realtor Corcoran Group……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

While increases in the price of property in Canada may not be as significant as early in 2011, the country’s property market remains one of the strongest in the world. That’s the result of a recent report by Scotia Economics which shows that despite a recent levelling off of prices, Canada was one of only three major property markets to see positive year on year price growth.
The Global Real Estate trends report by Scotia Economics follows nine major developed markets and found that only Canada, France and Switzerland registered positive year on year increases in values in the second quarter of 2011……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Property investment volumes in central Europe are set to hit 6 billion euros ($8 billion) by end-2011, spurred on by strong investor appetite for assets in the Czech Republic and Poland, property consultancy Cushman & Wakefield said.
The surge in demand has driven down yields for high-quality assets across the region — those on prime shopping malls have fallen to less than 6 percent — although most markets have a reasonable level of supply, C&W said……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Colliers International has released its 2011 Global Investor Sentiment Survey, which takes the pulse of property investors worldwide, measuring their appetite for risk, optimism, key concerns and sense of market cycles.
In Europe, 64% of investors surveyed reported they were more than likely to look to increase their real estate holdings. However, stock remained a concern with 49% reporting the supply of “for sale” property remained a key barrier to expansion and over 54% stating they were focused on core property with target IRRs of 5 to 10%……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Denmark, Finland, Norway and Sweden have, of course, been widely affected by the economic downturn, but the economies are fundamentally quite healthy with a sound financial situation, according to Colliers International.
In 2009 all four countries experienced negative growth, most significantly in Finland. In 2010 the growth had returned to a positive level although for Norway it was only 0.4%. Finland and Sweden have both experienced a significant turn-around from 2009 to 2010, while the growth in Denmark in 2010 was more moderate……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

The number of real-estate and construction companies seeking bankruptcy in England and Wales rose by 11 percent in the third quarter as budget cuts and economic uncertainty led to canceled projects, Deloitte LLP said.
A total of 117 property companies and builders went into administration in the period, up from 105 a year earlier, Deloitte said today in a research report. The industries are unlikely to improve in the next quarter and medium-sized firms will be hurt more than larger contractors, the U.K. affiliate of Deloitte Touche Tohmatsu said……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

London was the destination for 39 percent of the 21 billion pounds ($32 billion) invested in European commercial real estate in the 18 months to July, the Financial Times reported, citing research by CB Richard Ellis Group Inc. (CBG), a property services company.
Eight billion pounds flowed into London, compared with 1.63 billion pounds invested in Paris, 700 billion that went to Berlin and 600 billion attracted to Frankfurt, according to the newspaper……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

With house prices barely moving and sales levels stagnant, there is growing uncertainty over the direction the Scottish housing market will take next. After a few falls earlier this year, house prices in Scotland have been static in recent months, with the exception of some modest declines over the summer.
That reflects a market in which first-time buyers remain on the periphery and demand remains low, putting pressure on sellers to lower their expectations. And whether you are looking to sell, buy or change your mortgage, deciding what to do is complicated by some big question marks over the outlook for the coming months……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Transaction volume in the German real estate investment market is set to exceed EUR 20 bn in 2011, CBRE´s CEO for Germany Peter Schreppel told PropertyEU at EXPO REAL. ´This will be a very good year for the German market,´ he said. ´In the first nine months we already recorded EUR 16.8 bn thanks to a slight increase in Q2.´
Germany is very much in the spotlight for international investors, he added. ´All investors are looking for stability in a world where the only stable thing is instability.´………………………………………Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Sentiment in the German real estate market is darkening in the wake of the current crisis afflicting the euro, according to the latest market survey from property adviser King Sturge.
The firm’s latest Real Estate Climate index saw confidence fall for the second month in a row during September, down to 126.9 index points. The drop of 6.4% from the 137.1 index points registered in August highlights an increasing reluctance on the part of firms to embark on large investments……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

A partnership between the Swedish municipality of Sigtuna and housing corporation Sigtunahem has sold a portfolio of residential and public properties to investment firm Rikshem for SEK 1.7 bn (EUR 190 mln).
The transaction marks the largest sale of properties held by a Swedish municipality this year. The properties sold include more than 1,000 rental apartments and 60,000 m2 of public properties, health and social care accommodation, schools and kindergartens……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Catalonia and Andalusia, two of Spain’s largest and most indebted regions, are trying to sell $1.3 billion of real estate by the end of the year as the country tries to slash its budget deficit and keep borrowing costs from ballooning.
“We put the cream of the crop in the portfolios to ensure the sales are completed,” Jacint Boixasa, director of assets for Catalonia, said in interview in Barcelona. “Our target is to sell 550 million euros ($742 million) of real estate by year- end, which is relatively little time.”………………………………………Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Bricks and mortar are the Middle East’s safest bets with hotels and residential homes likely to bring the most stable returns, according to investors surveyed for a report on global investment.
The Global Investor Sentiment Survey from property agents Colliers International takes the pulse of investors worldwide and measures their appetite for risk, areas of interest and key concerns……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Dubai said on Tuesday that the world’s first governance charter for real estate developers - aimed at improving transparency in the sector - would be implemented by January 2013.
The Dubai Land Department (DLD) said it had launched the draft document with the blessing of ruler Sheikh Mohammed bin Rashid Al Maktoum……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Deutsche Bank Economist Jim Ma and his team came up with a report, turning somewhat more bearish on China after the Hong Kong/Chinese markets got really killed.
They are now expecting GDP growth to slow to or below 7%, and are worried about the exports picture (and among other things). On the real estate market, Jun Ma and associates told an interesting story on the latest development……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Hong Kong’s home sales fell for a ninth straight month in September as the threat of a global economic slowdown damped homebuyer sentiment.
The value of transactions last month declined 44 percent from a year earlier to HK$23 billion ($3 billion), while the number of deals dropped 54 percent to 4,823, according to a statement on the government website today. Both numbers were the lowest since February 2009……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

A shortage of resale flats in the market is causing prices to shoot up and it may be time to relook some of the property-cooling measures, say property watchers.
Resale flat prices, which were already at an all-time high, rose 3.8 per cent in the third quarter this year - higher than the 3.1 per cent pace recorded in the second quarter……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

There have been signs showing that the capital flow, including foreign capital, is coming back to the Vietnamese real estate market after a period of interruption due to the global economic downturn.
Edward Chi, Chair of Coldwell Banker Vietnam, said that in mid September 2011, a group of US and Asian investors, with the arrangement of Coldwell Banker Vietnam, arrived in the country to seek the opportunities in the real estate market……………………………………….Full Article: Source

Posted on 05 October 2011 by Laxman |  Email |Print

Traditional bank lending is being replaced on a large scale by alternative lenders including sovereign wealth funds and insurance companies, Blackstone’s managing director Marty Kandrac said during a conference on hotel refinancing at EXPO REAL.
The US private equity group, which last month took control of UK hotel chain Mint Hotels for around £600 mln (EUR 687 mln), said the deal was financed with a £300 mln loan provided by a number of players, none of which was a bank……………………………………….Full Article: Source

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