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Real Estate Briefing 06.Oct 2011

Posted on 06 October 2011 by Laxman |  Email |Print

New York beat London to the top spot for global commercial real estate investment in the year to September 30, research showed, but both cities are facing rising bearishness from investors worried by the prospect of economic headwinds.
Property consultancy Cushman & Wakefield said investment volumes in New York totalled $29.7 billion (19.2 billion pounds) in the period, while in London they hit $27.2 billion. Investors have preferred the mature U.S., European and Asian cities for their defensive qualities as the global economy teeters back from recession……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

For people who profess their desire to get the depressed housing market back on its feet the Obama Administration has been singularly inept.
Despite numerous programs to allegedly help people keep their homes and prop up housing prices, the housing crisis continues, and home building is at a fraction of its levels before the bubble that began a little more than a decade ago. Here are things Washington would do if it were genuinely serious about alleviating this crisis:………………………………………Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Are you watching the mortgage market? Then the industry website HSH.com has an announcement that might interest you.
According to the company’s Weekly Mortgage Rate Radar (that’s a mouthful), the average interest rate on 30-year fixed mortgages are at record lows, having fallen by 2 basis points to 4.11 percent this week for conforming loans, and 4.875 for jumbo-conforming……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

A report recently released by the FHFA and crafted by its inspector general, Steve Linick, states that Fannie Mae became aware as early on as 2003 of foreclosure malpractices perpetrated by law firms that it had employed to get distressed homeowners out of their homes. Despite this knowledge, the federal home loan financing giant did precious little to address the issue.
It took news reports in 2010 about issues like the submission of dishonest pleadings in bankruptcy courts to finally get Fannie Mae’s regulator to demonstrate any interest in holding these law firms accountable………………………………………Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Canada’s housing market will cool off in coming months, but a U.S.-style housing crash won’t happen, one of the country’s biggest real estate firms said.
Housing prices jumped between 5.7% and 7.8% in the third quarter of the year compared with the same period in 2010, Royal LePage said. Buyers were tempted by low interest rates and the relative stability of the Canadian economy despite global gloom, it said……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Royal LePage says home prices remained unexpectedly resilient across Canada’s housing market in the third quarter, but the overall strength is concealing signs of moderation in some regions.
In its House Price Survey and Market Survey Forecast, Royal LePage says that Canada’s residential real estate market benefited from very low interest rates and a relatively stable domestic economy……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Canada’s Finance Minister Jim Flaherty says the country’s housing market has cooled somewhat but there’s no “clear evidence of a bubble” at this point. So he’s not planning any further moves to cool the real estate market down, as he did when he tightened up the morning rules earlier, he said.
His comments, reported by Bloomberg News, came after a speech at an investment conference……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Industrial investment flows increased across Europe by just 3% in the first half of 2011 (H1 2011) according to the latest Jones Lang LaSalle European Industrial Bulletin.
Uncertain economic conditions and limited product availability has led to industrial real estate investment volumes stagnating, with activity slowing down rapidly in May and June. This resulted in the second quarter of 2011 (Q2 2011) seeing the first significant decline on a 12 month rolling basis, down 12% quarter-on-quarter, even though it remained 5% higher year-on-year……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Colliers International released its 2011 Global Investor Sentiment Survey today, 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 five to 10 per cent……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Despite the well publicised stock market instabilities and eurozone debt crisis property prices in France are rising, especially in regions favoured by overseas buyers.
Data for the past 12 months from French Notaires, shows that prices increased in Paris, the Cote D’Azur and Bordeaux regions. The rise was strongest in Paris, which recorded a 23% increase in prices and a 2% increase in the volumes of sales……………………………………….Full Article: Source

Posted on 06 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 06 October 2011 by Laxman |  Email |Print

Residential property in Bulgaria has lost nearly one third of its actual value since 2008, according to a report by real estate agency Yavlena. Compared to 2010, housing prices have fallen by 8.5 per cent and by 20.92 per cent against 2008.
The report, based on official statistics, takes into account inflation and also assumes that an average housing unit has an average floorspace of 75 sq m……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

The towering silver and glass building on the hill overlooking Moscow near the iconic Moscow State University has already become a landmark, but the last five floors of the building have remained exposed to the elements since its developer Don-Stroi ran out of money and suspended work in 2008.
However, in the last month Russia’s economy has started to pick up momentum again and the cranes on top of the building, which often disappears in the clouds, have started to move……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

The Abu Dhabi property market showed signs of stabilisation during the last quarter (Q3 2011) with apartment rental rates declining just 6%, compared with 8% and 9% in the preceding two quarters, according to Asteco’s quarterly Real Estate Monitor.
Villa rental rates for Q3 were relatively static for the second consecutive quarter, however villas in off-island locations such as Mohamed Bin Zayed City and Khalifa City continued to slide by 5% on average……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Housing Development Finance Corp. (HDFC), India’s largest mortgage lender, plans to raise its fourth property fund from overseas investors, said two people with direct knowledge of the matter.
Housing Development will seek to raise $600 million for residential and commercial projects in India’s largest cities, starting with an investor roadshow in Singapore from November, said one of the people, declining to be identified before a public announcement. Mahesh Shah, a Mumbai-based spokesman for HDFC, declined to comment……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Dasara festival this year, much like in the past, is set to be flooded with `gruha pravesham’ (house-warming ceremony) across the twin cities. The auspicious day, market watchers say, is likely to see at least a dozen families (on an average) move in to each of the newly constructed projects in Hyderabad.
But while this rush of home buyers might seem to indicate a steady growth in the ailing real estate sector, city builders say that it’s clearly not the case. The many house-warming parties notwithstanding, they confess that the festive season so far has been dry and lacklustre……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

China may reverse its tightening policy in coming weeks as it attempts to cushion the property market from a hard landing, say analysts.
Real estate prices for the most part have remained buoyant, and there’s little evidence that a major slump is underway. But a number of bankruptcies among small and medium-sized companies could be flashing warning signs of growing credit distress and that has Beijing worried……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

The commercial property market is likely to remain robust this quarter after transactions hit a four-year high last quarter, thanks to abundant liquidity which bolstered prices but kept rental yields lower than borrowing costs, analysts said.
Commercial property transactions totaled NT$54.5 billion (US$1.78 billion) during the July-to-September period, the highest since the final quarter of 2007, according to a report by Colliers International, a global real-estate service provider……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Taiwan’s commercial property transactions may reach between NT$110 billion and NT$120 billion this year, the highest since President Ma Ying-jeou took office in 2008, the local branch of DTZ Debenham Tie Leung Ltd. said.
The transactions reached NT$100.5 billion last year, compared to NT$97.7 billion in the first nine months this year, Charlie Yang, chief of institute valuation and advisory services at DTZ in Taiwan, said……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Four years after a real estate boom that saw investors camp out on the streets waiting to pay cash for unbuilt apartments, Vietnam’s once-hot property market has caught a chill.
High inflation and interest rates along with a government-imposed credit squeeze have led to a fall in prices and other incentives to entice residential buyers, while office tenants benefit from a glut of space, experts say……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

Australia’s housing market continues to weaken in the first half of 2011, following the Reserve Bank of Australia (RBA)’s action in hiking the key interest rate to 4.75% in November 2010, up from 3% in September 2009. RBA has kept the key rate unchanged since then.
The house price index for 8 capital cities dropped 1.87% during the year to end-Q2 2011, according to the Australian Bureau of Statistics (Austats). When adjusted for inflation, house prices actually fell by 5.28%……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

John Marasco, Colliers International managing director of investment services, says Australia’s major property players will continue to invest domestically over the next 12 months, mainly for reasons of social and political stability and the mining boom.
“Our investors continue to be upbeat about the state of the market, with most still seeing the market in early upswing,” Marasco says……………………………………….Full Article: Source

Posted on 06 October 2011 by Laxman |  Email |Print

What will investors abandon next? The first bout of jitters in July hit stocks. Then gold took its licks. The latest target: companies that own government-backed mortgages.
After holding up well through the summer, many mortgage real-estate investment trusts have fallen at least 15% in the last month. Such REITs tend to perform better when investors flee risky assets because they invest exclusively in government-agency-guaranteed mortgages……………………………………….Full Article: Source

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