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Real Estate Briefing 07.Oct 2011

Posted on 07 October 2011 by Laxman |  Email |Print

The biggest housing boom in the last 30 years was offset by the sharpest slump in a generation, ensuring that the growth in residential units during the last decade remained at lows not seen since the Great Depression, the U.S. Census Bureau said.
The number of homes, apartments and condominiums added in the decade grew 15.9 million to 131.7 million, a 13.6 percent growth rate. Almost 90 percent of the growth occurred between 2000 and 2007. There were 2.1 million housing starts in 2005. Last year, there were 587,000, Census figures show……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

The latest sign that the commercial real estate market has cooled with economic fears: stagnant property values. Green Street Advisors’ Commercial Property Price Index was flat in September, the firm said today, marking the fifth straight month for which values have barely budged.
That marks a big change for the index, which climbed 48% from its May 2009 nadir over the two years that followed. Since May 2011, it has hovered around a value of 91 (100 is pegged to the August 2007 peak)……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Mortgage rates in the U.S. fell, sending longer-term borrowing costs below 4 percent for the first time on record, as stricter credit standards and the slowing economy hold back a housing rebound.
The average rate for a 30-year fixed loan dropped to 3.94 percent in the week ended today from 4.01 percent, Freddie Mac said in a statement. That’s the lowest in the McLean, Virginia- based company’s records dating back to 1971. The average 15-year rate declined to 3.26 percent from 3.28 percent last week……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

The National Association of Home Builders/ First American Improving Markets Index (IMI) made its largest month-over-month improvement since the index value turned positive in December 2010. It found that 23 individual housing markets now qualify as “improving”, which nearly double the 12 housing markets that made the list last month.
The index measures improvement for at least six months in housing permits, employment and housing prices. “Both the number and geographic diversity of improving housing markets expanded this month, with Iowa, Illinois and South Carolina all newly represented by one entry or more on the list,” says National Association of Home Builders Chairman Bob Nielsen, in a statement……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Simon Property Group Inc. has received a new $4 billion unsecured revolving credit facility. The nation’s biggest mall operator said Wednesday that the facility can be raised to $5 billion over the length of its term, which is set to mature on Oct. 30, 2015. The maturation date can be extended by one year at Simon Property’s option.
The credit agreement also includes a $2 billion multi-currency tranche for euro, yen, sterling, and Canadian dollar borrowings……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Washington’s housing market continues to outperform the nation, with median prices up 8.5 percent in the last three months.
Real estate data firm Clear Capital, which tracks housing prices on a three month rolling quarter, says price gains nationwide continue to soften, up 3.5 percent in the most recent three month period, compared to a 4.0 percent gain in its previous three month report……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Sovereign debt problems and divergent national economic performance will lead to increased polarization in European commercial real estate investment markets in Europe, CBRE revealed at its European Investment Market briefing at the annual Expo Real conference.
The polarization of prime and secondary commercial property markets, which has characterized the European real estate landscape over the last two years with investment interest highly concentrated at the prime end, is expected to continue for the foreseeable future and possibly intensify……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Hotels performed better than any other property sector in key European markets over a 10-year period. Hotels also showed lower volatility, Malcolm Frodsham of the Independent Property Databank (IPD) told a meeting at Expo Real this week.
Frodsham was presenting the findings of the IPD Pan-European Hotel Performance Report for 2010. The report is designed to increase transparency in the hotel sector and is sponsored by investor Invesco and advisers Jones Lang LaSalle and HVS……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

The housing market is lacking direction, Halifax has warned. Its latest house price index, published yesterday, showed that property prices slumped a further 0.5 per cent last month after falling 1.1 per cent in August.
Over the quarter, prices showed an increase of 0.1 per cent, the first quarterly increase since the first three months of 2010. But that is not a sign that the market is picking up, said Martin Ellis, housing economist at the bank……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Britain’s financial regulator is examining Royal Bank of Scotland​’s portfolio of troubled commercial property loans, as the European debt crisis injects fresh volatility in property prices, industry sources said.
The Financial Services Authority (FSA) wrote to the head of RBS’s Global Restructuring Group (GRG), Derek Sachs, last week after sending over officers to quiz staff, assess the potential risks posed by market turbulence and monitor the business……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Office take-up in Germany grew by nearly 18% year-on-year during the third quarter of 2011 as the bullish market trend continued, according to new figures released by BNP Paribas Real Estate.
The three months to end-September saw take-up of 863,000 m2 across Germany’s eight main office locations, marking the second-best quarterly result over the past three years. Only Dusseldorf and Frankfurt saw sales volumes either decline or hold steady: all other cities enjoyed positive growth……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

A recent study by GfK GeoMarketing examines the time required to implement shopping center projects in Germany from 2006 to 2011. The study reveals that completion times increased during this period to just under seven years.
A GfK GeoMarketing study of 75 shopping center openings between 2006 and 2011 in Germany shows that an average of 5.4 years is needed to realize a shopping center, from the initial conception to the actual opening……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

German companies seeking to convert to a real estate investment trust could consider merging with existing REITs if they fail to meet the deadline for full conversion at the end of 2012, according to Frank Schaich, CEO of Fair Value REIT.
Schaich told PropertyEU at Expo Real that this option would also help tackle the under-representation of REITs in the German market compared to the UK and France. ‘REITS are the investment scheme of the future, offering a highly efficient way to invest in the German real estate. The sector is too small and the solution needs to come from within Germany.’………………………………………Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Partly due to amendments to the Immigration Law in July 2011, demand for Latvian properties is now rising.
The total number of property purchases across the country increased by 5.3% y-o-y to July 2011. In Riga, the number of purchase contracts rose by 7.2% in H1 2011 compared to the same period last year……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Investment in Russian commercial real estate is forecast to hit a record EUR 4 bn this year, outperforming the pre-crisis years of 2006 and 2007, according to Darrell Stanaford, head of CBRE’s Russian office.
‘This was a big year for investment - we are already at over EUR 3 bn in the first three quarters alone, compared to about EUR 1 bn for the whole of 2010,’ Stanaford said……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

The Indian real estate market could be headed for a slowdown as capital waiting to be deployed in the sector gets increasingly cautious, resulting in fewer investment deals in the realty segment that has seen property prices go past the peak of 2008, prior to the global economic slowdown.
However, Asia in general, and China and India in particular, will continue to attract foreign direct investment (FDI) inflows despite the slowdown as Europe and the US continue to grapple with economic problems of their own, said a senior official of Cushman and Wakefield, a real estate consultancy……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Mumbai’s new Bandra Kurla financial district, already home to India’s biggest stock exchange and international banks such as Citigroup Inc. (C) and UBS AG, is missing a key ingredient: sufficient housing to meet demand.
Citigroup, UBS and JPMorgan Chase & Co. (JPM) led an exodus of finance companies from the old Nariman Point financial hub in south Mumbai to escape double midtown-Manhattan rents for crumbling four-decade-old buildings………………………………………Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

An expected slump in the property market will drag on China’s broader economic growth, according to Capital Economics. And although the prospects look increasingly gloomy and many property developers are likely to fail, the economic consultancy believes policy support from Beijing is likely to soften the impact.
“Controls on bank lending and trust companies have pushed developers towards unregulated, ‘underground’ lenders……………………………………….Full Article: Source

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Posted on 07 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

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Posted on 07 October 2011 by Laxman |  Email |Print

A decade after the industry began, Japan’s real estate investment trusts, the country’s biggest property buyers, are set to sell more bonds as they face a record amount of debt coming due next year.
A total of 159 billion yen ($2.1 billion) worth of bonds will mature next year, the most since Japan established its REIT market in 2001, according to Mizuho Securities Co. J-REITs so far this year have registered to sell as much as 1 trillion yen of bonds in the coming years, exceeding last year’s 800 billion yen-registration, according to IB Research Inc……………………………………….Full Article: Source

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Posted on 07 October 2011 by Laxman |  Email |Print

Residential property listings increased by 5.6% in September as the spring selling season finally kicked off, with Melbourne and Sydney recording the highest increases as buyers continue to be inundated with more choice.
The new figures from SQM Research show listings rose by 20,494 since August, to a total of 383,287 across the country – 24.2% higher than at the same point a year ago……………………………………….Full Article: Source

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