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Real Estate Briefing 10.Oct 2011

Posted on 10 October 2011 by Laxman |  Email |Print

Ryan SeverinoVacancies at U.S. shopping malls climbed to the highest in at least a decade as feeble employment growth restrained consumer spending, Reis Inc. (REIS) said.
Regional and super-regional mall vacancies rose to 9.4 percent in the three months ended Sept. 30 from 8.8 percent a year earlier and 9.3 percent in the second quarter, according to the New York-based property-research company. It was the highest since Reis began publishing the data in 2000……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

The percentage of Americans who owned their homes has seen its biggest decline since the Great Depression, according to the U.S. Census Bureau. The rate of home ownership fell to 65.1% in April 2010, 1.1 percentage points lower than it was in 2000. The decline was the biggest drop since the 1930s, when home ownership plunged 4.2%.
The most recent decade-over-decade drop, however, only tells half the story……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

The rate of home ownership in the U.S. fell in the last decade by the largest amount since the Great Depression, although the percentage of Americans who own their home remains the second-highest on record, the Census Bureau said Thursday.
The release coincided with another milestone in the housing sector: Interest rates on 30-year fixed loans fell to 3.94%, falling below 4% for the first time, according to a Freddie Mac survey……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Three years after virtually nationalizing the U.S. mortgage market, the government has embarked on a pullback to see whether private industry picks up the slack. Some people in the housing industry worry that Washington’s move will cause fresh pain in many regions where demand has yet to recover amid the sluggish economy.
At issue are the loan limits that Congress expanded in 2008, allowing Fannie Mae and Freddie Mac to buy mortgages that exceeded the national cap of $417,000……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Construction firms added 26,000 jobs in September, the most in seven months. The industry trailed only health care, professional and business services, and information in job creation. Overall, U.S. payrolls grew by 103,000 last month, and the unemployment rate held steady at 9.1%, the Labor Department said.
Contractors have added 53,000 jobs this year after losing about 150,000 last year and 2 million in the recession. Their hires lag behind most other industries in percentage terms, but they’ve lifted construction employment to 5.6 million……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Home prices increased in 12 states and Washington, D.C., on a year-over-year basis in August, according to a home-price report released this week by property data firm CoreLogic.
West Virginia led all states with an 8.6 percent rise in home prices, followed by Wyoming at 3.6 percent, and North Dakota at 3.5 percent. The CoreLogic Home Price Index tracks price changes in repeat sales of homes……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Landlords in Europe must beef up their annual 1-2% rate of office refurbishments to about 5% very soon to meet carbon reduction targets, Bill Page, head of EMEA offices research at Jones Lang LaSalle,said.
Even in the City of London - one of the most advanced markets in Europe - the annual refurbishment rate currently stands at only 2.7-2.8%……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Rents for prime real estate in Europe’s central business districts are set to grow in 2012, according to new research from real estate adviser Savills.
Figures from the firm’s pan-European index of prime CBD office rental growth markets show that recovery will be strongest across the short to mid-term in the UK, Sweden and Germany. Average rents are predicted to rise across the year by 11.1% in London’s West End, 7.9% in Stockholm and 3.5% Berlin in 2012……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Job losses, banks on the brink and recession knocking at the door. Sound familiar? For anyone who lived through the global financial crisis in 2008, it’s been hard not to experience a sense of deja vu in recent weeks.
For homeowners and estate agents, the double-dip headlines raise the spectre of more property price falls. For first-time buyers, they offer a glimmer of hope at finally getting onto the first rung of the housing ladder……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

International investors continue to drive investment volumes in the Central London office market with non-UK capital accounting for 56% of the total so far this year, according to the latest quarterly figures from Jones Lang LaSalle. In total, £8.1 bn (EUR 9.4 bn) has been transacted in London in the first nine months, the adviser said.
In the City over £4.35 bn has been transacted year to date, with overseas investment accounting for 59%, a 31% rise on the same period last year……………………………………….Full Article: Source

Posted on 10 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……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Switzerland’s push to tame its soaring currency may worsen a jump in home prices as record-low interest rates lure buyers into a market already surging from increasing immigration.
A rise in real-estate prices is among the greatest threats to Switzerland’s economy, Swiss National Bank Chairman Philipp Hildebrand said in June. He made the remarks less than two months before the bank lowered rates to zero, after warning more than a year ago about the possibility of a bubble……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

The Real Estate Investor Protection law is likely to be finalised and issued by year-end, a senior Dubai Land Department (DLD) official said. “We have appointed a consultant to review and finalise the law… we expect it to be issued by the year-end,” Sultan bin Butti bin Mejrin, Director-General, DLD, said.
When asked why the law was being delayed, he added: “It will be quite an important regulation and so we have to ensure that it is perfect.”………………………………………Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

The real estate sector is facing serious challenges in fund-raising, with limited options at this critical juncture. Serious beating down of stocks by the market precludes fund-raise through public issues. Many developers have en masse restructured their loans in 2009, precluding another round of restructuring now.
The increasing interest rate and volatile economic outlook has started dampening housing demand, making banks and non-banking financial companies (NBFCs) wary of fresh lending to the sector……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

With the real estate industry facing a deep slowdown, developers are now taking recourse to social media to promote their properties and attract buyers.
“We use the social media to the optimum potential to market our properties. We use these platforms to create awareness and engage our customers proactively. This has increased our sales by 20-25 per cent,” Tata Housing Development Company Marketing Head, Rajeeb Dash said……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

A house is no longer a one-time investment. There is always room for improvement. Literally. But since most of us exhaust all our savings and borrowing capacity in buying a raw apartment, touch-ups happen only when there’s a damp patch on a wall, a cracked tile in the bathroom or a leakage in the ceiling.
Home improvements, however, should not only be to fix a problem; a house needs to be pampered regularly to keep its beauty-and value-intact. Here’s what smart changes can do to what is possibly the single largest investment of your life……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Experts expect China’s skyrocketing home prices to gradually ease, as housing inventories have begun to pile up as a result of slumping transactions in the property market. Transactions have continued to fall following sluggish performance in September. The market even suffered a slide during the weeklong National Day holiday, which is typically a boom week for the housing market.
Official statistics showed that only 1,039 housing units were sold in Beijing during the holiday, including 908 new homes and 131 second-hand houses, down 22.8 percent over the same period last year……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

China’s home transactions fell during the week-long public holiday after residential prices posted their first monthly decline in a year, according to Soufun Holdings Ltd. (SFUN)
Transactions in 20 major cities slipped by an average 32 percent from a year earlier during last week’s National Day holiday that’s also known as “golden week,” Soufun said in a report on Oct. 8. Home prices slid 0.03 percent in September from the previous month, the country’s biggest real estate website owner said……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Unlike in the United States, Chinese home buyers typically put down at least 40 percent of the purchase price. That means they don’t have to worry about a modest decline wiping out all their equity, and banks have little reason to fear an influx of “jingle mail” from defaulting homeowners returning the keys.
Household debt amounts to less than 20 percent of China’s gross domestic product, according to the International Monetary Fund, one fifth of the U.S. ratio……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

Cambodia’s first constructers association was officially launched this week. The association allows constructers in Cambodia to share experiences and knowledge with constructers from other ASEAN countries and the ASEAN Constructors Federation.
Pung Kheav Se the president of Cambodia’s Constructors Association believes the links with foreign constructors can only benefit the country……………………………………….Full Article: Source

Posted on 10 October 2011 by Laxman |  Email |Print

A new research note from Deutsche Bank has expressed a number of concerns about the Australian housing market, and has forecast an 18.4% decline in housing starts during the 2012 financial year, based on an assumption interest rates will fall by 50 basis points.
The note come just as the International Monetary Fund has released its own report, claiming that despite the enviable status of the Australian economy it is under threat from a housing market that could be as much as 15% over valued……………………………………….Full Article: Source

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