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Real Estate Briefing 11.Oct 2011

Posted on 11 October 2011 by Laxman |  Email |Print

Doug DuncanConsumer expectations for U.S. home prices worsened significantly in September to register their weakest outlook in more than a year, according to a monthly survey from mortgage market enterprise Fannie Mae.
For its September reading, Fannie Mae said respondents now expect home prices to decline 1.1% over the next year, a steeper drop than the 0.5% decrease predicted in the August survey and the biggest decline expected to date……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Do not get excited. I do not see a light at the end of the tunnel. We have been in the tunnel for so long that I’m just wondering if we will recognize it when the time comes. More importantly, are policy makers aware that the light they are seeing may just be an oncoming train?
At this moment, I’m of the opinion that practically all real estate related data points are noise. The weekly or monthly fluctuations serve no purpose as indicators of the future. Employment is far more important than existing home sales or the Case-Shiller Index. That said, we still have no choice but to at least try to extract some value from the noise……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

The widening of the yield gap between government bonds and prime real estate in Europe is significantly enhancing the attractiveness of property for yield-driven investors seeking secure medium- to long-term income, according to a report from CBRE.
One of the legacies of the recent global financial market turmoil has been a fall in the yield on ‘safe’ government bonds, while, at the same time, the yield on prime real estate in Europe has been essentially stable……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Surveyors expect property sales to pick up this autumn as more houses go on the market, a survey has revealed.
The Royal Institution of Chartered Surveyors (RICS) Scotland survey shows that September was the busiest month for Scotland’s housing market since May, with a “small rise” in the number of people inquiring about property……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Most economists expect house prices to fall further with both Halifax and Nationwide reporting year-on-year falls in house prices in their latest figures.
A growing number of homeowners pulled their home sales in September amid fears that Britain’s ailing economy will force them to drop their prices, according to a poll by the Royal Institution of Chartered Surveyors (Rics)……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Lloyds Banking Group is about to take a 35% loss on a billion-pound portfolio of commercial property debt.
The bank is entering second-round talks with four bidders to sell the portfolio, the FT said. What was initially a set of bids by dozens of parties has been narrowed to four, each of which has initial bids of 650 million pounds……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

With the 2012 Olympics to be held in the city of London, property prices in certain areas of the city are beginning to rise as opportunistic real estate agents and developers increase their presence.
One part of London in particular that is seeing the effect of the upcoming Olympic Games is Stratford, the area in east London where the Olympic Stadium is located. Several professional estate agents have moved into the area to begin advertising properties at a premium price in anticipation of the Olympic Games that will take place less than 10 months from now……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

The German Property Federation (ZIA) has launched a voluntary sustainability code for developers, investors and owners, hailing it as a “milestone” in the country’s journey to becoming the most sustainable property market worldwide.
The organisation, which developed the code over the last two years, said it was pursuing a two-pronged approach……………………………………….Full Article: Source

Posted on 11 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 11 October 2011 by Laxman |  Email |Print

International institutional investors are expected to start buying into retail in Russian secondary cities next year as the segment offers secure opportunities at attractive cap rates of 11-12%, Bill Lane, board member of CBRE in Russia said.
‘Institutions will soon realize that shopping centres and hypermarkets in Russian secondary cities are secure investment assets - dominant in their region and with strong covenants,’ Lane said……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Recent months have seen a slowdown of the Moscow real estate sector, with volumes down, but average prices up in August, but remaining unchanged in September.
­According to the Federal State Statistics Service, the number of direct sales and mortgage related sales fell from 8592 in August to September 8080. Analysts say a key factor is the State Duma approving the third reading of new laws allowing early repayment of loans without consent of the lender and additional fines, through amendments to Article 809 and 810 of the Civil Code……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

The demand for residential properties in Oman is expected to increase over the coming months as the economy continues its recovery in the Sultanate, said a report by real estate specialist Cluttons.
Despite the impact of the global recession, indicators suggest that Oman’s economy is expected to recover and grow with government income rising to RO5.4 billion in the first half of 2011, the report stated……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

With only three weeks before the Haj starts, a number of Haj missions have failed to secure suitable accommodation for their pilgrims in Makkah, sources involved in providing pilgrimage services said on Monday.
They claimed some missions were trying to control the real estate business by providing accommodation on the black market to gain money for themselves……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Just a quick update on the Chinese property market. I tend to keep one eye on the Soufun 100-city index, and the other eye on the NBS 70-city data. Of course it is somewhat fraught to look at an aggregated-up index over such a vast and diverse country, but the trend is still very important for macro analysis of China given the strong link of fixed asset investment, government revenue, private wealth, and of course the banking and finance sector to real estate prices and activity.
So in this update I’ll show you the Soufun graphs with the September data, and pop in a few other relevant bits and pieces I’ve happened upon……………………………………….Full Article: Source

Posted on 11 October 2011 by Laxman |  Email |Print

Private equity real estate fundraising has slowed slightly in the third quarter of 2011, research by Preqin has shown. According to the firm, 17 private equity real estate funds reached a final close in Q3, raising an aggregate $11 billion — a 16% decline on the $13.1 billion which was raised by 27 funds in Q2 2011.
The more difficult fundraising environment follows a decreasing number of leveraged buyouts. Preqin’s quarterly deals data showed 674 private equity-backed buyouts deals worth an aggregate $60.6 billion were announced in Q3, a 23% decrease in value from the previous quarter’s total of $78.7 billion……………………………………….Full Article: Source

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