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Real Estate Briefing 12.Oct 2011

Posted on 12 October 2011 by Laxman |  Email |Print

Mark ZandiThe U.S. housing market may begin to stabilize after another year or two as the mortgage finance industry works through oversupply from past building and the current foreclosure crisis, a leading economist said Tuesday.
Mark Zandi, chief economist at Moody’s Analytics who has been consulted by Congress, told mortgage bankers gathered for an industry conference in Chicago that tweaks, not necessarily a major new program, will be enough to help arrest the price declines that have been sapping confidence and keeping buyers away……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Jim GillespieIn a survey by Coldwell Banker Real Estate, results found that 9 out of 10 brokers said “the economy is delaying baby boomers’ plans to sell their homes, compared to a few years ago.”
The big issue is the huge number of foreclosures we are seeing. Jim Gillespie, CEO of Coldwell Banker Real Estate said it really depends on how long it will take to work through the foreclosures in the system……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Canadian housing starts jumped a higher-than-expected 7.3 percent in September, helped by a surge in the condominium sector, suggesting Canada’s property boom stayed intact last month and should help the economy avert recession.
Canada Mortgage and Housing Corp said on Tuesday that starts rose to a seasonally adjusted annualized rate of 205,900 units last month. August starts were revised up to 191,900 from 184,700……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

The widening 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 effects of the recent global financial market turmoil has been a fall in yields on ’safe’ government bonds, while, at the same time, yields on prime real estate in Europe have essentially been stable……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Industrial investment flows increased across Europe by just 3% in the first half of 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 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 12 October 2011 by Laxman |  Email |Print

Prime commercial property rents and yields held firm in the third quarter despite the flow of significantly negative economic news and nervousness in the financial markets, according to the latest figures released by CBRE.
Continuing the pattern that has emerged over recent quarters, prime rents saw little overall change across Europe in Q3 2011 in any sector……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

North American property buyers returned to the London real-estate market with gusto in the first half of 2011, but market watchers warn that their interest may not be enough to stop property values from falling in some areas.
The U.K. commercial-property market has always been popular with foreign investors, and London is usually the hub of money inflows because of its size, liquidity and transparency. But North American investment fell off sharply in the recession of 2008 and 2009 as investors focused on the crisis in their home markets……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Foreign investors are flooding into the capital’s property market as they seek a safe haven from the global financial chaos.
Houses in Fulham selling in days? Prices rising? Families chasing each other to buy? Internationals snapping up houses in Chelsea without even seeing them? What on earth is happening in the London market? The summer months, usually so quiet, were busier than anyone could have imagined……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Residential real estate in Bulgaria has seen one-third of its value wiped out since 2008, new research has revealed.
The Sofia Echo reported on a study carried out by estate agency Yavlena, which showed that property prices in the country have dropped by 20.92 per cent compared to 2008, with values declining by 8.5 per cent since last year……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Saudis, citizens of one of the world’s wealthiest nations, are struggling to afford housing in a crisis spurred by urbanisation and a lack of competition in real estate. Less than 40 percent of Saudis are homeowners, and demand continues to outstrip supply in the property market, driving up prices and leaving low- and middle-income families with few options to buy or even rent.
A recent study by the construction and real estate conglomerate Binladin Group said the oil-rich Gulf kingdom needs one million new housing units over the next five years……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

The Dubai property market remains steady for quality buildings in established locations for the third consecutive quarter of 2011, according to a latest study by Asteco.
Sales prices and rents for villas were stable with only minor declines for apartment rents and sales prices of one and four per cent respectively, while the office market witnessed slight declines of three per cent for sales and leasing, according to the report from one of the leading UAE property management companies……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

According to Jones Lang LaSalle, direct commercial real estate Investment volumes in Asia Pacific have increased to around 10% year to date. Preliminary figures released today suggest that volumes have now reached approximately USD 67 billion year to date compared to USD 61 billion for the same period last year.
The key country to watch was Japan where direct commercial investment volumes went back to over USD 4.7 billion - in line with the same quarter in 2010, as investors looked to see how the markets recovered following the tsunami and earthquake and the subsequent dramatic fall in volumes during the second quarter……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

India’s housing markets surged in Q2 2011. There were amazingly strong house price increases, despite an economic slowdown which saw gross domestic product grow by ‘only’ 7.7% during the year to Q2 2011, the weakest growth for six quarters, due to high interest rates and the poor performance of mining and quarrying (1.8% annual growth), construction (1.2%) and the manufacturing sectors (7.2%).
India ranked second out of 50 countries for annual growth of residential prices, in Knight Frank’s latest global housing price index. During year to Q1 2011, house prices rose 21.3%……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Office space market in India’s top seven cities will see total supply of nearly 243 million sq ft by 2015 and this would be 17% higher than estimated demand, indicating a clear oversupply, Cushman & Wakefield and Global Real Estate Institute said in a report.
In Mumbai, supply at 78 million sq ft is expected to outstrip demand by 125% by 2015-end and is expected to experience some downward pricing trend going forward, the report said. Of the seven cities - National Capital Region, Mumbai, Bangalore, Chennai, Hyderabad, Pune and Kolkata - only Bangalore will see demand for office space exceeding supply……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Concerns about a bubble in China’s residential property market are spreading to the commercial real estate sector at a time when developers are upping their exposure, and the country’s insurance industry is poised to invest huge sums into the space.
While commercial prices are steady and insurance companies are watching and waiting, residential property developers have increased investment into the office sector after Chinese government measures were instituted to cool home prices……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Foshan in southern China’s Guangdong province announced late Tuesday that it postponed the easing of its property tightening measures it had announced earlier in the day.
Foshan decided to postpone these easing measures to seek further public opinion and to make a comprehensive assessment on the effects of such measures, Foshan’s housing ministry said in a statement on its website, which didn’t provide further details……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

During the weeklong National Day holiday, there was no sign of a shopping spree in China’s property market. Real estate agents were out in the cold as the trading volume in 20 major cities dropped an average of 32.4 percent in the first week of October compared with the same period last year.
Data collected by the China Index Academy showed that 16 of the nation’s 20 major cities saw year-on-year sales volume shrink, in eight cities by at least 50 percent. Ningbo, in Zhejiang province, tumbled 78.04 percent and Shenzhen by 90.26 percent during the holiday……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Pramerica Real Estate Investors, part of U.S.-based Prudential Financial Inc, has set up a S$3 billion ($2.35 billion) open-end property fund by combining three existing funds that own malls in Singapore and Malaysia, the firm said on Tuesday.
The Singapore-dollar denominated Pramerica AsiaRetail Fund currently has 11 suburban properties with a net leasable area of more than 3 million square feet. It is the firm’s first open-end fund in Asia……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Housing transactions remained flat in Taipei City last month, staying near the trough they set during the global financial crisis in 2009, as the “luxury tax” and growing economic uncertainty continued to weigh on the market, analysts said yesterday.
The number of home transfers totaled 3,506 units last month, rising 0.49 percent from August at 3,489, but down 22.11 percent from the same period last year, according to data released by the city government yesterday……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

Despite growing alarm over the health of the housing market, policymakers continue to dismiss talks of a bursting bubble and insist prices will rebound soon. But the simple laws of supply and demand suggest that prices will continue to fall.
According to data from Statistics Korea, the number of Korean houses increased 13.12 percent between 2005 and 2010, compared to 2.75 percent growth in the country’s population during the period……………………………………….Full Article: Source

Posted on 12 October 2011 by Laxman |  Email |Print

New Zealand’s housing market recovery slowed last month, with a smaller-than-expected lift in new spring sales. The number of house sales rose to 5,235 in September, up 21 per cent from the same month a year ago, but just 43 higher than in August, according to the Real Estate Institute.
On a seasonally adjusted basis, that’s down 2.3 per cent. The national median house price fell $5,000 to $350,000 in September……………………………………….Full Article: Source

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