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Real Estate Briefing 14.Oct 2011

Posted on 14 October 2011 by Laxman |  Email |Print

Global direct real estate investment volumes in the third quarter of 2011 totalled $99 bn (EUR 72 bn), up 36% on the same period in 2010, according to figures released on Thursday by Jones Lang LaSalle.
In the first nine months of 2011, investment activity increased by 43%, with total transaction volumes amounting to $297 bn, compared to $208 bn in the same period last year……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

The housing bubble bursting several years ago left a “terrible legacy” of mortgage failures for homeowners and financial agencies, and the U.S. government would continue fixing the sagging property market, a senior Treasury official said on Thursday.
“We think there is an opportunity to address the backlog of unsold homes by creating a process for moving real estate owned by the government to new private owners, with a particular interest in creating rental options, as we see more demand right now for home rentals than home sales,” Mary Miller, assistant U.S. Treasury Secretary, said to the CFA Institute in Boston……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

A U.S. housing recovery will begin by late 2012, building on a “pent-up demand” for homeownership, according to Ron Peltier, chief executive officer of HomeServices of America Inc.
The housing market is being held back by high unemployment and tough underwriting standards, he said in an interview on Bloomberg Television……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Here are few facts to consider: US housing prices are going to slide down till the first quarter end of 2012, even though there has been some improvement in the third quarter this year. That’s bad news!
August Home Prices showed there has been a strong incline toward distressed sales, including short sales and real estate owned (REO) transactions, resulting in the year-over-year price decline by 4%……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

The September 2011 RE/MAX National Housing Report, a survey of housing data from 53 metropolitan areas, shows that the number of home sales were 7.6% higher than September 2010. This follows a trend from August and July, when sales were up 18.0% and 13.1% respectively. With higher sales, the inventory of homes on the market fell for the 15th consecutive month by 20.2% from September 2010. Despite brisk sales at the end of summer, home prices continued a slight downward trend, falling 3.3% from last year.
“It’s a good omen that home sales remained at a level higher than last year, and if this pace continues, we would hope to see prices start to rise too,” said Margaret Kelly, CEO of RE/MAX, LLC. “The market is trying hard to recover, and favorable policies from Washington would reduce the possibility of a further decline.” (Press Release)

Posted on 14 October 2011 by Laxman |  Email |Print

Foreclosures continued to plague the U.S. housing market last quarter, while a a growing backlog has caused the length of the foreclosure process to drag on and on.
Nationwide, foreclosure filings totaled 610,337 in the third quarter, an increase of less than 1% from the previous quarter, said RealtyTrac, an online marketplace for foreclosed properties……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Investors fretting about commercial real estate in a weak economy are taking cover in stable properties leased by a single tenant.
Since the fourth quarter of 2010, single-tenant properties have averaged more than 10,000 transactions per quarter — the highest quarterly totals on record, according to a new report by CoStar Group. So far this year, there have been more than 30,000 single-tenant sales valued at $29.2 billion in all property types……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Credit Suisse Group is poised to shut down its commercial-mortgage-backed securities division just days after a new warning of layoffs on Wall Street, according to people familiar with the matter.
The cutback also is a sign of the soft patch the commercial real-estate industry is enduring. Property values had been recovering until this summer, when concerns began rising about weakness in the economy and global capital markets……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Growth is slow in the listed real estate market in Europe, according to Stephane Larsen, portfolio manager with Presima. He spoke with REIT.com at the European Public Real Estate Association’s annual conference in London in early September and said the general economic environment is the biggest threat to European investors.
However, he added that Presima won’t avoid any particular markets because they are negative on that market. Instead, he said it will be reflected in the pricing………………………………………Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

European office rent yields Europe fell slightly during Q3 2011 while sovereign debt problems and divergent national economic performance are seen as causing increased polarisation in European commercial real investment markets in Europe, CBRE, the US property consultants, said Wednesday at its EuropeanInvestment Market briefing at the annual Expo Real conference in Munich, Germany.
The polarisation of prime and secondary commercial property markets, which has characterised 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

Posted on 14 October 2011 by Laxman |  Email |Print

The stability of commercial real estate capital values and continued investor interest in commercial property led to an increase in real estate investment activity in Europe in the third quarter (Q3) of 2011, in sharp contrast with the volatility in other asset classes over the same period, according to the latest data from CBRE.
The total value of commercial real estate investment in Europe in Q3 2011 was €26.3 billion, representing a slight (2%) increase on the €25.8 billion recorded in Q2 and a 7% increase on the €24.5 billion in Q3 2010……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

U.K. house prices fell for the first time in three months in September as turmoil in financial markets spurred by Europe’s debt crisis undermined confidence, Acadametrics Ltd. and LSL Property Services Plc said.
The average price of a home in England and Wales fell 0.3 percent from August to 218,650 pounds ($343,000), the lowest since June, the groups estimated in an e-mailed report in London today. Prices dropped 2.3 percent from a year earlier……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Whilst uncertainty about the global economy is affecting levels of investment in commercial property in London, the West End saw relatively strong volumes in Q3 2011, according to global property consultant Cushman & Wakefield.
With the potential for rental growth continuing to attract overseas and domestic investors’ attention, there were 40 deals totalling £1.43 bn (EUR 1.64 bn) in the West End during the last quarter……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Spain has a major housing problem: there is too much of it - 687,000 empty houses, the leftovers from a construction craze that came to an abrupt halt. The government is on a drive to lure buyers back to the market and breathe new life into what was once a major sector of the economy.
But a property roadshow - in the UK this week - has angered some British residents in Spain. They are still fighting to resolve problems caused by rogue developers, or the loss of large deposits on new homes that should have been guaranteed……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Nigerian real estate companies have been urged to take advantage of South Africa’s booming property market with the intention of repatriating profits accrued to strengthen Nigeria’s promising economy.
Prospective investors were thus counselled to particularly tap into emerging prospects in CenturyCity, one of South Africa’s mixed-use cities, a 250 hectares development in Cape Town, comprising office, retail, residential and leisure components ensconced in an integrated and aesthetically pleasing urban environment……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

The emirate of Dubai remains a safe haven for property investment despite ongoing political turmoil in the Middle East and North Africa (MENA), with demand in some sectors gaining pace, a key Saudi bank said on Thursday.
While the real estate sector in general has started to show signs of recovery in the six-nation Gulf Cooperation Council (GCC), it is still in a state of uncertainty because of the global financial upheaval, National Commercial Bank said……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Prices in Dubai’s Discovery Gardens plunged 10 percent in the third quarter as developer Nakheel released new units to the market at rents that undercut owners, said Asteco.
Landlords in the development cut their losses after failing to attract tenants at rates to cover their mortgage payments, the real estate consultancy said in a report……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Direct commercial real estate Investment volumes in Asia Pacific have increased to around 10% year to date, according to the latest third quarter flash reports from consultants Jones Land LaSalle.
Preliminary figures suggest that volumes have now reached approximately US$67 billion year to date compared to US$61 billion for the same period last year. The key country to watch was Japan where direct commercial investment volumes went back to over US$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 14 October 2011 by Laxman |  Email |Print

To avoid potential ambiguities, experts have suggested that investment in fully built properties be incorporated in the definition of a real estate fund.
In a report compiled by PwC incorporating the suggestions of financial experts, SEBI has been requested to clarify the difference between a real estate project and special purpose vehicles (SPVs) undertaking a real estate project……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

An International Monetary Fund official said Thursday that the Chinese property market could overheat if Beijing does not encourage financial institutions to extend more savings options to households, which have been pouring money into the housing market.
“As long as China continues to have very low, limited saving options for households there will remain a high propensity for property bubbles to develop,” said Anoop Singh, director of the Asia and Pacific department at the IMF……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Malaysia is unlikely to experience a property bubble next year, as several measures have been introduced to curb soaring real estate prices, Housing and Local Government Minister Datuk Chor Chee Heung said.
He said in the 2012 Budget, the government reviewed the real property gains tax (RPGT) by increasing the rate for properties disposed of within two years of purchase to 10 per cent from five per cent……………………………………….Full Article: Source

Posted on 14 October 2011 by Laxman |  Email |Print

Even with a subdued quarter for rental prices, annual growth figures show rental prices for units are approaching that for houses in most capital cities, according to a new report released on Thursday.
The Australian Property Monitors Rental Price Series Quarterly Report revealed national median asking rents for houses fell by 0.2 per cent while unit rental prices rose by 1.1 per cent in the quarter……………………………………….Full Article: Source

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