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Real Estate Briefing 17.Oct 2011

Posted on 17 October 2011 by Laxman |  Email |Print

The housing market, which has struggled with an oversupply of homes for years, is facing a new problem: a lack of attractive inventory. There were more than 2.19 million homes listed for sale at the end of September, down 20% from a year earlier, according to a new report from the real-estate website Realtor.com. That is the lowest level since the company began its count in 2007.
The report is the latest sign of how the U.S. housing market can’t seem to catch a break. While falling inventories are typically a sign of health, because reduced competition can boost prices, that isn’t the case right now……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Overall property investment volumes in Central and Eastern Europe (CEE) amounted to €8.0 billion by the end of September 2011. This is twice as high when compared to the same period last year, with September marking the strongest results for 2011 to date, according to the latest data from CBRE.
Following the continuous domination of Polish and Russian transactions in recent quarters, the Czech Republic has been the most active country in terms of investment volume in the third quarter (Q3) of 2011……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Overall property investment volumes in Central and Eastern Europe (CEE) amounted to EUR 8 bn by the end of September 2011, according to new data released by CBRE. This is twice as high when compared to the same period last year, with September marking the strongest results for 2011 to date.
Following the sustained domination of Polish and Russian transactions in recent quarters, the Czech Republic was the most active country in terms of investment volume in the third quarter (Q3) of 2011……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Asking prices for property for sale in the U.K. rose sharply in the first weeks of October compared with September, buoyed by higher demand for more expensive southern houses, a survey by Rightmove showed Monday.
According to Rightmove’s latest index, which measures the price at which a property is advertised for sale and not the achieved price, house prices in mid-October jumped 2.8% on the month and were 1.2% higher from a year earlier……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

House prices in the south are now more than double those in the north, according to Rightmove. Asking prices in southern regions, such as London and East Anglia, rose by 4.7% in October, while northern regions, including Wales and the West and East Midlands, fell 0.7%.
The difference means the average property price in the south is now £336,743, compared with £164,347 in the north – the widest gulf ever recorded, according to the property website……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

London home sellers raised asking prices by the most in two years in October, pushing values in the capital to a record.
Asking prices rose 5.2 percent from September, when they increased 2.4 percent, Rightmove Plc, Britain’s biggest property website, said in an e-mailed report today. That’s the biggest climb since October 2009 and takes the average price to 450,210 pounds ($710,000). Separate data from Rightmove showed national home values gained 2.8 percent in October……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

The newly established Ministry of Housing is planning to implement a seven-point strategy to solve the country’s housing problem and achieve the goal of making every citizen a house owner.
The ministry wants to enable the housing market to meet growing demand, make available adequate amount of developed land for building houses and enact new laws to help citizens obtain their own houses……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

A number of specialists in real estate marketing believe that the high prices of houses are the main cause for the housing problem in the Kingdom.
It reported after a tour of a number of districts in Riyadh that the real estate market in the capital was still facing various pressures, foremost of which were the high prices of land and housing units, whether they were apartments or villas……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Majority of homeowners in Dubai are still suffering from the real estate recession that started in 2008. According to them, the dip in the price of the property is too high for them to offload it at their current value.
According to an ‘Emirates24|7′ poll 81 per cent respondents think their property in Dubai is still in negative equity. More than half (55 per cent) of participants said their property is valued at 50 per cent less than what they’d bought at. Another 17 per cent said their losses are between 30-50 per cent, whereas, nine per cent said they are in 25 per cent negative equity……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Asian real estate is offering opportunities for better relative returns than markets in the US and Europe, according to a report by the Asia Pacific Real Estate Association (APREA).
Graeme Newell, a professor at the University of Western Sydney and author of the report, said: “The opportunities for growth are here in Asia, and if they want to enhance returns and diversification, it’s a good market to pick up……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

The plight of realty firms is going from bad to worse with each passing quarter. That’s reflected by the BSE Realty index, which has plunged 53% in the past one year, more than the Sensex, which fell around 17%.
About a dozen rate hikes by the Reserve Bank of India (RBI) since March 2010 has hit the realty firms more than any other industry. Costly retail loans have resulted in a slowdown in sales of residential property……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Real estate companies continue to feel the pain in the second half of the current financial year, though city-based developer Oberoi Realty posted a 17 per cent growth in the net profit for the second quarter of 2011-12 at Rs 111.44 as compared to Rs 95.51 crore in the corresponding period in the previous fiscal.
Oberoi’s results, announced yesterday, show no debt on the books even as its rivals are troubled by a drop in home sales and a slowdown in office leasing transactions. Implication: Oberoi’s performance is more of an exception……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

The Beijing branches of China Construction Bank Corp., the country’s largest mortgage lender by assets, have raised the mortgage rates for first-time home buyers, the state-run Xinhua news agency reported Sunday, citing an unidentified official at the bank.
The report didn’t provide details on the rate. Many banks in China’s major cities stopped offering discounts on mortgage loans for first-time home buyers early this year, as lending curbs imposed by the authorities have limited the amount of loans banks can extend……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

Property developer Zhang Xin made a fortune over the past decade on the back of a building boom fuelled by China’s blistering economic growth and the privatisation of its housing market.
Now the co-founder of SOHO China, one of the nation’s leading developers, is worried Beijing’s efforts to cool the sector are hurting sales and threatening to send some debt-laden property developers to the wall……………………………………….Full Article: Source

Posted on 17 October 2011 by Laxman |  Email |Print

A new report into the property market that takes issue with a traditional metric used to define affordability has found families earning more than $100,000 are less able to buy a house compared to couples earning only $60-70,000.
The report comes as another weekend has passed by without a substantial improvement in auction clearance rates, with Melbourne recording another result in the 50s as buyers remain wary……………………………………….Full Article: Source

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