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Real Estate Briefing 18.Oct 2011

Posted on 18 October 2011 by Laxman |  Email |Print

Jim FlahertyCanadian existing home sales last month posted their biggest increase since January, the Canadian Real Estate Association said, led by gains in Toronto and Montreal.
Seasonally adjusted home sales increased to 38,377 units during September from 37,326 units in August, the organization said in a statement today. Purchases rose 11.0 percent from a year earlier, down from a 15.8 percent annual pace in August……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

Gary MorseExisting home prices in Canada continued to increase last month, although the gains recorded were the smallest since January. The Canadian Real Estate Association said the average price of a home sold in September was $352,581, a 6.5% jump from a year earlier.
The continued strength of the market in the face of a battered world economy was on display last month as sales rebounded from August, increasing by 2.7% on a seasonally adjusted basis. For the first three-quarters of the year, existing home sales are now 1.2% ahead of last year’s pace……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

Three years ago, the real estate market was simple — simply terrible, that is. In virtually every part of the country, foreclosures were shooting up and prices were plunging. Today, the real estate picture is more nuanced. Foreclosures are still rising, but prices are stabilizing in some markets, making home-buying look more attractive.
If you had talked to some good economists just before the housing bubble burst, they would have told you it didn’t make sense to buy a house……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

While home sales remain slumped in the U.S., the rental market is back to peak demand levels in most major markets. As lending standards have tightened and household incomes have shrunk, many Americans have been increasingly turning to the rental market for at least a temporary fix. Landlords are recognizing the increasing demand with higher rents.
The New York Times reported last week that the average Manhattan rent in September was US$3,331, up 6% from $3,131 a year ago and an 11% increase from 2009 when it as $3,013. The vacancy rate in Manhattan is close to 1%……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

The research naturally leads one to wonder about the impact of the housing bust on family-size decisions (the study only considers data through 2006). Homeowners experienced a dramatic drop in housing wealth as prices fell, presumably placing a chill on the demand for additional children.
On the other hand, non-owners may see that their money is likely to buy a lot more home in the future, and therefore a lot more room for new kids. But as the authors indicate, the credit-market effect is important. If buyers are less able to translate rising housing wealth into cash, thanks to stricter home-equity loan rules, then the relationship between home prices and fertility may weaken……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

To buy property the conventional way, you must have good credit and money in the bank. Without both, buying property is difficult; neither the owner nor the lender will take you seriously. So, what do you do if you have bad credit or you haven’t saved enough for a down payment?
You are what we call “the unconventional buyer;” you will have to be more creative……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

European pension funds are upping investment in Czech and Polish major cities as pricing levels off, according to CBRE – but even bolder investors are reluctant to invest outside the region’s core markets.
Data published by the firm to the end of September show that investors had ploughed €8bn into the Czech Republic, Poland and Russia – double the figure for the same period last year……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

Lehman Brothers Holdings Inc.’s Italian real-estate fund could make “an immediate substantial gain” after a restructuring that released 116 million euros ($159.5 million) of blocked assets, Lehman creditors said.
The defunct firm’s commercial-paper unit has stakes in 14 office buildings and 20 Telecom Italia SpA switching stations in Rome, Milan and other Italian cities as a result of loans made in 2007, according to court documents……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

According to a recent Morgan Stanley Economic Report, growth in Russia is poised to accelerate by 5 per cent by the end of this current year, and up to 5.5 per cent again in 2012. Retail sales are on the increase along with wages, while unemployment is dropping and the Russian inflation is also falling to 6 per cent.
Meanwhile the business environment is healthy, with many companies achieving excellent capital growth. However corruption is still abundant, so off shore investments are a popular alternative method to allow for secure profits and capital gains……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

The Russian housing market hasn’t recovered - despite appearances. Resale apartment prices rose 3.79% during the year to end-Q2 2011, according to the Federal State Statistics Service, but the kicker was inflation - resale apartment prices actually fell 5.25% when the price figures are adjusted for inflation.
Rents are also declining. In March 2011, the average Moscow rent fell 2.7% y-o-y to RUB207,582 (US$6,439) per month, according to Knight Frank……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

The Director, Rabie Property Group, Mr Greg Deans, has urged Nigerian investors in South Africa property business to tap into the growing opportunities in one of South Africa’s mixed use city, Century city, a 250-hectare development in Cape Town, comprising office, retail, residential and leisure components, in an integrated and aesthetically pleasing urban environment.
The city, according to him, has the highest investment and grows with a new outlook of developments of about R11 billion. ($262.9million)……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

While a number of residential projects have remained delayed at the handover stage in Abu Dhabi, additional housing supply continued to enter the market during the third quarter, with a further 2,800 units delivered, a trend real estate advisory firm Jones Lang LaSalle, or JLL, expects to continue in the fourth quarter.
With the current residential stock of 193,000 units rising to more than 246,000 units by end of 2013, Abu Dhabi’s residential market will continue to be favourable for both buyers and renters, JLL said in its latest “Abu Dhabi Real Estate Market Overview – Q3 2011” report……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

Emerging markets are on a building tear, and nowhere is that more evident than Asia. Flush with capital from years of high savings rates and with a population seeing substantial increases in wealth, countries in the region have focused on providing the housing, infrastructure and commercial buildings needed for the millions of new urbanites that flock into cities from the countryside each year.
Low interest rates and rapidly growing economies, two situations that are strikingly similar to the ones that created America’s home bubble of the 1990s and 2000s, are also at play……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

Fears of a collapse in China`s property market have sent shares of mainland developers and the MSCI China Property Index tumbling in recent weeks. However, Daiwa Capital Markets says the stocks have been oversold and is optimistic the mainland property market is headed for a soft landing.
“Equity valuations (are) telling us investors are worried about a hard landing, but the physical market may possibly go into a soft landing situation in the next 3-12 months,” Danny Bao, Head of Hong Kong and China Property at Daiwa Capital Markets, said……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

At least two Chinese banks increased interest rates on mortgages for first homes, after property prices posted their first monthly decline in a year.
China Construction Bank Corp., the nation’s second-biggest by market value, increased rates in Beijing to 1.05 times the central bank’s benchmark lending rate, a press officer said today, declining to be identified in line with bank policy……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

As Hong Kong’s chief executive delivered his farewell policy address last week, revelations about the extent of apartments lying empty in the territory grabbed the headlines, rather than a new subsidized-housing initiative.
Property stocks rallied on news that Donald Tsang said he would only be tinkering with the red-hot property market by restarting the suspended subsidized-home ownership program……………………………………….Full Article: Source

Posted on 18 October 2011 by Laxman |  Email |Print

Commercial property values have further to fall, with the strong Australian dollar masking poor returns, according to former Macquarie Group executive director Bill Moss.
“I’m not saying Australian real estate will collapse; relative to the world it’s in pretty good shape,” Moss said. However, the chairman of adviser Moss Capital and former head of property at Macquarie argues that in a world no longer fuelled by debt, the US dollar and US equity markets have become an even more dominant force……………………………………….Full Article: Source

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