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Real Estate Briefing 20.Oct 2011

Posted on 20 October 2011 by Laxman |  Email |Print

Robert MurrayNew spending on U.S. construction, which has fallen in four of the past five years, is forecast to remain flat next year at about $412 billion, pushing back an expected recovery in the sector by another year, according to a widely-followed forecast.
The estimate, by McGraw-Hill Construction, predicts gains in some construction sectors, such as single-family housing and apartment buildings, as well as commercial buildings such as warehouses and hotels……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Builders began work on more U.S. homes than forecast in September and consumer prices climbed at the slowest pace in three months, supporting Federal Reserve forecasts for a pickup in growth and a moderation in inflation.
Housing starts jumped 15 percent to a 658,000 annual rate, the most since April 2010, the Commerce Department reported today in Washington. Data from the Labor Department showed the cost of living climbed 0.3 percent from August, in line with the median projection of economists surveyed by Bloomberg News……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Overall housing starts in September beat expectations by a wide margin, the U.S. Commerce Department reported Wednesday, the surge coming primarily from multi-unit structures. Permits for new homes were down, however, which means the gains probably won’t last.
With demand for single-family homes still stagnant, many Americans are turning to rental properties, which prompted the increase in multi-unit dwellings. Because of that, as well as the decrease in permit structures, housing experts are skeptical that the September data represent a meaningful shift in direction for the battered sector……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

The National Association of Home Builders (NAHB) Tuesday reported its Housing Market Index. The metric is a measure of the mood of homebuilders, and has been mired in the mud where home foundations might otherwise be for years now.
The popular press jumped on the news of improvement in the index, but failed to note, except in the details few Americans likely read, that the absolute value of the Housing Market Index is still dreadful……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

About four years ago, as the housing bust worsened, our country faced an entirely predictable problem: A huge wave of foreclosures was headed our way. The issue of the day was how to stop it before it engulfed the entire economy.
My suggestion then was to revive the Depression-era Home Owners’ Loan Corporation, which refinanced about a tenth of all the mortgages in America and closed its books with a small profit. Never mind the details; the suggestion was ignored. Maybe there were better ideas, anyway……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Even with interest rates and home prices at all-time lows, many potential home buyers, especially first-timers, are on the sidelines. They’re concerned about the economy, their job, their savings, or their ability to actually get a loan.
But real estate is cyclical. If you look at the past 50 years, real estate has gone up and down. We’ve been in a down cycle for some time now - which followed many years of an up real estate market. It’s inevitable that buyers will gradually move off the sidelines and start making their way toward the end zone again……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

The rising pressure to control federal spending is beginning to take a toll on Washington landlords. The Washington region’s office market in the third quarter registered its worst performance since late 2009, a sharp contrast to a boom the area saw throughout 2010.
The amount of occupied space in the quarter rose by a mere 1,200 square feet, the smallest level of growth since the third quarter of 2009. By comparison, the amount of occupied space swelled by 2.2 million square feet, or 1%, in the third quarter of last year, according to brokerage Jones Lang LaSalle……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Jones Lang LaSalle reports that European commercial real estate investment held up despite the turmoil in financial markets over the summer. There continues to be equity targeting the sector and we are witnessing more supply hitting the markets. However, the increased uncertainty due to the euro zone debt crisis and a more restrictive debt environment has led to a reduced appetite to take on risk in real estate investment.
In addition there is a current shortage of supply of prime property to the investment market ………………………………………Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

The UK Government has published proposed changes to the real estate investment trust (REIT) regime. A key change signalled by the UK treasury is abolition of the conversion charge for companies joining the REIT regime.
REIT regulations will also be eased to allow listing on the London junior AIM and PLUS markets and their foreign equivalents with a view to increasing accessibility to markets for earlier stage REITs……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Irish commercial property capital value has tumbled 64.2% from the September 2007 bubble peak. The Jones Lang LaSalle Irish Property Index (pdf) results for Q3 2011 were mixed. The overall return for the Index is still falling (-1.9%) and disappointingly, year-on-year overall returns were 5.0% lower, compared to 2.0% year-on-year results for the previous quarter.
On a more positive note, all indices are falling at a lower pace than the previous quarter with overall returns at -1.9% compared to -3.4% in Q2……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

The lack of a large, dynamic, listed corporate real estate sector in Germany, comparable with neighboring economies, appears to have curtailed investor returns over the long-term by limiting their property investment options, a recent study commissioned by the European Public Real Estate Association (EPRA) shows.
Philip Charls, EPRA Chief Executive, said: “Our study concludes that the restrictions on the development of a vibrant listed German real estate sector, as exists in every other major economy worldwide, appear to have cost investors dearly in terms of long-term property investment performance.”………………………………………Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Property prices and rents in the United Arab Emirates may drop a further 20 percent this year and next because of excess supply, Arqaam Capital said.
“There is a further leg down to the U.A.E. property market before residential prices and rents recover,” analyst Mohammad Kamal wrote in a report dated yesterday. “We see a further 15 percent to 20 percent in downside to prices and rents in financial year 2011 and 2012.”………………………………………Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

While the Chinese have found a place among the top buyers of buildings/villas in Dubai, surprisingly, it is the Canadians who are investing a lot in the emirate’s realty market.
Canadians purchased 68 plots for Dh285 million, 388 apartments for Dh608m and 20 buildings/villas for Dh31.08m in the first six months of 2011, according to data shared by Dubai Land Department……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

When it comes to property rights in matrimony, gender matters. The issue of property rights for women within a marriage has long been an area of concern across the world. While Maharashtra is now considering the idea of granting women equal rights in their husband’s property, women’s rights were being asserted in the US way back in 1771.
Almost two-and-a-half centuries ago, New York brought in a law preventing a married man from selling or transferring his wife’s property without her approval……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Bangalore will wake up to a new beginning on Thursday. For residents who are tired of the city’s chaotic traffic, they will now have the options to chose from. The advantages of a sound mass transport system may not show immediately for the people, but realty prices, which have already risen sharply may see further jump.
The Reach-1 of the Rs.11,609-crore - revised cost - mega project from M.G. Road in city centre to Baiyappanahalli in the eastern suburb covers 6.7 km on elevated tracks with four stations in between……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

More Chinese cities saw property price increases slow down in September year-on-year as the government’s tightening measures to cool the market kicked in, the National Bureau of Statistics (NBS) said on Tuesday.
Last month, 59 of the statistical pool of 70 major cities saw new-home prices increase more slowly from a year earlier, compared with 40 cities in August, according to the NBS……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Banks in China’s major cities have started raising mortgage rates for first-home buyers, putting further pressure on prospective buyers and the real estate market.
China Construction Bank, China’s second largest state-owned bank by market value, on Oct. 15 announced an increase of its mortgage rate for first-home buyers to 1.05 times of the central bank’s benchmark lending rate. China’s commercial banks in at least 14 major cities also have lifted the rate by 5 to 10 percent……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

Measures to cool Singapore’s housing market will not be eased despite the slowing rate of increase in private home prices, local media reported on Thursday, quoting National Development Minister Khaw Boon Wan.
“There have been some calls for their removal but I don’t think it is time yet,” Khaw told Parliament on Wednesday. Singapore has tightened borrowing requirements and released more land for housing in a bid to stem a sharp rise in home prices……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

University of Western Sydney associate professor of economics Steve Keen believes property prices may fall, peak to trough, by 20% through 2013, warning the most recent peak in prices may be the last one for some time.
But where house prices go over the next year depends mostly on employment growth and interest rates, says SQM managing director Louis Christopher, who warns predictions without significant modelling behind them cannot necessarily be relied upon……………………………………….Full Article: Source

Posted on 20 October 2011 by Laxman |  Email |Print

The recent Sydney Housing Valuation Report argued that Sydney’s housing market, despite being Australia’s most expensive when measured against household incomes, is built upon relatively sound fundamentals and offers a safer-than-average (Australian) proposition from an investment housing viewpoint.
Now this column wants to focus on the Melbourne housing market, which is built upon far shakier foundations and is arguably Australia’s major market most at risk of a significant price correction……………………………………….Full Article: Source

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