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Real Estate Briefing 21.Oct 2011

Posted on 21 October 2011 by Laxman |  Email |Print

The U.S. commercial real estate market has slowed in the past three months as the sputtering economy and a pullback in debt financing limited deals, cooling a recovery from Washington to California.

A total of $49.8 billion of commercial property changed hands in the third quarter, down from $58.5 billion in the previous three months, according to a report released today by Real Capital Analytics Inc. The 15 percent decline is the second-biggest since the first quarter of 2009, the real estate research firm’s data show………………………………………..Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Sales of existing U.S. homes probably fell in September, extending a pattern of gains and losses that shows the industry is being buffeted by a lack of jobs and confidence, economists said.
Purchases declined 2.5 percent to a 4.91 million annual rate, according to the median of 77 economists surveyed by Bloomberg News. Jobless claims data from the Labor Department may show scant improvement in the pace of dismissals……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

The NAR (National Association of Realtors) reported that sales of existing homes fell 3.0 percent last month, from a seasonally adjusted annual rate of 5.06 million in August to 4.91 million in September, 11.3 percent above the level of a year ago.

More importantly, median home prices fell 3.5 percent to $165,400 from a year ago and that trend is likely to continue in the months ahead as traditional buyers continue to exit the market after the conclusion of the summer sales season and investors make up an increasing share of purchases, in many cases paying cash for distressed properties………………………………………..Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

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 eurozone 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

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Posted on 21 October 2011 by Laxman |  Email |Print

Retail real estate investment remained strong throughout the summer across Europe, despite the volatile recovery and economic headwinds that continued to face the sector. Direct investment in retail real estate in Europe during Q3 reached EUR 6.7 bn, up from EUR 4.9 bn in Q2 2011 and significantly up on the EUR 3.8 bn transacted in Q3 2010.

Total investment volumes for the year to date now stand at EUR 20.4 bn, up by 45% over the same period last year, almost on a par with total 2010 volumes and far exceeding full year volumes of EUR 12.3 bn in 2009……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

European commercial real estate investment held up in the third quarter despite the turmoil in financial markets over the summer, according to the latest figures from Jones Lang LaSalle.

European volumes over Q3 rebounded following a slow second quarter with transaction volume totalling EUR 28.8 bn, reflecting an increase of 13% quarter-on-quarter and 26% year-on-year. As a result, year to date volumes are 21% ahead of the equivalent period last year, the global property adviser said………………………………………..Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

The big squeeze will keep a lid on house prices for the rest of the year at least, Halifax has forecast, as it revealed another 0.5 per cent dip in September.
The latest Halifax house price index report showed property values ranging between £160,000 and £165,000 over the past 12 months, with the market subdued in the face of low consumer confidence……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Interest in German commercial real estate remains high among both German and international investors with retail property a top favourite, according to a report from Colliers International.

‘Total transaction volume up to the end of the third quarter came to just under EUR 16.8 bn, more than 27% above the previous year’s result,’ said Andreas Trumpp, head of Research at Colliers International in Germany. ‘The quarterly results have been very balanced thus far, fluctuating between EUR 5.4 bn and 5.7 bn,’ he added………………………………………..Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Cyprus’ Residential Property Price Index (RPPI) dropped 0.9% in the second quarter of 2011, marking its sixth consecutive decrease since the first quarter of 2010.

The RPPI, prepared by the Central Bank of Cyprus, declined to 94.2 units down by 0.9% from 95.0 units in Q1 of 2011. On a year to year basis, the RPPI declined by 4.9%, a drop attributed to the reduction in the apartment price index………………………………………..Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

The United Arab Emirates’ stock markets may be in for a rocky few weeks as third-quarter earnings from real estate companies and banks reveal the extent to which the property market continues to slump, despite stronger economic growth this year.
Shares in Aldar Properties and Sorouh Real Estate , Abu Dhabi’s two main developers, sank to all-time lows this week as retail investors dumped the stocks on fears that the quarterly numbers will disappoint……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Residential housing prices in Cyprus have dropped for the sixth consecutive quarter according to the latest ‘Residential Property Price Indices’ report produced by the Real Estate Unit of the Island’s Central Bank.
The Bank’s report, for the second quarter of 2011, shows that the crisis in the real estate market is continuing; a recovery is not expected before 2013. During April, May and June of this year (before the devastating Mari blast that killed 13 people and destroyed the Vasilikos Power Station) house and apartment prices fell by 0.9%……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Products structured on real estate and promising over 20 per cent annual returns are gaining popularity among wealthy investors. These products, sold by wealth managers to their high networth individual clients, could have land or unfinished properties as underlying assets, with a buyback agreement after a certain number of years.
With a minimum investment of Rs 10-15 crore (Rs 100-150 million), these products are sold to a small number of HNIs……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

The period around Diwali is usually the best time in the building trade, but this festive season a triple cocktail of volatile markets, double-digit interest rates and poor consumer confidence in a slowing economy has hit sales volumes, portending hard times for India’s real estate sector.
Some brokers and market experts are bracing themselves for a 25-30% drop in transaction volumes in the country’s top six property markets during the October-December busy season, which, if it happens, could trigger a competitive spiral of discounting to get rid of mounting inventories and restore depleted cash levels………………………………………..Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Results of a recent stress test show that commercial lenders in China can take as much as a 40 percent decline in property prices, and the general risk in property loans is controllable, said the top banking regulator Liu Mingkang.
By the end of August, outstanding property loans among Chinese commercial lenders stood at 10.4 trillion yuan ($1.63 trillion), 19.8 percent of the total of outstanding loans. “The proportion is far less than that of many European countries and America,” said Liu, the chairman of the China Banking Regulatory Commission (CBRC)……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Demand and prices for residential flats in Singapore is on the rise. National Development minister Khaw Boon Wan raised the issue of demand for housing in parliament. “If demand remains strong, we have the resources and the capacity to build more than 100,000 HDB flats during this term of (the current) government,” he said
More than 100,000 public residential flats will be built over the next five years to help combat rising prices and demand………………………………………Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Vietnam’s property market has “slowed down” as higher interest rates made it difficult for potential buyers to finance purchases, said CapitaLand Ltd., Southeast Asia’s biggest property developer.
The nation’s inflation rate in September reached 22.42 percent, the highest among 17 Asian economies tracked by Bloomberg. The central bank has increased its refinancing rate to 15 percent from 9 percent at the beginning of the year, while Fitch Ratings said in August lending costs for some businesses in July were as high as 25 percent……………………………………….Full Article: Source

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Posted on 21 October 2011 by Laxman |  Email |Print

Property pundits often make the statement that the housing market is about to crash. This occurs a few times every decade but it seems to suffering overuse since the global financial crisis in 2008.
Then it was all doom and gloom, but here in Australia we picked ourselves up and and just got on with it………………………………………Full Article: Source

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Posted on 21 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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