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Real Estate Briefing 24.Oct 2011

Posted on 24 October 2011 by Laxman |  Email |Print

Sens. Charles SchumerThe reeling housing market has come to this: To shore it up, two Senators are preparing to introduce a bipartisan bill Thursday that would give residence visas to foreigners who spend at least $500,000 to buy houses in the U.S.

The provision is part of a larger package of immigration measures, co-authored by Sens. Charles Schumer (D., N.Y.) and Mike Lee (R., Utah), designed to spur more foreign investment in the U.S………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Dan TarulloA 4% mortgage rate hasn’t revived housing. Perhaps it needs to fall to 3.5%. Or maybe 3% will do the trick. In recent days, Federal Reserve officials have raised the possibility that they may need to again buy mortgage bonds, as they did in 2009. In theory, that should cause mortgage rates to fall further, bringing more buyers into the market and spurring additional refinancing that frees up consumer-spending power.

But it might not work as well in practice. High unemployment and overstretched consumer balance sheets have kept housing in the doldrums even with record low rates………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

General Electric Co. (GE)’s lending arm agreed to provide about $800 million to help finance Blackstone Group LP (BX)’s $1.08 billion purchase of U.S. suburban office buildings, said two people briefed on the transaction.

The loan marks GE Capital’s first large commercial real estate financing since the credit crisis following Lehman Brothers Holdings Inc.’s bankruptcy in September 2008, according to the people, who asked not to be identified because the information is private. Blackstone is buying the properties, located mostly in the Midwest and South, from Duke Realty Corp. (DRE)……………………………………..Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Jones Lang LaSalle reports that retail real estate investment remained strong throughout the summer, despite the volatile European recovery and economic headwinds that continued to face the sector.
Direct investment in retail real estate in Europe during the third quarter of 2011 reached €6.7 billion, up from €4.9 billion in Q2 2011 and significantly up on the €3.8 billion transacted in Q3 2010. Total investment volumes for the year to date now stand at €20.4 billion, up by 45% over the same period last year, almost on a par with total 2010 volumes and far exceeding full year volumes of €12.3 billion in 2009………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Despite the gloom, sales of luxury properties in France and UK are rising, according to upmarket estate agents and auctioneers. When the economic going gets tough, the rich get going in increasingly big houses.

As sales of £1m-plus homes in London hit their highest level since the 2007 housing peak, high-end estate agency Knight Frank, whose clients have included Kate Moss and Sven Goran-Eriksson, has reported bumper profits, while in France, auctioneers are reporting a surge in luxury property sales………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

The UK property market has split into two segments, with high end property prices rising as the rest of the market declines. This is according to the latest prime index from property website PrimeLocation.com.

Its monthly index reveals that prime properties – that’s the top quarter of the market by value – saw asking prices increase 0.5% in September, continuing a seven month rally in which asking prices for prime properties hit new heights. The average price of a UK prime property is currently £472,340………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Some EUR 17 bn of commercial property changed hands in Germany in the first nine months of 2011 following a strong third quarter, according to international real estate advisor Savills.

The broker expects to see a marked growth in investment volumes by the end of the year compared with the 2010 total investment volume of EUR 19.7 bn. The third quarter of 2011 saw the strongest performance of the year so far with a total transaction volume of EUR 6.20 bn………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Trading in the housing market saw a 24 per cent increase during the first three quarters of 2011, making the real estate sector one of Jordan’s top performing sectors this year, according to official figures and investors.

The property market went up to JD4.9 billion during the first nine months of 2011 from JD3.9 billion in the same period of last year, according to a report issued by the Department of Land and Survey (DLS)………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

A $16 billion debt restructuring of Dubai developer Nakheel will not help prevent a slump in third-quarter earnings of property firms in the United Arab Emirates, as they face a host of challenges amid little inroads being made to fresh property sales.

Real estate firms in UAE were hit hard by the global financial crisis in 2008 with property prices dropping by about 60 percent from its peak………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Transactions in Dubai’s battered property market fell by 45 percent in the third quarter of the year as wary investors stayed on the sidelines, real estate consultancy CBRE has said.

The number of residential deals tumbled to 1,459 in the quarter, down from 2,648 in the year-earlier period, despite rents in the emirate’s prime developments showing signs of steadying………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Qatari Diar Real Estate Investment Co., the real-estate arm of the Persian Gulf country’s sovereign-wealth fund, signed a $543.8 million contract with Consolidated Contractors Co. to develop two projects in Egypt, according to an e-mailed statement from the Doha-based company.

The contract allocates $464.3 million to Qatari Diar’s “Nile Corniche” project in Cairo and $79.5 million to a coastal resort development in Sharm El Sheikh, it said. The projects will create 4,000 jobs in Egypt, the company said………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

The city may be going high on the Metro, but there’s more to cheer for citizens. Real estate prices along the Metro track are expected to accelerate capital values on the periphery as downtown land becomes scarcer.

The city’s first Metro line from MG Road to Byappanahalli has a limited reach as of now, but a well-knit network connecting far-flung areas like Whitefield and Electronics City will boost land values by 15 to 20%, say real estate experts………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Angry homeowners of several residential projects in Shanghai flocked to their developers’ sales offices over the weekend, seeking refunds or purchase cancellations after big discounts have been offered by developers to trigger sales.

Hundreds of infuriated homeowners gathered at an office building in Lujiazui of the Pudong New Area on Saturday afternoon, demanding a face-to-face talk with China Overseas Property (Group) Co, which has cut home prices at one of its projects in Pudong that averaged 22,000 yuan (US$3,454) per square meter to around 16,000 yuan per square meter during its latest promotion held in collaboration with a major real estate website for group buyers………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Beijing will not loosen nationwide curbs on the housing market, despite gains made in containing both home prices and inflation. That was the announcement from Premier Wen Jiabao on Saturday, the last of a two-day trip to Nanning - capital of southern Guangxi Zhuang Autonomous Region.

Stops on the tour included a jobs’ fair, a food market and some residential areas. “The government must take effective measures to consolidate the fruits of housing price controls,” Wen was quoted as saying by the People’s Daily………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Commercial property investor sentiment in Australia (alongside New Zealand and Taiwan) has remained upbeat in tandem with a particurlarly positive outlook for the Pacific region, according to CBRE’s latest Investment ViewPoint report.

With the Australian economy in good shape relative to other regions, the report says the country’s commercial property sector is “something of a safe haven for investors away from the instability currently affecting the United States and Europe”………………………………………Full Article: Source

Posted on 24 October 2011 by Laxman |  Email |Print

Generally, there is an industry divide between residential mortgage REITs and commercial mortgage REITs. Commercial mortgage REITs should hold mortgages on commercial properties such as office, retail, medical, industrial and warehouse buildings, while residential mortgage REITs hold residential mortgages on houses and apartments.

Commercial mortgage REITs also tend to be on the smaller side, often small-caps ($300 million to $2 billion) or micro-caps ($50 to $300 million)………………………………………Full Article: Source

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