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Real Estate Briefing 27.Oct 2011

Posted on 27 October 2011 by Laxman |  Email |Print

Have you got $500,000 (£312,000) to spare and hail from anywhere but America? If so, one Charles Schumer of New York wants you to get in touch. That half a million dollars, according to Schumer, one of New York’s two Democratic Senators, could be part of the answer to the country’s housing crash.
Schumer and Mike Lee, a Republican Senator from Utah, are trying to drum up support for legislation that will entice foreigners to invest €359,000, C$508,000, 78m yen or 3.1m yuan in US residential real estate. And the sweetener: a visa to live here as long as you own the property. Is it starting to look attractive? It might be to those who don’t subscribe to the thesis that America’s best days are behind it………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

U.S. commercial real estate investors believe occupancy and rental rates in most U.S. markets will stay soft in 2012, but competition to buy property in a handful of promising areas could get dangerously hot, according to an influential survey released on Wednesday.
Almost three years after the U.S. economy hit bottom, a recovery seems to be nearly stalled. There is no driver of jobs to create demand for office space, boost consumer spending at malls and shopping centers, and raise demand for warehouses to store goods………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Investors are lowering their expectations for financial returns on office towers and other commercial properties but are still chasing after choice properties in the busiest cities, according to a report by accounting firm PwC and think tank Urban Land Institute.
Commercial real estate players say they expect a grindingly slow recovery of their business next year as economic conditions marginally improve………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

New U.S. single-family home sales rose at their fastest pace in five months in September, a government report showed on Wednesday, but sustained price declines indicated the housing market is far from recovery.
“Home sales rose slightly last month, but are still very depressed. There are no real signs of a turnaround for housing yet. Too many unsold existing homes are still on the market so builders are not building new homes,” says Gary Thayer, Chief Macro Strategist, Well Fargo………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Purchases of new U.S. houses rose more than forecast in September as discounted prices lured buyers in some parts of the country. Sales climbed 5.7 percent to a 313,000 annual pace, figures from the Commerce Department showed today in Washington. The median estimate of economists surveyed by Bloomberg News called for a gain to 300,000.
The median price slumped 10 percent from September 2010, the biggest drop in more than two years. Another report showed demand for durable goods excluding transportation equipment climbed last month by the most since March………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Falling home prices aren’t enticing Americans to buy up new property. The government’s latest read on new-home sales in September came in a little better than expectations, but offered no reason to get excited about a rebound in the housing sector.
The report reflected a troubling trend that Americans are reluctant to invest in new homes amid a weak economic backdrop………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

After staying put during the economic recession, you might be tempted by stabilizing real estate prices and low mortgage interest rates to sell your house and buy your next place. What you may not realize is how long and complicated the process of buying and selling a home has become.
New lending regulations, appraisal procedures and consumer expectations can throw up roadblocks for even the most seasoned flipper. Many homeowners who haven’t sold or bought a home in the past few years will find that many of the old “rules” have changed. Residential real estate experts suggest homeowners become aware of the new rules before listing their current property and searching for a new home………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Canadian home resale prices hit a record high in August, their ninth consecutive monthly gain, but consumer confidence fell for the fifth time in six months, highlighting Canada’s two-speed economy and cloudy outlook.
The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes in six metropolitan areas, showed overall prices were up 0.9 percent in August from July………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

According to Jones Lang LaSalle, overall leasing volumes continued to improve over the third quarter of 2011 despite variations in prime offices rents. Prime rents increased over the last quarter in Stockholm, The Hague (both +2.4%), Hamburg (+2.2%) and Milan (+1.9%), although these were offset by decreases in Brussels (-3.2%), Dublin (-3.0%), Madrid (-1.9%) and Edinburgh (-1.8%).
Despite these changes, the Jones Lang LaSalle European Office Index is unchanged. Office rents in CEE markets remained stable compared to the previous quarter, reflecting continued positive demand………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Ireland’s state-run National Asset Management Agency (NAMA) is offering financing to help offload its commercial property portfolio, but said deleveraging by banks and a proposed law on leases was making life difficult.
NAMA, created to purge Irish banks of nearly 75 billion euros (65 billion pounds) of risky land and development loans, is one of the world’s largest property groups and needs to revive Ireland’s moribund commercial property sector to avoid further writedowns to its portfolio………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

More than 70% of German institutional investors are now handling their retail property asset management in-house, and Ernst & Young believes this figure is set to increase.
According to a recent survey by the consultancy, another 25% of investors have outsourced at least part of their real estate asset management………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

The average market price of residential properties in Bulgaria’s capital Sofia has seen a 6.8% drop year on year during the third quarter of 2011, according to Raiffeisen Real Estate.
As compared with the second quarter of 2011, the average market price of Sofia’s residential properties has decreased by 3.8%………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Activity in the real estate sector in Portugal was not as negative in September as it was in August. The monthly Portuguese Housing Market Survey carried out by the Royal Institution of Chartered Surveyors (Rics) and Confidencial Imobiliario (Ci) found that despite a slight rise in activity across property markets, confidence declined.
Meanwhile, the indicator for the national price balance slipped from -59 to -65 over the course of the month………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

A blistering surge by South Africa’s listed property funds may be starting to stall, as a stagnating economy and rising vacancies bite into what was one of Johannesburg’s top performing sectors last year.
The funds, some of which have become members of South Africa’s Top-40 index of blue-chips, have been popular with investors looking for exposure to real estate in Africa’s top economy………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

While residential property is no longer as wildly overpriced as was the case a few years ago, research conducted by RE:CM suggests that the asset class is still far from cheap and currently offers rental yields well below what investors would consider a fair return.
As with any asset, the question foremost in most people’s minds when it comes to residential property is whether it is a good time to buy. We approach this question as we do for all assets: by trying to determine what the intrinsic value of the asset in question is, and comparing market prices to intrinsic values………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

A number of prominent figures in real estate business have urged the authorities to regulate the sector and curb the number of offices mushrooming in various parts of the Kingdom in an extremely disparate manner.
They noted about 70 percent of real estate offices in Riyadh alone are functioning in an unorganized and unsystematic manner. These offices adopt all possible ways to earn huge profit without giving any consideration to the interests of their clients, according to a report in Al-Eqtisadiah business daily………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Dubai’s investment arm has teamed up with one of the world’s biggest asset managers to create a US$1 billion (Dh3.67bn) property fund. The fund is the first “Dubai-only” property investment vehicle, according to a statement from Dubai’s official media office.
It is to be seeded initially with $200 million - $100m each from Investment Corporation of Dubai (ICD) and the Toronto-based Brookfield Asset Management, a global alternative asset manager overseeing $150bn. Brookfield has an office in Dubai………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Home prices in the United Arab Emirates, which have fallen by more than half since 2008, may drop by another 10 percent to 30 percent as developers add to supply in Dubai and Abu Dhabi while buyers dwindle.
Prices won’t show “any meaningful recovery” in the next five years, according to Saud Masud, an analyst at Dubai-based Rasmala Investment Bank Ltd. who reiterated a May estimate that values are likely to slip by another 25 percent to 30 percent. A drop of 20 percent was forecast by Arqaam Capital Ltd. in a report earlier this month………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

During the slowdown last year, sales at luxury home builders EMGEE Group had gone down so much that Mudhit Gupta, the company’s chairman, could actually keep a count of the footfalls at his sales offices.
It was during those days that he got a call from a friend in the UK who told him about real estate opportunities in Spain and Montenegro. “I landed there, saw some beautiful sites, met extremely FDI-friendly governments, and decided to invest,” he says………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Finally, some concrete steps to clean up the real estate sector are being taken. The recent Supreme Court judgment stating that immovable property can only be transferred via a registered deed of conveyance should plug loopholes that buyers and sellers use to transfer property using power of attorney and other devices, thereby bypassing taxes.
And the draft Real Estate (Regulation & Development) Bill to be introduced in Parliament’s winter session will - if implemented properly - finally afford buyers some security………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

Financial Times ran the story on Chinese property developer Vanke warned that prices and volume will fall. And that, of course, will have serious consequence to the economy, both domestically and globally, if hard landing happen, which is still judged to be likely here.
But let’s put that aside for a second. The recent price cuts in various cities have triggered some protests by homeowners who have bought their properties some time ago, finding themselves now losing money as prices fall. One can consider the social aspect of this kind of behaviours, and imagine that if prices fell even more, there could be a problem………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

One of Asia’s most vibrant property markets, Singapore, where luxury home prices have jumped an estimated 40 percent over the past year or so, is now coming to terms with a global slowdown.
While transaction volumes and price growth have slowed down, selective buyers, many from China and Indonesia, continue to snap up niche upmarket properties in tony areas like Sentosa Cove, a seaside enclave, and in luxury districts like Orchard Road………………………………………..Full Article: Source

Posted on 27 October 2011 by Laxman |  Email |Print

The underwhelming spring selling season has been underlined again, with property prices now falling for a fifth consecutive quarter in September, and Brisbane now the cheapest capital city at a median price of $429,339, according to the latest figures released by Australian Property Monitors.
The figures come as clearance rates have failed to rise above the mid-50s this season, despite the number of properties on the market continuing to increase………………………………………..Full Article: Source

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