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Real Estate Briefing 28.Oct 2011

Posted on 28 October 2011 by Laxman |  Email |Print

Foreign capital has piled into big, multi-family apartment blocks and residential homes in the US in the past year as international investors seek a safe haven in increased American demand for rental property.
In absolute terms, the dollar volume of foreign purchases of multi-family properties to September 2011 has exceeded 2010’s full year total by 73 per cent, according to data by Real Capital Analytics. Ben Thypin, director of market analysis at RCA, said he expected the year-on-year gain to be close to 100 per cent………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

The number of contracts to purchase previously owned U.S. homes unexpectedly fell in September as lower prices and borrowing costs failed to support demand.
The 4.6 percent decrease in the index of pending home sales, the biggest since April, followed a 1.2 percent drop the previous month, the National Association of Realtors said today in Washington. Economists forecast a 0.4 percent gain, according to the median of 38 estimates in a Bloomberg News survey………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Senators Charles Schumer (D – New York) and Mike Lee (R – Utah) are preparing to introduce a bill they hope will help repair a U.S. housing market reeling from declining prices, rising foreclosures, and excess inventory.
Their proposal would grant three-year residence visas (without work permits) to foreigners who pay cash to purchase either one home worth at least $500,000 or two homes both worth at least $250,000………………………………………..Full Article: Source

Posted on 28 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 28 October 2011 by Laxman |  Email |Print

Riots in the streets, widespread labor unrest, and government leaders wringing their hands: Europe is a mess. But if you’ve ever dreamed of buying a pied-a-terre in Dublin or a villa in Spain, international real estate experts say now may be the time. In Ireland, housing prices have tumbled to 2002 levels; in Spain, prices are at 2003 levels.
The U.S. dollar, meanwhile, has appreciated a bit, up 3.2 percent against the euro since Aug. 31, making it even cheaper for Americans to buy in Europe………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

According to a recent report by international real estate advisor Savills, over the past five years estimated sales of £1 billion (€1.15 bln.) and £2 billion have taken place on Bond Street and Oxford Street respectively, leading to a dramatic change in ownership profile.
UK funds, British and Irish pension funds, who accounted for 96% of ownership on Oxford Street, have reduced their collective stake to 39% having been bought out by investors from Denmark, Spain, Cyprus, Qatar, Libya, Ukraine, India, Hong Kong, Sweden, Canada and the Far East………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Blackstone Group LP and Wells Fargo & Co. have reached a deal with Allied Irish Banks PLC to buy a pool of about $600 million in U.S. commercial-property loans, according to a person familiar with the matter.
The duo is buying the loans backed by a mix of hotels, office buildings and retail properties in several states for a discount of 15% to 20% off face value, the person familiar with the matter said………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Spanish commercial real estate is attracting the lowest level of investment in a decade and a turnaround could take more than a year as Europe’s sovereign debt crisis and a financing shortage choke the market.
A total of 1.25 billion euros ($1.8 billion) of offices, shopping malls, hotels and warehouses changed hands in the first nine months, 52 percent less than a year earlier, according to data compiled by Savills Plc………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

For the first time, Moscow realty has been named the most attractive and desirable in Europe. The city has shot to the top of LaSalle Investment Management’s European Regional Economic Growth Index (E-REGI), which it joined in 2009. The list contains cities where demand for real estate is likely to be highest in the medium term.
This year, Moscow clinched first place due its size and great growth potential. The Index embraces 326 regions in 33 European countries. Cities such as Paris, Munich and London, which used to head the list, have dropped down – it seems the planned expansion of Moscow has inspired investors across Europe………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Propin Property Investment Consultancy has prepared the 2011 Istanbul Office Market Report third quarter. The report covers changes in the office market in July, August and September and presciences for the coming quarters.
According to report, during the third quarter of the 2011 Istanbul Office Market, the value of the dollar in Turkey has increased. This increase has occurred as a result of the change in economic conjuncture in the World and in Europe, and has affected rentals and purchases in a variety of ways. Firstly, no recessions have been experienced in rental transactions………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

In any mention of today’s real estate hotspots or choice locations for second homes, it is quite unlikely Mauritius will even get a serious look. Maybe it’s time to revisit this mindset.
While the island state continues to pull its weight as a prime tourism destination, its authorities and a select band of developers are looking at recreating the same in the residential space. This way they are targeting wealthy property investors who are willing to look beyond the tried and tested destinations………………………………………..Full Article: Source

Posted on 28 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 28 October 2011 by Laxman |  Email |Print

Shares of real-estate developers in Dubai surged amid investors’ speculation that a $1 billion fund set up by the government and Brookfield Asset Management Inc. may help boost the emirate’s property market.
Emaar Properties PJSC (EMAAR), the builder of the world’s tallest skyscraper in Dubai, jumped 4.8 percent, the most since March 13, to 2.60 dirhams. Union Properties PJSC (UPP) climbed 6.6 percent, the biggest gain since May 10, to 30.9 fils. Deyaar Development (DEYAAR) rose 3.5 percent to 23.8 fils. Each dirham has 100 fils………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Housing Development Finance Corp. Ltd. (HDFC) vice-chairman and chief executive officer Keki Mistry sees no risk of a property bubble or a big decline in real estate prices. Because of a slowdown in property sales, prices could correct by between 5% and 15% and “not more than that”, Mistry said.
In an interview, he also spoke about how the rapid depreciation of the rupee should be stemmed to arrest imported inflation………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Increasingly common stories of slow sales and discounted property are raising fears of a deeper and, many say, overdue correction in the Chinese property market.
Chinese authorities, alarmed by soaring prices and increasing numbers of speculators, have placed limits on who can buy property and on how many homes a person can own…………………………………………Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

China’s property developers are actually offering discounts to real estate buyers, as they need higher sales to refill their parched cash flows.
Although the price decline has only happened in a few select areas and experts are still hesitant to interpret it as an exact sign of an overall downturn in China’s property market, positive outlook towards the sector is falling as the central government’s efforts to cool housing prices continues………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

High interest rates are slowing down the residential property market in Vietnam as potential buyers find it difficult to get loans, it is claimed.
According to CapitaLand Limited, Southeast Asia’s biggest property developer, buyers cannot get bank financing as interest rates have soared to 22.42%, one of the highest in the region………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

Prices for luxury residential property in Jakarta increased in the third quarter bucking regional trends, according to real estate services provider Jones Lang LaSalle said.
Jakarta and Mumbai were the only two of tracked cities that saw a price increase; in traditional luxury hubs such as Singapore, Bangkok and Kuala Lumpur, prices remained stable and declined in Hong Kong, Beijing and Shanghai………………………………………..Full Article: Source

Posted on 28 October 2011 by Laxman |  Email |Print

CBRE Group Inc , one of the world’s largest real estate service companies, said its third-quarter net income rose 12 percent, citing growth in its unit that manages real estate needs for corporations and property sales brokerage business in the Americas.
Third-quarter net income rose to $63.8 million, or 20 cents a share, from $57.0 million, or 18 cents a share, in the year-earlier quarter, the company, formerly called CB Richard Ellis Group Inc, said on Thursday………………………………………..Full Article: Source

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