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Real Estate Briefing 01.Nov 2011

Posted on 01 November 2011 by Laxman |  Email |Print

Based on a new report by London-based real estate consultancy firm Knight Frank, prime properties in the world’s global cities were considered ’safe haven’ investments by savvy minded investors for the past three years. Against a backdrop of sovereign debt concerns and geo-political uncertainty wealthy investors sought the stability of luxury property in key cities such as London, Moscow and Hong Kong.
Now new signs are emerging that luxury property prices around the world are collectively softening for the first time since the global recession hit in 2008/09. Fears concerning unresolved sovereign debt issues both in the eurozone and US look to be having an impact on buyer confidence………………………………………..Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Securities tied to commercial property mortgages rose after European leaders reached an accord on the region’s debt crisis and investors stepped up trading in lower-ranking bonds.
The extra yield investors demand to own top-ranked debt backed by loans against shopping malls, skyscrapers and hotels declined to 263 basis points on Oct. 28, the lowest since early August, after soaring to as high as 323 basis points on Oct. 18, according to the Barclays Capital CMBS AAA Super Duper index……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

The besieged housing market has even further to fall before home prices really hit rock bottom. According to Fiserv, a financial analytics company, home values are expected to fall another 3.6% by next June, pushing them to a new low of 35% below the peak reached in early 2006 and marking a triple dip in prices.
Several factors will be working against the housing market in the upcoming months, including an increase in foreclosure activity and sustained high unemployment, explained David Stiff, Fiserv’s chief economist. Should home values meet Fiserv’s expectations, it would make it the third (and lowest) trough for home prices since the housing bubble burst………………………………………..Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

One meaning of the word “distressed” is the state of needing immediate help. Surely that can be used to describe every aspect of the real estate market nationally and locally. According to the most recent S&P/Case-Shiller Home Price Index, home prices dropped nationally 5.9 percent for the first six months of this year and foreclosures and short sales remain at historically high levels. The Lansing area dropped 6 percent.
In this uncertain environment everyone is distressed. Buyers worry that they are paying too much for property. Sellers worry that if they sell their home it may not be worth what is owed which might force a short sale, require bringing cash to closing, or even a foreclosure……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

The number of commercial investment properties being brought to the market in Europe has increased since the end of the summer, according to the latest report from global property adviser CBRE.
There is more property being offered for sale across Europe, but the trend is most obvious in Paris and London. In Central London alone there are currently around £6.5 billion of office properties either currently available, or being prepared for market – roughly the same as the £6.8 billion that has changed hands over the first three quarters of the year. This property is coming from a variety of sources: German open-ended funds, banks or investors looking to realize recent gains in capital values……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Offices in London’s City district and Prague offer the best defensive plays for property investors seeking to safeguard total returns if the pan-European sector is dragged into a second recession by the Euro zone debt crisis, research showed.
Property consultancy DTZ said while both London’s financial district and Prague would be negatively affected by renewed recession, the impacts out to late 2016 would be markedly less than in other euro and non-euro zone countries……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

U.K. house prices dropped for a sixth month in October and a slowdown in London’s housing market will cause the pace of decline to accelerate in the coming months, property researcher Hometrack Ltd. said.
The average cost of a home fell 0.2 percent from September and was down 2.8 percent from a year earlier, the London-based company said today in an e-mailed report on its monthly survey of real-estate agents. Prices based on Hometrack’s gauge have fallen every month except one since July 2010……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Chinese luxury home buyers are leading a legion of cash-rich non-UK investors in search of upmarket London homes, with demand driven by currency exchange rates that produce discounts of up to a quarter on purchase prices, research shows.
Property agency Knight Frank said Chinese buyers benefited from a 24 percent purchasing power discount based on the yuan-sterling forex rate between the peak of the prime London housing market in March 2008 and Oct. 27. Singaporean buyers got a 22 percent benefit, while Malaysians received 18 percent……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Ireland’s property market continued its decline in the third quarter, with values falling for the 15th consecutive quarter.
According to IPD’s latest set of data for the three months to September, values fell by 4.6%, with an overall negative market return of 2.3% across the Society of Chartered Surveyors Ireland (SCSI)/IPD Ireland quarterly property index……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Mayor Sergei Sobyanin’s emphasis on developing social and transportation infrastructure over the housing market could lead to significant price increases for residential real estate in Moscow, according to a director of one of the city’s largest realty agencies.
“In the upcoming year, year and a half, the price for apartments could increase as much as 20 to 30 percent,” said Penny Lane’s elite real estate director, Alexander Ziminsky……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

You will all understand that the property market and the construction industry are sectors that, like other business activities, employs and engages thousands of workers both directly and indirectly.
To the untrained eye these sectors are the exclusive domain of property speculators who have been hiking prices artificially and beyond their real value over the last two decades. But in reality these sectors are of great interest to the general economy and provide the bread and butter of thousands of self-employed entrepreneurs such as plumbers, carpenters, ironmongers, tile layers, electricians, furniture manufacturers and many others………………………………………..Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

The exposure of Asian listed and unlisted real estate funds and companies to European banks is extremely low, a recent survey by The Asia Pacific Real Estate Association (APREA) has found. The low level of threat will provide reassurance to investors amid the turbulence in Europe, the survey said.
APREA, which represents and promotes real estate as an asset class on a regional basis, surveyed approximately 100 listed and unlisted real estate funds and companies across the region and asked them about their exposure to European banks……………………………………….Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Home prices in Delhi are expected to rise sharply for the second time this year after the Delhi cabinet gave its nod to increase circle rates in the city by up to 250%. In February this year, circle rates were increased by over 100%. Circle rate is the minimum rate at which properties have to be registered with the government.
“The growth of the real estate market and instances of under valuation of properties necessitated the notification of the minimum rates,” said Delhi’s chief minister Sheila Dikshit…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

China thought it had a good plan: Bring down soaring house prices so millions of frustrated wage-earning families can afford new homes, and social harmony will follow.
However, furious protests by existing homeowners against price-cuts on new developments show that the road to real estate equilibrium is a rocky one…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

China’s property market has been cooling off lately. September home prices decelerated in 59 of 70 major Chinese cities. And prices are likely to continue to slow as Chinese premiere Wen Jiabao said Beijing would maintain its efforts to curb price gains in the property market, Bloomberg reported.
Chinese property stocks slid on the news with China Vanke Co. the country’s largest publicly traded developer falling 2.7% in Shenzen. Meanwhile steel companies that supply the property market were also down…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

Singapore’s Urban Redevelopment Authority (URA) has released its third quarter findings for residential property. The final price index showed that q-o-q growth in the overall residential property prices stayed unchanged form the earlier estimate of 1.3 per cent, accounted on 3 October 2011.
The price growth in Q3 marks another all-time high in the island wide residential price index, surpassing its previous peaks in Q2 2008 and Q2 1996 by 15.9 per cent and 13.4 per cent respectively…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

The Klang Valley will face an oversupply of office and retail space within the next two to three years, according to property consultancy CB Richard Ellis (M) Sdn Bhd. Capital values for residential units would see some increases in 2012, but at slower rates compared with the past 18 months.
CB Richard Ellis executive chairman Christopher Boyd said while 2011 was a strong year in terms of demand for office space in the Klang Valley, rental values might succumb to an oversupply situation within the next 18 months…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

High interest rates and lack of lending due to inflation is holding back potential buyers in Vietnam. According to local property monitors, buyers are unable to secure loans from banks due to interest rates which have hiked up to 22.42 per cent, making it one of the highest in the region.
Vietnam’s central bank has increased its refinancing rate to 15 per cent from 9 per cent while lending costs for some businesses are up to 25 per cent…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

House prices slackened off in the last quarter but still gave 110 per cent over the decade. Figures from the Australian Bureau of Statistics (ABS) on Tuesday showed the average price of an established house in Australia’s capital cities fell by 1.2 per cent in the September quarter, and by 2.2 per cent over the past year.
Prices remain relatively high, though, having still risen by 110 per cent over the 10 years to September…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

New Zealand’s new residential property listings rose 2 percent in October from September, according to realestate.co.nz, an industry website. The increase followed a 10 percent gain in September, according to a report on the website. New listings fell 5 percent from October last year.
The volume of unsold properties was the equivalent of 38.5 weeks of sales, up 4 percent from September, the website said. The average asking price gained 2 percent from September…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

House building in New Zealand has slumped to a new record low. Statistics NZ said consents for just 13,533 new houses were issued in the year to September 2011, down from 16,292 consents issued in the year to September 2010.
Louise Holmes-Oliver of Statistics NZ said yesterday the big drop in seasonally adjusted figures for new home approvals in September partly reflected the strength of the increases in the previous two months…………………………………………Full Article: Source

Posted on 01 November 2011 by Laxman |  Email |Print

The Auckland market is leading the way in a rise in asking prices for homes, with the national figure up 2 per cent in October to $434,161, according to industry figures. However, the inventory of unsold homes on the market moved up again, to the equivalent of 38.5 weeks of stocks at present sales rates.
The NZ Property Report from Realestate.co.nz shows the Auckland region led the trend of rising asking prices, recording its highest average asking price - $568,778 - since Realestate.co.nz began tracking the market data in 2007…………………………………………Full Article: Source

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