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Real Estate Briefing 03.Nov 2011

Posted on 03 November 2011 by Laxman |  Email |Print

Commercial property prospects around the world weakened in the third quarter of this year as a growing number of countries reported negative sentiment among businesses as demand from tenants fell in more than half the respondent countries, a survey showed Wednesday.
According to the quarterly global commercial property survey conducted by the Royal Institution of Chartered Surveyors, the amount of available space far outweighed demand for it in over half of those countries surveyed. The survey showed saw business confidence in the sector declined, while expectations for rents in the fourth quarter also fell………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Simon RubinsohnGlobal real estate markets softened in the third quarter of the year according to the Royal Institution of Chartered Surveyors (RICS) latest quarterly Global Commercial Property Survey. Investment enquiries and project starts have fallen compared to the second quarter and sentiment about the future has turned negative.
RICS chief economist Simon Rubinsohn said, “While certainly not heartening, it is also not especially surprising that this quarter’s survey results reflect the impact of today’s softer macro-economic picture.” He continued, “That said, there remain key areas of resilience - China, Brazil and Russia - and we have seen positive momentum in several other countries as well, Japan most notably.”……………………………………….Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The global real estate market has hit bottom, according to Ernst & Young, with the adviser saying investors should “brave themselves” for a growing number of deals over the next few years.
In its report on trends in real estate private equity, the company’s global real estate fund leader Mark Grinis said commitments had shrunk to a third of the level seen in 2008, but he argued that the market had potentially “over-contracted”………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The US occupier market was largely unchanged in Q3 while the Canadian market increased at a slower pace than in Q2. Brazil is one of the strongest performers in the Q3 survey with high expectations for further increases in rent and capital values
Capital values expected to stabilize in the US and Canada although investor interest increased in all three countries……………………………………….Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The rental market for U.S. homes tightened during the third quarter from a year earlier, providing support for developers to build new apartments. The rental vacancy rate was 9.8 percent during the third quarter, down from 10.3 percent a year earlier, the Commerce Department said on Wednesday. The reading, which is not adjusted for seasonal changes, was 9.2 percent in the second quarter.
The report also showed that the country’s homeownership rate increased marginally when adjusting for seasonal swings………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The U.S. homeownership rate in the third quarter was at the second-lowest level in 13 years as borrowers were evicted after foreclosures and the tightest mortgage standards in more than a decade thwarted new buyers.
The ownership rate was 66.3 percent, up from the 13-year low of 65.9 percent in the prior quarter, the U.S. Census Bureau said in a report today. It was the only gain in two years. The vacancy rate, measuring empty properties for sale, was 2.4 percent, compared with 2.5 percent in the second quarter, according to the report………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The outlook for investing in commercial real estate through real estate investment trusts is positive, said Peter Ricchiuti, an economist and assistant dean at Tulane University. REITs should benefit from three very strong indicators, he said.
First, very low interest rates will continue for the next couple years. Next, there’s a positive spread between cost of buying real estate and financing it. Finally, there’s very little new supply of real estate………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Housing-related expenditure has increased considerably in Europe over the last decade and now represents the highest share of consumer spending at EU level, says the latest research published by RICS.
As a consequence of growing incomes, housing evolved into the most relevant item of consumer spending in an increasing number of EU Member States. The research also shows that countries with a higher level of income per capita spent more on housing-related consumption………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

As the perceived safe havens of US debt, Swiss francs no longer appear so solid, demand for central London property has soared among foreign investors seeking to preserve their wealth.
But although central London real estate’s safe haven status is secure in the near term, managers of UK property investment trusts have warned that prolonged social unrest and further financial markets regulation could lessen its allure………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Germany overtook the UK as Europe’s largest retail property investment market in the third quarter of this year, with investors shying from Britain’s weak economic growth forecasts and falling consumer spending, research showed.
Property consultant CBRE said on Tuesday that Germany saw 2.3 billion euros (1.9 billion pounds) of retail investment in third-quarter 2011, against the UK’s 1.8 billion euros. The two account for 51 percent of the European market………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The UK government is focussing on wealthy individuals with overseas property in its ongoing crackdown on tax avoidance. HM Revenue and Customs has announced that a new team of specialists drawn from across the department began work last month on a project that will utilize “sophisticated data mining techniques” to identify individuals who own property and land abroad.
Risk assessment tools are then being used to highlight those people who do not appear able legitimately to afford the property, as well as those who do not appear to be declaring the correct income and gains from the property………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

House prices in Austria are continuing to rise rapidly, fuelled by strong economic growth and declining mortgage interest rates.
The residential real estate price index for Vienna rose by 9.52% (6.45% in real terms) y-o-y to Q1 2011, according to the National Bank of Austria (OeNB). On a quarterly basis, house prices in Vienna are up by 2.53%………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

With house prices in Russia returning to pre-crisis levels, properties are pouring on to the market and abandoned building projects are being finalised.
For many cash-strapped Russians, the global downturn offered a chance to buy a new home. But only if they were quick : the market has recovered sooner than expected and prices are already back to pre-crisis levels………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

With volatility returning to financial markets, and uncertainty about the global economy widespread, investors continue to seek stable investment opportunities in the commercial property sector. “The dislocation currently characterising the global equities and bonds markets, is spurring a growing number of risk averse investors to seek refuge in the stable cash flows offered by core commercial assets”, says Auction Alliance CEO Rael Levitt.
ccording to a report released by global real estate services firm Jones Lang LaSalle, there was $103.5 billion in direct commercial real estate investment globally in the second quarter of 2011, which is up 50% from a year ago………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Asia-Pacific real estate investment trusts and real estate operating companies (REITs) have taken convincing steps to face shaky conditions, Standard and Poor’s said. The steps included reducing their debt burdens and diversifying their funding sources away from the banking sector, the credit rating agency’s analyst Craig Parker said.
Funding costs could become more expensive as seen in the widening of credit default swap spreads, he said, adding stricter bank regulations could affect Asia-Pacific REITs who remain dependent on bank debt for short-to-medium term funding………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Commercial banks are getting tougher with real estate developers, asking for supporting documents in advance and increasing scrutiny while sanctioning loans to safeguard risks in such loans.
The Reserve Bank of India, the banking regulator, has been voicing its concerns about spiralling property prices and advising banks to go slow on loans to commercial real estate. It has also increased risk weightage on loans to property developers in the past to make such loans expensive………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Discussions on with GIC, Temasek, ADIA, Kuwait Investment Authority. HDFC Realty, the private equity arm of Housing Development Finance Corporation, is engaged in talks with the world’s largest sovereign funds to raise its fourth real estate fund.
According to sources, HDFC Venture Capital Ltd (HVCL), fund manager to HDFC Property Fund, will start raising its new offshore fund, with a corpus of $400-600 million, by the end of November………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

In an interview with the New York Times last year, leading hedge fund manager Jim Chanos described China’s property market as “Dubai times a thousand.” He was of course referring to the collapse of the Gulf state’s overheated real estate market in 2009 after a six-year boom.
In another interview with Bloomberg during the same period, Chanos said China – which has enjoyed its own boom – was on a “treadmill to hell.”……………………………………….Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

Protests by Chinese homeowners objecting to price cuts on new purchases for similar properties appear unlikely to halt more reductions, as developers struggle to maintain sales and cash flows.
The government, concerned that the surging property market in recent years could lead to unrest from folk priced out of the market, has brought in measures to tame prices. They include construction of 10 million low-cost housing units this year, limit to purchases of second homes, and curbs on lending………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

In a dramatic illustration of the political pressure bearing down on China’s property developers as the nation’s leaders seek to keep housing affordable, a southern city this week announced extraordinary restrictions on residential real-estate deals that includes a price cap.
Observers said the impact could be mostly symbolic, as the details suggest the move is temporary and will affect a traditionally slow-selling period………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The number of Hong Kong property transactions agreed to in October fell 14% from September and 53% from a year earlier, Land Registry figures showed, as potential home buyers retreated because of rising mortgage rates and volatile markets.
The total came in at 5,675 transactions, valued at 27.6 billion Hong Kong dollars ($3.55 billion), down 12% from September and 52% from a year earlier………………………………………..Full Article: Source

Posted on 03 November 2011 by Laxman |  Email |Print

The expected improvement in consumer and business confidence on the back of the November 2 rate cut will have positive flow-on effects for the struggling retail property sector as well as provide to stability to office and industrial leasing markets, according to CBRE regional director of global research and consulting Kevin Stanley.
Stanley says there are already some “early signs of confidence returning to the household sector, which may have developed in anticipation of a rate cut and will only be further reinforced now the decision has actually been made”………………………………………..Full Article: Source

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