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Real Estate Briefing 29.Nov 2011

Posted on 29 November 2011 by Laxman |  Email |Print

It’s easy to drown in real estate statistics, but looking at “affordability” — the homes that someone on a median income could buy — is a fascinating gauge of housing markets. (Plus, it’s a statistic that can be fine-tuned to the local level). The recent release of the Housing Opportunity Index from the National Association of Home Builders/Wells Fargo shows that we’re still in a uniquely affordable phase of the market cycle. If you’re looking for good news to come from the housing slump, this is it.
One driver is prices that have fallen shockingly — in many places, by half — from 2006 highs. The national median average price has dropped less but still substantially, from $248,000 in 2006 to $176,000 in this year’s third quarter………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Steven WoodAmericans bought slightly more new homes in October but prices fell, according to the US Commerce Department. New-home sales increased 1.3% last month to a seasonally adjusted annual rate of 307,000.
However, the figure is less than half the 700,000 annual rate that experts believe is needed to sustain a recovery. The average price of a new home fell 0.5% to $212,300 (£136,000)………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Sales of newly built homes are bouncing around a bottom, but prices are now at the lowest level of the year. The median price of a new home came in at $212,300 for October, which is up from a year ago, but October of 2010 represented the big fall after the end of the home buyer tax credit.
The fact that October of this year saw the lowest price of the year so far is not good news going forward. What this means for the nation’s big builders has the analysts split………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

As another year of the housing downturn ends, some are wondering if it finally is more advantageous to buy instead of rent, given discounted home prices and mortgage rates near historical lows.
The answer not only depends on where you live, but also your personal finances, the stability of your job and what you expect for home prices and rental rates in the years ahead. Historically, renting has been the better choice, according to recent research………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors(R). Lawrence Yun, NAR chief economist, said there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he said. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.”
The commercial real estate market is expected to follow the general economy. “Vacancy rates are expected to trend lower and rents should rise modestly next year. In the multifamily market, which already has the tightest vacancy rates in any commercial sector, apartment rents will be rising at faster rates in most of the country next year. If new multifamily construction doesn’t ramp up, rent growth could potentially approach 7 percent over the next two years,” Yun said. (Press Release)

Posted on 29 November 2011 by Laxman |  Email |Print

IRSA Inversiones y Representaciones SA (IRSA), Argentina’s biggest real estate developer, will look for opportunities in crisis-stricken Europe and keep expanding its business in the U.S. and Argentina, Chief Executive Officer and founder Eduardo Elsztain said.
“The best transactions are done when everybody stops and is paralyzed,” Elsztain said in an interview at the New York Stock Exchange. “These days, the whole world is in some way frozen and the best way to preserve value is to have real assets.”……………………………………….Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

The level of distressed commercial property available around the world is expected to rise in the final three months of 2011, but demand from cautious investors is much lower as the deepening global financial stresses take their toll, a survey from the Royal Institute of Chartered surveyors shows Monday.
The increase in availability of distressed property is set to be led by Ireland, Southern Europe and the United Arab Emirates. But, the level of global supply is set to outstrip demand by around 60%, the RICS said, up from an estimated 40% in the third quarter………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

House prices in England and Wales fell by 0.9% in October 2011, taking the annual fall in prices to 3.2% and the average price of a property to £159,999, according to latest Land Registry figures.
It said the east of England experienced the greatest monthly rise during October with an increase of 0.7%, while prices in Wales fell by 3%………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Government plans to increase tax on first time homebuyers next March should be scrapped, Britain’s biggest building society claims, as fresh evidence of falling confidence in the housing market emerges from Land Registry figures which show house prices fell 3.2pc last year.
According to official figures based on property sales and Stamp Duty receipts, house prices are now 7pc lower than a year ago in the North East and North West, while London is the only part of the country where house prices increased during the last 12 months – and then only by 0.3pc………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Institutional investors have been warned against mistiming any move into the private rented residential sector in the UK, despite the fundamental attraction of the emerging asset class.
Concerns were voiced at the IPD/IPF Property Investment Conference in Brighton last week that the next two - three years could be prove problematic for pension funds looking to enter the market………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

It’s hard to get more central in the City of London financial district than the Walbrook, a gleaming, glass box designed by Norman Foster’s firm that sits less than 200 meters (660 feet) from the Bank of England. Almost two years after its completion, the office building remains empty.
Walbrook’s owner, Minerva (MNR), isn’t the only company searching for a large-scale City tenant. Almost two-thirds of the office space completed in the area this year isn’t leased, even though the amount built was 43 percent lower than the 10-year average, Colliers International said in a report. New rentals dropped by 52 percent in the first half, Savills Plc said………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

State-controlled lender Allied Irish Banks is mulling the sale of up to EUR 1.4 bn of property loans made on homes, offices and shops across Ireland, according to a news report in the Financial Times.
Potential advisers are pitching for the mandate, expected to make submissions to AIB by the middle of next week. The portfolio is made up of EUR 1.1 bn of commercial property loans, at least half of which are understood to be distressed, the FT said………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

The commercial property market in Poland has so far resisted the economic turmoil affecting other parts of Europe, and as a result the segment is now regarded as one of the most attractive for investments in the CEE region. Major commercial developers active in Poland claim the sector warrants stable investment but at the same time they also point to several potential dangers.
“The uncertain economic situation is causing a return to investments which generate stable revenues secured by long-term deals, and commercial real estate is certainly one such investment,” said Eli Alroy, president of the supervisory board at developer Globe Trade Centre. He added that there is now plenty of interest in Poland from commercial property market investors………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Lebanon’s real-estate sector took a hit in 2011 as the number of real estate transactions tumbled by 14.5 percent year-on-year as of the end of October 2011 influenced by domestic political bickering and regional unrest, reported Credit Libanais Bank in its latest weekly market report.
The report said the real-estate sector demonstrated sluggish activity when compared to the same period last year with the number of real estate transactions dropping year-on-year to 66,143 from 77,360, Credit Libanais Economy Research Unit said………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Key Bahrain-based companies are leading the way in meeting the affordable housing challenge, and setting a leading example for all countries across the Middle East and North Africa (Mena) region.
As the Bahraini government is faced with a growing shortfall of affordable housing, currently estimated at 40,000 units, it must react quickly and efficiently to meet the soaring demand………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Owners of property portfolios - both private and corporate - are leaning on property valuation firms to match “pre-crash valuations”. An industry expert told this website that most owners of properties believe the market has recovered sufficiently and, therefore, want to see the value of their holdings put back at what they were worth before the economic crisis struck in 2008.
“Clients are pressing valuers to match their older pre-crash valuations done on their assets as they believed the market had recovered sufficiently from this year,” Simon Gray, Managing Director - Mena, Chesterton International, said………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Investors in Myanmar have limited options, which results in a situation where one commodity can be the subject of intense speculation for a period until something changes that market or makes a new stream more attractive.
For most of 2011, speculation in the real estate market was rife and prices rose consistently across the board. At the same time, interest in cars – another major investment market – continued to abate and prices kept falling, until the Ministry of Rail Transportation announced a car import substitution program in early September………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

The acceleration of housing price drop and apparent slump in real estate transactions in China’s first-tier cities indicate that its overheating real estate sector has become increasingly cooler. However, analysts have ruled out any possible burst of the Chinese real estate market.
In October, 34 cities in a statistical pool of 70 major cities saw declines in new home prices from September, compared with 17 cities in September, said the National Bureau of Statistics (NBS)………………………………………..Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

Property risks are “overshadowing” China’s economic outlook as a slowdown in sales threatens to trigger developer collapses, the Organization for Economic Cooperation and Development said.
“While the exit of small developers would not pose a problem, the failure of large promoters could put some bank lending at risk, perhaps triggering negative chain reactions,” the Paris-based OECD said in a report yesterday. “A key risk is an overly quick liquidation of unsold property……………………………………….Full Article: Source

Posted on 29 November 2011 by Laxman |  Email |Print

If you’ve been waiting for a chance to purchase a property in Singapore, maybe you should wait some more. The city-state’s red-hot residential real estate market could be poised to plummet 20% to 30% over the next three years – at least according to some analysts, who say demand is dampening just as a flood of new flats is hitting the market.
“We now expect a multi-year downturn in the residential market, with overall private home prices falling by 22% to 26%,” by the end of 2014 said David Lum, an analyst for Daiwa Capital Markets, in a recent report………………………………………..Full Article: Source

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