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Real Estate Briefing 30.Nov 2011

Posted on 30 November 2011 by Laxman |  Email |Print

Global real estate investment activity held up well in the third quarter of 2011 but worsening economic sentiment is likely to have an impact on transaction volumes in Q4, according to JLL’s latest Global Capital Flows research report.
Q3 2011 saw $99.4 bn (EUR 74 bn) in direct commercial real estate investment worldwide, up 36% from a year ago, with the most active city markets being London ($6.9 bn), New York ($4.3 bn) and Tokyo ($3.6 bn)……………………………………….Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

In 17 out of 20 major American cities, home prices in September were lower than in August, the latest S&P/Case-Shiller home price index shows.
It’s the first drop after five straight months in which at least half the cities in the survey showed monthly increases, The Associated Press reported. Prices rose month-over-month only in Washington, DC, New York and Portland, the survey said……………………………………….Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Housing markets remain deeply depressed, as the latest S&P/Case-Shiller Home Price Indices show. September data, released Tuesday, show that prices continue to drift lower, with three cities posting new index lows, as real estate markets remain unable to shrug off a massive inventory of foreclosed homes and a weak economy.
National home prices fell at an annual rate of 3.9% in the third quarter, as real estate markets tread even lower. The decline appears to be decelerating, as Q2 prices fell 5.8% on an annual basis while Q3 inched up sequentially 0.1%………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Home prices across the nation are now right back where they were at the beginning of 2003. All that was gained is largely now lost, and the effect on home ownership could continue for decades.
“Consumer attitudes have gotten a lot more negative about long-term commitment,” said Standard and Poors’ David Blitzer, after reporting home prices through September had fallen a deeper-than-expected 3.9 percent compared to the third quarter of 2010. “They dropped to new lows. This takes them below the point we saw in 2009, where briefly we all thought this thing was about to turn around.” ……………………………………….Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

U.S. homeowners with mortgages worth more than the value of their homes decreased slightly in the third quarter, according to a report from CoreLogic.
Nationwide, 10.7 million properties were worth less than their mortgages, known as underwater or negative equity. Those properties comprised 22.1 percent of all properties with a mortgage, a slight decrease from 10.9 million homes, or 22.5 percent, in the second quarter………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Just as the U.S. housing boom gave birth to such homebuyer websites as Zillow Inc. and Redfin Corp., services for rental properties are thriving following a surge in foreclosures and stiffening of mortgage standards.
Membership in the National Association of Residential Property Managers has almost doubled in five years to a record 3,400 members, according to the Chesapeake, Virginia-based trade group………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

The company that controls the Empire State Building, the landmark 102-story skyscraper in midtown Manhattan, may file to become a publicly traded real estate investment trust in about three months.
Malkin Holdings LLC, supervisor of the company the holds the title to the tower, has “embarked on a course of action” that could result in it becoming part of a new REIT (BBREIT), Empire State Building Associates LLC said in a regulatory filing today. Documents may be filed with the Securities and Exchange Commission in about three months, according to the filing……………………………………….Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

It could well become the cocktail-party question of the holiday season: Is Canada’s gravity-defying housing market headed for a fall? The Economist says Canada is one of nine countries in the world where housing is overvalued by 25 per cent or more right now — and among four where prices are in line with those in the U.S. “at the peak of its bubble.”
The others are France, Australia and Belgium, it says under a headline that claims “the bursting of the global economic bubble is only halfway through.”……………………………………….Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

This week the government agreed to underwrite hundreds of millions of pounds in mortgages on new build homes to resuscitate the UK housing market. But the latest data compiled by Investment Property Databank (IPD) shows that the UK commercial property sector could also be in need of a lifeline.
According to the IPD UK monthly index, capital growth in the UK commercial sector has ground to a standstill. Total returns for October stood at just 0.6% and were almost entirely income driven, the data shows………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

The housing market has remained “surprisingly resilient” this month, Nationwide has said, as the average price of a property increased by 0.4% month on month.
The price of a typical home was £165,798 in November, 1.6% higher than a year ago, the Nationwide said, following a 0.8% year-on-year increase in October………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Official estimates about the housing market used by the Government could lead to a £6bn black hole in tax receipts, according to estate agent Savills.
The Treasury is assuming measures it has put in place and an upturn in the market will lead to a 21pc increase in transactions in the housing market in two years time, followed by a further 16pc jump in 2014/15. The rise would result in a huge increase in tax receipts from stamp duty………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Denmark’s home-loan industry, the world’s biggest issuer of mortgage-backed covered bonds, is looking to Germany to avoid a repeat of the housing bubble that sent Scandinavia’s weakest economy to the brink of a recession.
Realkredit Danmark A/S, Denmark’s second-largest mortgage lender, wants the $495 billion industry to reject loan applications if house prices exceed what German banks call the mortgage lending value, which strips out temporary price fluctuations to arrive at a long-term valuation………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Despite on-going financial concern across the euro zone region, Italian real estate investment has the potential to be a platform for growth in the medium term, according to Jones Lang LaSalle research.
Robert Stassen, Head of EMEA Capital Markets Research at Jones Lang LaSalle commented: “Italian real estate investment has been flat since 2007, with average quarterly investment volumes of €1 billion per quarter………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

With opulent mansions and high-rolling residents, Dubai’s Emirates Hills development is fast becoming the city’s ‘Millionaires Row’, with analysts reporting properties have held their value.
The gated community, where villas prices start at AED14m, suggests Dubai’s luxury property market has been less impacted by the city’s dramatic real estate crash than midmarket homes………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

The real estate market in Qatar has continued to grow over the past two years, according to a local expert who said that nearly half a million square metres of office space is set to be made available to the market next year.
Jonathan Wright, of DTZ, explained that despite suffering a drop in 2008 and 2009, the market had recovered well and the vacancy rate in West Bay, Doha’s central business district with a total stock of 1.4mn square metres, now stood at around 8%………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Recent reports have signalled that property prices across China and other parts of Asia are heading towards a correction. But regional developers and market observers say it is not all doom and gloom yet for the sector.
The integrated resorts and international events like the F1 have brought the spotlight on Singapore. They have also piqued foreign investors’ interest to invest in luxury properties, say analysts………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

High residential property prices in some parts of the country and rising interest rates have not dampened the appetite for home loans in the first half of the current financial year (April-September 2011), going by data from the National Housing Bank and the Reserve Bank of India.
In the first six months of the current financial year, the collective disbursement of home loans by 54 HFCs (housing finance companies) was 10 per cent higher at Rs 49,458 crore against Rs 44,870 crore in the corresponding year-ago period………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

As valuations in the real estate sector become unattractive, many real estate focused private equity funds that were suppose to exit from their investments in 2012 have got one-year extension till March 2013 from investors.
“It makes sense for limited partners (LPs) to ask the fund to wait for one year than exit now when the valuations in real estate are not attractive,” said Avinash Gupta, head, financial advisory, Deloitte (India)………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

China Vanke Co and other leading Chinese property developers are slashing prices to attract customers as government measures to rein in an overheated market are having their effect.
China Vanke, the country’s largest publicly listed developer by market capitalization, this month cut prices at projects in Shanghai and Shenzhen by 20% compared with earlier sales, according to China Real Estate Information Corp (CRIC), a data and consulting firm. Rivals such as Longfor Properties, the largest developer in the central metropolis of Chongqing, and China Overseas Property, have made similar price cuts………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Hong Kong accounted for the four areas with the highest retail rents in the Asia-Pacific region, according to Cushman & Wakefield Inc.
The Causeway Bay district tops the company’s survey with annual rent of $1,941 per square foot at the end of the third quarter, Cushman said in an e-mailed statement. The Central business district is second at $1,618, it said………………………………………..Full Article: Source

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Posted on 30 November 2011 by Laxman |  Email |Print

Singapore’s residential property market is set for a significant downturn in the next three years and prices are expected to fall. Prices could fall between 22 and 26%, according to Daiwa Research.
‘We believe the residential property market could remain depressed for several years, triggered initially by a likely forthcoming gross domestic product slowdown in 2012 and lingering global economic uncertainty,’ it said in a new report………………………………………..Full Article: Source

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