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Real Estate Briefing 13.Jan 2012

Posted on 13 January 2012 by Laxman |  Email |Print

Is the real estate market better yet? Seeking a way to aggregate local data, the National Association of Home Builders and First American Title Insurance constructed an “Improving Markets Index” in an effort to track metro area markets as they came off their housing lows. The good news is that the index leapt last month, with 40 cities being added to the 41 already on the list — while just five fell off.
To make the list, a city has to show recovery as measured by three criteria: housing price appreciation, job growth, and single-family housing permits (this does come from the Home Builders, after all)………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

Lately economists and investors have been debating whether the housing market has hit bottom. It’s a complicated picture on a national level, but zoom in and it’s possible to identify cities that have not only reached a bottom, but are beginning to experience a recovery.
Take San Jose, Calif. The Golden State has gotten a lot of attention for its economic woes, but San Jose is a veritable oasis of prosperity………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

A warehouse where workers once shaped and cut steel on Milwaukee’s north side is getting a second life. It’s being transformed into a charter school that’s scheduled to open in August.
A joint venture of Canyon Capital Realty Advisors LLC and former tennis champion Andre Agassi’s business partnerships is developing the property and will lease it to Lighthouse Academies of Wisconsin Inc. The Canyon-Agassi real estate fund has done one warehouse conversion in Philadelphia and is considering school projects in other U.S. cities, including New York and Houston………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

After a tumultuous 2011 many investors are still finding their footing in the markets as confidence in the global economic recovery remains battered down.
Despite persistent volatility in financial markets coupled with a looming debt crisis in Europe, the U.S. economy has demonstrated tremendous resilience; investors on the home front have digested platefuls of better-than-expected data releases from both the housing and labor markets over the past few months………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

Canada’s housing market will continue to be strong this year, with rising property values expected in all major markets, real estate brokerage firm Royal LePage said Thursday. The company’s forecast called for prices across to country to rise 2.8% by the end of 2012, after stronger gains last year.
It said in the fourth quarter of 2011, the average price of a standard two-storey home was $375,427, up 4.2% from a year earlier. The average rate of a detached bungalow was up 6.1% to $344,392, while condominiums gained 3.6% to $234,680………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

A UK house-price index showed the property market continued to face strains last month from a deteriorating economic outlook and stretched consumers, according to the Royal Institution of Chartered Surveyors (Rics).
The gauge by London-based Rics gained one point to minus 16 from the previous month, it said in a statement. The reading is the highest since July 2010. A separate British Retail Consortium (BRC) report showed retail sales rose in December………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

U.K. house prices rose to an eight- month high in December as home buyers rushed to complete their purchases before the end of the year and demand from investors increased, Acadametrics Ltd. and LSL Property Services Plc said.
The average price of a home in England and Wales rose 0.2 percent from November to 220,385 pounds ($338,000), the groups said in an e-mailed report in London today. Transactions rose 3 percent. From a year earlier, values were down 0.5 percent………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

House prices fell by an average of 4% last year, the Dutch estate agents organisation NVM said on Thursday. In total, 118,000 properties changed hands, a drop of 7% on 2010. The drop in sales in the fourth quarter was 13%, compared with the same period in 2010, the NVM said.
The organization expects prices to drop by a further 5% this year. The government’s decision to cut the tax paid on property transactions from 6% to 2% of the value has not boosted the housing market as hoped, property experts told the Telegraaf………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

A growing number of experts believe that the Spanish property market is showing signs of recovery following the well documented economic crash which has plagued numerous global property markets.
At least that’s how Taylor Wimpey Espana sees the upcoming year in Spain………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

“Israel’s housing market is poised for a hard landing, despite two recent Bank of Israel interest-rate cuts,” says “Global Property Guide” in a review of the Israeli market, and changes in home prices, rents, home sales, and mortgage interest rates over the past decade.
“The slowdown has hit,” says “Global Property Guide” about home prices, noting that after a 22.4% rise in homes prices in 2009 and 17% rise in 2010, prices fell by 3.27% in the third quarter of 2011, compared with the preceding quarter - the second consecutive quarter in which prices fell, after an 0.83% drop in the second quarter……………………………………….Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

The average price of a mid-segment house was almost 14% lower in November last year than it was in August 2007, according to Absa’s latest property price indices released on Thursday.
“The average real price of middle-segment houses, calculated at constant 2008 prices, was in November almost 14% below its peak of August 2007,” Absa Home Loans property analyst Jacques du Toit said in a statement………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

Economist Walter Bagehot defined the process of a financial crisis as “quiescence, improvement, confidence, prosperity, excitement, overtrading, convulsion, pressure, stagnation, ending again in quiescence”. This would aptly describe Kenya’s property sector and what is likely to happen unless urgent measures are taken to forestall a likely bubble.
The property market has grown considerably in the last decade. Property consultants, Knight Frank’s 2011 Africa Property Report reported robust activity in all market segments, with many projects already completed………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

Buying an apartment for just under Dh550,000 may, in fact, get you a luxury car! The extravagant offers of free luxury sedans, home furnishing vouchers and guaranteed rental income , which had dried up for property buyers in Dubai post the 2008 global financial crisis, are back again!
This Dubai Shopping Festival (DSF), Damac Properties is offering luxury cars - Lamorghini, BMW or a Mini Cooper - to buyers of apartments/penthouses in its luxury developments………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

Investments by private equity funds in Indian real estate grew 69% in 2011, said research firm Venture Intelligence, which tracks PE and VC investment activity in India.
Of the 69 transactions that happened during the year, 53 had an announced value of $2,679 million compared to $1,582 million across 63 investments in 2010. The year 2011 saw increased private equity activity in the sector as real estate developers faced a cash crunch. This was because of a drop in home sales as well as banks reducing their exposure to real estate companies………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

Could the arrival of the year of the dragon rescue the country’s beleaguered property developers?
As Chinese new year approaches later this month, tens of thousands of couples are preparing to marry under what is considered an auspicious sign. To win over a bride in a country undersupplied with women, it helps a lot if the aspiring groom first proves his worth by buying a home. China’s developers need all the help they can get………………………………………..Full Article: Source

Posted on 13 January 2012 by Laxman |  Email |Print

The Hong Kong government withdrew the tender for a property project at a railway station and sold another site for less than estimated, underscoring concerns that home prices in the city may fall further.
The company set up by the government to manage Bayside, a project at the Tsuen Wan West station, rejected tenders for the site, according to a statement today. The site, with allowed gross floor area of 2.2 million square feet, was expected to fetch HK$7.4 billion ($953 million), according to the median estimate of five surveyors in a Bloomberg News survey………………………………………..Full Article: Source

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