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Real Estate Briefing 23.Jan 2012

Posted on 23 January 2012 by Laxman |  Email |Print

Raymond TortoMacro-economic and political landscape uncertainty suggests that a cautious outlook for commercial real estate is likely to persist into 2012, according to a new report from CBRE Global Research.
The Global ViewPoint for 2012 notes that high-quality real estate assets in prime locations should continue to perform well compared to secondary real estate and very competitive with regard to other asset classes. “With the level of uncertainty today, it is inevitable that the outlook for real estate will in many ways be equally unclear,” said Raymond Torto, CBRE’s Global Chief Economist………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Lawrence YunHome sales ended a difficult year on a high note, resulting in a gain in full-year sales volume. The National Association of Realtors reported that the annual sales pace in December reached 4.6 million homes, up 5% from November’s pace and 3.6% from a year ago.
It was the third straight month of improvement in the pace of sales. The fourth-quarter sales volume lifted full-year sales to 4.26 million homes, up 1.7% from 2010 levels………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Sales of previously owned homes rose in December for the third straight month, bringing the supply of homes listed for sale to the lowest level since 2006 and offering a glimmer of hope that the housing market could be starting to climb out of a profound downturn.
Existing-home sales increased 5% in December from a month earlier, to a seasonally adjusted annual rate of 4.61 million units, the National Association of Realtors said Friday. Lawrence Yun, the Realtors’ chief economist, called the December gain “a good finish to a very tough year.”……………………………………….Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Sales of previously owned U.S. homes probably rose in December to the highest level in more than a year, a sign the housing market ended 2011 with momentum, economists said.
Purchases increased 5.2 percent last month to a 4.65 million annual rate, the most since May 2010, according to the median forecast of 75 economists surveyed by Bloomberg News………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

The underpinnings of a housing recovery are hiding in plain sight: sharp price declines, low mortgage rates and rising rents have made owning more affordable than renting in a growing number of markets.
Yet housing largely remains in a funk. The prospect of continued price declines—led by the oversupply of foreclosed homes—has deterred some potential buyers, while others can’t qualify for loans………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Some parts of the Canadian real estate market are “probably overvalued” and policymakers are monitoring to see if further steps are needed to cool it, the head of the country’s central bank said in an interview broadcast on Sunday.
It was the second time in recent days that Bank of Canada Governor Mark Carney voiced concern about property prices, which surged after the financial crisis as borrowing costs tumbled………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Vancouver displaced Sydney as the least-affordable housing market after Hong Kong among large English-speaking cities, as home prices rose faster than incomes, a study of 325 metropolitan areas worldwide showed.
Vancouver’s median home price of C$678,000 ($686,400) in the third quarter was 10.6 times its median pretax household income of C$63,800, making the city “severely unaffordable,” Demographia said in a report ……………………………………….Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Investment in UK commercial property slipped 8% to £32.5 bn (EUR 42.1 bn) in 2011, according to new research from CBRE. This is still significantly higher than the £24.25 bn recorded in 2008 and £25.2 bn in 2009.
Overall UK investment in 2011 significantly outperformed other European commercial property markets, with Germany (£19.6 bn) and France (£13 bn) the second and third largest markets. The UK accounted for roughly one-third of all investment activity in the EMEA region which totalled £99.5 bn in 2011………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

The British government’s plan to help reduce down payments for new homes to as low as 5 percent will give a boost to a homebuilding industry that’s learned how to survive a slowing economy and four years of stingy credit.
Mortgage lending is less than half the level of 2006, at the end of the housing boom, with buyers now required to pay as much as 25 percent of a home’s value up front………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Asian investors accounted for £1.7 bn (EUR 2.03 bn) worth of transactions in Central London’s office investment market during 2011, marking a 150% increase compared to the £668 mln recorded in 2010, according to latest figures issued from Jones Lang LaSalle.
Total investment volumes in the Central London office market reached £10.8 bn in 2011, with international buyers representing 60% of total investment volumes. Asian buyers accounted for 16% last year, up from 6% in 2010………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

International real estate advisor Savills predicts transaction volumes for Germany’s commercial real estate market will exceed €20 billion in 2012 with continued strong demand from both domestic and foreign investors.
According to the firm’s research real estate worth approximately €22.6 billion changed ownership in Germany in 2011, marking a 20% increase on 2010 (€18.77 billion)………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

The Ministry of Housing plans to build homes for citizens in 118 cities across the Kingdom, said Dr. Shuwaish Bin Saud Al-Dhuwaihi, Minister of Housing. The projects will cater to the needs of all income groups, including more affluent people, the minister said during a tour Thursday of the Hail Housing Project of 1,201 units.
Al-Dhuwaihi said there are two ministry housing projects in Jeddah — one near the new King Abdulaziz International Airport site and the second in downtown Jeddah. Both projects are being planned and designed………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

A military conflict between Iran and Western powers would be detrimental to property prices in the United Arab Emirates as the country would lose its safe haven status, according to Jones Lang LaSalle Inc.
A confrontation will affect “confidence in the U.A.E. and the impact on real-estate prices would be certainly negative,” said Fadi Moussalli, regional director for Middle East and North Africa at Jones Lang LaSalle………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Private residences stand on the East Fronds branch of the Palm Jumeirah artificial island, a Nakheel development, off the coast of Dubai on Wednesday. Real estate consultancy firm Jones Lang LaSalle said it expects average real estate prices in Dubai and Abu Dhabi to soften further in 2012 as more supply comes online, regional political instability continues and the European debt crisis deepens.
“2011 was a difficult year for real estate investors with most sectors of the market moving in the favour of tenants, with lower prices and rentals. While these trends appear likely to continue into 2012, the main trend is likely to be an increasing polarisation within each sector of the market,” said Alan Robertson, chief executive officer of Jones Lang LaSalle Mena………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

‘Asset Specific’ and ‘Realism’ were two of the catch phrases of the annual Jones Lang LaSalle Top Trends predictions for 2012. In this article we break down what JLL’s predictions may mean for you.
JLL predicts that the UAE realty scene, once known for being over the top (not to forget At The Top), will finally be sobering down. So instead of building skyscrapers that are the ‘tallest in the world,’ JLL predicts a significant shift towards mid-market developments both in the residential sector as well as in the hospitality sector………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

China’s home market, bracing for the most severe slowdown in three years, should retreat after “extraordinarily tough” measures by the government, said Ronnie Chan, chairman of Hang Lung Properties Ltd.
Home purchase limits and tighter mortgage requirements imposed by the government “just choked the market,” Chan, whose Hong Kong-based developer is investing more than HK$40 billion ($5.2 billion) building shopping malls in China, said……………………………………….Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Singapore’s property landscape is changing, with new home sales by developers making up an increasing share of the private market.
Primary market sales, including those of executive condos (ECs), accounted for 46 per cent of all transactions lodged last year - the highest level since 2003 - according to caveats lodged with the Urban Redevelopment Authority (URA)………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

Housing affordability improved in Australia last year, according to an annual international ranking, but local real estate still remains some of the least affordable in the world.
Australia’s national unaffordability ratio sank from 6.1 times in 2010 to the still ‘’severely unaffordable” ratio of 5.6 times, helped by sinking home prices, according to analysis by a US research group………………………………………..Full Article: Source

Posted on 23 January 2012 by Laxman |  Email |Print

An annual international survey on house prices is pointing to difficulties in the post-earthquake rebuilding of Christchurch as an example of failed urban governance and planning.
It also sees the establishment of the Auckland super city as a particular risk for New Zealand. The eighth annual Demographia International Housing Affordability Survey looks at housing affordability in 325 urban markets in the United States, Britain, Canada, Australia, Ireland, Hong Kong and New Zealand………………………………………..Full Article: Source

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