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Real Estate Briefing 31.Jan 2012

Posted on 31 January 2012 by Laxman |  Email |Print

Sherry CooperIt’s not a bubble, it’s a balloon. Unlike the catastrophic decline the U.S. housing market experienced in 2008, Canada’s housing market is expected to deflate slowly rather than pop, according to BMO Capital Markets chief economist Sherry Cooper.
Cooper’s report says that despite rising household debt, low interest rates and rising home prices, it is unlikely that a sudden correction will take place. “The main take-away is that the national housing market appears somewhat pricey, but is far removed from bubble territory,” Cooper said in the report, titled Will Canada’s Housing Boom Forge On, Fizzle Out, or Flame Out?……………………………………….Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Lance RobertsOver the past few months, a spate of good news about the U.S. housing market has led some to think a recovery is finally on the horizon. The evidence is compelling. It now costs almost as much to rent as buy.
Since the housing bubble burst in 2006, home prices have fallen by 33% nationwide — more than they did during the Great Depression. Waves of foreclosures and tighter lending standards have helped drive a surge in rentals. And during the third quarter, the median monthly mortgage payment totaled $698 compared to the median monthly asking rent of $700, according to Capital Economics, citing data from the National Association of Realtors and the Census Bureau………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

The markets, which stretch from New York to Texas and include metros with populations above 150,000, were selected and ranked based on a range of demographic, economic and real estate market data, including real estate sales volume and median sales price appreciation.
Three of the 10 markets on this list are state capitals, and both Illinois markets benefit from proximity to that state’s capital, Springfield.Four of the markets: Bloomington-Normal and Peoria in Illinois as well as Des Moines-West Des Moines and Waterloo-Cedar Falls in Iowa, are no more than 300 or so miles from each other………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Fuelled by exceptional growth in retail property and low-rise apartment investment, American commercial property investment grew 57% year on year in 2011 according to the latest data from Real Capital Analytics.
The data shows that more than 14,700 properties, each worth at least $2.5 million changed hands in 2011, with retail property investment up 91% compared to 2010 and low-rise apartment investment up 70% compared to the previous year………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

With mortgage rates at historic lows and consumers’ power through social media at an all-time high, those looking to buy homes or refinance can find the combination advantageous if they go online to shop for a mortgage.
The idea of borrowing money in an internet-based transaction isn’t new, but consumers are finding that the strong, growing power of social media can help them find a comfort zone. Consumers recently beat down Bank of America’s plan to charge for debit card use and Verizon Wireless’ proposed “convenience” fee to pay bills online……………………………………….Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Brazil’s government is prioritizing investments in housing construction in 2012, to help lift the prospects for economic growth, and is focusing its efforts on the second stage of a subsidized program for low-income families.
Hefty investments will be needed to meet the government’s goal of 4.5% expansion in gross domestic product, Finance Minister Guido Mantega told reporters after a meeting between government officials and the private-sector construction industry………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

European commercial property markets struggled in the final months of 2011 as weak economic growth expectations weighed on confidence and saw demand for property slump across much of the region, a survey by the Royal Institution of Chartered Surveyors showed Monday.
With the exception of Germany, European Union countries experienced negative rental, capital value and investment demand expectations for the first quarter of 2012. Meanwhile, in the fourth quarter of last year occupier demand was also negative in most European regions apart from Germany, while leaving plenty of available space………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

The increased presence of new lenders will have no significant impact on “near paralysed” European property markets in the short term, according to the latest ‘Emerging Trends’ report from PwC/ULI.
Mezzanine lenders will depend on senior debt in the market, and insurance companies – such as Aviva and AXA, currently boosting their lending activity in European markets – will take time to build appropriate capital-deploying infrastructures………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

The volume of commercial property investments traded in the main Western European markets rose by 7% between 2010 and 2011 according to a report by BNP Paribas Real Estate, the leading international real estate adviser.
Total investment volume in 2011 amounted to €38.7bn in the nine primary markets studied by BNP Paribas Real Estate, revealing a 7% increase compared to the previous year………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Over 83% of real-estate professionals think sustainability is the highest priority strategic issue facing office real estate decision-makers over the next ten years according to a new report by Jones Lang LaSalle (JLL).
The report states that sustainability legislation is now causing irreversible changes to European office buildings as real estate industry adapts at different speeds………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Property fund managers could be the next group in financial markets to fill the partial credit vacuum as banks reduce lending, according to the chief executive of international real estate fund managers Cordea Savills.
Private equity managers, government agencies and even hedge funds have become lenders to credit-starved businesses, and other borrowers unable to obtain credit through traditional channels since 2008………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

A real estate manager has said he expects Viennese property prices to climb further. Johannes Meran, who heads the administration board of Vienna-based property developer Conwert Immobilien Invest AG (Conwert), told the Kurier newspaper today (Mon): “I think the price for owner-occupied apartments in Vienna will continue to rise. Increases of five to 10 per cent are possible.”
Meran added his company saw no indicators for contrary developments………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

2011 has been a record year in the Budapest office market with take up reaching nearly 400,000 m², the highest level since 2008 when there was still a momentum from a strong market.
The latest figures from global property consultant Cushman &Wakefield indicate that the market is moving away from the days when the majority of the transactions were renegotiations and relocations again count for a big part of the transactions………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

The quantity and scope of state provided housing in Russia is very limited compared with many other countries, particularly in Europe, and families in Moscow can wait up to 10 years for apartments, according to city officials.
There are 414 apartments per 1,000 people in Russia, which is significantly below the European Union figure of 450 per 1,000 people, said Wolfgang Amann, a member of the Real Estate Market Advisory Group of the United Nations Economic Commission for Europe, at the round table last week. On average, Russians have 22.4 square meters of living space versus 38 square meters in the EU………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Turkey’s economy is booming, led by construction in its largest city, Istanbul. Supported by foreign investment, city authorities are embarking on massive redevelopment. But concerns are growing that citizens’ rights have become victim to the projects.
In the Tarlabasi district in central Istanbul, houses are being destroyed as part of a major redevelopment by local authorities. Most of the thousands of people living here have been evicted, even if they own their homes like Mehmet Tas………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Faced with a worsening debt crisis and the real prospect of a recession at home, several major European companies seeking new investment opportunities will be attending the annual Qatar Projects 2012 conference which will take place in Doha on 5-8 February at the Grand Hyatt Hotel.
More than $106 billion (€80.4 bln )of major projects will be awarded between now and 2022 in the Gulf state, with significant investment in oil and gas, heavy industry, electricity generation and water desalination, social infrastructure and transportation links, figures from MEED’s 2011/12 Qatar Projects report………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Prices of luxury houses in Mumbai fell by 18% in 2011, the most among 23 world cities, according to a Knight Frank Prime Global Cities Index released on Monday. Although the global index rose by 3%, Asia fell by 1%. While prices in Mumbai fell the most (-18%), Nairobi (up 25%) was the strongest performer during 2011, said the report.
“Post the Lehman collapse, European and North American cities were largely responsible for the index’s slump. Since late 2010, it has been the Asian cities which have dampened price inflation. In Q2 2010, prices in Asia Pacific were rising at an average rate of 23.6% each year, the comparable figure now stands at -1%,” it said………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

China’s housing market had a bleak week during the Lunar New Year holiday, with many cities seeing few transactions. In Guangzhou, capital of South China’s Guangdong province, 19 new properties were sold from Jan 22 to 27, a 59.6 percent year-on-year fall.
In Hangzhou, capital of East China’s Zhejiang province, only one property was sold during the holiday, local media reported………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Real estate developers are expected to roll out new housing projects amounting to NT$1.2 trillion at three major metropolitan regions in northern, central and southern Taiwan in 2012 to warm up the real estate market in the second half following a big slump in 2011.
Realty analysts generally forecast higher presentation of more new housing projects in Taipei and New Taipei City in the north, Taichung in central Taiwan, and Kaohsiung on the southern part of the island………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Australian monthly house prices declined in December, adding to growing concern among banks and property firms that a deterioration in prices across the country will resume this year.
The December decline came just a month after house prices rose for the first time in a year in November. That gain was supported by the first interest rate cut by the Reserve Bank of Australia since early 2009, and occurred ahead of the removal of a tax exemption for certain purchases………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

Home prices will continue to weaken - but only because of subdued sentiment by buyers rather than fundamental problems in the market, according to a report on the health of the sector. ANZ analysis suggests that home prices should continue to ‘‘drift sideways to slightly lower through 2012’’ as buyers’ attitudes towards housing remain cautious in the year ahead.
‘‘Economic fundamentals suggest this weaker momentum is being driven mainly by a shift in market sentiment rather than any significant forced liquidation of housing due to financial stress,’’ ANZ senior economist David Cannington writes in the report published today………………………………………..Full Article: Source

Posted on 31 January 2012 by Laxman |  Email |Print

The weaker economic climate further hindered commercial real estate markets around the world during the last quarter of 2011. In Europe, while Germany, Poland and Russia continue to perform strongly, other markets such as France and the Netherlands have become increasingly nervous, says the latest RICS Global Commercial Property Survey issued 30 January 2012.
The report indicates that negative macro economic news hit confidence in an increasing number of countries around the world………………………………………..Full Article: Source

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