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Real Estate Briefing 08.Mar 2012

C&W sees global property investment activity rise 20pct in H2
Global home prices poised to decline in 2012, Asia's downturn proved highly influential
Canada housing market seen flat over next 2 years
Canada’s real estate market to cool, not crash
Canada: Two housing reports point to improving affordability
US: Apartments lose luster with investors
Recovery of commercial property fueled by apartments: Mortgages
More of the same: Commercial property values flat
US home prices fall for 6th month in Jan-CoreLogic
Negative equity increase in the U.S. housing market
Chinese replace Europeans funding New York properties
Brazil property investors celebrate bumper year
S&P reports on potential recovery in European housing markets
European property loan sales seen topping EUR 15bln in 2012: JLL
Green office space in CEE and SEE set to grow: JLL
UK: House prices down 1.1pct in February
Savills: Overseas investor demand hots up in Central London market
AXA Real Estate scouts for big-ticket assets in Germany
Polish commercial real estate market lures investors
Warsaw ranks second for investment in Europe: CBRE
In Dubai, developers try retail therapy
Build quality seen as looming threat to Dubai property market
China: Set rules for rural housing market
Malaysia builders trailing most since 2007 lure CLSA on $16 bln plan
VietNam: Gov't ponders housing fund to help low-income earners
Thai real estate 'still presents opportunities'
Australia: Homebuyers dropping out of market
Will home prices fall 20pct more?

Posted on 08 March 2012 by Laxman |  Email |Print

Glenn RufranoGlobal property investment levels may rise 20% in the second half of 2012 compared with the first six months of the year on the back of increased confidence and a release of pent-up investor and tenant demand, according to Cushman & Wakefield’s International Investment Atlas 2012.
The adviser expects global volumes for the year to reach $710-720 bn (EUR 539-547 bn), little changed from the 2011 total. Activity is seen picking up towards the end of the year due to stronger demand as well as increased investment supply resulting from bank loan sales and recapitalisations………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Nicholas HoltAccording to London-based Knight Frank real estate firm, the latest Knight Frank Global House Price Index (GHPI), which tracks the performance of mainstream house prices worldwide, rose by just 0.5% in 2011 and recorded a 0.3% fall in the final quarter of the year.
The Q4 results represent the index’s weakest quarterly performance since Q2, 2009. This suggests that a return to significant house price growth around the world is some way off yet………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Canada’s housing market will cool off over the next 24 months with home sales and prices remaining flat near 2011 levels, but it will avoid the sharp plunge seen in the United States during the recession, Bank of Nova Scotia said on Wednesday.
A slowdown in global growth over the past year has sapped some of the strength from Canada’s formerly hot real estate sector, particularly in major urban centers such as Vancouver and Toronto………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

The banks have two pieces of good news for Canadian homeowners — real estate prices are expected to cool, not crash, and home ownership is becoming slightly more affordable.
Canada’s housing market is losing some of its “exuberance,” but fears of a bubble are over inflated, unless there is the unlikely situation where jobless rates suddenly soar along with interest rates, Scotiabank Senior Economist and Real Estate Specialist Adrienne Warren told a Toronto audience Wednesday………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Two new housing affordability reports released Wednesday offered a similar viewpoint: Canada’s housing market is beginning to level off and prices are shifting in favour of buyers. Scotiabank’s Adrienne Warren, a senior economist and real estate specialist with the bank, said the market is cooling but still remains in better shape than many international markets.
“I’m fairly encouraged by what we’re seeing in the Canadian housing market currently. Essentially we’re looking at sales that have largely levelled-out over the last year or so but still it’s quite a healthy pace of build, essentially really in line with the 10-year average,” Warren said………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Apartment buildings, one of the best-performing sectors of the commercial real-estate market in recent years, are starting to lose some of their appeal for investors.
Last year, residential rental properties were one of the most sought-after property types, with sales totaling $54 billion by one measure, up more than 50% from the prior year, according to Real Capital Analytics. Average apartment prices per unit, about $102,000 nationally, are near peak levels………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Demand for U.S. apartment buildings is surging as the homeownership rate hovers near the lowest level since 1998 and government-supported mortgage companies provide record levels of financing for apartment properties.
That’s fueling a rush by investors to buy buildings and helping lenders recover 75 percent of the value of defaulted mortgages tied to multifamily housing, the highest recovery rate on all commercial property………………………………………..Full Article: Source

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For two years, the commercial property sector was clearly defined by a rebound, with values growing steadily as the economy recovered. Now it’s clearly defined by stagnation.
Values have stayed virtually flat for the past nine months, according to Green Street Advisors’ Commercial Property Price Index. Since May, it’s ticked up just 2.2%, hitting 92 in February (100 is tied to property values’ August 2007 peak). The index is tilted toward what’s going on in large cities, which have recovered better than other parts of the country………………………………………..Full Article: Source

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U.S. home prices fell for the sixth month in a row in January as the market continued to be hampered by cheaper distressed sales, data analysis firm CoreLogic said on Wednesday.
CoreLogic’s home price index slipped 1.0 percent from December and was down 3.1 percent compared with January a year ago………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Real estate experts conclude that close to a fourth of the residential properties in the U.S. Housing Market had a negative equity mortgage on the home. This exceeds the one fifth increase reported in the third quarter in 2011.
In addition, under five percent equity was held by two and a half million homeowners in the last quarter. The term for this is near negative equity………………………………………..Full Article: Source

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China’s oldest bank is expanding in New York lending for trophy buildings as Europe’s debt crisis sweeps away the last wave of foreign financiers. Bank of China Ltd. increased its loans outstanding on U.S. properties fivefold to $2.6 billion since 2008, with most of that growth in New York, according to Trepp LLC, a mortgage data provider.
The bank agreed last month to refinance the Mandarin Oriental hotel in Columbus Circle owned by Dubai’s Istithmar World PJSC………………………………………..Full Article: Source

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Brazil was the standout success in the Knight Frank global house price index with more than double the increase experienced by the second-fastest growing country, Estonia.
Property investors in Brazil had a fiesta last year as house prices jumped by 26.3%, while buyers in Ireland watched prices slump by a further 16.7%………………………………………..Full Article: Source

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European housing markets are still struggling, but relief may finally be in sight, according to a report published by Standard & Poor’s Ratings Services titled “The Eurozone Crisis May Loosen Its Grip On The Housing Market.”
As the report points out, we anticipate a significant recovery in European housing markets in 2013, as the macroeconomic situation improves and unemployment rates start to fall. We believe this will boost both consumer demand and valuations for residential property………………………………………..Full Article: Source

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Sales of European property loans will rise to more than $20 bn (EUR 15 bn) in 2012 and be characterised by larger portfolio deals and recovery rates meeting or exceeding book values, according to capital markets experts at Jones Lang LaSalle.
The experts expect European lenders to face increasing pressure to deleverage themselves of the large volume of debt coming up for refinancing in 2012 and 2013………………………………………..Full Article: Source

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The trend towards more sustainable office development in Central and Southeastern Europe is gaining ground, according to new research presented at Mipim by Jones Lang LaSalle.
Over 500,000 m2 of office space under construction in CEE and SEE is at various stages of application for green certification, demonstrating that the trend is now becoming the norm for future developments, JLL said………………………………………..Full Article: Source

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House prices fell 1.1 per cent in February according to The Halifax, contradicting earlier figures from Nationwide suggesting that property prices have increased. According to the Halifax’s three monthly index, house prices were 1.1 per cent lower in February than in the previous three months.
The mortgage lender’s annual index showed that property prices fell by 1.9 per cent compared with the same period a year earlier………………………………………..Full Article: Source

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Both the City and West End markets witnessed increased activity from overseas investors during 2011, which is set to continue throughout 2012 as London retains its ‘safe-haven’ status according to Savills.
The international real estate advisor reports that non-domestic investors accounted for 64% and 60% of total turnover in the City and West End markets respectively, which is above average compared to previous years………………………………………..Full Article: Source

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AXA Real Estate will focus on acquisitions of over EUR 150 mln in Germany on behalf of sovereign wealth funds eager to increase their exposure to the German market, Matthias Leube, AXA Real Estate’s head of Germany told PropertyEU.
‘We are looking for existing offices or shopping centres as well as for new developments on behalf of a wide range of sovereign money sources,’ Leube said at the Mipim trade fair in Cannes. AXA Real Estate’s clients include SWFs from Asia, North America and Northern Europe………………………………………..Full Article: Source

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In 2011, the value of transactions executed in the commercial real estate market in Poland totalled ca. €2.6bn, up 30% from the 2010 level, according to data compiled by Cushman & Wakefield (C&W).
C&W researchers argue that 2012 will again see a large number of transactions in the commercial real estate market. Investors, including private equity funds and institutional investors, steadily enter the Polish market………………………………………..Full Article: Source

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Warsaw is the second-most attractive city for investment in Europe after London, according to CBRE’s latest Real Estate Investor Intentions survey released on Wednesday.
The survey, completed by more than 340 leading property investors, provides insights into investor sentiment towards international real estate markets and forecasts activity for the year ahead………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

As a severe oversupply of residential and office real estate pushes prices of those properties lower, developers in the emirate are seeing opportunity in retail space—a relatively underdeveloped sector that has performed well despite the economic crisis.
While commercial office rents fell by as much as 20% last year, average rents in Dubai’s retail sector were unchanged, due in part to limited retail space. Increased shopping by tourists boosted profits for retailers………………………………………..Full Article: Source

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Dubai’s property market faces a global perception problem that could severely hamper investment over the long-term if issues related to build quality are not addressed, according to James Garbutt, joint managing partner of real estate consultancy Realpoint.
Garbutt, whose company monitors and inspects construction projects for Dubai’s Real Estate Regulatory Agency (RERA), said poor quality is a growing problem that poses a greater threat to the market than oversupply or lack of regulatory standards………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

The government should improve policies for real estate development in small cities and towns, according to Zhu Yilong, a member of the Chinese People’s Political Consultative Conference National Committee and deputy chairman of the All-China Federation of Returned Overseas Chinese.
In big cities, housing prices have soared in recent years as land resources continue to dwindle, but in small cities and towns, the real estate market is growing because of rapid rural economic development and higher incomes………………………………………..Full Article: Source

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Malaysian construction stocks are trailing regional peers by the most since 2007, a buy signal to CLSA Ltd. and Manulife Asset Management as the government’s $16 billion building plan sends profit estimates to a record.
While the Bursa Malaysia Construction Index (KLCON) climbed 6.7 percent this year through February, the gauge lagged behind the Bloomberg Asia Pacific Engineering & Construction Index by 12 percentage points, the most for any two-month period since October 2007………………………………………..Full Article: Source

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The Ministry of Construction is considering the establishment of a housing development fund to help low-income earners become home owners. A draft plan on establishment of the fund is expected to be submitted to the Government by the end of this month.
According to the ministry’s plan, among a range of funding sources that include profits from the State lottery, the fund would also receive 10 per cent of fees for land-use rights collected from retail and residential areas along with funds from central and provincial State budgets………………………………………..Full Article: Source

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One of the biggest property investment companies in Asia has voiced its confidence in the Thai real estate market. Pacific Star Group’s country manager for Thailand Pritpal Singh said his firm remains optimistic about the future of the property sector.
“Despite the political uncertainty of the last few years, our view is that the Bangkok property market continues to offer attractive opportunities,” he asserted………………………………………..Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Potential homebuyers are dropping out of the housing market, scared off by the prospect of interest rate rises and economic uncertainty. Industry-owned real estate portal realestateVIEW.com.au surveyed 1475 consumers across Australia last week.
“Our survey shows that while interest rates are a key concern for buyers, there are other factors such as household expenses and job security influencing their ability to purchase,” realestateVIEW.com.au general manager Petra Sprekos said……………………………………….Full Article: Source

Posted on 08 March 2012 by Laxman |  Email |Print

Ask the average guy on the street about things like European Central Bank support for Greece or the intricacies of the deficit debate in Washington, and watch his eyes glaze over.
You might hear something like “those euro-socialists deserve it” or “politicians can’t get anything done” — but the topic will quickly shift to something more aligned to the national interest. Even if it’s the Rush Limbaugh contraceptives furor………………………………………..Full Article: Source

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