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Real Estate Briefing 14.Mar 2012

Posted on 14 March 2012 by Laxman |  Email |Print

Glenn Rufrano2012 will be a reverse image of 2011, and a tale of two halves for the global economy and the world’s commercial real estate markets, according to global real estate services firm Cushman & Wakefield’s latest MarketView report. While there was a healthy start for 2011, rising uncertainty surrounding the resolution of sovereign debt issues in Europe and the U.S. led to a slowdown in the economy and commercial real estate activity in the second half of the year.
The exact opposite performance is expected for 2012, with a sluggish beginning giving way to improvements in the latter half of the year. “Despite uncertainties, there remains a well of pent up demand in most nations,” said Glenn Rufrano, President and Chief Executive Officer of Cushman & Wakefield. “As the year progresses and uncertainty subsides, improving economic conditions will support a boost in commercial real estate activity.” (Press Release)

Posted on 14 March 2012 by Laxman |  Email |Print

Potential homebuyers and sellers are growing more confident that the U.S. real estate market will begin to recover as soon as next year, according to a Prudential Real Estate survey.
Sixty percent of people surveyed last month had positive views about the housing market and 70 percent expected property values to improve over the next two years, according to the survey released today. About 63 percent of respondents said they considered real estate a good investment, up from 52 percent last year, the Irvine, California-based broker reported………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

According to the January Zillow Real Estate Market Report, median rents rose 3 percent from January 2011 to January 2012, but home values continued to fall, declining 4.6 percent during that period.
The Zillow Rent Index (ZRI), which was released for the first time today, showed year-over-year gains for 69.2 percent of metropolitan areas covered by the ZRI. By contrast, only 7.3 percent of metro areas covered by the Zillow Home Value Index (ZHVI) saw home values rise………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

“It started with house prices. It won’t end until house prices in the US stop falling.” That’s what Tim Price (who writes our Price Report) told me when this great financial crisis began. I’ve been waiting for US house prices to bottom ever since.
Last year, we started to think that even if house prices hadn’t bottomed, they were at least looking cheap. I told you in an editor’s letter to go to Florida and buy a house, fast. Now they might even have begun to bottom………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

While some analysts and economists are saying that the U.S. housing market is getting better, Michael Lombardi, lead contributor to Profit Confidential, says it hasn’t hit bottom yet. In his recent Profit Confidential article, “Hope in Housing? Our Indicators Say Prices Still Crashing,” Lombardi says, “Home prices have now reached levels that were last seen in late 2002.”
Lombardi says that when he looks at the U.S. S&P/Case-Shiller Home Price Index, he can see it has dropped four percent in the fourth quarter of 2011, compared to the fourth quarter of 2010. “This basically tells us that house prices fell another four percent last year,” says Lombardi. (Press Release)

Posted on 14 March 2012 by Laxman |  Email |Print

As home prices continue to drop in most cities, a nascent real-estate rebound here holds lessons for the rest of the country. This sprawling desert metropolis was one of the hardest hit housing markets during the bust. Phoenix home prices declined 55% from 2006 through the end of 2011, and Arizona’s foreclosure rate jumped to No. 3 in the nation in 2009.
Hundreds of thousands of homeowners are underwater, meaning they owe more than their homes are worth………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Debt investors are optimistic that banks will “strategically sell” at least some of the $100bn (€76.2bn) in property-related loans currently on their books in 2012, according to Ernst & Young’s annual survey of investors in US non-performing loans (NPLs).
Up to now, despite near-constant forecasts of an imminent flood of loans onto the market, banks have sold only a small percentage of their NPLs as they waited for a market rebound………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

One way to get into commercial real estate is via real estate investment trusts, Green Street Advisors’ Mike Kirby said Tuesday.
“The long-term outlook is still very good, and I think the basic point is that most people probably have too little exposure to commercial real estate as an asset class,” he said on “Fast Money.” Kirby named three favorites………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

New home construction in Canada is expected to slow mildly over the next two years, the Conference Board of Canada said on Tuesday, in another sign of a cooling housing market.
The independent research organization’s latest report forecast housing starts will be 190,000 units in both 2012 and 2013. There were 194,000 starts last year, according to Canadian Real Estate Association (CREA) data………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Retail property was the best performing commercial real estate sector in Europe in 2011, according to CBRE’s European Valuation Monitor (EVM), which is based on regular valuations of standing investment portfolios carried out by CBRE’s international and national valuation teams.
Despite a slight contraction in capital values in the final quarter of 2011 (-0.2%), retail real estate delivered a 1.5% increase in capital values for the full year. This is the 10th time since the peak of the market (16 quarters in total) that retail has outperformed other sectors at the pan-European level………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

2011 proved to be another active year for both investors and hoteliers in Europe, the Middle East and Africa (EMEA) despite increasing uncertainty surrounding the Euro crisis in the second half of 2011.
At year-end, investment volumes across the region totaled €8.1 billion, a 5% increase on 2010 levels according to the ‘Hotel Investment Highlights’ report by Jones Lang LaSalle Hotels………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Three European listed property companies will enter the global index for listed real estate from March 19, adding a combined real estate portfolio valued at over EUR 4.2 bn.
Hamborner REIT (Germany), ANF Immobilier (France) and Fastighets Balder (Sweden) will be added to the FTSE EPRA/NAREIT Developed Europe Index………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Signs are emerging that the UK property market is slowly starting to improve. According to the latest figures from The Royal Institution of Chartered Surveyors (RICS), the number of house sales increased in January, helped by first-time buyers rushing to secure a purchase before the end of the stamp duty exemption on homes under £250,000.
RICs reported that average sales per estate agent branch increased from 15.7 to 16 in February………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

A new report on residential property prices shows an average drop of 68% since the peak of the boom. Goodbody’s figures are based on prices achieved at the five Allsop Space auctions held in Dublin over the past year.
The average price of residential property sold at those auctions was €145,000. The report stated that tight credit conditions, oversupply, weak domestic demand and a lack of transparency on sales prices have contributed to the prolonged nature of the housing market crash………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Ireland and Spain, the two countries synonymous with Europe’s property crash, have become lands of opportunity for real estate investors, delegates at the MIPIM property conference in Cannes, France, told Reuters.
Though most investors are targeting the best areas of Frankfurt, London and Paris to shield cash from the euro zone sovereign debt crisis, Ireland and Spain have dealt with their problems to such an extent they are attracting investors over other debt-laden countries like Greece, Italy and Portugal………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

German pension funds are looking for opportunities in infrastructure investments as prices in the real estate sector have already “rallied too far”.
Daniel Just, head of asset management at the €53bn Bayerische Versorgungskammer (BVK), told IPE he had “lost appetite” for most real estate investments, as prices had “rallied extremely” in sectors such as direct German real estate, Spezialfonds abroad and real estate funds of funds in specialist sectors………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Norwegian house prices may fall “markedly,” threatening to expose the economy to “substantial” knock-on effects, the financial regulator said.
The overheated housing market is the biggest domestic threat to the economy, the Oslo-based regulator said today in a statement. Households have swelled their debt loads and grown more reliant on interest-only loans as they assume rates will remain low, the regulator said………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Saudi Arabia’s property market is hot. Other places may worry, but the oil Kingdom is rolling in money. Result – a property boom. With oil prices soaring, and the economy expanding 6.5% in 2011 (the highest growth in the past eight years) there is a rapidly growing population, rising rents, and dramatic rental yields of between 8% to 11%.
With an almost virgin mortgage market boosted by a new law and investors skittish about the over-volatile local stock market, it is hard to see the Kingdom’s property boom pausing anytime soon………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Abu Dhabi’s move to merge builders Aldar Properties and Sorouh Real Estate is geared towards shoring up sovereign wealth fund Mubadala and stabilising the emirate’s brittle real estate market.
Bankers say that a deal is likely to be effected through a share swap, which would dilute Mubadala’s sizeable stake in Aldar, a developer hit by stagnant sales and falling asset prices, and improve its ability to tap capital markets………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Having languished in the doldrums since the days of boom and build were dramatically slowed down by the global meltdown, the real estate sector in the UAE is on the brink of a revival with the prospect of a $15bn merger.
News of the government-back deal between Aldar Properties and Sorouh, both based in Abu Dhabi, sent their stocks soaring by 9.8% at the start of the week with investors reacting positively………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

China’s capital could be the next major testing ground for a national property tax, putting the central government at risk of vocal criticism close to home that underscores its determination to roll out an unpopular fiscal plan that has been a decade in the making.
Premier Wen Jiabao’s opening address last week to the largely rubber-stamp annual meeting of parliament, the National People’s Congress (NPC), made it crystal clear that the leadership will push ahead with property tax reform………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

Thailand’s first property poll has been launched with the theme ‘Residential Demand after the Flood’. The poll aims to find out how the flood affected homebuyers and the effects felt on the local property market.
Century 21 (Thailand) and Thammasat Univerity’s Faculty of Architecture and Planning worked together to launch the poll………………………………………..Full Article: Source

Posted on 14 March 2012 by Laxman |  Email |Print

New Zealand’s housing market showed further signs of improvement in February with a lift in sales and prices but consumers remain cautious, government property valuer Quotable Value (QV) said on Tuesday.
QV said its residential property index rose 2.9 percent in the year to February, from an annual rate of 2.7 percent in January, as market activity perked up………………………………………..Full Article: Source

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