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Real Estate Briefing 23.Mar 2012

Posted on 23 March 2012 by Laxman |  Email |Print

U.S. commercial property deals may rise 20 percent this year as the technology and energy sectors lead a “slow, plodding recovery,” said Peter C. Roberts, chief executive officer for the Americas at Jones Lang LaSalle Inc. (JLL)
Sales of apartments, offices, malls and warehouses may reach $216 billion, up from $180 billion last year and $115 billion in 2010, Roberts said in an interview in San Francisco………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

The housing market in the United States is set to hit a low if monetary policy in the country is tightened, according to the CEO of Savills, John Lyons. Lyons said that three factors could drive interest rates up: increased employment, higher energy costs, and the government’s effort to lift real estate.
“I think that the opportunity for interest rates to rise is more of a probability than a possibility,” Lyons explained………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Bank of America/Merrill Lynch is calling for a bottom in housing prices this year, thanks to improving economic data and government-policy developments. The firm has adjusted its forecast from November, when it expected home prices to fall 3.5% in 2012. Now, it expects a gain of 0.5%.
“But, along with the earlier bottom is a slower recovery,” says the firm. For example, it expects home prices to gain 2.8% in 2014, solidly below its prior estimate of 8.1%. Its prediction for 2020 remains roughly the same, when it expects home prices to have recovered by 42%………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

U.S. home prices fell 0.8 percent in January from a year earlier, the smallest decline in more than two years, as the U.S. property market begins to stabilize.
The region that includes Massachusetts and Connecticut led the decline, falling 3.5 percent, the Federal Housing Finance Agency said today in a report from Washington. In the area that encompasses North Dakota and Minnesota, prices jumped 5.2 percent, the only region to show an increase over January 2011………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Despite very low prices, many Americans can’t or don’t want to buy houses. Instead we’re paying ever-higher rents and watching as housing prices fall further and further.
In nearly every every city in the country, it is now cheaper to buy a home than to rent one, according to new data from the real estate website Trulia. In 98 of the 100 largest metropolitan areas in the U.S., homeownership trumps renting, according to Trulia. The two holdouts? Honolulu and San Francisco………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

The Spring market in D.C. bloomed with the cherry blossoms. In the last month, we have seen almost every competitively priced listing go under contract within the first week on the market, often with interest from multiple parties and sometimes multiple offers.
This time last year, we saw multiple offers but did not often see the price going above list price. Not so for this year where we have seen multiple offers escalating above list price………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Major Canadian housing markets have continued to show “exceptional resiliency” so far this year, setting the stage for a busy spring, according to a major Canadian real estate organization.
In its market trends reports, Re/Max said its survey has found that 12 of 15 Canadian centres, or 80 per cent, reported sales activity in January and February that was ahead of last year’s levels. More than half of the cities reported double-digit increases, “with the strong demand and diminished supply setting the stage for a heated spring 2012.”……………………………………….Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

The Canadian housing market is off to a strong start this year, with gains in sales and prices in most major markets, according to a report released Thursday from real-estate company Re/Max.
It said sales for January and February were up in 12 of the 15 markets it assessed compared to a year earlier, most by 10% or more. It credited low mortgage rates, strong consumer confidence and even some mild weather, which it said helped usher in an early spring buying season………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Toronto homebuyers, brace for another spring of bidding wars. Real estate listings remain so tight that half of detached homes in the “coveted” $600,000 to $900,000 price range in high-demand Toronto neighbourhoods are selling over the asking price — and the peak spring season hasn’t even begun.
“Bidding war fatigue” has already forced some would-be buyers to retreat from a market that could be even hotter this spring than last, according to a new report from ReMax that points to unusually strong activity this early in the year………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

It’s not quite a mansion tax, but will the Budget’s new top rate of stamp duty dampen the UK housing market? Hands up everyone who thinks taxes should be increased on the poor. Not many takers.
All right. Hands up everyone who thinks taxes should be increased on rich investors who buy houses in this country and don’t live here. It’s a different story, isn’t it?……………………………………….Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Property chains are already showing signs of crumbling due to the government’s stamp duty hikes, estate agents have warned. Chancellor George Osborne placed a stamp duty rate of 7% on £2 million homes in Wednesday’s Budget, rising to 15% for homes in this price bracket bought through companies.
The government wants to clamp down on the practice of “enveloping”, whereby people try to avoid stamp duty by using a company to buy a residential property. The home is then sold on as shares in the company in a bid to sidestep the duty normally paid………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Savills, the international property firm whose investment arm recently expanded operations in Germany, has helped Italian fashion chain Calzedonia to expand in Europe’s largest market via two new shops in Essen.
Savills advised an unnamed Danish investor landlord, which will rent retail space of two stores in Essen to Calzedonia SPA, probably before the end of March………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Softening yields within the Dutch office market has made the Netherlands an opportunity driven market for the first time in more than a decade, according to real estate advisor Savills.
The firm does not expect overall 2012 investment volumes to exceed the 2011 total of €3.4 billion due to a challenging market with limited financing opportunities………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Acquisitions on the domestic investment market are closely linked with the liquidity offered in the financial markets and relative costs of capital.
The Czech real estate investment market includes a diverse range of investor type including domestic and foreign institutional investors, mutual and pension funds, investment and asset management companies and private investors………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

International investors are showing a keen interest in the Warsaw Financial Center (WFC) skyscraper which has been placed on the market. The 143 metre-high tower is understood to have a guide price of about EUR 200 mln.
The vendors of the Warsaw landmark are Austrian listed company CA Immo and Pramerica’s German TMW Immobilien business. Neither commented on the sale………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

If you’re hoping for a noticeable recovery in house prices over the next 12- 18 months, don’t hold your breath. In fact, get used to an environment where house prices are unlikely to rise by more than 2%-4%/year on average for at least the next five years.
That seems to be the consensus among a growing number of economists who believe South Africans need to adjust their long-term capital growth expectations downwards………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Saudi Arabia has kick-started plans to build 500,000 affordable homes throughout the Kingdom, with Jeddah leading demand for new housing projects.
Jeddah municipality undersecretary Ibrahim Ketabkhane said demand for affordable housing in the country was reaching a crucial stage, and that programs were already in play to address that demand………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

The ‘Local Class A’ office market in Riyadh is increasingly being dominated by increasing levels of oversupply and moderate levels of demand, while there remains strong demand and a shortage of supply in the two ‘International Class A’ properties - Kingdom Tower and Faisaliah, CBRE Bahrain Research Team said in its KSA MarketView.
There is a marked separation in pricing and occupancy rates between these two groups, with Riyadh’s two ‘iconic’ office projects enjoying full occupancy with waiting lists and rental rates at over SR2,000/sqm/pa, while Local Class A rates typically hover at between SR1,200 and SR1,400/sqm/pa……………………………………….Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Rather than suffering dramatically from a withdrawal of foreign investment in the real estate sector that led to a collapse, Oman found its fledgling property sector grind to an unspectacular halt.
Unlike some of its near neighbours, Oman’s population of roughly 3.5 million is largely made of nationals, with only 580,000 non-nationals (17%). With this in mind, the challenge is not so much attracting foreign investment, but providing for a burgeoning, youthful Omani population………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

The prime and mass-market private housing segments in Singapore are facing starkly different fortunes.
According to recent industry data, while the mass-market segment is still enjoying healthy demand and price increases, the prime segment seems to be suffering from waning demand as foreign investors exit the Singapore residential property market………………………………………..Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

The World Bank has reported a shift toward non-bank financing in the Philippines which has required careful monitoring of the developer’s exposure.
Inquierer.net has reported the Philippine real estate market as possibly facing oversupply risks. While the market is generally stable, the Philippine Institute for Development Studies states that “ownership of dwellings and real estate has been growing steadily at high single-digit rates from 2006 to 2011 except for a relatively low 1.4 per cent growth in 2009.”……………………………………….Full Article: Source

Posted on 23 March 2012 by Laxman |  Email |Print

Land prices in Japan’s northeastern region that were hurt by the March 11 earthquake and tsunami last year gained the most in 2011 as residents sought to relocate, the land ministry’s annual land price report showed.
Nine of 10 sites that had the biggest gains in prices were in Miyagi prefecture where the coast was hit by the tsunami, as demand rose in the in-land or higher-ground places, the Ministry of Land, Infrastructure, Transport and Tourism said……………………………………….Full Article: Source

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