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Real Estate Briefing 27.Mar 2012

Posted on 27 March 2012 by Laxman |  Email |Print

Darren SukenikThe ugly duckling of top-end Manhattan real-estate listings is a six-story building on Fifth Avenue at East 62nd Street divided into a dozen offices and apartments.
The asking price for the 25-foot-wide former Italianate mansion at 815 Fifth Ave. was $25 million when it went on the market last week. But brokers are saying it is attracting competing offers from around the world and will likely trade for more. The would-be buyers are looking to restore long-hidden details and transform the property back into an elegant private mansion………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

The number of Americans signing contracts to buy previously owned homes held in February near an almost two-year high, a sign that the real estate market may be stabilizing.
The index of pending home purchases fell 0.5 percent to 96.5 after a 2 percent increase the prior month, the National Association of Realtors said today in Washington. January’s reading of 97 was the highest since April 2010. The median forecast of 41 economists surveyed by Bloomberg News called for a 1 percent rise………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Contracts to purchase previously owned U.S. homes unexpectedly fell in February, suggesting a loss of momentum in the housing market after recent signs of improvement.
The National Association of Realtors said on Monday its Pending Home Sales Index, based on contracts signed in February, slipped 0.5 percent to 96.5. Signed contracts become sales after a month or two………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Home price data and consumer confidence could help sway sentiment Tuesday, but the markets will be more intent on watching for any new comments from the Federal Reserve.
Fed Chairman Ben Bernanke reminded markets Monday that the labor market remains weak, and the Fed could take more easing action if necessary, in a speech delivered to the National Association for Business Economics annual meeting………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Believe it or not: The housing market is recovering in most states. Home price indexes for 38 states ended 2011 above their early-year lows. And while prices aren’t yet up to prerecession levels, 30 states had more than two quarters of growth under their belts by the end of 2011, according to data from the Federal Housing Finance Agency.
But the national index is still falling, dragged down by pricing drops in the worst-hit states………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Real estate in Central and Eastern Europe will remain high on cross-border investors’ shopping lists in 2012, according to CBRE’s Investors Intentions report.
Last year CEE, including Russia, attracted EUR 10.2 bn of property investment, double the total for the previous year. Even excluding Russia, CEE saw a doubling of transaction volumes from EUR 2.9 bn in 2010 to EUR 6.1 bn in 2011………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

The U.K. will need about 200 billion pounds ($319 billion) of investment in rental housing over the next five years as more Britons are shut out of home ownership, Savills Plc (SVS) and Rightmove Plc said.
Private landlords, who currently account for almost all U.K. rental properties that aren’t owned by the government, probably will provide 25 percent of the homes needed, according to a report published today by the real-estate firms. That means most of the money will have to come from investment funds………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Has Britain’s housing market turned the corner? Last week, the Council of Mortgage Lenders (CML) seemed quite upbeat. It pointed to strong increases in property sales in recent months: January’s mortgage approval levels were the highest since late 2009. “The underlying picture for house-purchase activity continues to show some buoyancy”.
Others are more upbeat too. RICS members no longer expect further falls in house prices; throw in the more optimistic price outlooks from housebuilders and you might think that the market has bottomed………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

A record number of London developers looking to build bespoke neighbourhoods from scratch will be emulating the success of centuries-old aristocratic landowning dynasties who have helped transform the capital city in the past 50 years.
Developments like the 67-acre scheme in the King’s Cross district and a 2,818-home plan for the Olympics site are among a dozen projects that have taken lessons from the likes of Grosvenor and Cadogan Estates, areas formed hundreds of years ago that have boosted property values in recent decades by being picky with tenants and improving public areas………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Residential property prices fell by almost 18 per cent in the year to February, new data from the Central Statistics Office showed. Over the month, prices were 2.2 per cent lower than in January.
The decline of 17.8 per cent showed an increase in the pace of decline from the previous month, when the annual decline registered 17.4 per cent, and the monthly decline was 1.9 per cent………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

German CMBS maturities are set to almost double to EUR 14 bn next year, up from EUR 8 bn this year, Dirk Richolt, head of real estate finance at CBRE in Germany, told PropertyEU. This is likely to spark an increase in property sales out of CMBS portfolios, he added.
Last week, Benson Elliot Capital Management, the UK-based private equity real estate fund manager, announced it had exchanged contracts with a number of subsidiaries of Speymill Deutsche Immobilien Company (SDIC), to acquire the Tor residential portfolio………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

According to the latest report by CBRE, concerns about the ongoing Eurozone crisis, with the potential for further job losses and reductions in disposable income have had a major negative impact on consumer confidence throughout Europe, but mostly in the Eurozone countries.
At the same time, Polish consumers remain optimistic despite weaker pan-European sentiment, with retail sales in Poland up by 14.3% year-on-year in January 2012 (according to the Polish GUS Central Statistical Office)………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

The residential property market continued to be weak in Portugal in February in terms of both sales and prices with all sectors experiencing falling demand.
But the lettings market is stronger, according to the latest house market survey from the Royal Institution of Chartered Surveyors and Confidencial Imobiliário………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Any transaction for the sale or purchase of a commercial property in Russia will invariably start with structuring.
Each situation will have its particular circumstances. These include the manner in which the property was built or acquired by the current owner(s), the manner in which it is structured from a corporate and finance standpoint (i.e. as an asset owned solely or jointly by one or more legal entities) and the specific tax issues……………………………………….Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

While the cold continues on Moscow’s snow-slicked streets, apartment prices have stayed hot in the capital as the city’s construction restrictions force high prices for elite apartments and unmet need keeps middle-class housing in demand.
What’s more, while demand is putting pressure on both wealthy and middle-class buyers, it is piquing interest among developers, analysts said in interviews………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

A year after the revolution, Egypt’s property market is showing signs of recovery. But as analysts are noting a trickle of sales, they say a transformation of the market is under way as the country’s biggest developers continue to face legal cases.
The fall of Hosni Mubarak from the presidency uncovered a string of scandals in the property industry relating to land ownership………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

The UAE’s property market witnessed mixed results in the first quarter as Dubai remained steady building on last year’s trend of stability while Abu Dhabi saw major declines as improved quality supply was handed over, said a report.
In Dubai, while the rental rates for apartments and villas rose by one per cent and sales prices for villas increased by 4 per cent compared to last quarter, Abu Dhabi witnessed a 5 per cent drop in apartment and villa rents hinting that residential property prices were likely to fall further, according to top UAE property management company Asteco………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Housing prices in India are the highest in the world, according to the most recent research from London-based Lloyds TSB International Global Housing Market Review. Prices in a country of 1.21 billion residents have increased 284 percent since 2001, after inflation. That number equates to an annual increase of 14 percent.
The Lloyds report ranks Russia and South Africa with the second and third highest housing prices. Prices in Russia are up 209 percent over the last 10 years; in South Africa, they are up 161 percent………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

India’s financial capital Mumbai has witnessed a whopping 87% increase in property prices in the last four years, while neighbouring Pune has seen a rise of 63%.
According to the recent economic survey report, property prices in other larger cities have gone up by 43% to 166%. This situation in the real estate sector is worsening day by day mainly due to the absence of a regulating authority. It was worse in Mumbai, which is ranked third as the most promising investments markets………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

The real estate investment in south China’s Guangdong Province surged in the first two months of the year despite lackluster sales, data showed Sunday, Xinhua News Agency reported.
The investment in commercial property soared 40 percent year on year to 54.7 billion yuan (8.7 billion U.S. dollars) in January and February, the Guangdong provincial statistics bureau said in a statement………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Leung Chun-ying, Hong Kong’s chief executive in waiting, has the industry knowledge and political will to address the city’s high housing prices, according to Citic Securities.
“Making house prices more affordable to middle- to low-income families is likely to be high on his agenda, as there is too much complaint about prices in Hong Kong now,” said Adrian Ngan, a property analyst at Citic………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

Australian home loan delinquencies rose unexpectedly as a stalling housing market kept a lid on financing options for homeowners, Fitch Ratings said.
Mortgage payments overdue by more than 30 days rose to 1.57 percent of the value of loans in the three months ended Dec. 31, from 1.52 percent in the third quarter, according to the London- based ratings firm’s Australian residential mortgage performance index………………………………………..Full Article: Source

Posted on 27 March 2012 by Laxman |  Email |Print

The rapid rises in house prices in the Auckland and Christchurch markets are unsustainable, says Westpac. The bank released a report on the housing market today saying increasing values in those areas were due to a shortage of homes and that the rest of the country was unlikely to see such large rises.
“We expect higher interest rates and a burst of construction activity to curtail the market in years to come,” Westpac chief economist Dominick Stephens said………………………………………..Full Article: Source

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