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Real Estate Briefing 11.Apr 2012

How 'shadow inventory' hurts the housing market
U.S. commercial markets not feeling effects of increased employment hiring yet, mainly backfilling shadow inventory
Is the real estate recovery really here?
Outlook for the busted U.S. housing market, cheapest prices in 40 years
Zillow reports U.S. rentals continue to outshine housing market, property values still plagued by foreclosures
Office and warehouse sectors lead continued recovery of U.S. commercial real estate market
Real-estate redux: AIG is planning a return to U.S. property investing
Canada's Flaherty: 'No present plans to intervene in housing market'
Brazil housing boom forcing switch to private market: Mortgages
European commercial property volumes in Q1 almost halved y-o-y: JLL
CEE property volumes for Q1 drop to 2009 level
Cushman & Wakefield: Expected upturn in European shopping center development knocked off course
UK commercial property Q2 rental expectations negative again
UK: Warm weather helps give housing market a boost
March house price dip smallest since June 2010
UK property surveyors report rising interest in UK housing market
UK: 'Housing crisis' poses challenge for political parties
Property prices in Bulgaria expected to stabilize in 2012
Tamar sells assets in Sweden, France and Belgium
Cyprus: Bleak picture of housing market
Baku housing market expects rise in prices
Investing in Israeli real estate
Egypt: Real estate boom
S.Africa: Housing market mildly positive in Q1 2012
Bahrain property prices and home rents flat as expats make a return
Mumbai is the world’s least affordable home market
Property investors lie in wait for China slowdown
No hard landing for Chinese real estate
China’s property market may be burst bubble, Chanos tells Finanz

Posted on 11 April 2012 by Laxman |  Email |Print

Anand NallathambiThere were high hopes that 2012 would be the year when the housing market, battered by the explosion of the real estate bubble, would finally begin to recover. But any good news on the housing front has quickly been followed by negative news.
For instance, it was reported in February that foreclosure rates were down and the number of new houses being built was up. For the first time since 2006, housing prices in some markets actually rose………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Jon SouthardAccording to the latest analysis from CBRE Econometric Advisors (CBRE-EA), the US commercial markets posted mixed results in the first quarter of 2012.
CBRE-EA recently shared with World Property Channel the following U.S. commercial market trends; The US office vacancy rate remained unchanged in the first quarter (Q1) of 2012 at 16 percent………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

According to Louis Basenese at Wall Street Daily, the answer is a resounding “yes.” He gives 11 signs that the real estate recovery is here, and it’s here to stay:
1. Housing starts: The annual rate of housing starts for February (698,000) came in 14.7% higher than for 2011, 18.9% higher than 2010, and 25.9% higher than 2009………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Addison Wiggin. writes: A little more than a year ago, a very successful professional investor declared, “If you don’t own a home, buy one. If you own one home, buy another one, and if you own two homes, buy a third and lend your relatives the money to buy a home.”
Since that declaration, house prices have continued drifting lower in most parts of the country. The Case-Shiller index of national home prices is down about 4% year over year………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

According to the February Zillow Real Estate Market Report, median rents rose 2 percent from February 2011 to February 2012, but home values continued to fall, declining 4.5 percent during that period.
The Zillow Rent Index (ZRI) showed year-over-year gains for nearly 68 percent of metropolitan areas covered by the ZRI. By contrast, only 8 percent of metro areas covered by the Zillow Home Value Index saw home values rise………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Although rising energy prices and fiscal debt issues for both domestic and foreign governments remain as clouds on the horizon, the U.S. commercial real estate market is in the midst of a continued recovery being led by the office and warehouse sectors, according to the latest research from CoStar Group.
CoStar, the commercial real estate industry’s leading provider of information and analytic services, today released its national market research for the first quarter of 2012. The report showed that while net absorption slowed slightly compared to the last half of 2011, rent trends generally improved from prior quarters, supported by a lack of new space being added to the market. (Press Release)

Posted on 11 April 2012 by Laxman |  Email |Print

American International Group Inc.is planning to jump back into U.S. property investing, reversing yearslong efforts to downsize its real-estate business in the wake of its near-collapse and government bailout in 2008.
AIG until recently had been dismantling what was once a $24 billion real-estate portfolio packed with trophy properties around the world to help pay back U.S. government loans and keep the company afloat. Its investing has been limited primarily to a few European deals with a single partner………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

There’s been some moderation in the Canadian housing market so there is no immediate need to intervene in what some think is a housing bubble, Canada’s finance minister said Tuesday.
“There are no present plans to intervene in the housing market,” said Jim Flaherty, Canada’s finance minister, speaking in New York. “I would like the market to correct itself.”……………………………………….Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Brazil’s five interest rate cuts and the use of 2.5 billion reais ($1.4 billion) of workers’ compensation funds to buy mortgage bonds are breathing life into the home loan market as the government seeks to address a shortage of 6.3 million homes.
The central bank’s plan to lower the benchmark lending rate this year to 9 percent would help drive investor demand for higher-yielding mortgage securities and increase the role of the private market, according to Brazilian Finance & Real Estate SA, the country’s biggest issuer of real-estate backed securities………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Direct commercial property transactions in Europe, the Middle East and Africa (EMEA) tumbled 45% in the first quarter of 2012 to EUR 20 bn, according to preliminary data compiled by Jones Lang LaSalle. A year ago, EMEA accounted for transaction volume of EUR 37 bn in the first three months.
Global direct commercial property transactions in Q1 2012 fell less sharply, by 23% to $75 bn (EUR 57 bn) compared to the same period last year. All major property markets recorded a quieter start to the year after a very active 2011, particularly in the final quarter……………………………………….Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Commercial property investment volumes in Central and Eastern Europe (CEE) amounted to EUR 900 mln during the first quarter of 2012 - the lowest volume seen since Q3 2009 - according to the latest data from CBRE.
The underlying factors behind the lower volumes relate to less financing being available and narrowing investor requirements, the global proeprty adviser said………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The expected upturn in European shopping center development in 2011 was knocked off course by delays in a number of markets, according to a report from Cushman & Wakefield.
If all the shopping center projects scheduled for the year had been completed on time, provision across Europe would have increased by nearly 6.8 million m², representing an increase of 15% on the (revised) 2010 total………………………………………..Full Article: Source

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Demand for commercial property in the U.K. improved but remained subdued in the first quarter of the year as firms continued to be cautious over their spending plans amid an uncertain economic recovery and ongoing strict lending criteria, a survey by the Royal Institution of Chartered surveyors showed Tuesday.
But while rents are expected to fall again in the second quarter in every region of England and Wales, the balance of -14 was the least negative since the second quarter of last year………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The unusually warm weather and a rush of first-time buyers trying to beat a stamp duty deadline gave the housing market a boost last month, a report said.
New buyer inquiries edged up in March, with 9% more estate agents reporting increases rather than decreases in demand, the highest reading in almost two years, the Royal Institution of Chartered Surveyors (RICS) said………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

House prices declined at the slowest pace since June 2010 in March, helped by a better economic outlook and buying ahead of the expiry of a stamp duty exemption, a survey showed.
The Royal Institution of Chartered Surveyors’ (RICS)seasonally adjusted house price balance rose to -10 from -13 in February, data showed on Tuesday, beating economists’ forecasts for a tick-up to -12. Prices continued to edge down in all areas of Britain except London………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Another sign has emerged that the UK housing market is springing back to life, with the release yesterday of a new report by the Royal Institution of Chartered Surveyors (RICS) which shows that enquires from potential buyers rose in March.
In its latest UK Housing Market Survey, a monthly survey of property surveyors, RICS reveals that 9% more surveyors reported increases rather than decreases in demand. The highest figure on this measure for almost two years, the increase can be partly attributed to a rush of first time buyers hoping to get on the housing ladder before the end of the stamp duty holiday………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

“The government must act!” How often have successive administrations been told they need to get a grip of ‘the housing crisis’ to prevent an entire generation from being, in effect, priced out of the market?
That has to be one of the most over-worked descriptions of how politics can turn pernicious. But the social problems surrounding the shortage of affordable accommodation have repeatedly shown how quickly they can turn politically lethal………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Bulgarian property prices are largely expected to be unchanged in 2012 as real estate markets around the country remain at a standstill, brokers say.
Average prices in the capital city Sofia were around EUR 735 per square meter during the first quarter of the year, from EUR 730 in the last quarter of 2011, according to Bulgarian Properties real estate agency………………………………………..Full Article: Source

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Tamar European Industrial Fund (TEIF) has sold two assets in Sweden and France and part of a third in Belgium for a total of £6.5 mln (EUR 7.8 mln).
The first asset, located in Helsingborg on the south west coast of Sweden, comprises a 1970s warehousing building of 10,375 m2. Virtually fully let, its three tenants include Puma and the Swedish Post Office, with lease expiries in 2013 and 2015………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The residential property market is showing no sign of recovery after statistics released by the Central Bank yesterday revealed that the fall in prices continued and intensified during the last quarter of 2011.
The latest stats reveal that residential prices in coastal towns continue to be the hardest hit while the capital Nicosia is also showing signs of vulnerability to the ongoing economic crisis………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The prices on the real estate market of Baku grew by 1.34% in March. Nusret Ibrahimov, general director of consulting company MBA Group, informs that in March prices rose by 1.2% versus early 2012 and by 6% against March 2011.
“Prices in the primary housing market of Baku in March rose by 5.3% from $828 up to $872 per sq m. Prices increased by 2% at the primary market by early 2012 and by 6% against the same term of last year. The secondary market also showed an increase of 2.65% - from $1,395 up to 1,432 per sq m. Since the beginning of 2012 the prices on this market segment grew by 3.8% and by 8.5% versus Jan-Mar 2011,” Ibrahimov said………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The Israeli real-estate market has fallen from its peak. If you are a serious investor, tax is a cost like any other cost to be contained as far as reasonably possible. And foreign investors in Israeli real estate will want to minimize taxes in both Israel and their country of residence.
Therefore you need to plan with tax advisers in each country various aspects, including: Entities: company, partnership, trust, REIT………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Despite the revolution and the economic standstill that ensued, the real estate sector is making a strong comeback according to some of its major players.
The events of last year had brought activity in the real estate sector to a halt, but the latest reports from some of the nation’s largest developers have indicated that the sector is picking up again……………………………………….Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Estate agents have, according to the latest FNB Estate Agent Survey, experienced a mildly positive view of the residential property market in the first quarter of 2012, compared with the preceding three-month period.
The agents saw residential demand strengthening, the supply of residential stock becoming more constrained for some, the average time of properties on the market declining, and slightly less sellers having to drop their asking price to make the sale………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Bahrain’s residential rents and property prices are showing signs of stabilising, helped by the fact that some projects have stalled or slowed, says the property consultancy Cluttons.
“There has been an upturn in the number of new expats coming to Bahrain, specifically in the oil and gas industry, and it is understood that the international schools have waiting lists again, not seen since the beginning of last year,” Cluttons said in its first-quarter report on Bahrain’s residential market………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The average Indian would need to work for three centuries to pay for a luxury home in Mumbai, making that city the least affordable in the world for locals, according to an analysis of real estate and wages.
The CHART OF THE DAY shows a 100-square-meter luxury residence in Mumbai costs about $1.14 million, or 308 times the average annual income in India, based on calculations from a housing index compiled using 63 markets by Knight Frank LLP and income estimates of the U.S. Central Intelligence Agency for purchasing-power parity in 2011………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

Cash-strapped Chinese property companies may face a reckoning this year amid high debts and a government campaign to bring down housing prices. If that happens, a number of outside investors are waiting to step in.
Prompted in part by approaches from Chinese and Hong Kong property companies, French insurer AXA SA’sreal-estate arm is planning to make its first investment in China this year and hopes to invest €2 billion ($2.6 billion) in the market over the next five years, mainly in major cities such as Beijing and Shanghai………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

The desperate days when Chinese property developers offered free cars as an inducement to homebuyers look to be over. Sales and earnings figures indicate some of the gloom is lifting as developers have enjoyed a second straight month of rising sales.
Vanke, China’s biggest developer by sales, said last week that March sales had risen 24 percent year on year, while 2011 profits rose 30 percent. Another firm, China Overseas Land, posted a 21.5 percent profit rise last year………………………………………..Full Article: Source

Posted on 11 April 2012 by Laxman |  Email |Print

China’s real estate market may already be a burst bubble, Finanz und Wirtschaft reported, citing an interview with James Chanos, founder of Kynikos Associates Ltd.
If the Chinese government slows the building boom, it’s not clear what will fill the gap to support the economy, Chanos was cited as saying in a pre-release of tomorrow’s issue of the Swiss newspaper………………………………………..Full Article: Source

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