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Real Estate Briefing 04.Jun 2012

Posted on 04 June 2012 by Laxman |  Email |Print

Nicholas HoltThe Global House Price Index recorded its weakest annual performance since the depths of the recession in 2009, recording only 0.9% growth in the year to March 2012. Doubts over the Eurozone’s future, coupled with the Asian governments’ staunch efforts to cool their markets and deter speculative investment, have taken their toll.
Global house prices were static in the first three months of 2012 but it is the first time since Q4 2009 that annual price growth has slipped below 1%………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Jonathan MillerAn $88 million condo sale in Manhattan? A palatial California mansion on the market for $79 million? Given the still-sluggish state of the global economy, it’s hard to believe people would plunk down tens of millions of dollars for a roof over their heads in this day and age.
But that’s just what’s happening in some of the nation’s most competitive and sought-after housing markets. Sales of super high-end properties are booming, experts say, with the tight supply of desirable properties spurring multiple offers and bidding up sale prices………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

As economists and data wonks debate whether the U.S. housing market is at or near its bottom and heading into a recovery phase, this might be a good time to focus on some early leaders in the real estate sector.
For example, there is nothing quite like lumber as a leading indicator of new construction. “You don’t have to have a boom in the housing market to have a recovery in housing construction,” said Calvin Schnure, vice president of research with the National Association of Real Estate Investment Trusts………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Imagine going into a community bank and getting a mortgage but not telling the lender exactly where the house you want to buy is. You give the lending officer the zip code, and a few other clues about the home, but you walk out of the bank without having given your name or a street address.
Sounds like a scam, right? Well, that’s how most mortgages are financed in the U.S. Investors in private, residential mortgaged-backed securities (or RMBS) are prevented by law from knowing the address for the mortgages they purchase………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

We recently saw bullish indicators for housing demand. At the same time we saw bearish indicators for housing prices. Let’s take a deeper look at the overall trend in real estate. The Housing Market Index (HMI) published by Wells Fargo (here) is indicating that demand for new homes is improving. The HMI is an index of over 300 home builders, which shows the demand for new homes.
The index runs from 0-100, so a rating of 50 would mean that demand for new homes was average. Chart 1 gives the HMI from 1985 onwards. The chart is showing a trend that is bottoming out since 2009 onwards. The HMI rose to the highest level since 2007. Still, demand for new homes is below average………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Brazil’s burgeoning middle class is moving up in the world, into fancier high-rises. The discovery of vast oil deposits off the coast has flooded the city with renters carrying fistfuls of petrodollars. And property owners already are hiking rents in anticipation of Rio’s upcoming mega-events, the 2014 soccer World Cup and 2016 Olympics.
Property prices in some neighborhoods have risen sixfold in the past decade and now rival those in cities such as New York or Paris………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Total returns at the NAV level for pan European funds slowed to just 0.1% in the first quarter of 2012, resulting in a 12 month return to March of 2.1%, their lowest in nearly two years.
Although the underlying direct real estate returns were stronger, at 0.9% for the quarter and 5.9% for the last 12 months, they also represented a deterioration on previous quarters. This weakening of performance could have been expected given the Eurozone debt crisis and the slowing of economic growth, and is in sharp contrast to the stronger performance in the US and Australia………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

As the eurozone lurches from crisis to crisis and Greece teeters on the brink of default and exit from the euro, the number of wealthy European property buyers in London has surged. Greeks, Italians, Spaniards and even the French are desperate to convert their euros into bricks and mortar in the capital.
There are three main safe havens now, said David Adams, managing director of Mayfair estate agents John Taylor – gold, the Swiss franc and London property………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

The crisis growing within Spanish banks at the moment appear to have its roots in the country’s property market.
Some 80 billion euros worth of loans by Spanish banks to the country’s broken construction and real estate sectors are now considered near worthless – being at serious risk of default – while the drying up of credit also means that fewer people are able to afford homes………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Italy’s property fund management industry has embarked on a fresh wave of consolidation as it struggles to survive amid reduced investment and fund-raising activity.
In late April, Italian investment and fund manager Castello acquired RREEF’s Italian property fund business, RREEF Fondimmobiliari, adding nearly EUR 500 mln to its assets under management. The takeover was an opportunistic move at a time when Deutsche Bank is seeking a sale of its entire asset management arm, RREEF………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Denmark’s housing crisis is set to deepen as private debt burdens remain high, property values sink and the job market struggles, Moody’s Investors Service said.
“We see asset quality deteriorating among financial institutions and we expect those pressures to continue because of the operating environment,” Simon Harris, a London-based managing director at Moody’s, said in an interview. “Real estate prices are weakening” and “unemployment has risen and is at higher levels than a couple years ago.”……………………………………….Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

With thousands of miles of coastline along the Adriatic sea and its numerous islands it’s not hard to see the appeal of Croatia to Brits looking for a cut-priced holiday home.
Overseas buyers tend to stick to the coast starting with the Istrian peninsula in the north-west, which is something of a hot spot with its Tuscany-like countryside and olive groves………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

As Dubai’s residential property market seems to be looking up once again, many who were earlier sitting on the sidelines are now actively contemplating buying a place in the city.
Experts believe that any money put into the market now will see healthy returns in the future but there remain certain factors to consider before people put in their lives savings into buying a house………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

While the housing market keeps fluctuating, there has been a rise in mortgage approvals boosting the confidence in house buyers for investment as well as for private homes. While banks have been slow with housing loans, building societies have raced ahead.
Mortgage approvals hit their highest level since the start of the financial year in April, as buyers’ confidence about the housing market rose for the crucial spring buying season………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Sharjah Municipality has implemented stringent rules for attesting rental contracts. According to the new measures, only three people are allowed to stay in a studio flat; four individuals in one-bedroom apartments; six in two-bedroom flats and nine people in three-bedroom homes.
Sultan Abdullah Al Muala, Director-General, Sharjah Municipality , said the rules are implemented with the aim to maintaining privacy of families and controlling bachelors in areas inhabited by families………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Measures taken last year by Asian governments to cool their countries’ property markets are proving effective, according to a study by real-estate firm Knight Frank, though the intended slowdown is coming at a time when the global economy is hitting the brakes.
“These huge booms that we saw from 2009 to 2011 are coming off now,” said Nicholas Holt, research director at Knight Frank and author of the firm’s Asia Pacific Residential Review………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Indian realty sector seems to be going through a rough phase. On one hand, in metros like Mumbai, sales have declined, and the government has been strict with regulations and granting clearances. On the other hand, it is difficult to get investments.
DLF, India’s biggest realty player, has seen a 38.6% drop in its profits for the quarter ended March 2012. One year ago, DLF reported a net profit of Rs 344.54 crore, but this year, it has come down to Rs 211.7crore………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

With limited availability of open land parcels in the city, major developers are now looking at venturing into the redevelopment space, say industry experts.
“Due to scarce availability of unoccupied land, growth in real estate, particularly in terms of fresh supply is largely dependent on redevelopment activities,” global property advisory DTZ India chief executive Anshul Jain said………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Faint signs of warming have emerged in China’s property market as the extended fall in prices began to moderate in May, a key survey showed Friday.
Average housing prices in 100 major Chinese cities fell by a slower pace on a month-to-month basis in May, slipping 0.31% from April when they were down 0.34% from March, according to the China Real Estate Index System, a private data provider………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Despite rising transaction volume, prices for China’s real-estate market are unlikely to rebound, China’s state-controlled news agency Xinhua said in a Saturday commentary.
The commentary said housing price increases in tier-1 cities and rising sale volumes have led some to worry new stimulus measures taken by the government as the economy slows could push housing prices up rapidly………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Dozens of cities here in China are in the process of fine-tuning their rules surrounding property purchases amid the slowdown of the economy. Chinese central government has enforced curbs to rein in surging housing price about two years ago.
This week, Chongqing municipality is the latest one among some 40 cities across China fine-tuning property policies, with doubled upper-limit on low-interest loans………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

A rally in the stock market, downward inflationary pressure and three interest rate cuts over a period of three months have all helped generate some much-needed good news for the economy, but there is still very little activity in the property market, according to an industry insider.
The past three years have knocked the confidence out of the property market, with many companies and individuals involved with the real estate market losing considerable sums of money………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Recently released statistics show that nearly 4,000 properties were sold in Taipei in May, setting an 11-month high, kindling hope that the slumping property market may be on the mend.
Released by the city government’s Department of Land, The statistics represent a sharp increase from the 3,228 units sold in April, and reflect a rebound in the city’s property market from a slowdown during the previous few months………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

The bleak winter for Australia’s property market looks set to continue, with another weekend of moderate auction results suggesting price falls seen in May could extend into June.
While the Real Estate Institute of Victoria said Melbourne’s clearance rate rose to 60% on the weekend, up from 57% last weekend and 56% last year, the industry body said conditions remain subdued………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Australia’s home values have suffered the biggest fall in six years, defying the Reserve Bank’s efforts to spark a recovery in the property market.
According to the latest statistics from RP Data, Australian house prices have fallen 5.3 per cent since the beginning of the year. But despite the drop in prices, RP Data chief executive Graham Mirabito said the news isn’t all bad………………………………………..Full Article: Source

Posted on 04 June 2012 by Laxman |  Email |Print

Comfortable in a world of sound bites and headlines, the unwary could be excused - certainly in Auckland - for believing the residential property market knows no bounds.
Homeowners always like to believe that anyway and, after a discouraging few years, their conviction may have grown over recent months with a series of stories on amazing prices paid at auction………………………………………..Full Article: Source

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