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Real Estate Briefing 14.Jun 2012

Posted on 14 June 2012 by Laxman |  Email |Print

Conditions in Canada’s housing market have cooled in recent months, but the country continues to outperform other developed nations, according to a new Scotiabank real estate report.
The latest Scotiabank Global Real Estate Trends report finds that national average home price fell by 1.6 per cent in the first quarter of 2012 compared to the same period of 2011. (The prices were adjusted to account for inflation.)……………………………………….Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Jim FlahertyCanada’s growing household indebtedness and rising real-estate prices are posing risks to the world’s 10th-largest economy that may require additional measures to rein in the market, the Organization for Economic Cooperation and Development said.
The Paris-based group of developed nations, in a report on Canada released today in Ottawa, said there are signs of “imbalances” in the Vancouver and Toronto real-estate markets as well as the condominium segment………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

The Canadian housing market is on the wrong side of the ledger in a survey of global housing prices for the first time since 2008, down 2 per cent from the same time last year when adjusted for inflation as stricter borrowing rules and fading demand cool the market.
Today’s report from Scotia Economics underlines the difficulties facing markets around the world. Weakness in real estate markets is a direct threat to the banks that financed housing booms around the world, as bad loans threaten their balance sheets………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

In Canada, we think that the relaxation of CMHC mortgage insurance underwriting since 1999 has been central to the strong demand for housing and solid household credit growth.
CMHC has artificially boosted household formation rates, reflected by the decade-long upswing in Canada’s home ownership rate, to almost 70 per cent from roughly 63 per cent over 10 years ago. This is a big change over such a short period of time………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

U.S. home buyers are snapping up houses at a faster pace this spring, but many homeowners remain reluctant to sell until prices edge up, data released on Wednesday showed.
The number of homes listed for sale fell 20.1 percent last month from a year earlier to 1.88 million, Realtor.com reported………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

China has emerged as one of the fastest-growing sources of international buyers for US real estate — in what some see as a sign that China’s rich are increasingly seeking to take their money out of the country.
According to a report published by the National Association of Realtors this week, buyers from China and Hong Kong made up the second-largest group of foreign buyers of homes in the US in the 12 months to March — Canadians took first place — accounting for $9bn of sales………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

U.S. investors are getting back into real estate, but their efforts are being complicated by the uncertain housing market. Bloomberg reports that private equity firms, hedge funds and pension systems have raised more than $6 billion to buy foreclosured homes and convert them to rentals, taking advantage of the disparity between falling home prices and the hot rental market.
But inventory levels have been lower than investor demand, because of the reluctance of private lenders to unload their properties en masse………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Funds planning to invest more than $6 billion to buy and rent foreclosed homes are finding it easy to raise money. The difficulty is spending it.
The number of low-cost foreclosed homes coming to market has dropped, bulk sales have been slow to materialize and prices are recovering in markets such as Phoenix, making it hard for private-equity firms, hedge funds and pension systems to buy as many homes as they need………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Study predicts 1 million more youngsters will be ‘marginalised’ as many face up to living with parents well into their 30s.
More than 1 million young people will be “locked out” of home ownership in eight years’ time, making up a generation that is “increasingly marginalised” and renting due to the lack of houses, a study warns………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Parizska street in Prague, the most expensive luxury shopping street in Central and South Eastern Europe, has been enlarging its offer of mono-brand as well as multi-brand shops.
Despite the economic situation, the brands of luxury fashion, accessories, jewelry and watches have been renovating/and enlarging their premises in Parizska or even entering the Prague/CEE luxury market………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Britons have a good chance of being able to uncover a gem when looking to buy property in Portugal. That is the view of Emma Brunton, author of the blog Emma’s House in Portugal, who said residential real estate prices in the country have fallen to the level they were at five years ago and, in some cases, are even lower.
This means there are plenty of “great bargains” waiting to be discovered by opportunistic overseas buyers………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Some of Europe’s largest investors, including Aberdeen’s Andrew Smith, Allianz’s Olivier Piani, Hines’ Manfredi Catella and Union Investment’s Frank Billand, gathered in Milan last week to discuss the opportunities for investing in Italian real estate.
Organised by law firm DLA Piper at the Expo Italia trade fair, the panel discussion testified to the attractiveness of the property market in Italy, according to DLA Piper’s head of European real estate Olaf Schmidt, who moderated the event………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

A proposal by the Finance Ministry to ban cash payments for sums over 600,000 rubles could lead to price hikes, with residential real estate the most likely to be affected. The ministry’s proposal, which was published on its site, would include not only transactions between individuals and businesses, but would also include deals between two private parties.
The proposal’s explanatory note says the measures are aimed at real estate and car purchases in order to lower their “levels of criminality.” The ministry’s earlier proposal was to only target deals involving companies, Vedomosti reported on Wednesday………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Kurdistan’s current housing problems could be saved by building 5,000 homes each year over the coming years, regional officials say.
If the region spends about $170 million a year on building residential units, the housing shortcoming could be overcome in 10 years………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

The Bangalore office market witnessed healthy transaction activity in May, while vacancy rate declined nominally due to stable demand amidst limited fresh supply, mentioned Jones Lang LaSalle (JLL) India, in a recent report.
Some of the big transaction in the office space market were Axis Aerospace & Technologies leasing space in Vaswani Centropolis, KPMG leasing space in Salarpuria Hallmark 1 and Ericsson leasing in Umiya Business Bay………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Alastair Hughes, Asia-Pacific chief executive officer of Jones Lang LaSalle Inc., comments about outlook for China and the region’s property markets in an interview with Bloomberg Television.
“The Chinese government policy is to trail rises in residential property prices and it’s been very successful. They’ve also tried to increase the supply and to reduce demand. It’s worked. Prices have fallen across the board due to these controls………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Stabilizing policies have been issued by different authorities one by one recently. A series of signals of loosening monetary policies naturally stimulates speculation that the real estate market will once again become the trump card saving the Chinese economy, says an article in Beijing News.
Reportedly, the “economic vacuum” caused by tightening control of the real estate industry is more serious than expected and if the stimulating policies cannot prevent the economy from declining, it is possible the housing market will be assigned an important role………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

China’s property sector, which has suffered from seven consecutive months of price declines after a slew of government tightening measures, is staging a surprising turnaround, boosted by the central bank’s recent monetary policy easing.
But analysts fear the rebound could lead to a new crackdown by the government, which is keen to keep prices in check………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

Barely a month ago, developers were still bogged down by worries that persistently strong property data could trigger more government measures to cool the housing market.
But now, these concerns seem to have dissipated quickly, with at least one research house upgrading its rating to “buy” for developer stocks and economists expecting the construction sector to continue its growth momentum after a surprisingly strong showing in the first three months of the year………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

RBA governor Glenn Stevens delivered a ’solid’ speech last week. Solid being a favoured, if over-exercised, bromide for central bankers. Stevens made a few interesting remarks, which, if I can say so, echoed points I’ve consistently pushed here.
First, the local media and local economists have not been dispassionate in assessing Australia’s economic circumstances. As I’ve said before, if you predicted a raft of rate cuts late last year on the basis of a weak Australian economy, you were indisputably right for the wrong reasons. Stevens comments:……………………………………….Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

The total number of houses sold in May was 7,175 while the average time to sell rose slightly to 38 days. The average house price rose more than 5% to $369,000.
ASB Bank economist Jane Turner, says shortages are driving prices up in Auckland and Christchurch, but not the rest of the country………………………………………..Full Article: Source

Posted on 14 June 2012 by Laxman |  Email |Print

The state of the global economy continues to pressure residential property markets around the world, with global home prices declining on a year-over-year basis in Q1 2012.
The real estate market in Europe has been most affected, says a Scotiabank report“Fiscal austerity measures, rising joblessness and tight credit conditions have sidelined potential buyers, even as central banks maintain highly accommodative monetary policy settings,” says Adrienne Warren, senior economist, Scotiabank………………………………………..Full Article: Source

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