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Real Estate Briefing 18.Jun 2012

Posted on 18 June 2012 by Laxman |  Email |Print

The US housing market in May probably managed to sustain recent gains, driven by low prices and borrowing costs, economists said before reports this week.
Home starts climbed 0.4 per cent last month to a 720,000 annual pace, matching January as the fastest since October 2008, according to the median estimate of 64 economists surveyed by Bloomberg News before a Commerce Department report June 19. Sales of previously owned houses held near the highest level in almost two years, another report may show………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

There’s been some interesting discussion recently on whether the Canadian banks make better investments than the US banks. Maple Markets recently authored a good piece on the subject and Alex Rasmussen also did a favorable piece on Bank of Nova Scotia (BNS) and Toronto-Dominion (TD).
Most investors bullish on Canadian banks cite attractive performance metrics, stringent lending standards, stronger balance sheets, and the higher dividend yields that can be found by holding the Canadian banks, as opposed to the American banks………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Vacation home prices fell 20% in 2011, according to the National Association of Realtors, and that has made for plenty of bargains. Here are some luxury properties in vacation hot spots across the U.S. that can be had a healthy discount.
Montauk, N.Y: Situated on a bluff overlooking the Atlantic Ocean, this home’s location — and amazing views — are a major selling point. But there are plenty of other reasons why this is a prime vacation property, says agent Janet Weimar………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Property asking prices in England and Wales increased 1% in June, according to Rightmove.
The South West saw the biggest monthly increase, with a rise of 1.9%, closely followed by London, with an increase of 1.7%. London also reported the biggest annual rise in asking prices – up 8.8%……………………………………….Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

House asking prices have risen to a new record high, but they remain well below their 2007 peak once inflation is taken into account, a study says.
The price of a home coming to market rose by 1% month-on-month in June to reach £246,235 on average, but London is the only region where prices have outpaced inflation over the last five years, the Rightmove house price index found………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

It is absurdly difficult to buy one’s first home, with house prices still high and with banks insisting on very large deposits unless one can afford interest rates several percentage points above base rate.
One part of the solution could be for the government to guarantee a proportion of poorer people’s mortgages, just as richer parents can do for their adult children with one bank’s “Lend a hand” mortgage………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Despite continued economic uncertainty across the Eurozone foreign investment into London’s office market remains robust, limited only by a lack of stock in the West End according to Jones Lang LaSalle.
The first six months of 2012 saw London office investment volumes reach £6 billion. Over 75% of activity was accounted for by overseas money, with Asian capital responsible for 27%. H1 2012 total volumes increased 8% compared to the same period last year, and there is a further £10 billion currently targeting the market with year-end volumes anticipated to reach £12 billion, 11% up on 2011. ……………………………………….Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Spain is relying on a €100bn (£81bn) bailout to keep the economy afloat but the banks are still desperate to offload the glut of new and repossessed homes from their books.
Spanish banks are now the country’s biggest but most reluctant estate agents and although investing in the the property market today may seem foolhardy, with a backlog to shift, prices have crashed………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Prices of Spanish homes, which lie at the core of the nation’s financial crisis, could plunge by another 25 per cent in a slump lasting up to four years, Standard and Poor’s warned.
Spain’s real estate market crashed in 2008, throwing more than a million people out of work, exposing banks’ reckless loans, and sharply reducing regional governments’ income………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

The Makkah Chamber of Commerce and Industry (MCCI) has denied rumors about an artificial accommodation crisis created by tourism service providers in the holy city.
The MCCI said Umrah companies have not been harmed by the high occupancy rates in accommodation facilities in the city since the beginning of the summer vacation. Though some of the hotels overlooking the Grand Mosque have recorded maximum occupancy rates, accommodation is still available in the vicinity of the Holy Haram in the central area of the city………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Real estate development companies in eastern Saudi Arabia have postponed land auctions after the recent boom in real estate sales in the region, Abha-based Al Watan daily reports Saturday.
The market is saturated after the recent high level of sales, and needs time to absorb the extra liquidity, the daily quoted Saleh Al Dosari, a member of the real estate committee at the eastern province chamber of commerce and industry, as saying………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

The Housing Ministry unveiled a multi-million plan to help citizens purchase, construct or revamp their houses. The BD14.358 million lifeline will benefit a batch of 435 applicants registered with the ministry.
Housing Minister Bassem bin Yacoub Al-Hamer had signed an edict in this regard, taking immediate effect once issued………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

IPD has announced that the local currency return for Asian commercial property investment was 8.4% in 2011, according to the IPD Pan Asia Return Research (PARR). This performance is modestly better than in 2010 when the total return was 6.6%.
The Pan Asia 2011 return combines an income return of 5.6% with a capital growth of 2.7%. The income return is unchanged on 2010, but the capital return is up from 1.0%………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

If you’re wondering why the property rates in Mumbai aren’t going down, blame it on Non Residential Indians (NRIs).
With the rupee falling against the dollar every day, Indians living abroad have increased their investment in the country and especially in Mumbai, meaning that the expected fall in property rates following the recent dry period in the real estate market has not materialised………………………………………..Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

Property prices in Hong Kong may fall as much as 20 percent in the next 12 months as the city’s new leader sets out to increase housing supply after taking over in July, according to Deutsche Bank AG.
“The supporting pillars for the residential market over the past two years are weakening,” Deutsche Bank analysts Tony Tsang and Jason Ching wrote in a report yesterday. On July 1, “we expect the Hong Kong property market to enter a new age, characterized by normalized supply dynamics.”……………………………………….Full Article: Source

Posted on 18 June 2012 by Laxman |  Email |Print

The Finance Ministry, concerned about soaring home prices, has sought the help of the National House Buyers Association (HBA) to find solutions to the problem.
Responding to the request early this month, the HBA has proposed 10 measures to address the problem and, hopefully, bring prices down………………………………………..Full Article: Source

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