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Real Estate Briefing 21.Jun 2012

Posted on 21 June 2012 by Laxman |  Email |Print

Neville MossGlobal shopping centre development continues apace with growing middle class populations and retailer expansion leading to unprecedented levels of construction and new openings, largely in emerging markets, according to property advisor CBRE.
CBRE measured the level of shopping centre development in 180 of the world’s major cities to identify the most active markets, both in terms of 2011 completions and space currently under construction………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Kyle CrowderThe real estate market today reflects an ugly, if often forgotten, truth: Residential segregation in the U.S. is alive and well. Although that problem is commonly thought of as a relic of America’s racially troubled past, a recent study shows that fewer black and white families are today moving into multi-ethnic neighborhoods.
“We pay a lot of attention to this proliferation of multi-ethnic neighborhoods, but they are still only a small part of the overall inter-neighborhood mobility picture for blacks and whites,” said Kyle Crowder, a professor of sociology at the University of Washington and lead author of the study……………………………………….Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Too soon? Consumers are optimistic about the U.S. residential real estate market but optimism is outpacing reality, a survey out Wednesday from real estate website Trulia shows.
Many people — too many — apparently have visions of moving into well-appointed McMansions that will soar in value. “We found consumers want bigger homes with better amenities and they expect prices to rise, but we think they aren’t going to get everything they want,” said Trulia Chief Economist Jed Kolko………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

As the nation’s housing market shows signs of bottoming after years of declining prices, many first-time buyers such as Dorado are getting a rude awakening. Instead of having their pick of homes to buy in some markets, they’re losing houses to cash buyers and bidders with bigger down payments, or they’re facing bidding wars spurred by shrinking numbers of homes for sale.
The competition can be most evident for lower-price homes in markets hard-hit by foreclosure, such as Phoenix, Miami and parts of Southern California, or those with relatively strong economies, such as Washington, D.C., and San Francisco, Realtors say………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Many pundits have recently been declaring that the U.S. housing market has bottomed amid strong recoveries in some local areas. New research concludes, however, that a fairly reliable (and underappreciated) leading indicator of demand for residential real estate is the futures market for lumber.
Although they’ve had a slight uptick recently, lumber futures are down about 10% since May. That suggests that real estate may stay weak through at least the fourth quarter of this year………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Gabor Futo, co-founder of the Budapest-based central European property group Futureal, plans to establish a U.S. company with initial funding of $15 million to build a residential-property portfolio of 500 homes.
The U.S.-based company, Cordia USA, will make its first acquisitions in the states of Georgia and Michigan with plans to renovate and rent the homes before selling them within five years, Futureal said……………………………………….Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

A set of incentives for home buyers in Puerto Rico has helped stimulate the housing market there, and some experts think they could help on the mainland, too. After the US housing market crashed in 2007 and 2008, Puerto Rico is one of many places that ended up with a glut of houses, condos, and luxury villas on the market.
With the mainland in recession, this was not exactly a surprise………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Britain’s beleaguered homeowners will have to wait until 2014 at least before they see a rise in the value of their properties, as weak demand and tight lending conditions keep the market in check, a Reuters poll found on Tuesday.
Home prices, which have dropped about a fifth since their peak five years ago, will fall another 1.6 percent this year and only hold steady in 2013, according to the poll of more than 20 market watchers taken in the past few days………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Sharp differences between regional price changes in the UK property market have been highlighted by the Office for National Statistics (ONS).
Overall property prices went up 1.4% but there was a dramatic contrast between the biggest average increase of nearly 5% in London and the biggest decline in Northern Ireland of 8.1% in the last financial year………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Prime central London residential house prices will grow by 6% this year in stark contrast to the rest of the UK, new research from CBRE has revealed. Average house prices in prime central London have increased by 35% over the last three years and are now 16% above their 2007 peak.
London can only be matched by Monaco and Hong Kong in terms of new build property prices with prime homes typically achieving between £1,500 and £2,500 (US $2,000 – US $3,800) per ft² and exclusive super prime properties selling for in excess of £3,000 ($5,000) per ft²………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

The new levy, which should have cost Di Pardo about 500 euros ($630) when the first payment was due on June 18, may mark the limit of how much Prime Minister Mario Monti can squeeze out of taxpayers. The belt-tightening is also sinking the prospects of Monti’s supporters in parliament and deepening Italy’s fourth recession since 2001.
Italy’s main political parties, which agreed to suspend their rivalries and back the unelected Monti when he was appointed in November, have seen their support plummet to the lowest in about two decades………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

The Kenyan market has been awfully lucrative especially for foreign investors because of the high profit margins of 20 to 30 per cent, which analyst Nathan Luesby has argued is impossible even in the US or European markets.
In the last decade, Kenya’s real estate has been anything but robust. The real estate boom survived the 2008 Post Election Violence and global economic downturn that crippled other sectors such as tourism and agriculture. The construction sector is approximated to have created 82,000 private sector jobs in 2010………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

With a good range of properties, stable prices and a vibrant workforce, the city’s real estate sector has performed far better than peers like Mumbai and Delhi. Real estate markets around India have been getting a hammering since last year and home sales across the board have suffered.
In the last quarter of the financial year 2012, the Mumbai Metropolitan Region (MMR) saw a drop of 58 per cent in unit home sales, while the National Capital Region (NCR) experienced a similar 57 per cent plunge, compared to the same quarter a year ago, according to realty research firm PropEquity………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Overall, the past 10 years have witnessed an upward movement in prices except for the years 2007 to 2008. During this time, there was the global recession that led to a financial crunch and this in turn caused stagnation in the local property market, both in terms of prices and volumes of deal closures.
However, we cannot also say that it was a time to pick up cheap properties as this too was not the case. People were not willing to part with their property at low rates. Perhaps they knew that the market would pick up again. What transpired for certain was that what happens in the global economy has a direct bearing on the local real estate market………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

China’s skyrocketing housing prices are due to the density of urban population centers and bad state policies. China has seen a steady rise in housing prices since the 1998 property market reform. Some experts have argued that China’s high property prices are a product of its huge population and the need to maintain a large area of land for agriculture, thus restricting the amount of land available for real estate development.
But this concept is incorrect. China only needs 1.07 billion acres out of its current total of 1.8 billion acres of agricultural land to be self-sufficient in food production. Furthermore, housing developments in cities use up relatively little land………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Tai Hui, the Singapore-based head of Southeast Asian economics at Standard Chartered Plc, comments on the outlook for investment in China today on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt.
“We are seeing a correction in the property market around China and we don’t think the government will let loose on some of the tightening grips that we’ve seen in the past two years………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Market watchers have warned that home buying demand for the rest of 2012 could slow, according to Channel News Asia. This is mainly because most of the repressed demand for property has been settled. With six Executive Condominium (EC) plots up for tender, analysts predicted a decrease in mass market homes.
Lim Yong Hua and his family have been searching for a home and recently purchased an EC unit in 1 Canberra, Yishun for over S$900,000 (US$710,000) . He plans to sell his HDB house in order to raise enough funds to cover payment for the EC………………………………………..Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

The Philippine real estate market is now the best it has been in 20 years, according to property consultant CBRE Philippines. CBRE Philippines chief executive and chairman Rick Santos said the Philippines is “no longer the sick man of Asia but now the sweet spot for investors.”
“I’ve been back in the Philippines for 20 years now and this is the best real estate market we’ve seen. We think this market has legs and we’re confident in the next 5 years. All eyes are now moving from BRIC (Brazil, Russia, India, China) economies into TIP (Turkey, Indonesia, Philippines) markets,” he said……………………………………….Full Article: Source

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Posted on 21 June 2012 by Laxman |  Email |Print

Property real estate funds raised $7.5 bn (just under EUR 6 bn) in global capital commitments in May, according to figures published by Indirex, an online community for non-listed real estate funds. Although 27 new fund-raising announcements were made, only 12 reported equity volumes raised.
The majority of the commitments were in the US (55%), with the pan-global TIAA-CREF Global Agriculture Fund raising $2 bn to invest in agricultural land………………………………………..Full Article: Source

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