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Real Estate Briefing 26.Jun 2012

Posted on 26 June 2012 by Laxman |  Email |Print

“Blink, and you’ll miss it.” That isn’t a phrase associated with the lumbering housing market. And with so many pundits still wiping egg off their faces from prematurely calling a housing bottom in recent years, there is no rush to over-interpret blips in indicators such as the S&P/Case-Shiller Home Price index.
Although the last reading of Case-Shiller’s gauge of prices for 20 cities was flat against a month earlier and down 2.6% year over year, it may be missing a robust turn in housing. That could continue when the indexes are updated Tuesday………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Demand for new U.S. homes rose more than forecast in May as mortgage rates dropped, bolstering the residential real-estate market while other parts of the world’s largest economy cool.
Purchases climbed to a 369,000 annual rate, the most since April 2010 and up 7.6 percent from the prior month, the Commerce Department reported today in Washington. The median estimate in a Bloomberg News survey of 67 economists was 347,000. The number of houses on the market held near a record low………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

May sales of new single-family houses reached the highest level since April 2010, adding to evidence that the industry is no longer a drag on the broader U.S. recovery.
Sales of newly built single-family homes rose to their highest level in more than two years last month, adding to evidence that the U.S. housing market is on the mend and no longer dragging down the broader national recovery………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Economists predict home prices nationwide will drop slightly in 2012, falling 0.4 percent for the year, according to the Zillow Home Price Expectations Survey.
For the first time, the economists surveyed were largely in agreement on the trajectory of home prices nationally, signaling that a true bottom may be imminent………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

In the Seattle area, it’s not unusual for there to be multiple offers on homes in the most popular neighborhoods. In Washington, D.C., some prospective buyers aren’t finding a home they want on the market so they’re online daily, hoping a new listing for a property with their requirements will appear.
Even hard-hit areas like Phoenix and Sacramento have seen substantial decreases in for-sale inventory………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

House prices in the UK’s most economically active areas surged upwards by an average of £228 a week. Homeowners in parts of the country with a high gross value added (GVA) score – a measure of the local economy – saw their properties rise in value by nearly £110,000 between 1999 and 2009, the Halifax revealed.
But even in these areas, price growth has slowed dramatically from 2009 onwards, as the effects of the recession are felt. In the top 10 economically active areas from 1999 to 2009 (see graphic, right), prices have slipped by 4.3 per cent from 2009 to 2012………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Jones Lang LaSalle’s latest property forecasts indicate that the sluggish economic recovery is continuing to take a toll on UK commercial property markets.
The UK economy slid back into technical recession in the first quarter of 2012 and is expected to grow by under 0.5% for the whole of 2012, according to latest forecasts. A lack of debt finance, coupled with the on-going uncertainty in the wider Eurozone region has further heightened investor caution………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Taiwan could become a viable market for premium houses in the United Kingdom as investors in the country gain more knowledge about the British real estate market, according to property consultancy Savills Plc.
Last week, U.K.-based Savills hosted a number of one-on-one and group meetings in Taipei during the real estate broker’s first stop on its Asian roadshow to solicit pre-orders of units in a planned apartment complex to be located in central London………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Data is latest sign that market is stabilising after bursting of epic property bubble devastated economy. Irish house prices posted their first monthly rise since 2007 in May, data showed on Monday, in the latest sign that the market is stabilising after the bursting of an epic property bubble devastated the economy.
A stabilisation would ease pressure on the country’s banks, whose mortgage portfolios have been devastated by the price collapse. One in seven Irish home loans were not being fully repaid in the first three months of the year………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Data from the U.S. housing boom and bust suggests that Norway’s exuberant real estate market is likely a bubble whose bursting could deal a blow to the Norwegian economy, a paper published by the San Francisco Fed said on Monday.
Asset bubbles are notoriously hard to identify as they build because it is hard to tell whether price rises are being fueled by excessive risk-taking or by plausible economic fundamentals………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

The Swedish Housing Credit Board, BKN, believes that the Swedish housing market is significantly overvalued. Now the agency has worked out the implications of the housing bubble for the Swedish people. According to a study by the ECB covering 18 industrialized countries, the Swedish housing market is the most overvalued.
A drop of 40 percent is what it takes to reach equilibrium in the Swedish housing market. BKN is not prepared to go that far but they foresee a drop of 20 percent……………………………………….Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Around 400,000 m2 of new logistics space will be delivered in Sweden by the end of 2012, up from 350,000 m2 in 2011, according to new research published by Savills.
The property adviser expects the trend to continue as there are a number of larger projects (over 100,000 m2) scheduled for completion in 2013. According to Savills, the rise in activity is a result of a combination of an undersupplied market and an increase in demand with occupiers preferring new, purpose-built facilities………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Prices at the primary housing market of Baku fell by 0.2% in May - to 819.9 manat per sq m. Public Organization “Property Market Participants” informs that the prices fell by 2.3% versus 2011, by 3.3% against early 2012, and by 31.3% versus the beginning of the crisis period (September 2008). By the start of the crisis the price of sq m was 1,194 manat.
“Last month the share of apartments at a price of 500-600 manat per sq m in the market portfolio increased. Most of the new buildings were proposed in May in the Yasamal (array Yeni Yasamal), Khatai and Nasimi districts of Baku, which make up two thirds of the total portfolio,” it was reported………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Jones Lang LaSalle, the world’s leading real estate investment and advisory firm, has published its first quarter 2012 Jeddah and Riyadh Real Estate Overview reports. The findings revealed that with more new stock entering the market, occupiers have an increased choice of options, which is resulting in greater competition and more variation in performance as tenants increasingly focus on better quality projects.
Older and poorer performing projects are losing out in the competition and are consequently requiring repositioning and more active property management………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

If the sales pitch for real estate has suddenly gone up, as have the discounts, don’t think it is the generosity of the builders driving this largesse. Poor sales in newly developing areas and a dip in demand from homebuyers is leading to an inventory pile up.
This in addition to regular launches of projects in the past six months has added to the inventory of unsold flats across key regions such as Delhi-National Capital Region (NCR) and Mumbai Metropolitan Region (MMR)……………………………………….Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Century Town, a vast property development 30km from the centre of the eastern Chinese port city of Qingdao, proclaims its “Spanish building quality” complete with archways and red tiled roofs. But the empty apartments and falling prices evoke another side of Spain – the housing market bubble that has savaged the Mediterranean economy.
The question facing China, say analysts, is whether it will suffer a similar fate, depriving the fragile global economy of its most important growth engine and spelling the end of the past decade’s commodity boom………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Two years after the real estate regulation had been implemented, the speculative demands are basically out of the market now, reported Shanghai Securities News on Monday, citing an official.
According to the report, Qin Hong, director of the Policy Research Center of Housing and Urban-Rural Development Ministry, said at the 2012 Strait Real Estate Forum in Fuzhou, Fujian province that real estate speculative demand has been effectively restrained………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

Listed property developers have pledged 11.6 billion of their own shares to borrow funds, as persistent tightening measures cut them off from other sources of financing.
Fifty-eight A-share developers have each pledged an average of 132 million shares as of June 21, website China.com.cn reported………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

The outlook for Malaysia’s real estate investment trusts (M-REITs) continues to be positive, with plenty of room for further growth, according to speakers at the two-day REITs conference at Hotel Istana.
Sunway REIT Management Sdn Bhd chief executive officer Datuk Jeffrey Ng said M-REITs were considered to be at the “infancy stage.” He pointed out that the market capitalisation of M-REITs was expected to rise 30% to around RM20bil this year, from RM15bil in 2011………………………………………..Full Article: Source

Posted on 26 June 2012 by Laxman |  Email |Print

The property market should get used to single digit growth for a while, according to the latest BIS Shrapnel report into the residential property market, which says returns will become even more fragmented and start to emulate the two-speed economy.
On one side, the resource-rich states of the Northern Territory, Western Australia and Queensland will see their property prices boosted, but the rest of the country, including New South Wales, will see lower rates of growth over the next three years………………………………………..Full Article: Source

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