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Real Estate Briefing 01.Oct 2012

Posted on 01 October 2012 by Laxman |  Email |Print

Norway’s $650 billion sovereign wealth fund is closing in on its first U.S. real estate investment as the market struggles with stagnant prices.
The fund will invest in the U.S. “by the end of next year at the latest,” Trond Grande, deputy chief executive officer at Norges Bank Investment Management, said in a Sept. 27 interview in Molde, Norway. “The U.S. is the largest real estate market so if you want to have a global portfolio you must have exposure to the U.S.”……………………………………….Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

U.S. President Barack ObamaU.S. President Barack Obama has called out the Congress, especially Republicans, for not acting on proposals aimed at saving homeowners thousands of dollars.
During Saturday’s weekly address, Obama said Congress has delayed taking action on a plan he sent them in February that he says would save homeowners $3,000 a year by refinancing their mortgages at a lower interest rate………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

When the housing market gets back on its feet, how will we know? Will it be when somebody finally fixes up the abandoned house down the block? How about when that stubborn neighbor gets his price on the house he’s listed for two years?
Others might say it’s when the local bank, if it’s still in business, really wants to issue a mortgage. And there will be dreamers who’ll say it’s fixed when they can unload that condo that seemed like such a great idea in 2008. The housing market in the Chicago area is getting better, in accordance with improving conditions nationwide, but it’s still broken. Its problem is that it is broken in many places, and healing will take, well, how long?……………………………………….Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Canada is one nation but these days it looks like two commercial real estate markets. There is the west where demand continues to soar, aided but a booming resource market, and then there is the east, which continues to tread water as it attempts to keep a lid on vacancies.
“It really is black and white,” said Ross Moore, national research director at CB Richard Ellis Canada, which will release its third quarter results next week showing a stark contrast between everything west of Ontario and the rest of the nation………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

According to the latest European Shopping Centre Development Report released by Cushman & Wakefield today, “Whilst this year’s projected volume of new shopping centre completions at 6.9 million m² exceeds the 2011 total, a more cautious mood has clearly taken hold among occupiers and developers and delays have been reported in countries including Italy, France, Portugal, the Czech Republic and Romania. As a result, the actual volume of space delivered could well fall short of projections.”
Of the 71 new shopping centers opening in H1 2012, 53 were in Central & Eastern Europe and 18 in Western Europe. ……………………………………….Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

IPD real estate fund indices for Europe are starting to show a pronounced north-south divide, with vehicles investing in the Nordic region turning in the strongest returns through the last four six-month periods, and those focused on Italy the weakest, with their underlying values falling significantly during the last year.
The Nordic funds generated total returns of 4.7% in the first six months of this year, while Italy turned in a negative performance of -2.3%. Pan-European funds were also in the red with -1%. ……………………………………….Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Slump in demand for homes comes as government launches Funding for Lending scheme to assist first-time buyers. House prices have fallen for the third month in a row as a summer slowdown in demand continued, according to property analysts Hometrack. Their September report shows the price of homes has dropped again in England and Wales, with no region recording monthly price rises.
These latest disappointing property figures come as the government seeks to increase mortgage lending through its Funding for Lending initiative to help buyers on to the ever more treacherous property ladder. House prices fell by 0.1% in September, the same fall as in July and August, with north-west England dropping the most to -0.3%………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

U.K. house prices fell for a third month in September on weakening demand that may continue to weigh on property values, Hometrack Ltd. said.
Prices declined 0.1 percent from August and 0.5 percent from a year earlier, the London-based property research group said in an e-mailed statement today. The number of new buyers registering with real-estate agents fell 3.6 percent, the biggest drop in eight months………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Housing engine London ground to a halt in September, data from Hometrack revealed today, as house prices across the UK slipped. Average prices in the capital defied the decline seen in almost all other English regions, where they fell by an average of 0.1 per cent, but only managed to stay completely flat between August and September.
Even with prices steady, the capital’s housing market declined in other ways: the number of sales agreed slipped four per cent, the number of new buyers registered slipped 3.9 per cent, and sellers listed 1.4 per cent fewer properties………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Property prices in Dublin rose by 1.6 per cent in the third quarter of this year, representing the first quarterly rise in six years, according to data compiled by property website MyHome.ie. However, rival site Daft.iereported a 0.5 per cent fall in prices in the period.
Nationally, house prices continued to fall, but at a slower pace than in previous quarters. The price of houses nationally fell by 2.2 per cent in the third quarter. This is less severe than the fall of 3.2 per cent recorded in the previous quarter, and the 7.2 per cent in the first, suggesting some moderation in the rate of decline………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Italian institutional investors are expected to increase their allocations to real estate from 6.9% to 7.6% over the next three years, according to a survey by INREV, the association for the non-listed real estate sector. This will lift the overall value of the Italian real estate allocation from EUR 38.5 bn to EUR 49.5 bn.
At present direct investment, totalling approximately EUR 25 bn, is still the largest component of the real estate sector, but in future, roughly 50% of the total allocation to real estate is expected to be invested indirectly. ……………………………………….Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

The lack of affordable housing continues to be a challenging issue, which has limited home ownership for Saudis, as renters account for the largest share of the population at nearly 60 percent, the National Commercial Bank said Sunday in its “Saudi Housing Review” for the month of September 2012.
“The lack of affordable housing continues to be a challenging issue, especially the limited ownership of modern homes (villa) by Saudis. In addition, the artificially high prices of land plots, which are increasingly sought after in the Kingdom as a long-term investment option by high net worth Saudis, are accessibly limited to Saudi citizens and home developers.”……………………………………….Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Prices of non-landed private residential properties rose 0.2 percent in the core central region. Prices in the rest of the central region rose 0.7 percent, while home prices outside the central region rose 1.0 percent, Singapore’s Urban Redevelopment Authority (URA) said.
The Housing Development Board (HDB) said separately that resale prices of government-built HDB apartments rose 2.0 percent in the third quarter from the previous three-month period………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

Transactions of previously owned homes in six major areas of Taiwan showed signs of a recovery last month from a month earlier, indicating that buying in the local property market has picked up, statistics released on Saturday showed.
According to the statistics compiled by Taiwan Realty Co , one of Taiwan’s leading property agents, transactions on second-hand homes rose 6.89 percent month-on-month in six areas. The areas described by the real estate agents are Taipei City, New Taipei City Taoyuan County, Hsinchu County, Greater Taichung and Greater Kaohsiung………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

While 19 of 28 economists surveyed on Friday predicted the RBA would hold rates steady on Tuesday, there is an interesting unanimity amongst media commentators that they will, in fact, pre-emptively cut before the third quarter inflation data is released.
On 7 September I explained that an October cut was very much “live”. Today Alan Mitchell and David Bassanese suggest the central bank will ease, News Limited’s Terry McCrann argues a cut is “almost certain”, and The Australian’s David Uren says it is “widely expected”. The financial markets have retained their high, 70 per cent plus probability on this outcome………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

It won’t be until 2014 when commercial, industrial and residential real estate markets in most Australian major cities begin to recover, according to a new report from the Australian Property Institute. Melbourne, particularly, still waits for home prices to hit rock bottom.
Listings at brokerages and at auction houses are down as potential sellers hold back placing their properties on market, waiting for a price rebound, according to the Institute’s survey called Australian Property Directions………………………………………..Full Article: Source

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Posted on 01 October 2012 by Laxman |  Email |Print

The number of property investors expecting an increase in the value of their property in the next 12 months has risen 16 per cent on last year to 87 per cent of those surveyed in the annual ANZ Property Investment Survey.
Some 85 per cent of property investors also expect rents to rise in the next 12 months - up from 80 per cent in 2011. Over the next five years, the average investor expects both their property value and rents to rise by 6-10 per cent. The survey showed 61 per cent of respondents were planning to buy more property and just under half intended buying in the next two years………………………………………..Full Article: Source

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