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Real Estate Briefing 02.Oct 2012

Posted on 02 October 2012 by Laxman |  Email |Print

U.S. builders spent more to construct homes in August, further evidence of a housing rebound. Still, the increase couldn’t offset cuts in public projects and commercial real estate. Overall construction spending dipped 0.7 percent in August from July, the Commerce Department reported Monday. It was the second straight monthly decline.
The decline lowered construction spending to a seasonally adjusted annual rate of $834.4 billion. That’s nearly 12 percent above a 12-year low hit in February 2011 and roughly half of what’s considered healthy………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

The latest housing information indicates that home prices have continued to make a slow and steady recovery. That’s good news for the economy in general, and specifically could help homeowners and depositors in savings accounts. However, it should be a call to action for potential home buyers, who otherwise could miss a rare opportunity.
The S&P/Case-Shiller Home Price Index rose in July, according to figures released on September 25. It’s too early to call this a rally, but then again, an orderly recovery in the housing market may be better than a return to the runaway increases of the housing boom………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

With the first presidential debate just days away, speculation about what issues the candidates will tackle — and what zingers they’ll pitch at each other — is already swirling. While there are plenty of touchy topics for Mitt Romney and Barack Obama to trade barbs about — China, jobs, energy policy — perhaps none are as far-reaching as the morass the housing market has become. But as much as housing is a uniquely national issue, it’s also all about “location, location, location,” as the real estate adage goes.
This election cycle, Romney and Obama will go head to head in Denver, Colo., Long Island, and Boca Raton, Fla. — three very different metro areas with equally diverse housing market histories and futures, according to Jed Kolko, chief economist at real estate website Trulia………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

In October, Barack Obama and Mitt Romney will debate with each other three times: in Denver on the 3rd; in Hempstead NY (on Long Island) on the 16th; and in Boca Raton FL (in the West Palm Beach metro area) on the 22nd.
The Denver, Long Island and West Palm Beach metro housing markets are just about as different as could be – and each would give the candidates a very different backdrop for a debate about housing. Let’s compare them in order of the debates………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

As the real estate market collapsed, the only people who sold their homes were the ones who absolutely had to. With values falling, nobody wanted to sell a depreciating asset and many homeowners decided to wait out the crisis.
Now, however, with the housing market in a slow, but prolonged, recovery many are considering if now is the right time to put their home on the market. And, for some, the answer is yes — but not everyone should be on the phone to his or her Realtor. Potential sellers should consider a few factors before putting up a “For Sale” sign on the front lawn. ……………………………………….Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

Although there is some truth to the oft-repeated idea that Canada regulates its banking industry more conservatively, there is more than just circumstantial evidence that the generally conservative outlook has not prevented a housing bubble from forming.
Housing prices have doubled across Canada over the last 10 years, despite broadly-flat wages. While higher prices in markets such as Calgary, Edmonton or Fort McMurray could, perhaps, be explained by an influx of workers tied to the energy industry (and a shortage of housing in place), it’s harder to explain why housing prices in Toronto and Vancouver should be about three and four times higher than average prices in the United States and more than double their historical average price ratios………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

On top of the generally weakening nature of the Uruguay economy and the decision of the Uruguay Central Bank to attempt to fend off inflation by increasing the reference interest rate to 9 percent, the real estate market is facing a major uphill battle as the beginning of the southern hemisphere summer season approaches.
Reflecting what one commentator has defined as potentially the worst market scenario “in a decade”, it was reported in iprofesional.com that the volume of real estate transactions in Punta del Este, one of South America’s major beach destinations, has fallen 30 percent in 2012 compared to the previous year………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

Axa Real Estate Investment Managers has raised 1.4 billion euros ($1.8 billion) for commercial property loans in Europe and plans to lend 2.4 billion euros this year.
Fundraising this year will increase Axa Real Estate’s debt program to about 7 billion euros, the unit of Paris-based Axa SA (CS) said in a statement. The company plans to secure about 2 billion euros of investment capacity this year, it said………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

London is attracting increasing volumes of overseas funds into residential and commercial property, leading to a rise in annual revenues for upmarket property agent Knight Frank, despite the domestic economy shrinking.
The company, one of the biggest partnerships in the UK, said revenues grew 8pc to £334m in the year to March 31. This means Knight Frank’s 61 partners will share a profit of £65.2m, down from £72.7m last year because the property agent spent capital on opening new offices in South Africa, Dubai, Australia and India………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

For most people, their home is the most valuable thing they will ever buy. So the current difficulties in the housing market are indicative of just how hard the economic times are in which we live. House prices are falling, so-called second steppers cannot afford to move up the ladder to larger properties, huge deposits are required to get a mortgage, and the list goes on.
Here, though, is a look at the positives of the property market. Far from an ‘every cloud has a silver lining’ view but hopefully, enough to show you do not have to completely despair and can find a solution for any property woes………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

Sales prices for residential property in Italy remained steady in the second quarter of the year, according to new figures. While the actual number of sales fell, values stayed fairly stable, the Italian Land Agency’s statistics show.
Prices rose in cities such as Rome and Turin, which saw respective increases of 0.4 and 0.3 per cent. The largest decline in city home values came in Palermo, where prices fell by 2.1 per cent, AGI reports………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

The property market and the construction industry are sectors that, like other business activities, employ and engage hundreds of workers both directly and indirectly. To the untrained eye these sectors are the exclusive domain of property speculators who up until the last general elections have been hiking prices artificially and beyond their real value unashamedly.
But in reality these sectors are of great interest to the general economy and provide the bread and butter of thousands of self-employed entrepreneurs such as plumbers, carpenters, ironmongers, tile layers, electricians, furniture manufacturers and many others………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

The recovery in the real estate market is more robust in Dubai than in Abu Dhabi where the market is still tenant favourable with prices and rents continuing to decline, according to a new report.
Dubai is generally ahead of the curve as rents are finally starting to pick up while Abu Dhabi has yet to bottom out. In terms of sectors, retail remains a driving force with significant opportunities in both emirates………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

Saudi Arabia needs SR1.3 trillion investment to construct 2.4 million housing units between 2011-2020, the National Commercial Bank said Sunday in its “Saudi Housing Review” for the month of September 2012.
It indicates the magnitude of expenditures required by both government and private entities in order to close the supply and demand gap. The growing demand in the housing market will create many opportunities for both commercial banks and real estate developers to take on more active roles………………………………………..Full Article: Source

Posted on 02 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

Posted on 02 October 2012 by Laxman |  Email |Print

Prices of luxury apartments across the country - in cities such as Delhi, Mumbai and Bangalore - are not rising as fast as they used to two years ago, forcing wealthy investors that made a bulk of the buyers to retreat, turning it into a buyer’s market for the first time in two years.
As the market started to recover after the Lehman crisis in 2008 and the subsequent downturn, real estate developers saw an opportunity in launching high-end luxury apartments, which is a lucrative low volume, high value business, and prices of these apartments shot through the roof over the next two years………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

Private home prices continued to rise in the third quarter despite the Government’s property market cooling measures and the strengthening economic headwinds buffeting the region.
Prices were pushed higher mostly on the back of demand from local buyers, according to analysts, with the market displaying strong fundamentals which will likely result in further increases in the near term, but probably at a more sustainable rate………………………………………..Full Article: Source

Posted on 02 October 2012 by Laxman |  Email |Print

Last month’s home price rise across Australia’s eight capital cities was the largest in two and a half years, and comes on the back of 125 basis points of rate cuts over the last 12 months. The RP Data - Rismark home value index shows the price gains were strongest in Adelaide (2.4 per cent), but then broadly spread against the other big capital cities which posted gains between 1.6 per cent (Perth) and 1.1 per cent Brisbane.
Prices in Hobart and the territory capitals all went slightly backwards in the month, while regional houses fell 1.2 per cent (although those rest of state figures only run to the end of August)………………………………………..Full Article: Source

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