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Real Estate Briefing 01.Nov 2012

Posted on 01 November 2012 by Laxman |  Email |Print

From housing starts to home prices, renowned economist Robert Shiller acknowledged “there are a lot of positive signs” for the U.S. housing market right now, but said Wednesday it’s still unclear if a recovery is actually in place.
After all, Shiller noted the housing futures market for single-family homes was only “mildly optimistic” before superstorm Sandy struck the U.S.’s East Coast with expectations for just 3 percent growth per year over the next four years. “If it goes up 3 percent a year that means that, in real terms, housing is just about flat,” Shiller said. “It’s not a recovery to write home about.”……………………………………….Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Warren Buffett’s Berkshire Hathaway Inc. is extending its bet on the U.S. housing market by forming a venture with Brookfield Asset Management Inc. as low interest rates, inventory and prices spur a real-estate rebound.
Berkshire’s HomeServices of America Inc. unit will be the majority owner of the venture to manage a U.S. residential real- estate affiliate network, according to a statement on the new company’s website. The firms plan to offer a new franchise brand, Berkshire Hathaway Home Services, starting next year. Brookfield’s network has operated under the Prudential Real Estate and Real Living Real Estate brands………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Despite some shifts in the housing market that make it more difficult to earn money investing in residential real estate, a large majority of people in that field plan to buy as many or more properties in the next 12 months to rent out or sell for profit.
That’s one of the findings of a study released last month that attempted to measure the impact people involved in income or speculative real estate are having on the housing market ………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Last Friday, rating agency Moody’s announced that almost all of Canada’s biggest banks might be in for a credit downgrade, citing “concerns about high consumer debt levels and elevated housing prices.” It was just the latest warning that, after soaring for 14 years, Canada’s housing market might be finally headed back to Earth.
Now, virtually everyone—from the Bank of Canada and the Finance Department through Canada’s banks to the International Monetary Fund and independent analysts—agrees that housing is losing steam and Canadian wallets are overstretched………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Jorge Luis Borges, one of Argentina’s most famous writers, memorably said that “reality is not always probable, or likely.” For an interesting example of how improbable the reality of real estate markets can be, one needs look no further than Palermo Nuevo, a small residential area in Buenos Aires.
One of the victims of the Kirchner Administration’s continuing policy measures directed at the US Dollar has certainly not been the US Dollar, which has continued to gain ground against the Peso and is likely to continue down the road of appreciation in 2013. The same cannot be said, however, for Argentina’s largely US Dollar-based real estate market, which has witnessed a dramatic falloff in transaction volumes………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

UK bank exposure to real estate fell to 8.4% in the third quarter of 2012, the lowest level since 2002, according to the latest Bank of England quarterly lending figures.
While total lending has been relatively stable over the last year, down 1.6% over the period, lending to real estate was negative for a 10th consecutive quarter in Q3 2012 with an 8.1% decrease on levels seen a year ago………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

London property prices have risen more than 8% in the last year for properties worth £1 million, with the number rising from 34.6% in September 2011 to 43% this year, along with an average annual property price rise of 11.1% in the last quarter.
According to estate agent Marsh & Parsons’ latest London Prime Market Monitor, in September 2010, 57.1% of £1 million properties were located in the traditional prime central locations such as Chelsea and Kensington. This figure has now dropped to 52.7% as areas to the south and west of more traditional prime central hotspots see strong price growth………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

First, America’s real estate bubble popped. Then came Ireland’s, then Spain’s. All that escaping air may have been flowing into Germany, where economists are warning that the first signs of a property bubble may be starting to appear.
German property prices have been zooming upward in recent years, with international investors pulling their money out of struggling countries such as Greece and Spain and moving it into Europe’s biggest economy in a desperate search for stability. If further price increases are followed by a crash, Germany, which has footed much of the bill for its neighbors’ bailouts, may enter a rough patch of its own, analysts say………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Bank of Israel Governor Stanley Fischer is signaling he’s ready to stave off a potential housing bubble like the one that triggered the U.S. housing collapse, even as the government focuses on re-election.
The central bank announced home loan limits this week while at the same time unexpectedly reducing the benchmark rate to the lowest in 22 months. The directives set a maximum loan-to-value for the first time, restricting mortgages to 50 percent for investors, 75 percent for those who have never purchased a home before and 70 percent for everyone else………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Set against the backdrop of moderate economic activity and floundering business confidence, SA’s commercial property sector continues to struggle. This is according to property economist Erwin Rode inth e latest issue of Rode’s Report on the S.A. Property Market.
Office and industrial vacancies are for now unable to drop while growth in nominal rentals is finding it hard to beat inflation. In fact, in the second quarter of 2012, only prime office rentals in Pretoria (+1%) and Durban (+1%) decentralized could muster some growth in nominal rentals. In both Johannesburg (-2%) and Cape Town (-1%) office rentals in the suburbs were on average slightly lower than a year ago………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Following a programme for social housing for Moroccans on limited incomes, a similar programme is now being planned for the middle class. The Moroccan government plans a series of incentives to encourage new housing aimed at the middle classes, according to Housing Minister Nabil Benabdallah.
“Around 20,000 units will be aimed at the middle classes every year, with prices ranging from 600,000 to 800,000 dirhams for a surface area of between 100 and 150m². However, the project will not be fully up and running until 2014,” the minister said last Monday (October 22nd) at a Rabat press conference………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Recovery of Dubai’s real estate sector is in line with the wider economic upturn and strong economic fundamentals of the emirate, Citibank said on Wednesday.
In its monthly report, the bank emphasized that Dubai’s economic rebound and improved investor sentiment had breathed life into the real estate market in recent months with the volume and value of real estate transactions carried out in the emirate mushrooming since the beginning of the year………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

The potential for further growth in the Asian REIT (Real Estate Investment Trust) market is significant as it should continue to benefit from powerful cyclical and long-term trends that should drive future growth.
Asia Pacific Real Estate Association (APREA) chief executive officer Peter Mitchell said the REIT structure continues to be a fundamental driver of the securitisation of real estate holdings around the globe. “It has proved remarkably resilient in the face of the global financial crisis, particularly in Asia………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Several private equity (PE) firms have initiated legal or arbitration proceedings against their real estate partners in India over corporate governance issues or delays that restrict the funds from selling their investments.
New York-based AIG Global Real Estate recently sent a legal notice to Bangalore-based real estate company RMZ Corp. over their equal joint venture project in Hyderabad. AIG wants RMZ to sell its stake in the project as it has been unable to develop it the past few years………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Beijing has been working for more than two years to cool red-hot property prices but the campaign may now be adding to stress on the cooling economy and could offset the impact of any fresh policy easing.
Investment in the property sector accounted for 14.4 percent of China’s gross domestic product in the first nine months of 2012. Here is a look at the latest news, numbers and more from China’s real estate market………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

South Korea’s real estate market is facing growing risks on falling property prices, boosting concerns that over-indebted households may fall into troubles in repaying mortgage loans amid falling prices, a report by the central bank showed Wednesday.
According to the financial stability report submitted by Bank of Korea (BOK) to the National Assembly, apartment prices in the metropolitan area declined 2.7 percent during the January- September period. The prices tumbled 6.9 percent on average compared with the previous high tallied in September 2008………………………………………..Full Article: Source

Posted on 01 November 2012 by Laxman |  Email |Print

Lost amid the furor of the U.S. elections and quarterly earnings, a report last week showcased one country as having the world’s highest median wealth, plentiful land, sparse population, substantial natural resources and a high quality of life.
Central to the country’s wealth creation has been its active and resilient property sector, which also sports one of the highest rates of individual property ownership in the world. No need to call the bank or your agent. The easiest way to tap into this wealth is through an investment in Australia’s online real-estate companies, which are growing at a healthy clip and trading at half the values of their cashed-up and hungry overseas competitors………………………………………..Full Article: Source

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