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Real Estate Briefing 02.Nov 2012

Posted on 02 November 2012 by Laxman |  Email |Print

Hurricane Sandy pummeled the East Coast on Monday, leaving a trail of devastating destruction in its wake. Damages could run as high as $50 billion, according to Eqecat, and hundreds of thousands of homeowners are expected to file claims for flood and wind damage, according to the Consumer Federation of America.
Roughly $88 billion worth of homes across eight states were put at risk by the storm’s surge, according to Corelogic. In many parts of the country housing has welcomed a nascent recovery. Nationally, home sales have been notably higher this year as compared to last………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Sandy’s brutal arrival Oct. 29 was the latest blow to homeowners in New Jersey, where foreclosures continued to rise and real estate prices to fall after most of the U.S. housing market began to recover last year.
The Atlantic storm claimed eight lives in New Jersey and drove 6,329 people to shelters. About 2.05 million residences and businesses, more than half of those in the state, were still without power at 2 p.m., according to the U.S. Energy Department………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Investing in single-family homes is becoming big business and a driving force stabilizing home values in communities across the country, as institutional investors see value in foreclosures that can have new life as rental homes.
Soon, average investors may be able to get in the act, too—without having to buy a house themselves. That’s because some in the industry are more than kicking around the idea of creating publicly traded real-estate investment trusts, or REITs, for single-family rental homes………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

In the aftermath of the housing market crash of 2008, we have come to realize just how important home ownership is to our nation’s economy. Nicknamed, “The American Dream,” the idea of home ownership has been a part of the fabric of America for decades.
Because it was so critical, during the mid 1990′s, the Clinton administration resurrected an old law, namely, The Community Reinvestment Act of 77 (CRA). This act put teeth (i.e.; penalties) into the idea that banks must lend to subprime borrowers so the American Dream could be realized by more individuals………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Slowly but surely, Puerto Rico is attempting to relive its golden age, by attracting out-of-towners with a widening array of luxury real estate options.
Facing a recession that has lasted longer than the one in the United States, the Island of Enchantment is luring big spenders with attractive offers—tax incentives—and a growing number of resort-style communities………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

A judicial crackdown and mounting political pressure on legal tax avoidance are failing to deter companies from setting up in European tax havens.
Growing numbers of accountants, banks and consultants are signing lengthy office leases in Luxembourg and the Channel Islands as they flock to serve customers seeking the legal ways to cut their tax bills offered by having a offshore base………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

The European commercial property market looks better value in Q3 with the DTZ Fair Value Index score for Europe rising to 62 from 53 in the previous quarter. The rise was attributed to falls on bond yields in the wake of the European Central Bank announcement that it will support bond markets of troubled economies.
The all-property DTZ Fair Value Index offers insight into the relative attractiveness of current pricing in the European property markets………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

The housing market will take time to gain momentum, despite a rise in prices in October compared with the previous month, the Nationwide has said. The building society said prices rose 0.6% last month, more than offsetting the 0.4% drop in September.
However, property values were still 0.9% down on the same month in 2011. It also said it expected the property market to remain subdued until the economic climate - including wages and employment levels - improved in the UK………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Nationwide figures show ‘relative stability’ in annual rate of price change while mortgage approvals remain low. House prices in the UK jumped by 0.6% in October, more than offsetting the previous month’s 0.4% fall and bringing the average cost of a property to £164,153, according to Nationwide building society.
The lender’s monthly house price index showed prices were down 0.9% year-on-year, but the three-month figure moved into positive territory for the first time since January and showed a 0.5% rise………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Take-up across Germany’s six key office markets amounted to 2.1 million m2 in the first nine months of the year, new research from Savills reveals.
The international real estate advisor forecasts that by year-end office take-up in Berlin, Munich, Frankfurt, Hamburg, Cologne and Düsseldorf will reach more than 2.9 million m2, exceeding the 10-year average of 2.76 million m2. The agent attributes this rise to an expected increase in the number of large office lettings due to complete in the final quarter of 2012………………………………………..Full Article: Source

Posted on 02 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 now warning that the first signs of a property bubble may be starting to appear.
German property prices have been zooming upward in recent years, as international investors pull their money out of struggling countries such as Greece and Spain and move it into Europe’s biggest economy in a desperate search for stability………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Spain’s “bad bank” will struggle to find buyers for swathes of empty land, unfinished housing projects and doubtful loans left over from a property crash, hindering Madrid’s attempts to overcome the wider economic crisis.
Real estate consultants predict that almost two-thirds of assets that the government’s newly-created bad bank is due to take over from commercial banks will fail to attract investors, at least in the short term and possibly ever………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Italy saw less than EUR 100 mln of retail deals closed so far this year, according to a new research reported published by Jones Lang LaSalle. The figure compares to over EUR 900 mln registered in the same period a year before.
‘A feeling of a strong gap between the independent appraisal values and the investment market continues to exist,’ said Davide dal Miglio, head of retail at JLL Italy. ‘This gap is destined to close by the end of the year to allow the entry of new players to the investment scene.’……………………………………….Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Dubai’s improving property market is in line with a wider economic recovery in the emirate, boosted by stronger visitor numbers and a recovery in its retail markets, according to a new report from Citi.
The bank said that although the debt overhang incurred during the boom period remained a drag on growth, stronger trade with global partners and regional growth spurred by higher oil prices have helped to boost the emirate’s economy………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Average home prices in China’s 100 biggest cities edged up for a fifth straight month in October, a private survey showed, adding to evidence of a mild recovery in the property market and frustrating government efforts to temper steep prices.
Average home prices rose 0.2 percent to 8,768 yuan ($1,400) per square metre in October, keeping pace with September’s increase, the China Real Estate Index System said on Thursday………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Hong Kong’s newish chief executive, Leung Chun-ying, came into power making several bold promises. He vowed to take on oligopolistic land tycoons, stem the tide of mainland money distorting local markets, and implement bold policies that would make homes in the territory more affordable.
Mr Leung last month announced property-transaction taxes on non-residents and speculators designed to do all three things at once. On October 26th Hong Kong imposed a buyers’ stamp duty of 15% on non-locals (read: mainland Chinese). An existing tax designed to curb speculation was also stiffened………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Hong Kong may take further measures to control runaway property prices but the Asian financial centre is likely to avoid steps such as a capital gains tax which would be complicated, Kong Kong’s leader, Leung Chun-ying, said on Thursday.
Leung’s government imposed a 15 percent tax on non-resident and corporate buyers of property late last week and speculation has been rife that further curbs will be imposed………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Property developers sentiment showed moderate improvement in the third quarter compared to the previous quarter. This is according to the REDAS-NUS Real Estate Sentiment Index (RESI) Survey for the third quarter of this year.
The Composite Sentiment Index, the indicator for overall real estate market sentiment in Singapore, stood at 4.9 in Q3 compared to 4.7 in Q2. The current sentiment index stood at 5.1 in Q3, up from 4.9 in Q2 while Future Sentiment Index improved slightly to 4.7 from 4.5 over the same period………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Property market sentiment improved again slightly in the third quarter, although developers remain cautious over possible macro and policy risks that could destabilise the market.
The real estate composite sentiment index for July to September inched up to 4.9, from 4.7 in the second quarter. It is compiled by the Real Estate Developers’ Association of Singapore (Redas) and the National University of Singapore (NUS)………………………………………..Full Article: Source

Posted on 02 November 2012 by Laxman |  Email |Print

Property prices fell in all capital cities except Perth and Darwin last month after four months of modest gains, as recent interest rate cuts failed to ignite the market. Across Australia’s capital cities, property prices fell 1 per cent over October, after a 1.4 per cent increase in September, according to the RP Data-Rismark home price index.
RP Data research director Tim Lawless said: “It is surprising to see a fall in October after a rate cut at the start of the month. It really shows that the housing market is delicately balanced at the moment.”……………………………………….Full Article: Source

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