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Real Estate Briefing 07.Nov 2012

Posted on 07 November 2012 by Laxman |  Email |Print

The U.S. housing recovery is a fragile one and should be spurred by reducing the role of government in the mortgage-finance system, said Robert Shiller, a professor at Yale University and co-creator of the S&P/Case- Shiller index of property values.
“There are positive signs, the problem is that it’s not a really strong positive sign yet,” Shiller said in an interview on Bloomberg Television’s “In the Loop” with Betty Liu. It is “not a resounding recovery,” he said………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Don’t fix what isn’t broken. Whatever the outcome of Tuesday’s elections, that is likely to be one view of the housing market, especially given its nascent rebound. Home prices continue to rise, as shown by the latest S&P/Case-Shiller data; sales activity is strengthening, while delinquency trends improve.
That argues against attempts at a housing-market overhaul for fear of sending activity, and prices, into a tailspin………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Miami is number one for international investors and buyers of residential real estate in the US. That was the main message from Teresa King Kinney, chief executive officer of the Miami Association of Realtors, who spoke to the 18th Miami International Real Estate Congress this week at the Biltmore Hotel this week.
Much of her data came from the Profile of International Home Buyers in Florida 2012, a report from National Association of Realtors that covered the 12-month period ending June 30, 2012………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

In the current economic cycle, the U.S. REITs sector may be well positioned to hold its ground amid continuing volatility. Today’s screen looks at 22 U.S. real estate investment trusts that could appeal to investors looking for income, and also for those who want to position themselves as the U.S. recovery picks up steam.
My colleague Sean Pugliese and I ranked these REITs in order of their 2013 consensus distribution estimates, from highest to lowest. All companies have a yield of 5 per cent or more, and all companies have a market capitalization of $1-billion (U.S.) or more………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

U.K. home prices will fall 2 percent next year, the second straight decline, as values in every region of the country decrease for the first time since the financial crisis began in 2008, Knight Frank LLP said.
The biggest drops will be in Wales and Scotland, while London properties will depreciate the least, the property broker said in a statement today. Knight Frank forecast a 1 percent increase in 2014 residential properties prices and a 2 percent gain a year later………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

The downward correction to house prices gathered pace in October, according to data out yesterday, while one estate agent today predicted prices would not reach their pre-recession peak until 2019.
The UK’s average house price slid 0.7 per cent into October, according to the Halifax house price index, meaning prices are some 1.7 per cent lower than a year earlier. This makes October the fourth consecutive month of monthly decline, a slide which Halifax puts down to a weak overall economy………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

This latest decline, which also resulted in a 1.7% drop compared with a year ago, took average house prices to £158,426. House prices edged 0.7% lower month-on-month in October as the weak economy continued to dampen demand, according to Halifax.
Halifax housing economist Martin Ellis said the latest figures were evidence that the trend for a “modest deterioration” in house prices was continuing………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

A disappointing October for house prices swelled the gloomy mood music over the UK’s recovery as lender Halifax warned of a deteriorating property market.
Its latest house price index showed a 0.7 per cent decline in prices, the fourth successive month of falls, which takes the average UK price to £158,426, down 1.7 per cent compared with last year………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

New research from Hawker Beechcraft Corporation (HBC), a US manufacturer of business, special mission and trainer aircraft, has found that strong investment by overseas corporates in commercial property in the City of London has coincided with an increase in business flights into the capital.
Roughly £39bn worth of commercial property in the City is owned by foreign investors, with German businesses the biggest foreign investors, owning around 13.5m square feet of office space at an estimated valuation of £12bn. This represents almost a third (31%) of the total overseas investment in commercial property in the City………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

In Dublin, the epicenter of Western Europe’s worst housing-market crash, signs of life are emerging for those with access to cash. A five-bedroom, Victorian-era home near the center of Dublin was sold last month for 2.05 million euros ($2.6 million), 17 percent more than the reserve price.
At the other end of the market, apartments are being snapped up at auction for as little as 50,000 euros in cash. Even prices for homes requiring mortgages across the country rose for a third straight month in September, the Central Statistics Office said………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Iceland’s lawmakers are searching for ways to keep their economy from lurching into another asset bubble as offshore investors forced to keep their money in the country channel it into the housing market.
Apartment prices have soared 17 percent since April 2010 and are now just 1.7 percent below the pre-crisis peak in March 2008, Statistics Iceland estimates. The boom stems from currency restrictions imposed in 2008 to prevent the collapse of the Krona after the country’s biggest banks defaulted on $85 billion of debt………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Prices of residential properties in Italy have dropped by around thirty per cent since Q2 of 2008. However, the luxury property industry has proved its resilience despite the current crisis, according to Knight Frank’s latest insight report. Prices have fallen by around twenty per cent in some of Europe’s luxury real estate markets.
The Euro’s decline as a currency in the first six months of 2012 is identified as the factor responsible for provoking interest in the continent’s real estate from an increased number of buyers from outside the Eurozone. Demand for Italian properties that are worth more than three million Euros is strong, and nationals of some European countries are in the mix for good deals………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

A number of big-ticket shopping centres are currently in the deal pipeline in Russia, according to brokers active in the region. In terms of investment, Maxim Karbasnikoff, C&W’s recently appointed retail agency partner in Moscow, expects 2012 will match last year’s record of $7.5 bn (EUR 5.8 bn) with a number of sales due to come through by the end of this year or the first months of 2013.
Last year, the acquisition by Morgan Stanley Real Estate Investing of the Galeria shopping and entertainment centre - the largest retail scheme in St. Petersburg - for a price tag in the region of $1.1 bn (EUR 0.8 bn) gave a significant boost, and more large transactions are likely in the next 12 months, Karbasnikoff said………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Turkey will continue to offer ‘fantastic’ opportunities over the next 20 years, according to Glenn Aaronson, chairman of the Forum Turkey Fund of Multi Development and managing director of Aevitas Property Partners, a Dutch-based property group with $250 mln (EUR 200 mln) in seed capital from US pension fund Washington State Investment Board.
‘I’ve really become a believer in Turkey as an investment place. Right now, there’s much more than you think there is - the potential is fantastic for the next 20 years,’ Aaronson said………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Although there are no clear government regulations yet on mortgage lending in Saudi Arabia, local banks have been offering residential financing to their best customers.
So much so that total financing for residential properties in 2012 could reach $1.6 billion (SR 60 billion), according to sources in Jeddah and the National Commercial Bank (NCB). Total real estate financing by local banks reached SR29.3billion in 2011, according to the Saudi Arabian Monetary Agency (SAMA)………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Investing in real estate is a time-honoured method of achieving financial success. Throughout the ages, investment property has helped a lot of people make a great deal of money - sometimes quickly, sometimes over the long term.
Those who invest for the short term are generally known as property speculators, and they play a dangerous game. Long term property investment is for forward thinkers who have an investment horizon of at least five years. The objective of a long-term property investor is to buy a property at a low price and sell it at a higher price. To be successful at this, one needs to know what is going to happen in a certain location over the next few years………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Bangalore’s metamorphosis from ‘Garden City’ to India’s ‘Silicon Valley’ has been remarkable. The tremendous growth of the IT/ITeS industry has revolutionised the residential real estate and retail markets, and triggered massive infrastructure development.
The availability of high quality, large office spaces at sub-dollar rental levels (providing lower operational costs), access to a large skilled workforce, the growth of the retail and residential markets and Bangalore’s cosmopolitan culture have worked in the city’s favour………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Even in the booming market for bonds in Asia this year, investors are finally showing signs that they won’t pay just any price. That has been especially true of Chinese property bonds issued in the past few weeks.
One example is the US$1 billion bond from Soho China Ltd., one of the country’s best-known developers, sold last week. The bond—the largest on record by a Chinese developer—was oversubscribed by more than seven times by high-net-worth investors and fund managers, even though yields were much lower than on other noninvestment-grade property bonds………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Thailand’s property market is expected to remain stable, with the housing sector in Greater Bangkok starting to show signs of saturation, according to the SCB Economic Intelligence Center (EIC).
EIC analyst Alisa Tamprasirt told the Bangkok Post while the rising home prices of the last four years have raised fears of a possible bubble, prices should not be taken as the only cause of the bubble………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Canadian Markus Leach figures he has gotten a bargain. Having left the confines of the world’s most-crowded metropolis two years ago, he now lives a 90-minute train ride away in a 3,000-square-foot house sitting on a pristine acre of land overlooking the Pacific Ocean.
The cost? Less than $500,000. “Such a property would be at least $2 million or more back home in Vancouver,” said the 53-year-old executive recruiter. In Tokyo, a new condominium, at 760 square feet, sold for an average of $515,000 in September, according to the Land Institute of Japan………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Australian home prices rose for a second straight quarter, the first back-to-back increase since 2010, led by gains in the capitals of states at the center of the nation’s mining boom.
An index measuring the weighted average of house prices in eight major cities advanced 0.3 percent in the third quarter from the previous three months, when it rose a revised 0.6 percent, the Australian Bureau of Statistics said in Sydney today. The median estimate of 15 economists surveyed by Bloomberg News was a 1 percent rise………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Thousands of Aussies are building property empires without spending a cent. And it’s all one big game. There has been a greater amount of property transacted in the game Property Mogul than there was in the total Australian residential market last year.
The game has recorded over $3.4 trillion worth of property transactions since it was launched by Century 21 Australia a year ago, with more than 15,000 Australians and Canadians attempting to build virtual real estate empires………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

House prices are over-valued, but some of the pressure on rising prices should come off as more homes are built in the coming year, according to the Reserve Bank.
In its Financial Stability Report out today, new Reserve Bank governor Graeme Wheeler pointed out that that household debts levels remained high. So borrowers were vulnerable to a “potential” fall in house prices, despite cutting debt levels in recent years………………………………………..Full Article: Source

Posted on 07 November 2012 by Laxman |  Email |Print

Global property equity funds saw a sharp rebound in the first half of 2012, says S&P Capital IQ Fund Research in its latest sector trends paper. The peer-group median fund was up 12.6% in the first half of the year, in contrast to a 7.8% decline in 2011 and a fall of 10.5% in 2010.
Global real estate indices notched up positive returns in both the first and second quarters of the year, one of the few major sectors to do so. The resilience in the second quarter was principally propelled by developed Asia and especially China………………………………………..Full Article: Source

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