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Real Estate Briefing 12.Nov 2012

Posted on 12 November 2012 by Laxman |  Email |Print

London has gained the dubious distinction of having the most expensive property in the world as global investors look to shelter their money by putting it into British residential property.
Demand has made the capital the most expensive place to buy “super-prime” residential property, according to research by CBRE, the world’s largest property advisory company. Last month buyers paid up to £6,000 per square foot for the best properties………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

National Association of Realtors Chief Economist Lawrence Yun foresees U.S. home prices rising by 15% over the next three years, a boost for the beleaguered housing market. Yun is widely known for his optimistic forecasts, given his employer, the nation’s largest housing cheerleader.
Still, any talk of rising home prices is welcome news. Home values have plunged a third or more from the peak, leaving millions of Americans underwater, or owing more than their mortgage, and unable to move. If their values increase, they might feel comfortable enough to buy a bigger home or retire to a smaller one, helping everyone from real-estate agents, who would earn a commission, to retailers selling everything from furniture to paint………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

After 6 years of scarcity, lenders are returning to the jumbo mortgage arena, giving U.S. homeowners access to lower rates and simpler loan guidelines. A jumbo mortgage is a mortgage for which the loan size exceeds local conforming mortgage loan limits. Jumbo loans are specific to Fannie Mae and Freddie Mac financing. In recent years, however, the term “jumbo” has been used to describe certain “large” FHA and VA home loans as well.
Aside from loan size traits, jumbo mortgage guidelines often mimic “standard” mortgage guidelines from front-to-back including maximum debt-to-income (DTI) requirements, minimum home equity restrictions, and property type caveats………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Office take-up in Western Europe is down 10% on last year on a rolling year basis to Q3 2012, according to BNP Paribas Real Estate (BNPPRE).
Take-up has weakened in the nine Western European cities monitored, with Central London and Central Paris slowing down the most, whilst German cities have performed relatively well. Despite achieving their highest quarterly take-up in 2012 so far, Milan and Madrid remain the weakest markets………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

The latest recession may not have put British households off the idea of owning their own home, but with many continuing to struggle with that first foot on the ladder, the property market has been forced to come up with new ways to get the housing market moving again. So why aren’t struggling first-timers biting?
Mortgage rationing has meant would-be first-time buyers, unable to build up a hefty deposit, have been priced out of the market. Government schemes have been introduced to kick-start the market from the bottom up, but so far, the take-up has been poor………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Niki Chesworth weighs up the property market and reveals who fares best: long-term home owners or first-time buyers. How wealthy you are depends on when you bought your home. First-time buyers who took their first step on the property ladder in 2007, five years ago, are by far the most likely to be suffering from negative equity with more than one in four (26 per cent) owing more than their property is worth.
However, overall the number of borrowers in negative equity has declined by more than 13 per cent since the first quarter of last year – a drop of 100,000 to 719,000 according to latest figures from the Council of Mortgage Lenders (CML)………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

House prices in the capital are set to surge by as much as a quarter over the next five years, a leading property forecaster said. The most expensive central “bulls-eye” boroughs of Westminster and Kensington and Chelsea will see the biggest rises — 25.6% — as foreign money continues to pour into London bricks and mortar.
But the ripple effect, a desperate shortage of housing and the diminishing appeal of “moving to the country”, mean that prices will be forced up substantially in all parts of the capital, according to research from estate agency Savills………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Owners of 60s- and 70s-era office buildings in Frankfurt are fighting for tenants as banks and law firms cut jobs and new developments add competition. The city’s vacancy rate stands at about 15 percent, according to Savills Plc. That’s almost double the level in the City of London financial district and more than Manhattan’s 10.3 percent.
Young couples have replaced a private-equity firm at the Grand-Westend 24, a seven-story building with floor-to-ceiling windows, balconies big enough to fit sun loungers and oak and bamboo floors. The ground level apartments come with lawns………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

According to Savills’ latest Madrid office market report, take-up in the third quarter of 2012 exceeded all expectations reaching 70,000 m², despite on going economic difficulties. The firm notes that this boost was primarily due to a number of larger transactions of over 5,000 m², which accounted for 26% of take-up during this period.
The international real estate advisor finds that the increase of refurbished space coming to the market was an instrumental factor in Q3 12 take up numbers with three of the largest transactions in this time period agreed on this type of space, including Alcalá 65, Paseo de la Castellana 50 and Almagro 40………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

The Turkish market has undergone a major transformation in the past decade, according to Herman Kok, international research director at Multi Corporation. ‘Turkey used to be a hyper-inflationary economy and highly volatile.
But it has left that phase behind in the past 10 years. Since 2002, the government has created a stable platform for the economy,’ he said………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Recording robust growth in commercial leasing deals and enquiries since the beginning of the third quarter, Hamptons MENA reports an increase in demand for office space in areas such as Downtown Dubai and Dubai International Financial Centre (DIFC).
Among the key drivers of demand for commercial real estate are factors such as large corporations continuing to show interest in upgrading their premises with more flexibility in terms of leases, and limited new supply entering the market………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

When inflation is close to 10 per cent most of the time and an investor wants to maximise returns, the nominal return should be more than the inflation rate. Typically, the stock market is considered the best bet, while government securities (GSecs) give the most conservative yield, though the relative risks are proportional. Bank deposits are somewhere in between. One area that has not been looked at closely is the real estate market.
The National Housing Bank (NHB) tracks an index called the Residex, which looks at residential housing prices over 15 centres. This has been reckoned from 2007 onwards, and is tracked on a quarterly basis………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Dhanteras brings yet another reason to invest in property this Diwali. Since the festival holds special significance and is considered auspicious, there is definitely going to be a beeline of investment buyers.
Dhanteras holds unique connotation, for the business community because of the customary purchases of precious metals. Dhanteras, which is also referred to as Dhantrayodashi or Dhanvantari Triodasi, refers to Dhan, meaning wealth………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Dipping home sales, lack of fresh launches, high property rates and controversy over land deals-it may not be the brightest of Diwali for the realty sector this year. However, with interest rates coming down, property rates showing signs of stability and a go ahead from the Greater Noida authorities, developers believe that a turnaround in fortunes for the real estate market is not far away.
“There was a trust deficit in the market, due to one controversy after another,” said Lalit Kumar Jain, president, The Confederation of Real Estate Developers’ Association of India (CREDAI)………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

China housing sales picked up in October on revived demand for residential and commercial property units, and property development investment also recorded an increase, providing new signs of recovery in the world’s second-largest economy.
Residential and commercial property sales totaled 4.630 trillion yuan ($742.2 billion) in the first 10 months this year, up 5.6% on-year, data released Friday by the National Bureau of Statistics showed. They totaled 4.035 trillion yuan in January-September, up 2.7%………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

According to the South China Morning Post, the value of private housing sold on the mainland fell 6.8 per cent in October, despite strong sales gains in previous months. Data from the National Bureau of Statistics showed October’s sales amounted to 503.7 billion yuan (HK$620.22 billion), versus 540.4 billion yuan in September.
“Home sales in early September and in previous months were very strong. Developers also sped up launches of their new projects and offered sweeteners to lure buyers, which is why sales were strong, but then declined in October,” said Clement Luk, chief executive at Centaline (China), in eastern and northeastern China………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

As development minister, Paul Chan Mo-po can’t possibly escape public attention in a society so obsessed with the property market. Therefore, his mind-boggling, double-negative comment at Friday’s Legislative Council meeting - saying it is not an absolute rule that sites on the application list cannot be used for public housing - immediately sparked concerns that private supply may fall short if land intended for the latter is also made available for the former.
Chan sought to play down the remarks yesterday, blaming questions by lawmakers. But will his clarification clear the air entirely about the government’s intentions?……………………………………….Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

A two-decade slump in Japan’s real estate prices, an incomplete land registry and lax rules on buying forest with water rights are attracting investors led by China and come amid a fraying of ties between the two countries over a territorial dispute.
Some areas of remote woodland in Japan, the only country in the Asia-Pacific region that doesn’t regulate property investment by foreigners, can be bought for 60 U.S. cents a square meter including groundwater………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

As Australia’s slowly thawing property market heads into summer, green shoots are appearing that give hope for a sector-wide turnaround. Research commissioned by The Australian this week shows that more than half of those surveyed think now is a good time to enter the market.
It comes after a tough year for Australia’s home owners, with prices having drifted downwards or sunk - depending on the city and the suburb in which you live. Auction clearance rates have been improving since winter. In Sydney, weekend auction clearance rates haven’t dipped below 60 per cent for the past two months - the strongest run of consecutive clearance rates since autumn 2010………………………………………..Full Article: Source

Posted on 12 November 2012 by Laxman |  Email |Print

Property investment has been the backbone of many multi-million-dollar empires.You only have to scan the list of the world’s wealthiest people to see how bricks and mortar, commercial property, development and residential rentals can offer rich pickings.
Australia continues to have one of the highest property ownership rates in the world. However, there are traps for the unwary. Financial mistakes can turn a perfectly-positioned investment property into a nightmare. We asked four experts for their top five financial traps for property investors………………………………………..Full Article: Source

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