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Real Estate Briefing 28.Nov 2012

Posted on 28 November 2012 by Laxman |  Email |Print

The U.S. housing market, which plunged the economy into recession five years ago and was a persistent drag on the recovery, is now a key economic driver at a time when other sectors are slowing.
Economists project U.S. gross domestic product growth will slow in the final three months of the year from the sluggish 2% annual rate in the third quarter. Businesses, unnerved by the prospect of federal tax increases and spending cuts known as the “fiscal cliff” taking effect in January, have slowed their pace of investment spending. Defense spending also is expected to slow, further weighing on growth………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Home prices rose in the year ended in September by the most since July 2010, showing the recovery in the U.S. real estate market is a source of strength for the economy.
The S&P/Case-Shiller index of property values in 20 cities climbed 3 percent from September 2011, after advancing 2 percent in the year to August, the group said today in New York. The median forecast of 29 economists in a Bloomberg survey projected a 3 percent gain. Home prices from July through September climbed the most since the second quarter of 2010………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Six years since the start of the greatest housing collapse since the Great Depression, one doesn’t have to look very far to see signs of a recovery. Nationally, home prices are rising after more than a 30% drop since mid-2006.
More good news arrived Tuesday, as the Standard & Poor’s/Case-Shiller home price index reported third quarter prices were up 3.6% from a year ago and September’s 20-city index reached its highest level in two years. Foreclosures have slowed in most of the country after having decimated hundreds of U.S. cities. Rather than being a drag on the U.S. economy, housing is now seen as a contributor to growth………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Absorption Rate. 2012 price increases are a direct result of an artificially generated supply-demand imbalance, which results from government intervention. A balanced market’s absorption rate is typically between 5-7 months, however, in some areas the Las Vegas absorption rate is below one month. It is a seller’s market with multiple bids on most properties pushing up prices.
Pending Supply. A healthy market does not have more than one month of pending supply………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

As the U.S. housing market slowly starts to recover, foreign investment is helping it along. According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash.
“They’re probably the top 1 percent of the Mandarin speakers that are coming from China,” said Brent Chang, a Coldwell Banker realtor in Southern California. “They’re really the people who have their own businesses or maybe were part of the government.”……………………………………….Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Washington should stay away from touching the mortgage interest tax deduction, warns the U.S. housing industry. Lately, housing is on the mend and one of the few bright spots in a lumbering economic recovery. Taking away a key tax break could throw a wrench into home buying plans and hurt a long-sputtering recovery.
Lawmakers in both parties are on the lookout for tax revenue as a way to avert the fiscal cliff. But the housing industry is preparing to fight against any move to get rid of the mortgage interest tax break………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

The office vacancy rate will continue to decline in 2013 and more so in 2014, according to the CBRE Group. The rate will fall to 14.9% next year and 13.8% in 2014, according to the commercial real estate brokerage firm.
“The way I’d characterize the office market recovery is ’slow and steady,’” says Arthur Jones, senior managing economist at CBRE Econometric Advisors in Boston. “The level of office-using employment is only 2.4% below the pre-recession peak in 2008,” he says………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Canada’s housing market is the key domestic risk to the economy but it is moving in the right direction after a period of overheating, Bank of Canada Deputy Governor John Murray said on Tuesday.
“It’s still early days. But we’re certainly seeing evidence of movement and acceleration in the right direction,” Murray told a business audience after giving a speech in New York………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Due to concerns regarding an increase of residential real estate prices, the Chilean Financial Stability Council (Consejo de Estabilidad Financiero) has announced the creation of a new group to monitor residential real estate sector risk.
The group, comprised of representatives of the Ministry of Finance, the Central Bank and Superintendents of Pensions, Securities and Insurance and Banks, will seek to identify and monitor systemic threats to local financial stability………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

The British property market is showing signs of a recovery in 2013. Positive signals can be seen in a national house price index. The report the Rightmove Index, measures trends in asking prices, inquiries and search activity. All three are up compared to the same time last year.
Asking prices have climbed 2%, or £4, 617 – since November 2011, while search activity is up 20% and inquiries are up 11% over the same period. There’s more good news from the Bank of England, too; just a few days earlier, the Bank published figures showing that mortgage approvals had climbed……………………………………….Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Even as some housing markets in Europe have cratered, Germany’s housing market has gone from strength to strength, particularly in its cities, as a result of low interest rates and high demand.
Though the phenomenon has prompted fears that Germany was heading for a housing bubble, property experts told CNBC that the strongman of Europe is safe, for now. In a report on global housing markets, Goldman Sachs called Germany a “high flyer” and noted a sharp increase in property prices in the country after an era of notably quiet and stable prices………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

The Spanish real estate market offers some attractive opportunities for European investors, according to panelists at the PropertyEU Outlook 2013 Investment Briefing held in Frankfurt on Tuesday.
All in all, three of the five panelists said they would invest a portion of a theoretical €500 mln in Spain while a fourth panelist pointed to the renewed potential of Ireland………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Unable or not willing to compete with newer, glitzier malls, many developers in Poland are reinvigorating and upgrading older shopping centers located in prime foot traffic locations. That’s what the biggest real estate players in the world heard at the recent annual MAPIC exhibition and conference in Cannes, France.
Warsaw Business Journal reports that according to a third-quarter 2012 analysis by Jones Lang LaSalle, about one-third of the existing shopping centers in Poland, totaling about 2.5 million square meters (about 2.75 billion square feet) of retail space, are currently being upgraded. (One square meter equals 10.76 square feet.)……………………………………….Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

The IPD Sweden Quarterly Listed Property Market Monitor shows that underlying property returns in the listed sector continue to be stable. The total return from the underlying property assets reached 1.6% in the third quarter, which is marginally below last year’s third quarter of 1.9%.
Over the past twelve months to September, total returns reached 8.1% with 5.5% income return and 2.5% capital growth, which compares with a total return of 8.8% for the full year 2011………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

The republic of Turkey, with a population of 75 million in western Asia, wants to be a noticeable player in the world’s real estate markets. The country’s real estate growth plans are ambitions.
Turkey wants to attract up to $10 billion a year to its property market from investors in Europe, Asia and the oil-producing states around the Persian Gulf, including Iran, Iraq, Kuwait, Saudi Arabia, Bahrain, Qatar, the United Arab Emirates, and Oman………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Residential project development begins as a concept, when the builder evaluates the market and decide on a suitable location based on historic and projected demand for housing in that area. The location should either have more demand than supply or there should be a lot of infrastructure coming up there.
Experience plays a big role at this stage - developers with insufficient experience tend to misjudge an area’s potential and suffer resulting losses……………………………………….Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Buying a house in Delhi is becoming a very expensive proposition and would be out of most people’s reach in the next five years, a recent survey has predicted.
The survey conducted by real estate portal 99acres.com, along with UK-based market research firm YouGov, says the current average price of a house in Delhi is Rs. 1.93 crore. In the next five years, the average prices are projected to hit Rs. 3.27 crore - an increase of 69%. The findings are based on the sample size of 2,734 respondents, most of who were male and in the age bracket of 30-39 years………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

A possible scene from the future of Myanmar, one of the world’s poorest countries, is taking shape on a bluff here overlooking a muddy stretch of the Bago River.
When finished, the Star City development will have an 18-hole golf course, at least 20 residential towers—some as high as 16 stories tall—24-hour security and waterfront restaurants. The million-dollar sales center has model condominium units with amenities rare in impoverished Myanmar, like walk-in closets and flat-screen TVs. More than 80% of the first 850 units under construction are sold………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

The Beijing Municipal Bureau of Land and Resources on Tuesday listed a residential land parcel in the Chaoyang district for auction, setting the opening price at 2 billion yuan ($320 million) or 33,800 yuan per square meter of gross floor area (GFA), a new high for this year.
The land, which could be the capital city’s newest hot property after it is traded, covers a site area of 28,100 square meters, 25,200 square meters of which are available for real estate development, with planned GFA of 59,000 square meters. The auction date is set on December 29, 2012………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Government efforts to rein in Hong Kong’s soaring housing market appearing to be showing results. Home prices in the city fell last week, according to the Centa-City Leading Index, marking the first week-on-week easing after eight straight weeks of gains.
The index showed prices cooling an average 0.55% from a week earlier, paring the-year-to-date price gain to 21.7%. Nomura analysts said the price cooling is the first sign that government efforts to curb soaring real estate prices are beginning to have a meaningful impact………………………………………..Full Article: Source

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Posted on 28 November 2012 by Laxman |  Email |Print

Investors looking for new places to park their cash in Hong Kong are driving up prices for parking spaces, sparking fears of a bubble in the Asian financial centre.
Prices for parking spots in Hong Kong are nearing historic highs, the side effect of government curbs to cool the housing market amid worries of overheating following the latest round of monetary stimulus in the U.S. last month………………………………………..Full Article: Source

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