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Real Estate Briefing 30.Nov 2012

Posted on 30 November 2012 by Laxman |  Email |Print

A cooler housing market isn’t all bad news, a major Canadian bank says. Lower prices could benefit young couples struggling to save for a down payment and also retirees who dream of moving to British Columbia, the report by CIBC World Markets predicts.
While slowing home sales will “take a bite” out of Canada’s economic growth, “less well understood” is the fact there will be winners and losers across the economy, the report released Thursday said………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

The signs of life in the U.S. housing market may be encouraging, but not all money managers are convinced that rising home sales and values can provide serious momentum to the U.S. economy in 2013.
The still unresolved issue of some 10 million underwater mortgages - where the amount owed is larger than the current value of the house - remains a key impediment, said speakers at the Reuters Global Investment Outlook 2013 Summit in New York………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

In fact, the flood failed to materialize, even after the five biggest U.S. mortgage servicers reached a $25 billion settlement with federal and state regulators in February. Instead, the number of properties for sale shrank to the fewest in a decade, prices appreciated at the fastest pace since 2005, and the gradual healing of the housing market helped boost consumer confidence and the economy.
“We don’t have enough homes now to meet the needs of the market,” Paul Jacobson, a Stockton native and real estate broker for 22 years, said as he cruised the city’s northern fringe, where suburbia meets farmland. “People see a foreclosed home for sale in this area and they’re going to jump on it.”……………………………………….Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

The housing market in Michigan was slammed during the recession and while it’s starting to make a comeback, the state is still home to some of the most affordable housing in the country.
Four of the 18 most affordable housing markets identified in Coldwell Banker’s new home price listing report were located in the state. And Redford, near Detroit and Ann Arbor, was named the most affordable housing market, with an average listing price of $60,490………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Looking to buy a home? You may want to skip these places. Prices are either so high or incomes so low that many families can’t afford to buy homes here, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
New York is a hell of a town, but not for homebuyers. Family income levels are barely higher than the national median of $65,000, but home prices are nearly two and a half times as much, according to the National Association of Home Builder/Wells Fargo Housing Opportunity Index………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Home sales and home prices are up, even as the stock of available housing shrinks, a trend that could get derailed if looming foreclosures and other new homes suddenly hit the market.
Existing home sales increased in October 2.1 percent to a seasonally adjusted annual rate of 4.79 million units, according to a report from economic forecasting and analysis company IHS Global Insight………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Single-family rentals will remain a long-term opportunity for private-equity funds and institutional money managers even as the U.S. housing market recovers, analysts and investors said.
“We think this is a multiyear opportunity and there should be growth,” Jade Rahmani, an analyst with Keefe, Bruyette & Woods Inc., said at conference in Scottsdale, Arizona, organized by Information Management Network. “There should be adequate supply.”……………………………………….Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Are Las Vegas and Reno turning into smart-money bets for real estate? After home value plunges that were among the steepest during the bust, could these two gaming and entertainment meccas be returning to more stable growth patterns?
From the latest multiple listing service (MLS) data gathered by Realtor.com, a sustained housing rebound appears to be well underway………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Owain Bennallack and Nate Weisshaar discuss Warren Buffett’s recent opinion piece in the New York Times about increasing taxes on the rich. They look at what investors can learn from Buffett, and if he is talking up his book or really giving good advice.
They also discuss Buffett’s exposure to the US housing market, and whether Berkshire Hathaway will be well placed to benefit. Other companies mentioned include Wells Fargo and Brookfield Asset Management………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

As uncertainty continues to grip the European markets, identifying surefire investment opportunities has become increasingly difficult, if not impossible. However, one analyst argues that high-end European real estate may be a viable option for today’s investors.
Sabina Kaylan, European head of research at CB Richard Ellis, proposes that despite the influx into the luxury housing market in 2011 and 2012, there are still plenty of real estate assets—particularly in northern Europe—available for investment………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

U.K. house prices were little changed this month and values may decline “modestly” over the next year because of subdued wage growth, Nationwide Building Society said.The average cost of a home was 163,853 pounds ($262,300) in November, the Swindon, England-based customer-owned lender said in an e-mailed statement today. From a year earlier, prices declined 1.2 percent.
“The predominant theme remains one of stability,” Robert Gardner, chief economist at Nationwide, said in the statement. However, “house prices are likely to remain broadly flat or decline modestly over the next 12 months.”……………………………………….Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Luxury-home prices in central London rose at their slowest rate in more than two years in November as investors delayed purchases ahead of possible new property taxes, according to Knight Frank LLP.
The average price of a house or apartment in the U.K. capital’s most expensive neighborhoods climbed 0.4 percent from September, according to an index compiled by the London-based broker. That’s the smallest increase since October 2010, when prices fell 0.2 percent………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

After a period of revival, the Polish residential market has started to feel the impact of the general economic slowdown. However, the downturn could well turn out be a time for some good deals on the property market.
A report by real estate services company REAS, which specializes in the residential market, shows that the number of new projects brought by developers onto the market in the third quarter of 2012 was much smaller than in the previous quarter, while the number of transactions stayed at a similar level. After 10 quarters of uninterrupted growth, the number of homes offered by developers dropped………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Despite the economic slowdown, the Polish office market is still experiencing a boom. One million square meters of office space is now under construction across the country.
According to experts from international real estate services firm CBRE, Poland is one of the most dynamically developing markets in Europe when it comes to office space. This is chiefly due to Poland’s good macroeconomic indicators and its ability to attract a growing number of international tenants………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

With austerity measures cutting deep into consumer spending and construction, the Greek housing market has taken an especially big hit, with an 80 percent decline in building in the last five years, since the country’s recession began.
Unable to pay even necessities, most Greeks aren’t even thinking of new homes, resulting in developers staying out of the market until demand returns. Making it worse, property taxes have been doubled in a new avalanche of tax hikes and Greeks are avoiding buying homes, while many have defaulted on their mortgages during the crushing economic crisis………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Portuguese property investment funds returned an annual total return of 0.6% in September, according to the APFIPP/ IPD Portugal quarterly property fund index, which tracks annual performance of Portuguese property investment funds on a quarterly basis.
Despite remaining in positive territory in the third quarter, the annual overall performance of the APFIPP/ IPD Index contracted by 0.3% from June 2012 and by 1.5% year on year………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Uganda, a 92,000-square-mile republic in east Africa housing 35 million residents, is booming in some of its real estate pockets but going down the drain in other sectors, according to mixed media reports in recent weeks. Bankers and developers are jittery. Loan defaults are mounting.
The Africa Report.com notes “financial institutions, already worried about their high level of exposure to the real estate industry, have cut back on the loans. Banks are also selling off property to recover their loans - posing new questions about the direction the property market is taking and whether house prices are over-inflated.”……………………………………….Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

The key to the success of individual real estate projects in Dubai and the future performance of the overall market will be the adoption of a realistic phasing strategy in line with market demand, said an expert.
“We are definitely seeing a return in confidence to the Dubai real estate market,” said Alan Robertson, CEO of Jones Lang LaSalle Mena, a global real estate services firm……………………………………….Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Real estate investor sentiment in the Asia-Pacific property sector remains relatively positive, despite continuing global economic uncertainty, according to Emerging Trends in Real Estate? Asia Pacific 2013, a real estate forecast jointly published by the Urban Land Institute and PricewaterhouseCoopers.
However, while steady economic growth, rising incomes and stable or increasing property values are contributing to an overall sense of optimism, the outlook is tempered by concerns among investors that prime assets in key real estate markets in the Asia-Pacific region are becoming overpriced………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Indian real estate market, despite its opportunities, has seen a sharp drop in foreign investments over the past two years, and in future, global investors may be more cautious investing in markets that lack international standards, says Sean Tompkins, global chief executive officer of UK-based Royal Institution of Chartered Surveyors (RICS), a professional qualification and standard setting body for land, property and construction sectors.
The country’s real estate sector saw close to $20 billion in investment between 2006 and 2009 but only about $2-3 billion of that has seen an exit yet, after over six years of investment. India, he says, hasn’t really delivered since 2005 on the promise that it held as an investment destination and today most of the capital finding its way into Indian real estate is really domestic capital………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

New home sales in 54 Chinese cities surged 30.6 percent month-on-month in November according to research institution Centaline, a national house brokerage. The real estate consultancy said 236,295 new homes were sold in the first 25 days of November, surging to a two-year high.
In the first three weeks of November, newly-added homes climbed to 6.41 million square meters, in 22 cities, far higher than the 4.58 million square meters added in October………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Smaller is better, or at least more affordable, as land prices and construction costs rise for single houses and townhouses next year, while consumers’ budgets remain unchanged, the Bangkok Post reported.
Soonthorn Sathaporn, managing director of the small developer Chalerm Nakorn Co, told the newspaper, consumer purchasing power cannot catch up with unit price rises due to the soaring cost of development. Just as condos have shrunk, so will single houses and townhouses………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Although the government has been attempting to stop house prices from rising rapidly, academics yesterday said that it was actually the government’s policies that had led to skyrocketing real-estate prices and urged it to take a turn in its policy direction.
“Although the government has implemented some policies — such as building low-cost or social housing projects, giving subsidies on mortgages and granting loans with favorable interest rates — none of the policies are helping to reduce real-estate prices,” Taipei Association for Development of Real Estate and Land chairman Chen Kuang-hsiung said………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

More than 4 million people flocked to DiverCity in its first two months. The complex’s developer, Mitsui Fudosan, expects 25 million visitors a year, the same number that went to Tokyo Disneyland and DisneySea combined last year.
Successes like DiverCity are giving investors confidence that the post-financial-crisis slump in Japanese real estate is turning around. “The recovery trend in land prices has become clearer,” Mitsui Fudosan President Masanobu Komoda told reporters in September………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

Nearly a third of residential lots released by big land estate developers on Melbourne’s fringes are being returned by mid-sized home building companies, who can’t find smaller home builders and or end-use homebuyers.
The statistic has been uncovered as part of The National Land Survey Program carried out by jointly by Research Four and property consultants Charter Keck Cramer. According to the Melbourne chapter research of the National Land Survey Program, 30% of new land activities for the September quarter were cancellations………………………………………..Full Article: Source

Posted on 30 November 2012 by Laxman |  Email |Print

The global assets in exchange traded funds (ETFs) linked to benchmark FTSE EPRA/NAREIT real estate stock indices have jumped by over 90% in the past year to $7.1 bn (EUR 5.4 bn), according to research from the European Public Real Estate Association (EPRA).
ETFs, which are passive investments linked to a specific market or index and can be bought and sold on stock exchanges like ordinary equities, have experienced organic growth in recent years as they allow investors to gain exposure to a wide range of investment assets by tracking underlying market indices at a relatively low cost………………………………………..Full Article: Source

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