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Real Estate Briefing 13.Dec 2012

Posted on 13 December 2012 by Laxman |  Email |Print

International real estate investors these days are putting their money where they feel it won’t vanish overnight - in the U.S., Asia and western Europe. That’s the latest conclusion of Colliers International’s in its recent Global Investor Sentiment Survey.
The report notes that investors consistently chase properties in the same, “safe” markets, including London, Paris, Frankfurt, Hamburg, Munich and New York. “London and New York are the only two markets identified as key investment areas by investors from other regions,” report states………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

The world’s housing markets posted mixed signals during the full year to Q3 2012, according to the latest survey of global house price trends by the Global Property Guide. The bad news is strongly concentrated in Europe. The scale of the European downturn, the sheer size of the downward pressure, continues to surprise.
The U.S. housing market recovery continues. The Federal Housing Finance Agency (FHFA) seasonally-adjusted purchase-only house price index rose by 2.31% year-on-year in Q3 2012, the highest growth seen since Q2 2006. The nationwide seasonally-adjusted S&P/Case-Shiller home price index also rose by 1.92% during the year to Q3 2012, in sharp contrast with its 7% year-on-year decline seen in Q3 2011………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

It’s been long said that the U.S. housing market would lead the economy from recession and housing is believed to have bottomed in October 2011. It’s no surprise, therefore, that the Improving Market Index has been surging ever since.
The broad-based economic indicator from the National Association of Homebuilders (NAHB) surged in December, doubling its tally from just two months prior. The 2013 housing market is kicking off with momentum. Home prices will likely rise next year………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Shares of manufactured-housing companies were the big-ticket stocks for real-estate investors in recent years, faithfully posting double-digit annual returns. But now, some investors have soured on the sector.
Stocks of the biggest operators in the industry, Equity LifeStyle Properties Inc. and Sun Communities Inc., delivered negative total returns of about 2.4% and nearly 14%, respectively, in the past three months. That is a significant reversal from the past two years: Equity Lifestyle returned 22% in 2011 and 13% in 2010, while Sun Communities returned 20% last year and 86% in 2010, handily beating overall stock-market gains………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Home sales continue to drop around the United States, despite excellent interest rates on thirty-day loans and huge supplies in the housing market. High unemployment and lenders requiring larger down payments also contribute to plummeting real estate market values. This news may be disheartening to some people, but it also provides a great opportunity to those who have the means to invest in real estate.
Anyone who does not qualify for a mortgage will still need a place to live. This provides an opportunity for homeowners to rent out their properties while waiting for their investments to appreciate. The question for these investors becomes, “In this see-saw real estate market, where is the best place to buy a property?”……………………………………….Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

In his 2013 forecast, Freddie Mac’s chief economist, Frank Nothaft, sees more than a million new households bolstering housing starts, driving apartment vacancy rates down to ten year lows and outpacing the boom in new apartment construction.
“The last few months have brought a spate of favorable news on the U.S. housing market with construction up, more home sales, and home-value growth turning positive. This has been a big change from a year ago, when some analysts worried that the looming ’shadow inventory’ would keep the housing sector mired in an economic depression. Instead, the housing market is healing, is contributing positively to GDP and is returning to its traditional role of supporting the economic recovery,” Nothaft says………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

The Chicago area again took the top spot in Zillow’s ranking of the best real estate markets for homebuyers, an accolade that is unwelcome news to homeowners trying to sell their properties. The real estate web site also tapped Chicago in July as the best buyer’s market among the nation’s 30 largest metropolitan areas.
To calculate its rankings, Zillow looked at selling prices versus list prices, the number of days a listing was on Zillow and the percentage of homes in a market with a price cut. Its ranking as the top buyer’s market means properties in the Chicago area stay on the market longer, with more frequent price cuts and sell for less than their listing price, all factors that give prospective buyers more power at the negotiating table………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

The European real estate industry has reiterated its call to the European Insurance and Occupational Pensions Authority (EIOPA) to include real estate in its upcoming review of the capital requirements for insurance companies under the proposed Solvency II Directive.
Non-listed funds body INREV and 12 other national and pan-European real estate associations are adamant that real estate should be included in the review. ‘Real estate is a major contributor to the European economy. Our industry accounted for 2.5% of total GDP in 2011 and it employs four million people. It would be negligent for EIOPA to ignore this important asset class,’ said Jeff Rupp, director of public affairs at INREV………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

A more stable and “positive” year in the UK housing and mortgage markets can be expected in 2013, a lenders’ group has said. The Council of Mortgage Lenders (CML) said a steady increase in lending for house purchases signalled more activity.
However, first-time buyers still required a deposit on average of 20% to get on the property ladder. This group accounted for four in 10 of all house purchase loans in October………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

UK commercial property values slipped by 0.2% in November following a 0.1% decline in October, according to CBRE’s latest monthly index. So far this year, capital values across all sectors have declined 3.5%, with total returns reaching 1.7%, CBRE said.
The decline in capital values was evident in all major sectors with the exception of Central London offices, where values increased by 1.0% in November following October’s growth of 0.9%. Both October and November’s figures were led by the strength of the West End offices sub-market………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Analysis from BDO, the accountancy group, has shown that the best real estate investment trusts (REITs) in the UK are region or sector specific, but size has no bearing on performance.
The survey found that four of the top five REITs had a narrow geographic focus, while seven of the best ten had a specific sector or geographic emphasis. The study found no correlation between a REIT’s market capitalisation and its results. ‘Despite challenging real estate markets and the backdrop of uncertain economic conditions, the majority of UK REITs continue to perform well,’ commented Tracy Dossett, tax director within the real estate and construction sector at BDO………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

The German government has completed its largest privatisation since the start of the financial crisis, selling a €1.1bn portfolio of offices, shops and warehouses to Lone Star, the US private equity fund.
The sale of TLG, set up to manage government-owned real estate in the wake of Germany’s 1990 unification, underlines the depth of investor interest in the German property market at a time of rising prices and rent increases in many cities………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Switzerland’s residential-property boom is the biggest risk facing the country’s economy, according to Daniel Kalt, UBS AG’s chief Swiss economist.
UBS’s Swiss Real Estate Bubble Index entered the “risk zone” for the first time in more than two decades in the third quarter as investors were attracted to one of Europe’s most stable and prosperous countries during the sovereign debt crisis………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Prices of repossessed Spanish homes offloaded by lenders this year tumbled 65 percent as a million new properties remain unsold and buyers find it more difficult to get mortgages, according to Fitch Ratings.
The price decline is relative to the value of the property when the loans were made and is more than double the drop in real estate values recorded in government data. That compares with a 45 percent slump in Portuguese repossessed house values………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Swedish property credit availability rose and loan margins shrank in fourth quarter, says Stockholm-based corporate finance group Catella. Its Catella Real Estate Debt Indicator showed a marked improvement over September, when respondents expected financing terms to worsen in the coming three months.
Since September, Catella said it has observed several signs of an improving credit environment. Funding costs for major Swedish property lenders have continued to contract, as indicated by falling CDS spreads………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Italy’s housing market sank in the second quarter of this year, with home sales posting their steepest drop since 2008 and mortgages plunging by more than 40 per cent in a steep economic recession, data showed on Wednesday.
Home sales were down 23.6 per cent from the same period last year, national statistics institute ISTAT reported, while sales of commercial property such as shops and offices fell 24.8 per cent………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

PwC launched its first survey for Capital Projects and Infrastructure in the Middle East, titled “Delivering the Middle East’s Mega Projects”. The survey reveals that investment in major projects remains positive despite challenging economic conditions both globally and in the Middle East.
Sixty six per cent of respondents reported spending over $100 million on major projects in 2012 across a broad range of industry sectors, with 72 per cent expecting to increase their spending in 2013. Released today (12 December), the report seeks to establish issues and challenges facing project owners and explore opportunity markets. The report also sheds light on project financing issues, including funding constraints, perception of private financing and the funding outlook for 2013………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Residential property prices have breached affordability limits in cities like Mumbai. Nevertheless, developers will have to factor in the ground realities of the business while debating the lowering of prices to catalyse sales in 2013.
The fact that the major cities of Mumbai, NCR-Delhi, Bangalore and Chennai saw 72.5% of the total commercial space absorption in 2012 is a telling one, and indicates the forward path. These cities will grab the lion’s share of contribution in total commercial space absorption in 2013, certainly within the range of 74-76%………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

With more Chinese tired of traditional sightseeing tours, leisure tours are becoming more popular among travelers. The leisure market in China is considered one of the most promising fields in the coming decade by many real estate developers. Some property developers say they have seen great potential in China’s leisure development.
Media reports claim that tourism property development has become hot in the past three to five years. In the first quarter of 2012, real estate investment in the tourism sector amounted to 260 billion yuan, more than 20 percent of the total real estate investment of 1.1 trillion yuan in China………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Sales of residential apartments in Beijing have grown over 50 percent in the January-November period, a sign of the market warming up despite government controls, official data has indicated.
According to a survey jointly conducted by the Beijing Bureau of Statistics and the National Bureau of Statistics, more than 11.79 million sq meters of residential housing were sold in Beijing in the first 11 months of 2012, up 52.7 percent year on year………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Hong Kong’s commercial and industrial property markets soared over the past year, with both the transaction volume and value reaching their highest level since 1997, thanks to the influx of hot money as well as stronger demand from investors after the government imposed punitive special stamp duties on residential property transactions, according to data compiled by real estate agency Midland.
As of Dec 8, 2012, the Land Registry received 8,399 registrations of sale and purchase agreements for commercial and industrial properties, up 23.5 percent over the 6,799 registered for the year 2011………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

The International Monetary Fund has given Hong Kong bank shareholders a fright today by issuing a warning that the Chinese territory faces a real estate slowdown that poses risks for banks. After a long run-up in real estate values, a correction is upon us, the IMF stated in its report dated Nov. 17 but published today.
The IMF said the property sector represents half of outstanding loans for use in Hong Kong while real estate is often also used as loan collateral. A sharp property price correction would lead to an “adverse feedback loop between economic activity, bank lending, and the property market,” the IMF explained………………………………………..Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

There’s no such thing as “the Australian property market,” says property market commentator Terry Ryder in an article published this week in Property Observer - and investors need to stop viewing it as anything other than a collection of separate geographical trends.
“Some markets [within Australia] have boomed, some have gone down moderately, some have stagnated, some have gone a little backwards and some have gone into reverse rapidly.”……………………………………….Full Article: Source

Posted on 13 December 2012 by Laxman |  Email |Print

Perth will be on par with Darwin for having the highest growth in median house prices for 2013, a national report has predicted. House prices in Perth could increase between 5 and 7 percent over 2013, according to Australian Property Monitors’ annual State of the Market Report.
The report predicted price peaks of 2013 in Perth would be driven by immigration, housing shortages, steeply rising rents and a strong economy………………………………………..Full Article: Source

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