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Real Estate Briefing 21.Dec 2012

Posted on 21 December 2012 by Laxman |  Email |Print

With some notable exceptions, a common theme has played out in European Commercial Real Estate (CRE) in recent years: Reduced capital values and economic weakness have undermined CRE loan performance across Europe, breaching covenants and pushing other loans into default.
To address investor questions on our view on the 2013 outlook for CRE, Standard & Poor’s Ratings Services has published a Credit FAQ titled “2013: Another Year Of Managing The Legacy Of The European Commercial Real Estate Boom.”……………………………………….Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Owners of homes in the U.S. saw the value of their real estate increase by an average of six per cent in 2012, the first annual increase in more than five years.
Data tracking firm Zillow Inc. said Thursday it expects U.S. homes will have increased in value by a cumulative $1.3 trillion US in 2012, bringing the total value of residential real estate to $23.7 trillion. U.S. real estate lost $792 billion in value last year, the firm says………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Real estate research firm Zillow reports that November home prices rose 5.2% over the same month of last year. This was the largest improvement since August 2006. But the national data was misleading. The recovery has been uneven and has left several markets behind. The housing market remains deeply troubled in some parts of the United States.
Zillow’s numbers show that some of the most severely damaged markets have recovered the most over the past year. But they have not all recovered to prerecession levels, which makes the improvements at a level that does not wipe out entirely underwater mortgages, and the ability to sell homes for more than the value they had six years ago………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

If the housing market as a whole has been limping back to health, the super luxury end has been sprinting. Chalk it up to billionaires bullish on real estate. From coast to coast, 2012 has welcomed a slew of record-breaking home sales as the world’s richest have snapped up multi-million dollar penthouses and mansions in major U.S. cities.
Take Miami. Despite the fact that foreclosure filings remain high and home prices are still roughly 40% lower than their 2007 peak, the luxury market clocked a series of stratospheric transactions that signify not only a resurgence in the Magic City’s high-end but the emergence of a new mind-bogglingly big price tier………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Sales of previously owned homes climbed to a three-year high in November, reinforcing forecasts that the industry is set to contribute to U.S. annual economic growth for the first time since 2005.
Purchases of existing houses increased 5.9 percent to a 5.04 million annual rate, the most since November 2009, the National Association of Realtors reported today in Washington. The median forecast of 82 economists surveyed by Bloomberg projected a 4.9 million rate………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

After several substandard years of performance, the real estate market finally came back to life in 2012. And while still not exactly healthy yet, the sector should keep building on this nascent momentum off the bottom — albeit slowly — into 2013.
As 2012 ends, it’s apparent that the positives have outweighed the negatives. This year saw the continuation of historically low interest rates and selling prices 35% to 60% below the inflated levels of 2006. This combo turned 2012 into a buyer’s market once more, with inventories of distressed sales shrinking from previously elevated levels, and median housing prices up nationwide from year-ago figures………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

The Canadian Real Estate Association (CREA) has updated its forecast for home sales as demand slows and predicts a 2% fall in transactions in 2013 but a 0.3% rise in prices. When CREA’s last resale housing forecast was published in September, activity showed the first signs of slowing in the wake of new mortgage lending regulations.
It said that demand has remained at lower levels, and this trend is expected to persist in coming months, adding that lower than projected third quarter sales have downgraded the prospects for activity this year in almost every province………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Many European housing markets remain extremely depressed, and continue their rapid spiral downwards, the Global Property Guide has reported. House price falls are accelerating in Greece, Spain, Netherlands, Portugal, Croatia and Lithuania, said the property research company.
Of the 23 European countries included in its regular survey, 14 recorded house price falls in the third quarter of 2012 while only nine experienced house price increases. The nine weakest housing markets in the survey were all in Europe. Meanwhile the Asian housing market surge has weakened. Seven of the 10 Asian housing markets included in the survey performed worse this year than last - although the survey indicated that Asia ’s biggest housing market, China, was recovering………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

New figures show more houses sold in 2012 than expected, as Funding for Lending scheme kicks in. More homes have been sold in the UK in 2012 than previously thought, as a result of greater mortgage availability, industry figures suggest.
There were 930,000 property transactions in 2012 – 13% more than the previous estimate of 825,000 and 5% more than 2011, according to the Council of Mortgage Lenders (CML)………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

There are “grounds for optimism” that the housing market recovery should continue next year, said the Council of Mortgage Lenders, as the Funding for Lending Scheme spurs sales. In its market forecasts for the coming year, CML said that it expected 950,000 property transactions and £156bn of gross lending.
But, the organisation predicts that those levels will fall back a little in 2014 as the boost from the Government’s cheap loans scheme, the Funding for Lending programme, fades………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

The message boards of online expat forums in Saudi Arabia tell their own story: increasingly frantic inquiries from new arrivals looking for somewhere to live in a very tight market. “Help! I can’t find anywhere to live. All the housing managers just tell me their waiting lists are months and months long,” posted a British man seeking a home for his family.
Expatriates moving to Riyadh, the capital of the Middle East’s largest economy, face long waits for places in housing compounds where rents have risen by more than 10 percent a year for the past four years, according to property consultants Jones Lang LaSalle………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Confidence that Mongolia’s resource wealth will generate unprecedented expansion in its real estate market has seen prices rise and many of Ulaanbaatar’s prime properties snapped up. However, the experience of other countries that have had similar resource-related property growth suggests it may not last forever.
In September, Export Development Canada, the state-owned export credit agency, warned that due to bank credits rising in excess of 50% year-on-year in 2012, a real estate “bubble” had appeared in the capital, which is likely to have a negative impact on the banking sector………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Private equity (PE) fund exits in the real estate space have fallen sharply this year compared with 2011, with limited liquidity in the market, a falling trend in property sales and some funds willing to wait for better returns.
There have been PE fund exits to the tune of $288 million (around Rs.1,578 crore today) in the real estate sector so far this year, down from $457.32 million in 2011, according to VCCEdge, which compiles data on venture capital and private equity deals. This exit value includes mainly full exits and those that are disclosed. (That’s in contrast with partial exits where the fund receives money in instalments.)……………………………………….Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Albert Cheng says many alternative plans exist to help increase public housing, yet the chief executive and his team are not tapping them. Chief Executive Leung Chun-ying won the election and got to where he is because of the support from Beijing’s liaison office in Hong Kong. After six months in office, he has made no contributions to show for it. To be honest, he is merely a “paper general”, which means he’s all talk and no action.
Being a paper general, he will disappoint us with his empty promises on policies such as his long-term housing strategy. Most of us will remember the notorious plan to build 85,000 flats annually that he proposed to former chief executive Tung Chee-hwa in 1997………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Hong Kong’s overheated property market is increasingly disconnected from the rest of the economy and poses “macro-financial risks,” the city’s monetary authority said.
Loose global monetary conditions and low interest rates may fuel mortgage borrowing that intensifies “the disconnect between property prices and economic fundamentals,” the Hong Kong Monetary Authority said yesterday in a quarterly report………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Many factors lead to the ascendancy of SEA in the world’s stage in real estate, among them the region’s huge upside potential Southeast Asia (SEA) will drive the property scene ‘crazy’ within the next 10 years and Malaysia will be among the best, says Gavin Tee, an international property consultant and speaker.
“Two years ago, I predicted that SEA will be the focus of the world’s real estate destination and this has been borne out by events following that,” he said, referring to the huge interest generated in recent times by SEA nations like Singapore, Laos, Myanmar, Indonesia and Malaysia………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

One of the hottest topics of the discussions on the real estate market is how high the apartment prices should be to fit the people’s pockets. The debate has been raised after the investor of the Dai Thanh project in Thanh Tri district in Hanoi marketed a certain amount of apartments priced at 10 million dong per square meter, the surprisingly low prices if compared with the market prices – tens of millions of dong.
The project’s investor then received violent criticism from other real estate developers, who believed that the investor attempted to dump products in the market to wipe down its rivals………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Owning a home is the dream of many in Taiwan, but that dream is becoming unattainable for some, as speculative buying has driven prices to unaffordable levels. This has become a big problem as young people are putting off starting a family - exacerbating the already low birth rate - and many are growing increasingly resentful of this symptom of the widening wealth gap.
In the last couple of years, groups have been formed to lobby for housing affordability and protests have been held. The last presidential election saw President Ma Ying-jeou re-elected on a much smaller margin of votes - partly because of widespread discontent over this issue………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Unless you have a reliable crystal ball, predicting how the property market will shape up in 2013 is a tough call to make. Uncertainties include how the global economy will play out and impact on Australia, the extent of the slowdown in the mining investment boom and how quickly non-mining sectors like retailing, housing, manufacturing and tourism can pick-up the slack.
Economists are tipping interest rates to fall further in 2013 and reach record lows, which will be good news for mortgage holders, but astute buyers and investors will recognise the economic warning signs………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

Navigating the ups and downs of the island market, where slashed prices and a vast stock of empty luxury condos are attracting vacation-home buyers looking for deals. On a warm December evening on the Bahamian island of Great Exuma, vacationers mingled at a dinner party in a 5,400-square-foot, four-bedroom penthouse suite overlooking the ocean.
A chef cooked lamb and sautéed vegetables as Peter Nicholson, the condominium development’s primary investor, gave a tour of the sprawling apartment—which is on the market for $2.99 million………………………………………..Full Article: Source

Posted on 21 December 2012 by Laxman |  Email |Print

For Sabeer Bhatia, the search for the next Hotmail continues. The last idea from the co-founder of Hotmail, JaxtrSMS, a mobile application that allowed users to send a text message to any mobile in the world for free didn’t take off, with Bhatia blaming its revenue model.
“I firmly believe that advertising in the mobile space, just basically any form of advertising over mobile phones doesn’t work. The sheer number of apps that are now present on the market ensures that you can’t make money off of it through advertising,” he said, adding that this was the current problem with Facebook’s mobile revenue model as well………………………………………..Full Article: Source

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