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Real Estate Briefing 08.Jan 2013

Posted on 08 January 2013 by Laxman |  Email |Print

U.S. businesses took on new office space at a sluggish pace in the fourth quarter, as employers remained cautious about adding jobs. The amount of occupied office space grew by 3.7 million square feet in the quarter, nudging down the vacancy rate 0.1 percentage point to end the year at 17.1%, according to real-estate research firm Reis Inc.
Asking rents rose to an average $28.46 per square foot, up 0.8% for the quarter and 1.8% for the year, said Reis, which surveys 79 metropolitan areas………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

U.S. office space isn’t a very sexy economic indicator, but it’s an important one. We live in a service-driven economy, and commercial real estate vacancies are a very good indicator of whether employers are growing and businesses are starting up … or conversely, whether they are closing up shop.
Unfortunately, the latest numbers show office vacancies remain stubbornly high. According to fourth-quarter numbers from Reis, a commercial real estate research firm, the vacancy rate remains stubbornly high at 17.1%. That’s down from a peak of 17.6% in Q3 and Q4 of 2010, but hardly much improved — especially considering the 12.6% rate in 2007 before the financial crisis………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

For the first time in more than a decade, four American cities have been placed in the world’s top five cities for commercial real estate foreign investment, says a new annual survey.
New York was placed first of the four US cities in the 21st annual survey of members of the Association of Foreign Investors in Real Estate (AFIRE). The UK capital of London was runner up in the cities category – the only non US location included. It was followed by the American cities of San Francisco, Washington, D.C., and Houston, which was unplaced last year………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

The monthly Construction MMI registered a value of 92 in December, an increase of 1.1 percent from 91 in November. The construction metals index saw a small lift this month due to slightly rising semi-finished aluminum prices, iron ore prices and Chinese rebar prices. However, not all elements of the index moved up, as Chinese H-beam prices and all US bar fuel surcharges declined from one month ago.
Overall, however, the Construction MMI appears to move fairly consistently with overall US Census Bureau construction data……………………………………….Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

The value of European Real Estate Investment Trust property portfolio stood at €292.5m at the end of December - a decrease of 2.1% from the end of June.The company said the completion of asset management initiatives, notably in Kaiserslautern, had partly offset market declines.
But it said the polarisation of investor demand on prime assets and the lack of debt financing for secondary properties continues to have a negative effect on the value of the portfolio, particularly in weaker markets such as Spain. The valuations are provided by the independent valuer (CBRE) in accordance with the Royal Institution of Chartered Surveyors appraisal and valuation standards………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Northern European property funds may have turned a corner in investment returns in the third quarter though southern Europe continues to suffer, says Investment Property Databank. Net asset values rose in the Nordic region though UK and Germany stayed in the black solely due to income returns.
In its latest Pan-European Fund Index, IPD said each of its quarterly national fund indices for the continent registered a higher total return for 3Q12 than for 2Q12. But the improvement was more a case of ‘less bad’ than ‘better’, as the overall quarterly return remained negative at -0.12% for the quarter………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Despite solid year-end results in Poland and Russia, commercial real estate investment in central and eastern Europe slid 35% to €7.4bn in 2012, consultant CBRE reports. Russia and Poland are increasingly driving volumes, despite decreases of around 20% in both markets.
A clear difference exists between prime assets in key locations such as Warsaw, Moscow and Prague - where investor interest has remained intact - and the rest of the CEE property market, which is struggling to attract investors. Due to limited availability of quality retail stock, the office sector has remained the most liquid, with 40% of total volume………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

U.K. house prices rose for a second month in December and will probably remain little changed in 2013 as the uncertain economic outlook constrains property demand, according to Halifax.
Values advanced 1.3 percent from the previous month to an average 163,845 pounds ($262,900), the mortgage unit of Lloyds Banking Group Plc said in a statement in London today. The monthly price gain in November was revised to 1.6 percent from a previous estimate of 1 percent. From a year earlier, values rose 2.6 percent in December……………………………………….Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

High street lender Halifax is taking a fairly optimistic view of 2013 house prices after witnessing ‘broad stability’ in the market over the past twelve months. The latest figures from the Halifax house price index show property prices increased 0.6% over the last quarter of 2012, the first time a quarterly increase has been witnessed since May 2012 following six consecutive falls.
House prices rose 1.3% in December, with six monthly rises and six falls during 2012 that took the average property to £163,845………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

2013 will mark the bottom of the UK commercial property market, according to the latest real estate predictions from Deloitte. While it is expected that recovery will not be evident until later in the year, the downward trend in commercial capital values should halt as investors widen their focus outside of core markets.
The findings go someway to support the findings of the Halifax, who predicted that the housing market will remain fairly stable in the coming year………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Rental demand in many parts of the UK has never been higher. Graham Norwood speaks to top experts to get tips on starting a buy-to-let empire. New Year is about new challenges: gym memberships, diets and vows to stop smoking. The property market is full of challenges, too; prices around the country are set to remain flat or worse, with tentative improvements in the economy yet to filter down to homeowners.
This is why thousands of people have resolved to dive into the only housing sector that is truly booming: buy-to-let (BTL)………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Thanks to a year-end flurry of deals, total investment volumes in Germany came out far higher than predicted, says BNP Paribas Real Estate. Total real estate investment volumes in Germany amounted to €25.6 bn in 2012, up 9% on the year-earlier period, according to figures from the adviser.
The investment tally is the highest since the boom years of 2006 and 2007 and was fuelled by a year-end flurry of billion-euro portfolio and single-asset deals………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Swiss National Bank Governing Board member Fritz Zurbruegg said the central bank is worried about the development of the country’s property market. “We are concerned,” Zurbruegg said. “We had the impression that the situation eased to a certain extent in the second quarter. Sadly this wasn’t repeated in the third quarter.”
The SNB’s decision to impose a ceiling on the franc in September 2011 as demand for the currency surged has made the Swiss property market more attractive for foreign investors seeking a haven for their money………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

The last 12 months have highlighted the difference in performance of the domestic and second homes market in Spain and it is fundamental issues such as this that buyers should take heed of, it is claimed. According to Barbara Wood of The Property Finders in her annual Andalucia Market Report, the region has multiple sectors within the market and they function independently of each other.
‘There’s the quality market in the prime locations chosen by international buyers, then there’s the lower end of that overseas market, high density developments in secondary locations and finally, there’s the Spanish domestic market,’ she explains………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Demand for Portuguese property is reducing by the day due to continuing declines in transaction expectations, rents and residential real estate prices. The Eurozone debt crunch along with the worldwide financial crisis bears responsibility for the poor performance of the country’s real estate industry. An unemployment rate of 16.3 per cent coupled with stringent lending conditions has made it difficult to ensure a recovery anytime soon.
Confidencial Immobiliario and the RICS (Royal Institution of Chartered Surveyors) conducted a survey on the housing market in Portugal, reporting that weak demand has resulted in a decline in rents and property prices in the country………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Israel’s real estate market was characterized in 2012 by a further rise in housing prices, at an average rate of 4.5%. While in 2008 Israelis needed less than 100 salaries on average to buy an apartment, in 2012 they needed as many as 128 salaries.
In the United States, for the sake of comparison, one can buy an apartment with just 55 salaries on average. In Jerusalem there have been hardly any changes in prices, with a four-room apartment in the capital costing NIS 2.4 million ($640,000) on average. But Jerusalem’s stable figures do not reflect the major fluctuations in other cities: In some cities prices soared, in others – they plunged………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

The resurgence in the Dubai property market over the past year has seen it ranked as the strongest housing market in the world by Global Property Guide. The recently released independent report shows Dubai’s residential property index jump 13.46 per cent during the year, compared to a 1.8 per cent decline in 2011.
During the same period, the report shows that the UK fell 3.97 per cent, Singapore 2.88 per cent and Tokyo by 1.94 per cent………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

Investors with properties in several Asia Pacific countries should continue to do well this year, say experts. In particular, Jakarta and Bangkok have been tipped to be the best performing areas for property investment.
International real estate firm Knight Frank highlighted the cities in their Asia Pacific Residential Review. “We are pointing to Jakarta and Bangkok because they are in a good position to be boosted by strong economic growth and they have a growing property-owning class that is not only affluent but also aspirational,” said a spokesman………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

A lot of investors had to transfer real estate projects in 2012 when their money got exhausted. Though the real estate market was frozen, it is now still the right time to make investment in the real estate sector, when the prices get cheaper.
In March 2012, the real estate market witnessed a big merger & acquisition (M&A) deal, under which Daewoo E&C sold its 70 percent of stakes in Daewoo project to Hanel. The Vietnamese partner which held the other 30 percent of stakes in the joint venture, became the only owner of the five star hotel, located on the golden land area of Hanoi………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

The Australian property market has been through its second consecutive year of falling prices, but Sydney’s properties have defied the trend. Prices have risen over the past twelve months, with real estate experts predicting the market should get even better in 2013.
It’s a well-known fact that what goes up must come down, so it’s now wonder that after the historic price highs of 2010, Australia’s property market took a big hit in 2012. The latest figures from property analyst firm RP Data shows on average house prices across our capital cities fell point four per cent last year………………………………………..Full Article: Source

Posted on 08 January 2013 by Laxman |  Email |Print

House sale volumes in Auckland last month reached an eight-year December high as buyers competed for a record-low number of listings, according to Barfoot & Thompson. The real estate agency said it sold 920 homes in the final month of 2012, at an average price of $624,015.
That was its highest number of sales in a December for eight years, said managing director Peter Thompson. “The average price achieved remained high, with it being down less than $4000 on November’s all-time record average price of $627,721.”……………………………………….Full Article: Source

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