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Real Estate Briefing 28.Jan 2013

Posted on 28 January 2013 by Laxman |  Email |Print

Global direct commercial real estate investment will double to $1 tln (€744 bn) per annum by 2030, Jones Lang LaSalle says in a new report. Investors are responding to shifting economic conditions by funnelling more capital into commercial property, particularly in Asia, the report said. In 2012 global real estate investment volumes totalled nearly $450 bn.
‘Capital growth ambitions that dictated many investment decisions before the financial crisis have given way to a global hunt for secure income streams in a low-interest-rate environment,’ said Colin Dyer, President and CEO of Jones Lang LaSalle………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Companies that sell power tools, air conditioners, carpet fibers, furniture and cement mixers are reporting stronger sales for the fourth quarter, providing further evidence that a turnaround in the housing market is taking hold.
The results add to data on home construction and pricing that indicate a bottom may have been reached after the sector’s long slide. While the incoming data continue to be mixed, evidence that Americans are spending more to build and refurbish homes is raising executives’ confidence that the housing market will continue to improve……………………………………….Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

We’re beginning to hear noises that we’ve reached a major turning point in the housing market — and that, with interest rates so low, this is a rare opportunity to buy. But are such observations on target?
It would be comforting if they were. Yet the unfortunate truth is that the tea leaves don’t clearly suggest any particular path for prices, either up or down. On the one hand, there were sharp price increases in 2012, with the S.&P./Case-Shiller 20-City Index, which I helped devise, up a total of 9 percent over the six months from March to September………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

The housing market got some short-term bad news today, with the Commerce Department reporting that home sales in December fell 7.3% from the previous month. But housing analysts who are looking past that headline see a lot of reason for optimism in some more positive long-range trends.
The market is 52% as strong as it was prior to the 2008 crash, according to a housing index created by online real estate marketplace Trulia. For its monthly Housing Barometer, Trulia crunches three indicators: U.S. Census construction data, National Realtors Association existing sales, and delinquency and foreclosure rates from mortgage-data firm Lender Processing Services. While 52% would be a lousy score on an exam, it’s the highest score the real-estate market has seen since the real-estate boom………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

What’s that $1 million house really worth? Depends who you ask. To determine the value of a property, appraisers are supposed to review purchase prices of similar, nearby homes that sold in the past six months. But when a property is much pricier than others in the neighborhood, it can be hard to find similar examples close by. As a result, their asking prices are often out of whack with values that are later determined by appraisals.
“The higher you go up the ladder in value generally the less data you have,” says Danny Wiley, chief appraiser for LSI, an appraisal-management company based in Irvine, Calif………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

While it’s been a perennial rite of spring for some economists to predict that housing markets would hit bottom, very few at the beginning of 2012 foresaw the housing rebound that many U.S. housing markets experienced last year.
A few analysts, of course, did offer housing forecasts at the beginning of the past year that turned out to be largely correct. What’s more: some of these analysts had also accurately forecast the housing sector’s slowdown as the market neared its peak in 2005 and 2006………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Sick of the cold? Maybe you should buy a place in Florida, where temperatures are warm and the housing market is heating up. The cold snap gripping much of the country is surely prodding many to dream of owning a second home someplace warm, or of moving there for good. Data show that Florida’s housing market might be in a sweet spot.
Prices remain low, as Florida was among the states hit hardest by the collapse of the housing bubble, but prices are on the rise, so a purchase now would appear less risky than it would have a year ago………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

U.K. house prices stagnated in January and the number of new buyers looking for homes fell as concern over the euro-area debt crisis and the impact of the government’s fiscal squeeze hit demand, Hometrack Ltd. said.
Prices in England and Wales were unchanged from December, after declining for the previous six months, the property researcher said in a statement today. The number of new buyers registering with agents fell 9.9 percent from a month earlier, while the number of properties listed for sale fell 6.8 percent………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Survey reveals housing market optimism for sales in new year despite sellers having to drop asking prices in January. The housing market has kicked off the year in better shape than it did in either of the previous two years, despite more sellers being forced to drop their asking prices in January, according to a new survey.
A large majority of estate agents are optimistic that 2013 will see a steady rise in the number of home sales and the improving situation will put a floor under prices, which have fallen on average for the last two years………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Dublin politicians fear bulk of taxes will be collected from its residents, who own most of Ireland’s expensive homes. Plans by Ireland’s government for a property tax have come under fire from the main opposition party amid concerns the move will land homeowners with a bumper bill as they struggle to pay a string of other new taxes.
Protest meetings have heaped pressure on Ireland’s finance minister, Michael Noonan, to drop the plan, which is expected to raise €500m (£425m) for the cash-strapped coalition government in its first full year………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Germany has retained its title as favoured investment location in Europe, according to the latest Investor Intentions survey published by INREV. Almost 68% of investors polled in the suvey and as much as 92.3% of fund of funds managers opted for allocations to this region.
The Nordic markets ranked second with 60% of investors selecting this as their preferred location, largely driven by their own domestic investments. The UK remains in third position with 32% of investors giving it the thumbs up………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Denmark’s latest bank failure was caused by bad bets on commercial property, a model for insolvency that continues to dominate the nation’s financial woes, Jyske Bank A/S (JYSK) Chief Executive Officer Anders Dam said.
Dam, who agreed on Jan. 25 to take over Sparekassen Lolland A/S (SPALOL) after it failed to meet regulatory solvency requirements, won’t cover losses incurred by shareholders or subordinated creditors. Jyske has yet to calculate the final cost of the deal, he said in an interview………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Office property completions in Moscow slumped to a 10-year low in 2012, according to Jones Lang LaSalle. About 162,500 m2 of new supply was launched on the market in the fourth quarter, the property adviser said.
This represents a 9% decline on a quarter-on-quarter basis with the annual cumulative figure amounting to 557,000 m2, which was down 33% on a year-on-year basis………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

On the whole, the Middle East remains a property hotspot for global investors, with the UAE, Saudi Arabia and Qatar providing choice real estate investment opportunities.
According to research firm Ventures Middle East, the current value of infrastructure projects in the GCC is estimated at $408.8 billion, driven by strong growth the UAE still holds the lion’s share of infrastructure projects, accounting for $187.2 billion………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

No one can deny that housing is of critical importance to the Kingdom. A recently released report from the National Commercial Bank (NCB) confirms most assessments that demand for new units is expected to increase from 195,000 units per annum in 2011 to 264,000 units totaling 2.4 million units by 2020.
That means that the outlook for the Saudi housing sector is very positive, as a young, fast-growing, affluent Saudi population will continue feeding demand for housing. The mortgage law has been enacted and the Saudi Arabian Monetary Agency (SAMA) is working on issuing the implementing regulations - key drivers for facilitating end-user financing………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

The cost of accommodation in UAE increased at a rapid pace in 2012, with prices of villas and rents climbing up by 23 per cent and 17 per cent, respectively.
The upward trend in property prices is expected to continue in the coming months. As investors showed renewed interest in the real estate market, villa prices increased at the highest rate in four years. The prices of apartments jumped by 14 per cent in 2012………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Dubai’s office sector has remained broadly stable during the final quarter with average CBD lease rates flat at AED1,450/m²/annum. However, over the course of the year rents have fallen marginally by around 4.0%, due to an increase in tenant movements away from ageing properties to newer, better quality accommodation.
Despite a minor decline in the average rate, some prime properties around the CBD have actually managed to grow their headline rents over the past 12 months, aided by the limited supply of good quality and efficient office spaces. (Press Release)

Posted on 28 January 2013 by Laxman |  Email |Print

India’s realty sector is set for inflows of $ 4 to 5 billion from global investors in the next couple of years, with Bangalore, Delhi and Mumbai emerging as favourites, according to the Asia Pacific CEO of global real estate consultancy firm Jones Lang LaSalle (JLL).
“The early foreign investors in India, who came in around 2006-07, did not have very good experience, partly because of their inexperience in doing business in India and partly because of global financial crisis,” Alastair Hughes said at the World Economic Forum (WEF) Annual Meeting………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Home prices in Mumbai softened in the December quarter while price growth in other Indian cities slowed, two real estate consultancy firms have said, reinforcing speculation that a correction in the housing market could be round the corner.
According to property consultancy CBRE, prices of new homes in India’s financial capital Mumbai were down 2-5% in the October-December period from the previous quarter. Liases Foras, another property research firm, said prices in the city had dropped 1%. Both said that the rate at which prices were growing in the other cities, too, had come down significantly………………………………………..Full Article: Source

Posted on 28 January 2013 by Laxman |  Email |Print

Plan to buy property in and around Mumbai? Now’s the time, opine real estate experts. A slight downward shift in prices, they say, could herald good news for buyers.
According to the latest survey put out by real estate research firm, Liases Foras, for the first time in the last three or four years, the weighted average price (derived from simple average) of residential property in the Mumbai metropolitan region — Mumbai, its suburbs and 22 civic bodies around — has gone down by a marginal 1 per cent in the last quarter………………………………………..Full Article: Source

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