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Real Estate Briefing 31.Jan 2013

Posted on 31 January 2013 by Laxman |  Email |Print

A new worry is threatening the rally in the rebounding market for commercial mortgage-backed securities: Property owners have started to pick up the pace of resolving problems with distressed loans. That is bad news for bondholders who paid up to buy such securities on the assumption they would keep paying a high interest rate for a longer period.
This month, some investors have been hit with losses as their commercial-mortgage securities, or CMBS, that had been steadily rising in value for months went into reverse. For example, early this month investors were willing to pay as much as $116.13 for securities with a face value of $100, up from $100.81 in August 2011. Last week they were trading at $114.81………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

The number of California homes that sold for at least $1 million reached a five-year high in 2012, fueled by a recovering economy and a record number of cash purchases, DataQuick said.
A total of 26,993 homes sold for at least $1 million last year, up 27 percent from 21,267 in 2011, the San Diego-based data provider said in a statement. It was the most since 2007, when 42,502 homes crossed the threshold, DataQuick said………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Privately owned U.S. homebuilders are seizing on a housing supply crunch to tap the stock market as more Americans, buoyed by an improving economy, seek to buy their first home or move into bigger premises.
Tri Pointe Homes LLC and Taylor Morrison Home Corp, based in regions among those worst hit by a housing market slump, will soon become the first U.S. homebuilders in about 10 years to go public………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

nce again, Demographia has released its annual International Housing Affordability Survey, its ninth annual look at the housing markets in Australia, Canada, Hong Kong, Ireland, New Zealand, the United Kingdom and the United States. In this posting, I’ll provide you with a brief comparison of the affordability of the real estate markets in each of the countries and then take a more detailed look at the most and least affordable real estate markets in the United States.
As I’ve told my regular readers on previous occasions, Demographia uses a unique approach to calculating real estate affordability………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Modest price drops and tempered buyer expectations are expected to stir up some movement in B.C.’s stagnating real estate market this year, according to an industry forecast released Wednesday.
In its first quarter housing market forecast released Wednesday, the B.C. Real Estate Association (BCREA) says housing sales in B.C. on the Multiple Listing Service (MLS) are expected to pick up by 5.6 per cent in 2013. It wouldn’t be enough to make up for the 12 per cent sales drop seen across B.C. in 2012 but would at least mean buyers will be getting off the sidelines and jumping into the market again………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Investment volumes in European commercial real estate hit nearly 44 billion euros ($ 59 billion) in the fourth quarter of 2012, the highest quarterly level of since 2007, according to data from property consultants, Cushman and Wakefield.
Cross-border investment rose by 19 percent last year and the property consultancy forecast that volumes could rise by 5 to 6 percent to 141 billion euros ($ 190 billion) in 2013, despite the risks presented by a still-fragile economic recovery in Europe………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Investors have regained confidence in the European property markets and are planning to increase investments this year, with especially good outlooks for Germany, France and UK, with Ireland also back in focus, says German cooperative bank fund manager Union Investment.
The increasing desire for healthy returns will however be limited by the shrinking credit markets, Union found in its annual Investment Climate Index survey of 165 German, French and UK investors. Capital requirements are seen to tighten further for investment projects as a result of the euro crisis………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

There will be signs of recovery in the property market in Europe next year, according to CBRE. This will follow a steady recovery in the continent’s economic performance in 2013, which is good news after last year saw it experience a difficult financial period.
Neil Blake, Head of UK and Europe, the Middle East and Africa of CBRE, said: “If the trend of positive indicators persists, we expect to see improved economic growth and property market conditions, but we may have to wait until 2014 for signs of significant progress.”……………………………………….Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

House prices are rising faster than wages – or homebuyers’ ability to scrape together deposits – making property more expensive than it has been since the start of the credit crisis, according to the Mortgage Advice Bureau (MAB).
However, the independent mortgage broker’s gloomy conclusion about house price affordability is at odds with more upbeat views from most property market participants………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Dublin is climbing up the European property ladder and confidence within the real-estate industry is at its highest since 2008. A NEW report by PwC and Urban Land Institute, ‘Emerging Trends in Real Estate Europe’, notes that there are “sentiments of improvement” in Dublin for both investment and development.
A survey of sentiment among more than 500 European investors, fund managers and property experts said that investors are warming to the city’s property market. Dublin has moved up in the rankings to 20th place in 2013 from 26th place out of the 27 cities in last year’s survey………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Despite threatened tax hikes, realistic property prices and a halcyon lifestyle are keeping France firmly in the investor spotlight. Just a few weeks into a new year and French PM Francois Hollande’s approval rating has taken a further drubbing with the latest round of tax increases and budget cuts provoking a backlash from chef-class entrepreneurs, wealth creators and patriotic artistes: among them symbol-of-a-nation film actor Gerard Depardieu.
Yet France remains one of the brighter economic stars of Europe (the third largest recipient of foreign direct investment in the eurozone in 2012), with the residential real estate sector proving a beacon of hope in a recuperating economy………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Prices of residential property decreased by one to three per cent in 2012, public broadcaster Bulgarian National Television said on January 30 2013, quoting what it described as a major player in the Bulgarian property market. According to the company, housing transactions in the past 12 months grew by about 10 per cent. The annual turnover of the housing market in the country is 3.5 billion leva.
In 2014, prices of housing will not fall further, but could even slightly increase, analysts said, according to the report. Buyers increasingly were interested in factors such as electricity costs, heating and energy efficiency, the report said………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

The market for leasing homes in Qatar is likely to show strong signs of growth in 2013 and 2014 as major infrastructure projects get under way, according to EC Harris’ latest Property Market Outlook. The report states that Qatar is also set for a hotel building boom, with 5,000 new hotel rooms planned each year in the run-up to the 2022 FIFA World Cup.
Terry Tommason, head of Property and Social Infrastructure Middle East at EC Harris said: “The market for residential property sales in the emirate is likely to remain flat, though, and no major new office development is planned due to the continuing overhang of space from the last commercial boom.”……………………………………….Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

The Dubai real estate sector has recorded a price increase of up to 30% in the premier locations during 2012, according to Hamptons MENA, the premier property services company. The Hamptons MENA 2012 property report records that on average property prices increased by 20 to 30% across the market, while well-established neighbourhoods such as Downtown Dubai and The Palm Jumeirah witnessed an upward trend in price to the range of 30%.
The most significant price increase was noted for villas, such as in Arabian Ranches, the masterplanned community by Emaar Properties, which led the growth in values during the year. High-end apartments in Downtown Dubai and Emirates Living also reported price appreciation, highlighting the growing investor confidence led by a buoyant market. (Press Release)

Posted on 31 January 2013 by Laxman |  Email |Print

Investors are taking fresh positions in the real estate sector even as a few luxury housing projects were sold off within days of their launch. Stocks of real estate companies have rallied 30% to 50% over the past three months in anticipation that declining interest rates will help revive buying, thereby helping companies ease their inventories.
Market sentiment has turned bullish after the housing loan growth for fiscal 2013 so far showed a 13% growth, which exceeded the overall credit growth of 7% for the first time in six years, according to data available with Reserve Bank of India and Goldman Sachs Research………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Divergent views are emerging over whether there is a bubble building in the Chinese property sector, which has produced a string of aggressive high-yield issues this year, the most recent of which was Greentown’s conveniently successful US$400m bond this week.
The recent hot flow of money into Chinese high-yield property bonds, much of it from private banks unable to earn a decent return elsewhere, had the look and feel of a sector overheating, and many have indeed traded down in secondary………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Singapore’s office rents are set to rebound from their first annual decline in three years as new supply shrinks and more businesses expand, according to the biggest office property trust in Asia outside of Japan.
Rents in the city are reaching a trough and demand may rise as the country positions itself as a regional business hub, said Lynette Leong, chief executive officer of CapitaCommercial Trust (CCT), Supply for the next three years will be about 0.8 million square feet a year, down from 1.3 million square feet over the past two decades, she said………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

The spokesman of the Government, Minister Vu Duc Dam has confirmed that the plan to remove difficulties for the real estate market will benefit the medium and low-income earners more than the rich. The Chairman of the Government Office –Vu Duc Dam – said the resolution to remove difficulties for the real estate market does not aim to save the rich, but for the sake of the economy.
“The Government never focuses on saving the rich. The Government’s management is for economic development. The Government’s consistent priority is for the difficult subjects,” Dam emphasized………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

From an investment standpoint, Asia has domesticated itself in the midst of the global financial crisis. This is especially true for Bali, which has seen an influx of domestic buyers in the property market. This is, among others, one of the key findings of a survey conducted by C9 Hotelworks, a hospitality consulting firm based in Phuket, Thailand, which gathers market data for resort markets throughout Asia.
According to C9 Hotelworks managing director Bill Barnett, a leading specialist on hotel and property development issues with 27 years of experience in Asia Pacific, Bali has traditionally been a foreign investment market for villas, but this shifted three to four years ago with the rise of condo hotels………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Applications for reverse mortgages, which are typically taken out by elderly or retired homeowners who borrow money in the form of monthly payments against the equity in their homes, are surging to the highest in six years.
Loans backed by state- run financing firm Korea Housing Finance Corp. jumped 71 percent in 2012 as retirees like Kim sought a steady income in a nation wracked by personal debt, falling home values and a rapidly aging population………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Expectations for house price growth improved marginally in the final quarter of 2012 but remain very modest, with just 2.1% growth tipped for the next two years, according NAB’s December 2012 quarterly residential property index survey. This compares with September quarter expectations of a 1.7% gain in house prices over the next two years.
The expectations are based on the sentiments of around 270 property markets participants, predominantly estate agents (39% of respondents), property owners and investors (20%) and developers (17%)………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

Evidence of recovery in the housing industry emerged today as new home sales jumped in December, a month when property markets are normally subdued. New home sales rose 6.2 per cent in the month, capping off a 3.3 per cent rise in the fourth quarter from the previous three months, data published by the Housing Industry Association showed.
The rise will encourage perceptions that new home building is ready for recovery, the rebound timed well to bolster the economy as mining investment fades in 2013.The Reserve Bank of Australia is betting that as mining investment cools, other areas of the economy such as housing will step up to fill the void in growth………………………………………..Full Article: Source

Posted on 31 January 2013 by Laxman |  Email |Print

The residential property market appears to have bottomed out and is set for a “mild cyclical recovery” over the next 12 months” says AMP Capital Investors chief economist Shane Oliver. Oliver anticipates only short-term gains in property prices in the range of 5% to 7% over this period as “buyers remain cautious about taking on excessive debt, particularly as job insecurity remains high”.
But he expects the property market to outperform both the bond market and what’s available through cash deposits - a reverse of the performance of these markets over the past five years………………………………………..Full Article: Source

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