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Real Estate Briefing 11.Feb 2013

Posted on 11 February 2013 by Laxman |  Email |Print

As savers queued outside Northern Rock to withdraw their cash in September 2007, Britain’s housing market began to crumble. But a decade of blistering increases, which took the average home from £68,777 in 1997 to £199,766 in late 2007, ended with a whimper. Prices slipped over 2008 and hit a low of £157,767 in summer 2009. Today the national average has climbed back a little, to £162,932, according to Halifax.
But regional variations have been extraordinary. In Northern Ireland, the implosion was devastating. Houses that typically sold for £230,000 in 2007 now fetch just £100,000, a 57% collapse………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Canadian housing starts plunged in January as both single and multiple starts fell, particularly in Ontario, Canada Mortgage and Housing Corp said on Friday in a report that showed the housing market was even weaker than expected.
The agency says there were 9,904 actual starts last month, compared with 13,038 in January 2012. The seasonally adjusted annualized rate of housing starts was 160,577 units in January, down from 197,118 in December. The December figure was revised down from the 197,976 units reported previously………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

U.S. housing markets finally are improving, but taxpayers may not be off the hook yet. The Federal Housing Administration, a significant backer of new mortgage lending over the past five years, is facing billions of dollars in potential losses, as many loans that it guaranteed during the recession have soured. The agency’s independent audit last fall showed that at its current pace, the FHA would exhaust its reserves and need $16 billion from the U.S. government to cover projected losses.
That would be a blow because, since its creation in 1934, the agency has never required Treasury assistance. The FHA doesn’t issue mortgages. Instead, it insures lenders against losses on loans that meet its standards, and charges fees to borrowers to cover any losses………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

By most economic measures, the moribund housing sector seems to have turned a corner and is now firmly in recovery. For many homeowners, however, it may still feel like a statistical rebound because an improving housing sector is not the same as a healthy one.
Economists are broadly in agreement that housing is no longer weighing against economic growth and will actually be a positive contributor in 2013. That’s supported by most measurements of the housing sector, be they starts of new single-family homes, sales of existing homes, rising median home prices or shrinking foreclosures as a percentage of total sales………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

In 2012, the Washington commercial real estate market became more competitive for investors. Our region faced the threat of sequestration — automatic federal budget cuts — only to see a decision on those cuts deferred until March. Uncertainty led to stasis: executives across the region paused their hiring and investment, waiting for the government to act.
This led to the first year of negative net absorption — more space being vacated than leased — on record for the Washington area office market. At the same time, developers began building so many new apartments that supply now exceeds demand………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

The European shopping-centre industry has benefitied from rising confidence since the start of 2013, according to the International Council of Shopping Centers (ICSC). Despite January’s unfavourable weather and rising unemployment in many markets across Europe, and ongoing pressure on disposable incomes, current business conditions were judged significantly better than a year ago and improving month-on-month.
This was one of the main findings of the ICSC’s Euro-shop Index, its pan-European survey of shopping centre industry business conditions………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

UK property fund managers are again attempting to impede investors from exiting funds as performance stalls. The so-called gates are being put up as property funds suffer from a growing divide in values between prime locations and weaker real estate in secondary markets.
In a fourth quarter report, Aviva Investors’ £1.1bn pensions property fund deferred redemptions for up to 12 months after experiencing an increase in requests from investors to pull their money………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Rob Martin, director of research at Legal & General Property, has forecast improved UK commercial property returns in 2013, with a continued polarisation between the best and worst performing assets. Martin believes economic growth is likely to remain sluggish but that there are signs that property returns are set to improve.
An easing in commercial real estate credit markets and the persuasive valuation case for UK commercial property should mean that prices for the market as a whole will be broadly stable in the next 12 months, in contrast to a fall of 3% over 2012, according to IPD’s quarterly index for all property………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

The price of an average London home will rise to at least £500,000 by the end of the decade – an increase of more than 30 per cent on today’s £383,000 average – according to research.
The Centre for Economics and Business Research says that while London house prices will rise less slowly in 2013 than they did in 2012 they will start to take off again towards the end of the decade as the capital’s economy begins to pick up strongly………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Buying a home in Berlin is widely viewed as one of the safest investments a German, or any European, can make. That is why some real estate experts are worried the market could get overheated.
Home prices in Germany’s largest cities are booming. Building permits and home ownership rates are climbing fast. And the percentage of foreigners snapping up second homes in Germany is on the rise………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Capital values in Dutch commercial property are still falling, according to the quarterly property index produced by UK performance group IPD and Dutch brokerage association ROZ. Their joint overall index returned -0.1% in fourth quarter against 3Q12 - the first negative quarter since 4Q09 - with capital values down in the last 2012 quarter by 1.3%.
Annual property returns in the IPD/ROZ Netherlands Property Index underperformed all other asset classes in 4Q12. The best performance came in equities, up 6.8% (MSCI NL), but property equities (MSCI NL/Real Estate) and bonds (JP Morgan GBI Global, NL 7-10 years) also provided higher returns than direct real estate at 3.7% and 2.9 % respectively………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

The on-going Eurozone debt crisis in Poland is having a disastrous effect on the property market with prices plummeting since 2008. House prices in Warsaw have fallen by 13.1% in that period but the biggest casualty has been the city of Lodz which saw its house prices plummet by 35.7%.
Poland is not alone in Europe for seeing dramatic property price falls but recent economic data show the situation could get a lot worse. As one of the few countries to avoid dropping into recession during the global financial meltdown and the economy even grew fairly strongly between 2008 and 2011………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Investing in Israel’s residential property has recently been fairly profitable. Housing prices are growing. They have increased by 50% over the last 5 years. The Israeli housing market is especially popular with Russians. They keep buying apartments even when they are overpriced.
Obviously, you can find a lot of websites offering you to purchase residential property in Israel. However, not all of those real estate agencies vary are reliable. Therefore, it is important to find those agencies that have been in the industry for a long time. They should be licensed and should value their image. How to find such real estate agencies? What are the criteria?……………………………………….Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

With a solid combination of demographic and economic growth positions, Jeddah is a major center for residential and commercial development projects,” said Hussain Al- Harthi, VP and Managing Director, National Exhibitions Company, ahead of the Cityscape Jeddah 2013 that will take place at the Jeddah Centre for Forums & Events on March 2-4, 2013.
“All demand drivers are in place to sustain growth within the residential market, offering ample opportunities for investors to make attractive returns. Jeddah’s population has doubled over the last 25 years to 3.6 million, and this growing population coupled with limited housing supply is expected to drive prices and sustain demand,” he said………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Kuwaiti real estate sales registered a solid 16 per cent growth in 2012 to hit KD3.1 billion ($10.9 billion) compared to KD2.7 billion the previous year, indicating a generally healthy year, said a report.
The property sales more than doubled to KD363 million ($978 million) in December following a solid performance by all three major segments - residential, investment and commercial - after some slowdown in the past few months, according to country’s top lender National Bank of Kuwait (NBK)………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

UAE nationals topped the list of investors in Dubai’s real estate in 2012 while Indians came second in the list of top property buyers, Dubai Land Department (DLD) data shows.
Total investments by Gulf Cooperation Council, Arab and foreign investors reached Dh58.6 billion last year with the total number of investors reaching 18,635. Foreign investors numbering 13,573 invested Dh36 billion in Dubai property………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Land plots in Bangkok’s prime locations are in high demand from both large developers and non-property investors jumping into the business, leading to prices soaring 15% a year on average.
Kulwadee Sawangsri, executive director for investment and land services at the property consultant CB Richard Ellis (Thailand) or CBRE, said demand is so high because buyers want to develop condominiums, offices and private homes. Some want to buy land and keep it for capital gains in the future and think there are no expenses when holding a plot. But on the contrary, owning a condo or a house entails expenses such as for common areas or maintenance fees………………………………………..Full Article: Source

Posted on 11 February 2013 by Laxman |  Email |Print

Quotable Value (QV) reports that nationwide residential property values have risen in January, with values up 1.5% over the past three months. Values are now 2.6% above the previous market peak of late 2007.
The Government valuer said that its monthly property value index shows that prices have risen by 6.2% over the past year, with increased activity now moving beyond Auckland and Christchurch………………………………………..Full Article: Source

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