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Real Estate Briefing 20.Feb 2013

Posted on 20 February 2013 by Laxman |  Email |Print

Brookfield Residential Properties Inc., the second-best performing home-building stock in the Americas over the past year, said the recovery in U.S. housing is only just starting to add to earnings.
“We’re just at the beginning” of the recovery, Brookfield Chief Executive Officer Alan Norris said in a telephone interview from Calgary, where the company is based. “If you take a look at our numbers, all of our profit is from Canada. We’re only just starting to get to the point where the U.S. is going to be contributing.”………………………………..Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Here’s a quick peek at housing by the lists: biggest price increases, best sellers’ markets and most underwater homes. You might have thought you’d never see another top-10 list of hot real-estate markets after the housing boom’s spectacular crash. Never say never.
Housing’s coming back, mostly. It’s creeping back in some places, leaping in others, but also declined in a few. Here’s a quick peek at housing by the lists: one list of the country’s hottest markets, another of the best markets for sellers, and one more of states with the most underwater homes. The last is a reminder that, while housing is healing, it’s not off the sick list yet…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

The housing market has made a “sprightly” start to 2013, with asking prices reaching their highest levels for February since 2008, a property search website has said.
Prices jumped by 2.8% month-on-month to reach £235,741 on average, with big monthly leaps of around 5% recorded in the north west of England and Wales, Rightmove said. Prices are 1.1% higher than a year ago and are just £2,115 shy of a February record set in 2008, showing the market is making a “slow but steady recovery,” the study said…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Interest rates of around 4% and an average house price of £250,000 will be the new norm for the housing market in 2017, but it will be harder to save and borrowing conditions will be stricter, according to Legal & General. The good news is that 2013 marks the end of the UK’s housing crisis and the start of a slow climb to a new normal.
Ben Thompson, managing director of Legal & General Mortgage Club, believes we are ‘coming to the end of the crisis’ and that homeowners have seen themselves placed in a strong position as mortgage rates have fallen, allowing them to pay off ‘secondary debt’ such as credit cards, loans and store cards…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Optimism over house prices in the UK has hit the highest level since 2010, according to Knight Frank. The firm’s latest House Price Sentiment Index shows that households in all 11 monitored UK regions expect that the value of their home will rise over the next 12 months - the first time that all regions expect price growth for more than two and a half years.
The positive outlook arrives despite the fact that households perceived the value of their homes dropped in February. Some 8.5% of the 1,500 homeowners across surveyed across the UK said that the value of their home had risen over the last month, while 11.7% said the value of their home had fallen. The result index rating of 48.4 is up from 47.6 in January and marks the highest reading in 31 months…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

House price indexes come in all shapes and sizes, which can be perplexing for people uninitiated in the art of house price academia and methodology, writes David Newnes, director of LSL Property Services.
In truth, house price indexes aren’t as arcane and esoteric as they first appear. In fact, there are important differences which make some indexes considerably better than others. There are five major indices, produced by Halifax, Nationwide, LSL Property Services/Acadametrics, the Office of National Statistics (ONS), and the Land Registry…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Establishing itself as one of the fastest growing sectors in the UK property market, the buy-to-let (BTL) sector saw a robust increase in the number of investors last year. According to recently-released data from the Council of Mortgage Lenders (CML), nearly 1.5 million Britons hold buy-to-let mortgages, underlining how the interest in such property investments has surged, setting Britain’s real estate market on the way to a new buy-to-let boom.
The CML statistics showed that in the past year, BTL lending accounted for 11.5 per cent of the total mortgage market, up from 9.8 per cent in 2011. A total of £16.4 billion was lent to buy-to-let property investors, which is 19 per cent, or one fifth, higher than the £13.8 billion advanced in 2011 and represents the strongest level since 2008…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Reyal Urbis SA , a real estate company that became a stock market favorite during Spain’s property boom, said Tuesday it will file for bankruptcy protection.Reyal Urbis, born out of the merger of Inmobiliaria Urbis and Construcciones Reyal just one year before the country’s real estate market crashed in 2008, said in a statement that it remains confident that, while under protection, it will come to an agreement with its creditors.
If Reyal Urbis defaults on at least part of its debt payments under Spanish law, as appears likely, it would become the second-largest default in the country’s corporate history…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

According to CBRE’s latest office market report, the Moscow market was stable in 2012: the volume of new construction was 556,264 m², just 8% less than in 2011, with the volume of leasing deals at 1 million m² (14% less than 2011). In 2013, CBRE expects the total volume of new supply in Moscow will total 860,000 m² exceeding 2012 supply by 50%.
Total take-up for 2012 was 1 million m² a reduction of 14% on 2011 (1.18 million m²), with take-up in 2013 expected to be comparable to 2011-2012 in the region of 1.1-1.2 million m²…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

On mortgages covering 45% to 60% of the property value, banks will need to set aside 50% in capital instead of 35%, while for those covering more than 60% banks will have to set aside 75%.
The Bank of Israel said Tuesday it was imposing new restrictions on home loans, just hours after the government reported that home prices had jumped 5% last year. In a draft directive presented by banks commissioner David Zaken, lenders will have to boost their capital buffers on mortgages exceeding 45% of the property value…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

The rise of Ghana property market has been well documented in the past decade and there has been an improvement in infrastructure deficit with better prospects for growth still to come.
Millions of dollars are being realised by private entrepreneurs, especially in the real estate sector and the ever changing skyline of Accra illustrates this well. The private sector is possibly one of the main engines of growth in Ghana’s economy, says Kenneth Ofori, business manager for Devtraco Plus, a luxury real estate company in Ghana…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Having failed to impress the Union Government to acknowledge it as an industry, the real estate sector is now hoping to get an “infrastructure status for affordable housing” in this Union Budget.
Increasing tax benefits on home loans and the now three-year-old hope of industry status remain the other key points. According to industry sources, the last three Budgets have left the sector “untouched” depriving it of major benefits. Developers and investors are fishing in troubled waters with a demand slowdown and project delays on account of liquidity crisis…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Analysts are suggesting that the rally seen in Chinese real estate stocks since Dec 3 could be at an end, based on continued fears that Beijing is expected to launch some form of property tax in the first half of the year.
Real estate companies dropped as much as 20 percent in value between June 1 and Dec 3, before gaining around 25 percent since then. “China’s stock market has rebounded from Dec 3, and the housing sector has performed well,” said Li Daxiao, head of research at Yingda Securities, a Shenzhen-based brokerage…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

China’s growing middle class reaching for homeownership helped property prices rebound starting in the second half of last year. They rose 1 percent in January from December, the biggest gain in two years, according to real estate website SouFun Holdings Ltd. Home prices in Beijing and Shanghai each rose 2.3 percent from December.
Average per-square-meter prices in 100 cities tracked by SouFun are five times average disposable incomes. A 100-square- meter (1076-square-foot) apartment today costs about 40 years’ income, according to SouFun and government data, even as salaries have more than quadrupled since 1998…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Several Chinese cities have tightened controls on housing loans, in a move that could herald broader policy tightening in response to a resurgent property market. Cities in the wealthy provinces of Zhejiang, Jiangsu and Guangdong have in recent days increased minimum borrowing requirements, or capped the size of loans available to homebuyers tapping their local housing provident funds.
The new restrictions mark a policy shift from last year, when dozens of cities made housing loans more easily available in an effort to boost the flagging property sector, which is widely seen as the most important motor of Chinese growth…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

The real estate market in 2012 did not recover as expected by investors, while it bogged down further in the crisis. High inventories and weak liquidity have been hindering the recovery of the market. Since late 2011, apartment and land prices have been decreasing continuously. Especially, high end apartment prices have dropped dramatically by 50 percent.
Real estate developers now think of pouring money into medium class projects and the housing projects for the poor, believing that this is the only way out for them. However, it’s still too early to say that the solution would rescue them…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Urbanised lifestyles and a healthy economy could contribute to the steady growth of Thailand’s property market over the next five years. Recently, concerns have arisen that the swift growth of residential projects in Bangkok and other key provincial cities in Thailand has been driven by unsustainable returns in people’s wealth from the stock market, spurred by growing foreign portfolio investment.
Property prices have continued to rise over the past ten years, and could continue to rise steadily over the next five years according to Kitti Patpongpibul, chairman of the Housing Finance Association…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Australian retail and office property prices fell in the three months to Dec. 31 as rents declined, a private survey showed. Retail property capital values dropped 1.4 percent in the last quarter of 2012, while industrial property values slipped 1.2 percent and offices weakened 0.6 percent, according to a National Australia Bank Ltd. survey released today. Rents eased in all markets in the period, led by a 2.1 percent decline in retail, NAB said.
Retail sales unexpectedly fell for a third month in December, the longest stretch of declines in 13 years, a government report showed Feb. 6. The Reserve Bank of Australia cut the benchmark interest rate to 3 percent in December, matching a half-century low, in a bid to spur non-mining areas of the economy…………………………………Full Article: Source

Posted on 20 February 2013 by Laxman |  Email |Print

Property value and rent growth continued in the Americas, balancing flat performance and modest declines in the EMEA and Asia Pacific markets. Global office real estate values and rents remained steady in Q4 2012, according to CBRE Group, Inc. The CBRE Global Office Capital Value Index rose slightly with a gain of 0.6% for Q4, while the CBRE Global Office Rent Index also edged up in Q4, rising 0.3%.
“Considering the degree of uncertainty and caution permeating the global economy through the end of 2012, the performance of commercial real estate assets has been resilient. Fundamentals in absorption, occupancies and rents have seen gradual improvements while new supply is scarce, a dynamic which has maintained and improved the leasing market. Strong occupier and investor demand for prime space in the most desirable locations has played a significant role in the ongoing commercial real estate recovery as well,” said Dr. Raymond Torto, CBRE Global Chief Economist…………………………………Full Article: Source

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