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Real Estate Briefing 22.Feb 2013

Posted on 22 February 2013 by Laxman |  Email |Print

The National Association of Realtors said on Thursday what home buyers in many parts of the United States have known for months: it’s becoming a seller’s market. The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time.
After adjusting for seasonal factors, home sales rose by just 0.4% in January, to an annual rate of 4.92 million units. Still, that’s up from 9.1% one year ago……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Existing home sales rise by 0.4% to 4.92 million, adding momentum to recovery from effects of 2007-09 recession. US home resales edged higher in January and left the supply of homes at its lowest level in 13 years, a sign that steam is gathering in the US housing market.
The National Association of Realtors said on Thursday that existing home sales rose 0.4% last month to a seasonally adjusted annual rate of 4.92 million units. That was the second highest rate of sales since November 2009, when a federal tax credit for home buyers was due to expire. Analysts polled by Reuters had forecast a 4.9 million-unit rate……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

U.S. homebuilders began work at a slower pace in January than in December. But all of the drop occurred in the volatile area of apartment construction, which sank 24 percent. By contrast, the rate of single-family homebuilding rose 0.8 percent.
Even with the overall decline, the pace of home construction in January was the third-highest since 2008 and was evidence of continued strengthening in residential real estate. And in an encouraging sign for the rest of the year, applications for building permits, a signal of future construction, topped December’s rate. Applications for permits are at their highest point since mid-2008……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

The housing market in Phoenix presaged and magnified the collapse in real estate. Now its recovery could reveal much about the prospects for a nationwide turnaround. Mortgage rates are low everywhere. In many places, so too is inventory.
Home prices increased in 88 percent of metropolitan areas around the country in the last three months of 2012, including Las Vegas, Miami, and even Detroit, according to the National Association of Realtors……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

For the Washington, D.C metro apartment market, 2012 was a good year, but the outlook for 2013 and beyond may be affected by some troubling trends, not to mention the drama unfolding within the federal government.
As of December 2012, the Class A stabilized vacancy rate for the Washington metro apartment market was a mere 4.2%, down from 5.0% the year before, according to a 2012 year-end Mid-Atlantic Class A apartment market report put out by Alexandria, Virginia-based Delta Associates……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Commercial real estate continues to improve at a moderate pace, much in line with our previous forecast update from six months ago. The office market enjoyed “11 consecutive quarters of occupancy growth and eight straight quarters of rent increases,” according to the Jones Lang LaSalle firm.
The length of the expansion is more noticeable than the strength of the expansion. REIS Inc. reported national figures for office vacancy that are only slightly lower than a year ago. Jones Lang LaSalle also reported that most of the improvement is in Class A space, which confirms the anecdotes I’ve been hearing as I travel around the country: the only challenge for tenants is finding large contiguous Class A spaces in downtown areas……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

London’s West End is the world’s most expensive office market once again after regaining its crown from Hong Kong’s Central Business District (CBD), according to research published today in Cushman & Wakefield’s ‘Office Space Across the World 2013′.
The report highlights the scarcity of quality space in London which has increased competition and consequently inflated office rents by 2% in the West End to make them the most expensive in the world……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Scotland’s housing market remains “muted”, with only a slight rise in prices over the last year, according to a report from Lloyds TSB Scotland. The average price of a property rose by 0.2% to £151,320 during 2012.
But the number of sales fell towards the end of the year because of a small number of festive-period sales. The TSB’s Donald MacRae said: “The Scottish housing market had adjusted to the recession with a halving of sales and a period of price volatility.”…………………………………..Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

The realty players are pinning their hopes on the forthcoming Budget 2013-14 for a much needed Regulatory Bill and attainment of Industry status. The Confederation of Real Estate Developers’ Associations of India (CREDAI) - NCR and Federation of Indian Chambers of Commerce and Industry ( FICCI) have been rooting for the same to the government for some time now.
The cry for Industry status is being echoed this year by experts after it was left unheard in the last budget. This is of foremost importance since this will help the real estate sector to easily get finance from banks……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Statistics reveal that the UAE real estate market, though facing major challenges in terms of oversupply, will be showing positive signs of recovery with major projects in infrastructure and real estate in store.
According to lan Robertson, CEO, Jones Lang LaSalle MENA, “The foundations are being laid for a recovery from 2014, with a number of major infrastructure projects scheduled to start later this year. We also expect the real-estate in both Abu Dhabi and Dubai to benefit from increased economic activity between the UAE and East Asia, specifically China and South Korea, as well as sub Saharan Africa and Australia.”…………………………………..Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Just three months after Hong Kong rolled out a tough new round of property cooling measures, home prices have again climbed to record highs with demand unusually strong for new flats over the normally quiet Lunar New Year holiday break.
Hong Kong officials have stressed repeatedly that reining in the city’s property market, now one of the world’s most expensive, is a policy priority to restore affordability and to mitigate a major threat to the economy……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Frustrated by dizzyingly high home prices in Hong Kong, investors are buying up something new: hotel rooms. This week, news that local developer Cheung Kong was selling all 360 units in its Apex Horizon hotel prompted hundreds of buyers to line up for the chance to plunk down cash. The units were all sold, netting the company—controlled by local billionaire Li Ka-shing—nearly $181 million.
Two-bedroom units sold for prices starting at $425,000, a good value for the area, despite rules that prohibit redecoration or other alterations to the unit, according to Ricacorp Properties’ Andy Jim. “It’s all investment,” said Mr. Jim, adding that speculators were keen to jump on a low-priced opportunity……………………………………Full Article: Source

Posted on 22 February 2013 by Laxman |  Email |Print

Real estate investment in Thailand surged 81.8% to US$2 billion last year from $1.1 billion in 2011 as overall investment picked up on the back of strong property fund activity. As in neighbouring countries, Thailand’s investment activity was boosted by the listing of major property funds and active acquisitions, particularly in the hotel and office sectors, said the California-based property consultant DTZ, a unit of Australia’s UGL Ltd.
Transactions by listed property funds or public funds for public offering (PFPOs) totalled $1.1 billion last year, representing 55% of total investment in Thailand……………………………………Full Article: Source

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