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Real Estate Briefing 26.Feb 2013

Posted on 26 February 2013 by Laxman |  Email |Print

The U.S. financial crisis in 2008-2009 left many investors with a reluctance to take investment risks, particularly those related to any of the world’s wilted housing markets. However, as your local real estate agent would likely tell you, the market in one location can be vastly different than it is in another.
Wilson Magee, co-manager of Franklin Global Real Estate Fund would agree that the adage “location, location, location” applies not only to individual home buyers and sellers, but to investors seeking opportunities in the commercial real estate sector, too. While real estate went bust in some areas of the world, it continues to boom in others. For that reason and others, Magee believes global Real Estate Investment Trusts (REITs) are worth a look………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Small declines in home prices and mortgage rates made Canadian home ownership slightly more affordable in the fourth quarter of 2012, the second straight improvement, and soft home buyer demand may help continue the trend in 2013, according to a report by RBC Economics released on Monday.
RBC, Canada’s largest bank and a huge mortgage lender, measures affordability as the percentage of monthly pre-tax income for a household needed to cover the typical costs of owning a home, including mortgage payments, utilities and property taxes………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

The housing market warnings are everywhere. Housing starts were down 19 per cent in January, and off 30 per cent from their peak just five months ago, while residential building permits dropped 11 per cent in December from November.
Sales of existing homes were down 5.2 per cent in January compared to the same month last year. The softer economy, along with the government’s tighter mortgage rules, are hurting the demand for homes and decreasing the incentives for builders………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

According to STR, the U.S. hotel industry reported increases in all three key performance metrics during January 2013. Overall, the U.S. hotel industry’s occupancy rose 3.6 percent to 51.0 percent, its average daily rate was up 5.1 percent to US$105.96 and its revenue per available room increased 8.8 percent to US$54.02.

“January RevPAR growth rate was the strongest performance we’ve seen since June 2012,” said Brad Garner, STR’s COO. “The results were driven both by solid ADR and demand gains with Washington D.C., Miami and New York among the top performers………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

U.S. banks are looking to capitalize on a dearth of financing for Europe’s commercial property market that’s driven lending margins to five times the level prior to the 2008 crisis.
Citigroup Inc., Morgan Stanley, Bank of America Corp. and Wells Fargo & Co. are following insurers and distressed investors allocating capital to the region as local banks, which overextended during the last boom, are forced to contract amid new regulations. Europe faces an $82 billion shortfall between the amount of real-estate debt maturing through this year and the funding available to replace it, according to real-estate broker DTZ………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

According to the latest annual study on the Central European Industrial market released by Cushman & Wakefield, the industrial real estate market in Central Europe has reached equilibrium. Availability of space has maintained a healthy 10.5 per cent for two years and the volume of new construction amounted to 740,000 square metres last year, with new construction taking place in Poland in particular.
“The capacity of the market with regard to new construction in Central Europe is estimated at between 500,000 to 1 million square metres a year. Such an amount of modern logistic and production halls needs to be built every year………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Non-UK prime property, or ‘secondary property’ as it is more commonly known, is institutionally unfashionable, but for those willing to take a closer look they will find generally less competition for good assets.
Aside from prime central London based commercial assets, all secondary assets are classed with a high yield that offers little or no hope for rental or capital value growth………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Though 80% of the public accept the urgent need for new homes, more than half see no problem in their area. There are some unpleasant illnesses doing the rounds this winter, the latest of which seems to be a virulent form of nimbyism.
A recent Ispos MORI poll confirmed that 80% of us believe there is a housing crisis. Not a surprise, given the state of our broken housing market………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

The industrial property market in Bulgaria appears to be the hardest hit by the snap resignation of PM Boyko Borissov’s government and the following economic uncertainty in the country.
Foreign investors have eyed a few well-functioning ventures on the Bulgarian market over the past few month and real estate agents across the country expected many Greek companies to more their business to Bulgaria, because of the unstable financial situation in their country. Foreign investors have also inquired about a number of Bulgarian car parts manufacturers and producers of construction materials………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Despite high interest rates, housing prices have risen in 18 out of 20 cities, says National Housing Bank (NHB). According to NHB’s RESIDEX, residential property prices in Delhi and Mumbai have seen the highest surge of 9.6% each during October-December period 2012 compared with the July-September quarter.
In the last one year, property prices in Delhi have risen by 16.8% as against 12.4% in Mumbai. While only two cities - Indore (-1%) and Faridabad (-5.1%) - have witnessed a fall in housing prices, residential property prices have gone up in eighteen cities, ranging from 0.6% in Chennai to 9.6% in Delhi and Mumbai………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Mumbai and Delhi lead the list with prices rising 9.6% in both cities. Key Indian cities, including Mumbai, Delhi, Bangalore, Ahmedabad, Kolkata and Chennai, have seen a significant rise in residential property prices in the quarter ended December from the preceding quarter when they either remained stable or went up marginally, according to the National Housing Bank (NHB) Residex released on Monday.
Of the 20 cities covered by the Residex, prices rose in 18 during the quarter. Mumbai and Delhi led the list with prices rising 9.6% in both cities, followed by Kolkata (9.4%), Patna (9.4%), Kochi (8.8%), Surat (8.7%), Bangalore (8.2%), Lucknow (8%), Hyderabad (7.1%), Ludhiana (6.5%), Ahmedabad (6.1%), Guwahati (5.1%), Bhopal (4.9%), Bhubneswar (2.4%), Jaipur (2.4%), Vijayawada (2.2%), Pune (2.0%) and Chennai (0.6%)………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Despite a continually growing population, there has been very little housing development in Myanmar (formerly Burma) through the past 50 or so years of largely isolationist dictatorial military rule. This lack of development is especially felt in Myanmar’s largest city, Yangon, which has a population of about four million people.
Yangon is the center of a real estate boom that has been developing in Myanmar for the past few years since a change in government and the lifting of economic sanctions. Property prices in and surrounding Yangon have risen rapidly and stayed high, but because of the minimal development in the recent past, supply is low, and a high-demand market has many foreign investors willing to pay higher prices in hopes of profiting as new development continues to raise the value of property………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

The real estate market in Phoenix Island, a development project in the Chinese island province of Hainan, was so inflated, so outrageously expensive and unsustainable, that it became known as the Dubai of China. With its palm tree-lined streets, glimmering high-rises and ostentatious sports cars, it even looked a little like Dubai.
And now, also like Dubai but maybe more in the vein of south Florida, the Phoenix Island real estate market that drove so much local economic growth has imploded………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

China’s economy has only just turned the corner after seven consecutive quarters of slowing growth, but people are already looking for signs of overheating. A key worry is the housing market. Unable to easily move their money overseas and distrustful of the stock market, Chinese households have tended to dump cash into real estate when the economy is doing well.
“People have so much money they don’t know where to put it,” J.P. Morgan’s Jing Ulrich told an audience of journalists on Feb. 25. “Property prices are a reflection of overall liquidity in the system.”……………………………………….Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Despite the government’s efforts, demand is still too strong to cool down the property market. When will property prices stop rising? That was the question a colleague asked when she was editing my report about Hong Kong property prices setting new records on three consecutive weeks this month.
It is also a question on the minds of many people who are not convinced that the new round of cooling measures introduced by the government last Friday is going to rein in the record-setting advance of prices………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Real estate agents in Hong Kong are reporting that its government’s latest measures to rein in one of the world’s most exuberant property markets had been an overnight success. After Friday’s announcement by the special administrative region’s administration that it is imposing higher stamp duties on property transactions along with home loan curbs, buying activity fell drastically over the weekend.
On Friday (February 22), Hong Kong government officials announced a new round of measures to stabilise the SAR’s housing market and overall financial system………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Singapore plans to raise property levies for luxury homeowners as it seeks to tax wealthy residents in the island-state after the government imposed more measures to curb property speculation last month.
The higher tax will apply to the top 1 percent of homeowners who live in their own residences, or 12,000 properties, Singapore Finance Minister Tharman Shanmugaratnam said in his budget speech yesterday, without giving a definition of what constitutes a high-end home. The government will also raise tax rates for vacant investment properties or those that are rented out, he said………………………………………..Full Article: Source

Posted on 26 February 2013 by Laxman |  Email |Print

Stable consumer prices and housing market are what South Korean people demand the most from its government, central bank poll showed Monday. According to a survey of 2,119 households conducted by the Bank of Korea (BOK) between Dec. 3 and 28, more than 40 percent of respondents said the government should set its top priority at stable consumer prices and housing prices when implementing economic policy.
Around 30 percent demanded economic growth from the government, while about 20 percent replied that the administration should take measures to create more jobs………………………………………..Full Article: Source

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