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Real Estate Briefing 28.Feb 2013

Posted on 28 February 2013 by Laxman |  Email |Print

Western countries are tackling similar housing problems, but some have adapted to a new environment more easily. Now is the deepest winter of discontent in UK housing for 30 years. Half a decade of recession and credit rationing have depressed housing values and reduced market investment to the lowest levels in half a century.
Public investment has been slashed, and the flow of new housing, especially for the poorest households, has slowed to a trickle. The next half decade offers the prospect of continuing market sluggishness and deepening cuts in investment and welfare budgets………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Despite mounting evidence to the contrary, the housing market is “not going to gain momentum” this year, the chief economist for the National Association of Home Builders said.
“I mean that we will continue to grow,” David Crowe said. “But you can’t quite get that spark going until you solve some of the other problems that are still out there.” But this week’s housing numbers painted a different picture. Contracts to buy existing homes, sales of new homes and U.S. consumer confidence overall surged in January………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Pending home sales and existing home sales are rising, which is shrinking the inventories of available homes. Some experts are now saying the unthinkable: A seller’s market is pending.
After a six-year free fall in home prices and a modest rebound, real estate agents are beginning to mouth a phrase that until now was taboo during the housing slump: “Seller’s market.” Existing home sales are up. Pending home sales – sales that have not been finalized – are the strongest they’ve been in nearly three years………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Sales of new homes are surging in the U.S., far outpacing results for less expensive existing homes and creating an unusual disparity in the housing recovery.
The trend partly reflects the small inventory of previously owned homes, now at a 13-year low after investors picked over the long-depressed market. But the strong sales of new homes also show how the nation’s home builders have mastered the art of selling, even to cash-poor buyers or those with spotty credit histories………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Home sales and prices are rising briskly in those neighborhoods where the well-heeled like to plant their mailboxes: along Chicago’s north shore, in the San Francisco Bay area and in the haute Hamptons.
Sales of properties worth between US$750,000 and US$1-million are up 38.7% over a year ago; $1 million-plus property sales are up 25.7%, according to the National Association of Realtors. The luxury real estate revival is being fueled, in part, by another resurgence: so-called jumbo mortgages – those loans, typically over US$417,000, that are too big to qualify for purchase by federal agencies, namely Fannie Mae and Freddie Mac………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Get ready for the real estate bears to step up their scare tactics. Why? Because in the last 24 hours, S&P/Case-Shiller reported December results for its widely tracked home prices indices. And prices jumped 6.8% in the last year, ahead of the expected 6.6% increase. That’s the biggest yearly gain since July 2006.
Like I said, bears are bound to pounce on the bigger-than-expected gains as further proof that we’re in the midst of another real estate bubble. (Or at least near a peak in the recovery.) It’s total hogwash! To prove it, I’m sharing another five signs that the real estate recovery is far from over………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Housing for college students, long dominated by small players willing to put up with beer pong and raucous parties, is attracting some of the biggest names in real-estate development.
Lennar Corp.,one of the nation’s largest home builders, this month broke ground on its first off-campus apartment community near the University of Texas at Austin. Toll Brothers Inc., best known for its sprawling suburban homes, is purchasing land near the University of Maryland in College Park and Penn State University in State College, Pa., on which it plans to build upscale student housing. The two Toll Brothers projects, totaling about 3,100 beds, could open by 2015………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Herbert Crockett called Cairo, Geneva and New Delhi home in his four decades as a human resources executive with the World Health Organization. The Prince Edward Island native invested closer to his roots in 2005.
With Toronto on the verge of what turned into a colossal building spree, the 75-year-old retiree bought a $904,000 one-bedroom suite in the Trump International Hotel & Tower. Eight years later, the 65-story skyscraper is complete, exuding Manhattan-style glamour………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Office properties were Europe’s best performing commercial real estate sector in Q4 2012, according to CBRE’s latest European Valuation Monitor, which measures capital value movements based on the company’s ongoing valuation of investment portfolios across the region.
Office properties were Europe’s best performing commercial real estate sector in Q4 2012, according to CBRE’s latest European Valuation Monitor, which measures capital value movements based on the company’s ongoing valuation of investment portfolios across the region………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

ING Investment Management says real estate is likely to underperform equity markets in the current environment of rising long-term rates. However, it says this doesn’t necessarily make the asset class unattractive and it remains overweight in it.
This is because it believes dividend yields remain attractive versus bond yields and are above those in equity markets. Also, from a historical perspective, it says a buffer of extra yield from listed real estate versus corporate bond yields has been built-up, thereby mitigating rising returns from the latter………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Do you remember the housing slump? You probably don’t if you live in the London Borough of Kensington and Chelsea, where house prices last year rose by 13.4% according to the Land Registry. In north-west England, though, there was a fall of 3.5%.
In general, however, the signs of an upturn in the UK property market are becoming stronger. First-time home buyers are finding loans much easier to get, so that 12% more first-time purchases were completed last year according to the Council of Mortgage Lenders, and one in five of the buyers borrowed 90% or more. This is what the politicians want, but at what point should the regulators start to worry that the lenders are rebuilding the mountain of risk that led to the pre-2007 bubble?……………………………………….Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

As retail giants exit the high street, opinion is split on whether now is a good time to investment in UK commercial property. As retail giants such as HMV and Jessops announce the closure of stores across the UK, investors are questioning the value of holding commercial property.
High streets are predicted to struggle over the next 12 months as the UK’s economy recovery continues at a slow pace. So are there opportunities in the sector?……………………………………….Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

The government of Greece has worked incredibly hard to overcome several obstacles that threatened to destroy its real estate industry. The rate of contraction eased during the course of 2012, and property experts and analysts suggest that the country can still manage to acquire sustainable growth and development.
2013 is expected to be a good year in terms of real estate activity. The prediction of a positive 2013 is not based merely on effective economic reforms. The targeting policies devised to restore the confidence of investors while facilitating future growth of the market have also played a significant role in bringing Greece on the road to recovery………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Demand is expected to remain high for residential real estate in 2013. Supply is lingering behind demand particularly in locations where business is strong, Bank Austria reports.
In order to avoid getting lost in the crowd as a potential buyer, there are a few things to consider early on in the search. Bank Austria ImmobilienService demonstrates how interested buyers can gain an advantage………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Amid lack of funds for investment in the real estate market and housing shortage being major areas of concern, Real Estate Investment Trust (REIT) has the potential to address these twin challenges faced by the sector, according real estate consultancy firm Knight Frank. A REIT is a company that directly owns income producing real estate assets and provides a trading mechanism to investors.
“REIT has the potential to emerge as an answer to these twin challenges of the real estate sector. One, it can address the housing shortage and second it can enable an individual to participate in real estate investment,” Knight Frank Director (Research) Samantak Das said………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

In a move that may bring relief to developers, the Ministry of Housing & Urban Poverty Alleviation has decided to keep commercial offices and shops/malls out of the purview of the Real Estate (Regulation & Development) Bill. The Bill, in the making for about five years now, will only regulate the housing sector, said a senior ministry official.
The current draft Bill mandates developers to keep aside about 70 per cent of the collected amount from buyers in a separate account. The ministry may lower the limit to 50 per cent or make it construction-linked………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Property speculators are back in Dubai, aiming to make their fortunes by buying apartments and villas for cash, then selling them within months, weeks or even days. It’s a sign, some people fear, that Dubai risks repeating the mistakes of the past.
Queues of investors have formed outside the offices of major real estate developers in the past several months, in scenes that recall the emirate’s boom days before 2008, when money poured into Dubai property from around the world………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

China’s property market is rife with speculation - both about rising house prices and about what the new government may do to curb them once it takes office next week.
Asset prices have whipsawed as investors first bet that government-mandated infrastructure spending would boost real estate prices, only to then fret about new measures to cool a market that has seen double-digit annual price rises in cities like Beijing and Shenzhen………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Hong Kong’s financial chief John Tsang said Wednesday in his budget speech that the city is to speed up the supply of residential land and private housing. “I shall continue with my co-ordination work to expand the land reserve as in the past two years. I shall also allocate additional resources to the relevant departments to increase their manpower in order to speed up land supply,” Tsang told lawmakers at the city’s Legislative Council.
Regarding land supply for private housing, Tsang said in the coming fiscal year, “all the major sources of land supply for private housing together will provide land capable of building some 25,800 private residential flats”………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Despite criticism about the effectiveness of the Hong Kong government’s recent measures to ease some of the world’s most expensive home prices, analysts tell CNBC that the government has no choice but to intervene.
The Hong Kong government pledged on Wednesday to bolster land supply and earmarked $580 million in the coming five years to seek out potential new areas for land reclamation in its annual budget to help ease the supply crunch. But Nicole Wong, regional head of property research at CLSA said government efforts to boost supply will have a limited impact on reining in prices and the government should look more towards measures to curb demand………………………………………..Full Article: Source

Posted on 28 February 2013 by Laxman |  Email |Print

Foreign consultancy firms all believe that the real estate market would still be very difficult in 2013, while the prices would continue decreasing. However, they believe that there would be more successful transactions.
CBRE Vietnam believes that 2013 would be the time for a “revolution” in the real estate market. About the prices of the apartments in Hanoi, CBRE’s experts think that the prices would drop by another 10 percent after decreasing by 12 percent in 2012………………………………………..Full Article: Source

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