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Real Estate Briefing 06.Mar 2013

Posted on 06 March 2013 by Laxman |  Email |Print

After years of wild swings, the U.S. housing market is slowly returning to normal. The latest forecast from Fiserv (FISV) Case-Shiller predicts home prices will increase by an average of 3.3% annually over the five years ending September, 2017.
“2012 was the first year since 1997 that the housing market has resembled something [close to] normal,” said David Stiff, Fiserv’s chief economist. “For the past 15 years, home price changes and sales volumes have either been boosted by a bubble mentality or crushed by crash psychology.”……………………………………….Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Home prices jumped 9.7% in January from a year before and are on track for similar increases for February, market watcher CoreLogic says. The gain marks the biggest year-over-year increase in almost seven years and the 11th consecutive monthly increase.
Home prices jumped 9.7% in January from a year before and are on track for similar increases for February, market watcher CoreLogic says. The gain marks the biggest year-over-year increase in almost seven years and the 11th consecutive monthly increase………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Low interest rates. Fallen home prices. Rising rents. Is now the time to buy a house? Owning is a more attractive proposition than renting in many — perhaps even most — U.S. cities. It’s more affordable to buy a house today than it has been in ages. In fact, the National Association of Realtors says houses were the most affordable in 2012 than they had ever been since the group began tracking the data in 1970.
Today’s high affordability combines two factors: low prices and low interest rates, says Leslie Appleton-Young, chief economist for the California Association of Realtors in Los Angeles………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

There’s a reason it’s often the privileged who are flitting off to beach homes along the sandy coast of California: It’s really expensive to own a home near the ocean. (Location, location, location comes with a high price, after all.) So you think you’d be able to afford the same lifestyle if you bought a beachside foreclosure instead? Well, sure, it’d be cheaper — but it’ll still cost you double or more the national median home price.
Yes, foreclosures are often sold at deep discounts, but in the most expensive markets for foreclosures, the money you’d spend on a distressed property could probably buy two non-distressed properties in most other markets………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Starwood Capital Group Chief Executive Barry Sternlicht has invested in nearly every corner of the real-estate world, from hotels to condos to shopping malls.
In the last few years, however, the property magnate and creator of the W hotel brand has increased his presence in the world of residential real estate by snapping up cheap land from builders, buying about 1,500 foreclosed single-family homes to renovate and rent out, and most recently, by taking home builder TRI Pointe Homes Inc.public in a stock offering………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Although the sales volume of U.S. hotels in January was up a headline-grabbing 87 percent over the previous January, the numbers don’t necessarily reflect overall investor interest in the market. The $1.6 billion in sales tracked by Real Capital Analytics represented several large transactions, including the sale of the Atlanta Marriott Marquis to the Abu Dhabi Investment Authority for $293 million, or $176,000 per key.
Still, the hotel industry is clearly attracting more interest from investors. “The U.S. lodging industry, in terms of profitability and demand, continues to improve,” says Mark Woodworth, president, PKF Hospitality Research, LLC, based in Atlanta………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

It was another rough month for Toronto’s housing market in February. Sales of homes in Canada’s biggest city were down 15% from a year earlier, while the price of an average home edged up 2% to 510,580 Canadian dollars ($497,398), according to the Toronto Real Estate Board.
Since 2012 was a leap year, the year-earlier period benefited from an extra day of sales, the realtor association pointed out. Taking away that additional day, a 28-day comparison would show a smaller decline of 10.5% in sales, TREB said………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

According to HVS, the UK’s hotels market saw the most transaction activity during 2012 with a total volume of €1.4 billion, accounting for 38% of hotel volume in Europe. European hotel transaction volume reached a total of approximately €5.6 billion in 2012, a decrease of 21% on the €7.1 billion recorded in 2011 highlighting the fact that investors in Europe’s hotel market are still being cautious over purchases.
The latest 2012 European Hotel Transactions report, published annually by HVS London, notes that activity during 2012 involved some 101 transactions (of more than €7.5 million per property) with 301 hotels and more than 39,000 rooms. Although total volume was above the 2009 trough of €2 billion, it remains below the 10 year average of €9.5 billion since 2002………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

The price of a typical home in the UK is unchanged from a year ago, with values rising just 0.2% last month, according to the latest house price index from the Nationwide. The average house price is now £162,638 and annual house price growth has been flat for two months in a row.
But there are positive signs as well, said Nationwide chief economist Robert Gardner. ‘While activity in the housing market remains subdued by historic standards, there have been tentative signs of a pick up in recent months. The Funding for Lending Scheme has achieved some success in bringing down mortgage rates, with encouraging signs of an improvement in credit availability,’ he explained………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Moody’s downgrade of the UK last month is unlikely to dent the ‘wall of capital’ available for UK property, Graham Barnes, a senior director in CBRE’s corporate and development finance team in London, has told PropertyEU.
‘I don’t think that the effect will be dramatic because of the wall of capital out there,’ he said. ‘The potential downgrade had been telegraphed for a while, although it did come earlier than expected. The deal cycle is too long to know precisely what the effect will be but if you look at France, it hasn’t ceased to be on the investment radar since it was downgraded.’……………………………………….Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

In February the Baku real estate market observed a price decline by 1.4%, and reduction of prices compared the same period of 2012 also totaled 1.4%. MBA Group consulting company’s general director Nusret Ibrahimov says that in February prices on the primary housing market of Baku decreased by 0.8% from $889 up to 882 per sq m, and against last year’s same term the prices grew by 4.1%.
“Prices on the secondary housing market grew by 0.8% from $1,508 up to $1,520 per sq m. Compared to February 2012, prices increased by 6.3%,” Ibrahimov said………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

With thousands of new housing units set to come online in Riyadh and Jeddah over the next few years, the Saudi government is focusing on two key factors - environmental sustainability and the quality of property management, said a report.
Awareness of the benefits of more sustainable construction and operation of real estate remains at a nascent stage in the Saudi market, according to real estate expert Jones Lang LaSalle (JLL)………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

An update on Qatar Central Bank’s (QCB) recently-launched real estate price index indicates that the country’s real estate sector has been largely stable over the past several months. The index shows that the market was overall stable all along the first half of 2012, hovering on 150 plus levels throughout December 2011 to December 2012, after dipping to a low of 91.3 in April 2009 from a peak of 192.2 in August 2008.
Developers and market experts said the QCB initiative will help keep the amateur market players at bay and will support the professional investors in Qatar’s property market………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Worries that China’s home market is over heating are spreading beyond mainland policymakers — who recently unveiled a slew of cooling measures — with key industry players including the head of the country’s largest real estate developer warning of huge risks in the sector.
Wang Shi, CEO of Vanke said on CBS News’ “60 Minutes” show over the weekend that China’s property sector was already in a bubble state. China has seen a boom in the property sector recently, with some cities seeing a 10-fold increase in prices, that have driven the average home buyer out of the market………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

The reintroduction of a 20 per cent capital gains tax on the sale of property on the mainland by the State Council last Friday triggered a stampede by home sellers and agents to register their sales with government agencies before the tax becomes effective.
Real estate exchange centres in Beijing, Shanghai, Nanjing, and Wuhan were packed with property sellers and agents over the weekend, forcing some of them to extend their opening hours until 9 pm, from 5pm on normal days………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Hundreds of Chinese homeowners scramble to register the sales of their homes before new capital gains tax rules are introduced in a bid to stop the housing boom spiralling out of control. The scenes of panic at the Nanjing Municipal Real Estate Trading Centre were repeated across the country with the government giving virtually no warning before a mandatory 20 per cent tax is introduced.
Previously sellers were given the choice of either paying between one and three per cent of the gross transaction value, or a flat 20 per cent capital gains, with most opting for the former………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

China’s real estate market has actively responded to a series of measures aimed at controlling housing prices issued by the State Council, China’s cabinet, on Friday. Daily inquiries and demand for housing purchases on Saturday, just one day after the new policy came out, rose by 30 percent from Friday, according to Hu Jinghui, vice president of 5i5j Real Estate, a leading real estate agency in Beijing.
Hu forecast that the trading volume of second-hand housing would hit a new high before detailed rules on the real estate market are implemented by local governments and government departments……………………………………….Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

Hong Kong home sales took a hit last week from the latest round of measures to cool the market, with no transactions recorded in 18 major housing estates. Just 38 properties were sold in the 35 major housing estates monitored by real estate agency Midland Realty between February 25 and March 3. That was a 40 per cent drop from the preceding week.
“More than half of the housing estates we monitor achieved zero transactions,” said Midland Realty chief analyst Buggle Lau Ka-fai. The estates included some of those popular with buyers, such as South Horizons in Ap Lei Chau, Chi Fu Garden in Pok Fu Lam, Parc Oasis in Yau Yat Chuen and Telford Gardens in Kowloon Bay………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

As with other economies around the world affected by the global crisis, growth slowed in Indonesia in 2012. However, the property market is bucking the national trend, with large real estate developers planning a wave of new construction and mid-sized companies launching office and apartment projects.
Statistics Indonesia said in January that growth in the final quarter of 2012 was 6.11%, compared with a revised 6.16% for the third quarter. Analysts have cited declining exports, a weakening rupiah and a growing current account deficit as reasons for the decline………………………………………..Full Article: Source

Posted on 06 March 2013 by Laxman |  Email |Print

The property boom has drawn new developers, who have shifted from other businesses, along with long-dormant property groups, to launch projects in and outside Bangkok. Monchai Orawongpaisan, senior manager for project sales and marketing at property consultant Colliers International Thailand, said that more than half of new developers launching projects in recent years were from other sectors such as garments, jewellery and machinery.
Many had collected land for years and were not concerned that a new city plan due to become effective in May would have any impact on the potential of their plots, he said………………………………………..Full Article: Source

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