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Real Estate Briefing 26.Mar 2013

Posted on 26 March 2013 by Laxman |  Email |Print

U.S. housing recoveries almost always have been ignited by rising demand from families and individuals looking for a place to live. This recovery is different. Investors—including some big Wall Street players—are leading the way, say industry executives and analysts. Their role is noteworthy given that flippers and speculators were blamed for helping to inflate the housing bubble of the past decade.
Today’s investors are mostly buying with the intention of holding on to the homes and renting them out. ……………………………………….Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

There’s no doubt that housing is recovering. Existing home sales—which account for the bulk of the market—have topped year-ago levels for 20 months in a row and existing home prices have bested year-ago levels for 12 consecutive months. In addition, inventories of those homes have dropped to a 4.7 month supply — far below the more normal 6 months.
But unlike past housing recoveries, this one is heavily supported by investors — big and small. They account for about a third of home purchases in the existing housing market, according to the National Association of Realtors………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

The news is out. Real estate is back. Homebuyers are in the game again, but they’re facing a huge inventory shortage in most markets. Some buyers make three or four offers on homes, only to keep losing out to other buyers. In this tight market, buyers and real estate agents need to think outside the box. You may need to go after homes that aren’t listed for sale. Here are five ways to do that.
1. Look for ‘expired’ and ‘withdrawn’ listings. A good agent will scour the MLS for homes that were listed in the recent past but never sold. Many homes failed to sell because they were seen as overpriced at the time. Does their last list price seem like a valid price today?……………………………………….Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

The recently announced Help to Buy scheme could trigger a house price bubble as high loan to value lending raises the risk of borrower defaults, however the limited term of the stimulus and housing market fundamentals offsets these risks, Moody’s Investors Service has said.
In this week’s Budget, chancellor George Osborne announced the three-year Help to Buy plan which will involve the government partially guaranteeing up to £130bn of high LTV loans for home purchases. The ratings agency said that it anticipates the majority of high-LTV lending will be eligible for the scheme………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

House prices recorded their strongest monthly jump in three years in March thanks to a booming London market, property analyst Hometrack said. The 0.3% rise was driven by a boost to London house prices, with concerns over the crisis in Cyprus and the eurozone likely to send more cash flowing into the English capital in the coming months, the study said.
The national increase in house prices this month marks the highest growth seen since March 2010. Prices soared by 0.7% month-on-month in London, showing the strongest uplift since February 2010………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Much is often made of how shrewd the US has been in bringing its financial system through the crisis relatively smoothly, even turning a profit on its bailouts. While UK taxpayers are still sitting on tens of billions of pounds of losses after rescuing the likes of Royal Bank of Scotland, Lloyds and Northern Rock, the US Treasury has sold its investments in nearly everything it bailed out, making money for taxpayers into the bargain.
The key exceptions that often escape mention are the US mortgage finance vehicles Fannie Mae and Freddie Mac, whose bailout cost $190bn – dwarfing the £45bn pumped into RBS in the world’s costliest bank rescue………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

The total UK shopping center investment transactions completed during the first quarter of 2013 will hit £1.05 billion, according to data released today by Cushman & Wakefield.
This quarter’s figure is marginally down on the £1.17 billion seen in Q4 2012 but activity has increased notably and the number of transactions has spiked from six in the last quarter of 2012 to 14 in Q1 2013. Volumes in the first quarter of 2013 are also up by around 65% when compared to the £610 million-worth of deals completed the same period last year………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Property price growth slowed to 0.8% in France in 2012 and is set to fall by 2% nationally this year, according to the latest figures from the FNAIM, the national federation for estate agents in the country.
But the figures do mask some regional differences. For example Languedoc-Roussillon recorded an overall 0.5% property price increase with houses up by 1.8% in the fourth quarter of 2012 compared with the same period in 2011………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Danske Bank A/S, which has survived housing bubbles in Denmark and Ireland, is predicting that Sweden’s bloated property market faces a period of deflation as job losses mount to collide with record debt levels.
“To say there is a bubble in Sweden is to exaggerate, but we believe we could see a slow puncture of the housing market,” Ann Krumlinde, chief executive officer at Danske’s Swedish unit, said in an interview here. “If we get an increase in unemployment, there is a risk that will trigger a correction.”……………………………………….Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

The Spanish property market is at risk of becoming proverbial: an emblem of everything that went wrong in Europe during the boom years leading up to the disastrous 2007/8 crash. But that’s only part of the story.
Spain’s housing bubble was inflated by wishful thinking on all sides: purchasers thought they could buy cheap and rent or sell dear, developers thought they could sell one development before it was finished and use the money to build another, and banks chose not to look too hard as long as the money came in………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

As Cyprus is struggling through its financial crisis, the turmoil might affect the island’s real estate market, known as a major investment destination for well-to-do Russians. Konstantin Popov, chairman of property developer Inkom’s board of directors, said Russian investors might lose more than $3 billion on the island’s property market if the crisis deteriorated.
“Over the last years, Russians became the most active buyers of Cypriot real estate,” Popov said in comments published on the RRE.ru property research site. Popov said that, according to expert estimates, Russian investments in Cypriot real estate amounted to $10 billion over the past 10 years. ……………………………………….Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

The South African property sector delivered an improved 15.2% total return in 2012, the highest return on property since pre-recession levels according to the SAPOA / IPD South Africa Property Index report.
The 15.2% total return represents a marked upturn over the 10.3% generated by the sector in 2011. Income return was relatively steady at 8.9%, while the uplift was provided by a 5.8% capital growth. Property, however, still underperformed against both equities at 20.6% (MSCI South Africa Equities) and bonds at 18.2% (JP Morgan 7-10 Year South Africa Government Bond Index). ……………………………………….Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Dubai’s oft-reported property rebound is a mirage, a bit of deception worthy of the emirate’s well-deserved reputation for theatrics. Dive into the recent analyst statements and it’s clear that the recent uptick in residential property prices was largely confined to very specific areas, primarily high end villas and luxury apartments.
Existing homeowners are simply moving up to bigger homes and investors are competing for quality properties available at bargain basement prices, pushing prices up as much as 20 percent for the best homes………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Slow uptake of office space by information technology firms in India is beginning to cast a shadow over the country’s commercial real estate sector, data from property consultancy firms indicate.
Figures provided by two property consultants — Cushman & Wakefield and DTZ — show that absorption of office space in 2012 across the top eight Indian cities stood at 29.05 million sq ft, a 23% decline over the previous year. Of this, the share of the IT sector, which accounted for 64% of the commercial space absorbed in 2009, dropped to 44% in 2012 at 13.22 million sq ft. It was 16.08 million sq ft in 2011………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

India ranked 20th among the top 20 real estate investment markets globally with investment volume of $ 3466 million recorded in 2012,” said Cushman & Wakefield in its latest report International Investment Atlas.
As per the report, majority of the investment in India were through institutional sales (67%) while remaining were through private equity (PE) investments (33%). The market witnessed institutional sales (excluding apartments) of Rs 12, 800 crore, concentrated in commercial development sites and office segment including stand-alone and pre-leased office buildings………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

China may see an increase in property transactions involving international investors in 2013, fueled by the economic recovery and the rosy outlook of China’s commercial properties, industry experts said.
“On one hand, a number of deals are in the pipeline after lots of negotiations were conducted last year. On the other hand, the top management of international real estate funds are also under pressure because few deals were concluded last year,” said Andy Zhang, managing director of Cushman & Wakefield China………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Flat prices have slipped by up to double digits as owners try to offload units amid a quiet property market. A 580-square-foot flat at Ming Kung Mansion in Tai Koo Shing changed hands for HK$7.95 million - 5 percent lower than market prices. The two-bedroom flat was priced at HK$8.5 million on Wednesday.
“Around three to four similar units were sold at HK$8.5 million-HK$8.6 million before the latest government curbs,” said Alan Cheung Kwong-yiu of Centaline Property Agency. Also, an owner finally sold his 509-sq-ft flat in Tai Koo Shing for HK$11,297 per sellable sq ft, or HK$5.75 million, after cutting prices twice. The current market price is about HK$12,800 per sellable sq ft………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Mortgages are to set a new record of 21 to 22 percent of Thailand’s gross domestic product (GDP) over the next two years, reported Live Trading News. The majority of these mortgages are at the low end of the market and increase the risk of a bubble forming in that segment.
Markets have been unsettled due to a recent warning from the Bank of Thailand about growing household debt. Higher household debt has been largely attributed to the Yingluck Shinawatra administration’s policies, including the tax rebate of up to THB100,000 (US$3,416) for first-time car buyers………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Despite its well-known shortcomings, Indonesian capital exerts a powerful pull on businesses, spurring demand for office, commercial and residential property.
With low interest rates and strong business sentiment, the property market in the Greater Jakarta Area is expected to remain strong throughout this year as demand for office, residential and retail space continues, according to international property consultants………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

With land prices stabilizing, Japan’s troubled property market is gaining investor interest as the market improves. Land prices fell by 1.8 percent in 2012, the smallest decline since 2008, according to a recent government report. The slowdown in land pricing drops and expectation of government action to improve the economy are viewed as positive signs for investors, according to a Wall Street Journal report.
“In the next year or two, nationwide land prices may start to gain, led by the metropolitan areas,” Takashi Ishizawa, chief real-estate analyst at Mizuho Securities Co. told WSJ………………………………………..Full Article: Source

Posted on 26 March 2013 by Laxman |  Email |Print

Being a Japanese home owner has been a disappointing experience beginning in the late 1980s, when land values collapsed, and in the subsequent decades, when they have stubbornly failed to recover. But all that may be about to change. The Wall Street Journal reports that Japans’s property market might be about stir back to life (paywall). It’s a sign of how terrible things have been that the WSJ sees it as a hopeful sign that land values fell only 1.8% in 2012—the slowest pace of decline since 2008.
The situation is slightly better in Japan’s megacities, as land prices in Tokyo, Osaka and Nagoya fell by only 0.6 percent………………………………………..Full Article: Source

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