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Real Estate Briefing 27.Mar 2013

Posted on 27 March 2013 by Laxman |  Email |Print

By one measure, the U.S.housing market turned a significant corner early this year: Prices are on the rise everywhere. For the first time since the bottom fell out of residential real estate beginning in the summer of 2006, all the 20 major cities tracked by the closely watched S&P/Case Shiller Home Price Index rose on a year-over-year basis in January, data released on Tuesday showed.
That is a significant milestone for a property market recovery that has been characterized by inconsistent momentum and spotty regional performances. On average, U.S. homes lost more than a third of their value in the recession, according to Case Shiller data, but some areas lost more than half their value, while others barely registered double-digit declines………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

With the Federal Reserve firmly in support the housing market continues to show signs of substantial improvement. The most widely followed measure of home prices, the S&P/Case-Shiller indexes, rose at its fastest rate since the summer of 2006 in January, data released Tuesday showed.
While prices remain nearly 30% off their pre-housing bubble peaks, a drawing down of the shadow inventory and a continued positive trend in home sales point to further strength ahead, with Barclays’ economic research team estimating home prices will gain between 6% and 7% this year………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Home prices continued their recovery, rising 8.1% in January, although a separate report showed a slight slowdown in new-home sales. The S&P Case-Shiller index, which tracks the 20 largest markets in the nation, showed the biggest year-over-year gain in prices since June 2006.
“This marks the highest increase since the housing bubble burst,” said David Blitzer, chairman of the index committee at S&P Dow Jones Indices………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

US home values nationwide rose for the sixteenth straight month in a row in February as the real estate market recovery gathered pace, according to the latest index from Zillow. Its Home Value Index rose to $158,100 and all 30 of the largest metro areas covered by the index registered both monthly and annual appreciation in advance of the traditional spring home shopping season.
Overall values increased by 0.1% compared with January and were up 5.8% up year on year, the second largest annual gain since August 2006, exceeded only by January’s 6% year on year jump. The last time national home values were at this level was in June 2004………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

After years of withering on the vine, the nation’s housing market finally is showing signs of new life. Home prices are up while mortgage rates are at historic lows, and bidding wars have broken out in some formerly down-and-out locales.
William Hardin, director of real estate programs and Tibor and Sheila Hollo research fellow at Florida International University in Miami, says that while housing prices will recover in nominal terms, a “real” recovery will take “much longer.” In the interview below, he outlines his thoughts about the challenges facing today’s buyers, sellers and homeowners………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Sales of new U.S. single-family homes fell more than expected in February after hefty gains the previous month, but steady gains in home prices suggested the housing market recovery remains intact. The Commerce Department said on Tuesday sales dropped 4.6 percent to a seasonally adjusted annual rate of 411,000 units. Last month’s decline followed a 13.1 percent jump in January.
Though January’s sales pace was revised down to 431,000 units, it was still the highest level since September 2008. Economists polled by Reuters had expected sales to fall to 422,000-unit rate last month. Compared with February 2012, sales were up 12.3 percent, indicating the housing market recovery was on course. Sales are being hampered by a lack of supply of homes on the market in some major parts of the country………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

An interesting phenomenon has developed in New York’s property market, which operates differently than the rest of the world. Residential prices remain in the stratosphere, while office prices are still down to Earth. As detailed by RXR Realty chief executive Scott Rechler on CNBC today, residential real estate is selling for anywhere from $4,000 to $6,000 a square foot, four times the price of office space in the city.
That’s a huge arbitrage spread and helps explain why developers are bypassing office projects, despite what he calls pent up demand. Even with new developments, the inventory of office space in New York is basically unchanged from 20 years ago, and the average age of the buildings is 50 years old, Mr. Rechler said………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Fewer Canadians are planning to purchase a home in the next two years, but more than a third of those will be first-time homebuyers, according to a study released Tuesday.
The annual poll by Royal Bank found that 15% of those surveyed say they’re likely to buy in the next two years, a drop from 27% from the previous year. Among those with buying intentions, 40% say they’ll be signing a mortgage for the first time………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Europe is currently at a very critical moment with several issues warming up at the same time. Debt crisis is persistent in Europe along with which there is the currency war and recent symptoms signifying the advent of a recessional phase over a majority of European countries especially the Mediterranean nations.
With all this problems happening at the same time housing market sector in destined to go down in most European nations for 2013 and beyond. But in contrary to that belief European market experts are of the view that real estate in Europe may in fact do well in the coming months………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Britain’s fiscal watchdog has challenged chancellor George Osborne’s claims that his new mortgage guarantee scheme, the centrepiece of last week’s Budget, will trigger a spate of housebuilding.
In testimony before parliament’s Treasury select committee on Tuesday , top officials from the Office for Budget Responsibility said the Help to Buy scheme was more likely to drive up house prices than address the shortage of housing in the UK………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Irish House Prices: In the year to February 2013, residential property prices at a national level, fell by 2.6%, according to the CSO. This compares with an annual rate of decline of 3.3% in January and a decline of 17.8% recorded in the twelve months to February 2012.
Residential property prices fell by 1.5% in the month of February. This compares with a decrease of 0.6% recorded in January and a decline of 2.2% recorded in February of last year………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

The latest bank-sovereign crisis always gets the most attention. Despite the best of intentions, no amount of preparation can get the current flair-up ready to have its place in the limelight stolen. Once torn, salt is rubbed into the wound by means of nasty comparisons that disrespect the unique nature of one’s distress.
Ireland is not Greece! Portugal is not Ireland! Italy is not Spain! And Cyprus is special because of gangsta finance and its reliance on deposits for funding………………………………………….Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Switzerland’s market supervisory authority Finma said Tuesday it had found no evidence of “any large-scale imprudent” mortgage lending by banks despite the Alpine country’s buoyant property market. The recent price gains in the Swiss real estate market–driven largely by historically low interest rates and the influx of cash-rich migrants–has shored up the country’s economy, but at the same time has spurred demand for residential property, Finma Chief Executive Patrick Raaflaub said at a briefing Tuesday.
“The Swiss mortgage market was, and still is, one of the main issues we have addressed in the recent past, and our stress tests analyze on an on-going basis whether mortgage loans are backed by enough equity,” Mr. Raaflaub said………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

The IPD Italy Biannual Property Fund Index, released last week, recorded a total return of -5.8% in the 12 months to December 2012. The second half of 2012 delivered a lower return of -3.7% compared with a milder -2.2% in the 6 months to June 2012. The performance represents the second consecutive below-zero result and the lowest total return in the index series.
In comparison with other asset classes, Italian real estate closed-ended funds underperformed all investment alternatives in both halves of the year to December 2012. Equities recorded 13.3% and 11.7% (MSCI Italy) respectively; whilst real estate equities delivered 29.0% and 27.7% (Data Stream Italy Real Estate), and bonds were at 13.0% and 24.8% (JP Morgan GB Italy)………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

As the Egyptian government struggles with political and economic instability, the Cairo real estate market reports improvement in all sectors. Vacancies in Grade A office buildings slid to 20 percent for the first quarter, a decrease from 29 percent in the fourth quarter of 2012, according to a new report from Jones Lang LaSalle.
New Cairo, a satellite city of Cairo created in 2011, witnessed the completion of a new 6,700-square-foot Grade A office project in the first quarter of 2013, bringing the total stock in Cairo to approximately 791,000 square feet, JLL reports………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Dubai Marina is the most sought-after destination in the UAE, accounting for more property searches than any other area in the country. This is according to The Move Channel’s At a Glance report, which showed Dubai Marina accounted for 27.89% all property searches for the UAE over the last 12 months.
The Move Channel’s Editor Ivan Radford said: “The fact that some of the most popular resorts within the Emirate are still under construction is telling, with investors returning to the market regardless, drawn by the appeal of Dubai Marina and other luxury developments.” He added that Dubai remains “the clear favourite” place for property investments in the UAE, with the destination dominating Google searches………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

India was ranked 20th among the top 20 real estate investment markets globally with investment volume of Rs 19,000 crore recorded in 2012. According to Cushman & Wakefield’s latest report, International Investment Atlas, China remained the largest global investment market overall thanks to the surge in land sales seen in late 2012. The US was placed in the second position, followed by the UK in third place.
The majority of the investment in India was through institutional sales (67 per cent), while the remaining was through private equity (PE) investments (33 per cent). The market witnessed institutional sales (excluding apartments) of Rs 12,800 crore, concentrated in commercial development sites and the office segment, including standalone and pre-leased office buildings………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Despite weak buyer sentiment, the National Property Index went up by over 3 per cent in the October-December quarter over the preceding three months last year, a survey has said. National Property Index ( NPI) is a weighted average of supply and prices across 11 cities.
Of the 11 cities in the apartment index, nine saw a marginal rise, while one recorded stable values and the other registered a small drop in the city index, leading property portal MagicBricks.com said in its report titled PropIndex………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

India is rapidly urbanizing and the skylines of the country’s metropolises are changing quickly with the building of skyscrapers and modern architecture. The smaller towns too are metamorphosing in unprecedented ways through the expansion of transportation networks, the creation of central districts and parks and by numerous residential projects.
Many cities have been transformed and Ahmedabad is most illustrative of them. Even before the metro rail link between Ahmedabad and Gandhinagar has sprouted tracks, Gujarat International Finance Tec-City (Gift City) phase I (10 million sq ft) has already rolled out its construction plans………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

The government of south China’s Guangdong Province on Monday announced rules to cool the property market after the central government rolled out a regulatory plan and asked provincial governments to create specific measures.
The rules, however, have been criticized for being too vague and unable to function properly. Guangdong’s provincial government said in a notice that housing prices will be curbed, government-subsidized housing will be built more quickly and housing data will be pooled in order to boost market supervision………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

China may see an increase in property transactions involving international investors this year, fuelled by the economic recovery and the rosy outlook of China’s commercial properties, industry experts said.
“On the 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,” Mr Andy Zhang, managing director of Cushman & Wakefield China, told China Daily………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Li Ka-shing, Asia’s richest man, backed recent measures by the Hong Kong government to curb an “unhealthy” surge in property prices that’s turned the city into the world’s most expensive housing market.
“If prices goes up every day, and a lot of people can’t afford to buy, this would be unhealthy,” Li said after his flagship developer Cheung Kong Holdings Ltd. reported lower property sales yesterday. “The Hong Kong government has said it wants a stable market.”……………………………………….Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

British government plans to stimulate the nation’s housing market, announced last week, will bring mixed blessings for Hong Kong investors.
As part of his latest budget, Chancellor of the Exchequer George Osborne introduced Help to Buy, a combination of shared-equity loans for buyers and mortgage guarantees for lenders. The plan is open to first-time buyers and home movers, but not Hong Kong investors or other second-home buyers, although they will be indirectly affected………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

Australian homebuyer confidence fell to the lowest level since 2008 as concerns about job security outweighed historically low interest rates and improved affordability, according to Genworth Financial Inc. (GNW).
The bi-annual Genworth Homebuyer Confidence Index declined to 93.4 in March from 98.4 in September, the Richmond, Virginia- based insurer, which provides lenders’ mortgage insurance in Australia, said in an e-mailed release today. The proportion of borrowers who expect to face difficulties repaying their home loans in the next year rose to 27 percent this month from 19 percent in September, it said………………………………………..Full Article: Source

Posted on 27 March 2013 by Laxman |  Email |Print

The Melbourne property market is like an incoming tide. It ebbs and flows on the waves of confidence and buyer demand. In some cases the property market slips backwards but it always seems to get back to where it once was.
Over the last couple of years the value of many properties have slipped back by 5% to 10% but we are now seeing the market take up that slack very quickly………………………………………..Full Article: Source

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