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Real Estate Briefing 04.Apr 2013

Posted on 04 April 2013 by Laxman |  Email |Print

The U.S. office vacancy rate fell only slightly during the first quarter, as a lack of significant job growth continued to impede demand for space, according to a quarterly report released this week.
At the same time, U.S. office construction during the first quarter reached a 14-year low as developers remain spooked by soft demand and meager rent growth, according to real estate research firm Reis Inc………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Home prices notched their biggest year-over-year gains since before the recession. But tight credit and ‘under water’ mortgages constrain the market, a Christian Science Monitor poll finds. As real as the housing recovery is, a new poll finds that home buying is still hampered significantly by challenges such as tight credit and a constrained supply of homes for sale.
And those hurdles are mirrored on the side of would-be home sellers. The poll finds that many are restrained by “under water” mortgages that make it hard to exit from their current home………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

U.S. apartment rents increased in the first quarter at their slowest pace since late 2011 amid a wave of construction that will further test landlords’ ability to raise rates, Reis Inc. (REIS) said. Effective rents, or what tenants pay after any price breaks from owners, averaged $1,054 a month, up 0.5 percent from the fourth quarter, according to the property-research firm.
Landlords’ asking rents also climbed 0.5 percent, to $1,102. It was the slowest growth for both measures in five quarters. Vacancies, which for the past year have been at the lowest level in a decade, dropped to 4.3 percent from 4.5 percent in the fourth quarter and 5 percent a year earlier………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Home prices in the United States surged at their quickest annual pace in seven years in February as the housing market defied signs of cooling growth elsewhere in the economy. A report by CoreLogic showed that property values rose by 10.2 per cent, the fastest since March 2006, when the sub-prime fiasco was in its infancy.
However, the report was overshadowed by separate data suggesting that there had been a pause in recruiting by construction companies and a slowdown in services growth last month amid concern about the impact of government spending cuts………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Rising home prices appears to be discouraging some real estate investors from putting money in the sector. The number of investment properties purchased last year fell 2.1 percent to 1.21 million, from 1.23 million in 2011, according to the National Association of Realtors.
These institutional investors also make up a smaller number of overall home buyers, dropping to 24 percent in 2012, from 27 percent the previous year. Still, while that figure is shrinking, investment buyers still make a larger-than-normal percentage of home sales………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Lower Manhattan office vacancies fell in the first quarter to the lowest since 2008 as technology and creative firms priced out of the midtown south area spilled into the market, Cushman & Wakefield said,
The vacancy rate downtown, home to the city’s financial district, declined to 8 percent from 9.2 percent a year earlier, the New York-based real estate services firm said in a report today. More than 20 percent of leasing below Canal Street in the first quarter was by technology and media firms, Cushman said………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Private-equity fundraising for real estate dropped to the lowest level in almost a decade as the process of collecting capital from investors lengthened to more than double the time spent in 2007, Preqin Ltd. said.
About $5.2 billion was raised globally by 20 closed-end funds, a 79 percent decline from the previous three months and the lowest since the third quarter of 2003, the London-based research firm said today in a statement. Funds that held final closings in the period were marketed for an average of 18.7 months, compared with 9.2 months in 2007, near the commercial real estate market’s peak, Preqin said………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The IPD Central and Eastern European Annual Property Index delivered a positive total return on all property of 5.6% in 2012, albeit 2% lower than the total return for 2011.
In common with other European countries, income return was the key component of performance, returning 6.8% although somewhat below its long-term trend of 7.0%, while capital growth stood at -1.1% for 2012………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The head of intermediaries at Barclays has predicted a better year in 2013 for mortgage lending, helped in part by the Funding for Lending and Right to Buy schemes.
David Finlay, managing director of the intermediary channel at Barclays UK Retail and Business Bank, said that while 2013 would be a good year for the mortgage market, the real positives will come through in 2015 and into 2017………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The average home in the UK will cost £227,000 in 2014, surpassing the pre-crisis peak for the first time, and reach £267,000 by 2018, according to a new forecast. Also, the Help to Buy scheme announced recently by the UK government could initially raise prices before increasing housing supply, says the forecast from the Centre for Economics and Business Research (CEBR).
CEBR also predicts the average home price will be £222,000 this year, 1.4% higher than in 2012, but just under the peak achieved immediately prior to the financial crisis. In the short term, lacklustre wage growth, domestic banks’ ongoing recapitalisation efforts and Eurozone financial unrest are expected to subdue house price growth this year and next……………………………………….Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Survey shows more secured loans on offer to individuals, but situation for small and medium businesses remains tight. Banks’ appetite for lending to individuals grew in the first three months of 2013, but the availability of loans to small and medium businesses remained restricted, according to the Bank of England’s latest credit conditions survey.
Lenders reported an increase in the overall availability of secured credit to households for the third consecutive quarter, citing attempts to increase their market share as the main reason for offering more loans……………………………………….Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Yields have rocketed on secondary assets in commercial property, presenting a compelling story for investors, according to Richard Tanner of AEW UK.
Banks have capitulated and are starting to offload properties from their balance sheets, presenting a chance for property funds - and their investors - to benefit from cut-price sales, the managing director said. But this window of opportunity will have closed by the end of the year as managers of the larger property funds catch on. ……………………………………….Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The commercial property markets in Edinburgh and Scotland are performing well, according to recent research from Deloitte Real Estate. The report found that the two cities in Scotland could outperform the UK as a whole, with a notable increase in the take-up of office space in the cities over the course of 2012.
According to Deloitte’s UK Key Cities report, Edinburgh enjoyed its strongest lettings performance in four years, while rent in the capital was also healthy. Year-on-year investment volumes in Glasgow were also revealed to be on the rise, with completed deals in the city worth £152 million over the course of the year………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Berlin, with its low property prices, cheap office spaces and easy access to the rest of Europe, offers a choice of new and vibrant neighbourhoods for investors.
A stroll around Germany’s capital is an architectural sensory assault. The Neoclassical sits sedately alongside imposing brutalist structures and some of the world’s most exciting new buildings can be found here. It’s a city soaked in history and steeped in contradictions, all of which make it a vibrant and exciting place to live………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The IPD Czech Republic Annual Property Index, delivered a total return on Czech all property of 4.7% in 2012, 310 basis points lower than 2011.
Dr. Nassos Manginas, Managing Director of IPD DACH, said, “A reduction in capital growth by 0.9% was the primary driver of lower performance, however income return at 6.6% was also weaker in 2012 compared with the 3-year average trend of 6.9%pa………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Dubai-based private developer DAMAC Properties has said it is launching phase two of a USD 1 billion project of luxury hotel and serviced residences to Indian investors, following a sell-out event in Dubai.
‘DAMAC Towers by Paramount’, is being developed on platinum real estate in Dubai overlooking the world’s tallest tower Burj Khalifa. It comprises a 540 key Paramount Hotel & Residences and more than 1,000 units of DAMAC Maison - Paramount (Hollywood movie production company) co-branded serviced hotel residences……………………………………….Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

For middle class Indians, investing in property has been the surest bang for the buck. On an average, property values have quadrupled in the last decade.
But now there are increasing signs that the dream run that real estate has enjoyed over the last decade could be coming to an end. Real estate practitioners point to slowing sales and rising inventories. As this story in The Economic Times explained, there is a glut of independent homes in south Delhi. Around the country, in separate micro-markets, the story is no different………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

To buy or sell? This is the question that is bewildering many Chinese in the real estate market. Average housing prices nationwide have more than tripled over the last decade, with some areas seeing prices grow by 10 times the original price. Experts are debating whether there is a bubble in the market and whether prices will continue to skyrocket.
A bizarre bet made by Shenzhen Inland Real Estate chairman Guo Jianbo exemplifies the unpredictability of the market. Chairman of Huayuan Real Estate Ren Zhiqiang predicted last year that housing prices would rise sharply in March 2013. Guo bet against him, promising to run 10 km along Chang’an Avenue, a major road in Beijing, without wearing a stitch of clothing if the prices rose………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The Top 500 Chinese Real Estate Developers in 2013 was released on March 22. China Vanke Co., Ltd. retained its champion-position, according to the report from China Real Estate Research Association, China Real Estate Industry Association and China Real Estate Appraisal.
The performance of the top 100 real estate companies within China has recovered since the second half of 2012 before the overall recovery of the whole market. For 2012, the total sales amount of such top 100 companies totaled 1,907.3 billion yuan, up 16.7 percent year on year, which was 6.7 percent more than the average level of China………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The trade volume of domestic commercial real estate increased by 3.2 times in the first quarter on a year-on-year basis, according to statistics released by local brokerage service providers.
The NT$27.3 billion in sales is a new high for the past four years, and a 35-percent increase from the last quarter. The average transaction price per ping for office buildings in Taipei City also hit a record high of NT$774,000, according to the latest figures from BNP Paribas Investment Partners………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

Doubts have been raised whether if the VND30 trillion package can save the sinking real estate market. VND30 trillion is believed to be just a “grain of salt in the ocean.”
The State Bank of Vietnam is considering designing a VND30 trillion credit package in an effort to rescue the real estate market. Three months ago, the government released Resolution No. 02, showing its determination to rescue the market. Experts believe that the fall of the real estate market would lead to the collapse of many other markets………………………………………..Full Article: Source

Posted on 04 April 2013 by Laxman |  Email |Print

The Australian housing market revival has continued into 2013 with “solid indications of rising buyer activity and increased confidence from sellers” says Australian Property Monitors (APM) in its latest market report.
“The revival of Australia’s housing markets in 2012 has been confirmed as leading indicators such as auction clearance rates point to a market heating up. “Historically low interest rates are the fuel to this emerging fire which is no real surprise given the typical impact of low mortgage rates on buyer activity in previous housing growth cycles,” says APM………………………………………..Full Article: Source

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