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Real Estate Briefing 09.Apr 2013

Posted on 09 April 2013 by Laxman |  Email |Print

At the end of March, it was announced that the 20-city Case-Shiller Index was up 8.1% year-over-year. Nearly all housing experts declared that this was further confirmation that the housing recovery was firmly in place.
A few weeks earlier, Zillow had released its latest survey of 118 economists, strategists and other experts on the expected direction of home prices over the next five years. Every one expected higher prices with the most pessimistic prediction showing an average annual increase of 3%………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Colony Capital LLC’s Tom Barrack said U.S. homes are in danger of becoming overvalued as low borrowing rates and an improving labor market fuel demand.
“We have asset bubbles for sure and asset bubbles are necessary when you don’t have growth” in the economy, Barrack, Colony’s founder and chairman, said today in an interview at the Bloomberg Doha Conference. “If you go to new homes, the builders have to buy lots, so the next stage we are going to see is a land boom.”……………………………………….Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

The U.S. housing market has only recently begun to stir from the depths of a deep depression and already some observers are arguing the recovery is out of control, adding the sector to the long list of perceived asset bubbles.
The more likely scenario is that the recovery is just getting going, which adds to the upside potential for U.S. financial and homebuilding stocks. Any way you size up housing, it has been pummelled since 2006 with little sign of anything but a modest – perhaps even tentative – recovery since then. Indeed, the recent recovery looks impressive only if you ignore the steep slide that preceded it………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

How, in any sensible accounting, could a home that went for one price in 2004 and 2009 go for more than twice that price for a short time in between? The 2006 level looks absurd. And yet Phoenix home prices rose 23% in the year to January. Three more years like that (and home-price momentum only appears to be building) and values would be right back at bubble highs. Is another round of madness following directly on the heels of the last, or is something else going on?
In a new NBER working paper, Edward Glaeser examines America’s long history of property booms and busts and reckons that the assumption of irrationality actually fits the data rather poorly. Wild property price swings are more consistent with great uncertainty about the future………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Home-shopping season is just getting underway, and many people who’ve sat on the sidelines in recent years are finally ready to enter a market that might be quite different from what they’re expecting. Here are a few tips to help buyers and sellers get the best results in the competitive market.
1. Choose the right real estate agent. Times have changed. Due to inventory shortages across the country (down nearly 17% from last year) the tables have turned, and buyers are no longer in control like they were a few years ago. Not only is it hard to find a good home for sale, once you do, expect to be competing with lots of other buyers………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Surging U.S. home prices could help shrink the Federal Housing Administration’s projected shortfall in President Barack Obama’s budget due on Wednesday.
Democratic and Republican lawmakers have been pushing for changes at the FHA since a November actuarial report said its reserve fund for bad loans may require a taxpayer subsidy of as much as $16.3 billion in fiscal-year 2013, the first time in its 79-year history that it wouldn’t be self-supporting………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Market reports released last week for the first quarter of 2013 in New York were nothing short of impressive. There is record low inventory and high demand. There are buyers out there looking for that perfect New York home and fewer sellers. This has held true for all market segments, from the trophy properties to the more modest ones.
Not long ago I could not have imagined that it would be a challenge to find qualified buyers their New York dream pad. But in these past couple of months, it certainly has been. We have what my esteemed colleague Kirk Henckels calls “a shortage of unaffordable housing.”……………………………………….Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Activity in the U.K.’s housing market and on the high street picked up in March despite unseasonably cold weather, surveys showed on Tuesday, giving the economic outlook a boost for the first quarter and suggesting the U.K. may avoid a triple-dip recession.
Real-estate activity increased in March, with the number of residential property sales rising to 17.4 per estate agency from 16.8 in February, the Royal Institution of Chartered Surveyors’ monthly house price survey showed. The number is the highest in three years………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

London’s commercial property market continued to boom in the first three months of the year but is becoming restrained because of a lack of both new and older buildings coming onto the market, a leading estate agent said.
According to Cushman & Wakefield deals worth £2.75 billion took place in the first quarter of 2013, down from the £3.98 billion of deals in the final quarter of 2013. The attractions of the capital as a safe haven for international investors was emphasised by the fact that overseas investors accounted for 71% of the value of all transactions………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Green shoots are beginning to show in the Scottish housing market, as a string of regional property reports hinted at an improvement in both activity and price. Reports published by property umbrella groups in Edinburgh, Glasgow and the Highlands revealed an upturn in prices in some areas – and a flurry of buyer activity in others.
Meanwhile, a separate report from the Royal Institute of Chartered Surveyors Scotland showed that expectations of prices rose for the first time in almost two years, despite activity remaining fairly flat last month………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

The IPD Belgium Annual Property Index, released yesterday, showed that all sectors of Belgian investment property delivered a total return of 3.6% in 2012, a decrease compared with 4.6% in 2011. Inflation (CPI) was 2.1%. These results show that the property investment market is not safe from the macro-economic environment in Belgium.
Although the index showed lower performance this year against other major asset classes, with equities delivering the highest return at 38.6%, followed by property equities at 12.6% and bonds at 20.9% (JP Morgan 7-10 years); over a 5-year period, direct property still outperformed both equities and property equities………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

The ongoing financial crisis may be hitting European economies hard, but the continent retains a good deal of interest for Russian customers looking to invest in property abroad. Reasons vary according to country, of course: prestige in Britain, skiing in Switzerland and Austria, warm climates in Spain, Italy and Greece, and a combination of the above - depending on region - in France.
Added to these, however, is a usual feature of economic cycles, that a crash in prices raises interest in property. The phenomenon is already being seen in Ireland, where the government is taking active measures to attract personal and corporate investment to revive the property market and the wider economy………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

The latest research figures emerging from Spain suggest that the number of international buyers who are investing in Spanish properties is on the rise. Spain recorded an increase of 28.4 per cent in overseas buyers in 2012 when compared to the levels recorded in 2011. The increase in foreign buyers suggests that overseas interest in the country’s real estate market has reached pre-recession levels.
In 2012, 38,312 foreign investors purchased real estate assets in Spain – the figures are close to the 2007 pre-recession levels. Britons continue to lead the chase for Spanish properties, but a good section of the Asian market is stepping up interest in apartments and second homes in the sunny nation………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Turkish property is experiencing strong growth, after years of lacklustre performances, according to the Global Property Guide. Data from REIDIN has shown that in the year to January 2013, nationwide residential sales prices for existing homes increased by 17.1 per cent. When adjusted for inflation, this figure stands at 9.13 per cent.
REIDIN’s Turkey residential property price indices is calculated on a monthly basis, covering seven major cities, 71 districts and 481 sub-districts, painting an accurate picture of market conditions. While new home values only increased by 1.8 per cent when adjusted for inflation in the year to January, it is clear that growth isn’t as slow paced in the existing homes sector………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

There has been a rise in the number of expat property owners buying real estate for themselves in Dubai. More expats are becoming home-occupier purchasers in Dubai. There has been more 100-plus% increase in the last four years. This is due to the improving job market in the UAE encouraging homebuyers to stay.
Dubai-based property consultancy firm Unitas Consultancy revealed there has been a rise in the number of expats buying property rather than renting. Sameer Lakhani, Managing Director of Unitas Consultancy, said: “The growth of end-users indicates the maturing of Dubai real estate market as comparable to other international cities.”……………………………………….Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

The ongoing slowdown has had a mixed impact on property markets in India. In the commercial office sector, we have seen that though companies are still committed to their expansion plans, they are in a wait-and-see mode and are progressing very slowly on executing these.
In the retail sector, national and international retailers are still keen on expanding their presence and have been taking up spaces in both high streets and malls. The difference is that the sector, on the whole, is becoming more mature and retailers are keen on taking up only quality spaces. In the residential markets, we saw that capital values in many micro markets across cities had already crossed their previous peak levels of 2008……………………………………….Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

The Indian public is getting desensitised to the extent of corruption and apathy that it is subjected to daily. The will to fight against the excesses and greed of government servants and those who circumvent the law to gratify their needs is eroding.
The Thane tragedy in Mumbai is a glaring case in point. At least 74 innocent people have lost their lives and everyday there are fresh reports of builders who have raised illegal constructions across the state of Maharashtra with the blessings of government officials in return for bribes. It seems the Thane incident is just the tip of the iceberg, as startling facts are still being brought to light. It distorts the view of Mumbai’s expensive real estate market, where there is now proof of construction on land that is fraudulently acquired in collusion with officials………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Head of industry association says cities such as Shenyang, Chengdu and Tianjin lack the businesses to move into new spaces. A bubble is forming in the commercial property markets of some of the country’s major cities, the head of an industry association warns.
Wang Yongping, secretary general of the China Commercial Real Estate Association, cited as examples Shenyang, Chengdu and Tianjin. “The supply is huge in these cities, but it is difficult for developers to find enough retailers and other businesses to lease to in the short term,” he said………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

One of China’s leading property tycoons, Ren Zhiqiang, the chairman of Hua Yuan Real Estate Group, has questioned the consistency of China’s latest market regulations and whether they will be able to rein in the country’s skyrocketing house prices. Ren said the measures had failed to keep China’s property price at a reasonable level while hurting the market’s autonomy.
“The property control policies have gone wrong from day one,” said Ren. “A series of policies, including the bidding system for land acquisition, the housing credit policy and the public finance system, have actually helped push up China’s property prices, instead of cooling them.”……………………………………….Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

Several upcoming property launches will feature mixed developments rather than being purely residential, a sign of changing lifestyles. Younger people now want homes near shops, and developers are responding, say real estate agents. This could mark a shift from the first three months of the year, when purely residential projects drew a strong response when they were launched.
Analysts say nearly 2,000 private homes could have been sold last month alone, with healthy sales chalked up at projects in suburban areas such as D’Nest in Pasir Ris. In recent weeks, agents have been busy garnering interest for the next round of projects………………………………………..Full Article: Source

Posted on 09 April 2013 by Laxman |  Email |Print

New Zealand house prices rose at the fastest pace since 2008 in March as the central bank warns that a housing boom would trigger interest rate increases.
Prices rose 6.5 from a year earlier, Quotable Value New Zealand, a government-owned property research company, said in an e-mailed statement. There hasn’t been a bigger increase since the 12 months ended February 2008………………………………………..Full Article: Source

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