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Real Estate Briefing 11.Apr 2013

Posted on 11 April 2013 by Laxman |  Email |Print

Jones Lang LaSalle is sticking to its forecast of a global real estate investment volume of $450-500 bn (€307-384 bn) for 2013. Europe, Asia-Pacific and the Americas recorded strong growth in the first quarter of 2013 as preliminary global real estate investment volumes reached $94 bn, according to JLL’s capital markets research which is based on data from 60 countries. The real estate investment volumes in Q1 2013 represented an 8% increase over the same quarter in 2012.
Improving confidence in the global economic recovery and continued demand for direct real estate exposure continue to push volumes higher with Germany, Japan, and the US all finishing the quarter on a strong note………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Housing inventories picked up modestly in March, offering some hope to home buyers who are grousing about slim pickings, according to a report released Wednesday.
The number of homes listed for sale in March jumped by 2.4% from February and has increased by 3.5% from January, according to data compiled by Realtor.com. Inventories typically rise in the spring as the peak home-sales season begins, and the recent uptick is outpacing last year’s increase of 2% from January to March. Inventories were still 15% below their levels of a year ago………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Home prices are climbing too fast relative to buyer incomes, signaling that property values may fall in some U.S. cities once mortgage rates rise and reduce affordability, according to a study by Zillow Inc.
Driven in part by borrowing costs close to historic lows, buyers spent three times their annual incomes on homes at the end of last year, up from a 2.6 multiple from 1985 to 1999, Zillow said in a statement today. That means properties were almost 15 percent pricier relative to incomes than before the housing bubble of the mid-2000s, according to the Seattle-based real estate research firm………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Land prices have shot up in the U.S. with the real estate market and the economy’s road to recovery. According to a March estimate by Zelman and Associates, a real estate consultancy, land prices rose 13 percent across America in 2012. This is the first and the highest annual gain since 2005.
The tremendous price rise can be attributed to the increased demand for empty parcels. More number of builders is now looking for vacant lands to establish infrastructure. Additionally, the inventory and supply of available finished lots has remained relatively less. This is also another reason for the prices of these lands shooting up………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

American opulence is still for sale. But it costs a pretty penny. Acquiring a finely-appointed home of extraordinary scale can run between $12.5 million and $100 million at the moment. For this, homeowners enjoy everything from fountain-studded courtyards to grand libraries and cavernous indoor pools.
Take, for example, The Peabody Estate (better known as “Solana”) in Santa Barbara, Calif. Listed for $57.5 million, the home built by clothing magnate Forrest Peabody is surrounded by nearly a dozen acres and includes almost 23,000 square feet of living space. There’s a private guesthouse on the property and better yet, the mansion has 360-degree views of both the mountains and the sea………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

The commercial real estate industry continues to show robust and consistent growth, despite a sluggish economy and the indecision of governmental sequestration, according to the latest CCIM Quarterly Market Trends report. The report shows that in 2012, commercial real estate investment sales increased for the fourth consecutive year, with an uptick of 18 percent year-over-year in sales of properties less than $2.5 million. In fact, the year ended with a deal frenzy of $98 billion in total 4Q12 sales, setting a post-2007 record for the greatest amount of fourth-quarter investment activity.
“The numbers speak clearly, particularly the figures besting recession-era data, demonstrating dependable progress that investors can act upon, and fundamentals are expected to steadily improve,” said George Ratiu , manager of the National Association of REALTORS qualitative and commercial research. “With moderate gains in employment and consumer spending, absorption for office, industrial, and retail spaces will continue to grow, driving availability rates lower.” (Press Relese)

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Posted on 11 April 2013 by Laxman |  Email |Print

Canada’s commercial real estate sector and REIT investment market appear set to outperform for a fifth-straight year, according to CIBC World Markets Inc. “All of the fundamentals seem to be supporting [the] continuation of [an] extended recovery” from the market lows of 2008, says Allan Kimberley, Vice-Chairman, Real Estate Investment Banking at CIBC.
In a series of notes released today at the bank’s 18th annual real estate conference in Toronto, CIBC says low interest rates, the continued availability of equity and debt, and healthy supply-demand fundamentals have set up Canada’s real estate capital markets for another strong year. These conditions are relatively unchanged from 2012 which saw “record levels of new issuance, total returns exceeding those of the broader S&P/TSX Composite index, a growing list of IPO and M&A activity, against a backdrop of declining volatility,” says Mr. Kimberley. (Press Release)

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Posted on 11 April 2013 by Laxman |  Email |Print

European commercial property pricing has reached its most attractive level for investment in almost 10 years, according to research from DTZ. DTZ’s Fair Value Index offers quarterly insight into the relative attractiveness of current pricing in European property markets by grading them with a score out of 100. The most recent figures show that in Q4 2012 the overall index score for Europe rose to 78 from 62 in the previous quarter – recording its highest score since September 2003.
Individual property markets across Europe are also ranked as HOT, WARM or COLD. Of 105 markets covered, 69 were rated as HOT and 25 as WARM – making them attractive to investors. Significantly, 33 markets were upgraded between Q3 and Q4, with 24 improving from WARM to HOT and nine moving from COLD to WARM………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Total commercial real estate investment volume in Central & Eastern Europe (CEE) reached €2.6 billion in the first quarter of 2013 (Q1 2013), three times the level achieved during Q1 2012 and the highest first quarter result since 2008, according to the latest research from global property advisor CBRE.
The most active markets were Russia (€1.8 billion) and Poland (€400 million), although the smaller economies within the CEE have also seen an increase. The largest transactions were in Moscow: Metropolis shopping centre was acquired for around €900 million by Morgan Stanley Real Estate Investing and AFI Development’s completion of its acquisition of the remaining 50% in Aquamarine BC III, a project close to the Kremlin………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

A spike in private activity in the commercial property sector has partly offset a dip in projects funded by the government, upmarket estate agent Savills said. The firm’s latest commercial development activity index saw its public sector measure drop from 1.4 in February to minus 1.3 in March.
However, the private sector number has climbed from 10.9 at the start of the year to 17.8 last month. The index numbers show the percentage of surveyed developers that report an improvement in activity, minus the percentage that tell Savills that activity has dropped………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Austrian commercial real estate generated far lower returns relative to stocks and bonds in 2012. Property underperformed equities, which delivered 25.1% (MSCI Austria) and bonds with 13.7% (Austrian bond index) in 2012. But IPD noted that real estate ’strongly and consistently’ outperformed stocks over a three-, five- and nine-year period.
The IPD Austria Annual Property Index generated a total return on all property of 6.2% in 2012, only 10 basis points lower than the performance for 2011. Capital growth amounted to 1.2%, 0.3% lower than the 2011 figure, while income return increased by 0.1% to 4.9%………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Total investment in Russian commercial real estate reached $2.1 bn (€1.6 bn) in the first quarter of 2013, up 116% on the year-earlier period, according to Jones Lang LaSalle. The spike in volumes for the first three months of 2013 was mainly due to the closure of Morgan Stanley Real Estate’s acquisition of the Metropolis shopping centre in Moscow for an estimated $1 bn.
In March, Russian investor 01 Properties announced the acquisition of the White Square business centre in Moscow for a reported $1 bn (€774 mln). However this deal was actually closed in 2012. ……………………………………….Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

A recent study by Injaz Development Co. has pointed out that the Saudi real estate market is set to witness a sustained increase in demand and strong growth in line with the expected boom in other key sectors such as retail, manufacturing and construction, thanks to the upturn in the Saudi economy in the first half of 2013. The study indicated that these positive indicators are a result of the major development projects being undertaken in vital sectors in order to keep pace with the growing demand.
The Saudi construction and building sector is expected to grow by 7.5 per cent during 2013, which in turn will enhance the performance of the real estate sector through the major construction projects being launched. (Press Release)

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Posted on 11 April 2013 by Laxman |  Email |Print

There are positive signs in the UAE property market and investors have every reason to remain upbeat, according to a new report. Al Masah Capital explained in its Mena – Alternative Investment Strategy 2013 that demand for both residential and commercial real estate remains strong, with new projects continuing to come onto the market. This is thanks to economic improvements, a rising population and burgeoning tourism industry.
Dubai is proving to be particularly attractive for investors and Al Masah Capital believes conditions are ripe for buyers after a pleasing performance in 2012………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Rising confidence in Dubai’s residential property market has helped boost prices for low-end villas by 20% over the past six months in the emirate, according to a new report by Cluttons. In its Q1 report, Cluttons said prices are also rising at the higher end of the residential market, just not as fast. Between Q3 2012 and Q1 2013, average prices for high-end villas in Dubai rose by 8.9%, while mid-range villas gained 14.9% over the same period.
This trend has been mirrored in the apartment segment, where lower-budget units registered sale price growth of 14.6% over the same period. By comparison, both high and mid-range apartments recorded average price increases of 10% each. (Press Release)

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Posted on 11 April 2013 by Laxman |  Email |Print

Asia Pacific continued to see strong interest in property in 2012, as volumes in the fourth quarter ended Dec 31, surged 35% to US$144.4bil from the third quarter mainly due to land sales. Asia Pacific Real Estate Association (APREA) CEO Peter Mitchell said on Wednesday transaction volumes increased significantly each quarter during 2012, shrugging off concerns over Europe and the anemic recovery in the US.
“The increase was driven primarily by land sales, which rose 42%. Commercial transactions also contributed with 22% higher activity, while apartment and hotel transactions dragged at -57% and -16% respectively,” he said………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Although real estate firms focused more on project execution and debt reduction in the March quarter, high inventory, a lull in approvals and a drop in the number of launches may still hurt their performance for a while.
South India-based developers such as Prestige Estates Projects Ltd and Sobha Developers Ltd may outperform companies from other regions because of improved absorption and better affordability, while India’s largest developer DLF Ltd needs to boost sales, a Mint poll of four brokerages showed………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

About 3.1 million square meters of gross floor area were sold in Shanghai’s primary housing market in the first quarter, the highest level in two years.
In the first quarter, the city’s new-home sales remained robust, growing 119 percent year-on-year to reach 3.1 million sq m. The transaction prices of new homes rebounded to an average of 23,300 yuan ($3,762) per sq m in the first quarter, data released by international real estate service provider Savills China showed………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Resales of non-landed private residential properties rose from 326 in February to 609 in March, according to new data from the Singapore Real Estate Exchange. However, analysts said this could be a seasonal rebound after the quiet Chinese New Year period - which falls in February this year. March’s volume brings the total transaction volume in Q1 to 1,982, down from 3,271 in Q4 last year.
Average resale prices of properties in the core central region fell to $1,788 psf in March, from $1,824 psf in February. Outside central region, average resale prices dropped to $1,017 psf, from $1,048 psf………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

Housing affordability remains a problem across Australia, with many first-home buyers still priced out of the market despite recent interest rate cuts. JP Morgan’s latest snapshot of the local housing market ranks Australia in second place behind Hong Kong for having the world’s highest house prices.
The report’s co-author Martin North said mortgage repayments remained high because the average loan was getting bigger and the major banks had not passed on the Reserve Bank of Australia’s interest rate cuts in full………………………………………..Full Article: Source

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Posted on 11 April 2013 by Laxman |  Email |Print

International ratings agency, Fitch, is warning of the dangers a housing market boom may pose for New Zealand’s banks. While Fitch director Andrea Jaehne doesn’t fear a housing market crash, she is concerned a bubble is developing and that banks could be vulnerable because a growing number of their mortgage customers have low levels of equity in their houses.
About a third of new mortgages at the end of 2012 had loan to value (LVR) ratios above 80%………………………………………..Full Article: Source

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