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Real Estate Briefing 19.Apr 2013

Posted on 19 April 2013 by Laxman |  Email |Print

An unprecedented 32 million m² of shopping center space is currently under construction across the world, representing a 15% increase year-on-year (28 million m² in 2012), according to the latest research from global property advisor CBRE.
Shopping center development activity is heavily concentrated in emerging markets, with China home to more than half of all the space under construction (16.8 million m²). Seven of the 10 most active development markets globally are in China. These include Chengdu (2.9 million m²) and Tianjin (2.1 million m²), with Shenyang, Chongqing, Wuhan, Guangzhou and Hangzhou due to deliver over one million m² over the next three years………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

When the housing market went bust, house flippers went into hibernation. Now, as the recovery creeps along, bargain-hunters are once again looking for homes to fix up and resell for a quick profit.
Just take a look at the numbers. Home values are on the rise, with a year-over-year price increase of 11.6 percent, according to the National Association of Realtors. Inventory has cratered to levels not seen since 2005………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

“The U.S. is just coming out of a housing downturn and it’s become a global safe haven for investors,” says Jonathan Miller, chief executive of Miller Samuel, a New York-based real estate appraisal firm. “But this time it’s not carpenters and nurses quitting their jobs to become mom-and-pop investors; it’s billionaires looking to sink money into unique properties.”
Miller believes these unique properties have become a “new global currency,” as investors view prime trophy real estate as a safe, relatively low-risk place to park cash that hedges against inflation while diversifying an investment portfolio………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

The housing market has made a big comeback over the past year; home prices have surged some 8% and homebuyers can’t seem to buy up properties fast enough.
But just as quickly as the market is gaining ground, some industry experts worry it will come crashing back to Earth. Here are three reasons the housing market recovery may not last:……………………………………..Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

It’s clear the housing market is on the right path, but whether it can continue to be as hot as it has been is uncertain; my feeling is that the easy money has already been made. And what has been impressive has been the housing market’s recovery in spite of the lack of a strong recovery in the jobs market, which continues to struggle along, as demonstrated by the creation of a mere 88,000 new jobs in March and the edging up of the unemployment rate.
Once the jobs situation improves to where we are seeing the consistent creation of hundreds of thousands of new jobs monthly, I expect the housing market to follow suit. The housing starts and building permits reports support the housing market recovery. In March, there were an impressive annualized 1.04 million housing starts, which was above the Briefing.com estimate of 935,000 and the upwardly revised 968,000 in February………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

Foreign investors have a prominent and growing influence in the luxury real estate markets of Montreal, Vancouver and Toronto, a realtor survey by Sotheby’s International Realty Canada suggests. Half of the luxury home buyers in Montreal are from other countries while in Vancouver it’s 40 per cent, the Sotheby’s Top Tier Trend Report found.
The company, which specializes in high-end real estate, surveyed around 30 Sotheby’s realtors responsible for the firm’s biggest deals in a dozen Canadian markets………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

Upbeat assessments of the U.K. economy are few and far between. The latest quarterly report from the influential ITEM Club predicted a modest 0.6% rise in GDP this year and says the housing market is now seeing a “win-win of rising disposable incomes and increasing affordability factors.”
The house price-to-wages ratio is 4.5, down from 2007’s peak of 5.8, and the ITEM Club sees disposable incomes gaining from rises in personal income tax allowance and strong employment levels. Affordability is increased by the government’s “Help to Buy” scheme. The ITEM Club thinks one million families will move house this year, up a quarter from recent levels, driving higher house prices, additional housing-related spending and ultimately construction………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

According to Savills data €2.5 billion was invested in French commercial real estate in the first quarter of 2013, which is level with the same period in 2012. The international real estate advisor notes that investment volumes in the retail and serviced property sectors (hotels, care homes) fared particularly well rising respectively by 119% and 85% compared with Q1 2012.
These two sectors significantly boosted the market in the first quarter of 2013 accounting for four of the seven deals of over €100 million. Furthermore, these market segments represented a significant portion of regional portfolio sales, with the acquisition of four health establishments by Icade Santé for €175 million and CNP Assurances’ purchase of a €160 million portfolio of regional retail assets………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

London estate agents do not lose a minute pumping out press releases in reaction to new laws or regulations that appear in some way to threaten their business.
The format for these releases is always the same: when the new law is proposed, the agents cry in agony that it cannot possibly be allowed to happen because it will destroy the property market. Then when it does happen, they put out another set of press releases claiming it really won’t make much difference after all and that the party can go on………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

Russia and Poland accounted for the overwhelming majority of real estate investment in Central & Eastern Europe in the first three months of 2013.
Latest figures from CBRE show total commercial real estate investment in the region reached €2.6 bn in Q1. Russia dominated with €1.8 bn of deals, followed by Poland at €600 mln………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

The royal order related to land grants and construction loans will lead to a reduction in the Kingdom’s current exorbitant rents and property prices, a spokesman for the Ministry of Housing was quoted as saying in local media.
Custodian of the Two Holy Mosques King Abdullah has ordered the Ministry of Municipal and Rural Affairs, municipalities and localities, to hand over all developed pieces of land and plots ready for construction to the Ministry of Housing which will, in turn, distribute them to citizens with loans. Real estate experts say the king’s ruling will see a drop in real estate prices. Some expect a huge decline in rents because the land will be available to citizens within a year………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

Ample demand for private and commercial properties fuel the real estate sector in the Gulf Arab sheikhdom which benefits from ongoing turmoil in some Arab countries.
Earlier in the week, real estate service provider REIDIN said in a study released last Sunday that property sales prices increased in Dubai (2.5 million inhabitants) on average by 18 percent year on year in the first three months of 2013. This increase was even more an indication for Dubai’s new economic strength, added REIDIN, as during the first quarter 2,200 new objects were added to the market in the sheikhdom………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

Another 40,000 new homes will enter Dubai’s property market over the next two years as developers revive projects stalled after the collapse of the emirate’s real estate market, a report said. The new properties to be built between 2013 and 2015 will represent 11 percent of the current stock of 357,000 units, consultants Jones Lang LaSalle said in a report on Dubai’s real estate market for the first quarter of 2013.
It said that a total of 28,000 dwellings are expected to be completed in 2013. Around 2,200 residential units, mostly apartments, have already been handed over in Q1 of the year, which include the Spirit Tower in Dubai Sports City, Lakeside Tower in JLT, Bay Central in Dubai Marina, as well as the Al-Furjan Villas by developer Nakheel………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

Cluttons, the real estate specialist which has enjoyed a dedicated Middle Eastern presence since 1976, today releases its Q1 2013 property market report for Oman. The Sultanate’s economy continues to perform well and recent government figures indicate that the national GDP grew by 13.2% during the first three quarters of 2012. According to ratings agency Standard and Poor (S&P), the government budget will remain in surplus for the next two years, although it is strongly reliant on sustained oil prices. Fortunately, sector analysts are forecasting that oil prices will remain stable or even show a small increase this year.
Government spending on development and infrastructure projects during the eighth Five Year Plan (2011 - 2015), part of a long-term development strategy set out in the ‘Vision 2020, will now amount to RO 16 million compared with the initial projection of RO 12.1 billion. It will include a 45% rise in expenditure on housing, from RO 323 million to RO 469 million during 2013. The economic outlook for the country remains positive but reliant on sustained oil prices and production. (Press Release)

Posted on 19 April 2013 by Laxman |  Email |Print

As the waiting list for government-subsidised housing in Kuwait has grown to more than 100,000 in 2013, projects aimed at combating the shortage will see a number of new construction projects in the coming years. Sluggish residential real estate growth and restrictive legislation have created difficulties for the sector, but new public-private partnerships (PPPs) and improved credit access could help alleviate Kuwait’s housing problems.
In March 2013 the government revealed plans to build 174,000 new houses and three separate cities by 2020, two near the Iraqi border in the north, and one on the Saudi border in the south. Although no official price tag has been given for the project, estimates put the cost at around $5bn………………………………………Full Article: Source

Posted on 19 April 2013 by Laxman |  Email |Print

China has a sufficient amount of real estate and construction space to provide housing for 120 million people, according to the National Bureau of Statistics, 21st Century Business Herald reported. According to the data released on April 15, there are 424 million square meters of real estate for sale and 353 million square meters of construction area.
Qin Hong, director of the Department of Housing and Urban Policy Research Center, believes that the biggest problem in housing development is not the imbalance between supply and demand, but housing resources………………………………………Full Article: Source

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