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Real Estate Briefing 23.Apr 2013

Posted on 23 April 2013 by Laxman |  Email |Print

Home resales edged downward in March, pointing to some slowdown in the housing market recovery pace as overall economic activity cools.The National Association of Realtors said on Monday existing home sales slipped 0.6 percent last month to a seasonally adjusted annual rate of 4.92 million units.
Economists polled by Reuters had expected home resales to rise to a 5.01 million-unit rate.”The disappointing pace of home sales provides some evidence that positive momentum in the housing sector is beginning to leak lower,” said Millan Mulraine, a senior economist at TD Securities in New York………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Prices of existing homes in the US rose 12 percent in March from the same month last year, as the real estate market continues to bounce back, providing much-needed help to the nation’s economy.
A key factor in housing’s recovery is strong demand from major corporate investors, who see profit in the combination of still-depressed real estate prices, near-record-low interest rates, and strong demand for rental housing………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Stocks have been sliding. Goldbugs are reeling. China’s growth is slowing. Speculation is flying that France and Germany may face credit downgrades. And the hefty offshore accounts of rich investors, particularly Russians, face seizure in Cyprus as bailout looms.
But one market continues to thrive on the steadfast barrage of economic uncertainty: luxury housing………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Investment firms are scooping up homes in distressed real estate markets, like Florida, blocking out individual bidders, experts say.
“There is the possibility that Wall Street and the banks and the affluent 1 percent stand to gain the most from this. Meanwhile, lower-income Americans will lose their opportunity for the American dream of building wealth through owning a home,” said Jack McCable a real estate consultant in Deerfield Beach, Fla………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Our nation’s housing finance system is broken. Yes, it looks as if the housing market is slowly beginning to recover from the recession. And, yes, Fannie Mae and Freddie Mac turned a sizable profit last year. But these positive developments cannot mask the fact that far too many Americans still cannot buy or refinance a house.
The solution is not to be lulled into a false sense of complacency, but rather to refashion the system to preserve access to long-term credit for working families.Today, the federal government is effectively the sole credit allocator for housing finance, backing about 90% of new single-family loans…………………………………………Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

The U.S. housing market is on the mend. According to the S&P/Case-Shiller Home Price Index, the average price of U.S. homes hit bottom in January 2012 and rallied 8% through January of this year, the most recent month for which data is available.
Shares of homebuilders, which were brutalized during the 2007-09 bear market, have soared as the housing outlook has improved. On average, the stocks have climbed 260%, or 38% annualized, since the group hit its bear-market low on March 6, 2009 (prices are through April 19 unless otherwise noted)………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

With the economy recovering from its recent downturn, and the spring season coming on, it’s no surprise that many people are curious as to their current prospects for buying a home.
After a record low in November of 2012, the average mortgage rate has seen a gradual increase to its current rate of 3.51 percent. Coupled with the 0.8 points paid, it would seem that with mortgage rates being lower than what they were at this time last year, now is the time to act………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

All signs are indicating that the Calgary industrial real estate market will continue to thrive and grow this year, says a new report by Cushman & Wakefield.
The company said overall vacancy in the sector was 6.6 per cent in the first quarter of this year, up from 6.2 per cent in the first quarter of 2012. Net asking rents have jumped to $8.63 per square foot per year from $7.89 last year………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Warsaw was a grey and cold place in the winter of 1992. The air stank from factories still spewing out smoke near the centre of the Polish capital, and memories of Soviet occupation, which had ended only three years earlier, were still fresh. But it was a place with enormous possibilities for those willing to take a chance.
That was what brought 29-year-old Brian Patterson to the city after deciding to decamp from California, where the recession was casting a pall over the property industry………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Total investment volumes in the German commercial property market have risen 21% year-on-year, according to first quarter figures releasedby property advisor Savills.
The German market saw total investment hit €6.65 bn during the first three months of 2013 - representing the highest first quarter levels for five years. The strong first quarter showing was fuelled by a number of significant portfolio deals, including the purchase of an IVG open-ended special fund for some €500 mln and Dundee’s purchase of a portfolio of eleven office properties for € 420 mln from SEB………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

The Netherlands two biggest mortgage advisory groups are reporting signs that the housing market may be picking up, the Financieele Dagblad reports on Monday.
The paper says the high-street chains Hypotheker and Hypotheekshop have noted the first rise in the number of clients asking for information about buying a house for some time………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Greece will be offering residence to non-EU investors purchasing or renting property over 250,000 euros ($326,000), in a bid to revive its moribund real estate industry, officials said on Monday.
The initiative, voted into law by parliament last week, comes in response to strong demand from Arab, Chinese and Russian investors, the officials from the interior ministry and property groups told a news conference………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Surplus, undeveloped residential plots around Riyadh are estimated to be 490 square kilometers in total, a new study by the High Commission for the Development of Riyadh (HCDR) shows. The present demand for residential lands in the city can be met by only 30 percent of these plots.
The study measures supply and demand indicators of property development in Riyadh in 2012 and estimated that there would be a total demand for 510,000 homes in the city by 2028. The study calculated that 30,000 residential units would be required annually………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Bahrain’s real estate market has bottomed out but continuing political unrest is still holding back an upturn, CB Richard Ellis has said in a new report.
The real estate firm said the residential leasing sector in most areas has now stabilised in terms of their occupancy and rate………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Average home prices in key Chinese cities rose in March, indicating that recent government efforts to control the unruly real-estate market are having little effect.
Despite a move to enforce a tax on home-sale profits, the overall average price for 70 Chinese cities was up from the previous month and from a year earlier, with new homes in major cities showing the largest gains………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

The head of Blackstone, the world’s largest alternative investment fund, sees a big opportunity in Chinese real estate.
Stephen Schwarzman, who left Lehmann Brothers to build Blackstone from a six-figure company into the $210 billion behemoth it is today, believes that while there are some troubles in China’s economy there are big gains in distressed real estate………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

China Vanke, the country’s largest real estate developer posted a 16 per cent rise in first-quarter profit on the back of strong sales.Net income during the Jan-March period rose to 1.61 billion yuan (S$323 million) from 1.4 billion yuan a year earlier, the company said in an exchange filing.
The company posted revenue of 14 billion yuan, up 35 per cent from 10.35 billion yuan a year ago………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

The second-hand real estate market is being negatively impacted by a mismatch between the prices asked by sellers and bank valuations, Centaline (Macau) Property Agency Ltd writes in its latest market review.
The realtor’s March review says bank valuations of second-hand homes are far from the prices asked by sellers, adding to the buyers’ down payment costs, our sister publication Business Daily reports………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

Hong Kong home prices will fall as much as 25 percent after the government stepped up measures to curb an asset bubble and as banks raised mortgage rates, according to Sanford C. Bernstein H.K. Ltd.
The number of new apartment sales will “remain largely subdued” with developers shifting their focus to cheaper and smaller units to boost sales, analysts led by Kenneth Tsang wrote……………………………………….Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

A parliamentary committee on Monday passed a government-proposed bill that calls for the temporary exemption of capital gains taxes on homes, in a move expected to boost housing transactions.
The exemption applies to people who purchase homes worth up to 600 million won (US$536,400) or no bigger than 85 square meters between Monday and the end of December this year. They will be exempt from capital gains taxes if they sell them over the next five years………………………………………..Full Article: Source

Posted on 23 April 2013 by Laxman |  Email |Print

ANZ senior economist Mark Smith warns that the increasing number of people moving to New Zealand will put pressure on the housing market - particularly in Auckland and Canterbury.
Official figures from Statistics New Zealand show 1200 more people permanently moved to the country in March than departed………………………………………..Full Article: Source

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