Australian Real Estate Blog
From the category archives:
And housing experts believe that government policy objectives such as zero-carbon homes, new affordable housing and community infrastructure projects – once funded by private builders – are all under threat.Later this month a crisis inquiry will be held by the Department for Communities and Local Government into the impact of the credit crunch on the housing market. According to the Department for Communities and Local Government, the previous record annual decline was 10% in 1932.
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The UK The Times Housebuilders face market implosion - Times Online reports that housing construction in Britain (it is assumed this includes Northern Ireland) is likely to fall to around 50 – 60,000 units over the next twelve months - compared with 209,606 units during 2007 and 404,356 units built in 1967.
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This sounds like an investment,” said Marwan bin Ghalita, the chief executive of Dubai’s Real Estate Regulatory Agency. An agent at JCA Real Estate, a Dubai-based broker which also operates in Ajman, said: “We are asking for the total amount in cash and give the client a postdated cheque on behalf of our developer, with 10 per cent profit after one year.A broker at Bhakti Real Estate has offered such deals on a case-by-case basis.
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This stunning Spanish home and self catering business is being given away in a Raffle held at a special party on May 1st 2009 (or before when all tickets are sold).
We’re beating the “Worldwide Credit Crunch & Property Crisis” by doing things a different way to how most other people would sell their home and business.
Why don’t you join us and you could win our fantastic Spanish Cortijo and 7 self catering units all in a walled countryside complex. There must be one winner!
This is quite an emotianal journey for us as we have spent the past 3 years restoring Cortijo San Blas to its present stunning and perfect condition. Leaving most of our guests who stay here wanting to return.
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Marcus & Millichap, a commercial real-estate brokerage, estimates that 850 of the deals it tracked in the first eight months of the year — or 6% of the total — involved seller financing.
Although the company won’t say why it turned to seller financing, the market for sales of commercial real estate provides evidence enough: Sales of U.S. retail properties were down by 80% in the third quarter to $3.4 billion from the same period a year earlier, according to Real Capital Analytics.
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Overall asking rents for Manhattan retail space are down 3 percent to $129 per square foot as of Sept. 30, according to a report issued on Wednesday by the Real Estate Board of New York, a private industry group.
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Nakheel, part of the state-owned Dubai World Group, paid $680 million, including a $300 million placement at $5.20 a unit in January, for a 12 per cent stake in Mirvac and has since bought another 3 per cent in the company for less than $70 million. Dubai’s Emaar Properties, the region’s largest developer, Sorouh Real Estate and Aldar Properties have seen their share prices plunge in recent months. Some developers are casting around for alternative sources of funding, including launching real estate investment trusts (REITs).
Property consultants Colliers International said prominent Dubai developers such an Emaar and Nakheel have sought to offset the risks of investor default by raising minimum repayment amounts.
Colliers said the Dubai property market would slow over the next two years as credit tightened and supply increased. Investment bank EGF Hermes said the total value of real estate projects in Dubai over the next decade was estimated at more than $US230 billion, while the total value of transactions last year was registered at $US125 billion.
Colliers said that, as the linchpin of the Middle East real estate market, there were concerns that a downturn in Dubai could affect other regional markets. Whatever happens in coming months, sources told The Australian that the Government would not let the property market, which makes up 20-25 per cent of Dubai’s economy, collapse.
theaustralian.news.com.au
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With few lenders doling out money these days, commercial real estate sales — including office, mall and warehouse properties — are expected to be less than half of last year’s record-setting $514 billion, according to Real Capital Analytics of New York. More than $14.5 billion in deals have been canceled or pulled away from this year, including about $1 billion in the Washington region, according to Cassidy & Pinkard Colliers.
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“In 2008 to date, the adjustment of the Spanish economy that began last year has continued intensifying in a climate of heightened international financial instability which has come to a head in October,” the Bank of Spain said. The Spanish economy, the fifth-biggest in the European Union, expanded by 3.7 percent
The Bank of Spain’s forecast bears out widespread expectations that the once fast-growing economy is now flirting with recession, defined as two consecutive quarters of falling output.
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”I saw fear take over,” said Timur Usmanov, a real estate agent for Dubai-based Monshaat Properties, about investors who recently tried to flee the market just two or three years after diving in. “There are too many sellers and not enough buyers. …
“People are saying it’s like a tsunami that will attack the country in a few months,” said one broker, who sells property for a major Dubai developer and spoke only on condition her name not be used because she did not want to hurt her business.
Morgan Stanley angered some developers in August with a prediction that Dubai property prices would likely fall by 10 percent after years of unrelenting growth, starting in 2009.
Richard Rodriguez, the former CEO of the Dubai division of Emaar Properties, the builder of the world’s tallest building and one of Dubai’s biggest developers, said too many builders in the emirate have focused on return-seeking investors — rather than people looking for homes to live in.
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