The recent FNAIM “state of the market” report is at best obtuse, and at worst a deliberate attempt to obscure the facts. As usual – no sales volumes are included in the report, but the tone suggests some panic amongst the membership. The report claims “slight upward pressure on prices in the short term,” but then states that prices fell 1.4% in the first quarter 2010.
More on Property Investment in France :: FNAIM Hedges Their Bets
The biggest problem facing the UK lettings market is the low level of stock. More specifically, it is a problem if you are a tenant wishing to move, but it’s also proving to be a financial blessing for landlords for a number of reasons.
An interesting release from General Growth Properties suggests the shake up in the property investment sector may be getting even shakier – it that was possible. It is really becoming difficult to sift through the dross and mis-information being touted, but this is a substantial move and may well see a shift in the Chicago investment properties market. But – we have given up guessing the future until things settle down. Any time now……
Interesting story out of Louisiana regarding a Chinese drywall manufacturer. The repercussions for property investors in the US are interesting to say the least. Maybe, just maybe a ruling in favor of the little guy will make a difference. Press release: The Louisiana court issues second major win for homeowners in less than a month; 25,000 homes nationwide contain defective Chinese wallboard that can emit toxic sulfur fumes, corroding plumbing, wiring; verdict covers full repair of home built after Hurricane Katrina; faulty drywall called “poltergeist” by trial attorney.
More on Federal Judge Awards New Orleans Family $164,000 in Damages
With the end of Cityscape Dubai, Nakheel is planning on another 500 job losses according to “The Independent,” newspaper.
Nakheel, the state-owned Dubai property group that was responsible for the iconic Palm Jumeirah artificial island, is set to make as many as 500 redundancies now that the Emirate’s “Cityscape Dubai 2009″ show is over. Announcements are expected in the next few days, a consequence of fallout from the global financial crisis. Dubai property values have fallen 50 per cent in a year. The company said last night: “Nakheel continues to evaluate its projects and commitments against market conditions and opportunities. In doing so, the company also evaluates its cost base and efficiencies.” Ratings agency Standard & Poor’s said Dubai needs to raise another $10bn (£6.3bn) for its economic support fund, to prop up government-related companies. The independent.
I am slowly coming to the conclusion that the governments and news media think all potential readers are morons. According to this ridiculous press release disguised as journalism, Emirates Business says:
More on Dubai Property Prices Rise Thirty Percent!!!!!!!!!!!!!
Thinking of buying investment property in Dubai? Look at the foreclosures when they start happening. The amount of loan defaults across the UAE continues climbing and the banks are considering repossessions as a way of balancing their books. With property prices in Dubai down as much as 70%, and thousands more new properties still entering the market place one would have expected a few bargains to be had. But – lacklustre auctions and developers holding vast stocks are keeping prices from properly correcting.
More on Buying Investment Property in Dubai Foreclosures Might Be The Answer
Whatever happened to getting a loan to buy an investment property with? They went out of the window with the world’s financial health when Lehman brothers bit the dust, that is what. The continuing devaluation of real estate around the world is continuing to put pressure on the loan markets and the credit crunch is still affecting property investment markets. The banks are well aware of the likely losses in the commercial property sector that are – as we speak – being announced. So, they are hoarding their money for the time when they must announce more losses and write off more outstanding debts.
Another round of losses in the third quarter shows continuing weakness in the world’s real estate markets. Although property investment in Singapore ticked up slightly in the third quarter, more bad news from major developers and property investment vehicles show continuing declines in prices, sales volumes and profitability. US luxury home builder Toll Brothers posted a Q3 loss of $472.3 million, and GPT group in Sydney, Australia posted a US$995 million loss for the first half of the year.
More on Investing in property – the big boys are starting to hurt badly
To listen to some of the headlines produced around the latest CB Richard Ellis report on Singapore’s property investment market, you could be forgiven for thinking the second coming had arrived.
More on Investment properties in Singapore start selling again
