News North America US and Japan to lead pick up in distressed properties, new report says US and Japan to lead pick up in distressed properties, new report says |
| Monday, 01 March 2010 | |
 Global property distress report Real estate professionals expect the number of distressed properties coming onto the market to increase in 19 out of 25 countries with the US, Japan, China, Germany and the United Arab Emirates seeing the most sector growth, according to a new report published today. But those in Brazil, India, Hong Kong and Australia are more optimistic and expect fewer distressed property listings, the Royal Institution of Chartered Surveyors Global Distressed Property Monitor shows.Overall 70% of the countries surveyed reported an increase in distressed sales in the fourth quarter of 2009, a slight improvement on the 80% reporting three months earlier. The biggest pick up in distressed sales was reported in China, followed by Spain, Japan and the Republic of Ireland but the pace of increase moderated across the majority of markets compared to the third quarter. Indeed, Brazil, Hong Kong, Australia and India reported a decline in the number of distressed properties coming onto the market. RICS members work on both sides of any distressed property transaction. Consequently, the survey asked surveyors whether the level of interest from specialist funds in distressed properties was increasing. Levels of interest rose across 21 out of 25 countries up from 18 in the previous quarter with Spain, Republic of Ireland, UK, US and Scandinavia seeing interest rise at a faster pace. ‘Some moderation in the pace at which distressed properties are hitting the market is to be welcomed although this in part reflects the fact that interest rates globally are still at record lows. With longer term borrowing costs set to move upwards over the course of 2010, there is the risk of a renewed increase in distressed property listings,’ said Oliver Gilmartin, RICS senior economist. He said banks have a crucial role to play in the recovery of global property markets. ‘The orderly unwinding of property loan books at banks in the coming years is crucial to the sustainability and health of the budding recovery in some global property markets. As banks return to better health, it is critical that more aggressive foreclosure behaviour doesn’t prompt a second down leg in markets which appear to be regaining some composure,’ explained Gilmartin. ‘It is the major real estate markets of the world, namely the US and Japan, where agents expect the strongest growth in distressed sales in the first quarter of 2010. Significantly, whilst the US is seeing ongoing rises in interest from specialist funds, Japan is not the recipient of the same level of investor appetite for distressed property assets,’ he added.
This story relates to: [SEE ALL] BOOKMARK THIS PAGE (What is this?) |
- Foreclosure rates fall in the US but still way above a year ago, latest figures show 11/03/2010
- Property crisis hits famous US wine growing region 10/03/2010
- Property prices up in US in February with increased foreclosures not harming the market, report says 08/03/2010
- Fears that US tax credit stimulus is not increasing real estate sales 05/03/2010
- Analysts say there will be no property price increase in the US for several years 03/03/2010
- US commercial property prices rising but concern remains over rising defaults and foreclosures 24/02/2010
- Record number of US real estate loans overdue or in foreclosure, latest data shows 22/02/2010
- Economists warn of severe shortage of property in US as construction dives 18/02/2010
- US property foreclosure figures easing 15/02/2010
- Signs of double dip in US real estate prices, index shows 12/02/2010
PropertyWire Confidential Magazine March/April 2012
North America: Top Headline
Residential foreclosure numbers falling in the United States{mosimage}
The number of foreclosures in the United States is down marginally from a year ago and has levelled off over the first four months of 2012, according to the latest figures from analysts CoreLogic.
Search for Properties:
Feature story
Pensions guide: all you need to know about SIPPsAn increasing number of professionals of all nationalities have been moving and working abroad over the past 20 years.
Company news
RICS and KIT announce global shared professorship in property valuation and sustainabilityThe Royal Institution of Chartered Surveyors, the leading global professional body in property land and construction and Karlsruhe Institute of Technology (KIT) have come together to provide property professionals with the skills they need to future proof property, infrastructure and the built environment across the globe.
Finance Update
Santander launches new first time buyer mortgagesSantander has launched a range of first time buyer mortgages which is says are designed to help borrowers trying to get their first step on the property ladder.
Features
Pensions guide: all you need to know about SIPPsAn increasing number of professionals of all nationalities have been moving and working abroad over the past 20 years.
Brand Advice
Bookshop
Newsletter
Subscribe to our weekly newsletter and stay updated on the property market trends.
Subscribe now >>
| Compare and Apply | ||||||||
|---|---|---|---|---|---|---|---|---|
|
||||||||
|
