Office space in selected San Francisco skyscrapers (click to enlarge)
In Argentina after the big crisis of 2001-2002, property prices have recovered. According to the interesting Argentinian blogger Sebastian Estevez, and his Blog bullspreadblog.blogspot.com, in the area of “corredor norte” in Buenos Aires, real state prices could have doubled in the last 7 years, you can see the chart on his blog. Sebastian explains how prices are falling now but not officially published.
I also find a very interesting post on this blog on an currency agreement between China and Argentina Governments.
Also, you could find in the site reporteinmobiliario.com, a series of argentinian real state videos conferences.
In Japan a few days ago there was a significant new in the sector. Lone Star stepped up its presence in Japan on Tuesday by agreeing to invest Y115.5bn ($1.2bn) in the country’s first real estate investment fund to file for protection.
The US fund, which specialises in distressed asset investments, was chosen to be the rehabilitation sponsor of New City Residence Investment Corporation, which filed for court protection last October with debts of Y112.3bn.
The acquisition price came at a capitalisation rate – the purchase price divided by the income from the underlying assets – of 7.3 per cent, Mr Torii said.
Given that the implied capitalisation rate of other residential Reits at current share prices was 8.5 per cent, Lone Star was offering “a fairly high price”, he added
In Barcelona, activity in Barcelona office market has fallen 44.60% in the first quarter of this year over the same period of 2008 and in total have been absorbed 32,492 square feet, and rents have been at maximum 23.5 euros per square meter, 16.1% less.
According to the latest report of the office market in Barcelona Cushman & Wakefield in the first quarter of the year in Barcelona have made a total of 77 operations, compared to 139 in the same quarter last year.
The vacancy rate in the Barcelona office market increased by 12.27% at end of first quarter, compared to the figures of the close of 2008, and stood at 9.15%, equivalent to 492,222 square feet available .
Most of the square meters are available as 70% in the periphery and in new business areas.
The director of Cushman & Wakefield in Barcelona, Oriol Barrachina said the downward trend will continue.
In United States, at the end of February, 40 wealthy Chinese embarked on a housing tour of the US. The trip, run by Soufun Holdings, one of China’s largest real estate companies, kicked off in Boston and continued on to San Francisco, Los Angeles and New York.
For a fee of US$3,600 apiece, tour group members perused homes in the US$500,000 to US$1 million range.
The trip was so popular that Soufun had to turn away 400 applicants.
“Every day people are calling about it,” said Zhao Xinyu, public relations manager at Soufun’s Beijing office. Based on customer demand, Soufun may expand such trips to include Australia, the UK and Japan.
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