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RICS Global RE Weekly: Singapore Commercial Property Market Buoyant on Back of Export Led Recovery

HONG KONG, Aug. 13 /PRNewswire-Asia/ -- Non oil domestic exports (NODX) have recovered smartly since the back end of 2009, with annual growth improving each month in 2010. The robust performance of Singapore's economy can also be seen in the continuing improvement in the property market. The results of the latest RICS Global Commercial Property Survey for Q2 showed that agents are now more upbeat compared to Q1 across many indicators e.g. lettings activity and rental expectations. 

Euro area construction sector may stabilize during H2

Looking forward into the second half, construction output of Euro area may well stablise. Lending indicators point to accelerating economic activity in the euro area, largely driven by Germany and France, and this is beginning to feed through the labour market. Indeed, the composite Eurozone PMI index (covering manufacturing and services) rose to 56.7 in July from 56 in the previous month and the rate of unemployment in the euro area has stabilized at 10%, where it has been since March.

US housing starts stunted by depressed home prices

New home starts hit an eight month low in June, dropping 5 % m/m to an annualized rate of 549,000. A decrease in housing starts implies a decrease in investment and business optimism. Reluctant homebuyers in a weak labour market, tight credit conditions and the continued flow of foreclosures have all contributed to this lack of confidence which is at its lowest level since April 2009.

German house prices are likely to continue rising through H2

German house price data for July is due from Hypoport next week. The headline (composite) index is now 2.8% above year ago levels but remains 3% below its May 2006 peak. The relative undersupply of homes and improving labour market picture are likely to continue supporting house prices.

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Source: Royal Institution of Chartered Surveyors
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