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...Interest rate volatility because of inflation made investors nervous in dealmaking, as properties were held back from being put on sale pending more stability....
...Germany, by contrast, where economic woes, property overvaluations and a large rental market weigh on the sector, saw a 10.2 annual contraction last year — the worst of the EU economies excluding Luxembourg...
...While London built around 7,000 new hotel rooms for its Olympics in 2012, Paris has only added around 2,000 rooms, according to Petit....
...Sotheby’s, which generally only deals with properties worth more than £2mn, has set a floor of 2 per cent on fees with ambitions to charge more....
...“We finally started making . . . the S-O-S sign,” she recalled. She suspected that one of the partners who owned the building had locked them out because he did not want to sell....
...The S&P Global/Cips UK construction purchasing managers’ index, a measure of the health of the industry, rose to 49.7 in February from 48.8 in January....
...Its gain-on-sale margin — which measures how much is earned when mortgages are sold — came in at 2.6 per cent in the first nine months of 2023, compared with 4.5 per cent in 2020....
...Since January 2020, the price of a single-family home in the US has increased by 46 per cent, according to the S&P CoreLogic Case-Shiller index. With gains of 5.5 per cent in the year to December....
...This includes the homebuilders (up 40 per cent or so) and commercial real estate plays such as Boston Properties and Simon Property Group....
...Yesterday featured a stronger than expected retail sales report and an Atlanta Fed GDPNow update which put fourth-quarter real growth at 2.4 per cent. If we are in a slowdown, it’s a very gentle one....
...Prices were 2.5 per cent higher than in January last year, the fastest annual rate in 12 months....
...The rest of the eurozone “saw the best performance . . . despite growth slowing slightly”, S&P said....
...The Covid vaccines that used MRNA instructed cells to recreate the so-called spike protein that the Sars-Cov-2 virus uses to enter cells....
...The S&P Global/Cips UK construction purchasing managers’ index, a measure of the health of the industry, rose to 50.2 from 49.7 in February, the fourth consecutive month-on-month increase....
...The S&P 500 hit another all-time high yesterday. More importantly, Trump Media & Technology Group rose another 14 per cent, right after we wrote that it looked a bit overvalued....
...Under the new scheme, buyers would only have to put up £2,850 to buy a house at the UK average price of £285,000, compared to a deposit of £14,250 with a 95 per cent mortgage....
...Eurozone inflation had been “decreasing faster than expected” to 2.8 per cent in January, down from a record 10.6 per cent in 2022, the ECB said....
...Its net interest margin fell 45 basis points to 2.82 per cent quarter on quarter. That is expected to fall further in 2024. Net interest income could fall by as much as $300mn this year....
...Property prices rose 4.1 per cent in Northern Ireland and by 2.6 per cent in Scotland, but fell 4.5 per cent in the south-east of England....
...The group has just $2.6bn of offshore debt, compared with more than $20bn at Evergrande....
...That’s around a quarter of an Nvidia or a single SPDR S&P 500 ETF. Things have changed....
...S&P rates BPY’s debt BBB-, the lowest investment grade credit rating....
...Sector optimism, however, isn’t universal, with a question mark still hanging over office property....
...Its operating margin dropped to 9.2 per cent in 2023, down from 17 in 2022. The fierce competition and smaller profits are also affecting companies in the EV supply chain — notably battery makers....
...After taking the keys to the auction house, Drahi then layered on hundreds of millions of dollars more debt by mortgaging off Sotheby’s trophy properties in London and New York....
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