News and reviews of global real estate markets for the week (04-10.10.2010)

13.10.2010 10:00
Real Estate Market Analysis | News and reviews of global real estate markets for the week (04-10.10.2010) TRANSACTIONS
In Rome, sold the smallest apartment in the world. The total area of the "baby" is only 5 square. m, and ask for it ? 50 thousand apartments that once served as home to the pylorus, is a room, which is separated by a barrier of toilet and shower with a small sink. Sleeper is located on the mezzanine. At the same time, the undoubted advantage of this apartment is its location - it is near a central square in Rome's Piazza Venezia. Near the residence of the Italian prime minister Silvio Berlusconi.

Number of home sales in the domestic market of Cyprus in September fell by 13,2% compared with last September. However, on a monthly basis, this figure rose to 18,7%.

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Number of home sales in the Netherlands has decreased in the III quarter by 10% compared to the same period last year.

The number of property transactions in Lebanon, committed in January-August increased by 29.2% compared to the same period in 2009.

In August, the number of real estate transactions of Kuwait increased by 10% compared to July. In the segment housing increased by 18%. However, purchasing activity was significantly lower than in the previous few months.

According to the mortgage bank Halifax, in September, the British housing has fallen in price on 3,6%. This is the most significant monthly decline since 1983, when the bank started a similar statistic. Leading economist Martin Ellis Bank explains this significant for the local property market downturn that the volume of deals has increased, as demand has dropped. To reduce the demand of the population affected by anxiety over the state of the national economy and the labor market. Mortgage lending, according to statistics of the Bank of England, is also declining - over the past four months. At the same time, if we take the dynamics of prices for July-September, a decrease in the cost of housing is not so much: it is 0,9%.

Housing prices in Poland are falling, despite the economic stability. In II quarter GDP growth versus the same period last year amounted to 3,5%, while housing cheaper by 3.7%. Relative peak indicators II quarter 2008, prices declined by 10% in Warsaw, at 25% in Poznan and 30% in Wroclaw. In the metropolitan area Tricity (Gdansk, Sopot, Gdynia), the drop was 22%. Experts attribute this trend in the first place, with an excess of supply. According to them, in the next few quarters Activity developers will fall, which will gradually lead to price stabilization.

In September, the Irish housing has fallen in price by 1,1% compared to August. The annual decline in prices amounted to 15,5%.

Prices for apartments in Riga in September rose by 26,1% compared to last September, to ? 614 per sqm. m. Since the beginning of the year grew by 17,9%, according to the company Arco. According to statistics from Ober-Haus, commercial property rose from August to September at 0.3%.

Requested housing prices in Spain fell for the III quarter at 2.7%. Among the Spanish regions of residential property has risen only in the Balearic Islands - by 3,7% over the period.

The price index for privately owned housing in Singapore rose by 3.1% from II to III quarter. In the central part of the city-state growth of the index amounted to 1,6%.

In III quarter of the cost of renting privately owned apartments in the Netherlands increased by 0.5% quarter on quarter, but fell by 8% compared to III quarter of last year.

Construction spending in the United States in August amounted to 811 billion, which is 0.4% higher than in July. In comparison with last August, the figure fell to 10%.

The aggregate value of construction work performed in Kiev in January-August fell by 12.4% compared to the same period last year.

The number of housing units, construction of which began in Spain in the II quarter remained unchanged with respect to I quarter, but fell by 13.4% year on year. Number of completed projects increased by 4% qoq, but fell by 31% annualized.

The total value of construction permits for real estate in Canada fell from July to August on 9,2%, but increased by 11,4% compared with last August. In the housing sector this figure increased by 2% on a monthly basis and by 15,3% - in annualized.

Number of building permits issued by the authorities of Cyprus for January-July increased by 1.2% year on year. However, their total value fell by 6%.

Mortgage lending in Slovakia increased from July to August at 0.7%. The number of mortgage loans rose by 0,6%.

Demand for residential real estate in Israel has grown considerably in August - up 13% compared with July. In the segment of new construction demand rose by 38%. The volume of new supply in August fell by 2.2% from the previous month, up to 9370 objects. For comparison, in II quarter has been put up for sale 13 thousand objects. In this situation, the Israeli housing could become more expensive. In June, its price rose by 2,2%, and for the II quarter - by 3.2%. With respect to the II quarter of 2009 grew by 12.1%, which made Israel to fifth place in the world in the rate of house inflation.

Dubai is expected to further decline in housing prices. According to the survey Chamber of Commerce in Dubai, the negative price dynamics will be caused by an excess of supply and demand constrained. At the same time, according to economist Esana Homan, in the medium or long term, prices are expected to return to pre-crisis level. This will happen as a result of lowering interest rates on loans and measures of state regulation of the market, experts said. Revive the local property market and should improve macroeconomic performance - primarily due to higher oil prices and increasing trading volumes. So far, the cost of housing in Dubai falls: I to II quarter has decreased on 4,2%.

Author: Andrew Velichko
Content tags: Overseas property
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