Australia: average residential property prices have exceeded the pre-crisis peak levels
Latvia: authorities plan to issue residence permits to all international buyers of local property. Australia: average residential property prices have exceeded the pre-crisis peak levels. Spain: the number of issued mortgages grows.
Riga's Mayor Neil Ushakov said that Latvian authorities are considering the possibility of granting residence permits to foreigners who buy property in the country. Unfortunately, Mr. Ushakov has not specified the deadline for this proposal. For the first time in the history of the "Prian.ru - International Property" rating of property markets most popular among Russians, Latvia has entered the TOP-10. Bulgaria, Germany and Spain have become the most demanded markets.
In August, the average cost of typical apartments in Riga has decreased by 1.2%, in comparison to the preceding month. In some neighborhoods the declination has only worked out 0.7-0.8%. Analysts say that housing prices in the Latvian capital have finally bottomed out.
Average cost of residential property in administrative centers of Australia has increased by 5.9% in January-July 2009, thus exceeding the February 2008 peaks by the end of July. Experts claim that this trend is reasoned by high demand for housing caused by its deficiency, combined with record-low base mortgage rate.
In August 2009, the cost of housing in Bulgarian capital, Sofia, has declined by barely
0.6%, compared with July. During the period of May-July, the rate of decline in property prices on Sofia's market has been consistently falling, finally accounting to the monthly calculation of 2.8%, 1.9% and 1.6% respectively.
27 500 properties have been sold in Finland during the first half of 2009; this is 24% less than during the same period last year. Properties totally worth €2.7 billion were in the country during the specified period. Experts have also reported of a decline in demand from Russian buyers. In 2008 Russians bought 780 countryside properties in Finland, in 2009, however, these figures may reduce by 75%.
Over the first half of 2009, the annual increase of investment in Hungarian property has worked out 7.3%, compared to the same period last year. Statistics on investments in Hungarian property does not only include the expenses related to buying real estate, but also the volume of investments in housing construction.
The rate of housing construction falls in Israel. According to the Central Bureau of Statistics, 7,296 housing units were started in Q2 2009; this is 1.3% less than in Q1. Leumi Bank analysts believe that that the deficiency of new housing will lead to a growth of property prices.
In June, the number of housing loans issued in Spain, has increased by 7%, compared to the preceding month. The average cost of a loan has worked out €142.7 thousand - a 5% growth, May-to-June. The experts attribute such development of the mortgage market to a reduction of interest rates, which have averaged at the level of 4.47%.
UK-largest bank, HSBC, has lowered the rate on two-year mortgages down to 1.99%. At the moment this is the lowest interest rate on mortgages in the country. The bank has decided to apply such measure in order to stimulate the volume of its mortgage lending, and grant loans totaling £15 billion by the year-end.
New York has been named the world's most expensive city for tenants. Average monthly rent amounts to as much as $3.1 thousand, for comparison: in Peru's capital Lima, which has become the cheapest city for tenants, this figure does not exceed $130 per month.
Taiwanese property market suffers not from the crisis, but from the superstitions. The volume of transactions on the housing market of Taipei, the island's capital, has declined because of the traditional "Ghost Month", the seventh month of Chinese lunar calendar, which falls on August-September this year. Residents of Taiwan believe that evil spirits visit our world at this time. In order to evade the possible trouble, Taiwanese avoid changing flats, marrying and travelling.
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