Digest: news and analitycal
Britain: the growth of housing prices has slowed down. Latvia: the cost of small typical apartments increases. Dubai and China: residential property sales have soared dramatically.
In November, the value of residential property in the UK has climbed up by 0.5%, compared to the preceding month, and has amounted to an average of £162.8 thousand (€179.2 thousand). Experts note that the rate of increase gradually slows down.
Typical apartments in Latvian capital, Riga, have appreciated by 5.5%, November-to- September. The average cost of such properties has worked out 340 lat (€484) per a sq. m. The prices of one- and two-room apartments have increased by 6.3% and 4%, respectively. The cost of large properties has remained intact.
Croatian housing prices have decreased by 0.3% in comparison to October, while falling by 5.2% on annualized basis. In Zagreb, the average apartment prices have amounted to
€1,881 per a sq. m., the cost of private homes has worked out €1,309 per a square. m. On the Adriatic coast, apartment and home prices have decreased to €2,119 per a sq. m and €1.529 per a sq. m., respectively.
This November, the median apartment prices in Bucharest, Romanian capital, have plummeted by 45% compared to the same period last year. The sharpest decline has been registered in the segment of two-room apartments, prices for which have plunged by 54.3%. The value per a sq. m has varied between €1078 and €1788. In general, the number of housing units built in Romania over Q3 has climbed up by 1.8% year on year, up to 14.7 thousand properties.
In October, the sales of new residential properties in Australia have declined by 6%, in comparison to September. The number of detached housing sales has dropped by 6.9%, while increasing by 2.4% in the segment of apartments.
According to Dubai Chamber of Commerce, local home sales have soared by more than
50%, October-to-September. The number of apartments and private homes sold has increased by 70% and 34% respectively.
Over January-October, the overall value of transactions on Chinese property market has amounted to $463.66 billion, which exceeds the levels of 2008 by 79.2%. The growth has worked out 84.3% tn the residential segment.
By the end of November, the number of residential properties marketed in Estonia has plunged by 28.5% compared to the beginning of 2009, down to 24.3 thousand properties. The share of apartments accounts for 47% of the total number of marketed units.
The number of new mortgages granted in Spain has increased by 4.2%, up to 62.4 thousand, September-to-August. At the same time, because of the falling prices, their total volume has decreased by 16%, down to €7.3 billion. Mortgage rates continue to decline.
In Q3, 685 residential properties have been completed in Bulgaria, a 0.9% increase in comparison to the preceding quarter. However, the total amount of housing in the constructed buildings has decreased by 11.4%, down to 5.2 thousand. Varna (163 properties), Bourgas (133 properties), Veliko Tarnovo (45 properties) have become the leaders in respect of construction volume.
The number of building permits issued in Turkey over January-September has decreased by 14.8%, compared to the same period last year, down to 61.5 thousand. The value of granted permits has amounted to $23.4 billion, a 25.1% decline in comparison to the past year.
Over January-September, 840 residential properties have been started in Tel Aviv and its suburbs, thus, the indicator has plummeted by 44%, in comparison to the same period last year. The largest number of new housing starts has been registered in Jerusalem, Petah Tikva and Netanya, the indicator has however declined by 3% nationwide.
London remains the leader in terms of European office rentals. Over Q3, rental prices in the West End have amounted to €942 per a sq. m per year. The second place is occupied by Paris (€750 per a sq. m per year); while Moscow is situated on the third line (€615 per a sq. m per year). St. Petersburg is located on the seventh place.
The decline in prices, sales volumes and other market indicators is not the only thing that might disturb overseas property investors. Estonian scientists have drawn the public attention to the problem of radioactive gas, radon, which is contained in the earth's crust and can penetrate buildings through cracks in foundation. Radon contributes to lung cancer if it gets in human body. The northern coast of the country is the most dangerous in this respect.
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