Reports of the Week
Bulgaria: the demand for studios grows in the country. Finland: primary and secondary housing appreciates. France: local authorities register signs of recovery on the local property market.
Bulgaria: in Q1, the average apartment prices on Bulgarian secondary market have decreased by 2.3%, compared to the preceding quarter. Small studios, which cost around
€25,000, are currently demanded the most. 34% of all deals with Bulgarian residential property inked during the specified period are accounting for such type of apartments.
Finland: over Q1 2010, the value of residential property on the primary and secondary markets of the country has increased by 4.2% and 2.2%, respectively, in relation to the preceding quarter. In comparison with Q1 2009, Finnish primary housing has appreciated by 8.4%, while secondary residential property prices have climbed up by 11.3%.
France: during the first three months of 2010, the number of permits for construction issued in the country has increased by 6.8%, compared with the same period of 2009. Since September 2007, this figure has been steadily decreasing. French authorities are assured that such statistics speak for the recovery of the local property market.
Norway: in Q1 2010, average housing prices in Norway have climbed up by 3.4%, in comparison to the preceding quarter. The cost of detached houses and townhouses has increased the most - by 3.9% and 3.7%, respectively.
Netherlands: average prices on the secondary housing market of the country have declined by 0.3%, March-to-February. In annual terms, the index has climbed down by
3.5%. At the same time, the country has seen a significant increase in second home sales.
Estonia: the number of property transactions concluded in the country over Q1 2010 has plummeted by 26%, compared to the preceding quarter, while decreasing by 8% in annualized terms.
Turkey: the average cost of residential property, March-to-February, has increased in Adana, Ankara, Bursa, Kocaeli and Istanbul while declining in Antalya and Izmir. Experts forecast Turkish GDP to climb up by 3.7% by the end of 2010. They are assured that a recovery of macroeconomic conditions will lay a positive impact on the national property market.
Australia: local authorities, which are concerned with the fact that foreigners leave local residents "on the sidelines" on residential property auctions, have imposed restrictions for foreign property buyers. From now on, foreigners with temporary residence permit will have to sell their Australian properties in case of departure from the country.
Canada: premium-class properties in Canada sold briskly during Q1 2010, breaking records for first-quarter activity in 9 of 13 Canadian markets. According to the RE/MAX agency experts, the reasons behind such a rapid growth in luxury housing sales are: improved economic climate in the country, growth of citizens' welfare, immigration and foreign investment.
China: residents of Chinese capital were forbidden to buy more than two apartments per family. According to new rules, from now on, new housing in the city will only be available for residents of Beijing. The ban will also apply to those persons who would fail to confirm that they have been a tax resident of the city for at least a year.
A giant flower-shaped stadium is about to "blossom" in China. A multi-purpose sports park, the nation's largest sports facility, is being constructed in the city of Hang Zhou. Its appearance was inspired by local flora. The project was started in December 2009 and is scheduled to be commissioned in 2013. The floor area of the sports park will reach 400 thousand sq. m. Apart from the stadium, the park will house pedestrian lanes, tennis courts, shopping facilities, as well as an area for extreme sports. Architects took a delta of a river flowing in the vicinity of the project as an example while designing the project.
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