Global Property Guide
Israel, Australia, Norway, New Zealand, Switzerland, the United States: housing prices are on the rise. Spain: the numbers of mortgages issued in the country increase. Iraq: foreigners were allowed to buy land in full ownership.
According to the Q3 2009 report by Global Property Guide, the sharpest annual growth of housing prices has been registered in Israel (13.7%), Australia (6.3%), Norway (3.8%), New Zealand (3.7%) and Switzerland (3,3%). The strongest annual decrease has been observed in Latvia (59%), UAE (47%), Ukraine (34.4%), Bulgaria (28%) and Slovakia (14.3%).
In quarterly terms, prices have risen significantly only in Singapore (15.8%), Hong Kong (10%) and UAE (7%). Over the same period prices have declined the most in Latvia, Ukraine and Thailand, the decrease has amounted to 8.5%, 8.4% and 6.2% respectively.
In Q3, the average cost of Slovakian housing has plunged by 1.5%, compared to the preceding quarter, down to €1,322 per a sq. m. In annual calculations prices have plummeted by 14.3%.
The average cost of residential properties on the secondary market of Canada has climbed up by 1.3%, September-to-August. The growth of prices for finished homes has been registered in all major cities except Montreal, where the indicator has slightly decreased by 0.2%.
In September, the Standard & Poor's/Case-Shiller's index of home prices in 20 largest cities of the US has increased by 0.3%, compared to August. A 9.4% decline has been registered in yearly calculations. This has become the softest annual drop in US home prices since January 2008.
The sales volume on the secondary property market of the United States has soared by
10.1% October-to-September, up to the average volume of 6.1 million properties. Over the same period sales on the primary market have increased by 6.2%, up to an annual
average of 430 thousand properties.
In Q3, sales of Turkish housing have plummeted by 42.5%, compared to Q2, down to the level of 111.9 thousand units. Over the same period, sales have increased by 2.4% year-on-year.
In September, the number of mortgages granted in Spain, has increased by 22.8%, compared to the preceding month. In absolute terms, the indicator has amounted to 104.2 thousand mortgages, 3.3% more than a year earlier. The overall amount of loans issued for housing purchase, has soared by 18.6%, up to €13.6 billion, compared to August. The average amount of a mortgage loan has worked out €130.3 thousand, while the average
interest rate has amounted to 4.2%.
The number of new mortgage loans issued by major British banks, has increased up to
42 238 in October, compared with 42 073 in September.
According to the British Royal Institute of Chartered Surveyors (RICS), over the Q3, an increase in foreclosure sales has been registered in 80% out of the 25 countries that participated in the study. The sharpest increase in this type of transactions has been observed in South Africa, USA, Portugal and France. At the same time, in China (and, particularly, in Hong Kong), as well as in Brazil, dynamics were the opposite.
A new law on investment allows foreigners to acquire Iraqi land designated for housing construction in full ownership. The law is also aimed on accelerating the processing of applications for acquiring licenses on investment activity. Previously, foreigners were only allowed to lease the land for a limited period of time.
According to the CB Richard Ellis consulting agency, in Q3, the most expensive premium retail space for rent has been located in New York City - €12.1 thousand per a sq. m. per year. The second and third lines are occupied by Hong Kong (€7.2 thousand per a sq. m. per year) and Paris (€6.3 thousand per a sq. m. per year). The TOP-5 is tailed by Sydney and Tokyo, where the annual rent in elite shopping centers amounts to €5.9 thousand per a sq. m., and €5.7 thousand per a sq. m., respectively. London, Moscow, Zurich, Brisbane and Dublin are included in the TOP-10.
A "soap opera" about unaffordable residential property has been filmed in China. According to the screenplay of the "Moving Difficulties" series, two sisters are trying to find affordable housing in the big city, where property prices are exorbitant. One of the main characters becomes the mistress of a government official in order to help his sister pay off the mortgage. Most likely, the prototype of this city is Shanghai.
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