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Norway, Finland and Sweden: the cost of residential property grows


23.09.2009
Norway, Finland and Sweden: the cost of residential property grows. Canada: housing sales and prices are on the rise. United States: the number of new projects under construction has reached the nine-months-peak.
The Knight Frank consulting agency has recently published the ranking of world's housing prices as of Q2 2009. In comparison to the preceding quarter, prices have increased most sharply in Norway (5.3%), Australia (4.2%), Israel (4%), Finland (3.9%) and Sweden (3.6%). The leaders of the price decline are Bulgaria (9.7%), Dubai (7.5%), Thailand (5.6%), Singapore (5.2%) and Slovakia (5.0%).
In yearly comparisons, the volume of residential property sales on Canadian secondary market has increased by 18.5% in August 2009. Over the specified period, the median price of a property unit has soared by 11.3%, up to 324.8 thousand Canadian dollars ($303.7 thousand)
Over the first half of 2009, the average cost of housing in Brussels has plunged by
2.25%, compared to the preceding half year, down to the level of €2.8 thousand per a sq. m. Housing prices in Belgian capital did not fall since the mid 1980's.
During July, 33.7 thousand residential property units have been sold in Spain, which has become the highest indicator since the beginning of the year. For comparison: 26.2 thousand transactions have been registered on the Spanish housing market in April 2009, which has become the lower bound of the decline.
This June, Japanese land price has decreased by 4.4% in annual terms. For the first time in the history of such statistics, the decline has been registered in all prefectures of the country. However, experts believe that the price of urban land for construction will soon stop becoming cheaper due to improvements in the residential and commercial sectors of the Japanese property market.
Number of new housing starts and building permits issued in the United States has increased up to the highest level within nine months. Analysts say that the U.S. housing market is beginning to recover from the crisis and may contribute to the growth of national GDP in Q3 2009.
The authorities of a Croatian city, Otok, offer land for housing construction to young families who do not have their own home. Each family participating in this program will receive construction materials worth up to 100 thousand kuna (€13.7 thousand). Totally
20 hectares of land would be allocated for housing construction. The project is expected to involve 150-200 families.
Property market was named to be the most stable sector of Finnish economy. The results of Q2 show that its turnover has increased by 5.1%, in relation to the preceding quarter. For comparison: during the specified period the national construction sector has seen a 19.2% decline.
The total value of commercial property in the UK has increased by 0.2%, August-to July. This was the first monthly increase in this indicator since June 2007.
The average office rentals in Israel's business capital, Tel Aviv, have plummeted by 20%
in August, compared to the last year, down to $15-25 per a sq. m a month.
Singaporean authorities have prohibited local banks and developers to offer loans with a
5% down payment for purchasing residential properties which are still being constructed. In addition, buyers are not allowed to postpone the payment of the credit till the property is finished. This is done in order to fight against speculation on the local property market.
www.business-realty.com.ua  
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