Britain, France, Luxembourg, Canada, New Zealand and Singapore: housing prices are on the rise
Britain, France, Luxembourg, Canada, New Zealand and Singapore: housing prices are on the rise. Europe: the volume of commercial property investment has increased in the region. Estonia: cell phone debts con lead to a foreclosure.
In September, the average cost of residential property in the UK has increased by 0.9%, compared to August. Over the last quarter of 2009 national home prices have increased by 3.8%. This has become the sharpest quarterly increase in the UK home prices over the past five years.
Asking prices for residential property in New Zealand have climbed up by 6%, September- to-August. Market experts claim that this increase is reasoned by a deficiency of supply.
The average cost of French housing has increased by 3.9% in Q2, compared to the preceding quarter. This has become possible due to governmental subsidies provided to homebuyers and lowered mortgage interest rates.
In Q2, the yearly increase in Luxembourg home prices has amounted to 0.3% in the segment of homes, and to 0.7% in the apartment segment. Sales volume has also increased
- by 27% and 64%, respectively.
The index of housing prices in Singapore has increased by 15.9%, in Q3, compared to the preceding quarter. This has become the sharpest quarterly increase over the last 18 years.
In Q3, residential property prices have increased in Canada by 0.09% in the apartment segment, by 0.06% in the segment of one-storey homes and by 0.1% in the segment of two-storey homes. Experts forecast that the growth will prevail due to the lack of supply, registered in Canada's first-tier cities.
As of Q3 2009, the average housing prices in the Netherlands have remained intact since Q2 2009, and worked out €229 thousand. Experts claim that the national housing market has started to recover.
Foreign buyers have acquired 1,363 properties on Cyprus over January-September. For comparison, during the same period last year the figure has worked out 5,622 homes.
According to a report prepared by one of Latvia's largest realtor agencies, Latio, over the last 5 years Latvians have overpaid 4.2 billion lat (€ 6 billion) for their properties. The fact is that in 2004 housing prices began to soar. Subsequently they've reached their peak in summer 2007, when one square meter of Latvian housing was worth €1.7 thousand. Now, the average price of a square meter work out €500.
Major mobile operators in Estonia put the apartments of their debtors on sale. The EMT company plans to sell 25 flats. Due to mortgage non-payment, the right of asset management for 4 apartments has also been transferred to the Tele2 mobile operator.
In Q3, the volume of direct investment in European commercial property has soared by almost 40%, in comparison to the preceding quarter, up to €18 billion. The Jones Lang LaSalle agency forecasts that the volume of transactions is going to increase even further in Q4.
In Q3 2009, average office vacancy rate in the US has increased by 16.5% throughout the country, which has become the highest level, registered over the last five years. In comparison to Q2, the average rental price for U.S. offices has decreased by 2.2% amounting to $20.5 per a sq. m. per month.
Scuffles have erupted as thousands of people flood the former automotive capital of the US, Detroit, in search of governmental aid provided in the amount of $3 thousand per person for people who have recently lost their homes. Police forces were called in to pacify the citizens. Within a few days, more than 50 thousand applications for government assistance have been distributed in Detroit. However, only 3.5 thousand applications have been approved. In order to comply with the requirements of authorities, applicant must have lived in Detroit for the past six months, been homeless within the past year and be of low to moderate income. The yearly income of the applicant should not exceed $24,850; the maximum income of a four-member-family is $35,500.
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