Review of the international property
Russia: the Second International Real Estate Forum INFOREAL has been conducted in Saint-Petersburg. USA: the volume of new home sales grows. Croatia: property prices are on the rise in Zagreb.
The Second International Real Estate Forum INFOREAL has been held in Saint-Petersburg on October, 2-4. The Congress for professionals and an Overseas Property Exhibition have been held as a part of the Forum. The participants of the Congress have highly appreciated its level and the saturation of its business agenda. The INFOREAL Exhibition, which has opened an autumn season in Saint-Petersburg, has been attended by more than 6,000 people.
In August, the volume of residential property sales on the US primary market has increased by 0.7% compared to the preceding month. The median price of residential property on the primary market has amounted to $256.8 thousand, the median selling price to $195.2 thousands.
Also in August, the number of residential property transactions on the primary market of Israel has decreased by 12%, compared to the preceding month. Experts note that the decline in sales can be attributed to the continuing rise of Israeli home prices.
The number of property transactions on the secondary market of Ukrainian capital has increased by 15.5%, September-to-August. The activity on Kiev's secondary market has been growing continuously since February 2009.
Australian residential property prices have increased by 1.9%, in August, compared to July. But the market experts fear that this may negatively affect the affordability of housing, all the more, mortgage interest rates will soon start to increase.
The average cost of Irish housing in the country has declined by 1.5%, August-to-July.
The median price of a property unit has amounted to €235.3 thousand.
The cost of apartments in Croatian capital, Zagreb, has increased by 0.6%, September- to-August; up to €1,911 per a sq. m. Average apartment prices on the Adriatic coast work out €2,005 per a sq. m.
The average asking price for new flats in Latvian capital, Riga varies between €800 and
€1,000 per a sq. m. However, in the course of negotiations with buyers, some developers lower the prices down to €700 - €750 per a sq. m. According to developers, this is even less than the construction costs.
According to the National Statistical Institute of Spain, local residential property prices have decreased by 7.7%, in Q2 2009, compared to the same period last year. Primary housing has depreciated by 3.9%, prices on the secondary market have declined by 11.2%.
Over the first six months of 2009, housing prices in Greek capital, Athens, have decreased by 2.9%, in annual terms. According to the experts, the demand for residential property in the country has started falling in late 2008, which has resulted in a surplus of supply and has contributed to the price decline.
During July-August, €458 million were invested in property of Central and Eastern Europe, which stands for 96% of the overall investment volume registered during the first six months of 2009. Russia has become the most active market in the region: over the specified period, investment in Russian property has amounted to €239 million, or
52% of the total investment volume.
US property has suffered not only from the decline of market prices. According to the National Center for Healthy Housing (NCHH), living conditions of about 5.7 million American families do not meet the requirements of sanitation and hygiene. Every third house in first-tier cities of the US is "harmful for the health" of tenants. The most common health threats are both external and internal leaks (registered in 11% and 8% of properties, respectively). Other similar problems include problems with roofs (6%), damage to internal walls (5%) and house mice (5%).
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