News and analitycal
USA: home prices and the volume of secondary housing sales grow. United Kingdom: the level of mortgage lending has increased. Central and Eastern Europe: over the quarter, commercial property investment has soared by 226%.
The average price of residential property in the U.S. has climbed up by 6%, September- to-August. This "mini-boom" is partly reasoned by an increase in the number of first home buyers, whose share in the total number of customers now works out 42%.
The sales of existing homes in the U.S. have increased by 9.4%, September-to-August, and by 9.2% on annualized basis. The sales growth is partly due to the state program of assistance to first-home buyers, which expires at the end of November. Economists fear that after the program finishes, the sales would stop increasing.
As of Q3, the Index of Australian housing affordability has decreased by 3.3%. The reduction of this indicator is explained by soaring home prices and rising mortgage interest rates.
Some specialists expect Israeli housing prices to decrease. According to a senior economist of the Excellence Investments company, Shlomo Maoz, the decline will be driven by growing mortgages interest rates. Housing Minister, Ariel Atias, believes that the prices would plunge due to the freeing up of publicly owned land for private development. The relevant law has been approved in August.
The backlog of unsold new homes in Spain will reach 800 thousand properties by the end of 2009. This forecast was announced by the G-14 organization, which incorporates the Spain's largest construction companies.
According to the Bank of Spain, in Q2, foreigners have invested €860 million in the acquisition of local property. This is 40% less than over the same period in 2008.
The total volume of mortgages issued in the UK has increased by 2%, September-to- August, up to £12.5 billion (€13.6 billion). According to the results of Q3, the volumes of mortgage lending has reached £38.9 billion (€42.4 billion), - an 18% increase in comparison to the preceding quarter.
The volume of EU construction has plunged by 0.5%, August-to-July. The sharpest decline has been observed in Romania (7.9%), Bulgaria (3.6%), as well as in Spain and France, where the decrease has worked out 1.6%. At the same time, the most significant increase has been registered in Germany, Slovakia and Sweden, where, in monthly calculations, it has amounted to 4.2%, 3.6% and 2.9%, respectively.
According to Lt. Mohammed Nasser Al-Harithi an Abu Dhabi Civil Defence official, the majority of buildings in the UAE do not meet fire safety requirements. This year the Office's staff has checked 5.3 thousand buildings throughout the emirates, including 1.1 thousand residential buildings. As it turned out, most of them are equipped with outdated fire equipment, are not equipped with smoke detectors and have malfunctions in the central gas supply system.
In Q3, the volume of investment in commercial property in Central and Eastern
Europe has soared by 226%, compared to the preceding quarter, reaching the level of
€550 million. The overall volume of commercial property investment throughout Europe has amounted to €17.3 billion in Q3, which exceeds the indicators of the preceding quarter by 34%.
A two-bedroom apartment which is worth barely £1 thousand has been recently put on the market in the English town of Stanley. The apartment's walls are filled with holes and the floor is littered with debris. There are no ceilings, therefore, rainwater leaks in form the outside. Such a condition of the property unit reasons its "ridiculous" price.
A two-bedroom flat worth 15 thousand kroner has been put on sale in the Estonian village of Kuldre. The text of sale announcement states that rooms and the roof of an apartment located in a house that was built in 1969 require repairs. A shop and a school are located within 150 meters. The nearest major town Antsla is located 9 km away from the village.
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