Report on foreign property
Australia, Republic of South Africa, Dubai, Estonia: housing prices are on the rise. Spain: mortgage payments have declined in the country.
The Prian.ru Portal has prepared a regular monthly report on foreign property markets most popular among Russians. For fifteen consecutive months, the Bulgarian market remains the leader of the rating. The second place is occupied by Germany, while Finland is located on the third position. Spain, USA, Italy, Czech Republic, Latvia, Montenegro and Egypt are also situated in the TOP-10. Beyond the TOP-10, Russian buyers' interest in Portugal and Canada has increased most significantly.
In October, the index of apartment prices in 17 Estonian first-tier cities has soared by
6.2%, compared to September. The weighted average price of a transaction has amounted to 10,552 CZK (€674) per a sq. m. The number of transactions has increased slightly, from 782 in September to 790 in October.
In October, the cost of private houses in Republic of South Africa has climbed up by
2.6%, in annual terms. The average sales price has amounted to 991.2 thousand rand
In Q3, the State Index of Australian home prices has increased by 4.2% compared to the preceding quarter and by 6.2%, on annualized basis. The price growth is reasoned by low interest rates, large amounts of governmental subsidies and relatively healthy state of national economy.
Over the third quarter, due to increased availability of mortgage financing and the growth of consumers' confidence Dubai housing prices have gained 7%, in comparison to the preceding quarter. The volume of transactions during the same period has soared by 64%.
Irish housing prices have declined by 1%, September-to-August, down to €232.6 thousand. Over the period from August to September Dublin residential property prices have decreased by 2.1%, down to €300.5 thousand, while falling by 1.3% in other regions, down to €224 thousand.
During the first 10 months of 2009, 6615 properties have been sold on Cyprus - a 50% decline if compared to 2009. Foreign buyers have purchased 1.480 homes, thus, the indicator has decreased by 76% in annual terms.
The Euribor rate (the weighted average interest rate on interbank loans provided in euro) for 12-month credits, which is used to calculate mortgage rates in Spain, has reached its minimum in October, declining to the level of 1.24%. Due to this fact, monthly payments on
25-year mortgages provided in the amount of €150-thousand, would be reduced to €640.
Upon to the results of Q3, the losses of US-largest mortgager - Fannie Mae and Freddie Mac - have amounted to $18.9 billion and $5 billion, respectively. As a result the first company has been forced to turn to the Ministry of Finance for further monetary assistance in the size of $15 billion.
A new railway connecting Russia and Finland is to be built within a year. The trains' speed would reach 200 km/h, which would reduce travel time from St. Petersburg to Helsinki by a half, from current 6-7 hours to 3.5-4 hours.
The Homes Collection magazine has conducted a survey among 858 potential buyers of overseas property, who have visited the "DOMEXPO" exhibition, which has been held on October, 8-11 in Moscow. According to the poll, 90% of potential overseas property buyers use the Web to search for information, realtors and specific proposals. 47% of them have chosen "Prian.ru - International Property" as the main source of information on the subject.
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