News and reviews of the world real estate markets for the week (14–20.06.2010)

Spain: Foreigners buy more real estate in the country. Israel: rising prices for housing continues. Named the best high-rise buildings 2010 of the year.

Spain: for the first quarter 2010 years overseas buyers purchased 6,7 thousands of residential properties in Spain. This is 33% more, over the same period last year.
Israel: in April, the home price index in the country rose by 0,6% the previous month. Analysts note, that this indicator is stabilizing. This is a consequence of government measures to curb price increases. To those, in particular, include extended tax credits for the purchase of housing and the allocation of additional plots for construction.
Sweden: in large cities of the country - Stockholm and Gothenburg - apartment prices in May decreased relative to April by 1% and 2% respectively. Over the past three months, apartment prices across the country have grown by 3% year on year.
Canada: in May, the number of sales of residential real estate in the country decreased by 8,5% the previous month. According to experts from the Canadian Association of Realtors, this is due to the tightening of the conditions for issuing a mortgage, as well as an increase in interest rates on loans.
Australia: American investor and co-founder of GMO investment management company Jeremy Grantham claims, that the country's residential real estate market will inevitably collapse, because a "soap bubble" has formed on it. According to the expert, housing cost, usually, exceeds the average annual family income in 3,5 fold. During the bubble period, this value rises to 6.5-7 times. Home prices in Australia now exceed the average annual family income in 7,5 time, the expert is convinced.
New Zealand: in May, the average cost of residential properties in the country decreased by 0,5% the previous month. According to experts, in the second half of last year there was a surge in purchasing activity, which replaced the recession and became the key to higher prices. However, in recent months, demand has subsided., and prices began to adjust downward.
Singapore: according to local realtors, in May, the volume of home sales in the secondary market of the city-state fell sharply relative to April. prices, in their opinion, approaching their peak. According to the director of Dennis Wee Properties agency Chris Ko, buyers are more cautious and take a wait and see attitude, since sellers do not want to lower prices. Experts predict, that the market correction can take from three months to six months, and prices will fall on average by 3-5%.
Cambodia: the country's authorities will allow foreign buyers to purchase up to 80% all objects in apartment and office buildings. The corresponding legislative act will be approved by the government in the near future.
Residential Properties: according to research, conducted by Knight Frank, in the first quarter of this year in 53% countries of the world recorded an increase in the value of residential real estate in comparison with the same period last year. The largest Chinese cities are the leaders of the global increase in house prices (68%) and Hong Kong Autonomous Region (30,6%). Singapore took third place: from the first quarter 2009 years to the first quarter of 2010, residential real estate in the city-state has risen in price by 24,3%. The main "losers" of the world housing markets were Ukraine and the Baltic states - the annual decline in these countries was from 26% to 40%.
The best high-rise buildings 2010 of the year: The Council for High-Rise Buildings and the Urban Environment presented the next annual high-rise construction awards. The 23-storey Broadcasting Place skyscraper is recognized as the best "skyscraper" in Europe 70 meters in Leeds, United Kingdom. Bank of America Tower in New York named the best skyscraper of the American continent 366 m. Burj Khalifa skyscraper is recognized as the best "skyscraper" in the Middle East 828 meters in Dubai. Finally, the best skyscraper in Asia and Australia was the Pinnacle Solution high-rise residential complex 163 meters in Singapore.
A forest belt is planned in the central part of Africa, which will stretch from the west to the east coast of the continent. The average width of the "forest belt" will be about 15 kilometers, and its length is over 7,1 thousand kilometers. The project aims to combat desertification in tropical Africa. Its cost is estimated at $119 million.
Alex Lakhov

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