News and reviews of the world real estate markets for the week (18–24.10.2010)

The number of mortgage foreclosures in the US has reached an absolute record high. Bulgarian authorities plan to increase the tax on real estate. Housing prices are expected to rise in France. Moscow ranked first in the world in terms of the rate of rise in prices for elite housing and second in Europe in terms of attractiveness of real estate investments.

In January-October, elite housing in Moscow increased in price by 12,3%, which allowed the Russian capital to come out on top in the world in terms of the rate of rise in real estate prices in this segment. In Singapore, Hong Kong and London prices rose by 8,1%, 7,2% and 6,4% respectively. In the category of super-elite housing, the first three lines of the rating are taken by Singapore (6,3%), Hong Kong (5%) and London (3,7%). In Moscow, prices have risen by 1,7%, according to data from the Chesterton company. According to analysts of the company, the biggest "loser" of the premium and super-premium segments of the real estate market was New York. If in other megacities prices in these segments are only 4-6% behind the peak indicators of the second quarter 2008 of the year, then in the largest city in the United States they fell by 25-30% and are in no hurry to recover. This is especially true for housing in new complexes..
Prices on spanish housing were in September at 3,7% below, than in the same month last year, according to statistics from the Ministry of Housing. According to the appraisal company Tinsa, the level of annual price reduction for the specified period was 5%.
In September, prices for secondary residential real estate in The Netherlands decreased by 0,5% in relation to August. The annual decline was 0,6%.
Prices for apartments in Kiev decreased in September by 1,6% the previous month. Depending on the location, the cost per square meter ranged from $1549 to $2985.
Housing prices in Dubai fell in September by 2,3% in comparison with August and 4,9% - relative to last September.
Housing cost in new Zealand increased since September 2009 year to September of the current year by 2%.
Third quarter selling price Norwegian housing decreased by 0,5% in relation to the second, however grew by 6,7% year on year. Rental rates rose by 0,6%.
Prices for private housing in Singapore grew in the third quarter by 2,9% relative to the previous. The cost of apartments and condominiums has risen by 3,1%, detached houses and townhouses - on 7,7%.
IN Great Britain for sale a four-bedroom mansion for ?350 thousand. Its main feature is the presence of a bunker, able to withstand a nuclear explosion. Here in the square 28 quarter. m, stores of water and food, which are enough to support the life of a family of several people for a month. The bunker is equipped with an independent diesel generator, WC, telephone connection, as well as TV with DVD-player and microwave. Wall thickness reaches 80 cm.
The total value of orders for construction in Germany increased in August by 0,5%. In the segment of building construction, growth was 9,2%, while in the segment of engineering and construction works this indicator decreased by 7,7%.
Number of housing permits in Finland increased in August by 20% in comparison with august 2009 of the year. In January-August, this indicator increased by 44% year on year.
Number of housing units in USA, withdrawn for debts, exceeded the mark in September 100 thousand. This is the same, how much for the entire pre-crisis 2005 year. For September was released 347,4 thousands of notices of home repossessions from mortgage debtors, and the number of seizures themselves was 102,1 thousand. The September number of mortgage withdrawals became an absolute record - the previous one was set last month and was 95,4 thousands of objects. In the coming months, analysts predict a slight decrease in this indicator.. However, this will not be due to an improvement in the market situation., and with that, that U.S. state authorities, together with bank executives, have launched investigations into the legality of mortgage withdrawals. Large-scale inspections were announced after, how episodes of fraud have become more frequent in the country, associated with the process of alienation of housing.
Authorities Bulgaria developed draft amendments to tax legislation. according to the document, published on the website of the Ministry of Finance of Bulgaria, the upper tax limit will increase from 2,5% to 4,5%. note, that such a rate applies in exceptional cases - usually it is 0,15% of the appraised value of the property. Moreover, expected to increase by 30% tax amount for real estate objects, whose cost exceeds the average in a particular locality.
London returned to first place in the ranking of European cities, most attractive in terms of real estate investment. The British capital has won back its previous positions: if in crisis 2009 year she dropped from the first to the eighth line of the rating, now she again headed it. Moscow also made a jump in the ranking, rising from sixth to second place. The top five also includes Munich, Paris and Stockholm. According to the head of the European department of LaSalle Investment Management Simon Marrison, the main trend is an active growth in the attractiveness of the real estate markets of Eastern European cities, who have already overtaken many of their "colleagues" from Western Europe. The situation in Spain and Greece remains critical, who continue to experience serious financial difficulties. The ranking includes 104 cities, whose population exceeds half a million people, as well as all capitals of European countries.
According to forecasts by the National Association of Realtors France (FNAIM), residential real estate by the end of the year will rise in price by 2-3%. Previous expectations of French realtors were more pessimistic: they believed, that prices will decrease by 2-3%. The change in the forecast is primarily due to a decrease in mortgage interest rates to 3,3%, which is the lowest level in the last half century. This should increase demand for housing and, Consequently, prices for it. According to analysts at CB Richard Ellis, the shortage of objects and building plots for sale in large cities, coupled with an increase in demand for housing, is a guarantee of an increase in the cost of housing. In the future, the price dynamics may be affected by the curtailment of the program of assistance to mortgage borrowers and the reduction of tax incentives for real estate investors.. Both measures should take effect 1 January 2011 of the year.
Israeli the authorities expect to reduce housing prices by buying out land plots for development from private owners. It is planned to introduce a unified tax on income from the sale of land in the amount of 25% (previously, this rate was valid for plots, acquired after 2001 of the year, and in other cases it was 49%). After that, the state intends to buy out about 170 hectares of private land, on which 50-60 thousand residential real estate objects can subsequently be built. According to forecasts of the Central Bureau of Statistics, housing investment will grow this year by 11,1% comparing with the previous year. New construction will help reduce the supply deficit and thereby "cool" the market.
Andrew Velichko

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