News and analytical reports of the week (07–13.06.2010)

June 16, 2010

Austria: Russians are paying increased interest to Austrian property. Cyprus: real estate sales climb up on the island. Spain: housing depreciation slows down.

Austria: Co-founder of the Kuehhas Consulting Company, Olga Kuehhas, reports of an increase in the number of property transactions involving Russians. That said, not only large investors, who traditionally consider Austrian property to be an attractive investment target, but also buyers of economy-class housing have become more active. In particular, Russians began showing more interest in Vienna apartments costing €100-200 thousand. Villas on resorts and in prestigious districts of Austrian capital are most demanded in the segment of elite housing. Managing Director of My New Home Immobilien, Viktor Novikov, also claims hotels to be one of the most popular property investment tools since they grant immediate profits. According to the expert, Russians’ demand for Austrian hotels has multiplied several-fold over the recent years.

Cyprus: the number of transactions with Cyprian property has increased by 19%, May-to-April. In yearly comparisons, the figure soared by 25.7%. The number of transactions involving foreign buyers has also climbed up in May - both in monthly and annualized terms.

Spain: According to the Spanish Property Register (Registro de Propiedad), the number of registered property transfers in Q1 has increased by 7%, compared to the same period of 2009. This is the first yearly increase in this indicator over the past few years.

According to Tinsa’s Index of home prices, in May, average cost of Spanish housing has decreased by 4.4%, compared to the same period in 2009. The rate of decline in this indicator is consistently slowing down since June 2009.

France: upon the results of 2009, national debt has totaled $1.4 trillion. In order to reduce this amount, local government has put up 1,700 state-owned buildings for sale. Ancient castles, chateaux, barracks and houses in Paris are among them.

Ukraine: a new property tax for apartments with floor area over 300 sq. m. is mentioned in the draft of Ukrainian Tax Code. The tax rate is not specified.

Australia: government of New South Wales will lift stamp duty for buying off-plan property from July 1, 2010, as well as for citizens over 65 years who want to sell their primary residence and purchase a new residential building. It is expected that the measure would help each buyer save up to 22,490 Australian dollars ($18.3 thousand).

China: In May, the average value of Chinese residential property has increased by 12.4%, year-on-year. This is only 0.4% less than the record-high annual growth recorded in April.

Retail property: Colliers International has prepared a rating of streets with the most expensive lease of retail property. Champs-Elysees in Paris have occupied the first place. The leader of last year - Fifth Avenue in New York has decended to the second line. Third position was awarded to Russell Street in Hong Kong. The TOP-10 includes London's Bond Street, Milan Via Montenapoleone, Pitt Street Mall in Sydney, Ginza-Chuo Avenue in Tokyo, Madison Avenue in New York, central districts of Rome, the Bahnhofstrasse in Zurich and London's Oxford Street.

P.S.

A chain of hotels for dogs was opened in Germany. The so-called Paw Hotels offer dogs a “five-star treatment”, which includes a dog theater, lounges and personal rooms with classical music. In addition, owners of the chain can, upon the owner’s request, send a bus that will take the animal to the hotel. Hotels were opened in Berlin, Hilden and Jade.

Prian.ru

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