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International property / Articles and reviews / Research, opinions and forecasts / News and analytical reports of the week (12-18.07.2010)
News and analytical reports of the week (12-18.07.2010)
July 27, 2010China plans to introduce property tax. A quarter of Spanish construction companies went bankrupt because of the crisis. “Brandgelina” bought a villa in Italy.
Prices
According to Rightomove, Britain’s largest web-site dedicated to real estate, median property values in the country have declined by 0.6%, June-to-July. Values have decreased for the first time since the beginning of the year. Rightmove experts forecast property values to continue declining throughout the second half of 2010, subsequently returning to the levels of last December by the end of the year. Such trend is reasoned by the overabundance of new offers on the market.
In June, average residential property prices on Dutch secondary market have remained intact, in comparison to the preceding month. If compared to June 2009, the indicator climbed down by 1.4%
Czech statistical department has summed up the results of Q2 2010. Median apartment prices in the country have decreased by 0.3%, compared to the same period last year. Experts do not expect to see significant changes in Czech apartment prices throughout the second half of 2010.
Taxes
Chinese Ministry of Finance has decided to introduce a property tax in the country effective 2012. It is assumed that the interest rate will work out 0.8%, while annual revenues will amount to nearly $17.7 billion. Introduction of this tax, as well as other governmental measures, such as tightening credit requirements to developers and home buyers, are aimed at deterring the growth of housing prices in the country.
Construction
According to the Fundacion Colegio Libre de Emeritos Universitarios organization, 170 thousand Spanish companies involved in construction industry have gone bankrupt over 2008-2009. This number comprises 23% of all construction companies operating in the country. Most bankrupts are small and medium-sized businesses with few employees.
Commercial property
CB Richard Ellis experts have summed up the results of Q2 2010 on commercial property markets of Central and Eastern Europe. Over Q2, the total value of commercial property transactions in the region has climbed up by 13%. Poland, where 47% of total investment transactions with commercial property were concluded, has become the leader in terms of investments. Second place was occupied by Russia (25% of total investments).
Celebrity property
Brad Pitt and Angelina Jolie have purchased a villa in Italy. The cost of the mansion, bought by the Hollywood pair roughly works out €32 million. This villa, located in Verona, is built in classical style. It consists of 15 rooms (including seven bathrooms), its floor area works out 1.670 sq. m. The house also has a cinema, a gym and a swimming pool. Another pool is located outside.
Green property
According to the experts, the total market value of environmentally-friendly buildings in the country will increase from the current $71.1 billion to $173 billion in 2015. Analysts believe that active development of the “eco-property” market will be fuelled by government initiatives and specialized funds, which will provide grants for the use of environmentally-friendly building technologies.
Alexey Lahov
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