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International property / Articles and reviews / Meet the market / News and analytical reports of the week (26.07 – 01.08.2010)
News and analytical reports of the week (26.07 – 01.08.2010)
August 03, 2010What do property markets of Finland, China and Turkey have in common? Housing prices are on the rise in these three states. Residential property sales increase in the U.S. and Georgia. The world’s richest man has purchased a “modest” mansion priced at $ 44 million.
Prices
In June, the index of sales prices for residential properties in Turkey has climbed up by 0.3%, compared to April. Rentals have also increased by 0.3%. Compared to last June, these figures rose by 3.8% and 0.6%, respectively.
In June, the average cost of housing in 36 major Chinese cities has climbed by 0.6%, compared to the preceding month. Elite housing prices have increased by 5.1%, May to June. In lower and middle price brackets housing prices have decreased by 1.4% and 0.3% respectively.
Statistical office of Finland has summed up the results of Q2 2010. The cost of secondary residential property has surged by 1.8%, compared to Q1. New buildings have depreciated by 0.3%. In comparison with Q2 2009, prices for primary and secondary housing in the country have increased by 9.2% and 10%, respectively.
According to the UK's largest construction society Nationwide, over July, residential property prices in the country have climbed down by 0.5%, compared to the preceding month. Experts claim that it would take several months before any liable forecast on local price dynamics could be made.
Sales
In June, the number of deals with detached houses on US primary market soared by 23.6%, compared to the preceding month. At the same time, in comparison with June 2009 sales have declined by 16.7%, U.S. Department of Commerce reports.
The number of property transactions in Georgia has increased by 7.6%, in monthly terms. In comparison with June 2009 the number of transactions with Georgian property has hardly changed. Realtors expect to see a downturn in buying activity caused by seasonal factors within the coming months.
Construction
Over the first half of 2010, Saudi authorities allocated $19 billion in housing and infrastructure, according to a recent report by the Kingdom’s Ministry of Finance. $1.5 billion were spent on housing construction, $1.6 billion - for the construction of water supply and sanitation, while $ 2.8 billion were allocated by local Government for roads and buildings designated for educational institutions.
Big deal
Mexican billionaire, Carlos Slim, who currently occupies the first place in Forbes rating of world’s richest people, has purchased a luxury housing unit in the very heart of New York. “A seven-storey mansion titled Duke Semans, had cost him $44 million - $6 million down from the asking price. Previously, the property belonged to the former Soviet citizen, and now an American businessman - Tamir Sapir.
Immigration
Several months ago, the Swedish town of Sorsele has launched an appeal for immigrants in order to attract skilled workers from abroad. First and foremost, local administration is expecting to see residents of Apatity, Murmansk region. About 700 Russian citizens are already interested in this program.
Author: Alexey Lahov
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