A round-up of the week’s news, courtesy of the Lead Galaxy overseas property portal TheMoveChannel.com.
Cuba’s property revolution arrives
Cuba’s new housing laws came into effect this week, introducing an official property market into the communist country for the first time in over 50 years. President RaÃºl Castro has legalised the selling of real estate between private owners after decades of unauthorised house swapping in illegal street markets. Only Cubans will be allowed to own property, but overseas investors are expected to influence the market in the form of Cuban relatives living abroad in the US.
Moscow is the best city in Europe for real estate
LaSalle Investment Management declared Moscow to be the best city for real estate investment in Europe this year. The Russian capital stole the report’s top spot from London, citing the city’s potential for growth and rises in house prices as indicative of a strong market for overseas buyers.
TheMoveChannel.com adds Zoopla UK propety
TheMoveChannel.com has signed a deal with Zoopla, adding the real estate site’s UK property to its extensive overseas property listings.
Europe could wipe 10 per cent off house prices
Europe could wipe 10 per cent off house prices, one builder has suggested. Taylor Wimpey said that if the region’s debt worsened significantly, the price cut could be enforced and that the industry should be ready, no matter how unlikely the chance could be.
India property bill to be announced next week
A new property bill will be announced in India next week, designed to protect buyers from “unscrupulous developers”.
Cyrus Property Transfer Fees abolished for six months
Cyprus has abolished its Property Transfer Fees for six months to try and stimulate the property market. The move is a temporary measure while the country decides whether to permanently suspend the charges applied to all real estate transactions.
Chinese market “close to turning point”
China’s housing market is “close to turning point” according to some industry experts. The country’s sales have slumped while developers continue to cut prices nationwide, suggesting that China’s housing bubble could burst in the near future.
Spain prices down 5.6 per cent
Property prices in Spain fell by 5.6 percent on a year-to-year basis, the latest figures from the third quarter of 2011 reveal. The Official House Price Index from the Department of Housing showed that the biggest drop occured in Costa Dorada, where the annual decline was 9.1 per cent.
Investors bet on Las Vegas recovery
Overseas investors are taking a gamble on Las Vegas property, as the market shows signs of recovery, with jobs on the rise and the number of transactions increase by 11 per cent since 2010.