International Real Estate News Round-Up: Week 4, 2012
Posted on January, 27, 2012 by Ivan Radford -A round-up of the week’s news, courtesy of the Lead Galaxy overseas property portal TheMoveChannel.com.
Bulgaria prices drop by 6pc
The average property price in Bulgaria dropped by 1.5 per cent in the final quarter of 2011, according to the National Statistical Institute. The decline led to a year-on-year drop of 6.1 per cent compared to 2010.
US housing the cheapest in the English-speaking world
American property is the most affordable in the English-speaking world, according to Demographia. The public policy firm found that the average US house price is triple the median household income in the third quarter of 2011 – down from a ratio of 4:6 in 2007.
UK property sales hit the lowest level in a year
The number of UK properties sold per estate agent branch fell from six to five in December - the lowest level in a year, according to the National Association of Estate Agents, as the market experienced a seasonal slowdown at the end of 2011.
UK rents decrease two months in a row
The average rent in England and Wales dropped by 0.8 per cent in December last year, marking the second consecutive monthly decline, according to the latest LSL buy-to-let index.
Coldwell predicts US housing recovery
The US housing market will see a “significant” recovery this year, according to Coldwell Banker Real Estate. The real estate agency group said that although the perception of the market is still poor, twice as many renters can now afford to buy a home compared to 2005, boosting potential demand.
US enquiries jump up 35 per cent for OGC
American property enquiries on The Overseas Guides Company portal jumped 35 per cent at the end of 2011 compared to the year before, amounting to the “highest level of growth in terms of enquiries in 2011″.
Australian “bloodbath” predicted
Australia is heading towards a “property bloodbath” says real estate analyst Jordan Wirsz, who predicts that a wave of properties will flood the market next year and that prices will fall by up to 60 per cent.
Montenegro rejects “ludicrous” Russian buyers claim
In a rare real estate dispute, a Montenegro property professional has rejected “ludicrous” claims that 40 per cent of the country’s property is being purchased by Russian buyers, insisting that Montegro’s investor profile is wider than the figures suggest.
UK announces new build housing deal
The UK has announced a new partnership with the National House Building Council to focus on encouraging construction of new build homes and “unblock the property pipeline”.
Luxury Spanish property still popular
Spanish agent Lucas Fox has announced that 2011 was its most successful year to date, with demand for luxury property pushing the company to open new offices as well as double its staff.
Mumbai property prices will stay steady for six months
Property prices in Mumbai are expected to stay steady for the next six months, according to Knight Frank India. The company said that although prices have softened with discounts and promotions, developers will be able to avoid any sudden price corrections in the near future.
South Africa property prices increase
South Africa house prices increased in December, compared to values in2010, with a monthly rise of 3.6 per cent at the end of 2011.
Welsh house prices up for sixth month in a row
House prices in Wales have increased for the sixth month in a row, according to the LSL Wales House Price Index. It is now the only region in the UK, apart from Greater London, where prices have risen overall in the past year.
New Turkey law to “open up the market”
A new housing law in Turkey will “open up the market”, according to one agent. The bill, which is still in drafting stages, would allow any overseas buyer to purchase Turkish real estate, regardless of nationality.
Lettings demand in Portugal stays strong
The strong lettings market in Portugal is being strengthened even further by the weak sales market, according to the latest RICS survey. Tenant demand remains strong in the country and rental values continue to fall.
Tags:
Filed under: Industry News