Articles and reviews on Prian.eu

Articles and reviews on Prian.eu Articles and reviews on Prian.eu http://prian.eu Thu, 29 Jul 2010 14:50:00 GMT notepad.exe en News and analytical reports of the week (12-18.07.2010) http://prian.eu/pub/19606.html China plans to introduce property tax. A quarter of Spanish construction companies went bankrupt because of the crisis. “Brandgelina” bought a villa in Italy. <div style="text-align: justify; "><b>Prices</b></div> <div style="text-align: justify; ">According to Rightomove, <b>Britain’</b>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.</div> <div style="text-align: justify; "> </div> <div style="text-align: justify; ">In June, average residential property prices on <b>Dutch </b>secondary market have remained intact, in comparison to the preceding month. If compared to June 2009, the indicator climbed down by 1.4%</div> <div style="text-align: justify; "> </div> <div style="text-align: justify; "><b>Czech</b> 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.</div> <div style="text-align: justify; "><b><br /> </b></div> <div style="text-align: justify; "><b>Taxes</b></div> <div style="text-align: justify; ">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.</div> <div style="text-align: justify; "> </div> <div style="text-align: justify; "><b>Construction</b></div> <div style="text-align: justify; ">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.</div> <div style="text-align: justify; "> </div> <div style="text-align: justify; "><b>Commercial property</b></div> <div style="text-align: justify; ">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).</div> <div style="text-align: justify; "> </div> <div style="text-align: justify; "><b>Celebrity property</b></div> <div style="text-align: justify; ">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.</div> <div style="text-align: justify; "> </div> <div style="text-align: justify; "><b>Green property</b></div> <div style="text-align: justify; ">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.</div> <div style="text-align: justify; "><br /> <i>Alexey Lahov</i></div> Tue, 27 Jul 2010 07:30:00 GMT News and analytical reports of the week (12-18.07.2010) http://prian.eu/pub/19555.html The Prian.ru portal has prepared the next rating of property markets most which attract the most interest among Russian buyers. Prices and sales volume increase on the market of Baltic States. A Treehotel was opened in Sweden. <p style="text-align: justify;"><b>Rating of countries most popular among Russian overseas property buyers (June)</b><br /> According to the rating prepared by Prian.ru, 23 months in succession, the list is headed by Bulgaria, which has attracted nearly 20% of the total number of requests submitted in June by visitors to the property database of the Prian.ru portal. Russian buyers’ interest in Czech and Finnish markets continues to decline. Trend noted by specialists of the Prian.ru portal in May, still prevails on the market: Russian buyers’ interest in “warm” European countries remains quite high.<br /> <b><br /> TOP-10 Markets Most Popular Among Russian Overseas Property Buyers</b></p> <table width="100%" cellspacing="1" cellpadding="1" border="1"> <tbody> <tr> <td>Position</td> <td>Country</td> <td>Percentage of the overall request number</td> </tr> <tr> <td>1</td> <td>Bulgaria</td> <td>19.96</td> </tr> <tr> <td>2</td> <td>Germany </td> <td>8.80</td> </tr> <tr> <td>3</td> <td>Spain</td> <td>8.01</td> </tr> <tr> <td>4</td> <td>USA</td> <td>6.30</td> </tr> <tr> <td>5</td> <td>Italy</td> <td>4.97</td> </tr> <tr> <td>6</td> <td>Czech Republic</td> <td>4.33</td> </tr> <tr> <td>7</td> <td>Finland</td> <td>4.04</td> </tr> <tr> <td>8</td> <td>Turkey   </td> <td>3.93</td> </tr> <tr> <td>9</td> <td>Montenegro</td> <td>3.69</td> </tr> <tr> <td>10</td> <td>France</td> <td>2.89</td> </tr> </tbody> </table> <p style="text-align: justify;">                         <br /> <b>Prices </b><br /> <br /> In June, the index of apartment prices in five largest cities of <b>Lithuania</b> has climbed up by 0.4%, compared to May. In comparison with last June, prices have plunged by 12.5%, and plummeted by 40.1% in relation to December 2007 peaks.<br /> <br /> Average prices for detached family houses in <b>Sweden</b> have climbed down by 6.1%, June-to-May. In yearly comparisons, prices in this segment of Swedish property market have dropped by 3.3%.<br /> <br /> <b>Spanish</b> Housing Ministry has published the index of residential property prices as of Q2 2010. The figure has climbed down by 0.9%, compared to the preceding quarter. In annual calculations Spanish housing prices have declined by 3.6%.<br /> <br /> In June, <b>New Zealand</b> residential property values have increased by 0.7%, compared to May. In relation to June 2009, the figure has declined by 3.7%, according to a report prepared by the Real Estate Institute of New Zealand (REINZ). That said, closing prices were 4-5% lower than initial asking prices. <br /> <br /> <br /> <b>Sales</b><br /> <br /> In June, the number of transactions with <b>Cyprian </b>properties has increased by 7.6%, compared to the preceding month. In annual calculations, sales number has surged by 14.7%, according to Cyprian Land Registry. The number of transactions completed by foreigners over June has also increased - both in monthly and yearly terms.<br /> <br /> <b>Lithuanian</b> Register Center has published the statistics of residential property sales in new buildings of Vilnius for the first half of 2010. In comparison to the same period in 2009, the figure soared by 47%.<br /> <br /> <b>Estonian </b>Land Department has prepared the statistics of housing sales registered in the country over the first half of this year. The indicator surged by 20%, compared to the same period in 2009.<br /> <br /> <b><br /> Unusual project</b><br /> <br /> Last Saturday, a Treehotel was opened in Sweden. The hotel, designed just for two people, represents a cube with 4-meter-long verges, attached to the trunk of the tree. The frame of the property is lightweight aluminum construction, and its outer surface is covered with mirror panels that allow hotel to “blend into the environment”. <br /> <br /> <i>Alexey Lahov</i></p> Tue, 20 Jul 2010 07:30:00 GMT News and analytical reports of the week (28.06–04.07.2010) http://prian.eu/pub/19503.html SAR: FIFA World Cup pushes up housing prices. Germany: more major investment transactions are concluded in the country. Egypt wants to build a "twisted" skyscraper. <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>Prices</b></div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>United Kingdom: </b>In June, average residential property values have only climbed up by 0.1%, compared to the preceding month, up to £170.1 thousand (€205.8 thousand). In yearly comparisons, prices have declined by 8.7%.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>South Africa:</b> In June, index of local home prices has increased both in monthly and yearly terms. Growth of housing prices is fuelled by active development of national economy, as well as interest in local property, which is associated with the World Cup 2010.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>Turkey:</b> in May, residential property sales have decreased by 0.1%, compared to April. Rentals have climbed up by 0.2%. The index is based on analysis of property sale and rental prices registered in seven major provinces.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>Estonia:</b> over the period from January to June 2010, residential property in the country has averagely appreciated by 7.5%, up to €739 per a sq. m. In comparison to the indicator’s lowest point registered in July 2009, Estonian property values surged by 18.4%, on the average.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b><br /> </b></div> <div style="text-align: justify;"><b>Investment</b></div> <div style="text-align: justify;"> </div> <div style="text-align: justify;">Over the first half of the year, investment in German multifamily residential buildings has decreased by 4.7%, compared to the preceding half-year, down to €2.1 billion. At the same time, the number of large transactions (involving over one thousand properties) has increased to nine deals. Five of them were concluded by foreigners. For comparison, 11 such deals were concluded in 2009, two of which were accounted for foreign investors. </div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>Taxes</b></div> <div style="text-align: justify;"> </div> <div style="text-align: justify;">Tax on residential property is about to be introduced in Cambodia. Taxes will be levied on properties priced more than 100 million riels ($25 thousand). Totally, there are nearly 180.000 units subject to this tax. The tax rate will work out about 0.1%, of the property’s value.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>Construction Projects</b></div> <div style="text-align: justify;"> </div> <div style="text-align: justify;">Cairo wants to build a multipurpose project called Space-Scraper, which represents three “twisting” towers, rising from one basement and connected by spherical wellness center. The latter includes a spa, swimming pools and fitness facilities. First seven floors are reserved for restaurants, cinemas and shopping facilities. First tower will be used as an office building, the second - as a five star hotel. The third skyscraper will become an apartment building. The volume of investments in the project and its schedule are not specified, and currently it exists only as a concept.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><b>P.S.</b></div> <div style="text-align: justify;"> </div> <div style="text-align: justify;">ING Groep NV company - sponsor of the Netherlands national football team - have benefited from the team’s loss. The company insures boathouses “parked” in canals of Amsterdam. In case, if the national team would have defeated Spain in the World Cup 2010 final, frenzied fans could’ve damaged these homes. Such “riots” took place in 1988, when Dutch players became European champions and sailed through Amsterdam canals upon arrival. Fans wanted to come closer to their idols and jumped on roofs of boathouses, which currently cost more than 300.000 euros. These events are still fresh in the minds of insurers, who had to pay for the restoration of dozens of similar properties.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;">American rapper, Snoop Dogg, turned to Liechtenstein’s realtors with a request to rent the whole country in order to shoot a video for his new song. But the deal fell through because, according to local estate agent Karl Schwaerzler, Snoop’s managers “did not give us enough time to obtain all necessary permits”. The overall area of this dwarf state, with a population of 35.000 people, which is located between Austria and Switzerland, is only 160 sq. km. The amount offered by musician for the rent of the whole Liechtenstein is not specified.</div> <div style="text-align: justify;"> </div> <div style="text-align: justify;"><i>Alexey Lahov</i></div> Tue, 13 Jul 2010 06:30:00 GMT News and analytical reports of the week (28.06–04.07.2010) http://prian.eu/pub/19458.html Turkey was named the best European country for property investment in 2010. Latvia: new legislation, which allows foreigner buyers of Latvian property to obtain a residence permit in the country, comes into force. U.S.: for the first time in seven months housing prices have increased. <p style="text-align: justify;"><b>Turkey</b>: Global Property Guide analysts have acknowledged Turkey as the best European country for residential property investment. These estimations are based on forecasts for appreciation of local housing, and possible yields from renting them out during the ongoing year. At the moment, total yields from residential property rentals averagely work out 5.48%.<br /> <b><br /> Bulgaria</b>: Colliers analysts have summarized the results of 2010’s first half on Sofia’s property market. Over the period from January to June, residential properties in prime-locations of Bulgarian capital have become cheaper by 3%. In comparison with the first half of 2009, housing in Sofia’s downtown has depreciated by 17%. Prices in less prestigious areas of the city have climbed down by 5-6% from January to June, while plunging by 19% in comparison to the same period last year.<br /> <b><br /> Latvia</b>: new amendment to the Law on Immigration will came into force in Latvia, effective July 1. Under new regulations, property buyers and investors in Latvian economy will receive a five-year residence permit.<br /> <b><br /> Lithuania</b>: national capital is the leader in terms of apartment prices among the rest of the Baltic States, analysts of the City24 portal claim. Average asking prices for residential property in Vilnius have amounted to €1.475 per a sq. m. In Riga, the figure works out €1.434, while totaling €1.231 per a sq. m. in Tallinn.<br /> <b><br /> Croatia</b>: analysts of the CentarNekretnina.net web-portal have summed the results of June on Croatian property market. Average residential property prices have climbed down by 0.6%, compared to May. In comparison to last June, the figure has declined by 4.6%.<br /> <b><br /> USA</b>: low mortgage interest rates, decreased property values, tax benefits and the traditional spring revival of buyers have resulted in Manhattan residential property sales reaching the pre-crisis levels. In Q2 2010, the number of property transactions on Manhattan reached 3,600 units, which exceeds the indicators of the corresponding period in 2009 by 47%, in quarterly terms the indicator has increased by 17%.<br /> <br /> According to the Standard&Poor's/Case-Shiller’s April index of home prices in 20 U.S. cities, which was published last week, the figure has increased by 0.8%, compared to March. This has become the first increase in prices registered over the past seven months.<br /> <br /> <b>Singapore</b>: Over Q2 2010, prices for private residential buildings in the city-state have climbed up by 5.2%, compared to the preceding quarter. In comparison to Q2 2009, prices soared by 35%, thus exceeding the record mark, set in Q2 1996.<br /> <b><br /> UAE</b>: Real Estate Regulatory Agency (RERA) and the Dubai Land Department (DLD) have summed up the results of May on the local real estate market. In comparison to April, the index of home prices has declined by 1.2%. In relation to May 2009, Dubai housing prices have climbed up by 0.3%.<br /> <b><br /> The most expensive cities</b>: Mercer Research Company has compiled a list of cities with the highest living costs for foreigners. Capital of Angola, Luanda has occupied the first place. Tokyo is situated on the second line, third, fourth and fifth places are occupied by, respectively, the Chadian capital N'Djamena, Moscow and Geneva. The TOP-10 also includes: Japanese city of Osaka, the capital of Gabon, Libreville, Hong Kong, Zurich and Copenhagen. Rental prices were the key indicator which had largely effected the distribution of places in the ranking.<br /> <b><br /> P.S.</b><br /> According to a survey by ING Direct Mortgage Company, nearly a half of 1,000 Britons, who have recently purchased housing, had averagely spent 21 minutes to find suitable property. For comparison: an average Briton spends 217 minutes on choosing a satellite antenna and the program of broadcasted channels, 284 minutes on selecting a TV, and 164 minutes to pick a new coffee table. Experts call the dominance of demand over supply in the UK housing market to be the main reason behind such trend. Consumers try to become owners as soon as possible in order not to lose the selected property in favor of a more dexterous potential buyer.<br /> <i><br /> Author: Alexey Lahov</i></p> Wed, 07 Jul 2010 07:30:00 GMT