Real Estate Market, the Most Expensive and the Cheapest Places
Last year was uneasy for real estate market, according to the international property market report about commercial property selling prices, renting and residential house prices. The crisis continued to influence the house price on worldwide market, but in every country changes in house sold prices occurred differently. For example, while the real estate market was falling in USA and Spain, land for sale and house prices in Italy and Germany remained stable.
Although 2009 international property market report showed the house market tendency towards recovery, it was hard for potential buyers understand very complex house price fluctuation, constantly changing land for sale and house price predictions and be able to estimate the investment risks. So professional realtors began to carry out a role of property investment and residential house price market advisers.
Falling of land for sale and house sold prices was observed from Egypt and Turkey in the first half of 2009 to France closer to December, but Bulgaria was the best place to buy a property.
Many people, buying properties in Spain, were expecting improbable discounts on land for sale and house price, but saw only rising house prices on the real estate market. As the result, they did not find good house price offers and postponed purchases, deciding to buy new homes later.
Land for sale and house price market recovery
The demand for new homes has started to grow slowly, according to the international property market report. The differential between the lowest and the highest house sold prices values has increased also.
The cheapest house price was 53 000 Euros for 1-bedroom apartment in Turkey, and the highest new homes market value was 388 000 Euros for a large apartment in Bulgaria. In 2009 the minimum transaction was 33 000 dollars to buy an investment property, a studio in Egypt, and the highest house price of 570 000 Euros was paid for the house in Montenegro.
According to the international property market experts, an average house price and transactions have increased from about 175 000 Euros in 2008 up to 220 000 Euros in 2009.
Investment property market report – house prices
Today the most attractive countries for buying a property are Spain (up to 35 %) and the US (up to 15 %). According to international property market specialists, house price predictions are optimistic. All conditions exist for rising house prices in these countries. Getting a piece of land for sale or buying new homes now are good investments.
Land for sale and house price predictions
It is expected that consumer demand for new homes and land for sale will gradually increase. A shock from the uncertainty of the crisis situation has already passed, and there is an understanding that greater decrease of house sold prices cannot occur.
Commercial property prices
The financial crisis was affecting land prices and commercial real estates worldwide also. Commercial property market has suffered especially strongly in large cities. In some cities rental prices have fallen more than twice.
The highest rent price for an office was in London West-End area, where monthly office prices for rent are about $184.85 per sf. The second and third renting price places are taken by Tokyo: rent prices per sf in Inner Central are up to $171.64 a month, and in Outer Central is $139.09.
The central business area in Hong Kong, with $137.61 average rent prices for a commercial property per sq ft was on the fourth place among the top ten the most expensive cities. Moscow has the fifth most expensive city office rental prices in the world. According to the rent price index, office rent prices in the capital of Russia reach $131.55 per sf. Moscow has bypassed such expensive cities as New York, Frankfurt, Paris and Dubai.
Modern houses for sale
by Ena Russ
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