In the latest report released by the IMF (International Monetary Fund) the document states, while the global financial market meltdown has had little effects on the Middle East region, it is still responsible for complicated policymaking caused by the depreciation of the U.S dollar.
While regional growth received a strong 5.8 percent in 2007, increases in oil productions have been limited in the oil producing countries. The strong expansion of credit to the private sector as well as increased spending by Middle Eastern governments is made possible right now with high oil prices.
This has resulted in a strong growth of the local economy, especially in countries like Egypt who reported a 7 percent increase over the year of 2007.
Read the rest of this entry »
Wednesday, April 16th, 2008
Posted by Overseas Property Mall in
Turkish Property
A Turkish Constitutional Court ruling effective from today (Wednesday April 16) has put a temporary halt on the sale of Turkish property to foreigners.
According to Turkish newspaper Hürriyet, a circular letter was sent to all land registry offices in Turkey indicating the end of the sale of real estate to foreigners on Tuesday April 15.
Read the rest of this entry »
Wednesday, April 16th, 2008
Posted by OP-Mall in
Trends
World real estate bubbles are showing cracks right now everywhere we look. The NY Times posted the ugly truth the other day on how the U.S housing market collapse is slowly but surely affecting worldwide markets such as Spain, Britain, Ireland, China, Hong Kong, as well as in eastern Europe.
It seems that the whole financial loan crisis is also being influenced by heavy stock fluctuations which in turn sours markets everywhere.
An Irish couple bought their one bedroom apartment in Dublin in 2006 at the peak of the local market for $575,00. This very same apartment is now worth around $100,000 less than then.
Read the rest of this entry »
An approximate 8 million Filipino workers are in overseas employment, giving them the chance of sending their hard earned money back to their home shores. At least that was the situation until the dollar started losing its value not so long ago.
With the weak U.S dollar come major challenges for all those overseas stationed Filipinos who were more or less responsible for the strong Philippines property boom of 2006 and 2007. Their local peso value has dropped by 10 percent since the fall of the dollar and this has caused a ripple effect in the community.
Where before workers would send their money home to invest into local properties, now they can hardly afford to do this anymore. With 1/5 of their income gone (in Philippine terms) the building boom has slowed down tremendously.
Read the rest of this entry »
The once richest lady in China’s “Babylon” has lost half of her fortune due to recent cracks in the Chinese property market. The 27 year old, once worth an estimated $17.5 billion has lost around half of her worth since taking her company public about one year ago.
Yang Huiyan is one out of 80% of people in China who top the richest people list, having managed to acquire a fortune with real estate investments. She is the major shareholder of Country Garden, a high end residential developer. The worst affected listings are those in the big cities of southern China, namely Shenzhen. Once a hot property market, the price of flats have fallen by 28% since October 2007.
Beijing on the other hand shows a somewhat level playing field with leveled prices but a lower rate of appreciation altogether.
Read the rest of this entry »
Thursday, April 10th, 2008
Posted by OP-Mall in
Predictions
Forbes recently released a list of top emerging world real estate markets that is based on in depth studies. By looking at inflation rates, access to lending opportunities, economic expansion and strength of individual property rights they were able to filter out promising markets worldwide.
Despite the worldwide softening of certain markets, due to drying up of credit funds, Forbes has found some promising locations that are poised to explode within the next 5 years.
Read the rest of this entry »
