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06 | WORLD ROUND-UP


NEWS


Welcome to OPP’s news round-up, providing you with a snapshot of the main talking points in the international residential property industry this month. For more details on these stories and the latest news, visit the www.opp-connect.com news archive.


www.opp-connect.com | DEC 2012/JAN 2013 The OPP top ten 6- UK


London rents up 5% London rental prices are up almost 5% year-on-year. Kinleigh Folkard & Hay- ward (KFH) says the average achieved monthly rent is £1,538, compared with £1,476 last year. The largest rise is in South East Lon-


don, where rents are up 13% annually in Surrey Quays and 12% in Blackheath. In North London rents are up 10% in Bel- size Park and 8% in Balham and Tooting.


8- PORTUGAL


Repossessed homes sold Portugal’s biggest bank Banco Espirito Santo SA (BES) is running a special unit to sell repossessed homes. The Area de Gestao Imobiliaria is


particularly targeting Portuguese im- migrants and investors from the BRIC nations of Brazil, Russia, India and China. BES sold 1,267 real estate assets in the


fi rst nine months of the year for 240mil- lion Euros.


4- US


Increased rental demand Demand for property rental in parts of America is soaring following the devastation of Hurricane Sandy, say US agents. Many of New Jersey’s residents are


looking to rent whilst they fi nd a solu- tion to their damaged homes, while others are temporarily living in hotels, reported the Worcester Telegram news- paper in Massachusetts.


1- SPAIN


Residency to home buyers Buyers of Spanish homes over 160,000 Euros (£128,500/US$204,000) could soon be off ered Spanish residency. Spanish Trade Secretary Jaime Garcia-


Legaz says the idea is specifi cally aimed at the Chinese and Russian market and will help reduce its huge vacant housing stock. See Legal Roundup (pp 20-21) for more details


9- CYPRUS


Property declines slow Cyprus has seen sales continue to drop, but these are lesser declines than previ- ous months, according to a report by Cyprus Property News. In October, the Land Registry received


454 contracts. In the same month last year, 565 contracts were submitted. This is a fall of 20% year-on-year and


a drop from standard levels, yet it is still lower than September’s decline of 27%.


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