FEBRUARY 2013 |
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NEWS
WORLD ROUND-UP | 07
6- TURKEY
Real estate industry rising Property in Turkey is climbing up the rankings, and beginning to become one of the world’s top places for investment. An index by The Associa- tion of Real Estate Investment Partners found that prices of property are rising between 10-12% per year, and have been rising monthly for the last 18 months to two years.
5- CHINA
Prices rise for 7th month Prices of new homes in China have risen consecutively for the seventh month, which is sure to boost sales even further. A survey of 100 Chinese cities found that December’s prices were up 0.23% from November. This comes after speculation that curbs on higher down payments and restrictions on home purc hasing won’t be imple- mented by authorities.
8- INDIA
Market “can rival China’s” Buy-to-let billionaire Bob Dhillon says India’s real estate market can grow as big as China’s. In a trip to India, the larg- est Indian origin landlord in the Western world said, “India can be a developer’s dream because of so many factors.” He says he will be the fi rst to invest if the country approves the reforms that were announced in November for Foreign Direct Investment in retail.
1- CYPRUS
Law changes for foreigners In an attempt to attract more invest- ment, Cyprus has changed its laws to allow citizens from non-EU countries to purchase more than one property. The changes mean that an individual or couple from a country outside of the European Union can buy two units in the same development, provided that they are adjoining.
2- DUBAI
New investor protection Dubai saw a new Real Estate Inves- tor Protection Law come into force at the start of 2013. The draft law, which was released in June, allows investors to receive a full refund if the devel- oper fails to complete or handover the property within a given time. It also sets out that if the developer purposely deceives the investor, the investor will receive the refund.
3- SINGAPORE
Queues to beat new laws Singapore buyers formed long queues to buy property at one sales office as they rushed to meet stamp duty rises being introduced on Sat- urday 12 January. Long lines formed outside the La Fiesta showroom at Sengkang Square, Singapore, as buyers tried to beat the raising of Ad- ditional Buyer’s Stamp Duty from five to seven per cent.
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