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MAY 2013 |www.opp-connect.com


NEWS


WORLD ROUND-UP | 07


9. SOUTH KOREA


Boost for fi rst-time buyers First-time buyers in South Korea will again fi nd it easier to obtain a mortgage following changes from the country’s fi nancial watchdog. Until the end of the year, the Financial


Supervisory Service (FSS) will no longer apply the debt-to-income (DTI) ratio on those who purchase a residential prop- erty for the fi rst time. The fi nancial authorities will also raise the upper Loan-To-Value ratio from 60%- 70% from June.


4. CHINA


New home prices rise Prices of new homes rose in almost every Chinese city in March as buyers rushed to beat government housing cooling measures. Out of 70 major Chinese cities, 68 saw home prices increase in March. The results were two higher than


February fi gures and one up on March last year, the National Bureau of Statistics (NBS) has said in an online statement.


6. SPAIN


Market “at turning point” A Spanish property expert believes the market is reaching a turning point. Mark Stucklin, who runs the Spanish-


PropertyInsight.com website, says local demand is at a low, but interest from overseas buyers will continue to rise. He tells OPP Connect, “I think that that


market is at an infl ection point. I think lo- cal demand has hit bottom, where it will stay for some time. “Primary housing prices will fall a bit


more, but most of the declines have already taken place.”


7. DUBAI


Apartment prices rise 27% Dubai’s residential property sales and rents have risen substantially over the last year, new fi gures show. Apartment prices increased 27%


on average in the year to March 2013 and 12% just in the last three months, according to the Dubai Focus from agents Asteco. Villa prices did nearly as well, rising


24% year on year and 5% over the previ- ous quarter.


5. MALAYSIA


Penthouses: record prices Two penthouses in Kuala Lumpur, Ma- laysia, look set to reach record prices per square foot. The luxury 11,900 square foot homes


at the world-class Four Seasons Place have each been reserved at RM37million (US$12.2million £8million), the Star news website reports. If realised, the price equals RM3,026 (US$956/£628) per square foot.


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