Real estate and immigration: the most significant events of the week

In a number of European countries, residential property prices continue to rise continuously, and in some of them they are already approaching or even exceeding historical maximums. IN Spain This applies primarily to new buildings, which have become more expensive than at the peak of the construction boom in 2007 in 30 of the 52 provinces. The undisputed leader in this regard is the Balearic Islands (108%), followed by Santa Cruz de Tenerife (79%), A Coruña (57%), Malaga (50%) and Alicante (47%). The national average for new home prices has risen by more than 38% over the past 15 years.

A similar picture is observed in almost all regions France, although here the growth looks much more modest. For example, the highest figures recorded by the Association of Notaries and related to the first quarter of 2022 were recorded in Nancy (15.3%), Nîmes (14.7%) and Montauban (14.6%). However, by the end of August, a slowdown in growth is expected – primarily in the case of secondary real estate, and to a greater extent it will affect apartments in multi-storey buildings.

IN Turkey prices for residential real estate – both new and secondary – are growing at double-digit rates: by 151% and 145%, respectively, compared to last year (in Turkish lira without taking into account inflation). The most significant growth was observed in Istanbul, Ankara and Izmir.

In Europe as a whole, there is a trend towards an increase in demand for residential real estate for the purpose of its subsequent rental. One of the countries in which foreign investors are most actively looking for properties for this purpose is Greece, where they are primarily interested in Athens and the western suburbs of the capital. This was largely due to a sharp increase in tourist flows, a decrease in property taxes and political stability.

In the center of Athens, the average cost of renting small apartments with an area of ​​up to 45 sq.m. varies between 9-11 euros per 1 sq.m. per month, and for larger objects – around 8 euros. In areas that are not in high demand among foreigners, housing can be rented to students who are ready for 2-3 people to live together.

In Greece, the demand for short-term rentals has also increased – almost 2 times compared to last year and by 27% since 2019. In turn, daily rental rates increased the most in Poland and Denmark – by 18% and 14.5%, respectively.

IN Dubai On average, residential real estate rent has risen in price by 30% over the year, and its occupancy level has exceeded what it was before the Covid-19 pandemic. In the current situation, tenants are ready to renew existing contracts at new rates – especially since there is a clear shortage of supply in the market.

In this emirate, the number of housing purchase and sale transactions has also increased (by 60%), which in the first half of the year reached a record high of 37,762. This is explained by the influx of foreign investors, among whom citizens of India, Great Britain and Italy stand out. Russians took fourth place, entering the top five most active buyers for the first time in history.

Meanwhile, the UAE government continues to attract large investors from abroad to the country. In particular, golden visa holders will now be entitled to exclusive health insurance, the cost of which will range from 650 to 10,850 US dollars per year.

Despite a number of difficulties that have arisen with the Golden Visa program in Portugal and the exclusion of Russians from it, it is still in demand among citizens of “third” countries, among whom the Chinese and Americans predominate. In June, 155 people received a residence permit in Portugal on this basis – almost 1.5 times more than in May, and the total amount of investment exceeded 62.2 million euros.

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