Lower US apartment vacancies

Landlords in the US saw the average vacancy rate for the country's top 67 metropolitan apartment markets decline to an average of 6.4% in the during the April to June period, down from 6.6% during the previous quarter. The findings were revealed in a new report conducted by Reis Inc.

Rents, meanwhile, climbed an average of 0.5% to $883 a month during the second quarter. Looking at individual apartment markets, those that posted the greatest vacancy-rate declines in the quarter included Louisville, Miami, Omaha, Sacramento, and Las Vegas.

$1.7bn Golf City project coming up at Dubailand

An agreement to set up the Dubai Golf City has been signed by Salem Bin Dasmal, chief executive of Dubailand, with Abdullah Saeed Al Thani, chairman of Benaa.

Dubai Golf City will house five themed signature courses, a golf academy, a resort hotel and spa, golf communities, golf villages and retail souks.

"Dubai Golf City is yet another premium addition to the value-packed offering of Dubailand," said Bin Dasmal.

He adds: "The Dubai Golf City will play an important role in achieving our goal of making Dubailand the world's leading destination of leisure and entertainment."

Cyprus benefits from ERM2 entry

Interest rates in Cyprus have unexpectedly fallen by 1.25% since February 2005. Consequently lower borrowing is expected to lead to a further increase in buyer activity.

The Cyprus pound entered the Exchange Rate Mechanism (ERM2) in May 2005, along with Malta and Latvia (see Latvia article in forthcoming issue of PIN).

In a joint statement by Central Bank Governor Christodoulos Christodoulou and Finance Minister Makis Keravnos said: ''It is with great pleasure that we announce that the strategic goal to join the Exchange Rate Mechanism II has been achieved."

Within the ERM2, the Cypriot pound will officially be allowed to fluctuate 15% either side of this rate. In order to qualify for the euro, the Cyprus pound must trade for at least two years within ERM without devaluing and meet the other four Maastricht criteria on the fiscal deficit, debt, inflation and interest rates.