Is the cost of planning permission set to rocket in Bansko?

The cost of obtaining planning permission to construct residential dwellings in Bansko, Bulgaria is set to escalate by 27 times the current cost, according to Rockarch Estates.

If accurate, the move is likely to severely restrict any further developments in the region, which may help property prices to rise as well as create a solid resale market.

Managing director, Rossen Dimov reports that Rockarch Estates recently obtained planning permission to construct 100 new residential units in Bansko at a cost of €15,000. However, obtaining the equivalent planning permission would escalate to €405,000 (a multiple of 27) if the price hike is indeed implemented.

House building slowdown in Australian

Fewer residential units were constructed in the third quarter of 2005 as the Australian housing market slumped.

Fresh figures released by the Australian Bureau of Statistics (ABS) reveal that dwelling unit commencements fell 7.5% in the third quarter to 35,846 units, seasonally adjusted, from an upwardly revised 38,761 units in the second quarter.  In the year to December 2005, total dwelling starts fell 8.4%, adjusted.

New private sector house commencements fell 2.9% to 25,060 in the third quarter 2005.  New private other residential building starts, including units, fell 16.6% to 9,617 in the same period, the lowest level since the fist quarter 2001, the ABS said.

Despite the general construction slowdown, new private sector housing starts were up in New South Wales (+ 1.5 per cent), South Australia (+ 5.9 per cent) and the Northern Territory (+ 2 per cent).

Maltese property prices record highest rise in EU

Malta has recorded the highest property price growth from countries in the European Union, according to the European Mortgage Federation.

Fresh figures reveal that average property prices in Malta rose by 18%.