Property prices up in California despite falling sales.

The average price of a detached home in California stood at $561,350 in March, up 13%, however actual sale-levels fell by 15.1% compared with the same period a year ago, according to the California Association of Realtors (C.A.R).

"March is the month in which we typically see the market gear up for peak season activity, and this year is no exception," said C.A.R. President Vince Malta. "Seasonally adjusted statewide sales increased 4.9% compared with February. This is similar to March 2005, when sales rose 4.4% month-to-month and the median price registered a 5.5% increase.

Property prices rise in Bulgaria

Average residential property prices in Bulgaria stood at BGN 806sqm in the first quarter of 2006, according to data compiled by the National Statistical Institute.

This represents an increase of over BGN 30sqm compared to the previous quarter.

Property prices in the capital, Sofia remain the most expensive and now stand at a record-high average of BGN 1,313.7/m2 in Q1 2006.

Hyundai announce Czech construction timetable

Hyundai's senior vice-president Kim In-Seo has announced that construction work on Hyundai's €1bn car plant at Nosovice, just south of Ostrava is set to get underway at the end of 2006, with production commencing towards October 2008.

This is the largest investment in the Czech Republic by a foreign company and it is estimated that it could help to boost the Czech GDP by as much as 1%. The plant will employ 3000 people directly and up to 10,000 indirectly.

Dh100bn project unveiled in Abu Dhabi

Abu Dhabi has unveiled plans to develop Saadiyat Island into an international tourism destination, which is set to cost in the region of Dh100bn (£15.3bn).

General Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi said: "Saadiyat is a symbol of Abu Dhabi's renewed economic openness and a signal to the world that this emirate is very much open for partnerships and business on an international scale."

British Airways now flies direct to Varna

British Airways has started to offer direct flights to Varna, in an attempt to help cater for the increasing number of tourists visiting Bulgaria.

Emil Delidashev of British Airways said: "The number of British tourists is on the increase, which shows that Bulgaria is now a more attractive tourist destination. We follow market trends and respond to the growing needs of the tourist industry in Bulgaria."

In 2005 the number of visitors entering Bulgaria rose by 14.4% to 4.6 million, according to the Bulgarian Tourist Board.

Danish Property returns almost triple in 2005

Property returns in Denmark almost tripled to 18%, their highest level ever, in 2005, according to IPD.

Growth was boosted by very strong residential performance along with a significant fall in commercial property yields, reflecting robust demand from international investors.

All property values rose by 11.9%, while strong economic growth helped to stabilize rental values, reversing last year’s modest decline.

The residential sector was the best performing sector in 2005 with total returns a staggering 38.1%. Offices were the best performing commercial sector benefiting from a relatively large fall in yields and strong capital growth (up 12.4%). While retail continued to see steady rental growth of 2.9%.