Coastal construction halted in Bulgaria

As from 15 May, coastal construction at the Sunny Beach resort in Bulgaria will be forbidden. The mayor for the region, Nikolai Trifonov, signed the regulation forbidding construction works during the summer season.

Most new constructions are located in the western and northern zones of the Black Sea resort. Two police teams will inspect construction sites for violations and issue guilty parties with fines of up to £175.

Industrial production rising quickest in Slovakia

Slovakia ’s industrial output increased by 15% year on year in March, thus posting the highest growth among EU states, Eurostat data released on 19 May showed.

"In March 2006, and among the Member States for which data are available, industrial production rose in all Member States," Eurostat said. "The highest increases were registered in Slovakia (+15.2%), Poland (+14.1%), Lithuania (+12.8%) and Latvia (+10.0%), and the lowest in the United Kingdom (+0.4%) and Sweden (+1.0%)."

Japanese economy races ahead

The Japanese economy grew at a faster than previously predicted during the first quarter of 2006, which may soon cause zero-rate Japanese interest rates to come to an end.

Data from the Bank of Japan reveals that the country's economy rose by an annual rate of 1.9%.

Japanese GDP rose 0.5% compared to the last quarter of 2005, according to Japan's Cabinet Office.

Algarve property prices lead the way in Portugal

Data from the Instituto Nacional de Estatástica (INE) reveals that the average house price in Portugal currently stands at €1,225 per square metre. At €1,481 per square metre, the tourist region of the Algarve, is the most expensive place to buy property.

New tax measures to help cool Chinese property market

A series of tax measures are set to be introduced in China, in an attempt to curb the country's booming property market, according to fresh reports coming out of Shanghai.

As things stand, locals in China are charged 5% tax on profits made on a residential accommodation that has been lived in for less than two years. However, it is generally believed that the State Administration of Taxation (SAT) is considering to extend this period by a further two years.

A spokesman for SAT said: "SAT will launch a series of tax policies to control the real estate market according to the requirement of State Council (cabinet)."

Other imposed controls on China's property market, were introduced in the second quarter of 2005, including a ban on the re-sale of unfinished apartments, while interest rates were raised.