Tourist numbers soar in Latvia and Lithuania

The number of foreign tourists visiting Vilnius in 2005 grew 20% to 1.2 million, while Latvia’s borders were crossed 845,000 times by outbound foreign visitors in the first quarter of this year, up 30% from 2005. According to the Latvian national statistics office most of the foreign visitors who came to Latvia were from neighboring countries – 44% from Lithuania, 26% from Estonia, 5% from Russia, 5% from Poland, 4% from Finland and 3% from Germany.

Estonians more cautious about buying property

The slowdown in property prices and rising interest rates has made Estonians more cautious about acquiring property, a recent study by Faktum & Ariko indicates. The pollsters asked 442 people whether they had become more wary about property acquisition and related loans believing the real estate boom to be over.

Major infrastructure project launched in Bulgaria

An infrastructure project worth €340m has been launched in Bulgaria. The first stage of project involves the construction of a new railway from Kroumovo to Purvomai, an official Council of Ministers statement said. The works will be part of a bigger project for the re-construction of the railway from Plovdiv to Svilengrad.

Once completed, trains should be able to travel up to 160km/h. The project is of strategic importance, as it repairs parts of the fourth and ninth trans-European transport corridors, the statement said.

Another major transportation project has also seen progress. Yesterday five companies were invited to present their offers for the construction of a combined rail and road bridge over the Danube River connecting Bulgaria's Vidin to Romania's Calafat.

Singapore chooses developer for $3.6bn casino resort

Las Vegas Sands Corp. has been selected to develop Singapore's first casino resort. The mixed-use Marina Bay Sands, which will occupy an approximately 51-acre waterfront parcel near the financial district, will cost an estimated $3.6bn to construct and should be completed by 2009.

Las Vegas Sands proposal for the development includes 2,500 hotel rooms, 1.2m sq ft of flexible meeting and exhibition space, 1m sq ft of retail and restaurant offerings and three entertainment and gaming venues.

Kristina Paider, director of marketing and research for Jones Lang LaSalle Hotels reportedly said: "According to our research, Singapore is ranked as a top hotel investment opportunity market, having exceeded its target for visitor arrivals in 2005 with nine million arrivals.”

Property prices in Chinese cities rise 5.6% in April

Property prices in seventy large and medium-sized Chinese cities rose by 5.6% in April 2006, compared to the same time in 2005, according to recent research conducted by the National Development and Reform Commission and the National Bureau of Statistics.

Hohhot, capital of the Inner Mongolia region in north China, reported the biggest gain in housing prices at 14.9%. It was followed by Shenzhen, of Guangdong Province in south China, at 13.6% and Dalian, a coastal city in northeast Liaoning Province, at 11.1%.

Property prices in Shanghai however, fell by 6.2% year on year.

Bulgaria remains Europe's cheapest tourist destination

Bulgaria has been named as Europe's cheapest tourism destination, for a third consecutive year, according to a recent survey.

Although Bulgaria is the cheapest destination in Europe , this latest Thomas Cook survey reveals that the cost of living, in worldwide destinations like Goa , Brazil and Tunis remain even cheaper.

Property prices outstripping local earnings in Madrid

Property prices in Madrid rose by 89% between 2001 and 2004, while in contrast, local salary levels only increased by 14.8%, according to Spanish trade union CC.OO.

Magdalena Macías of CC.OO reportedly said: “Families (in Madrid) are getting into ever more debt whilst living under the threat of unemployment and increasing interest rates”.

Bulk of properties on Costa del Sol are owned by foreigners

As much as 70% of properties on the Costa del Sol are now owned by foreigners, according to Aguirre Newman.

The property consultants also report that the property market in the Costa del Sol is receiving increasing competition from Spanish regions such as Almeria and Murcia, as well as other countries such as Cyprus and Bulgaria, where property prices are cheaper.