Property prices stabilise in Sofia

More Europeans investing in Maltese property market

Staggering number of vacant homes available in Bulgarian resorts

Peugeot set to build a $200m plant in Russia

New homes sales in the US fall by 4.3%

Rising levels of distress sales in Dubai

Property prices stabilise in Sofia

Residential property prices in Sofia, Bulgaria rose slightly, during the first half of 2006, but stabilised overall, according to Colliers International Semi-annual Residential Market Overview.

Doctor's Garden where property prices currently stand at €1,700 per sq m, remains the most expensive area in Sofia, followed by Ivan Vazov district, where the average price reached €1,325 per sq m.

There was a staggering 152% increase in the supply of holiday homes in the mountain regions since June 2005. The most preferred mountain location was Bansko.

The report also reveals that there wsa a 37% increase in the number of coastal resort properties coming on to the market, the equivalent to 6,000 units for the past year. There are currently, over 22,500 units in different stages of development.

The report concluded that in Sofia, as well as in the seaside, the property supply currently exceeds demand.

More Europeans investing in Maltese property market

Average property prices in Malta, has appreciated by 1 5-16% over the past 2-3 years, and has a fifty year trend of over 8%, according to Maltese Estate Agency Frank Salt Real Estate.

Grahame Salt, director of Frank Salt Real Estate, said: "Over thirty percent of our total sales each year are to overseas buyers. It used to be mainly British people who purchased property in Malta, but increasingly the rest of Europe and Scandinavia are discovering the attractions of Malta as a place to invest.

The friendliness of its people, its political stability and sound property laws are all factors in its success. In January 2008, Malta joins the Euro. This will make it easier and cheaper for foreign investors to purchase both domestic and commercial property."

Staggering number of vacant homes available in Bulgarian resorts

There were over 30,000 vacation apartments for sale in the Bulgarian coastal and ski resorts up to the end of June 2006, according to new data by Colliers International.

Most of the property offered for sale is located in major resorts like Sunny Beach and Sozopol, according to the report. In fact, there were 22,500 apartments for sale in the Black Sea coastal resort alone, an increase of nearly 6,000 apartments over the past year, according to Chassa newspaper.

Peugeot set to build a $200m plant in Russia

PSA Peugeot Citroen has announced that it plans to construct its first ever factory in Russia at a cost of $200m, according to reports in Russia.

The Vedomosti daily says that Peugeot intends to begin assembling two models in Russia from 2009, probably the Citroen C4 and Peugeot 307.

The Kommersant daily suggests that around 60,000 vehicles will be produced at the factory every year.

New homes sales in the US fall by 4.3%

New home sales in the US fell by 4.3% in July to an annual tally of 1.072m, according to the Commerce Department.

The Commerce Department also reveals that sales in Washington Midwest fell to their lowest level in almost nine years.

The median US home price rose 0.3% from July 2005, the smallest rise since December 2003.

James O'Sullivan, a senior economist at UBS Securities LLC in Stamford, Connecticut, said: "There is no question we have what could be called a housing recession." He added: "I don't think we've seen the full effect of this yet on the overall economy."

Rising levels of distress sales in Dubai

The number of distressed residential property sales in Dubai is rising, as some owners fall behind with payments and some projects are delayed, according to Investment Boutique.

Heather Wipperman, chief executive of Investment Boutique, said: "Not only has the volume (of distress sales) been increasing but I think the level of urgency has been increasing. It is difficult to give percentages of housing stock falling into low premiums (zero to two per cent), but the numbers are rising. A lot of people offering low premiums are also willing to negotiate down. You have people coming and saying zero per cent premium and I will absorb the transfer fees."

Wipperman reports that fourth to eight-floor middle income housing units, costing between Dh10m to Dh40m, owned by single investors, made up most of the residential distressed sales.