New regulations for Spanish estate agents

Easyjet and Ryanair launch bid to fly to Malta

Estonia GDP rockets 12% in Q2

One year after the storm

China to boost rental sector in attempt to make housing more affordable

La Hoya Bay Residence launched

Two-year low for US property market

New regulations for Spanish estate agents

The government is set to introduce new tighter regulations for estate agents, according to local reports.

María Antonia Trujillo, Spain’s Minister for Housing, wants to tackle the speculation and abusive practises plaguing the sector and hopes to introduce the new regulations by the end of 2006.

Trujillo says: “It’s not right that in Spain someone can earn more with one phone call than other workers can earn in a whole year.”

Easyjet and Ryanair launch bid to fly to Malta

Easyjet and Ryanair have announced that they hope to start flights to Malta from Luton and Dublin within the next few weeks and this may further boost the Maltese property market. Maltabuyproperty report that over 30% of residential property sales made though their associates in Malta came from UK and Irish buyers.

Ray Woods of Maltabuyproperty said: "The news that Ryanair and Easyjet are competing to launch new services to Malta is very welcome as it not only impacts of the price of flights - but also the availability of flights which is very important."

Estonia GDP rockets 12% in Q2

Estonia’s economy expanded a mind-boggling 12% from April to July this year, fuelled by robust domestic consumption and strong growth in exports, the Statistical Office reported on 4 September.

The data is based on preliminary information, and surpassed analysts’ expectations. Estonia’s white-hot economy forced the Finance Ministry to adjust its annual growth figures last month to 9.6% from the 8.2% originally forecast earlier this year.

Anne Karik-Uustalu, an analyst with Sampo Pank, said the growth was increasingly reliant on strong expansion in the construction and service sectors, while industrial growth figures were somewhat weaker, and she expects the economy to grow by around 10% this year.

However, the downside of such strong economic growth is that Estonia is now very unlikely to join the Euro in 2008 because of rising inflation. In the Spring, the Ministry of Finance predicted the annual rise in the consumer price index would be 3.7%, but it has now revised that figure to 4.5% this year and 3.9% in 2007.

One year after the storm

One year ago, Hurricane Katrina devastated the Gulf coast, when it caused billions of dollars of damage and destroyed over 200,000 homes along the Mississippi, Louisiana and Alabama coasts.

Prior to Katrina, the housing market in New Orleans was healthy, with sales reaching a near record-level territory, residential property prices were appreciating by around 10% a year. However, residential sales in New Orleans fell by nearly 85% following the hurricane.

"Realtors play an important role in rebuilding our communities," said Thomas M. Stevens, NAR president and senior vice president of NRT Inc. from Vienna, Virginia. "Some Realtors had a difficult task post-Katrina; however, they rose above and beyond the sales arena by providing residents with relief and assistance in finding housing, even when many lost their own homes."

Realtor Brooke Arthurs state that there were very few sales from September (2005) to November. “Fortunately, as the rebuilding effort got further along, sales began to pick up" reports the company.

From January to June 2006, Arthurs did a year's worth of business. A spokesperson said: "People who were displaced by the flooding quickly moved to buy homes in dry areas, younger buyers and students took advantage of reduced prices on gutted homes in the flooded neighborhoods, while a few looked to leave the area or scale down."

Today, the rebuilding effort is having a major impact throughout the region. Sales in New Orleans are up 9% compared to a year ago and home prices are 16% higher. The surrounding areas continue to perform well and are generally staying ahead of the national average in terms of sales and prices. In nearby Baton Rouge, sales are up 4% from a year ago and home prices are up 23%.

China to boost rental sector in attempt to make housing more affordable

China could be set to increase the size of their housing rental sector, instead of sticking to the current policy based on sales, in an attempt to make housing far more affordable.

Residential property prices in some parts of the country have rocketed. In Beijing, for example, property asking prices were as much as 10,000 yuan (US$1,250) per sq m in July 2006. Yet Per capita gross domestic product (GDP) was only US$1,352 in China n 2005.

It is not yet clear how China will increase the number of people renting houses and apartments, but the aim is to improve access to accommodation for medium and low-income groups, according to a report in the Beijing Morning Post.

La Hoya Bay Residence launched

La Hoya Bay Residence, a new waterfront luxury development, was launched in Ras Al Khaimah this week.

The La Hoya Bay development is being built at the cost of Dh2,938 ($800 million) and phase one will consist of 725 new apartments.

Frank Khoie of Khoie Properties said: "When I first visited Marjan Island on Ras Al Khaimah's beautiful white beaches for the first time I could not help but see the potential of developing a world class luxury residence. Just like Monaco, Cannes and other beautiful resorts and residence around the world, we are creating more than a development - we are creating a lifestyle and standard of living that combines natural beauty, a premier location, the highest level of sophistication and only 45 minutes from Dubai.

" Marjan Island is indeed a magnificent feat of engineering envisioned by the RAK Investment Authority under the patronage of the Government of Ras Al Khaimah. Only 45 minutes from Dubai International Airport and 15 minutes from RAK International Airport, La Hoya Bay Residence is the perfect location for either a permanent home, a weekend get away or a wise investment."

Two-year low for US property market

Residential property sales in the United States fell to their lowest level since January 2004, according to recent data released by the National Association of Realtors.

The report reveals that Sales of existing homes fell 4.1% to a seasonally adjusted annual rate of 6.33million, while the stock of unsold homes has now hit a thirteen-year high.