Spanish mortgages rise 67% in one year

Cypriot property prices rise again

Repossessions soar in Massachusetts

Office rents soar in India

Dubai office rents lead the way in Middle East and Africa

Spanish mortgages rise 67% in one year

Euribor, the rate used to calculate interest payments for most mortgages in
Spain, rose in September to 3.715% (to be confirmed by the Bank of Spain). After 12th consecutive monthly increases, the Euribor is now a staggering 67% higher than it was one year ago, taking mortgage repayments up by the same amount.

Cypriot property prices rise again

Property prices in Cyprus rose for the sixth consecutive month in August 2006, according to BuySell Cyprus Real Estate.

The company report that average prices increased by 1.6% in August, bringing the overall rise since the beginning of the year to 8.5%. The BuySell Home Price Index reveals that average Cypriot property prices now stand at £119.590.

Elsewhere, Andreas Christodoulou, the head of the Cypriot Land Registry Department, has reported that Cypriot property prices are set to appreciate by up to 12% in the short term, due to rising land values, with the coastal areas set to experience the greatest level of price growth.

ddressing the House Commerce Committee, Christodoulou said: “From studies that were carried out by the Department, it appears that the value of land will increase when it comes to plots of land, apartments and detached homes, and this is mainly due to the great demand that exists from European citizens.”

Repossessions soar in Massachusetts

A new report conducted by ForeclosuresMass.com, reveals that 1,812 Massachusetts Homeowners had repossession actions filed against them during August 2006, a 72% increase, compared to August 2005, and 266% Higher Than August 2004.

Jeremy Shapiro of ForeclosuresMass.com, says: "Foreclosures (repossessions) in Massachusetts continue to escalate at levels we haven’t seen since the housing crash of the early 1990’s."

He adds: “In August alone there were over 90 new foreclosures filed every business day from every corner of the state. These latest findings have prompted us to extend our forecast; we expect foreclosure rates to continue this historic climb well into next year."

Office rents soar in India

Demand for office space in Mumbai's Bandra Kurla complex is so high that new tenants are reportedly paying almost 100% more in rentals now than they would have done a year ago.

The Bandra-Kurla complex is a commercial complex in the suburbs of the Indian city of Mumbai. According to MMRDA, it is the first in the series of new growth centres planned in the area.

Office development in the area has reached fever pitch, with developers scouting for residential re-development opportunities in Bandra East, reportedly offering significant premiums to purchase older flats.

Dubai office rents lead the way in Middle East and Africa

Dubai has topped a Colliers International office rents survey of cities in the Middle East and Africa.

With office space demand significantly outstripping supply in the emirate, current average net rents for central business district, high-end (Class A) and premium (Top Class A) office space, was $44.86 and $51.65 per sq ft respectively.

However, when compared to other global cities, Dubai is less expensive than London, Hong Kong, New York and Tokyo, where average office space prices are more than triple those being asked in the emirate.

John Davis, CEO at Colliers International - Middle East, said: "Despite rising office rent costs, Dubai is still conservatively priced when compared to other major business cities across the globe. When looking at value for money, Dubai still holds a significant advantage for businesses wishing to setup in the region."

Davis added: " Dubai has seen a surge in rents over the last couple of years because of massive increases in demand for property. Business is booming in the Middle East and Dubai's leaders have been capitalising on its geographical position and its ability to attract business from across the globe."