Singapore’s official private home price index slid 5.7% in Q4 2008 over the preceding quarter. For full-year 2008, the index fell 4.3%, reversing a 31.2% increase during 2007. This is the Singapore real estate market‘s worst performance since Q4 1998 and property consultants are predicting a further decline of 10-20% in 2009, with luxury homes continuing to be the worst hit, as in 2008, this sector having seen the biggest increases over 2006/7..
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Singapore’s East Coast Road is renowned for being lined with large houses, condominium apartments and famous food and beverage outlets. Highly sought after in the 1970s for its suburban tranquility, this neighborhood looks set to enter a real estate boom with mounting speculation on the construction of an underground LRT (Light Rapid Transit) extension of the MRT(Mas Rapid Transit) line.
Some time ago, we suggested that Dubai’s property bubble was about to burst. A recent Dow Jones report suggest that time has come. A six-year real estate boom in Dubai that spurred a $475 billion building frenzy has ended, according to agents who say sales are collapsing amid fears that the global economic downturn will hit the sheikdom.
After years of rampant growth and short-term speculation, it appears the authorities are going to take measures to discourage this continued growth and are looking into ways to slow things down
Along with the rapid development in the city, the real estate investment markets too have boomed, with property transactions reaching rocketing heights. In recent years the Chennai property market has attracted huge investments from all over Tamilnadu, as well as from outside. This has also been complemented by the growth in the IT industries and BPO companies that have popularized commercial Chennai Properties. A number of housing companies have built huge residential and commercial complexes, villas and apartments in and around Chennai, thus keeping up with the ever growing demands. The increasing number of home seekers and willing investors has brought builders to focus on the availability of affordable and quality apartments.
The ten-year Spanish property boom finally came to an end over 2007, according to figures from Spain’s department of housing (MiV). The 4.8% rise in prices throughout last year may seem like a normal figure compared to other non-booming property markets, but represents a sharp deceleration compared to the powerful rises – of up to 20% – experienced during the boom years.
More on Post-Boom Spanish Real Estate: A Return to Consumer’s Interests
Chennai is the most preferred place for corporate and Multinational Companies due to its expert manpower and outstanding business environment. The upsurge in sectors like the IT and the BPO industry of Chennai has played a vital role in the modification of the commercial real estate market, thus setting it up for the growing demands of the business market.
When a 28,000 sq ft property was sold at the staggering rate of Rs 14,830 per sq ft at the posh Boat Club Road in Chennai in December 2005, little did the investors know that this property deal would send property rates soaring in the city. While most real estate developers would like to think that the realty boom, and huge investment in the real estate sector has seen world class infrastructure spring up in cosmopolitan cities like Mumbai, the financial capital of the country, Delhi- the political capital of the country and Bangalore, the IT hub of India, this is not strictly true. Experts opine that Chennai is not left behind in the race. The real estate boom has caught up not only with the major cities in the country, but relatively small towns like Chandigarh, Hyderabad, and Pune are also tracing sky scrapers. In January 2008, Chennai-based Sabari Foundations declared that they are to develop 308 apartments on a 10-acre site near the Sipcot Industrial complex at Siruseri. The estimated project cost is to the tune of Rs 180 crore.
The Mumbai real estate market is enjoying a high time. There is a real estate boom in India and after Gurgaon and Delhi, Mumbai is the next most popular hub where people are moving into in great numbers. There has been a marked enhancement in the supply and demand in the micro markets. The investors have been trying to foray into the real estate scenario investing into retail sectors, residential sectors, and banking, insurance and IT/ITES sectors too.
