The property is now not for the elite! - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine

The property is now not for the elite! - News about real estate, Kiev, Kyiv region. Real Estate In UkraineThe most significant decrease was noted for the objects of value from...In London falling real estate marketFor the 4th quarter of 2008 the prices for elite real estate in London fell by almost 10%. Annual sales volume in the segment worth more than £ 1 million ($1 million. 457 - ed.) decreased by 49% compared with the previous year. At the same time the prices of homes costing more than £ 10 million ($14 million 570) until reduced slightly. These are the data of the company "Knight Frank London".During the 4 quarter of 2008, prices for luxury residential property fell by 10% on average, and relative to their maximum value, recorded in March 2008, they decreased by 18.4%.Dynamics downThe most significant decrease was noted for the objects of value from 1 to 2.5 million pounds ($mln - 3 million 6426) - currently they have lost 22% of their maximum value.According to the company, homes costing more than £ 10 million fell by only 8.1% relative to their maximum value, recorded in August 2008, however, they continue to decline, following General market trends.The total number of transactions for the sale of items valued over £ 1 million in London declined in 2008 by 49% compared with 2007.Prices for elite apartments and houses in London are falling everywhere – from Belgravia to Chelsea. The only positive point is that the rate of decline slowed in December they amounted to 2.2%. This is the lowest rate since September 2008.RentAs for renting, according to "Knight Frank London, for the last three months of 2008, rents for residential property in Central London fell by 9.6 per cent, the largest decline in rates since 1995. The fall in rents has been going on for three quarters of 2008, returning the market to the level of rates March 2007.The head of research at residential real estate at Knight Frank London" Liam Bailey, commented on the situation: "the market situation affected the property in a price range of 1 to 2.5 million pounds, in the so-called "basic level" supercar segment. The main buyers of property of $ 1-2. 5 million pounds sterling - city managers and high-paid office workers. Therefore, their mass layoffs and expected in 2009, further reducing jobs heaviest impact on this segment.".



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