Real EstateReal Estate
China has raised interest rates for the first time since 2007, as it tries to rein in inflation and dampen its red-hot real estate market. The People's Bank of China said it will raise its one-year lending rate to 5.6% from 5.31% and its one-year deposit rate to 2.5% from 2.25%.
As rising food and fuel prices create incentives for large-scale land acquisitions around the world, it is more important than ever for governments and the international community to protect local land rights, according to a new World Bank study released this week.
Fears that Uruguay could be heading for a “real estate bubble” since prices in US dollars have increased more than 70% in the last five years, seem to have been neutralized by historic data and the strong appreciation of the Uruguayan currency.
Sales of real estate in Uruguay’s internationally renowned resort Punta del Este and its area of influence reached almost 1.5 billion US dollars between January first 2009 and the first half of 2010, according to the Tourist Office from the County of Maldonado.
Mexican billionaire Carlos Slim real estate firm paid 44 million US dollars for a town-home on Manhattan’s Fifth Avenue, adding to his property holdings in New York.
The most expensive residential buildings per square meter in Chile are located in the Metropolitan Region’s boroughs of Las Condes and Vitacura. In these areas, properties prices are double that of other boroughs such as Ñuñoa and downtown Santiago.
China’s manufacturing expanded at a slower pace than estimated in May, prompting stock declines across Asia. The Purchasing Managers’ Index fell to 53.9 from 55.7 in April, the Federation of Logistics and Purchasing said in an e-mailed statement on Tuesday.
Construction activity increased for the first time since December 2008, according to the Monthly Construction Activity Index (Imacon) released by the Chilean Chamber of Construction this week. The Index shows an increase of 1.4% from March 2009 to March 2010, reflecting a rise in employment and demand.
Cuba received a record one million tourists in the first four months and announced a policy of “real estate development” associated with boosting marinas, golf courses and other tourist investments, mainly in “virgin regions”.
Over two million people live in a thousand shanty towns in the surroundings of Argentina’s capital Buenos Aires in conditions of extreme marginality and precariousness, according to official data released by the weekend press.