Own A House - real estate market news

While in all the Britain prices for the real estate fall the second month running, in some cities of the country the rise in prices for the real estate has been accelerated even twice.

According to company Nationwide, in November prices for the real estate have fallen by 0,8 %. Annual rate increase has fallen to 4,8 %, in comparison with 11,1 % in June and 10,5 % in December 2006.

Average cost of a house in the Great Britain makes 182080 pounds sterling (363,4 thousand dollars).

Nationwide predicts absence of price escalation for the next year in general.

Nevertheless, despite of the general price recession throughout the country, in some UK’s cities the rise in prices was expressed in double-valued figures.

The greatest rise in prices has been marked in Belfast: 32 % in comparison with the previous year. Now the average house in Belfast costs 306698 pounds ($610 thousand). Then goes Aberdeen (25 % of growth), London (16 %) and Saint Albans (13 %) which till now remains the most expensive city of the Great Britain. Average cost of an apartment house in this city makes 347563 pounds (693,8 thousand dollars), writes The Guardian.

Real estate market in Montenegro favorably differs with its strategic direction to tourism (as a matter of fact is a main income source for Montenegro).

The main market of real estate in Montenegro includes apartments, country houses, houses, hotels, restaurants, bars, i.e. the commercial and residential real estate intended for tourists and rest. The prices for such real estate, certainly, depend on a site and closeness to the sea. Having summarized - 1400 euros for sq. meter in a country house, house, and an apartment from 500m from the sea and farther. More than 2000 euros for sq. meter cost the real estate at the coast.

The Western Europe has always considered Montenegro as a place created for rest. Montenegro and the seaside in particular, has turned to an enormous building site for construction of elite real estate (country houses, houses, hotels) and apartments. Restaurants and bars are under construction everywhere and are offered for sale.

Real estate in Montenegro stably rises in price, taking the lead over statistics of other European countries; it is also find a ready rent market.

The legislation of Montenegro allows foreigners without difficulty to buy and sell both commercial and residential real estate. Procedure of registration is easy and takes a few days.

2007 was marked by:

1. The largest landslide of prices in the American market for the last decade;

2. Terrible mortgage crisis when more than one million Americans were put in jeopardy;

3. Global crisis of liquidity, in other words, trust of financiers to each other, which was the consequence of first two factors;

4. Sharp change of Federal Reserve System’s policy: from inflation containing and increase of rates - to numerous reductions of key rates with the purpose to rev up the economy, balancing on the verge of recession;

5. Active intervention of the Central Banks and the governments of the USA and the Great Britain in internal affairs of the financial markets - at the instance of figurants or without it (the Bank of England has offered the rescue program of one of the largest mortgage banks of the country, Northern Rock, Bush’s administration - the rescue program of many mortgage borrowers);

6. Mass bankruptcies of the largest mortgage companies, first of all in the USA;

7. Record losses of banks all over the world - only in Europe the question is about tens of billions;

8. Disappointment of investors in the world’s most expensive real estate – British market;

9. The transformation of pluses in minuses - falling in price of that, which was just increased in prices;

10. Reorientation of real estate’s buyers to “exotic”: Panama, Azores, Arabian countries, and also to northern markets which are at present obviously undervalued (Finland, Estonia).