a mixed year for Asian residential property in 2006, according to Global Property Guide Winner: Singapore, South Korea and the Philippines
Singapore experience more residential high Asia house prices rising in 2006, the house rises 9.5% in real terms (adjusted for inflation) prices.
There were also increases of 9.3% in real terms real house prices in South Korea, and 9.1% increase in property prices in the Philippines. These were observed in the Global Property Guide House Price Indices, the largest collection of price indices for residential real estate.
strong Singapore 2006 GDP growth to 7.9%, pushed up demand for goods in Singapore. The Urban Redevelopment Authority (URA private) residential property price index rose in real terms by 10% (9.5%) in 2006.
South Korea also saw a strong upswing in house prices, press, despite continuing efforts by the government to the market. Kookmin Bank Home Price Index in December 2006 increased in real terms by 11.6% (9.3%) over the previous year.
the Philippines was to continue the strong economic growth and low inflation rates on the recovery of real estate. In addition, the demand for Overseas Filipino Workers (OFWs) and dual citizenship has been strong, pushing prices. Luxury condominium prices in the Philippines rose in real terms by 15% (9%) in 2006, following an increase of 11% of nominal prices in 2005, according to Colliers International.
real estate market in Japan in 2006 continued to decline, despite repeated attempts by the media represent the market as a rally. However, residential urban land price index fell less in 2006 (-2.8%) compared to the previous year (-4.7%).
Hong Kong property market turned negative (-2.13%) in 2006, after impressive gains in 2004 (27%) and 2005 (8%). higher interest rates in the U.S., mirror directly in Hong Kong, were a major cause of the crisis.
messy political crisis in Taiwan seems to have frozen residential prices, with 0% appreciation during 2006. In real terms, Taiwan has experienced a decline in property prices in 2006 (-1.7%). During the three years increased from the second quarter of 2006, Taiwan’s Sinyi House Price Index by 17%.
In Malaysia, house prices have not kept pace with inflation. Malaysian house prices are now at that level in 1995 real
Thailand has seen the end of the termination of its strong post-Asian crisis property market recovery, as the political crisis impacts the economy. Property prices rose by just 1.9% in 2006 (-2.4% in real terms), after 2005, real price increase of 7% (1.5%), and 2004 growth to 9% (6% in real terms).
Indonesia has managed to reduce 4Q 2006 inflation to 6% from 16% in the first three quarters. With the index of house prices recorded a rise of 6.6% in 2006, house prices rose by 0.5% real
2007 is an election year in Korea, Taiwan and the Philippines, and the uncertainty of policy is likely to increase. There will be elections in Japan and Hong Kong, but they are unlikely to have much impact on the housing market. In Thailand, increases the uncertainty, if the elections are called.
A victory for the party of President Arroyo in the coming congressional elections would be positive for real estate. election year to bring new money in the Philippines, but also more uncertainty. But if Arroyo wins enough seats in Congress will enforce a constitutional change, the removal of constitutional restrictions on the ownership of real estate and companies – good for real estate.
The economic interventionism of left-center President Roh Moo-hyun of the property market in Korea has been damaged. His support is in ruins, while the less interventionist president may be elected in December. But even if the opposition Grand National Party, excessive government intervention gains in the housing market, has a long history in South Korea.
The parliamentary elections in late 2007 a substantial advantage of the fact that the Kuomintang (KMT), the control of the presidency in 2008 by the Democratic Progressive Party (DPP) to recover. President Chen Shui-bian, the two terms have been spent largely in order to preserve it before it displaces. large banking and tax reforms have been held hostage by politics.
will be half the seats in the House of Lords appeal in July. can be held seats of the Liberal Democratic Party (LDP) can be reduced, risking his reform program. These seats were won with the help of former Prime Minister Junichiro Koizumi and popular reformer.
Donald Tsang to re-election as Director General in the elections are still largely ceremonial anointing of Beijing is the only significant factor. Pro-democracy activists hope and push for reforms towards a full democracy, Donald Tsang and the failure mean to push constitutional reforms in 2005 that this be his last term.
Thailand. Before you receive a call, and Thailand has returned to democracy, the better for the housing market and the economy as a whole. The fate of the Thai property market hinges junta. If the military junta extended the rule of the market will suffer.
The Global Property Guide sees inflation risks to be minimal in Asia in 2006. However, other dangers threaten the housing market, particularly the resurgence of bird flu in several countries, particularly in Indonesia.
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