Europe

South Italy tipped to be the next

Property Wire

South Italy tipped to be the nextProperty in Italy is holding up in the credit crunch with experts predicting modest growth in many areas.

Locations with a strong tourist market are the best to invest in and southern Italy in particular is still offering lower priced investments.

Italy hasn't experienced the same problems as the UK and Spanish property markets and the risk of a downturn is considerably lower, according to a new report from Cluttons Italy.

South Italy tipped to be the next  »

America and Caribbean

Mexico property market attracting more interest from US and Canada

Property Wire

Mexico property market attracting more interest from US and CanadaMexico is the new frontier with increasing numbers of Americans and Canadians investing in property according to one of the leading estate agents.

A quiet 'revolution' in Mexico has seen the entire economy going through a very positive change. The change in government in 2000 and the sheer number of incentives to attract investment in Mexico has led to a boom in property, according to Realty Executives Mexico.

'More and more people from North America are travelling to Mexico but many are also taking up residence there, either permanently or for the winter months. The whole country is enthusiastically welcoming this surge of tourists and immigrants,' said Josh Twigg, international sales and marketing director.

Mexico property market attracting more interest from US and Canada  »

Asia and Pacific

Banks blamed for chronic lack of investment in Vietnam real estate

Property Wire

Banks blamed for chronic lack of investment in Vietnam real estateThe real estate market in Vietnam is slowing as rising interest rates and banks cutting lending opportunities begins to affect activity.

Some areas, particulary constructions, are suffering a severe lack of capital. Banks are refusing to lend to both companies and individuals.

Developers and builders are putting projects on hold or slowing down work in the hope that economic stability will return soon.

A major developer in Ho Chi Min City has been forced to delay the construction of a commercial and office centre planned for District 5 after two partners postponed their involvement due to the acute credit shortage.

Banks blamed for chronic lack of investment in Vietnam real estate  »

Middle East and Africa

In South Africa, agent’s memo predicting 40 percent drop in luxury home prices creates stir

IHT

In South Africa, agent’s memo predicting 40 percent drop in luxury home prices creates stirAlthough the sacking of a public relations rep is rarely worth a mention, there are twists to the case of Maurice Levin, the ex-media officer for the Sotheby’s International franchise in South Africa.

For one, Levin went public with his dirty laundry, always a refreshing change of pace. Even better, Levin says he was fired for releasing a memo from his boss, Lew Geffen, which warned agents that luxury home prices could drop by 40 percent by the end of the year. The internal memo also prodded agents to encourage clients to drop their prices by 25 percent to boost sales, according to coverage in the Daily Dispatch. (Quick tip for junior p.r. executives out there: releasing a memo from the boss to the press without permission can be bad, very bad.)

In South Africa, agent’s memo predicting 40 percent drop in luxury home prices creates stir  »