Most of all, the global financial crisis has affected financial institutions and developers. Feverish property markets in almost all countries of the world. This did not happen only where the collapse, in fact, there was nothing - and even in Switzerland, where the last five centuries in a row reigns solid grace, but in very small but very wealthy countries such as Monaco, Bahrain, Liechtenstein, Brunei, and other principalities and sultanates. Everyone else had a hard Once the crisis reached its climax, the real estate prices began to fall, and so active that many potential buyers have already become a cherished hope for the purchase of villas on the coast at the price of a house in the village. "We can say that it is the crisis has forced people to think about where to invest your accumulated savings - says Director General of" Miel Distant Property Management »Natalia Zavalishin. - "Because the property is historically reliable and proven asset, many have turned their attention to overseas property, even those who previously invested only in Moscow housing." That's why buyers are aiming for the purchase of overseas real estate, looking for the "bottom" - it is now cheaper, more profitable to invest there. All the same, eventually prices will rise. Statistics show that among the countries that felt the impact of the crisis, there are those who are more or less managed to keep the housing market is "in line" and the country in which prices were fixed down with admirable speed. Latvia - the quintessential example of a "price floor" One of these leaders was the anti-Latvia. As of August 2009, prices for real estate in the country decreased by an average of 75% compared with the peak in the past, says "Miel DPM». Over the last two months of the year market decline has stopped and even an increase was recorded by an average of 6%. According to experts of the company, Latvia hardest of EU member states in crisis, the housing market in the country, "dipped" the most noticeable. The number of transactions in the housing market in the country as a whole declined by more than three times. In major cities fell by 75% compared to the peak that was reached in 2007. At the moment the average apartment price has reached a level of 2003-2004. Why do prices have fallen so much? It is necessary to consider the fact that the cost of housing in Latvia since 2000, serious influence forthcoming entry to the EU. And the prices were rising, depending on the stage of negotiations on Latvia's accession to the EU. "Prices for residential property until mid-2007 have grown by 30-40% per year mainly due to speculative purchases, - said N. Zavalishin. - And then even the imposition of restrictions on lending did not save the situation - a crisis in the fall was inevitable and swift. During active growth followed by no less devastating fall. " Since Latvia - EU country, the real estate it will naturally go up. In less than a few years, as housing prices in Latvia to reach out to the prices in allied countries. That's why experts recommend you to acquire the Latvian real estate right now, because of the drop did not happen, but rapid growth is possible. You can say that Latvia has successfully passed the "bottom" of the real estate market and now has to go "for takeoff." Furthermore, the procedure of purchase of real estate is not required for foreigners are no additional costs such as registration of legal entity and to create jobs for our citizens. It is also possible legitimate rental property bought by a foreign citizen with the payment of relevant taxes. In the conduct of any business, non-residents of Latvia fully assimilated to the residents and no additional taxes are not. Also one of the important arguments in favor of buying real estate in the country is to obtain a multiple year Shengenovskoy visa. The owners of real property, as well as business owners and their employees have the right to issue long-term Schengen visa for up to five years. Besides the obvious benefits of investment in housing the European Union, foreign buyers of real estate in Latvia have the opportunity over five years to travel freely in Europe. In some cases it is possible to obtain temporary or permanent residence. "Latvian banks guarantee the confidentiality of real estate transactions and, in spite of the crisis, are ready to consider a mortgage, including non-residents, - the analytical materials of" Miel DPM ». - Interest rates much cheaper than they were three years ago, for example, the annual rate in the euro now stands at 5-6%. Mortgage loans may be granted to individuals for purchase of residential real estate, and legal entities for commercial purposes. Bank lends up to 60% of the value of the property. " According to the "Miel DPM», to date, the average cost of the "square" secondary market in Riga is 477 euros. In some segments of the series of apartments, mostly in small, prices range from 450 to 600 euros per square meter. It all depends on the quality of housing and its size. Average cost of Riga luxury homes and business class apartments range from 1500 to 2000 euros per "square". New liquid projects have already reached the "bottom", and selling real estate even cheaper is simply impossible - the developer is easier to pass it to the bank in payment of debts. Prices for new buildings were stabilized, the minimum cost per square meter in new projects is about 800 euros. As for the villas and apartments, then, for example, prices in the center of Jurmala is 3 000-6 000, but they are not competitive. A little away from the center - and you can find a property by a 400-1 420 euros for "square". Market mass-produced apartments in Jurmala is particularly interesting, as well as a similar market in Riga, he survived a serious jolt. Now, two-bedroom apartment in Kauguri (far Jurmala) area of 50 square meters. m can be purchased for 21 000 euros (420 euros per square meter). In the center of Jurmala (Dzintari Dubulti) the average cost of production evrootdelkoy apartments varies depending on the quality of repair from 800 to 1400 euros per square meter. On the opposite side of Jurmala, on the Riga coast, is located Vidzeme. Like Jurmala resorts Vidzeme formed as a summer resort city's inhabitants. If the price for luxury real estate and business-class facilities in Jurmala today vary from 1400 to 6000 euros per "square", the prices in Vidzeme rarely exceed the mark of 2000 euro, even assuming that we consider very good apartment or house. The Vidzeme seaside resorts are located such well-known as Carnikava, Saulkrasti, Salacgriva, Limbazi, etc. The most attractive in the Latvian real estate today - this is the price: as low (75% of the mid-2007) did not fall either one of the world markets during the the current financial crisis. Dubai - the second anti-record over 2009 price cuts in Dubai 47%, which was a record fall in the world since the beginning of IV quarter of 2008 to the end of III quarter of 2009, according to a global index of housing costs. Activity in the mortgage market in the country also declined markedly. Such a rapid decline as experts link with macroeconomic indicators, and the more local factors, such as rising unemployment in the country and the rapid increase in the volume of proposals on the local housing market. Many analysts warn that talk about the early restoration of the property market in the emirate will be available only in the presence of positive indicators for the IV quarter of 2009. And on the negative state prices in 2010 may affect the appearance of many new and exotic land. However, for new projects located in areas with good infrastructure, this would apply to a lesser degree. Spain - no comparison Falling prices in Spain are nothing compared to the Latvian "collapse." However, these parts and real estate in crisis deserve attention. "Official statistics rather contradictory, - says Natalia Zavalishin. - And besides, it is difficult to assess fully the whole of Spain - a different level of infrastructure development, transport accessibility, level and quality of housing, distance from airports, coastlines, cities, etc. According to official statistics, the price reduction of 15-20%, while some projects the prices have fallen by 30-40% compared with the maximum rates. " Drop in value of the experts associated with the fact that now more and more sellers are aware of the real market situation and reduce the asking price, but the market still provided a sufficient number of objects with the artificially high price. By and large, a lot depends on the class of real estate - luxury items fell more than a business or economy class. The market in Spain as a whole, whether island or mainland, now visibly sagged and provides an opportunity to buy property at a discount, which can not fail to interest those who had long planned the purchase. According to the "Miel DPM», the demand from these customers has grown significantly. The geography of shopping has changed little, Russian buyers are more interested in just mainland Spain, while the demand for Spanish islands are much smaller. Buyers who have not the most modest budgets, purchase real estate close to Barcelona. They are more interested in the Costa Brava and Costa Dorada. Clients, whose budget is in the range of 150-160 thousand euro, buy apartments and even a two-level apartments on the Costa Blanca and Costa Calida. Customers with a budget of 200 thousand euros and focused on the purchase of an apartment initially more attracted to Catalonia, Barcelona and its surroundings, is very popular town of Lloret de Mar on the Costa Blanca. "Most customers really relate to the situation and choose the type of property based on its budget, - says Natalia Zavalishin. Many pre-interest spending on the understanding that the house will cost considerably more expensive to use than flat. " Private buyers who invest in property in Spain only to the investment objective, now almost none. Property Class "luxury" always has a small number of target audiences. Respectively, and deal with it are rare. On average, trades on the Spanish market are 150 - 200 thousand euros. In Catalonia, the average price is slightly higher and amounts to 220-300 thousand euros. Some are interested in a mortgage. In Spain, a fairly low rate on your mortgage and community banks willing to lend to non-residents 50% of the value of the object, and a number of objects - and by 80%. However, in the end almost no recourse to bank loans, preferring to take an inexpensive object, but pay your money and not get into debt. It would seem that the fall in property prices in Spain are not as great as in Latvia, so why is consumer demand for Spanish property is still high? "Usually, everyone is interested outlook for the future: whether prices will fall even more, or has already come a limit, which is usually referred to as" bottom price "- Natalia meets Zavalishina. - We adhere to a second opinion. If the price has come down, then no more than 3-5%, which is achieved by reduction of about 30% of the price substantially no effect. Buildings in Spain are fewer and fewer objects gradually sold out, so who really is interested in buying, now can make a profitable investment until prices began to rise and there is a fairly wide choice. " United States - with which it started the first impact of the crisis currently experienced by the United States. A year ago, prices in the country went down rapidly, but after a while the situation is slightly leveled off. According to experts, "Miel DPM», currently the average decline in house prices in the country is 15%. A number of experts say that talk about reaching the "bottom" is premature. Some are predicting a further fall in property prices in the U.S., arguing that it was premature to talk about the end of the financial crisis. Others, citing the positive macroeconomic data point to a rise in the number of permits issued for housing construction in the second half of 2009, as well as increased revenue from sales of construction companies in real estate. But they all operate on averages across the country, losing sight of individual cities, where due to geographical, historical, social and other reasons can not be strong fluctuations in the value of the property. For example, New York. This is where real estate prices have always had a tendency to increase. And now in New York has been a significant increase in consumer activity. Sales in the second half of 2009 compared to the first half increased by an average of 15%. And the increase in demand always leads to an increase in the offer price. In addition, the U.S. is very high inflation expectations. "U.S. Federal Reserve during 2009 permanently lowered the discount rate, and at the moment rate can be considered as null, - says Natalia Zavalishin. - This means that there is "printing money" to stimulate mortgage activity of commercial banks. You do not need to be a guru in economics to understand that the uncontrolled emission of money sooner or later lead to an increase in inflation, which in turn will increase the property value. " So if you have savings, you need to invest in real estate in the stable or promising regions, among which, of course, applies to New York. In addition, the attractiveness of the region say, and other factors. For example, New York - the world's largest business, cultural and educational center. By virtue of geographical features of Manhattan, for example, may repeat the fate of the principality of Monaco, where now the average cost of housing has reached EUR 30 000 per "square". Besides, right now most U.S. retailers are flexible and willing to take on different assignments, and a variety of offers on the market in New York may soon not be. Add to that the reduced interest rates on mortgages (Russians can get a credit of 50% of the value of the property for 20-25 years at a rate of 4-5%), the benefits and prestige of owning real estate in Manhattan are obvious. At once, the real estate market almost everywhere turned to the buyer. Owning a home is either going to make serious concessions, or wait for better times, simultaneously donating their facilities for rent. But even in such favorable conditions for purchase, do not neglect the services of professional and well-established real estate because the procedure to purchase housing in any country - it's always a risk. Real estate agencies are designed to resolve any problems in the purchase and sale and rental housing, in addition to their disposal, there is always a relevant database objects sold, reliable partners and potential customers.
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