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RICS Global RE Weekly: Japanese Growth to Slow; to Weight on Real Estate Markets

HONG KONG, Dec. 17, 2010 /PRNewswire-Asia/ -- The latest economic data to arrive from Japan has been mixed. Third quarter GDP rose a stronger than expected 1.1% boosted by government stimulus measures which have bolstered consumption. The measures more specific to the property sector include government subsidies and tax breaks for purchasing energy efficient homes. Whilst third quarter annualised growth has surpassed 4% this is likely to signal a high water mark for growth. On contrary, construction orders remain 5.6% below levels a year ago and could fall back looking ahead.

Singapore property market cooling, but is it enough?

The property index for Q3 released by Urban Redevelopment Authority (URA) picked up by 2.9%, the slowest growth rate seen since Q3 2009, while the year on year growth rate also slowed, easing to 22.9% from 38.2% the previous quarter. The authorities are likely to wait until the Q4 house price data has been released before they make further announcements.  

Euro area mortgage lending outlook is positive, but risks remain

At the euro area level, the lending for home purchase increased by 0.5% in October, marking the eighteenth consecutive monthly increase, pushing the annual growth rate up to 4.3%, the highest since July 2008. Looking forward, the outlook for mortgage lending in the euro area as a whole is positive, however, contagion fears and more fiscal austerity are likely to constrain mortgage lending in the region's peripheral economies.

Central banks in Hungary, Poland and Czech to hold policy steady next week

On Monday 20th the Hungarian central bank (MNB) will reassess its monetary stance having raised interest rates by 0.25% to 5.5% in November. It would not come as a surprise to see the MNB take further action to address the overshoot of inflation. This will be followed on Wednesday 22nd by the deliberations of the Czech (CNB) and Polish (NBP) central banks. Both the CNB and NBP have been able to keep interest rates steady in recent months.   

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Source: Royal Institution of Chartered Surveyors
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