RICS Global RE Weekly: South Korean Property Activity Declines Accelerate

Royal Institution of Chartered Surveyors
2009-02-27 15:45 712

Hong Kong,Feb. 27 /PRNewswire-Asia/ -- The South Korean property market has been hit hard from the downturn in global trade with early indications from the latest RICS Survey showing declines in activity across all sectors of the market. Tenant demand fell for the second consecutive quarter in the three months to January and at a faster pace, as a slump in export orders and domestic demand weighed on business investment.

UK mortgage lending to remain subdued

UK mortgage approvals data for January is due for release on Monday 2nd by the Bank of England. In December, the number of approvals edged up slightly to 31,000 but they are still 58% below year ago levels.

US property indicators showing little respite

A barrage of data key to the US real estate market are released in the coming week with both construction and consumer spending due on Monday 2nd. Other real estate highlights for the week include the pending homes sales figures on Tuesday 3rd with Wednesday 4th seeing the release of some key mortgage indicators.

German residential building activity to fall further

German residential building permit data for December is due for release on March 2nd by the Federal Statistical Office (FSO). The FSO series for new dwellings, which began in January 2005, peaked in January 2006 at 24,743 following the removal of the "Eigenheimzulage" housing tax subsidy. However, since then residential permit issuance has fallen by 56% and in November alone, the number fell by 17% to 10,835 (the lowest on record).

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Source: Royal Institution of Chartered Surveyors
Keywords: Real Estate