There has been a significant slowdown in the number of new homes being constructed in the Alicante region in Spain, with just 489 new housing starts recorded across the province between January and April this year.
The number of new homes built in Alicante during the first four months of this year is 96% down on the average of 13,000 new homes recorded during the corresponding period over the past seven years. This is according to the provincial association of real estate promoters (PROVIA).
The fall in construction levels should help overcome the existing oversupply of homes in the region, with some 50,000 new homes currently unsold and lying empty.
Last year there were 25,619 new housing starts in the province, while 32,125 local residential properties were completed – the lowest level for eight years. At the peak of the last construction boom in 2004, there were 45,000 new housing starts.
Tuesday, May 27, 2008
Overseas property markets
Global residential property prices appreciated at a slower rate of growth in Q1 2008, rising 6.1% against capital growth of 9.2% in Q4 2007 and 9.8% during the same period last year, according to Knight Frank’s latest Global House Price Index.
Bulgaria once again recorded the greatest annualised price growth, with average prices up 31.5%, while average property prices in Iceland appreciated by 19.1%.
"Bulgaria continues to confound market fears of oversupply and has so far proved immune to the deceleration seen in much of the continent (Europe)," says Knight Frank's head of research, Liam Bailey.
However, just 20% of the property markets covered in the Index recorded double digit house price growth, compared to 35% a year ago.
Bailey adds: “The Knight Frank Global House Price Index shows that while house price growth in Europe and America continues to slow or even fall, pockets of strong growth remain."
Europe:
Since Q2 2007, Bulgaria has been the best performing location in the Knight Frank Global House Price Index. While the rate of growth in the price of flats was lower than in previous quarters, it was nonetheless maintained at over 30%, again being driven by the performance of areas bordering Romania such as Ruse and Vidin, as well as the capital Sofia, where annual price inflation exceeded 60%.
Jersey has been included in the Knight Frank Index for the first time. The British Crown dependency has seen price growth accelerate to 28%. Over the last quarter, prices of property in the capital rose by nearly 10%, with the average property costing nearly £475,000.
A location where previously high rates of growth have slowed is Russia. Price inflation has fallen from an annual rate of 30% to Q4 2007 to 22% in Q1 2008. St Petersburg has continued to see growth rates outpace those in the capital.
Iceland’s economy has cooled significantly over the last year, however, the country’ sproperty market remains robust.
Sweden continued to see strong house price inflation, with the year-on-year rate of growth of 9.1% only marginally lower than that of the 10.6% observed in Q4 2007. The highest rates of growth have occurred in the north of the country, at over 13%.
Neighbouring Norway has seen growth decline significantly to the lowest rate since Q3 2003: annual growth to Q1 2008 was just 3.8%, compared to 16.4% the same period a year earlier.
House price inflation in Finland is at a similar rate to Norway and its lowest rate since Q2 2002, although the slowdown has been much less dramatic, and price inflation has less volatile over recent years.
Denmark has seen the worst performance in house price growth, with prices falling by almost 1% across the country, while the Copenhagen market saw prices fall by 10%. However, many areas are still seeing positive growth, such as Aalborg, which recorded a rise of 7% to Q1 2008.
Croatia has also seen growth moderate over the last quarter. The annual rate of growth fell to 7% from nearly 12% the previous quarter. Property in Zagreb remains marginally more expensive than coastal properties.
Other European markets outside the UK have seen a similar trend. Spain continues to take a battering in the press, despite having seen one of Western Europe’s strongest performances of 3.8% annual growth. However, this is the lowest rate of price inflation since 1997, and there are undoubtedly serious concerns over the Spanish housing market and its impact on the Spanish economy.
Neighbouring Portugal appears to have escaped the market boom and bust cycle that has afflicted Spain: the highest growth rate seen in residential property prices over the last 12 years was 8.7% in 1999. After seeing slowing growth in late 2006 through to early 2007, price growth picked up in Portugal in the year to Q1 2008 to reach 3.8%.
After a fairly dramatic appearance on the Knight Frank Index in the fourth quarter of 2007, price growth in Poland has slowed significantly, with annual rates to Q1 2008 at 3%, a sudden reversal of fortune from the 22% observed to Q4 2007. The price of houses has been rising faster than the price of apartments, which in some locations have seen price falls. The rapid rate of apartment construction in recent years means that across the country there is a shortage of houses, which consequently hold their value better than property in the oversupplied apartment sector.
The residential market slowdown occurring in much of Europe has not bypassed France. The price boom that occurred in France over a four year period from 2002 to early 2006 definitely appears to be over. The rate of annual price growth to Q1 2008 slipped to 2.5%. The greatest growth – 4.8% - was recorded in the South East. The lowest capital growth occurred in Central and Alpine France, up 1.4%.
Property prices in Germany fell by over 5% on a year on year basis. However, the new build residential property prices are not falling as fast as those for resale property.
Austria has also seen price growth slow, although the 1.2% annual growth nationally to Q1 2008 hides marked regional disparities. Growth in Vienna accelerated during the latter half of 2007, rising from 4% in the summer to 5.4% to Q1 2008.
In Hungary, property price growth has been below 4% since early 2005, and the latest quarters figures are no different, with annual growth of 1.2%.
Switzerland’s stable growth in house prices continues, albeit at the extremely low rate of 0.4%, lower than the current rate (1%) of CPI inflation. The peak of Switzerland’s housing market cycle occurred at the end of 2002, where price inflation reached a dizzy 5.5%.
The UK housing market is experiencing its most significant slowdown since the early 1990s, with prices in Q1 2008 approximately 1.1% below their values last year.
The dramatic reversal of fortune in the Baltic markets towards the end of 2007 is still reflected in Q1 data. The price of apartments in Riga, the Latvian capital fell by nearly 6% during the quarter, marginally less than the decline in prices observed during the previous two quarters. The annual decline in prices reached 20% with prices per m² falling to just under €1,400, down from the €1,700 peak reached in Q2 2007.
Estonia is also continuing to see apartment prices fall, the 11% decline in values to Q1 2008 was marginally less than the 14% drop seen to Q4 2007. Over the quarter values fell by around 3%.
Lithuania remains the most stable Baltic market with a price rise of 0.5% over the course of the year.
In Ireland house prices have continued to fall. Nationally prices across the country fell by nearly 9% over the year to Q1 2008, an acceleration of the 7.3% decline observed in the previous quarter.
Asia Pacific:
Singapore’s property price growth has slowed marginally during the last quarter. Annual growth to Q1 2008 was 29.9%, down from the 31% increase of the previous quarter.
Hong Kong’s price growth has crept up to rival that of Singapore, recording nearly 29% growth in the year to Q1 2008.
In China, property prices house prices in 70 cities rose 11.7% year-on-year in the first quarter: 0.8% higher than the growth recorded in the previous quarter.
Over the 12 months to Q1 2008 Australia recorded annual house price growth of 13.8%, compared to 8.6% for the 12 months to Q1 2007, moving its Global House Price Index ranking up six places.
The Americas:
In the United States, the Knight Frank Global Index shows a house price decline of -0.03%, although the OFHEO data based on all transactions including mortgage refinancing is less pessimistic and volatile than other US house price indices. California and Nevada led the way in terms of house price deflation, with prices decreasing by 10.6% and 10.3% respectively. The Midwest states of Wyoming and Utah led the market with growth of 6.3% and 5.6% respectively.
Canada has seen a slowdown in the rate of house price inflation over the 12 months to Q1 2008. House price inflation has more than halved from Q1 2007 to Q1 2008 from 12.6% to 6.1% and moving down three places in the Knight Frank Global House Price Index. Despite Canada’s slowing house price inflation at a national level, some areas are still performing extremely strongly. In Saaskatoon, house prices rose by almost 50% to Q1 2008, whilst in Regina, and in Winnipeg, prices rose by 28% and 15% respectively. Vancouver saw price growth akin to the national average, with 6.1% over the 12 month period.
Africa:
South Africa saw house price inflation of 8.8% over the 12 months to Q1 2008, a noticeable slowdown from the same period a year earlier which revealed growth of 13.6%. Political instability in the region, particularly in Zimbabwe and Kenya, may adversely affect any international investment in South Africa
Bulgaria once again recorded the greatest annualised price growth, with average prices up 31.5%, while average property prices in Iceland appreciated by 19.1%.
"Bulgaria continues to confound market fears of oversupply and has so far proved immune to the deceleration seen in much of the continent (Europe)," says Knight Frank's head of research, Liam Bailey.
However, just 20% of the property markets covered in the Index recorded double digit house price growth, compared to 35% a year ago.
Bailey adds: “The Knight Frank Global House Price Index shows that while house price growth in Europe and America continues to slow or even fall, pockets of strong growth remain."
Europe:
Since Q2 2007, Bulgaria has been the best performing location in the Knight Frank Global House Price Index. While the rate of growth in the price of flats was lower than in previous quarters, it was nonetheless maintained at over 30%, again being driven by the performance of areas bordering Romania such as Ruse and Vidin, as well as the capital Sofia, where annual price inflation exceeded 60%.
Jersey has been included in the Knight Frank Index for the first time. The British Crown dependency has seen price growth accelerate to 28%. Over the last quarter, prices of property in the capital rose by nearly 10%, with the average property costing nearly £475,000.
A location where previously high rates of growth have slowed is Russia. Price inflation has fallen from an annual rate of 30% to Q4 2007 to 22% in Q1 2008. St Petersburg has continued to see growth rates outpace those in the capital.
Iceland’s economy has cooled significantly over the last year, however, the country’ sproperty market remains robust.
Sweden continued to see strong house price inflation, with the year-on-year rate of growth of 9.1% only marginally lower than that of the 10.6% observed in Q4 2007. The highest rates of growth have occurred in the north of the country, at over 13%.
Neighbouring Norway has seen growth decline significantly to the lowest rate since Q3 2003: annual growth to Q1 2008 was just 3.8%, compared to 16.4% the same period a year earlier.
House price inflation in Finland is at a similar rate to Norway and its lowest rate since Q2 2002, although the slowdown has been much less dramatic, and price inflation has less volatile over recent years.
Denmark has seen the worst performance in house price growth, with prices falling by almost 1% across the country, while the Copenhagen market saw prices fall by 10%. However, many areas are still seeing positive growth, such as Aalborg, which recorded a rise of 7% to Q1 2008.
Croatia has also seen growth moderate over the last quarter. The annual rate of growth fell to 7% from nearly 12% the previous quarter. Property in Zagreb remains marginally more expensive than coastal properties.
Other European markets outside the UK have seen a similar trend. Spain continues to take a battering in the press, despite having seen one of Western Europe’s strongest performances of 3.8% annual growth. However, this is the lowest rate of price inflation since 1997, and there are undoubtedly serious concerns over the Spanish housing market and its impact on the Spanish economy.
Neighbouring Portugal appears to have escaped the market boom and bust cycle that has afflicted Spain: the highest growth rate seen in residential property prices over the last 12 years was 8.7% in 1999. After seeing slowing growth in late 2006 through to early 2007, price growth picked up in Portugal in the year to Q1 2008 to reach 3.8%.
After a fairly dramatic appearance on the Knight Frank Index in the fourth quarter of 2007, price growth in Poland has slowed significantly, with annual rates to Q1 2008 at 3%, a sudden reversal of fortune from the 22% observed to Q4 2007. The price of houses has been rising faster than the price of apartments, which in some locations have seen price falls. The rapid rate of apartment construction in recent years means that across the country there is a shortage of houses, which consequently hold their value better than property in the oversupplied apartment sector.
The residential market slowdown occurring in much of Europe has not bypassed France. The price boom that occurred in France over a four year period from 2002 to early 2006 definitely appears to be over. The rate of annual price growth to Q1 2008 slipped to 2.5%. The greatest growth – 4.8% - was recorded in the South East. The lowest capital growth occurred in Central and Alpine France, up 1.4%.
Property prices in Germany fell by over 5% on a year on year basis. However, the new build residential property prices are not falling as fast as those for resale property.
Austria has also seen price growth slow, although the 1.2% annual growth nationally to Q1 2008 hides marked regional disparities. Growth in Vienna accelerated during the latter half of 2007, rising from 4% in the summer to 5.4% to Q1 2008.
In Hungary, property price growth has been below 4% since early 2005, and the latest quarters figures are no different, with annual growth of 1.2%.
Switzerland’s stable growth in house prices continues, albeit at the extremely low rate of 0.4%, lower than the current rate (1%) of CPI inflation. The peak of Switzerland’s housing market cycle occurred at the end of 2002, where price inflation reached a dizzy 5.5%.
The UK housing market is experiencing its most significant slowdown since the early 1990s, with prices in Q1 2008 approximately 1.1% below their values last year.
The dramatic reversal of fortune in the Baltic markets towards the end of 2007 is still reflected in Q1 data. The price of apartments in Riga, the Latvian capital fell by nearly 6% during the quarter, marginally less than the decline in prices observed during the previous two quarters. The annual decline in prices reached 20% with prices per m² falling to just under €1,400, down from the €1,700 peak reached in Q2 2007.
Estonia is also continuing to see apartment prices fall, the 11% decline in values to Q1 2008 was marginally less than the 14% drop seen to Q4 2007. Over the quarter values fell by around 3%.
Lithuania remains the most stable Baltic market with a price rise of 0.5% over the course of the year.
In Ireland house prices have continued to fall. Nationally prices across the country fell by nearly 9% over the year to Q1 2008, an acceleration of the 7.3% decline observed in the previous quarter.
Asia Pacific:
Singapore’s property price growth has slowed marginally during the last quarter. Annual growth to Q1 2008 was 29.9%, down from the 31% increase of the previous quarter.
Hong Kong’s price growth has crept up to rival that of Singapore, recording nearly 29% growth in the year to Q1 2008.
In China, property prices house prices in 70 cities rose 11.7% year-on-year in the first quarter: 0.8% higher than the growth recorded in the previous quarter.
Over the 12 months to Q1 2008 Australia recorded annual house price growth of 13.8%, compared to 8.6% for the 12 months to Q1 2007, moving its Global House Price Index ranking up six places.
The Americas:
In the United States, the Knight Frank Global Index shows a house price decline of -0.03%, although the OFHEO data based on all transactions including mortgage refinancing is less pessimistic and volatile than other US house price indices. California and Nevada led the way in terms of house price deflation, with prices decreasing by 10.6% and 10.3% respectively. The Midwest states of Wyoming and Utah led the market with growth of 6.3% and 5.6% respectively.
Canada has seen a slowdown in the rate of house price inflation over the 12 months to Q1 2008. House price inflation has more than halved from Q1 2007 to Q1 2008 from 12.6% to 6.1% and moving down three places in the Knight Frank Global House Price Index. Despite Canada’s slowing house price inflation at a national level, some areas are still performing extremely strongly. In Saaskatoon, house prices rose by almost 50% to Q1 2008, whilst in Regina, and in Winnipeg, prices rose by 28% and 15% respectively. Vancouver saw price growth akin to the national average, with 6.1% over the 12 month period.
Africa:
South Africa saw house price inflation of 8.8% over the 12 months to Q1 2008, a noticeable slowdown from the same period a year earlier which revealed growth of 13.6%. Political instability in the region, particularly in Zimbabwe and Kenya, may adversely affect any international investment in South Africa
Timeshares in Dubai
UAE group Emaar has announced that it plans to enter into the timeshare market, to cater for the robust growth in tourism.
Emaar Hospitality Group, a business subsidiary of Emaar Properties, will soon unveil its timeshare roster encompassing serviced residences and custom-designed resorts in Dubai, some of which may appeal to property investors.
The company also plans to expand its timeshare business to other countries, including Morocco, Jordan, Saudi Arabia, India, Turkey, Egypt and Indonesia.
“The timeshare market in Dubai is poised for exponential growth with booming inbound tourists driving the demand for spacious accommodation that hotels cannot fully meet,” said Mohamed Ali Alabbar, chairman, Emaar Properties. “Emaar already has an extensive hospitality and leisure portfolio featuring several hotels and serviced apartments. Additionally, we plan to develop dedicated timeshare resorts. Emaar is finalising the modalities of the timeshare business in line with the guidelines of the Dubai Government and also putting in place a special team to support the initiative.”
A number of other companies are expected to follow Emarr into the timeshare sector of the property market. The government in Dubai is currently drawing up a legal framework to assist companies entering into the sector.
Marc Dardenne, CEO, Emaar Hospitality Group, explained: “A recent survey by NorthCourse Research Firm reveals that Dubai, followed by Sharm El Sheikh and Makkah, is the most preferred timeshare location in the Middle East region.
“Better regulation has been the key challenge of the timeshare business in Europe, where the business is most booming with over 1.3 million timeshare owners as of 2006. However, Dubai is already one-step ahead in terms of timeshare business by having a governmental framework to follow. This will give impetus to Emaar Hospitality in adopting a structured approach with a focus on segmentation of timeshare business – the key to meeting the requirements of Dubai’s eclectic tourist profile.”
Emaar Hospitality Group, a business subsidiary of Emaar Properties, will soon unveil its timeshare roster encompassing serviced residences and custom-designed resorts in Dubai, some of which may appeal to property investors.
The company also plans to expand its timeshare business to other countries, including Morocco, Jordan, Saudi Arabia, India, Turkey, Egypt and Indonesia.
“The timeshare market in Dubai is poised for exponential growth with booming inbound tourists driving the demand for spacious accommodation that hotels cannot fully meet,” said Mohamed Ali Alabbar, chairman, Emaar Properties. “Emaar already has an extensive hospitality and leisure portfolio featuring several hotels and serviced apartments. Additionally, we plan to develop dedicated timeshare resorts. Emaar is finalising the modalities of the timeshare business in line with the guidelines of the Dubai Government and also putting in place a special team to support the initiative.”
A number of other companies are expected to follow Emarr into the timeshare sector of the property market. The government in Dubai is currently drawing up a legal framework to assist companies entering into the sector.
Marc Dardenne, CEO, Emaar Hospitality Group, explained: “A recent survey by NorthCourse Research Firm reveals that Dubai, followed by Sharm El Sheikh and Makkah, is the most preferred timeshare location in the Middle East region.
“Better regulation has been the key challenge of the timeshare business in Europe, where the business is most booming with over 1.3 million timeshare owners as of 2006. However, Dubai is already one-step ahead in terms of timeshare business by having a governmental framework to follow. This will give impetus to Emaar Hospitality in adopting a structured approach with a focus on segmentation of timeshare business – the key to meeting the requirements of Dubai’s eclectic tourist profile.”
Cesme Property
The Aegean city of İzmir's Çeşme district, which is a popular holiday resort, has never lost its value, said Levent Okudan, who has been an effective player in the real estate sector for the past 14 years.
“Çeşme is as valuable as a diamond. Russian billionaire Roman Abramovich's purchase of Çiftlikköy Kum Beach also helped increase the town's popularity,” said Okudan, adding, “There also is a talk of Mustafa Koç (a prominent Turkish businessman) purchasing a large property for tourism-related investments.”
Çeşme and Alaçatı will be undisputable stars of tourism within the next 10 years, claimed Okudan. He said he envisions houses similar to those in Majorca, which will include pools and a helicopter pad, adding that such works need to be implemented in order for Turkey to compete in tourism with Greece and Italy.
“Primarily, we need to expand the tourism season in Çeşme to 12 months. In order to do that we need to implement golf tourism. Secondly, although we own the best thermal resources in the world, we currently are unable to benefit from those. We need better promotion for the world to get to know us,” Okudan said.
“The government and the municipalities need to invest in high quality hotels and increase VIP tourism in those locations,” he said, adding, “Another way to improve tourism in the district is to establish a private airport for small planes and helicopters to serve businessmen and especially foreign multimillionaires. We need to prioritize infrastructure."
“Çeşme is as valuable as a diamond. Russian billionaire Roman Abramovich's purchase of Çiftlikköy Kum Beach also helped increase the town's popularity,” said Okudan, adding, “There also is a talk of Mustafa Koç (a prominent Turkish businessman) purchasing a large property for tourism-related investments.”
Çeşme and Alaçatı will be undisputable stars of tourism within the next 10 years, claimed Okudan. He said he envisions houses similar to those in Majorca, which will include pools and a helicopter pad, adding that such works need to be implemented in order for Turkey to compete in tourism with Greece and Italy.
“Primarily, we need to expand the tourism season in Çeşme to 12 months. In order to do that we need to implement golf tourism. Secondly, although we own the best thermal resources in the world, we currently are unable to benefit from those. We need better promotion for the world to get to know us,” Okudan said.
“The government and the municipalities need to invest in high quality hotels and increase VIP tourism in those locations,” he said, adding, “Another way to improve tourism in the district is to establish a private airport for small planes and helicopters to serve businessmen and especially foreign multimillionaires. We need to prioritize infrastructure."
Tuesday, May 13, 2008
Land valuations in Turkey
WASHINGTON, May 1, 2008 – The World Bank today approved a loan equivalent to US$203 million to the Government of Turkey for the Land Registry and Cadastre Modernization Project. The Project will improve the effectiveness and efficiency of the land registry and cadastre services.
"The Project constitutes a next generation of Bank operations in the area of land management and cadastre, where the country already has a well functioning property rights regime, but is striving to take the land registry and cadastre data use to the next level by spreading its benefits to people, businesses and multiple sectors, and facilitating better access to real estate information through the e-government platform,” said Wael Zakout, Sector Manager and Task Team Leader for the Project. “This project will also help improve customer service by reducing the time taken to register a property transaction to a few hours, and develop property appraisal function in line with international standards.”
The project will (i) renovate and update cadastre maps to support digital cadastre and land registry information; (ii) make the digital land registry and cadastre information available to public and private entities (iii) improve customer services in land registry and cadastre offices; (iv) improve human resources in the Turkish Land Registry and Cadastre Agency (TKGM); and (v) develop policies and capacity to introduce best international practices in property valuation in Turkey.
While the Turkish Cadastre and Registration system is considered one of the most effective in the region and registration of property transactions is done within one day in many offices, there are still many shortcomings to be addressed to ensure that the system modernizes to reach the same service level as in the European countries. Many of the Cadastre and Land Registry offices rely on manual systems, with old documents, some of them dating back to the Ottoman times. In addition, the TAKBIS system (Turkey’s computerized Cadastre and Land Registry Software) runs in only 140 out of the 1000 offices.
The most challenging aspect is that cadastral maps continue to be in a paper format, vary in accuracy and consistency, and are not linked to the national network. This makes it difficult to support E-government applications as cadastre maps serve as a base mapping for many government applications. Furthermore, in many localities maps are out of date and do not correspond with the ground locations and areas, differing sometimes by up to 10 meters.
The project will be funded by an IBRD flexible variable spread loan. It will have a maturity of 23.5 years including a 5 year grace period.
"The Project constitutes a next generation of Bank operations in the area of land management and cadastre, where the country already has a well functioning property rights regime, but is striving to take the land registry and cadastre data use to the next level by spreading its benefits to people, businesses and multiple sectors, and facilitating better access to real estate information through the e-government platform,” said Wael Zakout, Sector Manager and Task Team Leader for the Project. “This project will also help improve customer service by reducing the time taken to register a property transaction to a few hours, and develop property appraisal function in line with international standards.”
The project will (i) renovate and update cadastre maps to support digital cadastre and land registry information; (ii) make the digital land registry and cadastre information available to public and private entities (iii) improve customer services in land registry and cadastre offices; (iv) improve human resources in the Turkish Land Registry and Cadastre Agency (TKGM); and (v) develop policies and capacity to introduce best international practices in property valuation in Turkey.
While the Turkish Cadastre and Registration system is considered one of the most effective in the region and registration of property transactions is done within one day in many offices, there are still many shortcomings to be addressed to ensure that the system modernizes to reach the same service level as in the European countries. Many of the Cadastre and Land Registry offices rely on manual systems, with old documents, some of them dating back to the Ottoman times. In addition, the TAKBIS system (Turkey’s computerized Cadastre and Land Registry Software) runs in only 140 out of the 1000 offices.
The most challenging aspect is that cadastral maps continue to be in a paper format, vary in accuracy and consistency, and are not linked to the national network. This makes it difficult to support E-government applications as cadastre maps serve as a base mapping for many government applications. Furthermore, in many localities maps are out of date and do not correspond with the ground locations and areas, differing sometimes by up to 10 meters.
The project will be funded by an IBRD flexible variable spread loan. It will have a maturity of 23.5 years including a 5 year grace period.
Land valuations in Turkey
WASHINGTON, May 1, 2008 – The World Bank today approved a loan equivalent to US$203 million to the Government of Turkey for the Land Registry and Cadastre Modernization Project. The Project will improve the effectiveness and efficiency of the land registry and cadastre services.
"The Project constitutes a next generation of Bank operations in the area of land management and cadastre, where the country already has a well functioning property rights regime, but is striving to take the land registry and cadastre data use to the next level by spreading its benefits to people, businesses and multiple sectors, and facilitating better access to real estate information through the e-government platform,” said Wael Zakout, Sector Manager and Task Team Leader for the Project. “This project will also help improve customer service by reducing the time taken to register a property transaction to a few hours, and develop property appraisal function in line with international standards.”
The project will (i) renovate and update cadastre maps to support digital cadastre and land registry information; (ii) make the digital land registry and cadastre information available to public and private entities (iii) improve customer services in land registry and cadastre offices; (iv) improve human resources in the Turkish Land Registry and Cadastre Agency (TKGM); and (v) develop policies and capacity to introduce best international practices in property valuation in Turkey.
While the Turkish Cadastre and Registration system is considered one of the most effective in the region and registration of property transactions is done within one day in many offices, there are still many shortcomings to be addressed to ensure that the system modernizes to reach the same service level as in the European countries. Many of the Cadastre and Land Registry offices rely on manual systems, with old documents, some of them dating back to the Ottoman times. In addition, the TAKBIS system (Turkey’s computerized Cadastre and Land Registry Software) runs in only 140 out of the 1000 offices.
The most challenging aspect is that cadastral maps continue to be in a paper format, vary in accuracy and consistency, and are not linked to the national network. This makes it difficult to support E-government applications as cadastre maps serve as a base mapping for many government applications. Furthermore, in many localities maps are out of date and do not correspond with the ground locations and areas, differing sometimes by up to 10 meters.
The project will be funded by an IBRD flexible variable spread loan. It will have a maturity of 23.5 years including a 5 year grace period.
"The Project constitutes a next generation of Bank operations in the area of land management and cadastre, where the country already has a well functioning property rights regime, but is striving to take the land registry and cadastre data use to the next level by spreading its benefits to people, businesses and multiple sectors, and facilitating better access to real estate information through the e-government platform,” said Wael Zakout, Sector Manager and Task Team Leader for the Project. “This project will also help improve customer service by reducing the time taken to register a property transaction to a few hours, and develop property appraisal function in line with international standards.”
The project will (i) renovate and update cadastre maps to support digital cadastre and land registry information; (ii) make the digital land registry and cadastre information available to public and private entities (iii) improve customer services in land registry and cadastre offices; (iv) improve human resources in the Turkish Land Registry and Cadastre Agency (TKGM); and (v) develop policies and capacity to introduce best international practices in property valuation in Turkey.
While the Turkish Cadastre and Registration system is considered one of the most effective in the region and registration of property transactions is done within one day in many offices, there are still many shortcomings to be addressed to ensure that the system modernizes to reach the same service level as in the European countries. Many of the Cadastre and Land Registry offices rely on manual systems, with old documents, some of them dating back to the Ottoman times. In addition, the TAKBIS system (Turkey’s computerized Cadastre and Land Registry Software) runs in only 140 out of the 1000 offices.
The most challenging aspect is that cadastral maps continue to be in a paper format, vary in accuracy and consistency, and are not linked to the national network. This makes it difficult to support E-government applications as cadastre maps serve as a base mapping for many government applications. Furthermore, in many localities maps are out of date and do not correspond with the ground locations and areas, differing sometimes by up to 10 meters.
The project will be funded by an IBRD flexible variable spread loan. It will have a maturity of 23.5 years including a 5 year grace period.
Saturday, May 3, 2008
Turkey EU membership?
EU urges Turkey to speed up reforms
Turkish Foreign Minister Ali Babacan (C), EU Enlargement Commissioner Olli Rehn (R), Foreign Minister Dimitrij Rupel of Slovenia, the current head of the EU presidency, and Jean-Pierre Jouyet, the minister of state for European affairs of incoming EU president France, met at the Ankara Palace State Guest House.
The European Union yesterday urged Turkey to speed up reforms concerning human rights and freedom of association as it moves forward in the accession process, with EU Enlargement Commissioner Olli Rehn calling a restart of the reform process by the Turkish government a recipe for solving the ongoing problems that the candidate country has been facing.
The EU also warned of negative consequences if the ruling Justice and Development Party (AK Party) is eventually closed down by Turkey's Constitutional Court. The Turkish capital yesterday hosted a landmark meeting of the EU-Turkey Troika amid domestic political turmoil over an ongoing closure case against Turkey's ruling party as well as the marring of Labor Day celebrations last week by the Turkish police's use of disproportionate force against demonstrators.
Along with Turkish Foreign Minister Ali Babacan and Rehn, Foreign Minister Dimitrij Rupel of Slovenia, the current head of the EU presidency, and Jean-Pierre Jouyet, the minister of state for European affairs of incoming EU president France, gathered at the Ankara Palace -- the official state guesthouse.
Speaking at a joint press conference following their meeting, both Rehn and Rupel praised recent reforms carried out by the Turkish government. The two particularly underlined recent amendments to a disputed law used to prosecute writers for insulting Turkishness as well as a new foundations law that gives further rights to minority groups as positive developments.
Rehn, however, also emphasized that further reforms are needed and said these reforms would serve as the "recipe" for overcoming ongoing problems of the candidate country. He said that issues such as establishing a completely independent judiciary and strengthening human rights were a priority as well as the establishment of an ombudsman's office with powers to look into state abuses.
Criticizing the way Turkish police violently broke up trade union demonstrations in İstanbul on May 1, Rehn also said the police response was disproportionate and that trade union rights must be enhanced, "both in theory and in practice," via adopting and implementing related EU legislation. He also added that this would be key for opening more chapters in negotiations between Turkey and the EU.
Turkish riot police fired water cannons and tear gas at crowds in central İstanbul on Thursday, detaining hundreds. Dozens of people were injured.
"We in the commission deplore this disproportionate use of force on May 1," Rehn said, adding that the commission expected the events to be investigated.
"We reiterated our call for the Turkish authorities to act within the European law and the practice to respect trade union rights in line with EU standards," he said.
Rehn made it clear that the European Commission was against a court case that could see the AK Party banned and said because Turkey was a candidate for EU membership, the commission could not stay neutral on the matter. In March, Turkey's Constitutional Court decided unanimously to hear an appeal from a top prosecutor to close Prime Minister Recep Tayyip Erdoğan's AK Party on charges that it had become a "focal point for anti-secular activities." The prosecutor has also sought a five-year ban from party politics for 71 politicians, including Erdoğan and former AK Party member President Abdullah Gül. The EU, which Turkey aspires to join, has harshly criticized the case and even warned that accession talks with Turkey could come to a halt if the AK Party is closed down in the end.
While avoiding comment on what exactly would be the position of Turkey's accession talks if the AK Party is eventually banned, Rehn merely said the move would have "negative consequences."
For his part, Jouyet, meanwhile, pledged that his country would assume "an objective, neutral and balanced" approach vis-à-vis Turkey's accession process during its upcoming rotating presidency. "There is an ongoing process and there will be discussions. France's EU term presidency will be objective, neutral and balanced. We will implement related criteria for opening of new chapters," Jouyet told reporters. Later in the day, Rehn also had talks with Erdoğan and Gül, who also met separately with Jouyet.
Turkish Foreign Minister Ali Babacan (C), EU Enlargement Commissioner Olli Rehn (R), Foreign Minister Dimitrij Rupel of Slovenia, the current head of the EU presidency, and Jean-Pierre Jouyet, the minister of state for European affairs of incoming EU president France, met at the Ankara Palace State Guest House.
The European Union yesterday urged Turkey to speed up reforms concerning human rights and freedom of association as it moves forward in the accession process, with EU Enlargement Commissioner Olli Rehn calling a restart of the reform process by the Turkish government a recipe for solving the ongoing problems that the candidate country has been facing.
The EU also warned of negative consequences if the ruling Justice and Development Party (AK Party) is eventually closed down by Turkey's Constitutional Court. The Turkish capital yesterday hosted a landmark meeting of the EU-Turkey Troika amid domestic political turmoil over an ongoing closure case against Turkey's ruling party as well as the marring of Labor Day celebrations last week by the Turkish police's use of disproportionate force against demonstrators.
Along with Turkish Foreign Minister Ali Babacan and Rehn, Foreign Minister Dimitrij Rupel of Slovenia, the current head of the EU presidency, and Jean-Pierre Jouyet, the minister of state for European affairs of incoming EU president France, gathered at the Ankara Palace -- the official state guesthouse.
Speaking at a joint press conference following their meeting, both Rehn and Rupel praised recent reforms carried out by the Turkish government. The two particularly underlined recent amendments to a disputed law used to prosecute writers for insulting Turkishness as well as a new foundations law that gives further rights to minority groups as positive developments.
Rehn, however, also emphasized that further reforms are needed and said these reforms would serve as the "recipe" for overcoming ongoing problems of the candidate country. He said that issues such as establishing a completely independent judiciary and strengthening human rights were a priority as well as the establishment of an ombudsman's office with powers to look into state abuses.
Criticizing the way Turkish police violently broke up trade union demonstrations in İstanbul on May 1, Rehn also said the police response was disproportionate and that trade union rights must be enhanced, "both in theory and in practice," via adopting and implementing related EU legislation. He also added that this would be key for opening more chapters in negotiations between Turkey and the EU.
Turkish riot police fired water cannons and tear gas at crowds in central İstanbul on Thursday, detaining hundreds. Dozens of people were injured.
"We in the commission deplore this disproportionate use of force on May 1," Rehn said, adding that the commission expected the events to be investigated.
"We reiterated our call for the Turkish authorities to act within the European law and the practice to respect trade union rights in line with EU standards," he said.
Rehn made it clear that the European Commission was against a court case that could see the AK Party banned and said because Turkey was a candidate for EU membership, the commission could not stay neutral on the matter. In March, Turkey's Constitutional Court decided unanimously to hear an appeal from a top prosecutor to close Prime Minister Recep Tayyip Erdoğan's AK Party on charges that it had become a "focal point for anti-secular activities." The prosecutor has also sought a five-year ban from party politics for 71 politicians, including Erdoğan and former AK Party member President Abdullah Gül. The EU, which Turkey aspires to join, has harshly criticized the case and even warned that accession talks with Turkey could come to a halt if the AK Party is closed down in the end.
While avoiding comment on what exactly would be the position of Turkey's accession talks if the AK Party is eventually banned, Rehn merely said the move would have "negative consequences."
For his part, Jouyet, meanwhile, pledged that his country would assume "an objective, neutral and balanced" approach vis-à-vis Turkey's accession process during its upcoming rotating presidency. "There is an ongoing process and there will be discussions. France's EU term presidency will be objective, neutral and balanced. We will implement related criteria for opening of new chapters," Jouyet told reporters. Later in the day, Rehn also had talks with Erdoğan and Gül, who also met separately with Jouyet.
6 star hotel in Portugal
Europe’s first six star residential resort and spa, Palacio da Quinta, is to be built in the Algarve, by developer, the Imocom Group.
The development, which is being endorsed by former Chelsea football manager, Jose Mourinho, will comprise 79 luxurious apartments and penthouses set within 17 acres of lush sub-tropical gardens. Residents will benefit from private chef and butler, 24-hour concierge, chauffeur service, private jet and yacht charter. The resort will also feature indoor and outdoor swimming pools, 1000sqm health spa, cinema, gourmet destination restaurants, bars, designer boutiques, tennis academy and offer preferred tee times and discounts on green fees at some of the finest golf courses in Europe.
Chairman of the Imocom Group, Alejandro Martins, comments: "The Palace is set to become one of the most sought after addresses in Europe, taking Algarve living to a whole new level of international opulence. Unsurpassed services will be provided within the privacy, security and comfort of a personal home. The idyllic location of the Algarve is the ultimate setting”
Each property will feature its own terrace Jacuzzi, Italian marble flooring, fully fitted kitchens with Bulthaup units, home entertainment system, underfloor heating, aircon, video phone entry, indoor electric shuttering, central vacuum system and two underground car-parking spaces. Prices begin at £800,000 for a one-bedroom apartment.
Jose Mourinho comments: “This is without doubt a resort which is unique in Portugal and in Europe, one which will be a landmark for quality tourism in Portugal, set apart by its glamour and its quality. I am very interested in being directly involved with this excellent project.”
“From what I have seen it is clearly an investment that matches my image: a resort unique in Portugal which will give my family and me the guarantee of holidays with quality and security. This is without doubt an excellent investment and a great bet.”
The development, which is being endorsed by former Chelsea football manager, Jose Mourinho, will comprise 79 luxurious apartments and penthouses set within 17 acres of lush sub-tropical gardens. Residents will benefit from private chef and butler, 24-hour concierge, chauffeur service, private jet and yacht charter. The resort will also feature indoor and outdoor swimming pools, 1000sqm health spa, cinema, gourmet destination restaurants, bars, designer boutiques, tennis academy and offer preferred tee times and discounts on green fees at some of the finest golf courses in Europe.
Chairman of the Imocom Group, Alejandro Martins, comments: "The Palace is set to become one of the most sought after addresses in Europe, taking Algarve living to a whole new level of international opulence. Unsurpassed services will be provided within the privacy, security and comfort of a personal home. The idyllic location of the Algarve is the ultimate setting”
Each property will feature its own terrace Jacuzzi, Italian marble flooring, fully fitted kitchens with Bulthaup units, home entertainment system, underfloor heating, aircon, video phone entry, indoor electric shuttering, central vacuum system and two underground car-parking spaces. Prices begin at £800,000 for a one-bedroom apartment.
Jose Mourinho comments: “This is without doubt a resort which is unique in Portugal and in Europe, one which will be a landmark for quality tourism in Portugal, set apart by its glamour and its quality. I am very interested in being directly involved with this excellent project.”
“From what I have seen it is clearly an investment that matches my image: a resort unique in Portugal which will give my family and me the guarantee of holidays with quality and security. This is without doubt an excellent investment and a great bet.”
British house prices down
British house prices down 4.2 pct
Average house prices in Britain have fallen by more than 4 percent this year, the nation's biggest mortgage lender said Friday. Halifax said the average house price fell 1.3 percent in April. Nationwide, another big mortgage lender, reported Wednesday that average house prices were 1 percent below year-ago levels in April.
LONDON - The Associated Press
German retail sales post fall in March
German retail sales in March fell 0.1 percent from February and were down 6.3 percent compared with a year earlier, the government said Friday. The Destatis statistics office said March this year had three less shopping days than March 2007 because of Easter. March 2007 was also a record month for retail sales, making the year-on-year comparison even worse, it said.
BERLIN - Agence France-Presse
Oil prices fall to near $112 a barrel
Oil prices retreated further Friday from the early-week record near $120 a barrel as a strengthening U.S. dollar prompted investors to exit the market. As the greenback has recovered this week against the euro and yen, the front-month crude futures contract on the New York Mercantile Exchange has dropped nearly $8 from its high to benchmark oils lowest level since April 14.
SINGAPORE - The Associated Press
India inflation hits 7.57 pct
India's inflation rate accelerated to a 42-month peak of 7.57 percent, driven by higher food costs, according to official data on Friday, dealing a fresh blow to the government. Annual inflation quickened more than two-tenths of a percentage point to touch 7.57 percent for the week ended April 19, up from 7.33 percent a week earlier. High inflation has become a top issue with taming prices the key goal of the Congress-led government.
NEW DELHI - Agence France-Presse
Swiss central bank posts first quarter loss
Switzerland's central bank on Friday posted a loss of 3.97 billion Swiss francs ($3.79 billion) for the first quarter of 2008 which it blamed on the appreciation of the Swiss franc against major currencies. In comparison, during the first quarter a year ago, Swiss National Bank posted a profit of 2.16 billion Swiss francs. The dollar is trading at around 0.995 Swiss francs.
GENEVA - Agence France-Presse
Japan calculates subprime blow
Japanese financial institutions together lost more than 1.5 trillion yen ($14.4 billion) in the year to March because of the U.S. subprime mortgage crisis, a report said Friday. The nation's eight major banking groups alone are likely to post a combined subprime-related loss of more than 900 billion yen, the Nikkei newspaper said. That is around 200 billion yen more than forecasts made public so far, it added.
Average house prices in Britain have fallen by more than 4 percent this year, the nation's biggest mortgage lender said Friday. Halifax said the average house price fell 1.3 percent in April. Nationwide, another big mortgage lender, reported Wednesday that average house prices were 1 percent below year-ago levels in April.
LONDON - The Associated Press
German retail sales post fall in March
German retail sales in March fell 0.1 percent from February and were down 6.3 percent compared with a year earlier, the government said Friday. The Destatis statistics office said March this year had three less shopping days than March 2007 because of Easter. March 2007 was also a record month for retail sales, making the year-on-year comparison even worse, it said.
BERLIN - Agence France-Presse
Oil prices fall to near $112 a barrel
Oil prices retreated further Friday from the early-week record near $120 a barrel as a strengthening U.S. dollar prompted investors to exit the market. As the greenback has recovered this week against the euro and yen, the front-month crude futures contract on the New York Mercantile Exchange has dropped nearly $8 from its high to benchmark oils lowest level since April 14.
SINGAPORE - The Associated Press
India inflation hits 7.57 pct
India's inflation rate accelerated to a 42-month peak of 7.57 percent, driven by higher food costs, according to official data on Friday, dealing a fresh blow to the government. Annual inflation quickened more than two-tenths of a percentage point to touch 7.57 percent for the week ended April 19, up from 7.33 percent a week earlier. High inflation has become a top issue with taming prices the key goal of the Congress-led government.
NEW DELHI - Agence France-Presse
Swiss central bank posts first quarter loss
Switzerland's central bank on Friday posted a loss of 3.97 billion Swiss francs ($3.79 billion) for the first quarter of 2008 which it blamed on the appreciation of the Swiss franc against major currencies. In comparison, during the first quarter a year ago, Swiss National Bank posted a profit of 2.16 billion Swiss francs. The dollar is trading at around 0.995 Swiss francs.
GENEVA - Agence France-Presse
Japan calculates subprime blow
Japanese financial institutions together lost more than 1.5 trillion yen ($14.4 billion) in the year to March because of the U.S. subprime mortgage crisis, a report said Friday. The nation's eight major banking groups alone are likely to post a combined subprime-related loss of more than 900 billion yen, the Nikkei newspaper said. That is around 200 billion yen more than forecasts made public so far, it added.
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