Industry News

Real estate prices jump in South Africa, Hong Kong

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South Africa had the highest house-price increases in the past year among 23 nations monitored by, a real estate information company. Home prices jumped about 23.3 percent in South Africa from June 2004 to June 2005, the company reported. In Hong Kong, prices jumped about 21.4 percent from May 2004 to May 2005, the company reported. The United States was sixth on the list, with home prices up 14.7 percent from June 2004 to June 2005. In an earlier ResearchWorldwide report on global home-price increases, the United States ranked eighth on the list, with a 10.5 percent increase from fourth-quarter 2003 to fourth-quarter 2004. ResearchWorldwide compiles the list from various sources, including The Economist magazine. South Africa's commercial real estate market has also been booming, the company reported, with a 23.4 percent year-over-year gain in the commercial market. ResearchWorldwide reported that low interest rates, a growing middle class and "the longest p...