Construction is now underway at <a href="https://www.apartments.com.au/new-townhouses/cumulus-grand-villas-carrara-17-baltimore-court-carrara-qld-4211">Cumulus Grand Villas</a> in Carrara, with all stages fully funded as <a href="https://www.apartments.com.au/developers/venturecrowd-property-projects">VentureCrowd</a> progresses its 59-residence gated community on an elevated ridgeline overlooking 100 hectares of natural savanna.

The commencement marks a key milestone for the Gold Coast project, designed by <a href="https://www.apartments.com.au/architects/bda-architecture">BDA Architecture</a> and being delivered by <a href="https://www.apartments.com.au/builders/devcon">Devcon Property Group</a>, at a time when buyers are placing greater emphasis on delivery certainty and builder track record.

With Devcon active in South East Queensland since 1993 and having delivered more than 1,000 homes, the team is positioning Cumulus as a fully financed, under-construction offering in a market where risk mitigation has become a central consideration for off-the-plan purchasers.

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Located at 17 Baltimore Court, Cumulus Grand Villas comprises 59 three- and four-bedroom villas across four collections, Skyline, Canopy, Savanna and Broadview. Pricing starts from $1,455,000, with completion of the first stage targeted for Q4 2026.

Across the four collections, each design represents an expansive and thoughtfully considered offering. The Broadview provides additional flexibility within its floorplan, incorporating a multipurpose room or optional additional bedroom, and is priced from $1,895,000.&nbsp;

Configured across two levels, the four-bedroom villas feature two master bedrooms with private ensuites, as well as a multipurpose room (MPR), supporting intergenerational living, guest accommodation, or the creation of a dedicated retreat space.&nbsp;

[smartcode_project:default project_id=135663 project_image_fid=360497]

The main living areas are positioned on the ground floor, while the bedrooms are located upstairs, a configuration that promotes both family separation and connected living. All villas include a second master suite on the ground floor, reinforcing the project’s focus on flexibility and long-term adaptability.

That adaptability was central to BDA Architecture’s design approach. The team sought to create a sophisticated, low-maintenance product that makes the most of the site’s elevation and outlook while responding to evolving household needs. Expansive glazing, open-plan interiors and private outdoor areas draw in natural light and frame views towards the savanna, hinterland and Broadbeach skyline.

[smartcode_project:default project_id=135663 project_image_fid=360470]

VentureCrowd Director of Property David Whitting said the project responds to a growing group of buyers reassessing what premium living on the Gold Coast looks like.

Flexible floorplans have proven particularly relevant for purchasers aged between 40 and 65, including next home buyers, downsizers and investors. The inclusion of dual master suites in the Broadview design, along with options for a downstairs MPR or guest bedroom, allows homes to adapt as family dynamics shift, whether accommodating older parents, adult children, or extended stays.

Across the community, villas are specified with European appliances and premium fixtures and fittings, alongside double garages and landscaped private areas. The gated enclave includes number plate recognition entry, reinforcing a focus on security and exclusivity.

[smartcode_project:default project_id=135663 project_image_fid=360474]

Lifestyle amenity is anchored by the Infinity Terrace, an elevated communal space incorporating a 20m heated pool, alfresco zones and barbecue facilities, designed as a shared retreat within the neighbourhood. A two-acre private nature reserve with walking trails and rehabilitated bushland further integrates the development with its savanna-edge setting, reflecting a broader masterplan initiative to restore native vegetation and habitat corridors.

<a href="https://www.apartments.com.au/developments/carrara-qld-4211">Carrara</a>’s positioning continues to attract attention from prestige buyers seeking proximity to the coast without beachfront pricing. The suburb offers access to major retail centres including Pacific Fair and Robina Town Centre, is around 15 minutes from Broadbeach, and benefits from connectivity via the M1 to Brisbane and the Gold Coast Airport.

[smartcode_project_cta:default project_id=135663]

Joel Robinson

VentureCrowd’s Cumulus Grand Villas in Carrara advances with construction underway

Joint venture partners <a href="https://www.apartments.com.au/developers/abadeen">Abadeen</a> and <a href="https://www.apartments.com.au/developers/perifa">PERIFA</a> are officially launching the third and final residential stage at their landmark $350 million harbourfront precinct, Putney Wharf, with The Residences representing the final opportunity to secure a new home within this rare waterfront destination.

Strong demand has already been established across the earlier stages of <a href="https://www.apartments.com.au/new-apartments/putney-wharf-residences-20-waterview-street-putney-nsw-2112">Putney Wharf</a>, with more than 50 per cent sold ahead of this final release. The Residences will introduce a selection of the precinct’s most premium apartments, many of which were deliberately reserved for this concluding stage.

Located at 20 Waterview Street, <a href="https://www.apartments.com.au/developments/putney-nsw-2112">Putney</a> NSW, the completed precinct will comprise 67 residences, including 18 terraces and 49 apartments, alongside five retail tenancies and a 36-berth marina.

[smartcode_project:default project_id=13962 project_image_fid=1338]

Developed alongside partners Phoenix Property Investors and Mitsubishi Estate Asia, Putney Wharf occupies a prized 300-metre stretch of absolute waterfront and incorporates the historic former Halvorsen’s Boatshed. The precinct connects directly to surrounding parklands via a landscaped foreshore walkway and a large, landscaped podium linking both sides of the development to the adjoining foreshore parklands.

The Residences comprise two newly built, three-storey apartment buildings delivering a boutique collection of 30 generously proportioned waterfront apartments. Designed to capture harbour outlooks, natural light and cooling breezes, The Residences balance architectural refinement with relaxed, low-maintenance living.

Architecturally designed by <a href="https://www.apartments.com.au/architects/sjb-architects">SJB</a>, the apartments continue the cohesive design language seen across the broader precinct. A refined palette of light and dark materials, softer-toned stone and neutral, earthy finishes reflect the surrounding landscape and harbour setting. Interiors feature painted timber veneers, tactile joinery, timber flooring to living spaces and 100 per cent natural wool carpets in bedrooms, creating warm and sophisticated homes.

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Justin Brown, Executive Chairman and Founder of Abadeen, said the release of the final residential stage marks an important milestone for the project.

“Putney Wharf brings together everything we’ve learned over more than 25 years of development,” Mr Brown said. “It respects the site’s extraordinary maritime history while delivering contemporary homes that connect people directly to the harbour.

The Residences offer the rare combination of low-maintenance apartment living, waterfront outlooks with beautiful sunset views, and the convenience of retail and amenity at your doorstep. For boating enthusiasts, the opportunity to secure a private marina berth completes a truly unique Sydney harbourfront lifestyle.”

[smartcode_project:default project_id=13962 project_image_fid=291197]

PERIFA Managing Director and Co-Founder Fabrizio Perilli added that the diversity of housing across the precinct has been central to the project’s success.

“Whether it’s the heritage Halvorsen’s apartments, the Waterview Terraces or now The Residences, Putney Wharf offers a range of homes that respond to different lifestyles, all united by an unrivalled harbourfront setting,” Perilli said. “This is a precinct that will add lasting value to the Putney community.”

Managing project marketing and sales, <a href="https://www.apartments.com.au/project-marketer/srm-residential">SRM Residential</a> Partner Tim Rees said the final release has already attracted strong demand reflecting the project’s unique harbourfront position and the success of earlier stages.

“Following the strong response to both the Halvorsen’s Boatshed residences and the Waterview Terraces, The Residences represent the final chance to secure a new home within this tightly held waterfront precinct,” Rees said. “Buyers are drawn to the rare combination of absolute harbour frontage, parkside living and genuine architectural quality.”

[smartcode_project:default project_id=13962 project_image_fid=362240]

Putney Wharf is a one-of-a-kind mixed-use destination, delivering an exclusive residential offering alongside waterfront dining, retail and a 36-berth marina designed to the latest Australian Standards, accommodating vessels up to 18 metres and helping address Sydney Harbour’s ongoing marina shortage.

The precinct will include five retail tenancies and a prominent waterfront jetty area fronting the retail village, creating an activated harbourfront destination for residents and visitors alike.

Residents will enjoy direct access to lush harbourfront parklands, a public foreshore walkway and landscaped podium gardens connecting the development to the surrounding waterfront reserve. Construction across the Putney Wharf precinct is expected to be completed by Q2 2027.

Sales of The Residences officially launch this weekend, with the display suite open Saturday and Sunday from 10am to 12pm at Putney Wharf. Visitors are invited to enjoy a complimentary coffee while touring The Residences and experiencing the Putney Wharf lifestyle firsthand.

[smartcode_project_cta:default project_id=13962]

Final Harbourfront release in Putney Wharf launches this weekend

<a href="https://www.apartments.com.au/developers/draycon">Draycon Building</a> is nearing completion of Boutique Chevron Island, a 42-apartment development on the northern end of Chevron Island at 17–19 Parneno Street, with a limited-time offer of fully furnished apartments available.

Now more than 90 per cent complete, <a href="https://www.apartments.com.au/buildings/boutique-chevron-island-17-19-parneno-chevron-island-qld-4217">Boutique</a> has been shaped by one of the Gold Coast’s most tightly held island addresses, where riverfront outlooks and walkable access to Surfers Paradise converge.

For Draycon Building Managing Director Howard Dabit, the appeal of the site was immediate.

“I knew it was a good site as soon as I saw it,” Dabit said.

“The position and location on the north end of <a href="https://www.apartments.com.au/developments/chevron-island-qld-4217">Chevron Island</a>, the way the river swirls around the site basically from the north to the east, it feels like the site is surrounded by the water. The height that we’ve got and the aspect looking north is beautiful. Eighty per cent of the apartments are looking north so they get that drenching sunlight coming in.”

[smartcode_project:default project_id=89709 project_image_fid=360922]

That northern orientation places the development within a stretch of Chevron Island defined by open river aspects and skyline views, while remaining embedded in the suburb’s established village setting.

Chevron Island has increasingly drawn owner-occupiers seeking centrality without the intensity of high-rise beachfront living. Positioned at the geographical centre of the Gold Coast, the island offers direct access to both the beach and key cultural infrastructure while retaining a neighbourhood-scale character.

Connected by bridge to Surfers Paradise, Chevron Island offers walkable access to beaches, riverfront parklands and a revitalised foreshore boulevard animated by walkers and cyclists throughout the day. The Pacific Ocean is only minutes away, reinforcing the suburb’s dual river-and-surf identity.

At the same time, Thomas Drive forms the spine of the island’s village life, delivering cafés, wine bars, casual dining and everyday services within easy reach. Independent grocers, wellness operators and neighbourhood retailers contribute to a community atmosphere that remains distinct from the vertical scale of the beachfront.

[smartcode_project:default project_id=89709 project_image_fid=360915]

In the opposite direction, the Green Bridge links directly to HOTA – Home of the Arts – placing galleries, performance venues and parklands within walking distance. Weekly markets and major exhibitions draw visitors from across the region, while residents return to a quieter residential pocket at day’s end.

Public transport, including nearby bus routes and the G:link light rail corridor along the coastal spine, strengthens connectivity north and south. Griffith University, the Gold Coast University Hospital precinct and established private schools such as The Southport School are all within a short drive.

Ongoing investment across Surfers Paradise, HOTA and the broader Southport corridor has elevated amenity while preserving Chevron Island’s comparatively low-rise residential character. It is this balance, walkable village atmosphere paired with metropolitan-scale infrastructure, that continues to differentiate the suburb from higher-density beachfront precincts.

Boutique comprises just 42 residences, designed to maximise river and skyline outlooks within this tightly held island setting.

Boutique Chevron Island is slated for completion in April 2026, with prices starting from $1,220,000.

[smartcode_project_cta:default project_id=89709]

Draycon Building’s Boutique Chevron Island places 42 residences at the heart of the Gold Coast

Sydney developer <a href="https://www.apartments.com.au/developers/deicorp">Deicorp</a> has secured planning approval for a $300 million residential development in Lindfield, marking the company’s second project on Sydney’s North Shore and its first on the Upper North Shore.

Located on Beaconsfield Parade and designed by DKO Architecture, the state significant development comprises three buildings of up to 10 storeys and will include 399 residences, including 59 affordable homes and 40 adaptable homes.

Residences will range in size from one, two and three bedrooms, with two-bedroom apartments accounting for over 60 per cent of the product make-up. Residents will have access to a broad suite of amenities, including a wellness area, indoor and outdoor recreational spaces, a pool, a gym, a community room and a golf simulator.

In line with Deicorp’s long-standing focus on creating transit-oriented communities, the project is located just 260 metres from the Lindfield Train Station, reinforcing its role in delivering well-connected housing close to established infrastructure, retail and local services.

The inclusion of affordable and adaptable housing supports greater diversity within the local market, while the mix of apartment types responds to demand from downsizers, young professionals and families seeking access to the Upper North Shore.

Deicorp Founder Fouad Deiri OAM said the approval represents an important milestone for both the company and the suburb

“This approval allows us to deliver well-designed homes in a location that is already supported by strong transport and community infrastructure," Deiri said.

"Our focus is on creating places that integrate into their surroundings and provide long-term value for residents, and the broader Lindfield community. Being within walking distance of the station ensures this project supports sustainable growth in the right locations."

Across its portfolio, Deicorp currently has 4,703 apartments under construction, playing a leading role in shaping connected, liveable communities across Sydney.

Its expanding portfolio of Metro-linked developments includes Tallawong Village, <a href="https://www.apartments.com.au/new-apartments/kings-bay-village-five-dock-53-75-queens-road-five-dock-nsw-2046">Kings Bay Village</a> in Five Dock, <a href="https://www.apartments.com.au/new-apartments/hyde-metropolitan-sydney-133-141-liverpool-street-sydney-nsw-2000">Hyde Metropolitan</a> in Sydney CBD, <a href="https://www.apartments.com.au/new-apartments/falcon-alexander-crows-nest-8-alexander-street-crows-nest-nsw-2065">Falcon &amp; Alexander</a> in Crows Nest and Showground Village, Castle Hill.

Deicorp purchased the Beaconsfield Paradise site last year. Construction is scheduled to commence in Q2 of 2026 and will be completed in 2029.

Deicorp expands portfolio to nearly 5,000 apartments with Lindfield project

In a joint venture with The Trump Organization, Australia developer Altus Property Group has announced plans to bring a Trump International Hotel &amp; Tower to the Gold Coast, marking the first Trump-branded project in Australia.

"Trump International Hotel &amp; Tower, Gold Coast is our first official project in Australia and reflects our unwavering commitment to delivering world-class luxury experiences in iconic locations around the world," Eric Trump, Executive Vice President of The Trump Organization, said.

"This development exemplifies the Trump brand’s dedication to quality, sophistication, and unmatched service, and we are thrilled to bring this vision to the vibrant Gold Coast community."

The 91-storey building, which will become the tallest in Australia at 335 metres, will feature a&nbsp;285-room luxury hotel bearing the trademark Trump logo. It will also include 272 luxury residential apartments, a three-level podium with an exclusive Beach Club, and over 3,400 sqm of premium commercial, retail, and dining space, revitalizing the central Surfers Paradise precinct.

“Trump International Hotel &amp; Tower, Gold Coast will be a truly unique offering in the Australian market, bringing the prestige and allure of a world-class luxury brand,"&nbsp;Altus founder and chief executive David Young said.

"Altus Property Group is proud of its track record in delivering landmark developments across Australia, and our expertise ensures this project will be an outstanding success."

Trump Hotel heads for the Gold Coast to become Australia's tallest building

Global Ranking

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The 2021 Demographia International Housing Affordability Survey ranks Australia as having two of the most expensive housing markets in the world.

This year’s report assesses 92 major metropolitan markets in eight nations in the third quarter of 2020 with 36 severely unaffordable major housing markets.

The 10 least affordable were ranked as Hong Kong, Vancouver, Sydney, Auckland, Toronto, Melbourne, San Jose, San Francisco, Honolulu and London.

It is presented by the Urban Reform Institute and the Frontier Centre for Public Policy who work on a price to income ratio.

"It is not surprising that housing affordability — given the large influx of new buyers, particularly in suburban and outlying areas — has continued to deteriorate," institute president Charles Blain advised.

"As a result many low-income and middle-income households who already have suffered the worst consequences from housing inflation will see their standards of living further decline."

The report noted virtually all of the markets with severely unaffordable housing have urban containment policies that severely restrict building on their periphery.

It noted by 2004, all of the major markets of Australia had become severely unaffordable. "National price-to-income ratios were 3.0 or less in Australia, Canada, Ireland, New Zealand, the United Kingdom and the United States until the late 1980s or 1990s.

"However since that time, housing affordability has deteriorated significantly and by 2019 national median multiples had increased to 4.0 in the United States and Canada, nearly 6.0 in Australia and 7.0 in New Zealand," it noted.

<h2>Recently listed properties:</h2>

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The report assesses 92 major markets in metropolitan areas across eight nations

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2021 Demographia International survey ranks Australia among the most expensive housing markets

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Australia slipped to 19th in the world for house price growth for the year to June 2020, according to the Knight Frank Global House Price Index Q2 2020.
In the same report for Q1, Australia had ranked 10th.
But it was still up 37 places from one year ago, when we were 56th, with negative growth over the previous 12 months of -7.4 per cent.
Over the last quarter, Australia was down -2 per cent, which made the house price growth 6.1 per cent higher for the year to date.
Topping the charts was turkey, whose 12 months change was up 25.7 per cent, with 11.2 per cent over the last quarter.
New Zealand was the best performing country in Asia Pacific, with growth of 9.1% over the past year, but it slipped in the rankings from 2 to 11 between March and June.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2020/9/8/Global%20Top%2020.jpg" alt="">
 
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<div>Knight Frank’s head of residential research Australia Michelle Ciesielski said the data in the most recently released Knight Frank Global House Price Index Q2 2020 was backward-looking, covering the year up to June 30, when the COVID-19 pandemic had hit most global markets.</div>
<div> </div>
<div>“It is not unusual for official house price indices to be published with a two or three month time lag, but this quarter 29* of the 56 countries and territories we track have yet to report their figures for Q2 2020, no doubt as a direct result of Covid-19 and operational challenges,” she said.</div>
<div> </div>
<div>“Despite this the data still offers a glimpse into the impact of COVID-19, with the number of countries and territories seeing a decline in prices increasing again. In total nine per cent of the areas tracked registered annual price declines in Q2 2020.</div>
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“While annual price growth in Australia has fallen slightly from the previous quarter, growth is still positive and 1.4 per cent higher than the average annual price change of 4.7% across the 56 countries and territories tracked in the index. 
“Australia has dealt with the COVID-19 pandemic better than some other countries and territories around the world, with the length and severity of the lockdown not as strong, which partly explains its stable performance. 
“However, it can also be attributable to the state of the housing market prior to the pandemic, with Australia’s market strong heading into 2020 with demand high and stock levels low.” 
Knight Frank national head of residential Shayne Harris said Australia’s housing market has seen continued demand throughout the pandemic, but fewer transactions due to sellers choosing to ‘wait and see’ how the pandemic would play out. 
“In Sydney the market continues to be underpinned by a severe shortage of stock for sale by both auction and private treaty,” he said. 
“Whilst in the past eight weeks the difficulties around obtaining finance have seen the number of registered bidders thin out at auction, the clearance rate remains stable as do prices across the inner and middle rings of metropolitan Sydney. 
“In Melbourne market conditions have been in steady decline for the past four months, with volumes and prices heading gradually south, although there was a very slight uptick in August. 
“The cities second lockdown, combined with reliance on overseas immigration and education to support the market, could see these conditions continue beyond the other capital cities who are ahead of the curve in relation to recovery. 
“In Brisbane quicker recovery from the pandemic than expected, combined with a tight apartment supply pipeline, has seen the Brisbane market emerge in a very strong position for 2021 and beyond. 
“Coming off an extended period of low price growth Brisbane’s affordability is the best capital city side by side with Perth in the short to medium term.”
 
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Australia drops down rankings in Knight Frank's Global House Price Growth Index

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How do Australian house prices compare to the rest of the world? REA's Nerida Conisbee

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Sydney has been ranked in top six of ultra-prime cities globally for number of residential sales above US $25 million, according to Knight Frank's assessment of the global ultra-prime residential market.
Hong Kong is the city with the highest number of ultra-prime sales, with New York and London ranked in second and third place.
Sarah Harding, Knight Frank partner for head of residential, said in a global market, Sydney remains the destination of choice for high net worth individuals due to a number of factors including the lifestyle and relative political stability.
“All ultra-prime transactions in Sydney over the past three years occurred in the Eastern Suburbs and all were for houses," Harding said.
"However, this is based on completed properties and we expect that off-plan sales will further increase these numbers when further prestige apartment buildings in Sydney are completed.
“In the 12 months ending August 2018, the total value of ultra-prime properties (over US $25 million) sold in Sydney was US $219 million across five transactions.
“Whilst Sydney is one of the smallest city markets in regard to transaction levels, it has some of the most spacious properties with the typical transaction encompassing plots of land, and an average saleable area of 1,976 square metres.
“Not only do the properties cover large areas, but the majority have waterfront views and a private swimming pool." 
The 12 month period to August 2018 shows a slight decline in Sydney from last year, but well up on the total value of transactions from 2015 and 2016.
The number of transactions in Sydney has been steady since 2015.
Click here to enlarge.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/12/11/Knight-Frank.jpg" alt="">
Knight Frank partner, Crown Residences at One Barangaroo, Erin van Tuil, said Sydney is now established as one of the world’s top ultra-prime city markets. 
"We have seen the reality of this in the market response to Crown Residences at One Barangaroo. Crown Residences has now offered UHNWIs a viable alternative to the traditional, free-standing harbour-side home in Sydney. 
“In Crown Residences, Sydney now has apartments that actually respond to the needs of UHNWIs; space, views, location, stunning design and of course the impeccable service of Crown Resorts. 
"I would expect to see transactions over US$25m increase over the coming years in Sydney.” 
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Sydney ranks in top six of ultra-prime cities globally for amount of prestige sales

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Australia continues to lead the world’s green building sector with further growth predicted over the next three years, according to a new global report.
The <a href="https://www.construction.com/toolkit/reports/world-green-building-trends-2018" target="_blank">World Green Building Trends 2018 SmartMarket Report</a>, released by Dodge Data and Analytics today, indicates support for the green building sector is growing globally, with organisations across the construction industry shifting towards more sustainable materials and practices.
It noted third-party certification systems such as the Green Building Council of Australia’s (GBCA) Green Star rating system were being used to make buildings perform more efficiently yielding both commercial and environmental gains.
“The drivers for green building in Australia are noted as market demand, client demand and improving occupant health and wellbeing.” the report states.
“Australia is also notably higher than the global average for each of these factors, demonstrating the sway they have on encouraging the green building market in this country.”
More than 2000 industry stakeholders across 86 countries, including architects, engineers, contractors, owners, consultants and investors, were surveyed for the report, including GBCA members.
It found 94% of Australian respondents are involved in green building projects, and a two-third majority (67%) report at least a moderate level of green activity, with 30% share or more of their work in the sector. Notably, 46% of respondents reported more than 60% of their projects were in the green building space, the highest of any country, and 64% expected by 2021 the majority of their work would be in green building.
GBCA Chief Executive Officer Romilly Madew said the results were a testament to the continued commitment and leadership of the Australian property sector to sustainably transform the built environment.
“Australia’s green building sector is continuing to innovate and is leading the world,” Madew said.
“The GBCA and its Green Star rating system continue to support the industry to set and maintain ambitious sustainability standards and provide guidance in the delivery of better outcomes on the ground for building owners, tenants, users and the broader community. 
“2018 has been monumental for the GBCA and just last month we certified our 2000th Green Star project.
“Understandably, commercial property continues to perform strongly in the adoption of green building in Australia driven by world-leading investor and market demand. Thirty-seven percent of Australia’s office space is now Green Star certified. 
“As green building expands we see huge growth opportunities in social infrastructure, led through government procurement, and in the residential sector.
“Investor demand to effectively manage climate risk and meet ambitious carbon reduction targets continues to be a major driver for green building. Increasingly though, there is a realisation of the wider social and economic benefits from a holistic approach to sustainability, for example improvements in health and well-being, amenity and liveability.
“The GBCA will continue to work with government and industry to ensure Australia continues to realise the benefits of its global leadership as evidenced in this report.”
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Australia leading the way as green building booms globally

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GUEST OBSERVATION
Melbourne lost its “most liveable city” title and is confronting being runner-up to Vienna after seven years at the top. These rankings are based on The Economist Intelligence Unit’s Global Liveability Index, which “assesses which locations around the world provide the best or the worst living conditions”.
But the tool was actually designed to help companies decide how much “hardship” allowance they would need to pay employees who relocate. So, The Economist suggests that none of the top cities – including Melbourne, Vienna and other Australian cities – need a hardship allowance at all. But it recommends a 20% allowance for cities at the bottom of the ranking like Port Moresby, Tripoli and Karachi.
Despite the hype, the Global Liveability Index focuses on things that matter to expats, not citizens. This is different to what is important to the average person living in Vienna, Melbourne or any other city – such as housing affordability, walkability, access to public transport and education, and the number of bike paths.
What the index measures
The Economist’s Global Liveability Index uses 30 indicators to measure five categories of liveability: stability (safety), health care, culture and environment, education, and infrastructure. And 26 of the indicators are based on the “judgement of in-house expert country analysts and a field correspondent based in each city”.
These unknown critics score the performance of a city as acceptable, tolerable, uncomfortable, undesirable or intolerable.
There is no freely available information about the qualifications of these judges, why the categories were chosen to represent liveability, or how indicators in a category are weighted. While the summary report is free, a more detailed report will set you back US$620 and the actual data sets a smooth US$9,210, which we didn’t purchase. Our comments are based on the freely available information.
It appears that, beyond the well-designed league tables and flurry of media attention, The Economist’s Global Liveability Index is a mostly subjective rating with opaque methods for comparing cities.
Take for example the stability category. This includes crime, terror attacks and civil unrest, and makes up 25% of the total liveability score. Out of 100, Melbourne, Sydney and Adelaide are judged to be five points less “stable” than Vienna, Osaka and Toronto. But there is no information on how The Economist’s experts came up with this conclusion.
Some of the indicators could be objectively measured, such as the prevalence of violent and petty crime, but they are still given a rating by The Economist’s experts. It isn’t clear what types of crime are included in this decision or how they are weighted.
Two indicators rate the availability and quality of private education, but there are no equivalent indicators for public education. Most students (65.6%) in Australia are enrolled in government schools. So, for the average family in Australia the availability and quality of the public education system is more important than private.
And, most importantly, the index seems to miss the things that affect the lived experience of city residents. Although housing “quality” and the availability and quality of private education are included, housing affordability, traffic congestion, walkability and lack of public transport, bike paths and essential services don’t appear to be in the index.
Yet these are some of the real problems facing Australians.
What it doesn’t measure
Both Sydney and Melbourne got full points in the “infrastructure” category. This includes the quality of public transport and roads, international links and quality of water provision and telecommunications.
While this may be true for inner-city residents, our research has found that some suburbs – particularly those on the urban fringe – are less lucky. Public transport in particular is often missing in outer suburbs. The index doesn’t consider how liveability is distributed across a city and if some people are missing out.
It also doesn’t take into account the environmental sustainability of cities. One study, which compared the liveability score of cities with their ecological footprint, found that Vienna’s is almost half that of Sydney, Melbourne and Brisbane. However, none of these cities was found to be sustainable.
Better measures of liveability
If we really want to create liveable cities that promote the quality of life of citizens, we need transparent and objective measurements.
Our team has previously defined the key ingredients of a liveable city. These include safety, environmental sustainability and affordable and diverse housing linked by public transport, walking and cycling infrastructure to employment and the amenities needed for daily living.
These measures are based on our research of what affects the health and well-being of communities.

Chasing the hollow crown of the Global Liveability Index will not make Melbourne or any other city a better place to live. Instead, all levels of government should focus on creating and implementing policies that improve the liveability of cities for their residents.
Julianna Rozek, Research Officer, Healthy Liveable Cities Group, Centre for Urban Research, RMIT University
Billie Giles-Corti, Director, Urban Futures Enabling Capability Platform and Director, Healthy Liveable Cities Group, RMIT University
Lucy Gunn, Research Fellow, Centre for Urban Research, RMIT University
This article was originally published on <a href="http://theconversation.com" target="_blank">The Conversation</a>. Read the <a href="https://theconversation.com/the-worlds-most-liveable-city-title-isnt-a-measure-of-the-things-most-of-us-actually-care-about-101525" target="_blank">original article</a>.
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The ‘most liveable city’ title doesn't mean what you probably think it does

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The main story from this quarter’s data is of slowing growth. 
Overall, the index increased by 5.1% year-on-year compared with 6.3% last quarter, so the index’s lowest rate of annual growth since the start of 2016. 
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Although nearly nine in every ten of the countries tracked by our index recorded positive annual price growth in the year to September 2017, almost half saw their rate of annual growth decline compared with the previous quarter. 
The shift was most evident at the top of the rankings table. Thirteen of the 15 strongest- performing housing markets around the world registered a slowdown in their rate of annual growth in the year to September.
But Australia was placed seventh in Knight Frank’s Global House Price Index for the September quarter, surging 25 places from 2016.  
The global index tracks housing market performance across 56 countries worldwide.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/figure1.jpg" target="_blank">to enlarge.</a>
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Iceland leads our annual rankings with average prices ending the year to September 20.4% higher, down from 23.2% last quarter. Iceland has now topped our annual rankings for four consecutive quarters. 
Hong Kong has clung on to second place but data from the Hong Kong Ratings and Valuation Department shows price growth equated to only 1.7% in the three months to September. 
Estonia, Hungary and New Zealand have dropped out of the top ten this quarter. New Zealand slipped from 10th place to 27th as annualised price growth declined from 10.4% to 5.2%. Tighter lending conditions and plans to introduce a ban on foreign investors in 2018 have potentially reduced some of the speculative activity in the market.
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure2.jpg" target="_blank">to enlarge.</a>
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This quarter marks the inclusion of Saudi Arabia within the index for the first time. Latest data shows prices slipped 5.4% on an annual basis meaning it is second only to Ukraine as the weakest-performing market. The oil-dependent Saudi economy is struggling to gain traction, which along with the recent introduction of a levy on expatriate workers is stifling housing demand.
The US and the UK are following different trajectories, mirroring their economic performance. Average prices in the US accelerated 6.2% over the 12-month period, up from 5.8% last quarter whilst the UK has incurred a marginal dip from 2.8% to 2.6%. The UK market remains highly localised with affordability a key concern in many markets.
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Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure3.jpg" target="_blank">to enlarge.</a>
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China has slipped from 12th to 19th position in our rankings. House prices are now rising at their slowest rate for five quarters, up by 6.5% on an annual basis according to the National Bureau of Statistics.
European housing markets are firmly back in the spotlight. On average, the region recorded 5.6% annual price growth in the year to September, up from 2.3% three years ago. The good news for Europe doesn’t end there. Greece (0.7%) may finally see price growth reach positive territory over the next quarter after nine years of negative annual growth.
Despite Europe’s recent recovery, analysis over a five and 10-year period underlines the extent to which countries within Asia Pacific still rank amongst the highest performers. (Figure 4).
Click here <a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure4.jpg" target="_blank">to enlarge.</a>
<a href="https://www.propertyobserver.com.au/images/2017/12/7/Figure4.jpg" target="_blank"><img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure4.jpg" alt=""></a>
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The Knight Frank Global House Price Index, established in 2006, allows investors and developers to monitor and compare the performance of mainstream residential markets around the world. The index is compiled on a quarterly basis using official government statistics or central bank data where available. The index’s overall performance is weighted by GDP on a Purchasing Power Parity basis and the latest quarter’s data is provisional pending the release of all the countries’ results. 
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Australia surges to 7th place in weakening Global House Price Index: Knight Frank

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Knight Frank’s Global House Price Index: Q3 2017, which tracks housing market performance across 56 countries worldwide, has found that Australia defied the global trend by moving up to 7th position, maintaining 10.2 percent growth over the past quarter.
They move from 11th in the last quarter, also with a growth of 10.2 percent.
Overall, global house prices have increased by 5.1 percent in the year to September 2017. This is down from 6.3 percent growth the previous quarter.
The 5.1 percent growth represents the index's lowest rate of annual growth since the beginning of 2016.
Iceland leads the index for the 4th consecutive quarter, but its rate of growth has slowed.
European housing markets averaged 5.6% price growth in the year to September, up from 2.3% three years ago, while China has slipped from 12th to 19th position in the rankings as tighter macro-prudential regulations bite.
Knight Frank Australia's head of residential research Michelle Ciesielski noted Australia's strengthened position.
“The Global House Price Index has weakened, and now represents the lowest increase since the start of 2016. However, Australia’s annual price growth has been maintained at 10.2% in Q3 2017," she said.
“Interestingly, with weaker growth across the global marketplace, our ranking has moved up four spots to seventh place – we are also one of just seven cities tracked globally still performing with double-digit growth.
“Over the past five years to Q3 2017 the Asia Pacific region has dominated price growth led by India (76.1%), Hong Kong (60.1%) and New Zealand (56%).
“Australia was fifth in the region over this time, with total growth of 45.9%.” (See figure 4 below).
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/12/7/Figure4.jpg" alt="">
Sarah Harding, Head of Residential at Knight Frank Australia said that other capitals are making up for the Sydney drop.
"Although some of the heat has been taken out of the Sydney residential market of late, Melbourne, Hobart and Canberra are thriving – driving up total annual growth," Harding said.
“Additionally, the worst appears to be behind Perth’s residential markets and this is also contributing positively to the overall Australian performance.
“As investors find it increasingly harder to obtain finance, we’re experiencing more enquiries from owner-occupiers, including those looking to downsize, and we’re starting to see the return of first-time buyers to the market."
 
 
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Australia defies global trend in Global House Price Index: Knight Frank

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Sydney and Melbourne have again topped the global list for office rental performance, taking out the 2 top spots for annual prime office rental growth in the third quarter.
JLL’s latest <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank" style="font-size: 12.16px;">Global Office Index for Q3</a> shows Sydney way out in front globally in number one spot for annual growth between Q3 2016 and Q3 2017.  Sydney recorded 30.1% annual growth in prime rents.  Melbourne recorded 17.3% year-on-year growth for the same period, pushing it to the second global spot.
US cities came in next, with San Francisco Peninsula in third at 12.9% annual rental growth, New Jersey at 12.2% and Portland in 5th spot at 10.4%.
Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/Global%20office%20index.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/Global%20office%20index.jpg" alt="">
JLL’s Head of Office Leasing – Australia, Tim O’Connor said, “Sydney has consistently featured in the Top 10 Global performers rankings for the past 5 years and Melbourne for the past 2 years.
“Two years ago, Sydney ranked number one, while Melbourne was ranked fifth. While the Sydney story has continued on the back of centralisation, stock withdrawals and growth from the technology sector in particular, Melbourne is now following hot on the heels.
“The sharp reduction in vacancy that precipitated the upward pressure in Sydney and Melbourne rents has been amplified by the lack of available new supply coming on line in the short term. The number of options for larger space users in existing stock now means demand will be expressed through additional pre-commitment activity,” said Mr O’Connor.
JLL Charts below showing global rental performance over the past 2 and 5 years for comparison of Sydney and Melbourne rankings two and five years ago:
Two year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/2%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/2%20year%20global%20rental%20performance.jpg" alt="">
Five year global rental performance. Click here <a href="https://www.propertyobserver.com.au/images/2017/11/29/5%20year%20global%20rental%20performance.jpg" target="_blank">to enlarge.</a>
 <img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2017/11/29/5%20year%20global%20rental%20performance.jpg" alt="">
 
JLL’s Q3 <a href="http://www.jll.com/gmp/Global-Office-Index" target="_blank">Global Office Index</a> states that rental growth for prime offices across the 125 major markets covered by the JLL Global Office Index continued to pick up pace in Q3 2017, rising by 2.7% year-on-year. 
This was significantly above the 10-year average growth of 1.6%.
Momentum is expected to continue with above-average increases in 2018, with a projected uplift of 3% for the full year 2017 and 2.3% globally next year. 
JLL Head of Research – Australia, Andrew Ballantyne said, “Sydney and Melbourne effective rental growth was in double digit territory over 2016 and 2017. We expect that effective rental growth will ease back from this rate in 2018. 
“Nevertheless, Sydney and Melbourne effective rental growth is projected to remain above 7% in 2018 with the potential to be even higher if the competition for space exerts further downward pressure on leasing incentives,” said Mr Ballantyne. 
JLL’s Victorian Managing Director, David Bowden said, “Melbourne’s rental growth story has been strengthening since mid-2016. 
“Limited new supply and strong office sector demand have combined to put significant upward pressure on face rents. Asset owners took a while to adjust their incentive expectations however these started coming down at the end of 2016. 
“Melbourne’s CBD office market is benefiting from strong population growth which is fuelling business expansion in a diverse range of sectors. In 2016, the leasing market had the highest net absorption since 1978 and has remained strong in 2017, dominated by small business expansion which has accounted for over 63% of office sector demand. 
“New rental benchmarks have been set this year for both existing assets and for the new stock due to come to the market over 2018 – 2020,” Bowden said.
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Sydney and Melbourne rank top two globally for office rents growth: JLL

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Australia ranks above Taiwan and below Switzerland in the Global Property Guide with a price per square metre of $7,250 and annual yield at 4.39%.
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<col>
<col>
<col>
<col>
</colgroup>
<tbody>
<tr>
<td class="s0" colspan="4">GLOBAL PROPERTY GUIDE</td>
</tr>
<tr>
<td class="s1" colspan="4">RENTAL YIELDS GLOBAL PROPERTY GUIDE</td>
</tr>
<tr>
<td class="s2"> </td>
<td class="s2"> </td>
<td class="s2"> </td>
<td class="s2"> </td>
</tr>
<tr>
<td class="s3">Apartments in</td>
<td class="s4">Price/sq. m</td>
<td class="s4">Rent/mo.</td>
<td class="s5">Yield/ p.a</td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
<td class="s6"> </td>
</tr>
<tr>
<td class="s7">UK</td>
<td class="s8">€25,575.00</td>
<td class="s8">€8,213.00</td>
<td class="s8">3.21%</td>
</tr>
<tr>
<td class="s7">Hong Kong</td>
<td class="s8">$22,814</td>
<td class="s8">$6,431</td>
<td class="s8">2.82%</td>
</tr>
<tr>
<td class="s7">USA</td>
<td class="s8">$18,499</td>
<td class="s8">$7,225</td>
<td class="s8">3.91%</td>
</tr>
<tr>
<td class="s7">Singapore</td>
<td class="s8">$15,251</td>
<td class="s8">$4,332</td>
<td class="s8">2.83%</td>
</tr>
<tr>
<td class="s7">Japan</td>
<td class="s8">$14,409</td>
<td class="s8">$5,393</td>
<td class="s8">3.74%</td>
</tr>
<tr>
<td class="s7">France</td>
<td class="s8">€13,639.00</td>
<td class="s8">€3,938.00</td>
<td class="s8">2.89%</td>
</tr>
<tr>
<td class="s7">Russia</td>
<td class="s8">€11,866.00</td>
<td class="s8">€3,820.00</td>
<td class="s8">3.22%</td>
</tr>
<tr>
<td class="s7">India</td>
<td class="s8">$11,455</td>
<td class="s8">$2,540</td>
<td class="s8">2.22%</td>
</tr>
<tr>
<td class="s7">Austria</td>
<td class="s8">€10,807.00</td>
<td class="s8">€2,351.00</td>
<td class="s8">2.18%</td>
</tr>
<tr>
<td class="s7">Israel</td>
<td class="s8">$10,166</td>
<td class="s8">$2,318</td>
<td class="s8">2.28%</td>
</tr>
<tr>
<td class="s7">Switzerland</td>
<td class="s8">€10,020.00</td>
<td class="s8">€3,816.00</td>
<td class="s8">3.81%</td>
</tr>
<tr>
<td class="s7">Australia</td>
<td class="s8">$7,250</td>
<td class="s8">$3,182</td>
<td class="s8">4.39%</td>
</tr>
<tr>
<td class="s7">Taiwan</td>
<td class="s8">$7,112</td>
<td class="s8">$1,117</td>
<td class="s8">1.57%</td>
</tr>
<tr>
<td class="s7">Bermuda</td>
<td class="s8">$7,056</td>
<td class="s8">$5,597</td>
<td class="s8">4.76%</td>
</tr>
<tr>
<td class="s7">BVI</td>
<td class="s8">$6,469</td>
<td class="s8">$3,071</td>
<td class="s8">2.85%</td>
</tr>
<tr>
<td class="s7">Canada</td>
<td class="s8">$6,399</td>
<td class="s8">$2,672</td>
<td class="s8">4.18%</td>
</tr>
<tr>
<td class="s7">Finland</td>
<td class="s8">€6,214.00</td>
<td class="s8">€2,254.00</td>
<td class="s8">3.63%</td>
</tr>
<tr>
<td class="s7">Italy</td>
<td class="s8">€5,930.00</td>
<td class="s8">€2,288.00</td>
<td class="s8">3.86%</td>
</tr>
<tr>
<td class="s7">Luxembourg</td>
<td class="s8">€5,669.00</td>
<td class="s8">€2,180.00</td>
<td class="s8">3.85%</td>
</tr>
<tr>
<td class="s7">UAE</td>
<td class="s8">$5,538</td>
<td class="s8">$3,340</td>
<td class="s8">6.03%</td>
</tr>
<tr>
<td class="s7">New Zealand</td>
<td class="s8">$4,964</td>
<td class="s8">$1,765</td>
<td class="s8">6.09%</td>
</tr>
<tr>
<td class="s7">Netherlands</td>
<td class="s8">€4,907.00</td>
<td class="s8">€2,675.00</td>
<td class="s8">5.45%</td>
</tr>
<tr>
<td class="s7">Denmark</td>
<td class="s8">€4,279.00</td>
<td class="s8">€2,071.00</td>
<td class="s8">4.84%</td>
</tr>
<tr>
<td class="s7">South Africa</td>
<td class="s8">$4,214</td>
<td class="s8">$1,636</td>
<td class="s8">3.88%</td>
</tr>
<tr>
<td class="s7">Cayman Is.</td>
<td class="s8">$4,163</td>
<td class="s8">$3,018</td>
<td class="s8">7.25%</td>
</tr>
<tr>
<td class="s7">Germany</td>
<td class="s8">€4,078.00</td>
<td class="s8">€1,362.00</td>
<td class="s8">3.34%</td>
</tr>
<tr>
<td class="s7">Brazil</td>
<td class="s8">$3,751</td>
<td class="s8">$1,765</td>
<td class="s8">4.71%</td>
</tr>
<tr>
<td class="s7">Lebanon</td>
<td class="s8">$3,693</td>
<td class="s8">$2,082</td>
<td class="s8">4.51%</td>
</tr>
<tr>
<td class="s7">Thailand</td>
<td class="s8">$3,638</td>
<td class="s8">$1,837</td>
<td class="s8">5.05%</td>
</tr>
<tr>
<td class="s7">Bahamas</td>
<td class="s8">$3,632</td>
<td class="s8">$2,964</td>
<td class="s8">8.16%</td>
</tr>
<tr>
<td class="s7">St Kitts and Nevis</td>
<td class="s8">$3,496</td>
<td class="s8">$1,712</td>
<td class="s8">4.90%</td>
</tr>
<tr>
<td class="s7">Spain</td>
<td class="s8">€3,442.00</td>
<td class="s8">€1,345.00</td>
<td class="s8">3.91%</td>
</tr>
<tr>
<td class="s7">Czech Rep.</td>
<td class="s8">€3,384.00</td>
<td class="s8">€1,415.00</td>
<td class="s8">4.18%</td>
</tr>
<tr>
<td class="s7">Turkey</td>
<td class="s8">€3,324.00</td>
<td class="s8">€1,346.00</td>
<td class="s8">4.05%</td>
</tr>
<tr>
<td class="s7">St Martin</td>
<td class="s8">$3,267</td>
<td class="s8">$4,000</td>
<td class="s8">4.90%</td>
</tr>
<tr>
<td class="s7">Philippines</td>
<td class="s8">$3,156</td>
<td class="s8">$2,369</td>
<td class="s8">7.51%</td>
</tr>
<tr>
<td class="s7">Martinique</td>
<td class="s8">$2,979</td>
<td class="s8">$1,524</td>
<td class="s8">5.12%</td>
</tr>
<tr>
<td class="s7">Guadeloupe</td>
<td class="s8">$2,925</td>
<td class="s8">$1,445</td>
<td class="s8">4.94%</td>
</tr>
<tr>
<td class="s7">Cambodia</td>
<td class="s8">$2,913</td>
<td class="s8">$1,553</td>
<td class="s8">5.33%</td>
</tr>
<tr>
<td class="s7">Malaysia</td>
<td class="s8">$2,873</td>
<td class="s8">$1,004</td>
<td class="s8">3.50%</td>
</tr>
<tr>
<td class="s7">Slovenia</td>
<td class="s8">€2,843.00</td>
<td class="s8">€1,268.00</td>
<td class="s8">4.46%</td>
</tr>
<tr>
<td class="s7">Ukraine</td>
<td class="s8">€2,807.00</td>
<td class="s8">€2,550.00</td>
<td class="s8">9.09%</td>
</tr>
<tr>
<td class="s7">Andorra</td>
<td class="s8">€2,761.00</td>
<td class="s8">€942.00</td>
<td class="s8">3.41%</td>
</tr>
<tr>
<td class="s7">Chile</td>
<td class="s8">$2,749</td>
<td class="s8">$1,714</td>
<td class="s8">6.23%</td>
</tr>
<tr>
<td class="s7">Malta</td>
<td class="s8">€2,748.00</td>
<td class="s8">€888.00</td>
<td class="s8">3.23%</td>
</tr>
<tr>
<td class="s7">Indonesia</td>
<td class="s8">$2,692</td>
<td class="s8">$2,395</td>
<td class="s8">8.90%</td>
</tr>
<tr>
<td class="s7">Mexico</td>
<td class="s8">$2,635</td>
<td class="s8">$2,045</td>
<td class="s8">7.76%</td>
</tr>
<tr>
<td class="s7">Argentina</td>
<td class="s8">$2,632</td>
<td class="s8">$2,032</td>
<td class="s8">7.72%</td>
</tr>
<tr>
<td class="s7">Latvia</td>
<td class="s8">€2,618.00</td>
<td class="s8">€1,228.00</td>
<td class="s8">4.92%</td>
</tr>
<tr>
<td class="s7">Greece</td>
<td class="s8">€2,572.00</td>
<td class="s8">€984.00</td>
<td class="s8">3.83%</td>
</tr>
<tr>
<td class="s7">Poland</td>
<td class="s8">€2,482.00</td>
<td class="s8">€1,666.00</td>
<td class="s8">6.71%</td>
</tr>
<tr>
<td class="s7">Belgium</td>
<td class="s8">€2,420.00</td>
<td class="s8">€1,338.00</td>
<td class="s8">5.53%</td>
</tr>
<tr>
<td class="s7">Estonia</td>
<td class="s8">€2,373.00</td>
<td class="s8">€1,016.00</td>
<td class="s8">4.28%</td>
</tr>
<tr>
<td class="s7">Trinidad &amp; T.</td>
<td class="s8">$2,334</td>
<td class="s8">$1,607</td>
<td class="s8">6.88%</td>
</tr>
<tr>
<td class="s7">Serbia</td>
<td class="s8">€2,239.00</td>
<td class="s8">€994.00</td>
<td class="s8">4.44%</td>
</tr>
<tr>
<td class="s7">Peru</td>
<td class="s8">$2,074</td>
<td class="s8">$1,206</td>
<td class="s8">5.81%</td>
</tr>
<tr>
<td class="s7">Morocco</td>
<td class="s8">$2,015</td>
<td class="s8">$1,217</td>
<td class="s8">6.04%</td>
</tr>
<tr>
<td class="s7">Panama</td>
<td class="s8">$2,001</td>
<td class="s8">$1,799</td>
<td class="s8">8.99%</td>
</tr>
<tr>
<td class="s7">Lithuania</td>
<td class="s8">€1,998.00</td>
<td class="s8">€1,195.00</td>
<td class="s8">5.98%</td>
</tr>
<tr>
<td class="s7">Slovak Rep.</td>
<td class="s8">€1,982.00</td>
<td class="s8">€1,110.00</td>
<td class="s8">5.60%</td>
</tr>
<tr>
<td class="s7">Colombia</td>
<td class="s8">$1,893</td>
<td class="s8">$1,213</td>
<td class="s8">6.41%</td>
</tr>
<tr>
<td class="s7">St Lucia</td>
<td class="s8">$1,860</td>
<td class="s8">$1,108</td>
<td class="s8">3.57%</td>
</tr>
<tr>
<td class="s7">Cyprus</td>
<td class="s8">€1,790.00</td>
<td class="s8">€757.00</td>
<td class="s8">4.23%</td>
</tr>
<tr>
<td class="s7">Portugal</td>
<td class="s8">€1,771.00</td>
<td class="s8">€1,022.00</td>
<td class="s8">5.77%</td>
</tr>
<tr>
<td class="s7">Croatia</td>
<td class="s8">€1,764.00</td>
<td class="s8">€1,072.00</td>
<td class="s8">6.07%</td>
</tr>
<tr>
<td class="s7">Costa Rica</td>
<td class="s8">$1,642</td>
<td class="s8">$1,147</td>
<td class="s8">8.38%</td>
</tr>
<tr>
<td class="s7">Romania</td>
<td class="s8">€1,537.00</td>
<td class="s8">€1,193.00</td>
<td class="s8">7.76%</td>
</tr>
<tr>
<td class="s7">Hungary</td>
<td class="s8">€1,528.00</td>
<td class="s8">€1,154.00</td>
<td class="s8">7.55%</td>
</tr>
<tr>
<td class="s7">Aruba</td>
<td class="s8">$1,455</td>
<td class="s8">$1,774</td>
<td class="s8">7.32%</td>
</tr>
<tr>
<td class="s7">Jamaica</td>
<td class="s8">$1,404</td>
<td class="s8">$1,369</td>
<td class="s8">9.75%</td>
</tr>
<tr>
<td class="s7">Montenegro</td>
<td class="s8">€1,400.00</td>
<td class="s8">€1,055.00</td>
<td class="s8">7.53%</td>
</tr>
<tr>
<td class="s7">Nicaragua</td>
<td class="s8">$1,342</td>
<td class="s8">$1,596</td>
<td class="s8">7.13%</td>
</tr>
<tr>
<td class="s7">Ecuador</td>
<td class="s8">$1,278</td>
<td class="s8">$1,027</td>
<td class="s8">8.04%</td>
</tr>
<tr>
<td class="s7">Bulgaria</td>
<td class="s8">€1,222.00</td>
<td class="s8">€566.00</td>
<td class="s8">4.64%</td>
</tr>
<tr>
<td class="s7">Jordan</td>
<td class="s8">$1,211</td>
<td class="s8">$1,290</td>
<td class="s8">10.65%</td>
</tr>
<tr>
<td class="s7">El Salvador</td>
<td class="s8">$1,193</td>
<td class="s8">$1,013</td>
<td class="s8">8.49%</td>
</tr>
<tr>
<td class="s7">Kenya</td>
<td class="s8">$1,188</td>
<td class="s8">$820</td>
<td class="s8">6.90%</td>
</tr>
<tr>
<td class="s7">Macedonia</td>
<td class="s8">€1,134.00</td>
<td class="s8">€565.00</td>
<td class="s8">4.98%</td>
</tr>
<tr>
<td class="s7">Puerto Rico</td>
<td class="s8">$1,103</td>
<td class="s8">$801</td>
<td class="s8">7.26%</td>
</tr>
<tr>
<td class="s7">Moldova</td>
<td class="s8">€965.00</td>
<td class="s8">€965.00</td>
<td class="s8">10.00%</td>
</tr>
<tr>
<td class="s7">Egypt</td>
<td class="s8">$831</td>
<td class="s8">$977</td>
<td class="s8">9.40%</td>
</tr>
<tr>
<td class="s7">Tanzania</td>
<td class="s8">$700</td>
<td class="s8">$500</td>
<td class="s8">8.57%</td>
</tr>
<tr>
<td class="s7">Gambia</td>
<td class="s8">$667</td>
<td class="s8">$330</td>
<td class="s8">5.94%</td>
</tr>
<tr>
<td class="s7">Madagascar</td>
<td class="s8">$520</td>
<td class="s8">$320</td>
<td class="s8">7.38%</td>
</tr>
<tr>
<td height="15"> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr>
<td class="s9" colspan="4">SOURCE: globalpropertyguide.com with mixed pricing</td>
</tr>
</tbody>
</table>
</body></html>

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