It fair to say that current property development status is very different from previous ones. With the world emerging economies such as china, Brazil and India taking their global share of the cake in terms of property development, many countries especially in the west and North America are slowing their ride.
The economic boom in china fueled by rampant export manufacturing has by many accounts raised the living standards considerably. This has further sparked the need for houses of the billions of people in the country which has consequently boomed and revolutionized the property development industry in the country. The same has been repeated in china’s main competitors; Brazil and India.
According to a property report realized by a global property consulting company the domestic demand for houses in China rose by an amazing 34% within a period of less than 5 years. The property development in the entire Asian region also rose by 38% with china and India taking most of the shares. The booming industry has been sparked by rapid growth of the Asian economies and financial institutions many of which are offering financial aid to people willing to buy houses.
The rapid rise in living standards among the citizens of these countries something associated with the booming economy and a good and sound housing policy created by these countries.
As for countries in Africa property development has also witnessed a significant increase but not as that in Asia. Leading property development companies predict that with the current steady growth of the African economy things might get better in a few years time.
Europe and North America has indeed been the exact opposite of Asia, South America and Africa. Reports have indicated a sharp drop in property development in Europe with numerous property development companies shutting its doors due to bankruptcy. Leading economist is Europe have predicted even harder times in the coming future unless the economic situation in Europe changes rather urgently.
The slow on Europe’s property growth has been caused by a raging debt crisis for European governments, public sector cuts in spending that have rendered many jobless, rising unemployment rates, slowed economic recovery in North America and Europe although some European countries such as Germany have registered tremendous progress recording an annual growth last year of 2.4%.
