Vacancy Rates Fall as Property Prices Continue to Rise
As reported by the World Federation of Building Service Contractors, despite talks of a real estate bubble bursting, national vacancy rates have fallen from 17.9 percent in the first quarter of 2004 to 15.6 percent in the second quarter of 2005.
Industrial vacancy rates have also fallen from 9.8 percent to 8.6 percent in 2005 and overall vacancy rates are projected to improve even further in the next two years. One of the hottest areas in property at present is in hotels, with apartments being a steady favorite as well. In the past, major acquirers of US property have been the UK, and the Netherlands but new purchasers have come from Russia, Australia, China and Singapore. Ireland investors have been particularly aggressive as well. Even though property prices are rising and will most likely continue to do so, to these foreign investors, the US market offers stability and with the dollar being somewhat weak, a relatively cheap investment.
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