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US property tipped for recovery
An
improvement in the US
property market, key to a revival in the global economy, should start by next
spring, according to property mogul Sam Zell...
Mr Zell said that demand for housing would increase on the back of a growing
US
population, while supply has slowed, with fewer than 600,000 building starts in
2008, a million fewer than in each of the past 10 years.
Addressing an Israeli business conference this week, Zell, said, "I believe
that in a country that continues to grow and where the population continues to
grow, we will see the first signs of equilibrium in the housing market in the
spring of 2009 and I will expect by spring 2010 the housing market in the US
will look a lot better."
He added that the US
housing market upturn over the next 12 months should help stimulate growth in
other global property markets, and believes the greatest capital growth will be
achieved in a range of diverse countries such as Brazil,
China, the Middle East, and
parts of Eastern Europe.
"They have growth, they have political stability, they have natural
resources... and a relatively low cost of entry today," he concluded.
Source: www.homesoverseas.co.uk/news
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