PROPERTY PRICES RISE FASTEST IN PARIS

Luxury property prices are rising faster in Paris than anywhere else in the world. The value of apartments and houses valued at Euro2 million or more in the French capital rose 22 per cent over the past twelve months research from Knight Frank estate agency shows. Hong Kong, Helsinki, Shanghai and Beijing were the other top five risers.

Parisian homes are rising in value, because investors from the BRIC nations are ploughing money into the city which they consider a safe haven in uncertain economic times. A limited number of properties available for sale means bidding is strong, so that pushes prices up further.

Limited supply is a key feature of the Paris housing market – strict planning controls makes building brand new homes in the sought-after central arrondissments well nigh impossible, so refurbishing existing properties is the key source of supply for the city's luxury housing market.

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MALDIVES PROPERTY MARKET OPENS UP

Millionaire homes have appeared in growing numbers on Indian Ocean islands since Mauritius and the Seychelles opened up their property markets to overseas buyers during the past decade. Now the Maldives is getting in on the act – the archipelago has allowed foreigners to buy homes at resort communities since November 2010, since when dozens of brand new holiday homes have come up for sale.

At Six Senses Laamu Private Residences, 16 holiday homes are on offer at prices starting at USD3 million, and at Sovena Fushi eleven villas priced from USD4 million can be purchased through Cluttons Resorts.

Six Senses hotel spa facilities are available to residents at Laamu Private Residences. They may need them - after arriving at the Maldives capital, Male, residents must fly 40 minutes to a local airport before taking a 15 minute boat ride to reach the resort. Sovena Fushi is a 30minute seaplane flight away from Male.

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GLOBAL PROPERTY PRICES FALL

“Global housing markets take a turn for the worse”, says the Global Property Guide. Its latest survey of international house prices shows they are falling in a growing number of countries, including Britain and New Zealand which were recording increases this time last year.

The Eastern hemisphere continues to do better than the West. Hong Kong tops the table (up 19 per cent), followed by Singapore (up 8 per cent). Both rates of growth are slower than one year ago.

There are some surprises. Thailand's property market, which had been blighted by price falls for several years, has turned positive, with prices rising 4.6 per cent, year-on-year. Now, it is previously boom boom China's turn to be come the laggard of Asia, recording a 3.5 per cent fall in property values.

Meanwhile, in Europe, the bounce-back in the Baltic states has slowed, while prices continue to fall in Ireland, Spain and Portugal. Norway is the region's strongest market, recording a 6 per cent increase. France and Germany are treading water.

Interestingly, Austria continues to defy international trends. House prices in its capital, Vienna, have increased 6.5 per cent, which means this is the seventh consecutive year of increases.

Prices have turned negative in Australia and New Zealand, and they are falling in the United States. Price rises have slowed in Canada.

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MIDDLE EAST'S BANGLADESH HOUSING CRISIS

Political turbulence in the Middle East is having disasterous consequences for Bangladesh, a country well outside the region.

The Bangladesh housing market is reeling from the effects of hundreds of thousands of its citizens based in the Middle East being unable to send back remittances, because they are losing their jobs. Remittances are an important source of capital for the Bangladesh housing market.

Adding to the chaos is the Bangladesh government's decision not to allow gas and electricity connections to new buildings, to save energy for agriculture to avoid food shortages. This means new homes cannot be handed over to buyers estate agents say.

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EUROZONE PROPERTY PRICE FALLS

The Eurozone lurches from crisis to crisis, sending property values tumbling in its wake. Worst affected are the so-called PIGSs – debt-laden Portugal, Ireland, Greece and Spain.

Property prices fell in Portugal last year and will do so in 2012 the London-based Royal Institution of Chartered Surveyors forecasts. Some commentators say prices could drop by 20 per cent by the end of 2012 providing “bargains” for overseas buyers.

Economists warn Ireland may go back into recession and need another bailout, exacerbating five years of price falls.

In Spain, the country's central bank says the housing market downturn will last five years, which means values won't stop falling until 2013. The country's two previous slumps lasted that length of time.

In Greece, that country's central bank expects prices to fall this summer following two years of decline, and Athens University forecasts demand for Greek homes will fall to record lows.

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GLOBAL PROPERTY PRICE TRENDS

The global housing market has “stumbled” estate agency, Knight Frank, says. It's Global House Price Index, quarter four, 2010, shows property values rose 2.8 per cent in the year to December 2010. This is slightly down on the 3.1 per cent rise in prices recorded in the twelve months to the end of quarter three, 2010.

Hong Kong's prices rose fastest in 2010 - 20 per cent. Latvia, Israel, China and Singapore were the other top five locations. Cyprus and Ireland filled the bottom two slots.

Knight Frank's head of residential research, Liam Bailey, says the number of countries recording price falls in late 2010 grew.

"It looks increasingly likely that Asian markets will escape a crash in prices, but in many of the previously ‘hot markets’ (India and China) price falls later this year seems a realistic assumption,” says Bailey, "Across Europe and the US the lack of bank lending is likely to extend the recent period of price reversals. Outside of the luxury markets in the global city hubs, it is difficult to see what could bring about a rapid improvement in the housing markets of the developed economies."

Knight Frank's report follow's The Global Property Guide's survey which shows some European markets weakening and Asian markets rising.

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CHINA BUYS NORTHERN IRELAND

Following several months of secret negotiations, China has bought a 100 year lease on Northern Ireland from the British government. The GBP70 billion deal wipes out Britain's national debt and gives China trading and political benefits, including membership of the European Union.

The transfer of power is expected to take place on May 1st, 2011.

The Republic of Ireland has guaranteed not to challenge China's annexation of Northern Ireland in exchange for China agreeing to pay off the Irish national debt. All Ireland's nationalised and part nationalised banks will be transferred to the Bank of China as part of the deal. This will enable the Chinese to develop banking operations in Europe.

Sources close to Beijing say the Chinese will develop Northern Ireland into a low tax manufacturing, logistics and trading centre.

The Northern Ireland assembly will go into emergency session today to discuss the plans. In an unusual show of unity all of Northern Ireland's parties are said to be against the deal.

A spokesman for the British government said "this historic agreement will ensure Britain enjoys a bright economic future. There will be benefits for the people of Northern Ireland and for all of the people of the British Isles from having China invest its national surplus on our shores. It will secure jobs, bring peace and create economic growth for years to come."

A spokesman for Northern Ireland's biggest politcal party, the Democratic Unionists, described the deal as "utter foolishness".

HAPPY APRIL FOOL'S DAY