Tuesday, Dec 30, 2008

Credit crunch hits Indian house prices

Rediff (India): Wait! Property prices to fall further!

Residential property prices crashed in the mid-1990s, and it took till 2002-03 for them to start rising again. When they did, however, the progress was rapid. Within a short span of time, the prices had risen so much that the budget buyer, who comprises the bulk of the market, was left out in the cold. For homebuyers though, things are getting better. A correction in property prices is already underway. [ALSO: See first comment for bad news about the Indian jobs market too.]

Posted by drewster @ 01:30 PM (428 views) Add Comment

3 Comments

1. drewster said...

Rediff (India): New IT jobs down by 25%
There is more bad news for job seekers. A study by Naukri.com, states that the Overall Job Index in October 2008 is 781 as compared to 1000 in July 2008 indicating a decline of almost 21.9 per cent. The index suggests that companies are scaling back their recruitment plans due to the global financial crisis.
The IT sector has been hit badly by the slowdown. Both the software and hardware sectors have witnessed a dip in new jobs by almost 25 per cent since July this year.

Tuesday, December 30, 2008 01:31PM Report Comment
 

2. little professor said...

The good news is that the Indian property bubble only really started in the last couple of years, so not that many people have been caught up in it.

Tuesday, December 30, 2008 01:44PM Report Comment
 

3. Larnaca Properties said...

What is happening in India is a phenomenon that's common across the globe. Be it India, UK or Cyprus property there is a massive decline in sales and rental properties.

Wednesday, January 7, 2009 09:42AM Report Comment
 

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