Property
Global Survey 2006: Cost of comparable house in Dublin, Ireland, could buy 9 in Houston, Texas, 3 in Amsterdam, 2 in Sydney and Tokyo
By Michael Hennigan, Editor and Founder of Finfacts
Apr 21, 2014 - 10:39 AM

From archive: In 2006 a global real estate agency compared the cost of a single-family dwelling, 2,200 square feet (approximately) -- four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management level families - - in 384 markets including 42 outside North America. It found that for the cost in Dublin of $1.4m (€1.1m), you could buy nine similar houses in Houston, Texas, three in Amsterdam, two in Sydney and almost two in Tokyo.

The Texas city of Houston with a population base of 5.2 million and a normal annual increase of 110,000 (2%) plus 150,000 Hurricane Katrina victims relocated - had a massive 5% increase over 12 months. "Imagine our Australian and New Zealand urban areas attempting to cope with this," says Hugh Pavletich, co-author of the Annual Demographia International Housing Affordability Survey 2006, which includes Ireland, in its survey.

Earlier this month US Federal Reserve Chairman Ben Bernanke said that the US housing market is undergoing a "substantial correction." While Houston is bucking the trend, the median house price was only up 3.1% September year-on-year on a sales volume increase of 17.8%. The overall median price of single-family homes of $150,000 was a record for the month of September and an increase of 3.1 percent compared to the prior year. The average sales price for single-family homes was $199,752 during September, which was up 4.5 percent versus the same period last year. The median is a typical market price where half of the homes sold for more and half sold for less than that figure. The average sales price for which a townhouse or condo sold in the greater Houston area was $156,434 in September 2006, which was a 10.9 percent increase from the same month last year.

Houston's current median price of $150,000, while a monthly record for the Houston market, is 33.5 percent less than the national median price, which reached $225,700 in August, according to statistics released by the US National Association of Realtors. These data continue to show the tremendous value and lower cost of living afforded to Houstonians.

"In Houston, Texas, generally builders don't make as much money as in other markets," said Mike Inselmann, president of consulting firm Metrostudy to the Houston Chronicle last April.

He estimates builder margins there, range from 5 to 8 percent. More builders, however, are coming to Houston than going, he said.

Most of them move to Houston because the region's strong job growth means more buyers, and the vast amount of available land and lack of government controls means far less red tape for builders than in other markets.

While the liberal approach to planning in Houston and the lack of a stranglehold that Nimbies (NIMBY - not in my backyard) have on development compared with other urban regions, may not be everyone's cup of tea, the situation highlights how artificial restrictions on land supply, fuels property price inflation.

Dublin has had decades of poor planning and the misreading of a failed high-rise social housing experiment in the 1960's, has blinkered both planners and politicians.

Dublin's sprawl and poor planning is being used by the European Environment Agency (EEA) as a "worst-case scenario" of urban planning so that the new EU member states in Eastern Europe avoid making the same mistakes.

"We want to show what kind of options a city has during a period of positive development - either you control it or you let it go. In that respect, Dublin and Madrid are very much alike, because they let the market decide, so we're using this as a warning," a spokesman for the EEA said.

In Houston, competition works; in Dublin, the system has tilted toward cronyism and Irish house buyers are paying a huge price for it.

Artificial Land Supply Restrictions

I have highlighted many times, the bizarre situation in Ireland that land for development near Irish towns can sell for €500,000 or more an acre in a country that's 4% urbanised. There's an ongoing political debate on stamp duty on property but the issue of development land prices is a taboo subject. Tom Parlon, a former farmers' lobby organisation leader and the President of the Progressive Democrats (PDs), the junior party in the Irish Government, has said that any changes in the current system that makes some Irish farmers very wealthy, would be to "the left of Stalin," even though Parlon and his fellow farmers are beneficiaries of European socialism via the Common Agricultural Policy.

To add surrealism to the bizarre, a public tribunal has been investigating planning related corruption for the past nine years, connected with the huge jump in land values triggered by rezoning decisions, and absolutely nothing has been done to change the system.

Printer-friendly page from Finfacts Ireland Business News - Click for the News Main Page - A service of the Finfacts Ireland Business and Finance Portal

An Taoiseach Bertie Ahern, TD meets Nicholas Evans (2) from Blackrock, Dublin --  In 1973, a report known as the Kenny Report recommended that development land should be priced with a 25% mark-up on agricultural land prices.

Recently in The Sunday Independent, its Political Correspondent Joseph O'Malley wrote:"Six years ago, Bertie Ahern asked the Committee on the Constitution to examine the issue. In 2004, it concluded that Mr Justice Kenny's recommendations could be introduced by legislation, and without amending the Constitution. Two-and-a-half years later, still no legislation, but last week the Taoiseach was hopeful "we can do it by legislation". He was awaiting a final report from the Attorney General."

Economist Jerome Casey, who is editor of the Building Industry Bulletin in a report in 2003, said that site costs account for 42.5% of the cost of a house nationwide. Casey said that typically in the mid 1990s, Durkan Brothers sold apartments off O'Connell Street for £35,000 to £40,000 (€44,440 to €50,790) for which the site cost was £5,000. Currently, both the Irish Council for Social Housing and private house builders are reporting city house site costs at up to 50% of the house price. Outside the cities, site costs can represent up to 40% of the house price. For the country as a whole, site costs may now constitute 42.5% of the house price, an increase of almost 30 percentage points on the pre-boom position. In Dublin that increases to 50%. Overall the Irish figures are grossly out of line with the rest of the developed world.

In the US land accounts for 20% of the total cost of a house. In Denmark the figure is similar while in Portugal the land factor drops to 15%.

It is similar for the rest of Europe. Casey estimated that the 30% differential between land prices for houses in Ireland accounted for about £6.6 billion of the total new and second hand housing market, estimated to be worth £22 billion in 2002.

By applying the 30% margin on the cost of land, Casey said the amount of surplus profit for the key landowners was estimated at £300 million. In his report Casey said the major issue was that just 25 individuals or companies controlled more than half of the housing development land in the Fingal area. That includes Balbriggan, Lusk, Donabate and other well- known areas targeted for development on Dublin's expanding north side.

Casey's conclusion means that up to eight years in the life of a normal 25 year mortgage now goes to pay for the excess in the price of the site.

The Demographia report (Page 14) says that an Organization for Economic Cooperation and Development (OECD) report noted an association between strongly regulated land markets and higher housing prices. The Harvard University Joint Center for Housing Studies State of the Nation's Housing Report 2005 notes that development constraints drive up land and construction costs as well as prevent new housing from keeping pace with rising demand. A report by the Royal Institution of Chartered Surveyors (RICS) in the United Kingdom attributed housing supply difficulties to land use regulation in some Western European nations, as well as the United Kingdom.

Estimated Urban Land Area: Selected Countries

NATIONAL URBAN LAND ESTIMATES
Nation Urban Land Area/Total Land Area Urban Areas Over 1,000,000 Land Area/Total Land Area Share of Urban Land in Urban Areas Over 1,000,000 Share of Urban Population in Urban Areas Over 1,000,000
Australia 0.25% 0.11% 41% 59%
Canada All 0.27% 0.05% 17% 43%
.... Agricultural Belt 3.29% 0.55% 17% 43%
France 12.38% 0.98% 8% 30%
Germany 27.53% 2.09% 8% 29%
Great Britain 5.94% 1.53% 26% 30%
. . England & Wales 7.91% 2.08% 26% 31%
. . Scotland 2.14% 0.47% 22% 27%
Ireland 4.06% 0.53% 13% 48%
Italy 20.09% 1.18% 6% 27%
Japan 14.29% 5.66% 40% 65%
Netherlands 28.28% 2.52% 9% 23%
New Zealand 1.42% 0.20% 14% 32%
Spain 9.25% 0.40% 4% 32%
Switzerland 17.54% 0.00% 0% 0%
United States 2.62% 0.95% 36% 53%
Sources
USA, France, Australia, Canada, Great Britain from national statistical authorities; EU Housing Statistics- Demographia Report

Build Rate

A Goodbody Stockbrokers' report earlier this month outlined the fact that the construction sector in Ireland accounts for 23% of GDP compared to a 12% EU average. Goodbody Stockbrokers' Chief Economist Dermot O'Leary says "Residential construction has been the key driver of the construction sector. Completions reached a record level of 86,000 units in 2005, representing the 11th record year of output, and are now running at a rate of almost 21 units per 1000 population, relative to only 5 units per 1000 in the EU.

However, Ireland's housing stock remains quite low at 410 units per 1000, relative to the EU average of 465 units.  Therefore, Ireland has been in catch-up mode in recent years.  This is a trend we expect to continue, with completion levels set to exceed the rest of Europe up to the end of the decade."

Hugh Pavletich says that New Zealand with a population of 4,100,000, comparable to Ireland's and a population growth rate of 0.8% put in place 25,000 housing units during 2005 - a build rate of 6.09 per 1000 population.

Market research company BIS Shrapnel says that Australia's current build numbers at 147,000, a population of 20,387,000 and annual population growth 1.2% - indicates a build rate of 7.21 per 1000 population.

Texas - with a population of 23,057,000 and an annual population growth rate of 1.8%, put in place 205,000 housing units during 2005. This is a build rate per 1000 of 8.89. The urban markets there are generally considered "in balance" - according to Dr Jim Gaines of the Real Estate Centre, Texas A&M University.

Britain's build rate per 1000 is an astonishing 2.45 per 1000 people. David Cameron, leader of the Conservative Party, had campaigned in one general election for no new building in his own constituency.

Pavletich says that he suspects that the New Zealand build rates would need to be at least 9 per 1000 (36,900 housing units annually - not the current 25,000 ) and the Australian 9.5 (219,041 units annually - not the 147,000 currently ) over the next 10 years to bring the market to balance again and re establish an "affordability foundation" as was the case 20 years ago.

He says that his sense is that when economists / property commentators in Australia and New Zealand are attempting to assess the "undersupply" situation, that they are not taking account of the worsening affordability build up over the years and probably too, the life span of the existing stock. Replacement alone should generate build rates of approximately 3 per 1000.

The Central Statistics Office (CSO) has projected an annual Irish population increase of 1.6% in the period to 2016 (See Page 26) on the assumption of continuing strong net immigration. Taking its optimistic scenario, the population in 2016 will be 4,854,000. So with the Irish build rate likely to fall to more normal levels, it's likely that output will decline to a level in the fifties rather than the 90,000+ units that will be built in 2006.

Residential construction accounts for two-thirds of the Irish construction sector and the notion that the typical house builder could seamlessly switch to new infrastructure projects, is not realistic. Besides, the banks will get worried about financing of some housing developments with a softer market and there will be some company failures.

In April 2005, the decision to build the second terminal at Dublin Airport was announced - 18 months later, planning hearings have yet to be held.

Davy Stockbrokers said in a recent report that 17% of annual tax revenues are property related and have tripled since 2002. In November 2004, Minister for Finance Brian Cowen said that the Government collects 28% of the average cost of a new Irish housing unit in taxes and levies - about €100,000 a pop. Research published by Chambers Ireland last week revealed that income from development contributions has risen from €0.11bn to €0.55bn between 2000 and 2005 and now represent 13.6% of local government expenditure.

There's 260,000 directly employed in construction and likely another 60,000 in related services. Direct workers are employed on a project by project basis. Average earnings are €40K compared with €31k in industry -but compared with other sectors, there's no worthwhile redundancy payoff to soften the blow of unemployment.

By 2016, there are likely to be 100,000 job losses in the sector.

In recent  months, a 500 square foot one bedroom apartment in a new development in Milltown, South Dublin, was advertised in the media. Milltown is an area that property buyers with brains would not tag as upmarket, exclusive or any other such adjective, stupid or not, that would justify a snob-value premium.

With no onsite facilities, other than proximity to a mini-market store and a bus route, the asking price was      €510,000! ($643,000).

National house prices have increased by 270% over the past ten years - compared to a total rise of just 30% in the consumer price index.

 

2006 COLDWELL BANKER HOME PRICE COMPARISON INDEX

Beverly Hills, Calif., and Minot, N.D., Rank As Most Expensive and Most Affordable U.S. Markets, Respectively, in the Annual Coldwell Banker Study -- New to the HPCI in 2006: Home Prices Evaluated in 42 International Markets - Dublin at top of ranking

What does it take to live among movie stars in Beverly Hills, Calif., who shop on Rodeo Drive and dine at the world renowned Spago? How much is needed to mingle with the high fashion set in Milan, Italy, against the majestic backdrop of the Duomo and evenings at La Scala opera house? According to the 2006 Coldwell BankerHome Price Comparison Index (HPCI), an "apples to apples" comparison of similar homes sold in typical, middle management neighborhoods, it will take at least $1.8 million to buy a house in either of those markets. However, the cosmopolitan lifestyle may not be for everyone. For those who prefer to soak in wide open western spaces, Minot, N.D., home to Minot Air Force Base, is an alternative. A similarly sized home would cost only $132,333 in Minot.

The 2006 Coldwell BankerHPCI evaluated home prices in a total of 384 markets, including, for the first time, 42 international markets outside of North America. The study found that home prices (all figures in U.S. dollars) in Amsterdam, the Netherlands ($483,513) are comparable to those in Bend, Ore. ($482,750); Dubai, United Arab Emirates ($374,332) matches up to Portland, Maine ($375,500); prices in Warsaw, Poland ($317,586) are similar to those in Atlanta, Ga. ($322,210); and Sydney, Australia ($683,109) is on par with Bellevue, Wash. ($658,000). Interestingly, Vancouver ($887,762) is the most expensive city in Canada just as the West Coast leads the U.S. charts.

Serving as a  "snapshot" study, the Coldwell Banker HPCI evaluated average home values for select 2,200 square foot single-family dwellings with four bedrooms, two and one-half baths, a family room (or equivalent) and a two-car garage1 in 384 total markets across the United States, Puerto Rico, Canada and also key international markets where Coldwell Banker has a presence.

The 2005 survey had listed the price of the benchmark standard house in Houston at $151,600.

The cumulative average sales price of the homes surveyed in the 317 U.S. markets (and one in Puerto Rico) covered in the Coldwell Banker HPCI is $423,950, a 6 percent increase over $401,767 from the same period in 2005. The 2001 Coldwell Banker HPCI showed a national average price for the subject home to be $269,241, 57 percent below this year's survey result.

"While 2006 likely will be the third best year in real estate history according to the US National Association of Realtors, there has been a shift to a buyers market," says Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate Corporation. "With a larger inventory to choose from, buyers are taking their time and exploring several different homes before choosing to make an offer. Sellers, on the other hand, are beginning to be more realistic in what the market will bear for their home. It is critical for these sellers to work with their sales associate to set a proper price.

"Looking at the data, in many markets you can buy a nice home with many amenities for a reasonable price," Gillespie said. "Twenty nine percent of the reporting markets indicated that their surveyed home averages were below the National Association of REALTORS median single family home price of $225,700. It is also interesting to note that a full 47 percent of the U.S. markets on our survey averaged below $300,000.Ultimately, the HPCI is designed as a guide for consumers to get a sense of how much a typical middle-management home may cost in various cities around the country and the globe," Gillespie adds.

Gillespie also indicated that through a comprehensive HPCI section on www.coldwellbanker.com, consumers can calculate what their homes may be worth in other areas in the United States and gather preliminary intelligence about the affordability of housing from one market to another.

2006 Coldwell Banker' HPCI  Highlights and Top Market Lists

  • Beverly Hills, Calif., replaces La Jolla, Calif., as the study's most expensive market in 2006 ($1.8 million). Minot, N.D. returns as the most affordable market, at $132,333. Minot also ranked as the most affordable market in 2004, at $130,300. In 2005, Killeen, Texas, replaced Minot as the most affordable market.

    The price difference between Beverly Hills and Minot is $1.67 million for a similar 2,200 square foot home. There is a $1.68 million difference between Milan, Italy and Minot.
  • Once again, nine of the top 10 most expensive markets in the U.S. are in California. Greenwich, Conn., is again the lone market in the top 10 not in the Golden State, ranking eighth with an HPCI average sales price of $1.4 million. Other pricey areas outside of California include: Boston, Mass. ($1.28 million); Wellesley, Mass. ($1.19 million); Ridgewood, N.J. ($1.01 million); Kihei, Maui, Hawaii ($935,000); Chicago ($916,667); and Katonah, N.Y. ($912,000). Note that the borough of Manhattan in New York City was not included in the study because of the lack of single-family homes.
  • Markets that rank nearest to the HPCI national average sales price of $423,950 include Minneapolis, Minn., ($421,433) and Northampton, Mass. ($431,000). Bakersfield ($411,500) is the least expensive market in California, and a mere 3 percent below the national average.
  • The most expensive international markets included (prices converted to U.S. dollar as of September 5, 2006): Milan, Italy ($1.81 million); St. Thomas, V.I. ($1.45 million); Bermuda ($1.44 million); Dublin ($1.41 million); and, Rome ($1.26 million). The most affordable international market tracked was Bogota, Colombia, at $56,522.

TABLE 1

The top 10 most expensive and most affordable surveyed U.S. markets overall in 2006 are:

Rank Most Expensive 2006 Avg. Sales Price Most Affordable 2006 Avg. Sales Price

1

Beverly Hills, Calif. $1,800,000 Minot, N.D. $132,333

2

Santa Monica, Calif. $1,766,666 Killeen, Texas $140,310

3

La Jolla, Calif. $1,762,500 Arlington, Texas $140,975

4

Santa Barbara, Calif. $1,700,000 Grayling, Mich. $144,250

5

Palo Alto, Calif. $1,652,042 Topeka, Kan. $148,050

6

Newport Beach, Calif. $1,566,250 Canton, Ohio $148,333

7

San Jose, Calif. $1,410,662 Tulsa, Okla. $148,575

8

Greenwich, Conn. $1,403,750 Billings, Mont. $150,141

9

San Mateo, Calif. $1,366,139 Fort Worth, Texas $151,250

10

San Francisco, Calif. $1,363,750 Cadillac, Mich. $151,530

TABLE 2

The most expensive and most affordable surveyed U.S. markets within each state are:

The most expensive and most affordable surveyed U.S. markets within each state are:

State Most Expensive 2006 Avg.

Sales Price

Most Affordable 2006 Avg.

Sales Price

Variance
ALASKA Juneau

$472,500

Anchorage

$303,750

$168,750

ALABAMA Mobile

$216,109

Huntsville

$204,300

$11,809

ARIZONA Scottsdale

$502,800

Mesa

$253,600

$249,200

ARKANSAS Fayetteville

$248,012

Fort Smith

$179,225

$68,787

CALIFORNIA Beverly Hills

$1,800,000

Bakersfield

$411,500

$1,388,500

COLORADO Boulder

$536,000

Colorado Springs

$217,000

$319,000

CONNECTICUT Greenwich

$1,403,750

West Hartford

$393,000

$1,010,750

DELAWARE

Wilmington $384,000 *

FLORIDA Key West

$872,250

Pensacola

$272,133

$600,117

GEORGIA Atlanta

$322,210

Macon

$166,300

$155,910

HAWAII Kihei, Maui

$935,000

Honolulu, Hawaii

$858,750

$76,250

IDAHO Boise

$250,925

Coeur d�Alene

$248,853

$2,072

ILLINOIS Chicago

$916,667

Rockford

$186,626

$730,041

INDIANA Munster

$323,900

Evansville

$175,437

$148,463

IOWA Des Moines

$249,907

Sioux City

$184,000

$65,907

KANSAS Lawrence

$247,450

Topeka

$148,050

$99,400

KENTUCKY Lexington

$266,750

Florence

$210,697

$56,053

LOUISIANA New Orleans

$311,821

Shreveport

$218,641

$93,180

MAINE Portland

$375,500

Augusta

$156,125

$219,375

MARYLAND Bethesda

$879,100

Hagerstown

$332,750

$546,350

MASSACHUSETTS Boston

$1,275,000

Worcester

$308,833

$966,167

MICHIGAN Ann Arbor

$324,500

Grayling

$144,250

$180,250

MINNESOTA Edina

$438,662

Rochester

$218,084

$220,578

MISSISSIPPI Jackson

$235,750

Tupelo

$178,168

$57,582

MISSOURI St. Louis

$255,000

Springfield

$188,318

$66,682

MONTANA Bozeman

$332,250

Billings

$150,141

$182,109

NEBRASKA Kearney

$212,250

North Platte

$187,750

$24,500

NEVADA Reno

$436,750

Las Vegas

$361,250

$75,500

NEW HAMPSHIRE Hanover

$510,000

Portsmouth

$308,000

$202,000

NEW JERSEY Ridgewood

$1,009,750

Cherry Hill

$289,855

$719,895

NEW MEXICO Santa Fe

$593,750

Albuquerque

$279,499

$314,251

NEW YORK Katonah

$912,000

Binghamton

$171,135

$740,865

NORTH CAROLINA Wilmington

$335,725

Greensboro

$195,905

$139,820

NORTH DAKOTA Fargo

$211,500

Minot

$132,333

$79,167

OHIO Columbus

$251,364

Canton

$148,333

$103,031

OKLAHOMA Oklahoma City

$193,500

Tulsa

$148,575

$44,925

OREGON Bend

$482,750

Salem

$304,000

$178,750

PENNSYLVANIA Philadelphia

$518,700

Erie

$188,975

$329,725

RHODE ISLAND

Providence $565,000 *

SOUTH CAROLINA Charleston

$361,250

Columbia

$191,666

$169,584

SOUTH DAKOTA Rapid City

$199,600

Sioux Falls

$170,775

$28,825

TENNESSEE Chattanooga

$232,817

Knoxville

$184,933

$47,884

TEXAS Dallas

$288,278

Killeen

$140,310

$147,968

UTAH Salt Lake City

$341,250

Provo

$320,000

$21,250

VERMONT Burlington

$371,725

Rutland

$287,500

$84,225

VIRGINIA Alexandria

$805,000

Lynchburg

$262,325

$542,675

WASHINGTON Bellevue

$658,000

Tri-Cities

$221,850

$436,150

WEST VIRGINIA Charleston

$187,750

Beckley

$152,000

$35,750

WISCONSIN Milwaukee

$331,725

Eau Claire

$161,531

$170,194

WYOMING

Cheyenne $213,166 *

TABLE 3

The most expensive and most affordable markets (in U.S. dollars) within each province in Canadaare:

Province/Territory Most Expensive 2006 Avg.

Sales Price

Most Affordable 2006 Avg.

Sales Price

Variance
ALBERTA Calgary

$420,652

Edmonton

$324,436

$94,216

BRITISH COLUMBIA Vancouver

$887,762

Burnaby

$534,715

$353,047

MANITOBA

Winnipeg $255,645*

NEW BRUNSWICK

Moncton $190,462 *

NEWFOUNDLAND

St. John�s $185,059 *

NOVA SCOTIA

Halifax $207,781*

ONTARIO Toronto

$654,602

Brantford

$235,139

$419,463

PRINCE EDWARD

ISLAND

Charlottetown $133,245 *

QUEBEC

Montreal $218,860 *

SASKATCHEWAN

Saskatoon $226,818 *

YUKON

Whitehorse $258,879 *

* Only one market included in the study.

TABLE 4

A sampling of the most expensive and most affordable surveyed international markets
(in U.S. dollars and local currency are):

 

Country

 

Market

2006 Price in U.S. Dollars #

2006 Price in Local Currency #

AUSTRALIA Sydney

$683,109

887,200 AUD Dollars
BAHRAIN Manama-Muharraq

$196,688

74,000 Dinars
BELIZE San Pedro

$587,913

1,125,000 Dollars
BERMUDA Bermuda

$1,442,813

1,425,000 Dollars
CHINA Beijing

$63,994

507,569 Yuan Renminbi
Shanghai

$65,297

517,905 Yuan Renminbi
Zhejing

$68,268

541,465 Yuan Renminbi
COLOMBIA Bogot�

$56,522

141,111 Pesos
COSTA RICA San Jose

$322,999

161,144,650 Colones
EGYPT Sharm El Sheikh

$121,619

693,022 Pounds
FRANCE Paris

$1,423,632

1,107,075 Euros
Nice

$632,227

491,646 Euros
INDIA Rajkot

$78,099

3,617,875 Rupees
INDONESIA Jakarta

$253,690

2,300,000,000 Rupiahs
IRELAND Cork County

$671,904

522,500 Euros
Dublin

$1,406,497

1,093,750 Euros
Galway County

$821,394

638,750 Euros
Limerick County

$549,739

427,500 Euros
ITALY Milan

$1,814,461

1,411,000 Euros
Naples

$1,170,848

910,500 Euros
Rome

$1,258,614

978,750 Euros
JAPAN Tokyo

$785,818

91,458,888 Yen
MEXICO Mexico City

$295,087

3,206,250 Pesos
NETHERLANDS Amsterdam

$483,513

376,000 Euros
NICARAGUA San Juan del Sur

$320,328

5,279,750 Oro
PANAMA Panama City

$174,000

USD $174,000
POLAND Cracow

$291,637

899,157 Zloty
Gdansk

$260,318

802,596 Zloty
Warsaw

$317,586

979,161 Zloty
PORTUGAL Algarve

$358,456

278,750 Euros
Cascais

$491,872

382,500 Euros
Lisbon

$983,744

765,000 Euros
SAUDI ARABIA Riyadh

$100,937

386,000 Riyals
SINGAPORE Singapore

$758,430

1,190,000 Dollars
SPAIN Madrid

$1,061,762

825,670 Euros
Sevilla

$779,682

606,313 Euros
Valencia

$707,421

550,120 Euros
ST. CROIX Christiansted

$872,500

USD $872,500
ST. THOMAS St. Thomas

$1,453,750

USD $1,453,750
TURKS AND CAICOS Turks and Caicos

$566,250

USD $566,250
UNITED ARAB EMIRATES Dubai

$374,332

1,374,531 Dirhams
VENEZUELA Caracas

$113,462

243,807 Bolivar

# Prices converted to U.S. dollar as of September 5, 2006

Methodology 2006 Coldwell BankerHome Price Comparison Index:

1. Coldwell Banker Real Estate Corporation conducted its Home Price Comparison Index study by compiling survey data from Coldwell Banker offices throughout the United States, Puerto Rico, Canada and other countries where the Coldwell Banker system has a presence. Companies within the Coldwell Banker system submitted data based on the average sales price of sold listings through July 2006 or a comparative market analysis of homes previously evaluated for the 2005 HPCI. The criteria for the HPCI subject home is: single-family dwelling, 2,200 square feet (approximately), four bedrooms, two and one-half baths, family room (or equivalent) and two-car garage in neighborhoods/zip codes within a market that is typical for corporate middle-management transferees.


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