InfoAnda - Insecurity fuels property boom in Nepal's capital

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

India becomes R&D hot spot as high-tech firms cut costs | 21 July 2009
Polanski release could take more time: French envoy | Entertainment | | 1 December 2009
Hollywood pulling plug on hospital for its own | 7 March 2009

U.S. may need as much as $350 bln to extend broadband | Technology | | 30 September 2009

">Forum Views () ">Forum Replies ()

Read more with google mobile : Insecurity fuels property boom in Nepal's capital

Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Insecurity fuels property boom in Nepal's capital AFP - Sunday, July 19 KATHMANDU (AFP) - - Former Miss Nepal Malvika Subba had a successful career in television before she gave up showbusiness for the distinctly less glamorous job of selling housing. "This is where the money is," the former actress and presenter told AFP in her plush new office in downtown Kathmandu. "When I was offered a job marketing real estate, I said yes straight away, because it looked interesting and I could see that business was booming." Subba is head of sales and marketing at Nepalese property developer Shangri-La Housing, which builds and sells luxury apartments -- until recently a virtually unknown concept in Kathmandu. As the global credit crunch has sent housing markets around the world reeling, Kathmandu is experiencing a surprise property boom as wealthy Nepalese seek a safe haven for their money -- and themselves. "Many people tell us that it is not safe outside the capital and that they live in constant fear," said Subba, who believes insecurity and investment are the two biggest drivers of the capital's housing market. "People see property as a good investment opportunity." Kathmandu's population exploded during the decade-long civil war between the Maoists and the army as people flocked to the relative safety of the capital. The influx pushed up land values in the city. The Nepal Land and Housing Association, which groups many of the country's estate agents, says land prices have risen by 300 percent since the height of the Maoist insurgency in 2003. "Land became a valuable commodity," said Chiranjibi Subedi, the government's top planning official for Kathmandu. Subedi said the influx had continued since the end of the conflict in 2006, with many property buyers citing continued instability in their home districts as their primary reason for moving to the capital. "Insecurity seems to be the main driver of internal migration into Kathmandu since the conflict," he said. "The number of proposals for new high-rise buildings and apartment complexes just keeps on growing." Government figures show the number of new apartments built in Kathmandu rose more than three-fold last year to 3,385 from 1,088 in 2007, as high land prices and poorly enforced planning laws made building upwards more attractive. There are currently more than 250 high-rise blocks being built in the capital, according to the planning ministry. Wealthier residents are increasingly opting for apartments over houses, citing security and ease, despite prices of up to 12,000 rupees (160 dollars) per square foot in one of the world's poorest countries. "The building is guarded and you can trust the neighbours. It's also convenient because you don't have to worry about maintenance," said Juna Manandhar, 35, who lives in an apartment block in an upscale area of Kathmandu. For Dinesh Shrestha, 29, owning an apartment offers "a blend of privacy and community," and is also an investment. "Land prices never go down," he said. Shangri-La's Subba said many of her company's apartments were being snapped up by Nepalese people living abroad who, similarly, view them as a good investment. But some experts believe prices are now simply too high to be sustainable. "The real estate boom in Nepal is purely speculative," said Sandeep Gautam, editor of the English-language monthly New Business Age. "The economy is shrinking and people's purchasing power is declining. (The market) cant support this kind of aberrant growth in any sector for long." Planning official Subedi said 70 percent of apartments in Kathmandu currently stood empty, suggesting those who have bought purely as an investment have been unable to let their properties. The rise in property prices is fuelled partly by the lack of alternative investment opportunities in Nepal, where political instability has long hampered economic development. But Gautam points out that Nepal's gross domestic product is falling, and says the country's banks are too heavily invested in property. "Some banks have up to 70 percent loan exposure in real estate. The banks have invested in both the buyers and the builders," he said. "You do the math." Email Story IM Story Printable View Blog This Sign in to recommend this article » 0 users recommend Related Articles: China's Economy Bangladesh to follow accommodative monetary policyReuters - Monday, July 20 Australian FM: Citizen faces China criminal probeAP - Monday, July 20 Insecurity fuels property boom in Nepal's capitalAFP - Sunday, July 19 Chinese bring in 764 million dlr to Taiwan: reportAFP - Saturday, July 18 Related Articles: Business Obama: Don't squander chance to reform health careAP - Sunday, July 19 California sprouts 'green rush' from marijuanaAP - Sunday, July 19 Big tech earnings week will reveal economic trendsAP - Sunday, July 19 Trains roll on Seattle light rail lineAP - Sunday, July 19 Arcandor creditors mull talks with banks on break-upReuters - Sunday, July 19 Enlarge Photo Insecurity fuels property boom in Nepal's capital Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed World's oldest man, British WWI veteran dies at 113 Shark attack victims fight for their attackers Man who went to the moon and came back an artist Talking toy 'translates' dog barks Miniskirts, cleavage upset male SKoreans: survey View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

Other News on Sunday, 19 July 2009
Iraq faces security test as Shiites honour saint
Three missing after landslide in Germany
Mexican troops fan out across state hit by drug war | International |
Iraqi army weathers first security test | International |
Ecuador's Correa says FARC video is a set up | International |
Police shot 12 Uighur rioters, China says
Britis quarantined in China over swine flu
US envoy calls for two-track approach on N.Korea
Officials: 4 foreigners killed in Jakarta blasts
Jackie Chan praises kung fu of Will Smith's son
Pirated copies of Orwell books pulled from Kindle
Colleagues, friends react to Cronkite's death
Saudi film festival cancelled in setback for reformers | Entertainment |
US offensive reflects uneasy run-up to Afghan vote
Man who went to the moon and came back an artist
Porsche boss braces for boardroom clash
Investigators sift for clues from Indonesia bombs | International |
Amazon sends Orwell to 'memory hole'
Shark attack victims fight for their attackers
UAE telecom giant posts H1 profit of $1.25 billion
Honduras crisis talks divided over Zelaya return | International |
Saudi Sabic swings back to profit in Q2
Hard-liners accuse top Iranian cleric of defiance
Ireland's Greens boost EU reform treaty
Medvedev hosts Armenia, Azerbaijan peace talks
Key security test for Iraq as pilgrims commemorate saint
Clinton meets Mumbai victims, serenaded by artisans | International |
China arrests 7 in gun plot against HK democrat: report | International |
Palestinian Authority lifts ban on Al Jazeera
Xinjiang riots pre-planned at 50 places: state media | International |
Colombian rebels say no to Uribe's hostage plan | International |
Iraqi army weathers first security test
Afghanistan-Pakistan together in war on terror: ministers
One killed in tent collapse at Slovak music festival | International |
U.N. Sudan chief raises alarm over oil area troops
Endeavour astronauts complete first space walk
Jakarta bombings loom over Asian security meeting
China says police killed 12 people in Urumqi riot
AP sources: Taliban video shows captive US soldier
NZ quits search for 18 missing from Kiribati ferry
1st female shuttle pilot lands in Aviation Hall
Australian soldier killed in Afghan blast
LA police: Mother kills 4-year-old son then self
British students in Chinese swine flu quarantine
Obama: Now is time to change health care
Jemaah Islamiyah blamed for Jakarta blasts
Thongchai on course for Open top ten
Afghan gov't orders HamidKarzai.com shut down
Spacewalk Day: Astronauts install new porch on lab
Chinese pair retain men's 3m synchro world title
Circus tortoise found after escape from Wis. show
Dialogue only way forward for Pakistan, India: Gilani
7 young Pa. lemonade sellers have brush with law
Man charged after 6 found slain in Tenn., Ala.
'Wonderful Life' actor Stewart makes Aviation Hall
Lucas, Spielberg richest of Hollywood rich men
Battle to save Toyota's unionized California plant
S. Korea June start-up/failure ratio at record high
Hungarians' love affair with their jeans cooling
Toshiba launches Blu-ray after DVD setback: report
'Vassup?' Bruno courts cinema controversy
Two decades after 'Achtung Baby', U2 rocks Berlin
Investigators sift for clues from Indonesia bombs
Cronkite to be buried in Mo. after NYC funeral
Obama offers support to Indonesia's president
US-ENTERTAINMENT Summary
404 Not Found
Royal Ballet dancer retiring as Cuba visit ends
Prince a crowd-pleaser as Montreux festival ends
50 Cent slashes price on Conn. mansion to $10.9M
Indonesia suspects fugitive terrorist in bombings
Parents face fine if children drink in Italian city
Saudi film festival cancelled in setback for reformers
ASEAN ministers condemn bombings in Jakarta
One killed in tent collapse at Slovak music festival | Entertainment |
Man Sues Apple, FBI, Others For Conspiring Against Him With Mafia
Striking French Workers Get Severance Pay After Threatening To Blow Up Cranes
Harry Potter's Daniel Radcliffe's Mom Does His Laundry
NASA Orbiter Captures Photos Of Apollo Landers On 40th Anniversary
404 Not Foun
Brad Pitt Admits He's A Butt Man
California Teen Youngest To Sail Around The World Alone
Singer Pink Attacked By Frog
Newest Element Named After Astronomer Copernicus
Thieves Steal Half Million Dollars In Jewelry From Orlando Bloom's Hollywood Home
At least 16 killed in Afghan helicopter crash
One killed in Ingushetia attack: report
Turkey extends smoking ban to bars, cafes
Israel says foreign jihadists are in Gaza
Civilian helicopter crash in Afghanistan kills 16 | International |
Netanyahu defies U.S. on East Jerusalem settlement | International |
Iran hardliners oppose Ahmadinejad's choice of VP
US must show Afghan progress in a year: Gates
Iran hardliners criticize Ahmadinejad over deputy | International |
Baghdad's antique shops tell city's sad story
404 Not Found
Kurds in troubled Iraqi province threaten to secede | International |
Minister denies al Qaeda figures move to Yemen | International |
404 Not Found
Probe begins in Calif. rail crash that hurt dozens
Sea lion found on Calif. freeway returns to ocean
6 people killed in 2-vehicle collision in Utah
Calif deputies' shooting suspect caught in Mexico
Cheating SC gov says God will make him better
Banks report using govt. assistance for loans
Essay: Cronkite and the voice of authority gone
Man Accused Of Murdering Wife On Cruise Ship
Madoff's Accountant Charged, Faces 105 Years In Prison
Two Baltimore Police Officers, Suspect Shot
Insurgents Release Tape Of Captured U.S. Soldier
More Than 40 Injured In San Francisco Light Rail Crash
Insecurity fuels property boom in Nepal's capital
U.S. Jet Crashes In Afghanistan, 2 Die
Indonesia bombs jolt expats, investors
Study: African Americans Lose Ground On Fortune 500 Boards
Carla Bruni, others perform at NYC Mandela concert
Violinist Perlman inspiring the next generation
Palestinians forced to seek work in Israel
'Wonderful Life' actor Stewart makes Aviation Hall
Harry Potter tops North American box office | Entertainment |
Prince fans storm Montreux for rare European show | Entertainment |
Legendary TV news anchor Walter Cronkite dies | Entertainment |
Film shows students battle racism for mixed prom | Entertainment |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01