According to real estate market study prepared by Savills, Moscow was in second place among world's 10 largest cities with the house price growth during the first semester of 2012. This year undisputed leader in the growth of house prices is Hong Kong with 7.4 percent growth. Mainstream residential prices are at record levels due to strong local demand. Despite this the easing of mortgage availability also has helped to underpin the market. On the second and third places were Moscow and Sydney with 5.5 and 3.7 percent growth respectively. As analysts stated, this three cities were ahead of a modest average index for all 10 cities, which is only 1.2 percent. The cities that have seen residential markets have been beyond by domestic demand (Hong Kong, Moscow and Sydney) rather than international; buyers and investors. Meanwhile, international capital appears to be retreating to the "core" of established world cities due to their long-term investment credentials - namely London and New York (house price growth was 2.8 and 1.1 percent respectively). Some "new world" cities that had begun to see price falls following specific government intervention, or the impact of a slowing global economy, rebounded in H1 2012 (Hong Kong 7.4 percent). The weight of Chinese money continues to push into this city, but most of this growth can be attributed to a strengthening local market, aided by increased bank lending. At the other end of spectrum, some "old world cities" that had previously appealed, because of their safe haven credentials saw prices falls at the beginning of 2012, notably Paris (-3.4 percent). Here the Eurozone crisis, coupled with president Hollande's proposed taxes on the wealthy, weighed on the upper tiers of the Parisian residential market. In London, some prime market activity and price growth slowed in the wake of uncertainty regarding new stamp duty rules that were announces in the March budget. This year Shanghai saw price falls in the wake of an allowing domestic economy and ongoing cooling measures (-2.6 percent). The first price falls have also been recorded in the previously red-hot Mumbai market (-1.7 percent).

Greece 's Hellenic Republic Asset Development Fund has identified 40 uninhabited islands and islets that could be leased for as long as 50 years to reduce debt as pressure grows on the country to revive an asset-sales plan key to receiving international aid, reported Bloomberg. The fund reviewed 562 of the estimated 6 thousand islands and islets under Greek sovereignty. Finally the shortlist includes islands ranging in size from 500 thousand square meters to 3 million square meters, and which can be developed into high-end integrated tourist resorts under leases lasting 30 years to 50 years. As stated Andreas Taprantzis, the fund's executive director for real estate, they identified locations that have good terrain, are close to the mainland and have a well-developed infrastructure and, at the same time, pose no threat to national security. He also added that current legislation doesn't allow them to sell outright and they don't want too. The fund is charged with raising 50 billion euros (US$ 64 billion) from state assets by 2020 to meet conditions tied to pledges of 240 billion euros in foreign aid. As international inspectors in Athens scrutinize the country's fitness to receive the latest aid payment, Prime Minister Antonis Samaras has said commercial exploitation of some islands could generate the revenue lenders need to see to continue funding the country. At the beginning of this year, Greece Government also announced, that they put the ancient sites for rent. Archaeological treasures including the temple of Delphi, the most popular site after the Acropolis, will be available as backdrops for filming and photographic shoots. But Greece isn't the only struggling European country looking for profit from historic sites, and island. A Few months ago Italy's government has unveiled a fire sale of some real gems of the country's heritage due to difficult economic situation in country.

A luxury apartment in Hong Kong has sold for a record US$ 61 million. According to local media it was the highest price per square meter paid in Asia for new developments and the second-highest in the world, after London's One Hyde Park. The apartment sold is situated on the city's Peak and is part of architect Frank Gehry's first creation in Asia, the Opus. The building, which was completed in March, has an undulating glass facade that curves and offers each floor a distinct vista of the surrounding leafy environs. The 576 square meters unit takes up the entire eighth floor of the 12-story building. The tower is comprised of 12 residential units, two double-level garden suites with private swimming pools on the lower levels, and 10 custom apartments, each occupying an entire floor with unprecedented 360dg views, ranging from 560 - 640 sqm in space. Hong Kong has seen its share of vertigo-inducing records before, including the 2009 sale of an apartment for US$ 56.6 million. And the world's most expensive apartment was sold in Monaco in September, 2010. As we reported the apartment with 1600 square meter area was sold by US$ 306.5 million.

Italy's government has unveiled a fire sale of some real gems of the country's heritage due to difficult economic situation in country. The government hopes to raise about 42 billion euro through the property sales. Turning some of this real estate into cash would be a fast way to raise revenue for the country's cash-strapped municipalities, states and national government. Prime Minister Mario Monti's plan for the economy, which is close to final passage, includes the sale of 350 buildings along with cuts to public spending and other austerity measures. The government hopes to raise about 1.5 billion euro through the property sales during first phase. The 350 properties include army barracks in Bologna, which were formerly occupied by the Defense Ministry, and Soriano nel Cimino's Orsini Castle, in the Lazio region, which was built by a pope in the 1270s and later used as a prison. The city of Venice has put a 19 million euro price tag on the 18th century Diedo Palace, which served as a criminal court for years and is now being marketed to foreign investors by Hera Immobiliare. It is one of 18 properties Venice has put on the block. Milan is selling more than 100 buildings, including the Palazzo Bolis Gualdo at 12 Via Bagutta, in the city's famous fashion district. That building's price tag is 31 million euro. But the plan to sell properties faces headwinds. Many institutional investors, fearing a collapse of the euro, essentially have redlined Italy as well as other members of the euro zone with the biggest financial problems, including Spain and Greece. Moreover, investors would have to assume the risk of dealing with the notoriously slow Italian bureaucracy, fixing up the properties and then finding tenants at a time of anemic economic growth. Italy isn't the only struggling European country looking for profit from historical buildings. At the beginning of this year Greece put ancient sites for rent.

The Palm Beach, Florida mansion, that once belonged to the best known American gangster Al Capone, is due to be put on sale for US$ 9.95 million. The mansion has changed hands several times since "Scarface" died there in 1947, and the latest owner Peter Corsell dedicated a significant amount of cash and more than a year to restore the property to its former glory - or notoriety. It has verandas, a recreation room, private dock, ornate plasterwork, and a black-and-gold Art Deco powder room that looks the same as when Capone used it. Corsell, a history buff, restored bathrooms, bronze lamps and original wall sconces, a two-story pool house, and a front gate house added by Capone for his armed guards. Capone bought the home at the height of his power in 1928 for just US$ 40 thousand. The buzz is not only for the house, but for its connection to Capone lore. The master criminal held lavish parties and fishing expeditions at the island home, which also served as Capone's alibi during some of his gang's famous killings, including the St. Valentine's Day Massacre in 1929. Soon after, Capone was convicted - on tax evasion charges - but held onto his island paradise through a nearly decade-long sentence at Alcatraz.