Lightstone's Residential Property Index showed that coastal property – homes within 500m from the coast – registered a 12.54% inflation rate in August, which is up from 11.98% in July. By comparison, the non-coastal property inflation in August was 14.25%, which is a slight drop from 14.47% in July.
"Interestingly, if one considers y/y inflation, non-coastal areas have seen a considerable drop of 4.00% from August 2006 when inflation was at 18.00%. Coastal areas have had a much lesser drop-off of 0.76% from August 2006 when inflation was 13.30%," said Andrew Watt, a business development director at Lightstone Risk Management.
The lower coastal belt inflation rate, compared with the non-coastal inflation rate, is driven by holidaymakers, who are able to hold back in adverse times such as during the interest rate hiking period. - I-Net Bridge
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