The Ministry of Finance today reported that purchases of apartments for investment fell to 25.8% of all home purchases in the first quarter, the lowest proportion since 2004. At the peak, purchases of apartments for investment accounted for 35% of all home purchases.
In March, purchases of apartments for investment fell to 22%, the lowest level since 2002.
The Ministry of Finance says that 6,600 apartments were purchased for investments during the first quarter, 28% fewer than in the preceding quarter. Purchase of apartments for investment were very high in the fourth quarter of 2010, but has fallen due to the rise in interest rates this year. Even so, purchases of apartment for investment were down 14% in the fourth quarter of 2010 compared with the corresponding quarter.
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