Over the objections of Washington, Israel recently approved the construction of 455 new units -- in addition to about 2, 500 already in various stages of construction.
Already, 89% of condo units under construction have been sold to investors and home buyers, according to Urbanation.
Currently there are approximately 2, 000 units under construction, according to HFF.
The feverish sales pace and price jump sent banks rushing in with offers to finance the construction of these 26 units, plus another 76 that were planned.
Some very wealthy Russian buyers in the New York market have started partnering with developers before construction to make sure units in prime locations can be combined to create large, estate-size apartments, says Edward Mermelstein, a lawyer who works primarily with buyers from Russia and Eastern Europe.
Hundreds of thousands of more housing units are under construction, and the government has helped nearly 1.3 million quake victims find new jobs, Yu said.
Unless the economy worsens, there is little sign that rent growth will slow until hundreds of thousands of new apartment units currently under construction hit the market over the next few years.
Up until now, most condo developers have relied on a combination of their own personal wealth, investments from equity funds and buyer deposits up as much as 80% of the purchase price of the units to finance construction of their projects.
Construction of single-family homes fell by 5.5 percent to an annual rate of 829, 000 units, the lowest level since April 1991, while multifamily construction was up 4.4 percent to an annual rate of 332, 000 units.
Work has already begun to clean contaminated land east of the motorway in preparation for the construction of new homes and commercial units.
Hundreds of thousands of more housing units were also under construction, and the government has helped nearly 1.3 million quake victims find new jobs, Yu said.
But the industry today is picking up steam by getting construction licenses to build four new units and by getting government funding to develop smaller nuclear reactors that are less expensive and which may be less problematic when it comes to winning regulatory approval.
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There's already a waiting list for many of these units and talk of more construction.
The change in the number of households is closely related to employment growth, and the change in the number of housing units is driven primarily by construction.
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Mr. Guo added that Beijing plans to start construction of 160, 000 public-housing units this year.
So, despite the enormous overhang of residential units in China, the betting is that construction will pick up soon.
The UK-wide figures, which were compiled by construction research body Glenigan, indicated a total of 29, 100 residential units were approved during the second quarter of 2011.
The construction site consists of tidy stacks of flat-packed, prefabricated wall units, roof panels and other jumbo components trucked from Michigan and labeled and numbered like parts for a giant Ikea Akurum cabinet.
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The reasons for the profit drop include a jump in the cost of restricted stock units in the first quarter, as well as higher data center construction and marketing costs.
With new-construction condos, ground often won't be broken until 50% of the units are under contract.
Many of the units at One57, a new 1, 004-foot tower under construction on West 57th Street, have gone to Russian and Chinese buyers, brokers said.
Meanwhile, full-year sales of heavy-duty trucks, which are driven principally by industrial production, construction and infrastructure spending, are only expected to reach 700, 000 to 750, 000 units this year, down 15 percent to 20 percent from 2011.
The data, which measures the construction of new homes and apartments, is a slightly lower drop than the annual rate of 985, 000 units that economists polled by Thomson Financial had expected.
Construction on a four-story sister building, with 20, 000 square feet of retail space and 86 rental units, will start around November.
In total, U.S. home construction over the past decade, encompassing both the boom and the aftermath, has averaged just 1.3 million units a year, below the rate needed.
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