The Home Reang Depote Reyang

The Home Depot Credit Card Compared

The Home Depot credit card, like all store branded credit cards, offers consumers some very enticing benefits. For example, the Home Depot card often advertises specials such as a 0% interest rate and no payments for 6 months. However, there are a number of factors to consider when applying for a credit card. Perhaps the most important factor is the interest rate. And the Home Depot credit card scores quite poorly here.

If you a take a look at the online application for the Home Depot credit card, you may have a hard time finding the interest rate. And, when the card is presented to you at the store, cashiers generally don't attempt to influence your decision by mentioning this essential credit card element. However, the truth of the matter is quite disturbing. Like most other store credit cards, the Home Depot credit card charges an interest rate that is forty to over one hundred percent higher than standard credit cards! And that's for consumers with good credit.

Credit cards issued by most major credit companies presently offer two things the Home Depot card does not: low long term interest rates and 0% interest on purchases and balance transfers for 1 year. For a large purchase that will be paid off over a period of time, the best credit card is a new credit card that offers 0% interest on purchases for 1 year. Why? Let's buy new carpeting for $2000 and figure out the difference.

Many credit cards offer interest rates around 11% and 0% introductory rates for up to 1 year. Using such a card would cost us 0% in interest on our $2000 purchase during the first year, and, assuming we've paid off $100 per month, total interest charges would total about $65. Total cost of the new rugs: around $2065.

The same purchase using a Home Depot card with an average interest rate of 22% and the same payment schedule would cost us $143 during the first year and close to $100 the second year. In other words, about $200 more. This assumes that we do not take advantage of the no payments for six months. Factor that in and we pay an additional $150, bringing our total interest cost to $350. That means our $2000 rugs actually cost $2350!

In this author's estimation, the most important element of a credit card is the interest rate. After all, if purchases are not paid off in full each month, the items we buy end up costing a lot more than they did at checkout. The best credit card for new purchases, especially large ones, should be the one with the lowest interest rate and the best 0% introductory rate. The same holds true if you are stuck with a balance on a high interest store credit card. Simply transfer the balance to a 0% APR balance transfer credit card with a lower interest rate. The savings add up. Quickly!

Home Depot Corporate Office - Tips For Getting Employed There

If you have wanted a job at the Home Depot corporate office, then you probably already wait for openings and available positions. This type of position requires skill and a unique disposition that sets you apart from the crowd. The corporate offices work much differently from the retail locations, and also provide higher income compensation.

Corporate opportunities are usually available to college graduates and those with experience in the retail or home improvement field. It doesn't hurt to have a degree in business administration or a similar area, but a variety of degrees can help you get the job you want. Depending on the position you want, whether it is a main office customer service rep, or a Home Depot expert, your degree is an important factor.

One of the main corporate jobs is at a call center. These individuals provide service to customers to help answer important questions and provide tech support for products. These centers offer more than just phone call operations however. You can get a job as an installation sales man, service positions, and more. If you want something like this, then be prepared to speak with a lot of different people.

Another Home Depot corporate office job is at a distribution center. There are a number of options here that range from general manager to supervisor, engineer, financial analysts, and transportation coordinator. Some of these corporate positions require extensive knowledge. Being an engineer for Home Depot will certainly require an engineering degree. If this is what you want then be prepared with proper education and some experience in your desired field.

Aside from the various corporate positions you should show professionalism and care for the Home Depot customer base. When you go into an interview demonstrate that you have what it takes to work at their company with success and drive. They are going to hire the individual that can provide something different to their corporate offices - not a person that should be working in the basic retail department.

Corporate jobs are higher paying, but when applying you should never directly ask what the pay rate is. This shows you are only interested in earning as much money as possible, and not about the actual job at hand. If compensation rates are important, ask that at a later date or when they reveal that you have been hired. You always have the option to decline the job.

Home Depot Rugs - Find Out How to Purchase the Best Rug

When going out to buy a rug it is essential that you know your requirements. As with shopping for any other thing, it is substantial that the right rug is purchased at the right price without being let down by your choice. To achieve this you must carry out a thorough research of the places that offer exquisite yet affordable rugs. Places to look at are:

The internet offers a lot of options. There are many listed suppliers available to buy rugs from and internet could prove to be a cheap shopping platform. However, it does have a few downsides. Firstly, it would provide with a lot of options and make it harder to choose from, thus taking more time and effort to search for the best pick and secondly, you are not able to physically inspect the fabric to judge its quality.

There are many stores offering rugs that are cheap e.g. Home Depot rugs are known not to cost a lot of money. One other advantage is that you have the option of having the Home Depot rugs delivered to your home. This would be particularly suitable to people who do not have a car spacious enough to transport a rug.

Factory outlet is another place where there is the potential of striking a good deal. A lot of these factories offer cheaper products. Sometimes they perform a complete redo of previously used products and give them a brand new look. However, before making a decision of where to buy the rug from there are a few questions that should be asked:

Where it would be placed at? It could be the kitchen, living room, dining room etc. Once the area has been decided then a colour scheme and design should be used that compliments its surroundings.

What kind of rug? These products come in many forms, types and colours. There are colourful handmade wool rugs. Then there are the Persian rugs that are famous for their exceptional colour schemes and designs. So, you must decide what your requirement is with regards to a rug.

Are you a brand conscious person who is looking to buy a new rug? If 'yes' then click on the following link and choose from a range of Home Depot rugs.

The Home Depot

The Collections Of Home Depot Patio Furniture

For people who do not know much about the Home Depot patio furniture, it is important to explain how and when to purchase the furniture without first venturing to educate the person on the various collections that the person can shop the furniture. In this article, I am not going to look at many of them, but I do hope that the ones that we shall look at, will be enough to give you an idea of where to start from when looking for the place to buy the furniture.

Dining Sets

If you are planning to buy the Home Depot patio furniture by the collections that are available, the first collection that you will come across will be the Dining Sets. Indeed, this is really not something that you can talk much about. The dinning sets are those that will help you and your family to be in the right place when you are having your meal.

Casual Seating

Apart from the dining sets, you also need to look at the Home Depot patio furniture that will allow you to seat casually. These collections are simply those that will give you an opportunity to discuss issues and talk about things in a really relaxed atmosphere. If you are a family and are looking for an opportunity to discuss issues with each other and you find that most of the seats in the house are just very formal, then this is a good area to go with.

Bistro

The next collection that is available for people who would like to own the Home Depot patio furniture is the Bistro collection. Unlike the casual seating and the dining sets category, the Bistro collection is somehow new to some people. In normal cases, the bistro refers to place where someone can come and have a meal in a simple way. They are mainly much cheaper than many other joints where the serving and the foods are more elegant. When it comes to the home furniture, it refers to a simple place where one or two people can have their meal from, without having to move to the dining table.

All in all, the Home Depot patio furniture is an extremely wonderful piece of furniture. Unfortunately due to their high quality, they can be a bit expensive for the average person. The good news however is that the company has a lot coupons that can be very beneficiary to them.

Save your money on products you buy from Home Depot online stores by looking for Home Depot patio furniture around you.

Home Depot Credit Card Facts

The Home Depot Credit Card is unlike any credit card you've ever known. Not only can you get 6 months of free interest if you spend over $299.00 but you also get opportunities a few times a year to defer payment and interest for a whole year. This is great, especially when you want to buy a major purchase. There are also many discounts and promotions that you can only get if you have the Home Depot credit card.

You can also choose the credit card that has the rewards program. This is where you get rewarded for buying things at Home Depot using your Home Depot creditcard. You can get free money to spend at HomeDepot. It is a really great program. Review the details of this great program and you will want to sign up.

One of the best features about the Home Depot Credit Card is that there is no annual fee. It is rare to find a credit card these days with no annual fee. This can save you a lot of money. Most credit cards charge an annual fee of over $100.

When you check your local Sunday paper you should look for the HomeDepot ad and see when they are offered their deferred payments promotions. When you spend over a certain amount you pay no payment or interest for one year. This is a great time to sign up for a Home Depot creditcard. If you need to purchase items for your home but, like most of us, are having some financial difficulties, then this is a great way to save some money.

You can also get reduced APR. If you spend $2000 or more the interest on your Home Depot creditcard will be reduced by almost 6%. It is a really great option. There is also zero liability on all unauthorized purchases. You can track all purchases on the internet with their internet account.

Remember that if you are planning to make a big purchase at HomeDepot then apply for a HomeDepot credit card for all of its great benefit. Get the rewards with their rewards program and also get the low APR so your payments are even lower. Get a year of no payments if you spend the minimum amount with no interest. Just go online and read the specifics on their creditcard. Apply for the HomeDepot creditcard today and you won't be disappointed!

Home Depot Warehouse - In the Beginning

The first place people, in general, look at when planning to do a household project is a reliable Home Depot warehouse. The company catering to both construction professionals and do-it-yourself budding craftsmen, is the largest home center retailer and second largest US retailer next to Wal-Mart. There are 478 warehouse stores across 19 states, on US southwestern, southeastern, northeastern regions as well as on the West Coast. A warehouse stocks and sells no less than 40, 000 items ranging from building materials, plumbing supplies, wall and floor covers, paint, electrical supplies, and more-even tools and supplies for gardening and landscaping. But how did it become as the way we know it today?

The first outlets were established in Atlanta, Georgia by Bernard Marcus, Ronald Brill, and Arthur Blank. Marcus and his associates build their business with the concept of marking down price to increase sales while decreasing sales cost. During that time, other retailer that operates with the same concept hired low-paid warehouse workers lacking some skills as a way to minimize sales cost. Also at that time, most of the construction supplies' customers are those dealing with do-it-yourself work and those people don't actually have technical expertise.

Marcus and his associates recognized that problem and reckoned that addressing customers' needs is vital to the company's growth. As such, they formulated two ways to solve the problems.

First is to ensure that their warehouse can store no less than 25, 000 different items surpassing that of their competitors by a wide margin. The normal capacity of their competitor's warehouse is up to 10, 000 items.

Second is to deploy sales staffs that are trained regarding home improvement projects to be able to help the consumers with their own projects. Marcus and his associates intended the knowledgeable sales staffers in every warehouse store to educate the consumers. Marcus and his partners believed if they can make the consumers more confident to venture into more house improvement projects, they can make the customers go back to Home Depot for necessary supplies and for additional tips from the staff.

Both professionals in the trade and people dedicated do-it-yourself projects made the Home Depot team of sales staff that are mostly full-time employees; only about 10% of Home Depot's sales staff are part-timers. Each store had a licensed electrician and plumber, whenever possible.

Customers were encouraged to phone-in the nearest outlet if ever they encounter problems or have some queries while doing a repair or home improvement project. Scheduled in-store instructional workshops for customers were also held; at some occasions, the company even invited local contractors as speakers or teachers.

Marcus and his teams' approach paid off and Home Depot reached its $ 1B mark in 1986 with 50 retail outlets. As natural, they also encountered some fallbacks. Home Depot, however, manages to get back up just like they did after the Bowater problem. And it may not be without pitfalls, but still Home Depot continues to prosper.

A Review of The Home Depot

The Home Depot is one of the largest home improvement and construction retailers in the U.S. At the time of this writing, they operate over 2,200 retail locations in all 50 states.

The company was founded in 1978 by four men. Their vision was to build warehouses larger than any of their competitors while maintaining excellent customer service and community relations. By securing some funding and by the looks of it today, it looks as though they has achieved the founder's vision and goals.

The average size of retail locations in the U.S. are over 100,000 sq. ft. By walking into The Home Depot, you can find any thing you need for any size project and you may end up with some things that you don't because of the sheer variety of product they chttp://www.blogger.com/img/blank.gifarry.

It is hard to talk about The Home Depot without comparing it to its other big box competitors. I have found that prices are very similar when comparing the exact same products with The Home Depot having the slight edge with slightly lower prices than its other big box competitors.

The only time this would be an issue is if you live relatively close to a Home Depot and another big box retailer. If not, don't waste the extra gas money to go to Home Depot if you can get the same product closer to home because the price difference isn't that great.

There are some instances in which you may have to go to there if there is a specific brand of product you are looking for. There are some brands that they specifically carry that you won't find at other big box retailers and vice versa.

In conclusion, I love this place. I could get lost in there for hours and spend entirely too much money on things that I never knew I needed!

homes for sale by REANG ESTATE

A Real Estate Overview for Foreign Investors

Why look for Thailand real estate?

Thailand is a colorful and diverse country that boasts of a booming tourist industry. It is home to numerous tourist attractions and entertainment hubs. This is why many foreign investors consider getting a home in Thailand. Many think it is a wise investment because of the tax exemption. There are regulations, however, when it comes to property ownership.

Here are some useful tips to keep in mind when purchasing Thailand real estate:

- Consult a registered Thai lawyer

A registered Thai lawyer can help you if you are a foreigner who does not know how the local real estate market works. When it concerns Thailand homes for sale, you will need legal advice from an expert. Qualified Thai lawyers can help you understand complex agreements by simplifying complicated terms and explaining the details of the contract. You can save yourself from making mistakes due to your lack of knowledge.

They will explain local real estate laws and make sure that any language barriers you encounter will not hinder you from understanding your contract. Hiring Thai lawyers is a smart move because they are valuable sources of information and expertise.

Another person you need to hire is a real estate agent. As much as possible, you need to surround yourself with people who know what they are doing. Avoid becoming one of those businessmen that buy properties in Thailand without familiarizing themselves with the procedures. They end up falling for shady deals and regretting it. With a real estate agent at your side, you can avoid any legal problems while securing your property.

-Understand the Thailand Amity Treaty

Foreign investors need to follow a standard procedure in accordance to the Thailand Amity treaty. They would need to confirm the rules regarding corporate taxes before becoming owners of any commercial property.

-Consider the rules and regulations when you look for Thailand homes for sale

Foreign investors should always do their research and understand local real estate policies and regulations before buying a Thailand property. Thai residents can register property ownership under residential purposes. There are certain limitations for foreigners.

Foreigners can only own 1 Rai or 0.39 acres. For those who want to put up a business, their capital should be around 40-50 million Baht. The 'Ministry of Interior' should approve all your documents, especially your construction permits.

-Check rules on Visa regulation and fees on taxes and property transfers.

Foreigners should think about the duration of their stay in the country. Are they here on a short-term or long term basis? Foreign investors will need to make sure their visas are in order. Once again, a Thai lawyer can help you understand Visa regulations of Thailand. Knowing how long you intend to stay will allow you to enjoy your property without any hassles. Lastly, understand the taxes and transfer fees before you get the deed of ownership.

-Select reliable homebuilders with a good track record

A good broker can protect your interests. This person will make sure that the rates and prices you are quoted fall within industry standards.

Eve Howells is a real estate agent who knows Thailand homes for sale and can explain Thailand real estate to foreign investors.

The Advantages of Consuming Indonesian REANG ESTATE by

http://newhomeinteriordesignt.blogspot.com/

http://newhomeinteriordesignt.blogspot.com/

http://newhomeinteriordesignt.blogspot.com/

REANG ESTATE, including that sourced from Indonesia, is a medicinal leaf that comes from a tree grown throughout South East Asia. It has long been known to have a strong effect on the human's body. If used in higher doses, this distant relative of coffee can make the user feel emotionally and physically weak, cause anxiety, mood swings and lethargy. On the other hand, if it is used in lower or small doses, it will do the complete opposite to the human's body. The user will feel energized and will be enthusiastic to work or study harder. It can be said that the user feels at peace when consuming REANG ESTATE.

In small doses, Kratom keeps you awake for from an hour up to 24 hours. This will benefit those who are in need of staying up late to do extra work or assignments. A small dose of Kratom including the Indonesian variety has the same effect as a huge cup of coffee. Just imagine how a large cup of coffee can keep you awake. Both REANG ESTATE and a big dose of coffee can make you wide awake for the entire day. However, most users say that Kratom can put them in a good mood all day long. It does not matter how down you feel at that moment, as soon as you take, the blues will go away very quickly. Time flies quicker and you will feel happier. With Kratom, even though you have some unpleasant things to do, such as cleaning the yard, you will feel happy and energized while doing it. Another benefit of consuming this leaf is that it has a painkiller effect. It is indeed a powerful painkiller that has the same or even stronger effect than common painkillers. Those who use the leaf as a painkiller normally have chronic pain that cannot be relieved using regular analgesics. Extremely severe pain such as that experienced by cancer patients in their last stages cannot be relieved using general analgesics and therefore Kratom is their only option.

The use of Indonesian Kratom in higher doses can cause sedating effects on the user. Although it is not clear if the sedating effect is the result of consuming Kratom or from other factors, most users of other varieties claim to have this same sedating effect. It is useful if you have a stressful day and want to have a good sleep but are unable to do so because of factors such as anxiety. For those with chronic sleeping disorders, consuming Kratom can help them rest. Hence, you need to decide how would you like Kratom to help with your health problem so that you can decide the appropriate dose.

Outsourcing Professional Sales To The Indonesian Market

Indonesia is huge market which has 230 million people. It's one of the fourth highest populated countries in the world. Furthermore, the Economy of Indonesia is the largest economy in Southeast Asia and one of the emerging market economies of the world, and also the member of G-20 major economies. therefore to select Indonesia as a new target market by using Indonesian sales outsourcing provider should be considered by overseas company.

Indonesia Outsourcing has been around for decades. The evolution of the industry actually started as time-sharing on mainframes. Over the past decade Labour Outsourcing has become prominent. For the past 5 years, the Business Process Outsourcing (BPO) include sales outsourcing, has become the most effective method to provide the greatest Return on Investment.

Sales Outsourcing is the transfer or development of sales resources, including overhead expenses, such as recruiting, payroll, insurance, commissions, equipment, training, coaching etc.; along with management responsibilities to an outside organization. The outside organization, the sourcing provider, has the responsibility to manage the sales team to meet client expeditions which include and are not limited to efficiency, revenue and profit growth. Traditionally, sales outsourcing has been used by companies that are expanding into new territories, internationally or who are developing a sales team around a new product or sales approach.

Many companies are now realizing that some or all of their sales processes can be made more efficient by professional organizations that bring to bear a dedicated infrastructure, support network, and recruiting capability focused on nothing but creating sales results The outsourcing market has seen a major leap in the recent years and virtually all companies small and big are taking a dive in to the outsourcing pool. Out of this almost 10% is made up by sales outsourcing with positive estimates of this market segment growing up to 30% in the next few years.

Up to now, the industrial are still having very limit knowledge to make comparable between their sales department and sales outsourcing and it is big challenging for sales outsourcing company to give approval to industrial that they can work their job effectively, professional and much better result.

In fact, business competition increasingly hard and fast today, This caused the only company that is flexible, has the ability to produce quality products, enter to the market quickly and capable of running cost efficiencies which can survive and live to compete in the market. Therefore, companies should really count how many costs, especially fixed costs. By using sales outsourcing provider, company can convert the fixed cost into variable cost also by using the provider products can enter to the market quickly, that are two of top advantage company using sales outsourcing provider.

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Asian Residential Property Buyers Beware!

Asia’s real estate markets seem, on the surface, to have recovered from the Asian crisis and to be back on their feet. Robust price and rental rises are reported in the media. Real estate developers are competing for ad space. New projects and launches are everywhere. Residential property appears to be having a blast.

The housing markets of both Thailand and Hong have seen strong rises over the past two years (though both are weaker now).

In the Philippines condominium prices rose 10.9% in 2005, and 8.5% in early 2006.

Indonesia seems set for another strong year, with house price rises of more than 7%.

Singapore is picking up steam, as is South Korea. Only Malaysia’s housing market still appears anemic, with a mere 2% price rise this year.

Not for real

But is this rosy picture for real? When adjusted for inflation, the picture changes remarkably.

Indonesia, for instance, is having a difficult time battling inflation. Pushed by rising global oil prices, Indonesia’s consumer price index rose 10.5% in 2005, and is expected to rise 14.2% in 2006. Corrected for inflation, Indonesia’s house prices actually fell 8.4% in 2005 and 7% y-o-y during 2Q 2006.

This year’s mild nominal price fall in Hong Kong (3.7%) is amplified by considering inflation. Dwellings prices have actually fallen by 6% in real terms.

The (modest) apparent price rises in South Korea, Singapore and the Philippines actually become price falls, or are greatly moderated, once inflation is factored in.

The Philippines’ recovery is pushed back by a year, and after adjustment for inflation, is seen to have begun only in 2005. Malaysia’s apparent mild price increases of 2004 and 2005 are found to be illusory, because in real terms, Malaysian house prices have been falling.

Still below pre-Asian Crisis levels

All across the region, property prices are still below pre-crisis levels, except for Thailand.

Philippines: 55% below peak

The Philippines has experienced the biggest drop in property prices among the economies affected by the crisis. A speculative bubble formed in the 1990s in the Philippines’ property sector, after financial liberalization and economic reforms had attracted capital inflows. Luxury condominium prices rose 63% (46% in real terms) between 1995 and 1997.

With the Asian crisis, Philippine luxury condominium prices dropped 18% (25.3% in real terms) from 1997 to 1998. Political crises led to further deterioration of the real estate market, till a mild recovery began in 2004. Luxury condominium prices in the Philippines dropped 56.2% in real terms (34.36% nominal) between 1997 and 2004. With minimal real gains in 2005 and 2006, property prices are still 50% to 55% below their 1995 peak in real terms.

Indonesia: 50% below peak

Property prices in Indonesia were already declining well before the Asian crisis. True, they increased by 3% to 4% between 1996 and 1998 in nominal terms, but this was illusory, because inflation was on average 18% per annum from 1994 to 1998 (peaking at 88.4% in Sept 1998).

So in real terms the residential property price index has suffered an almost continuous decline in real terms since 1994, dramatically accelerating from 1998 to 1999. By 1999, the all new houses price index was about 50% lower than its 1994 level.

Thailand: 10% below peak

Correcting for inflation Thailand’s house prices peaked in 1992, and today’s prices are still 10% below the 1992 level. This is largely because, contrary to popular belief, house prices in Thailand were not rising pre-crisis. Indeed the mid 1990s actually saw a mild decline, in real terms. That decline accelerated after the Asian crisis, and house prices fell 18% from 1998 to 1999.

Thailand’s house price index quickly recovered post-crisis. It rose 53.8% (29.3% in real terms) from 1999 to 2006 thanks to strong economic growth.

However, all is not well in the political arena. As political pressure built up for Prime Minister Thaksin to resign leading to the September 2006 coup, the house price index fell 1.7% (3.5% in real terms) in 2Q 2006 over the previous quarter.

Malaysia: 10% below peak

With strong economic growth and huge export earnings, property was hot in Malaysia in the early 1990s. With two particular peaks – in 1991, when a 26% (20.3% in real terms) y-o-y real price growth was achieved, and in 1995 with an 18% (14.5% real terms) real price growth.

When the Asian Crisis hit Malaysia, house prices fell 11.7% (18.8% in real terms) between 1997 and 1999. With a price increase of 22.6% (10.7% in real terms) from 1999 to 2005, house prices in Malaysia are still 10% below their peak pre-crisis level in real terms.

Hong Kong: 61% below peak

Hong Kong property prices, as of 2Q 2006, are still 42% below their 1997 peak level, despite the significant recovery of the past two years. The collapse of the Thai baht came 24 hours after the handover of Hong Kong from UK to China. The Asian crisis combined with the bursting of pre-handover speculative bubble caused a 44.7% price decline from October 1997 to 1998. From 1997 to 2003, Hong Kong residential property prices fell by no less than 66% in nominal terms (61% in real terms due to deflation).

Tung Chee Hwa’s pledge (or threat?) to supply 85,000 new flats annually from 1998 onwards is widely believed to have depressed housing prices in the wake of the Asian Crisis.

Subsequent events exacerbated the crisis:

1.) the global economic slowdown in 2001; and

2.) the outbreak of SARS virus in early 2003.

The strong price increases in 2004 and 2005 in Hong Kong can be attributed to a partly political decision. Mortgage interest rates paid by Hong Kong borrowers have fallen from 11% in the post-crash environment of 1998, to under 3% at their lowest point from 2003 to mid-2005. The fall in mortgage rates was significantly larger than that made possible by the fall in US rates.

The causes were threefold:

1. the elimination of the Interest Rate Rules of the Hong Kong Association of Banks (popularly known as the “banking cartel”);
2. measures taken by the Hong Kong Monetary Authority to relax market entry criteria; and
3. the formation of the Hong Kong Mortgage Corporation (HKMC), which allowed banks to offload parts of their mortgage portfolio to the HKMC and securitize the rest.

In early 1998, the mortgage rate was priced at prime market interest rate plus 1.25%. Now it is priced at around prime minus 2.375%. The mortgage rate is therefore 3.75% percentage points lower as a result of the change in the pricing practice of the banks.

Singapore: 37% below peak

With economic stability and increased purchasing power, the immense demand for housing in Singapore led to rapid increases in house prices in the 1980s to 1990s. From 1986 to 1996, the private residential price index rose by about 440%.

The government then stepped in to curb property speculation.

In 1996 there was an intense campaign against property speculation. The government also began to liberalize housing financing policy in a very significant manner, encouraging the public to buy HDB flats. These measures, combined with the Asian crisis, led to 45% fall in house prices in just two years (1996-1998).

Singapore slightly recovered from 1998 to 2000, but global events plunged it back in crisis. Property prices in 2005 were at the same level as in 1994. In 2006, property prices are 32.7 % (36.9% in real terms) below their 1996 peak.

South Korea: 38% below peak

House prices in South Korea started recovering from the Asian crisis in 2001. The housing index registered price rises of 9.9% (6.5% in real terms) in 2001, 16.4% (12.2% real terms) in 2002, and 5.7% (2.2% real terms) in 2003.

However, left-of-center president Roh Moo-hyun felt that house prices are rising too fast. To combat ‘property speculation’, he increased capital gains taxes, tightened regulations, and used a host of persuasive measures. In 2004, house prices fell by 2% (5% in real terms). In 2006, property prices were 38% below their 1991 peak in real terms.

The subsidy dimension

How much have political developments affected house prices? Certainly, the ouster of Suharto and Estrada (see "Politics -- the bane of Asia?") were accompanied by substantial economic disruption, which impacted the property markets to a significant extent. And in Thailand, the recovery of the real estate market is now being threatened by the ongoing political crisis.

In Hong Kong, Singapore and South Korea, although they are bastions of free enterprise, they are also examples of massive government intervention in the housing sector, on a scale unknown outside the former Soviet block. This intervention itself is a kind of political interference in economics, and has negatively impacted free-market house prices.

About 31% of Hong Kong’s population lives in public rental housing estates, one of the highest rates in the world. An additional 433,000 or 32% of the 1.34 million private residential units have been sold at discounted prices under the government’s various subsidized home ownership schemes, while 12% of the population lives in private rental housing (owner occupancy is at 57%). There are around 94,000 applications on the Waiting List of public rental housing (PRH) units with an average waiting time of two years. There are around 720,300 PRH units.

In Singapore, the post 1985 encouragement of HDB housing purchases, and the government’s campaign against property speculation, arguably were major causes of the pre-Asian crisis property slowdown. Since independence a major government goal has been to promote home-ownership. 85% of the population lives in flats constructed through the programs of the Housing and Development Board [http://www.hdb.gov.sg/isoa032p.nsf/infoweb?openframeset] (HDB). Owner occupancy is now at 92%. In addition, about 7% of households live in public housing.

In South Korea, government intervention has recently strongly depressed house prices. South Korea has one of the most complex public housing systems in the world. It is designed to be based on private investment, but the entire process - from site planning to the sale of completed houses - has to be approved by the proper authorities. Past and present Korean governments have introduced massive housing programs to increase the housing supply.

From 1990 to 2004, around 560,000 housing units in South Korea were constructed annually by the government. With this, the ratio of housing units to households increased from 72.4% in 1990 to 102.2% in 2003. Direct price controls and strong anti-speculation measure were imposed, exerting downward pressure on prices.

Malaysia is following a similar path, increasing housing supply and providing subsidies. Government policies in these countries have substantially impacted the market.

In all these cases, the action the government has taken with respect to subsidized housing has tended to depress property prices.

Conclusion: No real estate boom in Asia

Asia’s housing markets are on the road to recovery. But in contrast to the spectacular house price booms elsewhere in the world, the housing boom in Thailand and the Philippines is a construction boom. Europe, the US, Australia, and New Zealand have seen real estate booms -- prolonged above inflation increases in house prices. Asia has experienced in contrast a very substantial real decline in house prices over the same period.

This may be partly because in Asia there are few limits on new construction, whereas in most developed countries new construction is much more tightly constrained by regulations.

This construction boom brings its own dangers (though it may be early days to speak of such dangers). If supply rises faster than demand, prices will start falling and an overhang of unoccupied units will pile up. Even before the onset of the Asian Crisis, there was an oversupply of luxury units in Bangkok, Jakarta, the Klang Valley (Malaysia) and Makati (Philippines). The recent surge of construction in Asia, against the background of minimal real price increases and continued political uncertainty, suggests that the recovery may be short-lived.

But what can countries do about this? Increased demand from foreigners could help. Some Asian economies are trying to invite retirees. However, in addition to sun, sea, and fun, retirees look for peace and stability. Tanks rolling into the capital are not enticing.

For a land scarce city-state like Singapore, a restriction on foreign land ownership is understandable. But for land-rich countries like the Philippines and Indonesia, it seems questionable.

Foreign ownership of property in Thailand, Indonesia, Malaysia and the Philippines is still subject to many restrictions and regulations. Arguably, Asia’s economies would benefit if these restrictions were phased out.

Prince Cruz is the chief economist at the Global Property Guide.

The Global Property Guide is a research publication and web site for the high net worth investor in residential property – providing information about the process and benefits of buying property in any country in the entire world.