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Surges in immigration to destinations such as the UK, Australia, New Zealand and the U.S. are seen as having a significant impact on record housing prices.
In the United Kingdom, recently released statistics have placed the average home at £201,090 ($395,351 USD). The nation recently experienced an enormous surge in immigration when the European Union enlarged by 10 states in 2004 ... most of them former communist countries.
Australia is also experiencing a real estate pricing boom. In a recent study of housing affordability, four Australian state capitals ... Sydney, Melbourne, Perth and Hobart ... all landed in the bottom 25 cities.
Immigration is seen as a large cause for the boom, with number of new arrivals at about 120,000 per year. Most congregate in big cities. Many are affluent Asians studying at Australian universities that raise the demand for rental units, which in turn drive up housing prices.
Australia's neighbor, New Zealand, has experienced double the number of immigrants from the year before, and homes in Kiwi are becoming more expensive every year as well. According to a recent survey, the average house costs $395,000 NZD ($274,362 USD).
Related:
• OECD - developed countries must do more to integrate immigrant workers• International Migrants Day
• UN report - economic role of immigrant women overlooked
• UN Population Commission issues report on migration
• OECD releases immigration statistics report for 2004
• Fifty per cent of the world lives in urban areas
• Australian immigration required for economy and population shortfall
