A Chinese couple have seen their house turned into a roundabout after a motorway was built around their property. Duck farmer Luo Baogen and his wife refused to move out of the house because they felt the government compensation for relocating was not high enough. The authority's response was simple: build around them.
Despite improved conditions for homeowners ready to take their second step on the property ladder, an increasing number think it will be harder to sell their home this year, according to new research from Lloyds Bank.
In 1980 Margaret Thatcher introduced a policy that transformed the UK property market: Right to Buy. The scheme saw a three-bed house in Romford sold to its council tenants for just £8,315. Now, that house has sold for £180,000 - almost 22 times its original value.
Greece is planning to put its Royal Palace up for sale. The historic Tatoi Palace, home to the Greek royal family since 1871, boasts 40 outbuildings, a swimming pool and a royal graveyard. But the expansive estate will be listed on the market as part of a fire sale that will clear Greece's books of any unneeded property. And palaces are just the beginning.
This month, the French National Assembly ratified President Hollande's financial proposals, bringing into effect a raft of new property taxes from January 2013. For non-resident home owners, the levy on rental income has increased from 15.5 per cent to 35.5 per cent. Tax on property gains has also increased from 19 per cent to 34.5 per cent. But now these changes are official, what do they mean for investors?
With the Greek government inputting a severe austerity package including large tax increases, many locals are putting their vacation homes on the market. The result? Property bargains for foreign investors in some of Europe's most popular holiday destinations, reports the New York Times.