While people's hope of being a "homeowner" is gradually decreasing in Europe, where housing prices and rents have posted a record rise stemming from the coronavirus pandemic, the ongoing protests have led politicians to seek solutions.

The pandemic has raised concerns about social inequality, financial instability, and political polarization as more people are trapped in high rents in Europe.

According to data by Eurostat, housing prices in EU countries, measured by the House Price Index, have increased by 30.9% since 2010.

In the first quarter of this year, the housing prices climbed significantly in EU countries with their economies having hard times due to the pandemic.

The prices went up by 17% in Luxembourg, 15.3% in Denmark, 11.9% in Czechia, 11.3% in the Netherlands, 9.4% in Germany, 5.5% in France, and 6.7% in Belgium.

The first quarter's figure was the highest rise since mid-2007, while the European Central Bank (ECB) said Germany, France, and the Netherlands accounted for nearly three-quarters of the total housing price increase in the region last year.

Analysts said the low housing supply, influx of immigrants, lowest ever interest rates, the virus-driven savings pile up, and the rising desire for remote working accelerated the upward trend in housing prices.

Wealthy institutional and private investors in Russia, Asia, and the Gulf region are also causing the climb in housing prices with "high price" offers.

Some countries, such as Ireland, have also raised taxes, such as stamp duty, to prevent these investors from purchasing large numbers of properties.

A number of politicians hesitate to do too much to control prices to not to damage existing homeowners.

Some part of the society being shut out of urban areas because they can no longer afford apartments, Berlin Mayor Michael Mueller noted.

“That’s the case in London, in Paris, in Rome, and now unfortunately increasingly in Berlin," Mueller added.

Meanwhile, developments over China's heavily indebted Evergrande Group recalled how hard it is to "tame the market."

Chinese leaders took steps to curb price increases and rein in borrowing with concerns that rising housing costs may trigger disturbance and add risk to the financial system.

“Of course we have a real estate bubble,” said Reiner Braun, the CEO of the German-based Empirica Research Institute.

The residential price index of Austria's Oesterreichische National Bank (OeNB) was doubled in the last decade, reaching 245 points.

While OeNB warns of "increasing overheating in the real estate market," the average square meter price of flats in the capital Vienna is above €5,248.

With a housing price index of 174.6 points, Germany is in the top group in the euro area. House prices in the capital Berlin have increased by 148% in 10 years while it doubled in Frankfurt.

The average price of a property in Germany, including ancillary costs, is around $500,000.

Sweden's housing prices have surged by 14% on average in the last 12 months to 174.26 points.

The average price of a detached house in Stockholm is 8.5 million kronor (€830,000), while 4.7 million kronor (€470,000) has to be paid to buy a flat.

In Switzerland, the house price index rose to 144.69 in the first quarter of this year, up 8% year-on-year due to decreased construction and rapidly rising demand.

In some elite regions, square meter prices are above 36,000 Swiss francs ($38,678).

The price of an average flat across the UK has increased by 60% since 2010, and up 80% in London.

Real estate prices have increased by an average of 22% in 10 years in France with square meter prices in Paris exceeded €10,000 ($11,593)./aa

Bangladeshi authorities have detained four suspects in connection with the recent murder of a Rohingya leader in Cox’s Bazar, police said on Sunday.

The suspects have been identified as Md. Selim, Shawkat, Abdus Salam, and Ziaur Rahman, all members of the Rohingya community, a police official told Anadolu Agency.

They were apprehended in the Cox’s Bazar refugee camps between Friday morning and Saturday night, according to Md. Rafiqul Islam, deputy police superintendent for the district.

“Our investigations are still ongoing. We are being very careful to make sure that we catch the real culprits and no innocent person is harassed,” he said.

Mohibullah, head of the Arakan Rohingya Society for Peace and Human Rights, was gunned down outside his office in the Kutupalong camp in Cox’s Bazar on Wednesday.​​​​​​​

He was a popular figure among the over 1.1 million Rohingya refugees living in Bangladesh, most of whom fled a brutal military crackdown in Myanmar’s Rakhine state in August 2017.

A former teacher in Myanmar, he was known as “Master Mohibullah” among the refugees. His brother lodged a murder case at the police station on Thursday.

International rights group have condemned the murder and called for an immediate action against the perpetrators.

Saad Hammadi, Amnesty International's South Asia campaigner, said violence at the Rohingya refugee camps has been a growing problem.

“Armed groups operating drug cartels have killed people and held hostages. The authorities must take immediate action to prevent further bloodshed,” he said.

Meenakshi Ganguly, South Asia director at the Human Rights Watch, said Mohibullah wanted a safe and dignified return of the refugees, and his "killing is a stark demonstration of the risks faced by those in the camps who speak up for freedom and against violence."

Bangladesh's Foreign Minister AK Abdul Momen said Mohibullah’s killers must be brought to justice.

“Some groups with vested interests killed him," he was quoted as saying by the Foreign Ministry.

Turkey has also condemned the “heinous murder” and called for “necessary steps to bring the perpetrators to justice.”

“We wish Allah’s mercy upon the deceased, extend our sincere condolences to his loved ones and share the grief of the brotherly Rohingya Muslims,” the Turkish Foreign Ministry said in a statement on Friday.

“Turkey will continue its strong support for the protection of the rights of Rohingya Muslims,” it added./aa

A badge found in Turkey's southeastern province of Diyarbakir during the excavations at the 3,000-year-old Zerzevan Fortress that was used as a "military settlement" during the Roman Empire, aroused curiosity.

Excavation work, launched in 2014 by the Culture and Tourism Ministry, Dicle University, Turkish History Association, and some other regional institutions, is still in progress.

A Roman Mithras underground temple, tower defense, church, office building, residential houses, grain and arms depots, bunkers, rock tombs, and water channels, as well as many vital artifacts were revealed in the Zerzevan Castle.

It is also on the temporary list of UNESCO World Heritage Sites.

Aytac Coskun, a faculty member at Dicle University and the head of the excavation team, told Anadolu Agency that they have found a badge during the excavation work.

The motif on the surface of the badge, removed from a depth of 125 centimeters on the eastern walls of the Zerzevan Fortress during the ongoing excavations, was first designed in 1782, Coskun said.

"Early examples of this type of badge or buttons were used in the US in the 1850s. Since 1902, this badge-like coat of arms has also been used by the US army. Similar examples were also used in World War I and belong to the general service unit," he stressed.

He added that the Latin inscription "E Pluribus Unum" was placed on the badge.

"This is the first official slogan of the US. This slogan, which is Latin (the official language of the Roman Empire), means 'from multiplicity to unity.' This slogan was used to mean the union of the 13 colonies that make up the US.

On the right paw of the eagle is an olive branch, on the left is a tightly drawn bundle consisting of 13 octaves. It is known that these symbols represent the 'power of peace and war',” he noted.

“A scroll inscribed 'E Pluribus Unum,' the motto of the first committee, is seen on the eagle's beak. The shield, located on the chest of the eagle and representing the states, indicates the unity of the federal government. A bright constellation of 13 stars was used above the eagle's head."

"The unveiling of this badge of copper-zinc alloy at the Zerzevan Fortress is quite interesting and attractive," said Coskun, adding that there have been no such findings in an archaeological excavation in Turkey or abroad according to their research.

"Similar examples are found only in the US and the UK. Detailed analyses … were performed on the badge. It turned out that post-15th-century technology was used.

“Also, the analysis showed that the badge remained under the ground for about 250-300 years, since the 18th century,” he noted.

“Early examples of this type of badge or buttons were used in the US in the 1850s. Since 1902, this badge-like coat of arms has also been used by the US army,” he said, mentioning how surprising it is to find such an item that probably belongs to the period of the US’ foundation./aa

Spain will send €206 million ($239 million) to the island of La Palma to help its residents recover from the ongoing volcanic eruption, the country’s prime minister said on Sunday.

Streams of lava, now covering nearly 400 hectares, have destroyed 946 buildings on the island and damaged hundreds more, according to latest data.

The volcano has cut off water to key agricultural areas, melted parts of vital highways, and released toxic gases into the air.

Of the small island’s 85,000 residents, around 6,000 have been evacuated from their homes.

“We are here to take on the enormous task of rebuilding La Palma and offer a horizon of prosperity, progress, and calm,” Sanchez told reporters during his third visit to the island since the eruption started two weeks ago.

He said the millions in aid will go toward rebuilding infrastructure, water supply, employment, agriculture, and tourism.

The package is set to be approved on Tuesday and the money will be sent over as soon as possible.

The Cumbre Vieja volcano, which had not erupted for 50 years, continues to violently spew ash, smoke, and lava.

On Sunday afternoon, the Canary Islands Volcanology Institute said the explosive activity was intensifying.

Although experts were able to predict that the volcano would erupt, they are unsure when it will end.

A long river of lava continues to flow into the ocean and solidify.

It has so far added around 27 hectares to the size of the small Atlantic island, the Spanish National Research Council said on Sunday.​​​​​​​/agencies

A small private plane crashed into a building in Italy shortly after takeoff Sunday, killing all eight people aboard.

The plane took off from Linate Airport in Milan and was heading to Olbia Airport on the Italian island of Sardinia, according to the Italian news agency ANSA.

It slammed into an unoccupied two-story office building in the San Donato suburb of Milan.

Among the dead were Dan Petrescu, one of the richest businessmen in Romania, as well as his wife, son and family friends.

The Italian Flight Safety Agency (ANSV) has launched an investigation into the accident.

Milan Prosecutor Tiziana Siciliano said an anomaly was detected on the radar screen in connection with the flight, but the plane did not send out any alarm./aa

At least eight people were killed in a blast at a mosque in Afghanistan’s capital Kabul on Sunday, according to media reports.

At least 20 more people were wounded in the bombing, the BBC Pashto service reported.

Saeed Khosti, a spokesman for the Interior Ministry in the interim Taliban government, said three people have been arrested in connection with the attack.

Taliban spokesman Zabihullah Mujahid earlier said on Twitter that “a “number of civilians” had died in the blast “near the entrance of the Eidgah Mosque in Kabul.”

People had gathered at the mosque for a memorial service for the late mother of Mujahid, who is also the acting deputy information minister in the interim Taliban administration.

There was no immediate claim of responsibility for the attack./aa

After a tumultuous week and massive losses in September, the global markets await the US job reports next week as they may shape the US Federal Reserve's monetary policies in the coming months.

Increasing inflation pressures on world economies, rising energy prices, uncertainties in Asia amid Chinese real estate developer Evergrande, and the Fed signaling to begin tapering -- the process of scaling back its $120 billion worth of monthly bond purchases -- have recently created high volatility in global markets.

US stock markets ended September with their worst monthly loss of 2021 so far. While the Dow Jones fell 4.3% last month, the S&P 500 declined 4.8% for its largest drop since March 2020. The Nasdaq plummeted 5.3% -- its worst September in a decade.

European indices also had massive losses, with the STOXX index plummeting 3.8%, while Germany's DAX 30 and France's CAC 40 losing around 3.4% each, according to data compiled by Anadolu Agency.

Energy prices soar

There has been a lot of uncertainty about when central banks of major economies would raise interest rates amid rising inflation and energy prices. Still, the high level of unemployment and weak labor market conditions continue to be significant obstacles.

Oil prices have recently climbed to their highest level in three years as the international benchmark Brent crude price hit $80.75 per barrel on Tuesday -- its highest level since October 2018.

The Organization of the Petroleum Exporting Countries (OPEC) will hold its ministerial meeting on Monday. The global oil market expects the group to discuss increasing oil production to meet the post-pandemic period's surging demand caused by normalization.

Natural gas prices in Europe hit a fresh record of 100 euros ($116) this week, posing a risk against economic recovery and heating before the winter season.

On the labor market front, Euro area unemployment stood at 7.5% in August 2021, with EU unemployment at 6.8%, according to Eurostat, the statistical office of the EU.

The unemployment rate in the US stood at 5.2% in August after the world's largest economy could only add 235,000 jobs that month, according to the latest figures of the US Labor Department.

Job openings in the US, on the other hand, hit a new record of 10.9 million in July, suggesting that there is an uneven recovery from the coronavirus pandemic in the US economy.

US private payrolls for September will be announced on Wednesday at 8.15 a.m. EDT (1215 GMT), which is expected to come at 430,000 -- higher than 374,000 in August if realized.

Nonfarm payrolls for September will be released on Friday at 8.30 a.m. EDT (1215 GMT). The jobs data that the Fed watches very closely is estimated to come at 460,000, after posting a weak increase of only 235,000 in August.

Timeline of Fed tapering

The US central bank is awaiting a solid gain in jobs report to begin its tapering process, which could either start by November or December latest.

The Fed Chair Jerome Powell said last week tapering might conclude by mid-2022, which gives the bank around eight months to end its $120 billion monthly asset purchases if it cuts them by $15 billion each month.

The central bank also signaled on Sept. 22 after its two-day meeting that it projects the first rate hike to come in 2022 and expects to make four more interest rate increases in 2023, instead of its earlier estimate of two made on June 16.

Those expectations have pushed the US dollar index, which includes a basket of currencies like the euro, the Japanese yen, British pound, Canadian dollar, Swedish krona and Swiss franc, to climb as high as 94.50 on Sept. 30 – its highest level since September 2020.

The yield on 10-year US Treasury notes also hit %1.567 on Sept. 28, marking its highest level since June 6 this year.

The VIX volatility index, known as the fear index, climbed above the critical level of 20 after jumping 24% in a single session on Tuesday.

High inflation to persist

Inflation is expected to remain high around the world throughout the first half of 2022, at least until labor markets show some sign of recovery.

The European Central Bank (ECB) and the US Federal Reserve are awaiting improvement in employment data before raising interest rates that could come at the end of 2022 by the earliest, given the current weak labor market conditions.

The ECB President Christine Lagarde said on Sept. 16 that she expects the eurozone economy to recover quicker than expected from the coronavirus pandemic amid fast vaccination and said Wednesday energy prices are expected to decline in the first half of 2022.

The Fed Chair Powell, however, also said Wednesday production bottlenecks and supply chain problems would continue next year, holding up inflation longer than earlier estimates.

Powell also hinted that the Fed may raise interest rates to bring inflation under control if prices increase to unsustainable levels, but added that he hopes the central bank would not need to balance inflation and rate hikes, which he referred to as "the difficult trade-off of having the two goals in tension."/agencies