In the New Town area, however, new or recently refurbished properties area cost about 100,000 koruna per square meter ($491 per square foot, at 19 koruna to the dollar).
Despite the housing market crash, the refurbished properties proved to be very successful and there are now only a few remaining.
Rather than leave homes empty, we want to work with charities to refurbish properties that can then be used to provide specialist provision, or returned to council management.
Therefore, instead of a glitzy trophy, the Foundation has invested £40m in a "Creative Quarter" in Folkestone's historic centre, where it offers 80 refurbished properties on 125-year leases, available at affordable rents for start-ups and creative businesses.
The loans are only secured on the fully refurbished properties, after all the work has been carried out, and the maximum loan per property is 75% of its open market value, as assessed by an independent chartered surveyor.
Hotel New and newly refurbished properties will be opening over the next 12 to 18 months; for the moment, Rijk's Country Hotel has the best location, amenities and scenery in Tulbagh (011-27-23-230-1006; www.rijks.co.zaboutubles from about $118).
They have been described as a gold mine for landlords, as rents in refurbished properties in some parts of London have hit £400 a week, while two-bedroom flats can command as much as £600 a week.
And, as proof that the refurbished properties already are enticing upscale clients, she notes that an American lawyer is renting a tiny studio with a pull-down bed for £300 a week, and a one-bedroom is being rented to a corporate executive for about £550 a week.
They propose enhancing cities' abilities to demolish or refurbish properties, and even to remove parcels from the market.
Plans to refurbish properties off Walton Breck Road, close to Liverpool FC's stadium, are to be put to a cabinet meeting later.
