November 2, 2007
Bank of Spain warns on House Prices
The governor of the Bank of Spain warned yesterday that Spain’s economic growth might be stopped for awhile due to a decrease in house prices.
According to Jaime Caruana, the bank’s governor: “When the high rates of high prices will still continue, there is a huge possibility that the country’s economic growth will be stopped abruptly or disconnected.” He said again that according to the European Central Bank’s claim that Spanish properties are 24 and 35 percent overpriced. He also added that the household debts had doubled to 100 percent since the mid-1990’s. “The Spanish properties, and also with the households, are now more prone to various developments, especially to a gross increase in interest rates.”
But still with house prices dipping down, the risk to banks was still minimal because default rates are now very low and there is ease with the banks’ solvency problems. This is also due to the buoyant consumer spending and construction industry of the country’s 12 years of economic growth.
Posted on: Spain
Portuguese Property Market News
A new mortgage facility, arranged by the FOC Finance, part of the Fractional Ownership Consultancy Limited, on its Stepping Stones properties in Algarve is now being offered by the Oceanico Group in Portugal. The facility would let foreign buyers to step foot on the Portuguese property market ladder without borrowing money against their UK home.
According to Oceanico Group director Simon Burgess: “It is now the prerogative of foreign buyers to look for properties elsewhere, as proven by UK’s spiraling downward property costs. These people don’t want to invest in prices that keep on increasing. They all want stable overseas property markets, such as the Portuguese property market, which offers a solid investment, and with this new Stepping Stones mortgage, the financing is stable and can support the overall investment portfolio.
Posted on: Portugal
November 1, 2007
New Altinkum Turkish property development
For the longest time, Turkey has been British holiday makers’ favorite. Today, Turkey is a favorite among many overseas property investors. With about a million tourists from the UK visiting Turkey every year, there is news going around about a buy to let market establishing itself in the next few years, and buyers are already being drawn to the Turkish property market.
A new development in the renowned Altinkum area of Turkey looks promising for excellent capital potential, and buyers are urged to invest now. “There has never been a better opportunity to invest here especially with so many factors now favouring the investor,” avows.
Posted on: Turkey
Property in Florida looking to a bright future?
The past year has seen the property market in Florida take a bit of a slow turn as much of this is due to an oversupply in housing.
Nonetheless, tourism is Florida’s number one industry with visitors to the state showing no sign of abating. Property in Florida could still be considered a sensible investment,if not necessarily in the short-term.
Kim Williams from Special Dreams property management says that there is currently a lot speculation about the longevity of the housing market as a good investment. Williams adds that there are so many homes being built. She thinks that there is still a good opportunity for investment if one is in it for the long haul.
Posted on: Florida
SIPPs in Spain: Buy Now, Say Pension Chief
Now is the ideal time to take a serious view on whether buying a second home in the UK, Spain or other sunbelt countries, according to Ian Rowe of Progress Financial Planning, specialists handling SIPPs (self-invested personal pensions) for millions of UK taxpayers.
Rowe confirms that second homes can be bought off-plan in the current tax year with the sale completed from 2006 onwards and that all tax advantages, including a Government contribution of up to 40% of the prices, will be available.
Progress Financial Planning is expecting a huge influx of SIPPs in the UK pensions market and SIPP providesr will be very busy coping with the demand. For the client who has decided that a SIPP will be an appropriate avenue for their property purchase, it would be advisable to set it up prior to April in order to prevent unnecessary delays in completion.
Posted on: Spain
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