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
October 31, 2007
Where do the experts think will be hot in overseas property in 2007?
Although Bulgaria is gaining so much attention from the overseas property market because of its highly anticipated EU membership, a recent report from investment specialists Assetz says that Bulgaria is not considered to be a leader in the list of the hottest property markets in 2007.
In spite of the fact that Bulgaria will receive its long anticipated accession into the EU, the investment specialists believe that the country’s real estate market will take a hiatus in the next 12 months and that “instant gains are over for the time being”. However, Assetz predicts that investing on Bulgarian homes will still generate huge financial gains.
Posted on: Bulgaria
Portugal for Overseas Investors
Portugal is still the best place to beat – with its tranquil beaches, peaceful holiday locations, wonderful hot spots and of course, many golf courses, but when it comes to property investment, there is not many, except for some apartments in Algarve region being occupied by visitors and foreigners.
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Posted on: Portugal
Portugal and how to Buy Property in Portugal
Property buying in Portugal is relatively direct to the point but it is advisable that investors need to seek the aid of a local solicitor who is used to property conveyancing and who can explain the proper and right way of the law since the law keeps on changing every time and of course, there is this issue of language barriers.
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Posted on: Portugal
October 30, 2007
The romance of Italy lures Brits
Italy is considered a gem, a dream destination for holiday getaways, but now, more and more vacationers are considering staying in Italy for good. Many are dreaming of buying a house in the romantic region of Tuscany,
The romantics and the art lovers are drawn to the Roman ruins, the structures of history, Renaissance art, regal architecture, the majestic mountains, placid lakes and idyllic islands. No doubt a place of romance, Italy is also known for its pebbled streets fragrant with lemon trees, Bougainvillea and olive vines. It is also known for exceptional wine, fantastic cuisine and great shopping.
For the nature lovers, Italy has sandy stretches on the southern coast and Sardinia or ski resorts in the Alps. Artists flock to the art galleries and museums and explore the works of Michelangelo and Leonardo da Vinci.
Posted on: Italy
Mixed news for Turkish property buyers
There is good news and bad news for those hoping to purchase a Turkish property in the not so distant future.
The good news comes in the form of a new mortgage service that has been introduced which will make the purchasing process of Turkish property easier. An agreement has been signed between the property agency, Turkish Homes, and UK overseas mortgage specialist, Conti Financial Services Ltd. The agreement will allow the company to assist buyers with obtaining mortgages for purchasing property in Turkey.
The amount of mortgage available to clients will be based on the buyer’s net earnings. Mortgages are available from 60-80 per cent of the value of the property. This depends on the location. The maximum term of the loan is up to 20 years. Interest rates begin at roughly 6.10 per cent for a Euro mortgage. This is assuming that potential buyers show up with a competitive offering.
Posted on: Turkey
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