Global Real Estate & Investment News from Propertyshowrooms.com

Higher property taxes 'possible' in Florida

Thu, 2 Jul 2009 00:00:00 GMT

Property taxes in Miami, Florida may increase as a result of the global economic downturn.

Tim Padgett of Time magazine reported this week that mayor Carlos Alvarez could up the levy in the near future as the state struggles with budget problems.

Florida has typically relied on property taxes to support its economy, but the housing market crash over the last two years has had a major impact on its finances.

And despite one in four homeowners in some parts of the state being at least a month behind on their mortgage repayments, Mr Alvarez has stated that without increasing property tax "it's almost impossible that we can achieve an acceptable budget".

Florida Tax Watch research director Kurt Wenner called the situation of falling house prices but increasing taxes one of the recession's "frustrating paradoxes".

Earlier this month, the Gerson Lehman Group suggested that international property buyers are exhibiting signs of confidence over the prospects of a Florida housing market recovery.

Expert attracted to Portuguese property investment

Wed, 1 Jul 2009 00:00:00 GMT

An expert on real estate has stated that he is considering buying property in Portugal.

Mike Sales, head of property investments at Henderson Global Investors, told Reuters at its local Global Real Estate Summit that the Iberian country would be his number one choice for a "vacation residence or city bolthole".

"Portugal - east or west of the Algarve," he remarked. "I am looking at a piece of land there with a couple of friends because it is a quarter of the price of the Algarve."

The news provider asked a variety of people at the conference the same question about where they would choose to buy another property, with Europe and Africa proving to be the most popular continents.

It said that despite economic factors affecting the global real estate market, it appears people still dream of owning a second property.

Portugal's finance minister Fernando Teixeira dos Santos recently told Reuters that the country's economy is expected to start growing again later this year.

Property price falls 'draw investors to UAE'

Wed, 1 Jul 2009 00:00:00 GMT

The credit crunch does not appear to be putting off investors in the Middle East, one company has suggested.

Speaking as one of his firm's subsidiaries Anatara Resorts opened a new property in Liwa, Abu Dhabi, Minor Hotel Group chief operating officer Dilip Rajakarier indicated to Emirates Business 24/7 that the economic downturn is assisting those in the real estate sector.

"Investors are keen to invest in the future while property prices are down," he remarked.

The UAE economy will shrink by 0.8 per cent this year due to the effects of the global recession, according to a collection of forecasts assembled by the National.

However, a recovery is expected to begin next year, with Morgan Stanley publishing a report this week that suggests the worst may be over for the country.

How strong the upturn will be is dependent "on the momentum for global growth and the timely resolution of imbalances in its domestic property and credit markets", according to Mohammed Jaber, an analyst at the bank.

Malaysia real estate investment 'value for money'

Wed, 1 Jul 2009 00:00:00 GMT

Malaysia real estate investment offers Britons good value for money because of a favourable exchange rate between the ringgit and the pound.

This is the claim of a new article on the Choices website, which states that an increasing number of opportunities are opening up in the country in light of the price and its popularity as a holiday destination.

"At today's rate of 5.85 Malaysian ringitts to the British pound, Malaysia represents excellent value for both the holidaymaker and the property investor," the piece says.

In addition, it notes that properties of equivalent value are generally of better quality in Malaysia than in Europe, while the government has introduced tax breaks to incite investors.

Further announcements regarding the liberalisation of regulations surrounding foreign property ownership in the country are expected to be made by prime minister Datuk Seri Najib Tun Razak at the Invest Malaysia 2009 conference this week, according to the Star Online.

Emigrants tempted by Australia prospects

Tue, 30 Jun 2009 00:00:00 GMT

Those thinking of buying a new home in Australia may include many Britons who have decided to escape the recession for a new life down under, it has been stated.

In a Guardian feature on emigration, property businessman Tony Mercer stated that his family's move from the Wirral to the country - with their city of choice being South Australian capital Adelaide - should see better rewards for the effort they will put in.

"My expectation is that Australia is a land of opportunities where hard work will be recognised in a way that I think it is taken for granted here," he commented.

The paper noted that South Australia has been the best-performing state economy in the country.

People who buy in Adelaide should see their house prices rise substantially, according to recent research.

The BIS Schrapnel Residential Property Prospects report predicted that the next three years could see homes there rise in value by as much as 19 per cent.

Cape Verde infrastructure 'sees massive investment'

Tue, 30 Jun 2009 00:00:00 GMT

Cape Verde is seeing large-scale investment in its infrastructure - such as roads and ports - as part of a major public investment package aimed at boosting the economy, it has been stated.

The country's central bank has said that while it will not match the seven per cent growth seen in 2008, the "anti-cyclical policy based on strong public investment" will enable it to enjoy an expansion of between 4.7 and 5.7 per cent in its gross domestic product.

Such a move may help the property industry in the country, by making more areas accessible from nearby airports.

Last month property editor for overseas investor magazine BuyAssociation Paul Collins commented that "in terms of overseas property it tends to be that people like to buy within an hour's drive of an international airport".

He made his comments while noting how a new ring road on the island of Fogo is set to bring more properties and new development sites within this range.

Spain's best 'to see demand surge'

Tue, 30 Jun 2009 00:00:00 GMT

Demand for top-of-the-range properties in Spain could be set to rise, it has been predicted.

Spanish Property Owners Guild (SPOG) spokesman Paul Bradley said that some sectors of the industry are not likely to recover, such as the off-plan sector where some properties are not completed and are "unlikely to be".

However, he said, the top-end market is seeing completions and is now "at the bottom", offering opportunities for buyers.

"I forecast that demand for these will slowly increase as the market comes back in the UK," Mr Bradley added.

In the meantime, off-plan speculators will be absent from the scene for "many a year", he suggested.

The prospect of a rise in buying in the sector could encourage those thinking of investing in Spanish property.

Figures produced earlier this month by Currency Index have shown that bargain hunters in the country could be able to pick up a home in the Costas for 30 per cent less than a year ago.

Spanish property affordability tipped to grow

Mon, 29 Jun 2009 00:00:00 GMT

Spanish property will continue to become more affordable in the next few months before the market bottoms out, it has been predicted.

Paul Bradley, a spokesperson for the Spanish Property Owners Guild, said there has been an increase in enquiries but not bank lending, ruling out an imminent price recovery of the type that may be seen soon in Britain.

He stated that this means 2009 will see an extra seven per cent price fall before the market bottoms out.

Those seeking bargains in Spain may wish to consider this while looking for somewhere to purchase.

Mr Bradley suggested that such an investment will need to be a long-term one as price rises will not kick in for "at least three to four years" while unsold stock is cleared.

Knight Frank's Global House Price Index revealed that prices in Spain were 6.8 per cent lower in the first quarter of this year than they were 12 months before.

Turkey's low prices highlighted

Mon, 29 Jun 2009 00:00:00 GMT

The low cost of buying and living in Turkey is a reason for its attractiveness to UK buyers, it has been stated.

Head of private clients at property firm World First Elisabeth Dobson noted that many British purchasers are looking for homes at the lower end of the market, commenting: "People are attracted to properties in the region of £30,000 as they know that in the UK they will have to spend that on a new car."

She noted that the country is also affordable because it does not use the euro as its currency - making exchange rates more favourable - while the equivalent of council tax costs £150 a year and there are many cheap places to eat and drink.

Ms Dobson also remarked that the country has a range of cultural attractions that would appeal to people whose interests extend beyond "cheap beer and discos".

Figures from overseas mortgage specialist Conti showed that the number of mortgage applications for homes in Turkey was 65 per cent higher in the first five months of this year than the final five months of 2008.

Cape Verde gains world heritage site

Mon, 29 Jun 2009 00:00:00 GMT

Cape Verde's first capital city, Cidade Velha, has been awarded world heritage status by Unesco.

The decision to make the site the first location in the archipelago to hold such status was announced by the body today at its 33rd annual summit in Seville.

Unesco's decision acknowledged the historical significance of the site - which lies south of the modern capital Praia on Santiago island - for its colonial impact and significance in the history of slavery.

The announcement noted that "the town features some of the original street layout [and] impressive remains including two churches, a royal fortress and Pillory Square with its ornate 16th century marble pillar".

Property investors keen on the tourist rental market may be boosted by the news, which could help attract more visitors to the island.

Earlier this month sales executive at Cape Verde Property David Endersey said awarding the site world heritage status will help boost tourism and investment.

Federal Reserve holds rates

Fri, 26 Jun 2009 00:00:00 GMT

The US Federal Reserve has held interest rates, claiming that the country is on course to recover from recession.

Yesterday saw the American central bank's Federal Open Market Committee deciding to hold the rate at a range between zero and 0.25 per cent.

The statement by the body commented that the downturn is showing signs of weakening, although factors such as unemployment and restricted credit will ensure the recovery is slow, albeit helped by the stimulus package.

In this context, the body said, it "expects that inflation will remain subdued for some time", enabling it to hold rates.

Such a comment may suggest that the very low base rate will remain in place for a lengthy period, which could encourage those looking to take out mortgages to buy a property in the US, while economic recovery may help the market to start growing again.

Earlier this month the American Bankers Association's Economic Advisory Committee predicted that there will be economic growth of 0.5 per cent between July and September this year.

Parts of France 'avoided boom and bust'

Fri, 26 Jun 2009 00:00:00 GMT

Some of the most attractive parts of France have avoided getting into a boom and bust scenario in recent years, it has been stated.

Writing in the Irish Times, Isabel Morton noted that the Riviera and Paris have avoided the "boom and bust" seen elsewhere.

However, she said there is a slower rate of transactions and prices are down on the Cote d'Azur by around ten per cent, although "as per usual, well-located properties are still doing very well".

Such a situation may tempt those thinking of buying French property in the area, as it may be possible to pick up bargains before the market reasserts itself.

The Daily Telegraph reported this week that a recent drop in the number of British buyers in France could be attributed to the weakness of the pound, according to estate agents in the country.

However it predicted, with sterling recovering in value this situation will not last.

Brazil 'bouncing back'

Fri, 26 Jun 2009 00:00:00 GMT

Brazil's property market is showing signs of recovery, a private equity investor has said.

Speaking at the Reuters Global Real Estate Summit, president of GoldenTree InSite Partners Thomas Shapiro said the market has bounced back "substantially" in recent months after a dip.

He gave as an example of this the company's 104-home development in the Vila Carrao area of Sao Paolo, in which "we sold every unit in four hours".

Mr Shapiro said that the prospects for the economy in the country are looking better than expected, with real estate bolstered by a government stimulus package, while commenting that the country is not currently vulnerable to a property bubble developing.

Such sentiments may encourage those thinking of buying property in Brazil.

The economy has been strengthened by the policies of president Lula, who has instigated "all sorts of market reforms that have made Brazil prosperous", US president Barack Obama said this week.

Best of Cape Verde listed

Fri, 26 Jun 2009 00:00:00 GMT

The best parts of Cape Verde have been named by a tour guide, who has listed some of the features that may appeal to those seeking to buy property there.

Resort rep for operator Cape Verde Experience Edgar Pires said that Boavista Island has the best beaches in the archipelago.

He went on to name Sao Vicente as the best cultural centre, while this aspect was also well represented by the markets on Santiago, which also includes the former national capital Cidade Velha.

Those keen on buy-to-let investment in Cape Verde may consider tailoring the sort of purchases they make to these factors, such as buying beachfront properties on Boavista.

Mr Pires said Praia de Santa Monica was the best beach on the island and in the whole country.

Cidade Velha is Cape Verde's first candidate for Unesco world heritage status, with the body deciding what sites to add to its list at a meeting currently taking place.

Visa change may boost Australia property seekers

Thu, 25 Jun 2009 00:00:00 GMT

Those seeking to buy Australian property may be boosted by a change to visa rules in the country.

From July 1st holders of class 410 visas will now be able to work without restriction, rather than being limited to 20 hours per week as is the case now, the federal government has announced.

Those whose visas are issued between now and July will still be restricted, but once this is reapplied for they too will have no working time limit imposed.

Such a move could help many Britons keen to live in Australia but who would need to work full-time to support themselves and their families.

Australia's decision to change the law comes at a time when new-build homes in the country are becoming more affordable, the Housing Industry Association (HIA) has noted.

The HIA-RP Data Residential Land Report revealed that median land prices in state capitals across the country fell by 1.5 per cent in the fourth quarter of 2008, ending an increase of 111 per cent over eight years.

It said the most expensive city in the country remained Sydney, while Hobart in Tasmania was cheapest.

Property found in remote Tuscany

Thu, 25 Jun 2009 00:00:00 GMT

A novelist has explained how she and her husband found the ideal overseas home in northern Tuscany.

Writing in the Times, Roma Tearne explained that they had come to the remote far north of the region for a holiday, although she was keener on finding a home.

She noted that the area differs from the tourist-orientated parts of Tuscany by being much calmer and retaining a peaceful, rural atmosphere.

"Unlike the great tourist towns of Italy, where in summer the temper of the locals rises with the heat, these undiscovered towns radiate friendliness," Ms Tearne explained.

She also noted the area offers its own local variants on Italian cuisine, while the valleys are planted heavily with vineyards and olive groves.

Those looking to buy Italian property may also look to another area that is off the beaten track, it has been suggested.

Last week the Independent noted that the Italian Riviera in the Liguria region is geographically close to the Mediterranean coast of France, but with lower house prices.

Egypt 'set for price increases'

Wed, 24 Jun 2009 00:00:00 GMT

Egypt is set to see residential property prices go on increasing, a developer has said.

In an interview with Reuters, chairman of developer Palm Hills Yasseen Mansour said demographic trends will ensure that demand for property remains high and prices go on rising.

He told the news agency that demand is expected to be substantial for housing in areas to the east and west of Cairo - where the company has projects - and that prices in these areas are 1.5 times as much as similar homes in the city itself.

Mr Mansour commented: "We have a lot of value in the real estate that we have."

Egyptian property laws have helped the market do better than others in the region, it was claimed earlier this month.

Khalid El Nouby of Egypt Property Law said the country offers low taxes, as well as no stamp duty, inheritance tax or capital gains tax.

Spain tipped for recovery

Wed, 24 Jun 2009 00:00:00 GMT

Spain's economy will begin to recover shortly, the country's prime minister has said, something that may spark renewed optimism among property buyers.

Addressing parliament after central bank warnings that a revival may be held back by high public borrowing and increased unemployment, Jose Luis Rodriguez Zapatero insisted next year will see renewed growth, Kyero.com reports.

He said: "The government considers the worst of the crisis is already over and our recovery will continue progressively, gaining more intensity in 2010."

Mr Zapatero added that it is "reasonable to expect growth by the time we get to 2011".

Such a situation could help halt the slide in property prices, meaning those who invest now or soon could pick up a bargain and then enjoy rising values as the economy strengthens.

Last week it was announced that those looking for Spanish property bargains could pick them up at auction in Mallorca next month.

The sale by Palma Property Auctions will offer homes for sale at price levels that would have been "unthinkable" in the recent past, the firm stated in its announcement.

Appeal of France 'still remains'

Tue, 23 Jun 2009 00:00:00 GMT

Investing in property in France is something Britons are still keen to do, it has been stated.

Estate agency Stuart Baldock of buying agent Property Vision told the Daily Telegraph that many UK buyers have been held back from buying in the country recently due to the weak value of the pound.

However, the paper noted, it is not expected that this situation will last, as sterling is gaining in strength against the euro and the appeal of France has not diminished.

Summarising the benefits of the country to the paper, owner of a home once lived in by singer Edith Piaf Rupert Scott said: "At the end of the day, the tax is still cheaper and you get more house and land for your money."

Speaking as publisher Archant announced a French property exhibition to be held in London in September, editor of French Property News Karen Tait remarked that recent falls in French prices are "outweighing" the weakness of the pound.

Cape Verde 'still a great place to buy'

Tue, 23 Jun 2009 00:00:00 GMT

Cape Verde remains a great place to invest in property, an expert has sated.

Commenting on the prospects for the country, sales executive at Cape Verde Property David Endersey said: "It is a great time to buy at the moment because developers and some people who have bought earlier are trying to encourage sales as soon as possible."

He added that the company is "confident" about the islands because they still have the attributes of weather, surf and beaches that they always had.

Other advantages include property being "reasonably priced" due to the development of the sector being at a quite early stage and the fact that the archipelago resembles the Caribbean without having a five-hour time difference when flying from Britain, as it is in the same time zone.

Earlier this month the Daily Mail identified Cape Verde as being among the countries offering plenty of bargains for property investors.

Unesco heritage award 'would boost Cape Verde'

Tue, 23 Jun 2009 00:00:00 GMT

Cape Verde's property and tourism markets would be boosted by the award of Unesco world heritage status to a candidate site on the island of Santiago, it has been stated.

The country's first capital - Cidade Velha - is on the list of candidate sites to be considered by the United Nations body, Afrol.com reported earlier this month.

Commenting on the effect this would have on the island, sales executive at Cape Verde Property David Endersey said: "Anything like that will help. Anything like that if they get a Unesco thing, or a World Heritage centre, anything like that is bound to encourage tourism to a certain extent."

Such a development may embolden those interested in buy-to-let for tourist rental purposes.

The elevation of Cidade Velha - which is now an uninhabited ruin but was the capital from 1462 to 1770 - would put it on a par with sites on the Unesco list such as the Taj Mahal, Sydney Opera House and Stonehenge.

Exhibition of French property set for London

Mon, 22 Jun 2009 00:00:00 GMT

A French property exhibition will be held in London in September, publisher Archant has said.

Run by lifestyle magazine Archant Life France, the event will take place from September 11th to 13th at Olympia, with the company stating that the recent exhibition held in Harrogate revealed widespread optimism about the French market.

Describing France as a place currently offering "some real bargains", editor of French Property News Karen Tait commented: "Many French properties have come down in price significantly over recent months, more than outweighing any exchange rate difficulties."

She added that the exchange rate is now becoming more favourable for British buyers, while "canny" purchasers are making the most of cheaper eurozone mortgages.

Buying the right property in France could reap dividends over the next few years, French property law specialist at solicitors Furley Page Sarah Bogard said this week.

She stated that the country is a buyers' market and is offering falling prices.

Spanish property auction announced

Mon, 22 Jun 2009 00:00:00 GMT

Spanish property seekers may be able to pick up a bargain in Mallorca after an auction of both commercial and residential lots was announced.

Palma Property Auctions announced rep that it will be holding the sale on July 28th, when those looking for a low-priced piece of real estate may be able to find something that suits them.

The residential properties are varied in type, "ranging from apartments in the Old Town of Palma, to villas near the coast, all with reserve prices that would have been unthinkable 12 months ago," the company stated.

Such a situation may echo the possibilities that have emerged in the US, where distressed sale and foreclosed properties have often been auctioned, offering many bargains.

Spanish property bargains have become much easier to find of late, recent research has shown.

Money exchange firm Currency Index revealed that prices have come down by up to 30 per cent in the Costas, with the improving value of the pound against the euro and lower mortgage rates making buying there cheaper still.

Britons 'selling French properties to each other'

Mon, 22 Jun 2009 00:00:00 GMT

An estate agency has said that many Britons are selling up their properties in France – but other UK buyers are the main customers.

The Daily Telegraph reported that the high value of the euro and the gains this offers for sellers mean it is a good time for some to cash in, while others want to move back for lifestyle reasons.

However, the bulk of customers at estate agency Winkworth are Britons, the paper noted.

Representative of the firm Roddy Aris said the British sellers are in a good position, stating: "The advantage is that they can take lower offers than their French counterparts. They can take a bigger hit."

Such a situation may mean that UK investors can negotiate a bigger discount when buying in the country from fellow Britons.

Lifestyle reasons are a major draw for people to continue wanting to live in France, a poll of expats has shown this week.

The survey by NatWest revealed the country was the most favoured European nation for quality of life.

Top Turkey properties 'available for under EUR50,000'

Fri, 19 Jun 2009 00:00:00 GMT

Those wishing to buy a good property in Turkey can find plenty of prospects at prices of EUR50,000 (GBP42,850) or less, it has been stated.

Property and lifestyle magazine Quest listed three examples of the sort of bargains UK buyers could enjoy.

These included a three-bedroom, two-bathroom villa with a sea view near Bodrum, a three-bed beach apartment at Fethiye, Calis Beach and a one-bed apartment near the beach in Alanya.

Good reasons for buying in Turkey noted by the magazine were a more favourable exchange for sterling buyers to the Turkish lira than the euro, the attractive coastline and the prospects for holiday rentals as tourism in the country continues to grow.

European sales manager at real estate firm Atlas International James Dearsley said this week that tourism not only boosts investment by encouraging buy-to-let, but also through people who have enjoyed the country on holiday thinking: "Why don't we buy a property here?"

Australia scores well in quality of life index

Fri, 19 Jun 2009 00:00:00 GMT

Australia has emerged as one of the top countries for quality of life in a new survey of places Britons like to emigrate to.

The country was third in the survey by NatWest, which based its findings on factors such as health and the cost of living.

Such issues were listed by respondents among the key reasons for them moving overseas, with 91 per cent of those who left Britain saying their quality of life is now better and 90 per cent saying they are better off.

More people made the move on their own initiative (53 per cent) than had to go for work reasons (47 per cent).

The head of NatWest International Personal Banking Dave Isley commented: "UK expats say they are living healthier lifestyles abroad, whilst also benefiting financially."

New South Wales is one state where those buying property in Australia may find good reasons to invest.

Stamp duty on new build homes was recently halved by the state government, saving an average of AUD11,245 (GBP5,500) on the cost of buying a home.

Economists predict US growth soon

Thu, 18 Jun 2009 00:00:00 GMT

The US economy will start growing again by the end of the summer and house price increases will follow next year, it has been argued.

Such a prediction came from the American Bankers Association's Economic Advisory Committee, which forecast that gross domestic product will rise by 0.5 per cent between the months of July and September.

This would mean the recession is over and such economic good news could help boost the housing market.

According to the committee's chairman Bruce Kasman, this situation will unfold over the following months, with house prices rising slightly next year.

In the meantime, the market will benefit from improved affordability, he stated.

People looking to buy property in the US may be encouraged by the expectation that a return to growth in the wider economy and then the housing market is not far away, as this would suggest the bottom of the property market could be close.

Moving to the US is 11 per cent cheaper for UK buyers than it was in April, money exchange firm Foreign Currency Direct calculated last week.

Foreclosed Bulgarian market emerges

Thu, 18 Jun 2009 00:00:00 GMT

Bulgaria is starting to provide a market for foreclosed property, with the advent of a new site for such homes.

The country's Chamber of Private Enforcement Agents website has launched a portal for this kind of sale, the first one of its type in the country, Novinite reports.

Investors in Bulgaria may find they are able to access bargains in the same way many in the US look to do in places such as Florida and California.

At present, 190 homes and 20 other assets are available on the site, although the law requires that all 163 enforcement agents must put properties up for sale, something only 20 have done yet.

However, the rest are expected to follow suit by the end of June.

Earlier this month the same news provider reported on comments made on Darik Radio, by chair of the National Real Property Association Lachezar Iskrov.

He said that property prices in the country had fallen close to their correct market value.

Italy's alternative Riviera recommended

Thu, 18 Jun 2009 00:00:00 GMT

Italy offers a cheaper alternative to the French Riviera, it has been stated.

The Liguria region is close to the Cote- D'Azur but is cheaper to buy Italian properties in, the Independent reports.

Luca Catalano of estate agency RealItalia told the paper that "regular flights into Genoa and Nice" make it a highly accessible area for UK buyers.

While coastal one-bed villas cost around GBP259,000, those looking slightly inland can find lower prices, said Italian property specialist Gemma Knowles.

She remarked: "Nice apartments in towns can cost from around GBP215,000 while inland you can find homes in charming hilltop villages or farmhouses from around GBP130,000."

Italy was recently named as one of the countries to benefit from a growth in UK buyers thanks to the rising strength of sterling against the euro, the Financial Times reported.

Director of dealing at foreign exchange firm Currencies Direct Mark O'Sullivan noted that the improving pound had provide a "confidence boost" to British investors buying in Europe.

Australian state's stamp duty plan welcomed

Wed, 17 Jun 2009 00:00:00 GMT

A halving of stamp duty on new-build homes worth less than AUD600,000 (GBP292,000) is likely to provide a major boost to the property sector in the Australian state of New South Wales, it has been predicted.

Worth an average AUD11,245 per home, the cut will help bolster investment in property across the state - which includes the country's largest city Sydney - and will in turn help stimulate home building, the state government's treasurer Eric Roozendaal has predicted.

Such a measure may tempt those thinking of buying property in Sydney or elsewhere in the state to consider a new house purchase and make the most of the saving available.

The city is likely to see its house prices rise by up to 19 per cent in the next three years, according to a report produced this week by BIS Schrapnel.

It's Residential Property Prospects report predicted that a combination of grant aid to first-time buyers in the near term and then low interest rates after that will help prices in major cities to boom.

It tipped Melbourne and Adelaide to also see large price rises.

Specialist tips French property success

Wed, 17 Jun 2009 00:00:00 GMT

It is still possible to be successful in French property investment, a specialist in the legal aspect of such transactions has said.

Sarah Bogard of law firm Furley Page commented that the emergence of a buyers' market and a fall in prices could help buyers.

She stated: "The right property and the right purchase structure could see you hold onto a property ripe for capital growth into your future - and that of your family."

Ms Bogard added that there are a number of measures that can be undertaken to help counteract the weakness of sterling against the euro.

One of these would be to buy from a British seller using pounds, she suggested.

Earlier this week, the Cote d'Or area in Burgundy's wine-growing region was highlighted by stone home renovation firm Arena Park France as a place with stable prices.

Representative of the firm Su Bishop said it was a part of France suited to the "discerning" investor.

Schrapnel tips Australian market to explode

Tue, 16 Jun 2009 00:00:00 GMT

Australia's property sector could be set for rapid price growth in the next three years, a new report has predicted.

The BIS Residential Property Prospects report forecasted that state capitals around the country will see significant price rises initially boosted by grant-aided first-time buyers, but then sustained by other factors such as low interest rates.

It said this would lead to cities such as Melbourne, Sydney and Adelaide enjoying price rises of as much as 19 per cent during the period.

Such a prospect may tempt investors to consider buying property in Australia.

Those looking at the South Australian capital Adelaide may wish to note a forthcoming list of its most liveable suburbs to be compiled by demographer Bernard Salt and published by the Sunday Mail.

Mr Salt told the paper that the south of the city has advanced significantly in the last ten years and the central business district has seen the development of new apartments.

Florida region 'showing market improvement'

Tue, 16 Jun 2009 00:00:00 GMT

An area of Florida that has suffered heavily in the recent property slump is showing signs that its market has bottomed out and is beginning to recover, it has been claimed.

Speaking to the Fort Myers-based news-press.com, executive vice-president of the Lee Building Industry Association Michael Reitmann commented: "I think we are at the bottom."

President of First Community Bank of Southwest Florida David Hall suggested that a nascent revival could be seen, stating: "I am thinking that the healing process is well on its way."

He noted that cheaper properties that sell for under $100,000 (£61,000) are being sold more quickly than before.

Buying property in the US as a whole has become 11 per cent less expensive for Britons than it was in April, overseas money exchange firm Foreign Currency Direct recently calculated.

This was based on recent trends in US house prices and the rise of the value of sterling, which has cut both the cost of homebuying and that of groceries.

Burgundy tipped for French stability

Tue, 16 Jun 2009 00:00:00 GMT

Burgundy is a region of France that is enjoying more stability than elsewhere in property prices, it has been stated.

Period home renovation firm Arena Park France said that the Cote d'Or wine growing region is remaining very solid, with its focus on continuing its wine-growing traditions rather than urban development ensuring that the supply of homes remains finite.

The company commented: "Like its wine the Cote d'Or's housing market is about quality rather than quantity and as such is offering some serious French resistance to the economic downturn."

It also noted that homes in the area are often attractive old stone buildings- which the firm specialises in restoring.

This combination of style, rural culture and a stable market may appeal to many property investors.

Buyers may also be encouraged by recent increases in the value of sterling against the euro, with the pound have risen above EUR1.17 in value last week.

Estonia 'in eurozone by 2011'

Mon, 15 Jun 2009 00:00:00 GMT

Estonia could soon adopt the euro as its national currency, a member of the European Commission has said.

Commissioner for monetary affairs Joaquin Almunia commented that the Baltic country's aim of adopting the euro by the start of 2011 is achievable.

Discussing the level of public debt cuts, he disagreed with those who said these have been occurring too slowly, stating: "I believe that the government is doing what it needs to be doing."

He said to "overreact" in monetary policy matters would lead to the country not achieving the growth it needs.

The prospect of Estonia joining the eurozone swiftly may encourage those thinking of buying property there, as the move may help increase confidence in its economic stability.

In turn, this could encourage more investment and help increase property prices.

Last month, Estonia's central bank Eesti Pank issued a statement saying that the economic prospects were improving, with the rate of decline in industrial output and exports slowing, Bloomberg reported.

World Cup 'will boost rental prices in Brazil'

Mon, 15 Jun 2009 00:00:00 GMT

Property investors who rent out homes will be able to make a large profit from the 2014 world cup in Brazil, it has been claimed.

Co-founder of developers ViaMar Groupo Vibecke Lykke Olsen said the rates charged for rent "treble" during the holiday periods, such as Christmas, Easter and carnival time, with the same effect likely to be seen during the tournament.

Discussing the fact that some games will be played in Natal, Ms Olsen said this is "exciting" and will help continue the infrastructure development that has been going on in the north-east of the country in the past five years.

"The development will just take off, there's no doubt about that," she said.

Those keen in investing in parts of Brazil near to the 12 venues for the tournament will now know what these will be.

Rio de Janeiro, Sao Paulo, Manaus, Belo Horizonte, Natal, Fortaleza, Curitiba, Salvador, Brasilia, Cuiaba, Recife and Porto Alegre were recently named as host cities by football's world governing body Fifa.

US property in 11% price boost

Mon, 15 Jun 2009 00:00:00 GMT

British buyers converting pounds to dollars will find that purchasing and living in a property in the US is now 11 per cent cheaper than it was in April.

Such a figure was calculated by money exchange firm Foreign Currency Direct, on the basis of the way the improved value of sterling has lowered the cost of items bought in dollars.

It revealed that this meant the average US house cost was down from £204,055.94 to £182,375, while additional savings can also be made on good such as groceries, with the cost of a typical shopping basket containing bread, eggs and milk dipping from £4.94 to £4.42.

Those keen to buy US property may consider such savings as a good reason to purchase now.

Sterling's value has risen against the dollar this week after a report by the National Institute of Economic and Social Research suggested the UK recession could be ending, with the economy growing in April and May.

Property prices 'rising again in UAE'

Fri, 12 Jun 2009 00:00:00 GMT

Property prices are starting to rise again in the UAE, it has been stated.

Speaking to news agency The National, head of international sales at LLJ Property Andrew Covill said: "The availability is suddenly a lot less in the last three to four weeks and we are seeing a dramatic increase in demand."

The news provider said that while news that prices are suddenly rising again after a nine-month dip only applies to completed and nearly-completed property, the figures still defy the recent findings of a report by Better Homes that suggested a fall in values would last until 2011.

Senior economist at Standard Chartered Bank Philippe Dauba-Pantanacc said the news of stabilisation had come as a "surprise" to analysts who had expected more falls.

The view that the property market in Dubai is getting better was emphasised by chief executive of Damac Properties Peter Riddoch, who told Gulf News the market there is showing signs of "bottoming out".

Cyprus 'the star performer'

Fri, 12 Jun 2009 00:00:00 GMT

Cyprus has been described as a lone beacon of economic growth in the eurozone.

The country looks on course to be the sole member among the 16 countries in the bloc to record positive economic growth in 2009, RTE reports.

Such a view was noted by the news provider after the country's state statistical service revealed that annual growth to the end of the first quarter of 2009 was 1.2 per cent, albeit less than the previously predicted 1.4 per cent.

Although the economy slowed in the first quarter of the year, the report said: "Satisfactory growth rates of both construction and the wider services sector limited the extent of this deceleration."

Those investing in property may wish to buy in Cyprus because of its stronger economic situation.

Last month the Cypriot finance minister Charilaos Stavrakis said the country's prospects economically were better than those of its neighbours, noting that the economy was still growing and the government had not needed to bail out Cypriot banks.

Portugal property quality praised

Fri, 12 Jun 2009 00:00:00 GMT

Portugal's quality of property has been praised in a feature on the Algarve market.

The American Chronicle noted that the country has a high build quality, a factor it said "shouldn't be underestimated" by investors.

In addition to this, the news provider stated, the area provides consistent sunny weather and is easy to get to via Faro airport.

Another factor cited as favourable is the greater price stability enjoyed by Portugal in comparison with Spain.

"Its market has always been considered far more sane and stable than its rather volatile Iberian sibling," said the paper, which noted that the prices are higher by the sea and cheaper inland.

Overseas mortgage firm Conti recently listed Portugal among the countries where there has been an interest in buying from UK property investors recently, partly due to lower prices.

Another reason given was that the pound has been gaining in value against the euro, increasing the purchasing power of Britons.

US property buyers aided by sterling rise

Fri, 12 Jun 2009 00:00:00 GMT

A further increase in the value of sterling against the US dollar may help those looking to buy property in the US.

Morning trading today has seen the pound topping the USD1.64 level, helped by new data suggesting the UK may be coming out of recession much earlier than expected.

Data from the National Institute of Economic and Social Research (NIESR) indicated that the economy grew in April and May, with March representing what it called the "trough of the depression".

The improvement in the value of the pound is in contrast with earlier this year, when it was worth less than USD1.40 in January.

It means that buyers can get more US dollars for their pounds and thus will be able to stretch their property buying budgets further.

Buyers of US properties were advised to consider the Florida town of Kissimmee this week.

Road House Realty said the location, which is near Orlando, has one of the highest levels of air quality in any urban area of the US.

Sterling boost for eurozone property

Fri, 12 Jun 2009 00:00:00 GMT

The pound has risen in value against the euro following new indicators that the UK economy is improving, something that could make it cheaper to buy property overseas.

Sterling rose above EUR1.17 in trading today - its highest level in 2009 - after figures from the National Institute of Economic and Social Research indicated that the UK economy started to grow again in April and May.

Buyers of overseas property may now be able to stretch their money further than has been the case previously this year, making it cheaper to buy in countries such as France, Spain, Portugal, Italy and Cyprus.

At the start of this year the two currencies were near parity in value.

The report said the evidence appears to show that March represented the "trough of the depression" and that the recession may now be over.

Such an improvement would be "coherent with the broader picture of stabilisation" revealed by other recent economic indicators, it added.

Bulgaria prices 'at market value'

Wed, 10 Jun 2009 00:00:00 GMT

The average price of property in Bulgaria is now close to reaching its real market value, it has been stated.

Speaking to Darik Radio, chair of the National Real Property Association Lachezar Iskrov said the level of prices was now close to being the right one, although he could not say when prices will begin to rise again, Novinite.com reports.

Mr Iskrov listed a number of places as being good ones for property investors to buy in.

He commented that most investors look for two-room apartments in Sofia, with the best districts to buy in being Lyulin and Druzhba for mid-range property, while South Park remains the most prestigious.

Mr Iskirov stated prices for good properties are now at around €1,000 to €1,200 (£1,034) per sq m.

The cost of a mortgage for those buying a property in the country may have fallen for many after a recent base rate cut.

Bulgaria's central bank trimmed its base rate at the start of last month from 3.53 per cent to 2.27 per cent.

Distressed sales 'offering bargains'

Wed, 10 Jun 2009 00:00:00 GMT

Those looking to buy property overseas can pick up many bargains due to the economic climate, it has been stated.

Director of trading at money exchange company Currencies Direct Mark O'Sullivan said: "Clients that are buying through us are cash buyers. They are the EUR100,000 - EUR300,000 (GBP87,000 - GBP260,000) plus buyers."

This group is well able to pick up bargains in many countries, he noted, with there being a wide availability of distressed property, enabling buyers to "drive whatever bargain you like".

Mr O'Sullivan noted that the number of buyers is rising, which he said is a common feature of the summer months.

Some of the properties available in Spain are being sold by British expats, recent research has revealed.

A study by Currencies Direct found that a 15 per cent monthly increase in these has been occurring since the start of the year.

At the same time it also found that the year to May 2009 has seen a doubling of the number of Britons buying euros to purchase overseas properties.

Spanish property market tipped for improvement

Wed, 10 Jun 2009 00:00:00 GMT

A representative of a Spanish property firm has said the market in the country is close to the bottom.

Director of Iberian International Laura Nicoll argued that the situation is close to turning, with new price growth set to result from the low level of construction currently taking place.

There will be an "inevitable supply shortage in the coming years", she claimed, arguing that this will inflate Spanish property values as a result.

However, at present prices are falling and likely to go on doing so by ten per cent this year, Spain's second largest bank BBVA has predicted.

While those buying property in Spain may gain if Ms Nicoll is correct, further price falls could mean more bargains for investors.

Recently-produced figures from foreign exchange firm Currency Index stated that two-bedroom flats on the Costas have seen their prices drop by an average of 30 per cent since last year.

US property buyers advised to try Kissimmee

Tue, 9 Jun 2009 00:00:00 GMT

Kissimmee in central Florida is a favourable place to buy US property, it has been suggested.

Road House Realty said the city offers good health benefits due to the very low level of atmospheric pollution compared to other urban areas in the US.

The firm noted: "Kissimmee has one of the highest air quality percentages in the United States which means you can breathe fresh air within the city," suggesting this makes it a good place for those with children, as they can grow up in a cleaner environment. Kissimmee is located close to the city of Orlando, which may mean that those looking to buy there may enjoy the benefits of being close to the attractions of the city, including Disney World and Universal Studios.

Those buying in the US may be able to benefit from falling prices in urban areas.

Last month's Standard & Poor's/Case-Shiller Home Price Indices revealed a 19.1 per cent year-on-year fall in prices during the first quarter of 2009, the largest such fall in the 21-year history of the survey.

US sees upsurge in buyers as property gets cheaper

Tue, 9 Jun 2009 00:00:00 GMT

The US is attracting more British buyers as the cost of buying a property there falls, it has been stated.

Research by money exchange company Currency Index has found that the country is growing in popularity, something the firm has attributed to falling prices, less expensive mortgages due to base rate cuts and the strengthening pound.

Commenting on the development in the US and in other countries, spokesman at the firm Robin Hayes said: "We are seeing a renewed demand for currency exchange as people pick up property bargains," noting that Florida is among these buyer destinations.

People buying property in Florida and elsewhere may find that the present time is a good one in which to buy, chief executive of the Association of International Property Professionals Paul Owen told the Daily Mail recently.

However, he warned, people seeking bargains should not ignore "the basic rules of safe buying abroad", advising that buyers should get independent advice on the financial and legal issues involved.

Spain and Portugal properties 'more affordable now'

Tue, 9 Jun 2009 00:00:00 GMT

Properties in Spain and Portugal have become a lot more affordable for Britons, a new survey has found.

Research by money exchange firm Currency Index indicated that a combination of factors have made buying in such countries less expensive, with prices, mortgage costs and exchange rates all increasingly favourable, the Press and Journal reports.

The Spanish Costas have seen the largest improvements in affordability, with price drops of up to 30 per cent for two-bedroom apartments.

Spokesman for the firm Robin Haynes told the paper: "With property prices and mortgage repayments now significantly lower than in 2008 in many of the UK's favourite foreign holiday-home destinations, we are seeing a renewed demand for currency exchange."

Portugal property buyers may have some famous company, according to recent reports.

These linked Hollywood actress Angelina Jolie with the country, amid claims that she had instructed an agent to find her a beachfront property on the Algarve.

Eurozone rates stay put

Mon, 8 Jun 2009 00:00:00 GMT

The European Central Bank (ECB) has held interest rates, meaning the cost of euro mortgages may stay unchanged.

Investors looking to buy in countries such as France, Italy, Portugal, Spain or Cyprus may find that they are able to obtain favourable rates after the ECB revealed yesterday that it had decided to keep the main refinancing operations rate at one per cent.

It also said the marginal lending facility and the deposit facility will remain the same at 1.75 per cent and 0.25 per cent respectively.

With the Bank of England also holding its base rate this week, this factor will not play any part in influencing the direction of the cost of euros for those changing from sterling, something that has been improving for Britons recently.

The director of dealing at foreign exchange firm Currencies Direct Mark O'Sullivan told the Financial Times last week that this had provided a "confidence boost" to Britons wishing to buy in the eurozone, with the result being a rise in enquiries.

Keep a level head, investors told

Mon, 8 Jun 2009 00:00:00 GMT

Those investing in overseas properties in places such as Florida should remember that they need to act with common sense, it has been stated.

Speaking to the Daily Mail, chief executive of the Association of International Property Professionals Paul Owen said that while some parts of the market are currently low on confidence, "equally it can be a great time to buy".

However, he added: "People shouldn't lose their heads and forget the basic rules of safe buying abroad"

In a buyers' market consumers should be using their power to ensure they get protection from the seller, Mr Owen commented.

Among his recommendations were that buyers should get independent help and advice on the financial and legal elements of the transaction.

Florida property buyers looking at foreclosed homes were recently advised to employ an appraiser to check that the utilities work in any house they buy.

US property firm Findire.com said this should be done because there will be no seller who is under the obligation to ensure utilities are in working order.