Overseas buyers help Spanish market to end year on a high

Global Edge

2012 has witnessed a perfect storm of negative news for the Spanish property market.  Prices are down year-on-year by 15.2% according to official statistics and the newly formed bad bank has led to a frenzy of price cutting by the savings banks.

The good news though is that on an annualised basis, Spanish property sales have increased for three months in a row

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There's never been a better time to move abroad

Telegraph

Spain continues to be one of the most popular destinations for British expatriates, despite its obvious economic difficulties, as the laid-back lifestyle and the convenience of the easyJet-corridor gives it an allure that is hard to resist.

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France - Mortgage Market Update

Connect Overseas

While it comes as no surprise that property prices have fallen in France over the past four years by an average of 3%. According to the latest analysis from Notaires, this figure hides larger falls in some rural areas, where falls of between 10 and 15% have been recorded. There has also been a substantial fall in property sales with figures from estate agents reporting a slump of around 20% in the volume of sales.

FNAIM, the national association of French estate agents, reported that house prices had fallen by an average of 1.3% over the past year. But again this headline figure masks the fact that in rural areas prices have fallen by as much as 8% in the same period.

The main drivers, apart from the international downturn, have been placed at the door of government action, including withdrawal of interest free loans for first time buyers. Currently property finance is available to non French nationals with fixed rate mortgages being offered with interest rates as low as 2.3%, with finance available up to 80% loan to value. Mortgages are available for the purpose of residential property purchases, second homes and investments. There are also remortgage and equity release finance options available. Lending starts from 30,000 euros up to mortgage terms of 30 years. As part of their finance package many lenders in France include a free property valuation and some do offer an interest only repayment option  alongside the traditional repayment method.

Capital Gains Tax on Second Homes for 2013

French Property

The government is proposing to grant a reduction of 20% in capital gains tax on second home sales next year.

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Lloyds withdrawal will give NatWest expat mortgage ‘monopoly’

Mortgage Solutions

The lender announced its decision to withdraw these mortgages as part of a group-wide review of expat mortgage products. The products, including the popular buy-to-let range offered by BM Solutions, will be made unavailable from today.

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Average Mortgage is 40% Cheaper than Four Years Ago

Kyero.com

According to recent data published by the Spanish Mortgage Association (AHE), mortgages are now 40% cheaper than four years ago when the Euribor reached the highest level in its history (above 5%), with an average mortgage now costing 3,420 euros less.

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France: Expat buyers provide "bouyant year"

The Move Channel

The French property market has been a good investment for many foreign-buyers over the last year with prices of flats and houses rising by between 4% and 8% respectively in the sought after areas of Nice and the Cote d'Azur.

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Portuguese property taxes to rise

Property Showrooms

Portugal has recently taken steps to make its property sector more attractive to investors outside the EU.

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Estate Agents face Anti-Money Laundering Regulations for overseas-property

Bdaily

UK-based estate agents who assist clients to purchase or sell overseas property must now comply with the Anti-Money Laundering (AML) Regulations.

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Cyprus: Property price falls reach 2 year high

Cyprus Property News

THE CYPRUS Central Bank’s Residential Property Price Index for Q2 2012 reports that their index fell to 90.3; a fall of 2% compared with Q1 2012.

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Economists bullish on US housing recovery

Inman News

Home prices will see steady increases through 2016 starting this year, according to a quarterly survey of more than 100 economists, real estate experts and investment strategists.

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Portugal more attractive for non-EU citizens

Algarve Resident

A series of new laws, being introduced in Portugal in October, aims to attract non-EU citizens with cash to invest, as it is believed that many are just waiting for the right opportunity and conditions.

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Europe's property gap

The Wall Street Journal

A mismatch between the kind of property that investors are seeking and what is available to buy is likely to push European real-estate prices lower for all but premium assets, according to real-estate analysts.

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Irish mortgage arrears increase 6% in Q2

International Estate Agent Today

The number of Irish residential mortgages in arrears or restructured due to financial distress increased by 6% during the second quarter (Q2) of this year, new data shows.

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Head of Bank of Ireland expects Irish market to ‘bottom out’

Property Overseas Today

The Irish property market is now at or near the bottom of the downturn, following one of the most severe property crashes ever experienced by a modern developed economy.

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Third Country Hits Industry Hot Streak

Global Edge

When it comes to positive industry headlines, two countries have dominated of late.  The US, in particular Florida, and Turkey.

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Spanish new homes prices to rise in 2013

Property Overseas Today

The cost of buying a new home in Spain will increase next year after the Spanish government announced that it will be increasing VAT from 4% to 10% on all new build properties in a bid to raise extra revenue.

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South Africa - House prices fall ‘most in 30 years’

Business Report

Rode claimed in January this year that house prices in South Africa were still at least 25 percent overvalued despite the economy being three years into “the great recession”

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Euro continues its decline against the USD and GBP

Property Overseas Today

The pound continued to trade higher against the EUR on Wednesday as GBP/EUR hit a new 3-1/2 year high at 1.2706 and the 17-nation currency continued its downward move versus the USD with EUR/USD hitting a fresh two-year low

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International buyers see France as a safe haven

International Estate Agent Today

The 2012 Investing & living abroad survey by BNP Paribas has been published and this year the report has been extended to look at the impact that the internet is having on the buying process.

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Spain: European buyers rise 12.3% despite markets falls

Global edge

Yet, despite the gloom, the international market is showing real signs of strength.  According to the property registers (registradores.org), European purchases of property in Spain rose 12.3%. 

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Foreign buyers driving up U.S. home prices

MyDesert.com

A reverse flow of overseas investments is now occupying the front row of multi billions of dollars flowing into the depressed U.S. housing sector, already causing a value appreciation of this savagely distressed sector .

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More Brits buying homes in the French Alps

International Estate Agent Today

There has been a sharp increase in the number of Brits buying homes in France, particularly in the Alpine region, according to French property developer MGM.

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Overseas bargains to be had

Best Advice

Connect Overseas is advising introducing brokers and their clients to look seriously at property investment in Europe in the wake of the deepening euro crisis.

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World's top banks hit with Moody's downgrade

Yahoo Finance

The health of 15 of the world's largest financial institutions has been called into serious question after Moody's downgraded their credit ratings, citing risk exposure and the eurozone crisis.

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Bank of England Unveils £5bn Lending Scheme

Sky News

The Bank of England (BoE) has confirmed it will set aside £5bn each month as part of a new lending scheme aimed at helping British banks.

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Vendors drop asking prices in record numbers according to leading portal

Spanish Property Insight

Vendors have been reducing their asking prices in record numbers, and by record amounts, according to the property portal idealista.com. Year-on-year, price reductions in May increased by 54pc in volume (green chart) and by an average of 12pc in value (red chart). Almost 9pc of vendors listing with Idealista dropped their asking prices in May

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London Tax clampdown on overseas buyers

Money Week

There is to be a 15% stamp duty charge on houses worth more than £2m which are bought and sold via companies. Capital gains tax (CGT) has also been extended so that any sale of a house via a non-resident company will be taxable at the usual rate (note that at the moment non-UK residents don’t pay CGT at all).

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What does €100bn bailout mean for Spanish property market?

Property Overseas Today

Bad property loans have been at the heart of Spain’s problems in recent years and now finally the Spanish government has asked for a European bailout of up to €100bn (£81bn) to save its banks.

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Dubai Banks Set to Launch New Mortgage for Foreigners

Property Abroad

Several Dubai Banks are on the verge of launching a new mortgage product especially designed for foreign buyers looking to purchase property in the emirate. When the global financial crisis hit Dubai it caused mortgage financing to grind to a halt, and property prices fell by more than 60%.

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Connect Group announces restructure

My Introducer

The Connect Group, has announced the appointment of Kevin Ward to head up the Connect Mortgage Club, which is a new buy to let and bridging service aimed exclusively at the broker market. In tandem with this appointment, Geoff Simmonds has been appointed the new manager of Connect Overseas.

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Holiday property investment opportunities in Spain

Property Overseas Today

While the deepening eurozone crisis and Spain’s weakening economy and high unemployment rates are cause for concern, UK investors should be able to snap up a bargain while being safe in the knowledge that holidaymakers will keep coming to Spain

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Top advice for relocating overseas

Property Overseas Today

Relocating overseas, whether for pleasure or work, is a big step and although it is a really exciting time for you and your family there are a lot of things to put in place before you make your move.

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Spain further reduces capital gains tax

International Estate Agent Today

The Spanish government has announced a further 50% reduction in capital gains tax on second homes purchased this year, in a bid to boost property sales and help reduce some of the country’s huge housing stock.

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Europe slowdown adds more tension to Greek drama

Reuters

Europe's economic slowdown has hit the engine-room of the euro zone, including Germany, gloomy new indicators have revealed, adding urgency to the region's struggle to keep Greece's debt crisis from tearing the single currency apart.

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Is property in France and Spain really that 'cheap' after the euro's dive?

This is Money

Interest in European property on UK search portals is rocketing. But is it really a good time to buy in the eurozone following the euro's sell-off?

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European uncertainty looks set to continue this week

International Estate Agent Today

Brits seeking to buy property in eurozone countries are getting the best value for money in three-and-a-half years amid the continuing eurozone crisis.

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PM Warns Greece June Vote Is About Eurozone

Sky News

The Prime Minister has warned Greece that its new round of elections must be a vote about staying in the eurozone.

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Cameron Takes Eurozone Demands To US Summit

Sky News

David Cameron is set to step up his demands for action to tackle the eurozone crisis as he heads to the United States for a two-summit weekend with world leaders.

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Portugal expected to approve rent reform

By International Estate Agent Today

Portugal is on the verge of modernising its rental law to meet the challenges facing the property and construction sectors. The European Union and IMF want the law reform as a condition of Portugal's bailout, in a bid to stop long-term tenants from occupying properties on low rents set three decades ago.

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Spain's banks detail new cost of property clean-up

By Reuters

Spanish banks unveiled fresh funds on Sunday to meet new government demands aimed at cleaning up the country's sickly property market and easing international markets' concerns about the troubled financial sector.

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U.S. property market could be near to bottoming out

By Property Overseas Today

The collapse of housing markets across the USA, a key contributor to the financial crisis that dragged the country, and the rest of the world with it, into recession, is showing signs of improving.

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Brits eye property investment opportunities overseas

By Property Overseas Today

A rising number of Brits are eyeing up property investment opportunities in Greece, Malta and Ireland, thanks to significantly cheaper property prices and a favourable sterling/euro exchange rate, according to provided by Rightmove Overseas.

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Euro zone turmoil boosts London property stampede

By Reuters

Worsening financial and political turmoil in southern Europe caused a surge of interest in London property last month with buyers from Greece and Spain showing strongly among investors seeking a safe haven for their money.

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Spanish overseas property sales hit three year high

By Global edge

Figures from the Bank of Spain and Taylor Wimpey Espana provide proof, if any was needed, that international property markets behave differently to their domestic counterparts. Doom and gloom is difficult to avoid when reading reports that mention the Spanish economy, unemployment or the banking/property sectors.  Yet there are pockets of good news for our industry.

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Slump worsens in ailing Greek property market

By Reuters

ATHENS, May 10 (Reuters) - Prices of residential apartments in Greece slumped by almost a tenth in the first quarter of 2012 and the volume of property transactions halved, the central bank said, illustrating the depth of an economic recession now in its fifth year.

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