Global property market edges towards recovery

According to Jones Lang LaSalle’s latest report showed that the global property market is edging towards recovery. investment volumes climbed back up to $108 billion in the second quarter of 2012 after a dip in activity in the first quarter. This now means that capital markets are back on track to volumes of around $400 billion by the end of the year.

Global economic outlook weakened as euro strains re-emerged, while low growth in developed economies remains a drag on a strong real estate recovery. Corporate occupiers adopted a wait and see approach to expansion, with sale and leaseback activity increasing as corporate looked to release capital.

Leasing activity still remains lower than 2011 due to weak jobs growth despite having improved from the first quarter dip. As a result, gross leasing volumes across 2012 are expected to be 10% below 2011.
Global office vacancy rates are now the lowest since 2009 at 13.3%, while vacancy continues to decrease.

If you are tempted by the prospect of taking advantage of the overseas property market and are looking into investing in property overseas visit Conti Overseas Mortgages atwww.mortgagesoverseas.com
OR if you are looking for a home in the UK and need conveyancing? visit us at www.helpfulconveyancing.co.uk for all your conveyancing solutions!!

Low house prices in Italy will stay low

According to one of the latest reports from Nomisma, Italian house prices are expected to drop again in 2012 due to the persistent recession and ongoing issues in the Eurozone. New Government plans are also predicted to help keep prices low for the foreseeable future.

The report expects the quantity of house sales to be at its lowest since 2000. It is thought that purchases may drop down to 529,306 (reduction of 12%). This estimate is based on the fact that the number of Italian property sales in the first quarter of this year dropped by about 20%. The same report demonstrates that the cost of a new house fell by 1.8% in the beginning of this year, and when compared to 2008, prices in the biggest Italian cities have fallen by 11%.

Nomisma has said.“The deteriorating economic context, coupled with more selective borrowing conditions and the widespread expectations of a wider depreciation than already recorded are the main reasons for the new halt to the real estate market.”

Bloomberg has predicted that the Italian economy may decrease by up to 2.4% this year, and that home sales are expected to fall further ‘amid rising unemployment and Prime Minister Mario Monti’s austerity measures weighing on consumer demand’

It was revealed by a Finance Ministry agency that, in June, the Italian property market posted its largest drop since the beginning of data collection in 2004  A new housing levy, marking the reappearance of tax on primary residences after four years, ‘won’t be an incentive for the market’ in coming months, stated the Agenzia del Territorio.

If you are interested in the Italian property market, would like to take advantage of Italy’s low housing prices or are interested in taking out an Italian mortgage, get in touch with Conti - Mortgages Overseas by exploring our website (www.mortgagesoverseas.com) or via telephone 08009700985

Plunging Prices of Portuguese Property

Plunging prices of Portuguese property

The latest numbers have shown that portuguese property prices are continuing to plunge.

Statistics Portugal’s most recent set of data has shown that prices of Portuguese property have plummeted by 8.9% in May 2012 in comparison to the same time the previous year. Global Property Guide has added that when taking inflation into account, the prices have in fact dropped by 11.3%.

In terms of quarters, value of property in May fell by 0.8% meaning that the new national average of Portuguese property is at 1,047 euros per square metre.

Apartment prices are falling at a faster rate than houses (10% drop compared to 7.2%) Suggesting that now may well be an ideal time to invest in Portuguese property as prices are so low.

If you have an interest in Portugal, buying a house in Portugal or taking out a Portuguese Mortgage, get in touch with Conti - Overseas Mortgages either by exploring the website (www.mortgagesoverseas.com ) or via telephone 08009700985

Wealthy French residents flee leaving behind a fantastic choice of property in France

The selection of luxurious high end homes in France has greatly increased due to the recent french presidential election. It has been reported by the Daily Telegraph that lots of french families are ‘fleeing a proposed new tax rate of 75 per cent on all earnings over one million euros’ (around £780,000).This means that quite a few fantastic french properties are now making their way onto the french property market, suggesting that now could be a good time to invest in high end french property.

One of the top overseas estate agents has revealed that its french sector has sold over 100 properties valued at at least 1.7 million euros within the past couple of months (A significant increase when compared to the same time period last year)

"The result of the presidential election has had a real impact on our sales. Now a large number of wealthy French families are leaving the country as a direct result of the proposals of the new government.” Says Alexander Kraft, head of Sotheby's Realty in France.

"These properties are then bought up by foreign investors looking for a stable real estate market like France to invest in.”

"It shows the high-end property market is holding up very well, even in these difficult times."

If you have an interest in the french property market, are interested in buying a house in France or would like to take out a french mortgage, please get in touch with Conti - Mortgages Overseas via our website (www.mortgagesoverseas.com ) or via telephone 08009700985.

Escape The Euro Crisis In These High Growth Property Markets

fig 1. mount Ararat, Turkey

The Euro is on the brink of breaking as political leaders in Greece have announced that their country is heading towards its own Great Depression with Spain and now Italy slowly heading the same way. However,
as Roman philosopher Seneca once said “It’s not because things are difficult that we dare not venture, it’s because we dare not venture that they are difficult.”

if you were interested in buying property in Europe, perhaps Spain or Italy, but are worried at where the pending economic crisis may leave you, then fear not as there is a country in Europe that may be able to help jump start your property portfolio.

Turkey has been one of the top spots on investors’ property lists for the past two years with its rapid GDP growth of 3.2% in the first quarter of 2012 underpinning strong rises in the value of Istanbul property.

As a result of the new reciprocity law that has been passed to allow citizens from the majority of countries to invest in Turkish property, there is now a steady influx of investors from Gulf nations in particular, who were previously unable to invest directly.

As many Turkish real estate advisors will tell you, “If you really want to make money from investing in Istanbul property you will need to move early to get the best prices. We are seeing a lot of interest from investors we haven’t seen before as a result of the new law being approved.”

Property prices in Turkey are already on the up and are rising by around 10% every year, which would mean, if this trend continues, that property in Turkey could have risen by so much as 50%!! This is making Istanbul a great place add to a property portfolio or even to build.

The property market in Florida is another hot market that is attracting some attention this year with investors hoping to catch the bounce.

Fig 2. Crandon Park, Florida

If you are keen to invest but you want to steer clear of the Eurozone crisis, Florida is a market where you can enjoy strong rental yields and prices that are showing the first clear signs that they are on the up.

You can pick up a townhouse from as little as £45,000 and with the price of Miami property 50% below its peak it is a solid investment!

If you are tempted by the prospect of taking advantage of the property market in Turkey or in Florida and are looking into investing in property in either of these places, or anywhere else for that matter visit Conti Overseas Mortgages at www.mortgagesoverseas.com

OR if you are looking for a home in the UK and need conveyancing? visit us at www.helpfulconveyancing.co.uk for all your conveyancing solutions!!

Surprise Mortgage Enquiries Increase For Spanish Property

Despite the country’s ongoing economic struggles, property experts believe there is still very healthy appetite from Brits looking to buy property in Spain.

This comes as leading overseas mortgage specialist, Conti report that enquiries from foreign property buyers looking for a Spanish mortgage have increased by a third in the last two months. Enquiries from clients looking to secure a Spanish mortgage increased by 33 per cent during May and June 2012.

Claire Nessling from Conti said: “Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market...In addition, despite the ongoing eurozone crisis, the growing strength of the pound, which has been rising against the euro to levels not seen for around four years, is boosting the budgets of British buyers.”

“These factors, together with historically low interest rates, are making it more affordable to buy in Spain right now. And signs that the market is improving are starting to lift the confidence of prospective buyers,” She added.

Mortgages for property in Spain are still available to around 65-70 per cent ‘loan to value’.  Higher borrowing limits are also generally available on properties being sold by the Spanish banks themselves.

if you are interested in getting in on the action in Spain or are interested in buying property in Spain, visit us at www.mortgagesoverseas.com

or if you are relocating within the UK and need conveyancing but want to find the best deal for you? then come and compare conveyancing prices with us at www.helpfulconveyancing.co.uk

Turkish Property market is booming!

Turkish property market is booming!

The Turkish property market is booming in a way that is completely unheard of in the country’s history. Despite the state of the world’s economy, Turkey is still providing buyers with competitive real estate prices. A key part of this boom appears to be due to foreign investment, where investors are headed to the country to get their hands on  millions of pounds worth of property.

Non-Citizens can invest in property  thanks to a new law

As of a few months ago, non-Turkish citizens are able to buy property in Turkey due  to the passing of a new law. This legal change has come hand in hand with a boom in turkish property and mortgages in Turkey, the majority of which are happening in Istanbul.

Spanning Europe and Asia, Turkey is where East meets West in a blaze of glory. Influences of both cultures chart its epic journey across thousands of years to the developments shaping this sizeable country today. Ottoman mosques vie for attention next to Roman temples and eastern spice markets mix with trendy boutiques. Ancient cities resplendent with archaeological treasures now a short expedition from lively resorts and sun kissed beaches.

In the south its vast golden shoreline basks in the Mediterranean and Aegean heat while in the north the Black Sea sets the tone for its cooler climate. From its breathtaking waterfalls, historic rivers and tranquil countryside to the hustle and bustle of its vibrant cities, such as Istanbul, with their chaotic bazaars and busy ports. Turkey is crammed full of delights. As more and more people are discovering the tempting array it has to offer, its holiday home market has been flourishing. Combine these factors with the relative stability of the Turkish economy and it is clear to see why Turkey is considered ideal for investment.

Investors from Europe attracted to Turkish property

As mentioned earlier on, the new law was introduced, demolishing the barrier that previously prevented foreign investors from buying Turkish land. Predictably, investors started looking into property as well. Local real estate agents have mentioned that 2 big European firm owners are seriously considering property in Turkey.

Investment in turkish property is viewed as a positive thing, however, some local estate agents have concerns. They fear that investors hope to re sell to other individuals, which raises fears due to the speculation that may occur when they are not selling directly to the buyer.

Ripple effect?

As you can imagine, locals are generally excited by the prospect of foreign investment in turkish property and mortgages. There is a fear that the increase in interest will also cause an increase in prices, which in turn may create a ripple effect that would affect the entire property market in Turkey.

The large proportion (80%) of Turkish property sales and mortgages are due to local / non - prime real estate, leaving the other 20% for luxury property, according to Istanbul - based estate agents. The new law has been somewhat opposed by  competing  parties as they feel that some of its provisions are unfavourable.

Property sales reach $1 Billion in one month

In just one month, a record $1 Billion worth of property has been sold in Turkey. This is in stark contrast  when compared to figures from last year, since then there has been a fourfold increase. What make this all the more spectacular is that only $114 million worth of Turkish property had been sold in early 2012. This amount of foreign investment has been heralded as the largest since the republic of Turkey was forged in 1922.

Turkish mortgages and property sales are expected to shoot up in the coming months as an increasing number of foreign investors flock to the country. In the following  months the quantity of mortgages in Turkey  and property sales are being predicted to rise even further as more foreign investors flood in.

If you have an interest in the turkish property market, buying a home in Turkey or Turkish mortgages, please do get in contact with Conti - Overseas Mortgages by exploring our website (www.mortgagesoverseas.com)

Canadian Property Market Still Improving

Canadian Property Market still improving!

Many people are aware of, and criticise, the fact that there is scope for a ‘bubble’ in Canada, as prices will continue to grow. Another record price peak was reached in June despite a decreased rate (according to Teranet-National Bank Composite’s most recent House Price Index)

The index, in which single family homes are monitored for any change in value of repeated sales, demonstrated that for June there was a 1.2% general increase in price compared to May. Compare this to the previous year and the index has climbed up 5.4% (Montreal showing a 4.4% increase)  The only negative being that for 7 consecutive months, the year on year price has continued to grow at a decreased rate.  

Canadian micro strategist, from TD Securities, Mazen Issa, has said that  “The 11-city composite index has steadily decelerated on a year-ago basis since late 2011. We would have seen a sharper deceleration in the index if it were not for the Toronto market, which holds the greatest weight in the index.”

As you may expect, there is continued speculation on where this growth in Canadian property prices will lead (especially when considering in combination with “overbuilding of |condos in Toronto”): A steady cooling or a dramatic crash?

Canada’s largest mortgage lender, The Royal Bank of Canada, is expecting a steady decline, rather than a crash, in Toronto’s property market, since supply continues to appear online.Capital Economics, however, disagree with the proposed cooling. David Madani, one of their economists had this to say “Admittedly, house prices haven’t actually started to fall more generally, which would seem to support the view that Canada’s housing market is enjoying a soft landing.. .we think a housing correction over the longer term is inevitable and still stand by our earlier view of house prices declining by 25 per cent.”

A parallel to this story is running on the other side of the world. In New Zealand, property value is continually powering on despite the global recession. If you are planning on investing in property or taking out a mortgage overseas, clearly it would be wise to do so in a market that is proven to be prosperous such as Canada or New Zealand . If you have any questions or concerns about overseas property or mortgages get in touch with Conti - the UK’s leading overseas mortgage specialist.

(Image by Tobias Alt, Tobi 87 (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0-2.5-2.0-1.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons)