Monthly Archives: July 2009

Ronaldo house hunting

July 29, 2009 – 9:04 am

Please let me find a property in Spain!

Please let me find a property in Spain!

Retiring Britons aren’t the only expats looking for a place to live in Spain and Tenerife. Football star Cristiano Ronaldo is house hunting in Madrid following his transfer to Real Madrid from Man. United, no doubt with a hefty budget thanks to his record-breaking £80million transfer fee.

There has been much speculation in the Spanish press as to where Ronaldo would choose to live. Many expected him to buy a luxury villa in one of Madrid’s high end residential suburbs like La Moraleja or La Finca, following in the footsteps of other ‘Galacticos’ or megastars from the Real Madrid team. Beckham, for example, bought a villa in La Moraleja for £4.5m in May 2005, and is reported to have spent another £500,000 doing it up.
But it appears that Ronaldo has decided against buying, and has opted to rent a swanky city-centre apartment instead. The Spanish press reports he is looking for a 500m2 penthouse bang in the centre, fully furnished, with at least 5 en suite bathrooms, a large terrace, and a pool. Football stars tend to move on sooner or later, and by renting Ronaldo might be keen to avoid the fate of the Beckhams, who just can’t flog their villa in Madrid. After around 2 years on the market they are reported to have dropped their asking price from £5m to £3m, but still no takers.

By Angela | Posted in Economy, General, Miscellaneous Articles, Property, Sports Desk, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , , , | Comments (1)

Banks will start lending when prices stop falling

July 28, 2009 – 3:26 pm

Banks in Spain will lend again when property prices stop falling

Banks in Spain will lend again when property prices stop falling

The president of the Spanish banking association, Miguel Martin, said recently that banks will start lending again when “the fear of a property price collapse” has passed. When that happens, the solvency of buyers will improve as a result, he argued.

Speaking at the recent property sector trade fair in Madrid, Martin explained that “with greater demand and stable prices, or without the fear that prices will collapse, borrowers will see their solvency and collateral improve, and credit will start flowing again.”

At the same event, José Manuel Galindo, president of the APCE developers’ association, drew attention to the role played by banks in causing Spain’s property market slump. He called on banks not to discriminate against clients buying property from developers, accusing them of unfair competition for offering better mortgage financing terms to clients who buy property from the banks

By Angela | Posted in Economy, General, Miscellaneous Articles, Property, Tenerife, Uncategorized | Tagged , , , , , , , | Comments (1)

Property prices begin to stabilise in Spain and Tenerife

July 27, 2009 – 12:49 pm

Property prices stabilising in Tenerife and Spain

Property prices stabilising in Tenerife and Spain?

Spanish property prices fell by 9.8% over 12 months to the end of May, according to the latest Spanish property price index published by Tinsa, one of Spain’s leading appraisal companies.

For what they are worth, the figures represent a slight improvement on the previous month, when prices fell by 10.1%. It could be a sign that the slide in prices is beginning to stabilise, though more months will have to pass before we can call a trend.
Once again, coastal areas were the hardest hit, thanks to the concentration of second homes in those areas. Average prices in coastal municipalities fell by 12.8%.
House prices in the suburbs fell by 9.6%, and by 9.8% in The Balearics and The Canaries.
The problem with Tinsa’s figures is that, like the government’s figures, they bear little relation to the real world, where prices are down by at least 20% to 30% and again this may be the best time for those with cash to grab that bargain property in sunny Tenerife.

 

 

 

 

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , | Comments (0)

British Expats gain better quality of life and are financially better off

July 26, 2009 – 1:09 pm

British Expats enjoy a better quality of life in Tenerife

British Expats enjoy a better quality of life in Tenerife

British expats who have moved abroad are gaining a better quality of life and becoming financially better off.

That’s the view found by the latest NatWest International Personal Banking Quality of Life Index, carried out in conjunction with the Centre for Future Studies.

They surveyed British expatriates from across the world and discovered that, despite the global economic downturn, 98 per cent said they had made a good decision when they chose to move abroad.

For 62 per cent of people, the move abroad was triggered by a feeling of dissatisfaction at home. Life abroad is better than expected for 86 per cent, and 92 per cent claim to be happier living abroad than they were back home in the UK. Encouraging news for anyone thinking about doing the same.

It’s good news on the financial front too, as 87 per cent of expats said they believed they were better off now, despite the recession. Sixty three per cent of people had left the UK with less than £5,000 in savings, but working abroad doesn’t seem to have posed too much of a problem – seven out of 10 people now earn between £50,000 and £85,000 per year.

The research also looked at the countries offering the best quality of life. The number one spot was taken by New Zealand, which was rated top-notch for its low cost of living, low property prices and favourable tax regime.

Spain and Tenerife in particular are still very popular because of the great climate, particularly Tenerife and the quantity, price  and ease of flights from and to the UK

By Angela | Posted in General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , | Comments (1)

Brits ’still buying abroad’

July 16, 2009 – 9:14 am

Brits still planning to buy in Tenerife

Brits still planning to buy in Tenerife

Many Britons are planning to buy abroad within the next year, according to a recent survey by a global property portal.

In a recent online poll, 70 per cent of those browsing the site for overseas property claimed they were preparing to buy within the next year, with more than half of this group expecting to buy within the next six months.

However, while many are getting ready to make that commitment and secure themselves a home overseas, PropertyIndex.com has warned of the potential pitfalls of buying overseas and offers buyers some essential advice to ensure a smooth and stress-free purchase:

Decide on your budget and factor in extra costs
Before you start out on your search it’s important to ensure you can afford it and that you have factored in all the likely extra costs. There are a lot of hidden costs involved in buying a property abroad, from taxes to  agent fees, which can be much higher than in the UK.
 
Do your research and don’t buy on impulse
It’s important to spend time researching an area before you leave home. Go online and visit relevant exhibitions to get a good idea of what’s available, typical prices and what the area has to offer in terms of amenities and access. If possible, try to also visit the area at different times of year - whether you’re planning to live there yourself or rent it out, somewhere that seems an ideal location in the summer might be quite a different place in the middle of winter. Though Tenerife has sun all year round.

Never buy a property you haven’t seen
A number of buyers make this mistake, often finding themselves with something entirely different to what they were expecting when they make the first visit. Never buy a property unless you have seen it and you’ve had  checks on ownership of the property and land. A good estate agent in Tenerife should organise this for you.

Take a wider perspective
Wherever you’re buying, check out how to get there - do flights run regularly all year round, is there a choice of airlines? This is particularly important if you are planning to rent out your property and are relying on budget airlines to provide a quick and inexpensive route to your chosen location. Tenerife is well served by many such airlines.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Things to Do, Uncategorized, Weather | Tagged , , , , , , , , , , , , , | Comments (0)

European property sales on the up

July 15, 2009 – 1:13 pm

Is this the right time to buy property in Tenerife?

Is this the right time to buy property in Tenerife?

Around £11bn  was spent on all European property transactions in Q2 of this year, up 1 2 per cent from the previous quarter, according to CB Richard Ellis (CBRE)…

What the second quarter’s activity clearly reflects is that those markets that have seen greatest price corrections are seeing most transaction activity,Michael Haddock, director of EMEA Capital Markets Research told Reuters.

This is particularly true of Spain,  Tenerife  and the UK, where investors have been attracted to the markets by a perception that they now offer good value.

Stabile property yields has been cited as one of the main reasons for the increase in property investment activity levels, with the CBRE EU-15 all-property average prime yield having risen to 6.13per cent in Q2.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , | Comments (0)

Tax rebate claims end July 31st

July 14, 2009 – 5:43 pm

 

Last chance for tax breaks up for grabs for UK property owners in Tenerife

Last chance for tax breaks up for grabs for UK property owners in Tenerife

Landlords of holiday homes in Tenerife that they let out may be entitled to a tax rebate, but they must proceed swiftly, as the deadline for submitting claims to HM Revenue & Customs (HMRC) is the end of July…

Anyone who can show that their overseas holiday home was let as “furnished holiday lettings” during 2006/7 could potentially be eligible for furnished holiday letting relief, which permits owners to offset any loss against all other income including their salary.

Landlords who would have qualified but who have since sold their home between 6th April 2006, and 5th April 2008, could still be able to claim some capital gains tax back, due to the fact that a furnished holiday let is considered a commercial asset.

The HMRC will abolish all tax relief on UK and other EEA ‘furnished holiday lettings’ from April 2010.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , | Comments (0)

The property pension

July 12, 2009 – 12:01 pm

Research shows that up to 10 million workers are not members of a personal or company pension scheme, suggesting that even more people may turn to investing in property, now that a number of worldwide property markets appear to be at or near the bottom of the cyclical downturn.

Boosting your pension with property in Tenerife is a great choice

Boosting your pension by purchasing property in Tenerife is a great choice

Around five million Britons are relying on property to fund their retirement, despite the fact that residential prices have fallen across the globe over the past couple of years, according to the employee benefits consultancy Foster Denovo.

Those with cash available should consider the bargains available in Tenerife currently. Tenerife’s year round sun and climate makes it the perfect place to invest with a view to rental gain and  future increase in property value .

By Angela | Posted in Economy, General, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized | Tagged , , , , , , , , , , , , , , , , | Comments (0)

Spanish rescue fund for banks

July 10, 2009 – 10:00 am

Spanish banks have so far coped relatively well in light of the global financial crisis, with only one small savings bank, Caja Castilla La Mancha, having run into grave difficulties.

Spanish banks rescue plan may aid your bargain property purchase in Tenerife

The Spanish rescue fund for banks may aid your bargain property purchase in Tenerife

The Spanish Government has announced details of a rescue fund of up £85 billion  to help the country’s banks cope with a string of bad loans, including poor mortgages used to buy property in Spain, as well as help reform its banking system. But executing the plan will be difficult.

Unemployment currently stands at 18 per cent and is rising, which will further dampen demand for property in Spain. Most banks have already swapped poor debt for properties in Spain from struggling developers, which has improved the non-performing loans ratio, but may cause problems moving forward.

Clearly, if you have cash available, now could be the time to purchase that dream property in Tenerife. It may be your dream second home in the sun, an apartment to rent out, or just to use for holidays yourself. Whatever your wishes a trip to your Tenerife estate agent should be a priority if you are serious about investing in Tenerife property before the bargains disappear.

By Angela | Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do | Tagged , , , , , , , , , , , , , , | Comments (0)

World tourism forecast

July 9, 2009 – 3:42 pm

Property bargains can be had in Tenerife as tourism struggles in the world recession

Property bargains can be had in Tenerife as tourism struggles during the world recession

The latest edition of the World Tourism Barometer has revealed that international tourism will decrease between four and six per cent this year in response to the economic downturn and concerns about swine flu - with Europe posting the biggest decline - a fall of ten per cent between January and April this year…

The United Nations World Tourism Organisation (UNWTO) has said that global tourism in 2009 will fall sharply.

International tourism is now forecast to decline by between -6 per cent and -4 per cent in 2009 as the pace of decline is expected to ease during the remainder of 2009, according to the UNWTO. In January it had predicted a decline of between zero and two per cent.

In view of the rapidly deteriorating global economic situation, economic growth prospects have repeatedly been adjusted downwards over the past six months. Property owners  in Tenerife,who rent for income will need to keep this in mind when setting prices  this year. Europe posted a decline of ten per cent between January and April this year, Going against the grain was Africa and South America, which both posted increases of three per cent and 0.2 per cent respectively

The research also revealed that France remained the world’s top tourism destination last year with 79 million arrivals. The United States regained the second-place position which it lost to Spain after the September 11, 2001 attacks. With this news in mind there are bound to be many bargains in the Tenerife property market at present, so if you are considering buying that one bed apartment, or that wonderful piece of prime property in Tenerife nowcould be the best time to check with your estate agent for those once in a lifetime bargains!

By Angela | Posted in Economy, General, Health, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized, Weather | Tagged , , , , , , , , , , , , , , | Comments (0)