More wealthy Brits expected to move overseas

April 20, 2012 – 10:03 am

Wealthy Brits moving to Spain and Tenerife?

The volume of wealthy Britons who move overseas is expected to rise in the next two years, according to a new Lloyds TSB International Wealth survey. The study shows that 19% of people with savings and investments worth more than £250,000 are considering moving abroad, up from 17% six months ago and 14% a year ago. The new figure suggests that over half a million people with that level of personal wealth may flee overseas by 2014 in search of a better, more affordable lifestyle. Many of those seeking to leave the UK say that they would reconsider if Briton lowered taxes, cut regulatory red tape for businesses and improved public services such as healthcare, education and the police. Any hike in in the number of Brits moving overseas would undoubtedly fuel greater demand for homes abroad, with Spain, France, Portugal, Australia, and the USA often high on the agenda. Nicholas Boys Smith, director at Lloyds TSB International Wealth, said the number of people expected to leave the UK includes a “large number of successful, affluent individuals who play an important role in powering the UK economy”. He said: “While the figures strongly suggest we won’t see a mass exodus, it is clear that a significant and growing minority see opportunity and a better quality of life overseas.”

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Rich property buyers look to Spain for second homes

April 19, 2012 – 12:11 pm

Rich buyers search Spain and Tenerife for property and a second home

Spain is the fourth most popular country for rich property buyers looking for second homes, according Knight Frank’s latest annual Wealth Report.

The 2012 report, which saw London, New York, Beijing and Paris continue to dominate the list of top cities for real estate investment, also found Spain to be a popular choice when it comes to holiday homes.

The 68-page document found Spain to be the fourth most attractive destination for second home purchases by the world’s wealthiest investors, beaten by France, the UK and the US. For rich Latin Americans, Spain is even more popular, ranking just behind the USA in second place.

Out of the factors considered by buyers for their second homes, lifestyle was the most important, with 67 per cent of all respondents citing it as a major influence. Investment potential, on the other hand, only influenced 55 per cent.

For Latin American buyers, the emphasis on lifestyle was even more prominent, with 86 per cent ranking it as the most important factor in their house hunting

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Spanish economy to fall 1.4% this year?

March 26, 2012 – 8:49 am

Zero growth in Tenerife and Spain this year?

According to latest forecasts from The Economist, reported in Diario Sur, the Spanish economy will fall 1.4% this year and register zero growth in 2013, while the unemployment rate will climb to 23.3% this year and prices will rise by 1.9%.

These estimates are slightly more optimistic than those of the Spanish Government, which anticipates a GDP decline of 1.7% this year and an unemployment rate of 24.3%.

Within the eurozone, the English publication only forecasts an economic downturn in 2013 for Greece (-1.2%), after their country’s GDP contracts 7.1% this year. However, it is estimated that Italy, another country in trouble, will stagnate in 2013, after dropping 1.6% in 2012 (more than Spain) and register an unemployment rate of 9.2%.

Germany, on the other hand, will be among the most advanced economies in 2013, with an increase in GDP of 1.4%, after a rise of 0.4% in 2012, followed by Austria, with growth of 0.5% in 2012 and 1.4% in 2013. France and Belgium, meanwhile, will return to growth again in 2013 after registering drops of 0.1% in their GDP this year. Specifically, France will grow 0.9% next year and Belgium by 1.2%.

The Economist then went on to estimate that the eurozone will close 2012 with a fall of 0.6%, but climb back next year, with growth of 0.7%, while the U.S. will grow by 2.1% in 2012 and 2.3% in 2013.

Source: Kyero

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Tow in three second home owners are considering selling their property

March 19, 2012 – 12:12 pm

2 out of 3 second home owners consider selling their property

Two in three (65%) second homeowners are considering or would like to sell their property, according to a new survey from holiday rentals company HomeAway. It revealed that almost 60% also confirmed that their property had taken a nose-dive in value since they purchased it and 37% were feeling the squeeze, saying it was a bigger financial burden of late.

The vast majority bought their properties in the last six years, following the boom in UK house prices in 2007 which resulted in a huge rise in equity that owners quickly put to good use buying a second home in the UK or abroad.

More than 90% of respondents stated they had property in Europe, with France and Spain unsurprisingly the top two countries.

Source: PropertyTalkLive.co.uk

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Moody downgrades Spain debt rating

February 15, 2012 – 5:10 pm

Downgrade of Spain's debt

The rating agency Moody’s has downgraded the sovereign debt rating of Spain and five other European countries, while at the same time placing France, Austria and the UK (who are presently enjoying the maximum ‘Aaa’ note), on negative outlook.

The downward revision of the ratings and the outlook for a total of nine European countries, “reflects their susceptibility to the growing financial and macroeconomic risks stemming from the crisis in the eurozone,” the agency explained in a statement.

Thus, the rating agency lowered the note of Spain two notches from ‘A1? (remarkably high) to ‘A3? (remarkably low), Italy from ‘A2? (remarkable) to ‘A3? and Portugal from ‘Ba2? to ‘Ba3? (both in junk bond category), while at the same time placing all these notes on negative outlook.

Source: Kyero.com

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Spain reclaims property crown

January 9, 2012 – 5:57 pm

Spain and Tenerife property in demand

Spain has reclaimed its property crown, according to the latest Top of the Props report from TheMoveChannel. Following America’s unexpected victory in November, US property fell in popularity last month, dropping three places in the overseas portal’s chart.

That dip was all Spain needed to soar back to top spot. Buyers seemed to flock to America to avoid Europe’s troubled markets, Spain, Portugal and France charged up the table, pushing America down to fourth. In total, the top three destinations accounted for just over a third of all enquiries on the site in December.

While US enquiries fell by 7.32 per cent, Spain’s popularity dropped by only 0.18 per cent. This steady level of attention, driven by low prices and the country’s reduction in VAT during 2011, reflects the continuing demand for Spanish property from lifestyle buyers.

This proves that holiday home demand can still buck the Eurozone’s downward trend if the prices are right.  Despite Spain’s return to form, investors are still willing to look elsewhere to avoid Europe’s more troubled economies.

Managing Director Dan Johnson comments: “As 2011 ends, the fluctuations in the Top 10 show the changing buyer demands in an uncertain market. Spain has always been a traditional choice for lifestyle buyers, as evidenced by the constant level of interest in the country. In fact, for the majority of last year, Spain was the most sought-after property destination on TheMoveChannel. so its return to the top spot seems an appropriate end to the year.

“Barbados and Morocco are equally attractive lifestyle choices that are free of Eurozone anxiety, but France and Portugal’s strong performance in December is a reassuring sign for more familiar property markets. As the New Year begins, we shall see if the popularity of these European countries will be strong enough to weather the economic climate in 2012.”

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Spain remains top retirement hotspot

December 21, 2011 – 4:19 pm

Spain and Tenerife remain top of the props

For those of you thinking of retiring abroad or relocating in 2012, Standard Life has released its latest retirement hotspots research which shows that Spain is the number one retirement destinations in the world as far as Brits are concerned. Spain is followed by Australia, USA, France and Ireland.

But while retiring abroad is a dream for many people, it does require careful planning and advice, according to John Lawson, head of pension policy at Standard Life.

He said: “Many people think living abroad is cheaper than living in the UK, but this isn’t always the case. Doing your homework in advance of moving, matching your retirement income and expenditure, and making the appropriate decisions around purchasing an annuity or using income drawdown are key considerations. Your retirement income could also be subject to exchange rates and currency fluctuations, as well as local tax laws.”

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Spain’s property reign ended by America

December 12, 2011 – 10:22 am

US overtakes Spain in the property market

The reign of Spain has been ended by America, according to the latest Top of the Props report .

Spanish property used to be the favourite for buyers, with the sunny Costas attracting swarms of house hunters every year. But now there’s a new top dog as the US replaces Spain in the overseas property portal’s rankings, upsetting the market’s established order to become the most popular destination in November.

The US has long played second fiddle to both France and Spain for property buyers but in October, America leapfrogged France to become a surprise runner-up in TheMoveChannel’s chart. Now, an increase of 7.01 percent in enquiries has seen the US surge to number one, with foreclosed homes and bargain house prices eclipsing the opportunities available in Europe.

Spain could only stand and watch as enquiries fell by 2.38 per cent last month, despite its half-price VAT reduction on new homes until the end of the year. France, on the other hand, remained firm in third place, attracting exactly the same number of enquiries in November and October, demonstrating the country’s consistent appeal to investors.

Managing Director Dan Johnson comments: “After climbing three places in as many months, the US continues to attract more and more overseas investors. Florida remains a popular lifestyle choice and with US houses the most affordable they have been in 15 years, the troubled Eurozone just can’t compete with the low price of American real estate. It’s no coincidence that the US is the only country to rise above the four familiar European markets.

As Spain’s reign ends, America’s dominance begins. Indeed, while the industry speculates about the impact of the Euro upon the rest of the world, North America’s rise to first place is exactly the kind of stimulant the US housing market needs

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New brand created by tourist board to encourage Brits to buy a home

November 29, 2011 – 9:13 am

Costa del Sol brand designed to encourage Brits to buy homes.

The Tourist Board of the Costa del Sol has created the new brand ‘Living Costa del Sol’ with the aim of encouraging the British to buy a home and reside in the region for at least six months of the year, an initiative which is directed at clearing some of the surplus of about 30,000 homes.

The President of the organisation, Elias Bendodo, presented the brand at the World Travel Market tourism fair being held in London this week. He also told reporters that it is their intention that this initiative will also be used in promotional activities to be carried out in Germany, France and the Nordic countries.

According to Bendodo, ‘Living Costa del Sol’ was developed in collaboration with developers, insurance companies and financial institutions, and aims to attract new British residents, reduce the amount of unsold finished homes, located primarily in the west of the Spanish mainland, and boost Spain’s economic recovery.

The President of the Malaga organisation also assured that the developers are “fascinated with the idea”, and stressed the importance of having legal guarantees, for working with insurance companies in the countries to which the brand is focused, reported El Mundo.

Source: Kyero.com

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Revenue and customs looking for rental cheats abroad

November 7, 2011 – 9:53 am

HM Revenue and Customs officers looking for rental cheats in Tenerife,Spain and France

A team of HM Revenue and Customs inspectors is looking at people with second homes in France, Spain and other holiday destinations to see if they are cheating the taxman. The inspectors have been told to claw back £560million in lost revenue by 2015. The 200-strong team will be scrutinising advertisements placed by second home owners in magazines and on the internet. They will be looking for undeclared holiday rents and leased office space. They are also checking overseas land registers to identify taxpayers with properties abroad. Tenerife will probably be a destination which the inspectors major on.

Source: Telegraph.co.uk

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