November 10, 2009 – 4:58 pm
Easier for the Spanish and Canary Isles to gain investment from foreigners than vice versa
It is easier at present to try to sell Spanish property to foreign investors than foreign property to Spanish ones. At least there are still some buyers for property in Spain and Tenerife, if the price is right. Spanish investment in foreign property, on the other hand, has collapsed.
The latest figures from the Bank of Spain on cross border real estate investment reveal that foreigners invested 860 million Euros in Spanish property during the second quarter of the year, down 40% on the same period last year. The Bank of Spain’s figures include all real estate investment, not just residential investors.
Look further back, and the picture is even more demoralising. Foreign investment was down 55% compared to the second quarter of 2004, the peak of the Spanish property boom, when the rest of the world ploughed 1.9 billion Euros into Spanish real estate assets. It is now back to levels last seen in the first quarter of 2000, when it stood at 777 million Euros. The appetite of foreign investors for Spanish property has been declining since the start of 2008, after staging a minor rally in 2007.
Estate agents and developers in Spain may be feeling sorry for themselves in the current market, but they can be thankful that they aren’t trying to sell property abroad to Spanish investors, who have completely thrown in the towel.
By Angela
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Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized
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Tagged buyers, Canary Isles, developers, estate agents, Euro, foreign, Investment, Property, real estate, sell, Spanish, Tenerife|
September 29, 2009 – 4:27 pm
Pensioners in Tenerife and overseas are not smiling as much since the recession.
Almost half of Britons abroad who are sending money back to the UK are aged 65 and over - suggesting that those pensioners who retired to the sun have been hit hardest by the recession and are being forced back to the UK.
Currency specialists such as Moneycorp and HiFX has seen a 180% increase in the number of euro to sterling transactions and a 111% increase in the number of US dollar to sterling transactions in the past six months, compared to the same period last year.
Not only are more over 65s repatriating money, but they are also sending home larger amounts. This suggests that they are selling up property and returning home. In the last six months almost a third (32%) of the transactions over £70,000 have been made by over 65s. They have calculated that British pensioners living in Europe have potentially lost out on almost €10billion of their income in the last two years due to the falling strength of sterling. When faced with this drop in their income, it’s no surprise that some pensioners are finding themselves forced to sell up.
Certainly this has been seen in Tenerife and the Canary Islands allowing the fortunate few with cash to obtain great property bargains.
By Angela
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Posted in Economy, General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do, Uncategorized
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Tagged abroad, bargains, Canary Islands, currency, Euro, Europe, experts, global, HiFX, money, Moneycorp, pensioners, Property, retire, sell, sterling, Tenerife, UK|
Best to split your belongings into several bags when travelling to Tenerife to holiday,buy or sell property.
Airlines mishandled 42 million items of passengers’ luggage in a single year, the latest figures show.
An increasing number of bags are being delayed, damaged, mislaid or lost, according to the magazine Which? Holiday.
Experts fear that with air passenger numbers expected to reach 2.75 billion by 2011, the amount of mishandled bags could reach 50 million a year. It is perhaps adviseable to split your belongings amongst cases if you are travelling as a family to holiday, or to buy or sell a property in Tenerife just in case one goes missing.
The majority of mishandling incidents occurred when bags were being transferred from one aircraft to another, according to SITA, a company specialising in IT solutions for the aviation industry.
Problems also arose when aircraft left before the luggage was loaded on, or when the airport code or flight number was misread on the luggage tags.
SITA said that baggage handling is at saturation point at many airports around the world.
The report by Which? Holiday also found that no-frills airlines such as Ryanair and Jet2 paid out the lowest amount of compensation to people affected.
It said Ryanair often limits payouts to £15, regardless of how long their bag has been delayed, and Jet2 refuses to reimburse people for claims under £30.
According to WorldTracer, which tracks missing luggage, 42 million bags were mishandled in 2007 compared with 34 million in 2006 and 30 million in 2005.
Which? Holiday editor, Lorna Cowan, said, “When you hand over your bag at the airport check-in you trust the airline will get it to your destination - preferably at the same time as your own arrival. Unfortunately this is not always the case.”
Airlines are responsible for checked-in baggage, although their liability is limited so passengers are advised to obtain a special declaration for valuables from the airline, or carry them in their hand luggage.
After 21 days you can claim compensation if a bag still has not turned up but the maximum is just under £1,000 - which is often unlikely to cover the full cost of replacing the items.
Research published in 2007 from insurance company Insure and Go showed claims for items stolen from luggage was on the increase.
A BBC Inside Out investigation screened the same year highlighted the problems with baggage handlers and resulted in an Essex police inquiry and tighter security at Stansted airport.
By Angela
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Posted in General, Holiday, Inspirational, Miscellaneous Articles, Property, Tenerife, Things to Do
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Tagged buy, Property, sell, Tenerife, travel|
Idiot! Get me a beer in sunny Tenerife!
A Spanish bar is encouraging clients to insult its staff and offering free drinks for original or hilarious abuse”When you come in after work, you can say swear at them and call them bastard or imbecile,” said client Antonio Ossa, who told state news agency EFE the promotion by the “Casa Pocho” bar in the southern town of Cullera near Valencia seemed like a good idea to him.
Polish-born bar owner Bernard Mariusz said he thought people needed somewhere to release their frustrations at a time of economic crisis, employing the Spanish language’s rich store of earthy obscenities.”That way they won’t let it out on their family,” he said.
Perhaps we should try this in Tenerife whilst people ponder on whether to buy, rent or sell property!
By Angela
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Posted in Economy, General, Inspirational, Property, Tenerife, Things to Do, Uncategorized
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Tagged buy, crisis, economic, Property, rent, sell, Spanish, sunny, Tenerife, Valencia|
