Federal Reserve rate cut may boost New York property

Friday, October 31st, 2008
In news that may interest those thinking of buying New York property, the US Federal Reserve has lowered interest rates again.

The federal open market committee announced the second 0.5 per cent cut this month, bringing the federal funds rate to one per cent.

In its statement, the body said the reduction was in response to the need to generate economic growth and the fall in the level of inflationary pressure.

The previous cut was made on October 8th, which was carried out in conjunction with other central banks, including the Bank of England and the European Central Bank.

Investors buying New York property may find they are catching the market at a time when some sectors are showing possible signs of recovery.

The US department of housing and urban development figures for September revealed a 2.7 per cent increase in the number of sales of new build single family homes to 464,000 from August’s 452,000.

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Carnival atmosphere for Tuscany property buyers

Thursday, October 30th, 2008
Those who enjoy a good carnival may often lament when it has finished that it’s all over for another year all too quickly, but that will not be the case in the Tuscan town of Viarregio in February and March.

Buyers of Tuscany property can enjoy weekend after weekend of fun as the carnival processes through the town on the dates of February 8th, 15th, 22nd and 24th, plus March 1st.

The event is famous for its huge papier mache puppets, lovingly made and paraded by locals who have enjoyed this event down the years, with many of these being effigies of politicians and other famous personalities.

Such traditions may be part of what attracts Tuscany p?roperty buyers to the region, which has a wealth of history, art and culture.

These features include the city of Siena, which Discovery Tuscany has stated is probably the most attractive medieval city in the whole of Italy.

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Normandy property buyers ‘to benefit from stability’

Thursday, October 30th, 2008
In news that may interest Normandy property buyers, an expert on the French market has said there is a gulf between perception and reality.

Charlie Fraser from VEF said the common assumption was that the UK and French markets do well or badly at the same times, but he stated that this is far from always the case.

He commented that there are "fundamental differences" between the two markets that mean France is able to enjoy a greater level of stability than Britain.

Higher fees and deposits plus a lack of subprime lending - along with a cultural perception that a house is chiefly a home and not an investment - all allow France to steer clear of the sort of problems seen in Britain and the US, Mr Fraser stated.

Normandy property buyers may also be attracted by the proximity of the region to the UK.

Speaking last month at the French Property Exhibition 2008, Herve Blatry, the French avocat for Stanley Tee LLP, said the continued popularity of the country with UK buyers is partly down to the fact that it is "easier than ever to travel to France from the UK".

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Portugal property seekers look to sun in Madeira

Wednesday, October 29th, 2008
The island of Madeira is proving to be a popular part of the Portugal property market, it has been stated.

Located in the Atlantic, the island offers a wealth of attractions that Portugal property investors might enjoy, such as golf courses, lush countryside, a sub-tropical climate and a colonial feel, the Independent reports.

The paper notes that most of the property development is concentrated near the island’s capital, Funchal, with sales director of the under-construction Azulara development Bernard Hornung explaining this is "not only because they [visitors and expats] prefer to be within easy reach of the sea but because this side of the island gets the most sun".

Strict planning controls prevent the island being overwhelmed with a "glut" of properties that could distort the market, Connie Vitto of Quadrant Overseas told the paper.

Famous Madeirans include the footballer Cristiano Ronaldo and fashion designer Fatima Lopes.

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Canary Islands property may be boosted by new flights

Wednesday, October 29th, 2008
The Canary Islands property market may be boosted by news that two new air services from the UK will commence early next month.

Liverpool John Lennon Airport has revealed that budget airline Ryanair is to run seven new services, of which two will be to the Canary Islands of Tenerife and Fuerteventura.

Expressing the hope that many holidaymakers will take up the opportunities, the deputy chief executive of Peel Airports Group John Pakey said the new flights would be popular with those looking to get away, "especially the sunny Canary Islands for some winter sun".

The addition of these extra services could mean a further boost for the islands in terms of visitor numbers and consequently buy-to-let rental potential, as well as giving those buying a second home on the islands more access.

Ryanair has also announced that it is to start a new service to Fuerteventura from Birmingham airport.

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Valley offering cheaper California property

Tuesday, October 28th, 2008
New research has indicated that those buying in the California property market can enjoy lower prices in the San Fernando Valley, which is partly made up by a portion of Los Angeles.

The San Fernando Valley Economic Research Centre’s economic report 2008 has found that there has been a 203 per cent year-on-year rise in the number of foreclosures in the period between July and September this year.

However, the report noted, this has led to an increase in the availability of homes, along with lower prices, which could mean that those who want to buy a California property can find attractive bargains.

This trend for a levelling of prices but an increase of sales as California property becomes more affordable will continue into 2009, it has been predicted.

Such a forecast was made in a report by the California Association of Realtors earlier this month.

However, in news that may interest longer-term investors, the body’s president William Brown forecast that the financial system will be displaying signs of stabilisation by the end of 2008, something that could alter the state of the market in the year ahead.

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Property USA in new build sales boost

Tuesday, October 28th, 2008
Evidence that the property USA market may be starting to bounce back has emerged with news that sales of new build homes are up.

Figures from the US department of housing and urban development showed that the seasonally-adjusted number of sales of one-family new build homes was 464,000 in September.

This represents a rise of 2.7 per cent ion the August total of 452,000.

While this figure is a third less than that of September 2007, the positive news may be the first sign that property USA is beginning to recover.

Such news comes in the wake of concerted action by the US and other countries to provide capital and liquidity to banks as well as cutting interest rates.

Congress passed legislation to spend $700 billion (£446 billion) on bailing out the banks earlier this month, while the Federal Reserve cut the cash rate by 0.5 per cent.

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Costa del Sol property may be boosted by continuing popularity, says firm

Monday, October 27th, 2008
In news that may interest those thinking of buying Costa del Sol property, it has been stated that Spain remains the leading destination of choice for British buyers of overseas property.

Commenting on the market in the country, which includes the Costa del Sol property scene, overseas property firm Buy Association has said it offers "some of the best deals in the international real estate market at the moment".

It also stated that Britons remain committed to buying despite the credit crunch.

Among the bargains it quoted was a Costa del Sol property at Estapona that is for sale at £163,078, compared to its bank valuation of £290,310.

Earlier this month Spanish Property Insight suggested house price falls in the region have been greater than official government figures indicate, meaning there are more bargains to be had than such data would indicate.

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Estoril tipped as Portugal property hotspot

Monday, October 27th, 2008
Those interested in Portugal property should look to the coast around Estoril, near Lisbon, it has been suggested.

Announcing a series of new developments in Guincho, the Move Channel has said the new developments lie in a popular resort area easily reached by bus or train from Lisbon.

Managing director of the firm Dan Johnson said of Guincho: "Known as one of Portugal’s finest sand strips, Guincho beach is situated near the picturesque town of Cascais and is a windsurfer’s paradise."

The firm states that the Portugal property scene is one that many UK investors may not have paid much attention to in the past, but has plenty to offer.

UK Investors Lisa Colrain and Neil Buchan made sure they got their hands on a villa in Portugal by teaming up with friends to find the £1 million required to purchase a villa for buy-to-let in Casa Ferrel, the Sunday Mail reported earlier this month.

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Southern Italy property tipped as sound alternative

Monday, October 27th, 2008
Southern Italy property offers a good alternative to the more expensive northern regions, it has been stated.

Overseas property firm Buy Association has stated that the northern regions such as Tuscany, Le Marche and Abruzzo have all become well-established Italy property markets among British buyers.

However, it adds, for those wanting something more traditional and priced less, or who are less keen on restoring an old ruin, the south may offer the best prospects.

The firm noted that it is the south - in places like Calabria - that is seeing the most new building of properties suited to those who are "not necessarily Italophiles from the outset", while there is a better supply of older properties in the region as well.

Earlier this month the Daily Telegraph stated that golf tourism may be an area of growth for Italian tourism and property on the island of Sicily, which lies off the southern coast of the country.

It noted that in addition to its one existing golf resort, the island is seeing one more being built now, with three more planned.

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