Italy boosted by euro fall, says expert

Tuesday, May 26th, 2009
More UK buyers have been looking to the Italy property market in recent weeks as the pound has gained ground against the euro on the currency markets, it has been observed.

Mortgage agents and foreign exchange providers have noted that there has been a recent surge as sterling has gained ground, with the Italy property market being one of the beneficiaries of the trend, the Financial Times reports.

Director of dealing at foreign exchange firm Currencies Direct Mark O’Sullivan told the paper: "We have seen a dramatic increase in the amount of money entering the international property market in the last few weeks."

He said buyers have been given a "confidence boost" by the improvement in sterling.

And Nick Barnes at Knight Frank added that falling prices in some areas have also boosted sales, with Chianti being a good example in the Italy property market.

Calabria was identified recently by Homes and Villas abroad as an emerging property hotspot in the country.

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Florida property destination tops empty new homes list

Tuesday, May 26th, 2009
One of the main locations in the Florida property market has one of the highest numbers of vacant new homes in the US, a new study has revealed.

Figures from housing research firm Metrostudy have shown that Orlando is one of the most affected cities with an 11.7 month supply of such homes, the Orlando Sentinel reports.

Commenting on the situation, Metrostudy’s chief economist Brad Hunter said: "The higher the months of supply, the greater the downward pressure on starts and prices."

He placed the city alongside Las Vegas, San Diego and southern California as among the most affected parts of the US.

Such a situation could provide a good supply of cheap new homes for Florida property investors to buy.

Last November the company said that Orlando’s new homes market will recover, with the increasing number of households being a factor.

However, it predicted this would be happening from late 2009 onwards, which may suggest investors have a window of opportunity to buy at low prices in the meantime.

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French property offers new kinds of incentives

Friday, May 22nd, 2009
French property seekers are more likely to be offered locally-themed incentives to buy than the normal extras, it has been stated.

In a feature on the trend, the Independent noted that there has been a shift away from basing the appeal of overseas property on the presence of facilities such as tennis courts or golf courses.

As an alternative, the paper said, investors are including more culturally relevant extras for buyers.

It gave the example of French property firm Garrigae, which offers cookery and archery lessons.

"All the activities in our resorts have been selected for their authenticity, allowing for the discovery of local traditions," commented the company’s owner Cecile Viennet.

Cultural themes may be of particular interest to those investing in the Marseille-Provence area.

This region has been chosen to share the title of European Capital of Culture in 2013, something that may help develop more links between people buying in the area and its art and traditions.

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Portugal property lending boost as EU backs recapitalisation

Friday, May 22nd, 2009
Portugal’s government has been given the green light by the European Commission to introduce a recapitalisation programme to help its banking system, something that could increase mortgage lending in the country.

It gained permission to inject up to €4 billion (£3.52 billion) to protect the banks against capital losses, something that may help to improve liquidity in the system and enable the institutions to lend more to businesses and those looking to purchase Portugal property.

Similar arrangements have been put in place by other governments, including the UK.

Those buying Portugal property may wish to consider the city of Guimaraes, which is located in the north of the country.

It will be the centre of attention in the next three years as it is due to share the title of European Capital of Culture in 2012.

Such a status may help raise prices in the city by attracting more purchasers and prompting tourists to consider its appeal.

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Second home segment of Italy property market hailed

Friday, May 22nd, 2009
The second home segment of the Italy property market is in a solid state, according to an estate agents’ association in the country.

A report by FIAIP on the top 20 resorts in the country has found that the market is remaining steady, with the cost of real estate in such places varying from €2,810 to €6,210 (£5,472) per square metre, homesgofast.com reports.

Covering the latter part of 2008 and early 2009, it noted that buyers of such properties tend to look for ones that are sized between 60 and 120 square metres.

The report named the Tuscan locations of Santa Margherita Ligure and Forte dei Marmi among the most popular resorts, along with Porto Rotondo in Sardinia and the Alpine honeypots of Courmayeur and Madonna di Campiglio.

Earlier this week Homes and Villas Abroad said that the southern region of Calabria is emerging as a major player in the Italy property market.

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French property buyers credited with boosting Riviera

Thursday, May 21st, 2009
The popularity of the Riviera with French property buyers is helping the area to retain its tourism popularity, it has been stated.

Commenting on the enduring appeal of some European holiday destinations, Head of RightmoveOverseas Robin Wilson said that the French Riveria generates about 9,000 searches a month for property to buy on RightmoveOverseas.co.uk.

He added that "the Alps-Maritime region is prime tourist destination offering year round attractions from skiing in the mountains to serious sunshine and posing on the Côte d’Azur. As the summer season picks up, so will interest in the region, in fact Cannes has seen a 23 per cent increase in searches in April, driven in part by the famous film festival."

Such factors may prompt those investing in French property to consider the area on the basis that it may enjoy strong holiday rental potential.

Those who provide competitively priced rental accommodation may do best among British visitors.

Recent research by Hotels.com found that Britons spend less on overnight accommodation abroad than many other nationalities, at £97 per night on average.

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Holiday surge may boost Spanish property

Thursday, May 21st, 2009
British bookings for holidays in Spain have shot up in number recently, it has been revealed.

Online travel agent On the Beach has said the number of bookings to the Balearics and Canary Islands have risen nine per cent year-on-year.

In addition to this, the Costas have shown a "late recovery" in bookings and have now seen numbers rise 22 per cent year-on-year, while the biggest rise in bookings in the Spanish islands has occurred in Majorca.

Such a situation could help bolster Spanish property by enabling more holidaymakers to discover the country and its attractions, which could in turn prompt some of them to buy there.

Earlier this week a man who bought Spanish property during the 1990s recession said the move worked very well, with the availability of labour to carry out renovations on the home being very high.

He told the Daily Telegraph this had also helped him form friendships and integrate into the local community.

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Grand stuff for Florida property seekers

Thursday, May 21st, 2009
The Fort Lauderdale Super Boat Grand Prix will take place from June 5th to 7th 2009, offering Florida property seekers a chance to enjoy some high-speed fun.

Visitors to the event can spend the first two days seeing the boats and the teams close up while the vessels are still in dock.

The final day is race day when two races take place, starting with a parade to the Mill Area followed by the actual event off Fort Lauderdale beach.

Watersports may be among the attractions that will lure Florida property buyers to the state, not least around its coastal areas.

A number of locations around the state’s coastline put on events at various times of the year.

One of these is Fort Myers, where the calendar includes the national Sandsculpting Festival and the Pirate Festival, which is aimed at all the family.

There are also the obligatory fourth of July fireworks.

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Spanish property buyer talks of how to do well in recession

Wednesday, May 20th, 2009
A buyer of Spanish property in the last recession has revealed how he has benefited from the experience.

Speaking to the Daily Telegraph, an expat who bought a house in the Marina Alta area of the Costa Blanca in 1994 did so when the home had no garden or outside terraces.

Noting that these still needed to be added, the investor made the most of the fact that there was a recession by employing local labourers to carry out the work, who were glad for the employment opportunity.

He noted that this helped to form good friendships, adding that joining local clubs and societies and becoming familiar with local customs and culture are all helpful in making the move a successful one.

Investor portal spanishhotproperties.com recently reported that the market is offering a large number of cut-price deals on the Costa Blanca, with a 1,000 per cent rise in enquiries since February.

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Shelling out for Spanish property

Wednesday, May 20th, 2009
The Aplec del Caragol snail festival is to be held from May 22nd to 24th this year, offering Spanish property seekers who enjoy the delicacy to experience this culinary treat without setting foot in France.

Held each year at Lleida in Catalonia, the event sees 12 tonnes of the shelled molluscs on the menu, enabling visitors to sample a huge range of gastropod gastronomy along with plenty of food, drink, dancing and music.

The festival not only offers an insight into local cuisine and culture, but also a chance to look around the Catalonia region to see what Spanish property bargains may be on offer.

Housing transactions have been on the decline in Spain but the market has shown signs of bottoming out, Reuters reported last week.

Data from the National Statistics Institute showed that the decline in purchases in March was the smallest month-on-month fall since April 2008, while mortgage lending is up.

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