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Value is more with resale and key ready builder stocks
We still have a lot of repossessions that we have access to but do not fall for repossession fever we still have some amazing deals all across our areas that are just as competitive and in better condition. Contact us with your wish list and we will endeavour to make it happen.
Italian Market Predictions 2010
“2010 promises more interest in the less risky world property markets. There is talk that in Italy, a well established country, property prices could increase by 3-5% in late Spring”, says Linda Travella, who has been selling property in Italy since 1987.
Continues Linda, “2009 started off very slowly in all markets with the realisation of what had happened in September 2008.
That said, Italy suffered less than most other world markets and prices did not really start to drop in the first quarter unless clients were desperate to sell, where reductions of between 5 -10% maximum were reflected in both re-sale and new build properties.
Spring turned into Summer with the realisation that there were for sure, less buyers, and unless vendors were more flexible, clients would go elsewhere. This manifested itself in price reductions and vendors more likely to consider offers.
The last quarter of 2009 saw sales and interest returning, especially with Italy being considered a safer investment than many other markets around the world.”
Stephen Hughes, associate director at Foreign Currency Direct says, “There are plenty of positives for those looking to buy in Euros going into 2010 after a relatively stable second half of 2009.
Even though the UK appears to have fallen behind other economies in the race out of recession and economic recovery, Sterling has held pretty firm against the single European currency, trading two to three cents either side of 1.10 during the second half of last year.
On top of this, recent data releases from Halifax, Rightmove, Nationwide and the Royal Institute of Chartered Surveyors have shown that the UK housing market has started to move in the right direction with numbers of properties being put on the market, numbers selling and prices all increasing.”
Linda suggests that if you have the cash, try to make an offer by March as good bargains can definitely be found at the moment.
The housing market seems to be the driving force behind any UK economic recovery so these positive announcements can only bode well for Sterling in 2010 where it appears there will be several windows of opportunity to buy Euros significantly above the relatively low levels which have been the norm over the past few months.
As in the UK, mortgages are more difficult to come by, so if you work on 50% loan to value, you shouldn’t be disappointed.
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Penthouse Apartments
I have been repeating a phrase all week and I am beginning to sound like a stuck record, “ No one is going to tell you when the market gets better, it will just happen”, and our own experiences in 2010 have started to bear this out. One of our main markets is the old favourite, Spain.
We decided to pour time and resources into this when we started Girasol in 2006. sometimes we wondered why! However if you stick at your plan and have enough money and time, things happen.
So far this year a combination of confidence and sensible sellers are causing property sales up 26% year-on-year in Spain and we have never been busier. Some of these are developers off loading products and we have enjoyed success with highly geared mortgages and discounts, but many are buying for pleasure, leisure and have a great choice of products. It may be some time for the market to get better but there is still a great choice of property with motivated sellers on board.
Our newest market to watch in 2010 has been the Florida one and with a range of pre tenanted offers with a ROI of between 10-14% net, we are excited about this as it is becoming a popular and turn key solution for investors. And as one keeps repeating, “No one is going to tell you when the market will get better, it will just happen”. As long as a person is buying for their own reasons and can afford it the market wil continue to hum in the background.
The Spanish housing market has been predicted to “bottom out” in the next year, providing an ideal environment for international property investment.
JP Morgan Chase said Spanish property will be available at bargain prices in the next 12 months, before starting to recover.
New rules that banks must adhere to by September, set down by the Spanish government, is expected to see lenders selling off their property assets to try and increase their capital.
Banks are also easing back on their lending criteria for distressed property in a bid to encourage investors, meaning borrowers can get up to 100% mortgages.
In a statement, JP added: “There is still some way to go, given the large overhang of land, further write downs to come and further de-gearing by property companies and banks.”
Copyright © Press Association 2011
By September Girasol Homes will have a whole host of Specialist sites that will form part of the Girasol Homes family. One of these is the Specialist Spanish Repossessions website spanish repossessions.
This site will focus on how to buy a Spanish Repossession Property and list some of the benefits of doing so. This could include a Low Deposit Property with a high percentage mortgage which would save thousands of Euros on a large deposit plus mortgage type property. More will follow on this site.
