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24 Feb

Another Great review

Testimonial:

First of all a million thanks to Richard Parker for making my Egypt investment dream come true. He explained the entire buying process in great detail and put my worries at complete rest. He and his team in Hurghada are very efficient, reliable and helpful in every way. The whole buying process went smoothly and today I am sorting out the furnishing via his team ( Ramy Kamel …another great guy!). I would whole heartedly recommend international dreams to anyone wishing to buy a property overseas.

Dr Sanjay Raos
London

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7 Feb

Slump in Turkish Lira leads to increase in Property investment

Istanbul property consultants Universal21.com report a busy month of sales in December with investors taking advantage of a slump in the value of the Turkish Lira against other major currencies.

Universal21 highlight recent news from Turkish property developer, Dumankaya which suggested that sales of property to foreign investors had increased by 31% in December.

The recent slump in the value of the Lira against the US Dollar and GBP has meant that the spending power of foreign investors will have increased and this encouraged many to invest before the central bank interest rate hike which took place last week.

The Turkish Lira has since recovered slightly, however there is still some way to go before the Lira makes up the ground it lost towards the end of 2013 and early 2014 according to Universal21 analysts.

Adil Yaman, Director of Universal21 comments, “The recent increase in interest rates will almost inevitably have a cooling effect on property prices in the short term. Istanbul property prices have continued to rise but at a slightly slower pace than we have been used to in the past three years.

The driving force for the double-digit growth we have seen has been foreign investment and low mortgage interest rates. As mortgage loan rates start to move in the opposite direction finance to buy homes will become less accessible and we would expect a shift towards renting.

This is good news for foreign investors who can invest now while their currencies are strong and take advantage of higher rental yields. Longer term it is in Turkey’s interests to bring down rates to keep economic growth on track.”

Property prices in Istanbul increased by up to 13.62% in 2013 and overall the price of new homes in the city have increased by nearly 50% in the four years since January 2010.

Turkey’s currency slump is seen as part of wider emerging market problem as the United States begins to ease back on quantitative easing and investor money returns to take advantage of a strengthening US Dollar.

Source Property Secrets

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7 Feb

Cyprus Property market picks up

INTERNATIONAL lenders believe that the property market will pick up in 2014, according to the chairman of the Cyprus Land and Building Developers Association (LBDA) Pantelis Leptos.

The association met with Troika technocrats yesterday to present their estimations regarding the course of the real estate market and the problems faced.

“What the Troika agrees upon is that if we want to restart the economy, the real estate sector must be supported. They see an important improvement of the situation in 2014 in terms of real estate,” Leptos said after the meeting.

Commenting on the Troika’s optimistic prediction, Leptos noted that there have been new investments from abroad worth €500 million over the last year.

“These are fresh investments and money that the economy needed and the Troika acknowledges that these investments were made at the most difficult point in the last decades. So these are positive things and there is more that we can do,” he added.

The chairman of the association also noted that “Pimco has miscalculated real estate prices in its predictions and the Troika agrees that we will not see such predictions verified in Cyprus”.

This view is also shared by the chairman of the International Real Estate Federation (FIABCI) Lakis Tofarides who refuted Pimco’s bank stress test estimations and pointed out that such price reductions would only become a reality in the case of mass property repossessions.

“I do not expect that there will be mass repossessions tomorrow.

“I do not expect this because it would bring destruction to the banking sector itself and by extension the country’s economy,” Tofarides said.

However, FIABCI chairman noted that property prices have reached their lowest point taking into consideration the development cost of a new home compared to those sold.

Real estate sales have been reduced by 60% while sales to foreigners have reached more than €500m.

Leptos outlined the association’s suggestions to help kick-start the sector including the abolition of transfer fees, reduction of capital gains tax in case of reinvestment, reduction of bureaucracy and speeding up the issuance of title deeds.

With regard to repossessions, he said that since Cyprus is in an emergency situation, people should not be expected to live up to their obligations as normal, noting that “adequate time should be allowed to allow the Cypriot economy to return to normalcy”.

Source Cyprus property news

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6 Feb

Housing loan rates fall in Cyprus

HOUSING loan rates continued their downward trend in December 2013, reaching their lowest level since June 2010.

Consumer loans also fell reaching their lowest level in the last five years, official data released on Tuesday show.

On the other hand, the data, which was released by the Cyprus Central Bank, show that business loans were up in December following a downward trend recorded since last August.

In particular housing loans (fixed rate for a year and variable afterwards) fell in December to 4.67% down from 4.71% in November.

Consumer loans were recorded in December 2013 at 6.00% down from 6.57% in November.

Business loans of up to a million euro came to 6% in December 2013 compared to 5.62% in the previous month. Business loans for over a million euro rose to 5.23% up from 4.26% in November 2013.

New deposits for households and businesses on the other hand were up in December.

One year fixed deposits for households were recorded in December at 2.23% from 2.20% in the previous month. Household two-year fixed deposits came to 4.08% as opposed to 3.37% in November.

Cyprus property news

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31 Jan

New EU wide Mortgage rules

THE Economic and Financial Affairs Council on 28 January adopted a directive on mortgage credit.

The new directive, aimed at creating a single market for mortgage credit, will apply to all loans made to consumers for the purpose of buying a home and to all loans to consumers that are guaranteed by a mortgage or another comparable security across the EU.

Its overall aim is to ensure that mortgage markets operate in a responsible manner, thus increasing consumer protection and contributing to financial stability.

The text was adopted by the Council with all of the European Parliament’s amendments, following the agreement reached between the two institutions at first reading.

The member states have to transpose the directive into their national law within two years.

The mortgage credit directive at a glance

The new rules will address such problems as irresponsible lending and borrowing, misleading advertising and marketing, and insufficient pre-contractual information.

The directive sets out:
conditions for ensuring a high level of professionalism amongst creditors and credit intermediaries
principles for marketing and advertising
obligations relating to pre-contractual information
requirements for information concerning credit intermediaries
requirements for information on the borrowing rate
requirement to check the consumer’s creditworthiness
disclosure obligations for the consumer.

The text establishes regulatory and supervisory principles with regard to credit intermediaries as well as provisions to enable adequate regulation and supervision of non-credit institutions.

Source : Cyprus Property news

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Testimonial

International Dreams helped us choose our perfect Egyptian home in Hurghada. Richard explained everything to us every step of the way so there were no unexpected charges and we were kept up to date with all the construction. We are Very happy with our purchase and are now looking for a second on the same development to rent out

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