here the mortgage and home loans and financial view from various world property market players - as an Easter gift for you.
Well the Japanese Tsunami and earthquake and subsequent nuclear leakage has raised fears of a de-accleration in global growth.
Higer oil prices leading to global inflation is being fuelled by turmoil in the MENA (Middle east and African) environments.
Greece, Ireland and Portugal continue to lead the way in credit rating downgrades and the propect of defaulting on debt payment is imminent - leading to Global European pressures.
However, world markets have amazingly ongoing signs of recovery - so we await mid year results all round.
It is possible to buy youir money at commercial rates and not get ripped off with expensive changes as you move along so getting your currency need not be expensive or a hassle. The First Premier Travel card through GCEN is now available to you.
An INTERNATIONAL MORTGAGE PERSPECTIVE 2011:
The average we have seen a 12.8% increase in interest rates over the last month, based on the cheapest mortgage products on offer within our top 5 most popular countries. Spain has seen the biggest rise with mortgage rates now being offered from 2.68%, which is a whopping 42% increase from what was on offer last month. France has seen the second biggest rise (16.76%) with mortgages now available from 2.09%. With mounting pressure on both the Bank of England (BOE) and the European Central Bank (ECB) to raise interest rates we believe further rises will follow, but when and by how much are unfortunately key questions that nobody can answer with much certainty. However we continue to recommend to our clients who are thinking about buying or remortgaging a property abroad to consider acting now in order to secure these still relatively low mortgage rates while they are still available.
For more details on these exciting new mortgages please contact us.
Although mortgages are still available for foreign property buyers in Ireland we are unsure how long they will continue to be available due to the continuing banking crisis. Since the failed bail out from the International Monetary Fund last year, Ireland has still not resolved its banking problems, following an outflow of deposits and other banks being unwilling to lend to them. Currently many Irish mortgage providers remain dependent on the central bank for their day-to-day operations and until Ireland's new government has managed to conclude its talks with the ECB to secure medium-term funding for its banks, the decision on whether Irish banks will continue to lend to foreign property buyers remains unclear
In South Africa, you can get 100% home loans but conditions do apply and the credit criteria for lending remains strict. Non-south africans can still obtain 50% mortgages.
8th Islamic Financial Services Board Summit
The summit is being held in Luxembourg 10th to 13th May 2011 and is a must for all financiers working with Islamic Financing.
Three events will precede the Summit, a Workshop on Islamic Finance and IFSB Standards for Institutions Offering Islamic Financial Services and Islamic Capital Markets, IFSB Country Showcases and Special Session on Liquidity Management in the Islamic Financial Services Industry which the IFSB is organising on 10 May 2011 and 11 May 2011 respectively. Luxembourg and Malaysia will be showcasing in the Country Showcases.
A core aim of the Summit is also to highlight the role of the various stakeholders towards developing a robust future for the IFSI. This is reflected in the five session topics of the Summit which cover:
• International Developments in Regulatory Landscape: Implications for Islamic Finance
• Financial Stability: Regional and Global Cooperation
• Developing Capacity Building to Enhance Financial Stability in the Islamic Financial Services Industry
• Enhancing Transparency and Market Discipline and Information Environment
so all good here!!!!!!
EUROPEAN and GCC PROPERTY REVEALS....
FRANCE:- Earlier this week (12th April 2011) French minister Francois Baron said that the French government aims to raise the threshold for households that have to pay wealth tax (ISF). Under the proposed reforms the threshold for households for the wealth tax would rise to those with assets of more than €1.3 million compared with the current rate of €800,000.
CYPRESS:- Scottish Member of the European Parliament Alyn Smith has warned people not to buy property in Cyprus after floods of his constituents complained at being stung by the title deeds fiasco in the country.
SPAIN:- An economist at the University of Barcelona has warned that Spain’s house price correction still has a long way to go before the country’s property market can fully recover. Economics professor García Montalvo uses reported house price and income data to calculate price to income ratios which currently stand at 6.4, way above the historical average of 4 years.
DUBAI:- Nearly 200 foreclosure cases are being currently dealt by Dubai Courts and the rate and frequency is likely to increase, top law firms believe. “Most of the conventional banks have claims and we understand that there may well be around 200 foreclosure cases coming through the courts at the moment,” Michael Dark, Senior Legal Consultant, Dispute Resolution, Hadef and Partners, told Emirates 24/7