Emaar commits to housing and economy in Saudi

Emaar Middle East, a subsidiary of global property developer Emaar Properties PJSC, is underscoring its commitment to the housing sector and the overall social and economic prosperity of the Kingdom through its showcase of value-added lifestyle developments at Cityscape Jeddah.

The premier property exhibition is being held at the Jeddah Centre for Forums & Events from June 11 to 13, where Emaar Middle East will highlight the rapid progress achieved on its two master-planned communities, Jeddah Gate and Al Khobar Lakes, and the unique Emaar Residences at the Fairmont Makkah.
 
To look for mortgages in Saudi Arabia it is worth getting a good financial broker with mortgage management and origination skills.
 
Transferring funds anywhere in the GCC will come with costs, so find a transfer free service before you start sending your Riyal or dollars and get free no obligation quotes.

Transfer duty and Conveyancing Fees.

Transfer duty exemption threshold increased from R500000 to R60000. This is good news to new buyers. This step shows that the government is trying to promote home ownership. Let’s take advantage of this as this is entirely to our benefit.  The government by lowering the transfer duty might be losing revenue but they have new home owners at heart. In short, you will pay less transfer duty if you buy a property valued greater than R600 000.The break down is as follows;

On the value of the property that does not exceed R600 000: 0%

On the value of property that exceeds R600 000, but not R1 000 000.00: 3%.

On the value of property that exceeds R1 000 000.00, but not R1 500 000: R12 000 plus 5% on the value exceeding R1 000 000.00.
On the value of property that exceeds R1 500 000: R37 000 plus 8% on the value that exceeds R1 500 000.

The other costs involved are the conveyance fees, deeds office fee and VAT. The conveyance fees, what you pay depends on who the conveyance attorney is and how much the property costs. The conveyance attorneys’ rates are generally between 0.7% and 1.2% of the price of the house. The fee levied by the Deeds Office to register the deed to the property in your name, depends on the value of the property, and starts at R 55 per registration, VAT 14% will apply and Post and petties which include all costs to the bank for postage's, admin fees, phones calls and odds and ends.

 Previously companies, CC’s and Trusts were charged at a flat rate of 8% on the whole purchase price for transfer duty, the above scale will also now apply to them as well as natural persons, which will make a huge difference.

At the same time SARS banned manual transfer duty submissions when the new system went live on April 1 and they have introduced the new SARS Conveyancing service. 

Buying Property in FRANCE ...

We have access to a some brilliant mortgage deals for non residents buying a property in France


Key benefits of the mortgages include:

• Interest rates that start from a very competitive 2.09%.

• Loans that start from just 21,500 Euros.

• Mortgage options for investment purchases, holiday homes, self builds, like for like remortgages and equity release.

• Lending available up to 85% loan to value.

• 5 to 30 year mortgage terms available.

• Applicants between the age of 18 to 80 accepted.

• No credit scoring or credit search carried out by selected lenders.

• Access to Exclusive mortgage deals.

Benefits of our service include:

• Access to a wide range of mortgage products.

• A friendly professional team of English speaking mortgage advisers.

• A free pre-approval service, so you know you qualify for a particular mortgage before applying.

• Competitive service charges.

Build your Dream Home

Yes, you have looked and looked and you seem not to find your dream house.  Its either the price is too high or it’s just not what you really want. What do you do?

Well, why not just build it according to want you want.  There is a product tailor made for that-a building loan.  It is your only solution. Let’s take this journey together as we explore this issue in detail. What are the banks requirements and the things to consider when wanting to build?  

Dealing with the four major banks namely ABSA, Standard, FNB and Nedbank I have come to a realization they look at each application differently and each application is unique. This simple means if your friend who earns exactly like you got a bond at Absa that does not necessarily mean you will get it. As we discuss this issue don’t forget the main things the banks look at; credit record and affordability.

The qualifying criteria for a home loan and a building loan are exactly the same although some additional documents are required for a building loan. Additional documents are as follows;

Signed offer to purchase for the land or the bond statement

Signed building contract and schedule of finish

Copy of the approved building plans

Original NHBRC certificate (from the builder)

Build it, yes your home this is the way to go.

To know more about the banks requirements please visit Global Fundi or Home loans and their consultants will take you step by step forward through the process.

World property review Easter 2011

So here the mortgage and home loans and financial view from various world property market players - as an Easter gift for you.

RISK AVERSION

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.

TRAVEL OVERSEAS

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