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Thursday, 29 April 2010

Sterling vs Euro for Property Purchase in Eurozone & Canary Islands

Latest on Sterling vs Euro and financial markets by Halo Financial for those buying properties in the Euro zone and Canary Islands:
Yesterday was a day of ooops moments; Gordon Brown forgot he was wearing an open microphone when he spoke insultingly and dismissively of a woman who had merely expressed her fears over unbridled immigration and the Eurozone suffered a couple of oops moments when Spain had its credit rating downgraded by Standard and Poors and when it seemed the Greek bailout could suffer further delays; delays that Greece can ill afford. There was a bright spot for Greece though in that the International Monetary Fund suggested the bailout package could be more than double the initial estimate of €45 billion that was mooted a few weeks ago.
Apart from being long overdue in many analysts’ eyes, the Spanish rating downgrade was seen by many as a warning shot across Britain’s bows; a strong hint that unless the next government gets to grips with our debt problems straight away, Britain too could have its sovereign debt rating lowered. Apart from being just plain embarrassing, it makes servicing the existing debt more expensive because, just as Greece is discovering right now, a lower credit rating means a country has to pay a premium over and above bonds in countries like Germany and America, to lure investors. When you owe as much as Britain does, even a small premium sucks significant funds out of the domestic economy and hampers growth.
So when the dust had settled on all of that, the outcome was that the Pound fell, the Euro fell and the US Dollar which is the global safe haven these days, strengthened across the board. Of the Pound and Euro, Sterling had the most to lose in the short term because it has been doing rather better than the Euro of late and Gordon Brown’s faux pas made the hung parliament story spring back to life. I know the threat to the economy of a coalition government is being downplayed by all manner of ‘experts’ and politicos but the fear of a lack of clear leadership is the issue that dogs the Pound whenever hung parliaments are mentioned and I don’t think it is a debate with an answer until the election is over and, if we are to have a hung parliament, the wrangling and negotiating about the form that the next government will take is concluded.
In other news we saw the Reserve Bank of New Zealand leave its base interest rate on hold last night at 2.5 percent. Not only did the RBNZ do as many had forecast they would but they also suggested the tightening cycle, when it comes, would not have to be as fast and furious as had previously been thought. This is a factor of the steadier recovery than we had all hoped for. The New Zealand Dollar weakened a little against most currencies when the announcement was made but Sterling was on a slide anyway so the Sterling - NZ Dollar exchange rate is actually 5 cents lower this morning than when it peaked earlier in the week.
We also had an interest rate announcement from the US Federal Reserve late yesterday and, just like the RBNZ, they left their base rate on hold but their current level is much lower than the Kiwi base rate. The Fed is currently operating on a variable Fed funds rate between 0.0% and 0.25% and they reiterated their view that this will remain the case for some time to come. However, they did change a couple of lines in their well read standard statement; they saw both the housing and the employment markets improving slightly whereas in previous statements they have commented that these areas were flat. Don’t laugh but these miniscule changes in central bank communiqués get some analysts in a right old tizzy. It is certainly enough to move the US Dollar but that is already being bought heavily by investors seeking the safety of the US bond and equities markets.
Today is a quiet one on the data front with no more than a smattering of EU data to keep the financial market roulette tables spinning. We get EU money supply data and three economic confidence indices to mull over along with German employment data. This evening’s main event is the last of the party leader TV debates before polling day and it looks set to be a corker. I think we should have a sweep on how many times Gordon Brown’s “bigoted woman” comment gets alluded to, another on how many times the word ‘Brave’ is used to describe those in the armed forces in that rather patronising tone that politicians tend to adopt when they speak of the military personnel and another on how many times the word ‘change’ is used. This being the last chance for the three of them to make their mark, it looks set to make for very entertaining viewing.
Have a great evening’s viewing. Popcorn anyone?

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Wednesday, 7 April 2010

Fuerteventura due for a profitable 2010

Initial figures show that Fuerteventura has seen the largest increase in flight reservations across the whole of the Canary Islands. A major contributing factor is undoubtedly the return of Ryanair to Fuerteventurian skies for the first time in 18 months, but these results are also boosted by the continued low cost services from Aer Lingus, Monarch and Easyjet.

The Councillor of Tourism for Fuerteventura, Agueda Montelongo who last year was quoted as stating “there is no tourism crisis”, greeted this month´s news with the comments,” good news for the tourism sector of Fuerteventura…we are dealing with estimates that are consistent with the expectations of economic recovery we´ve been seeing in recent months.”

The news of a healthy forthcoming summer season will naturally boost all tourism related businesses on the island, as well as the real estate sector and 2nd home property market. The also illustrates that the Tourism for Fuerteventura strategy of attracting fresh emerging markets to the island whilst continuing to attract visitors from longstanding European destinations is paying dividends.

Great Britain leads the way with a flight bookings increase of 68% for the summer, Germany enjoys and increase of 24% and mainland Spain has also seen a 4% rise in bookings.

In total the island should enjoy an increase of 30% on flight bookings in comparison to last year, thus demonstrating a level of economic stabilistation following a traumatic 18 months.

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Tuesday, 6 April 2010

Miramar Residential Fuerteventura 71,500 €uros

Bank Disposal Of A Selection 
Of Fabulous TownHouses In
Caleta de Fuste,Fuerteventura 
Now Offered At 50% Of Previous Sale Prices.

See Video in YouTubeSee Pictures

The property consists of spacious and kitchen area with “ver se”, separate full size bathroom, 2 bedrooms with built in wardrobes. Large terrace from the lounge and exceptional roof terrace with panoramic views. All the windows are low maintenance plastic coated aluminium with louvered shutters and the floors are laid with Spanish tiles.

See LocationMore Information

Starting prices

2 bedrooms from

3 bedrooms from

Key points

. Private terrace from the lounge

. Large roof terrace

. Panoramic views from the roof terrace to the sea, marina and golf course

. Easily maintained Aluminium carpentry

. 100% Mortgage Available

For further details, please contact:

Goldacre Estates SL
Tel:       (+34) 928 53 50 44

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