Eurozone Gaining Confidence

Eurozone Gaining Confidence as Spanish Banks Ease Dependancy

Is there confusion again over Spain's banks? If so its not really new.   On one hand, the Bank of Spain said in mid-January that non-performing loans were on the increase and that more than one in nine would probably not be repaid.  On the other, the central bank said at the same time that Spanish banks were less dependent on emergency funding from the European Central Bank.  In December they borrowed €357bn, appreciably less than the €411bn they took last August. Prime Minister Mariano Rajoy is relaxed.  He is "absolutely convinced that Spanish financial institutions will not require any more funds than they were given already" because they have been subject to a "complete striptease" laying bare their financial circumstances.

The prime minister's optimism is shared, though perhaps with more caution, by investors. Since the beginning of the year they have been buying bank shares, lifting the value of Bankinter by a third and Banco Popular Espanol by a quarter. Investors are also much readier to hold Spanish bonds. Six months ago they were demanding a return of over 7% on their five-year loans to the government. Today they are content with less than 4%.

The change is symptomatic of a warmer attitude among investors towards the euro. A month ago it looked as if 2013 would turn out to be a better year for the single currency and halfway through January that is proving to be true.

Since the turn of the year the euro has strengthened by about five and a half  cents against the pound and by about four  cents against the US dollar. It has done so mostly as a result of improved sentiment.  Strange to think it was about twelve months ago when  most of the world were questioning the very survival of the single currency  with a full complement of member states. Today it feels reasonable to expect that singleness to continue, as a result of the determination of EU leaders and central bankers to do "whatever it takes" to save the euro.

Okay  so what else is happening?  

Interestingly instead, it is the pound that must face the tough questions. Even though the UK economy appears to be in better shape than Euroland, investors are not satisfied. They fear a third dip into recession. They fear the downgrade of Britain's AAA credit rating that might follow that dip. They fear the anti-Europe rhetoric in Westminster and the media. And because of those fears their appetite for sterling has faded.  Add to this the fear of further job losses in the Financial Services sector and the high street disappearing unemployment may still have  a further negative impact upon the  UK's timetable for recovery

So half the euro's performance against sterling this year is down to improved demand for the single currency; the other half is the result of investors' disenchantment with the pound. Both attitudes could change. It would be unusual if there were not some new panic in Euroland before too many months have gone by. The UK economy might pick up speed once the cold weather has passed and people are allowed to go back to work and school.

Stateside the new holiday destination of " The Fiscal Cliff" seems to have disappeared and the republicans have provided Mr Obama a little bit longer to sort out the economy and the debt ceiling which is standing around $17trillion.  Not sure how many zeros a in a trillion but its a lot. What the bet it could hit £20 trillion.  In fairness however housing, manufacturing and employment opportunities are all moving in the right way for the citizens of the USA.

The big decision if you are transferring money is timing so if you want to make more of your money and take expert guidance talk to our preferred  currency specialists. If you want to guard against rate fluctuations and get the best deal for your Sterling contact us and read our financial pages here: http://goldacreestates.com/Finance .

Advice on Selling Your Property

Here are a few tips to Help Sell Your Property in Fuerteventura

Preparing your property for sale

■Ensure your property inside and out is clean and tidy

■Ensure any minor repairs have been carried out prior to putting your property on the market

■If redecorating try and use light and neutral colours, this will make rooms appear larger

■Remove and put in to storage any unnecessary “clutter”

■Keep kitchen surfaces clear and make sure your oven is spotless!

■If you have a dog ensure it is kept under control and preferably out of sight. Many people will not share your confidence with dogs

■If you are using an agent leave the selling to the agent

■Prospective buyers will appreciate if you provide them with an estimate of your annual running costs

Taxes and Expenses

■For a detailed guide to selling taxes and expenses please consult the Selling section of “Advice for Buyers”

■Capital Gains Tax if you have made a profit after expenses Currently 18%

■Plus Valia – Municipal Tax on increase in land value

 ■Legal Fees

■Agency Fees

For more information on Selling Your Property consult our pages here:
http://goldacreestates.com/Sell

Global Housing Market Figures Released



Latest Statistics on Global Housing Markets

Latest figures from the Global Property Guide suggest Europe is still experiencing the brunt of the downward pressure comparing figures from the 3^rd Quarter 2011 to Q3 2012 in terms of property prices and sales numbers.

On a positive note the U.S. housing market continues to recover with the Federal Housing Finance Agency (FHFA) seasonally-adjusted purchase-only house price index rose by 2.31% year-on-year in Q3 2012, the highest growth seen since Q2 2006. The nationwide seasonally-adjusted S&P/Case-Shiller home price index also rose by 1.92% during the year to Q3 2012, in sharp contrast with its 7% year-on-year decline seen in Q3 2011.

Also Dubai in the U.A.E. has shown positive trends with the price index for all residential properties surged by 14.43% during the year to end-Q3 2012, as compared to a meagre year-on-year increase of 0.96% seen in the same period last year.

The Pacific markets also show signs of recovery with New Zealand 's median house price rose by 5.19% during the year to end-Q3 2012, in sharp contrast with the 4.39% year-on-year decline in Q3 2011. Likewise, Australia 's housing market is also improving, with house prices in its eight major cities falling by just 1.57% year-on-year in Q3 2012, the lowest decline since Q4 2010.

Some European markets are experiencing turnarounds with house price falls in Ireland decelerating. Ireland 's residential property price index fell by 13.17% year-on-year in Q3 2012, the lowest decline since Q1 2011. In addition, house prices have risen significantly in Austria, Turkey, Latvia, Germany, Iceland and Finland.

On the other hand many European housing markets remain extremely depressed, and continue their rapid spiral downwards. House price falls are accelerating in Greece, Spain, Netherlands, Portugal, Croatia and Lithuania. Of the 23 European countries included in the survey, 14 countries recorded house price falls while only 9 countries have seen house price increases. The nine weakest housing markets in our global survey are all in Europe.

Also the Asian housing market surge has weakened. Seven of the 10 Asian housing markets included in our survey performed more poorly this year than the previous year. But Asia 's biggest housing market, China, is recovering, judging by the latest quarter 's figures.

In inflation-adjusted terms, 23 housing markets have shown better year-on-year figures in Q3 2012 than in the same period last year, while 20 housing markets have shown poorer performance. However the nominal figures are slightly more disappointing—25 housing markets performed more poorly while only 19 performed better.

In Conclusion of the 44 countries for which quarterly house price figures are available, house prices fell in 23 countries, and rose in 21 countries during the year ending in the third quarter of 2012, again in inflation-adjusted terms.

The Global Property Guide's statistical presentation uses price changes after inflation, giving a more realistic picture than the more upbeat nominal figures usually preferred by real estate agents. Nominal figures can be misleading, as suggested by the fact that year-on-year in Q3, nominal house prices rose in more countries (27 countries) than fell (17 countries).



 

 

 

 

 

 

European housing markets generally weak

The scale of the European downturn, the sheer size of the downward pressure, continues to surprise. Of the 23 European countries included in the survey, 14 countries recorded house price falls while only 9 countries have seen house price increases. To make the picture more dismal, the nine weakest housing markets in our global survey are all in Europe.

Ireland remains the world 's weakest housing market in Q3 2012. However, house price falls now appear to be decelerating in Ireland. House prices dropped 13.17% during the year to Q3 2012, the smallest decline since Q1 2011. House prices dropped by just 0.03% in Q3.

Not so far behind was Greece, with house prices plunging by 12.47% during the year to Q3 2012, the steepest year-on-year decline since 1998. House prices dropped 1.03% during the latest quarter. Greece is already on its fifth year of recession with real GDP expected to contract by 6% this year.

House prices have declined in Spain. House prices plunged by 11.87% during the year to Q3 2012, the biggest decline since Q4 1992. House prices dropped 2.78% during the latest quarter. The Spanish economy is expected to contract by 1.3% this year and by another 1.4% in 2013. The country 's deficit is projected to remain high, at 8.1% of GDP by end-2012. Overall unemployment is at a record high, at 25%.

The Netherlands comes fourth on the list of the world 's worst performers. House prices fell 11.43% year-on-year in Q3 2012, the sharpest decline since Q1 2009. On a quarterly basis, house prices fell 3.37% during Q3.

Romania 's housing market remains depressed. The average selling price of apartments plunged 12.76% year-on-year and fell 4.61% during the latest quarter. Romania 's economic growth is expected to be flat this year with real GDP actually declining 0.5% in Q3 2012 from the previous quarter. The economy fell into recession in Q1 2012 before seeing a minimal growth in Q2.

Many other European countries continue to suffer. These include Portugal, with house prices falling by 9.7% during the year to Q3 2012, Zagreb, Croatia (-8.03%), Warsaw, Poland (-7.64%), Bulgaria (-6.84%), Ukraine (-4.41%), Vilnius, Lithuania (-4.36%), Slovakia (-4.13%), Russia (-3.98%), UK (-3.97%), and Sweden (-3.17%). All of these, except Slovakia and Sweden, recorded house price falls during the latest quarter.

Some strong European housing markets relieve the gloom. Austria 's housing market remains ebullient, with the residential property price index rising by 7.53% during the year to Q3 2012, after rising by 11.26% year-on-year in Q2 and 8.24% in Q1 2012. House prices rose by 0.50% during the latest quarter. Vienna 's residential property price index rose a dramatic 13.10% during the year to Q3 2012.

Norway 's house price index rose by 6.55% during the year to Q3 2012, and by 1.27% during the latest quarter.

The upsurge in these two countries' housing markets was so strong as to propel them into fourth and fifth place in the worldwide league table.

Other European countries which saw moderate year-on-year house price increases to Q3 2012 included Turkey (4.96%), Riga, Latvia (3.38%), Switzerland (3.27%), Germany (3.16%), Estonia (2.62%), and Iceland (2.28%).

Finland 's housing market is also improving. The average price of apartments in old blocks of flats rose by 0.52% during the year to Q3, the first year-on-year growth after four consecutive quarters of house price falls.

 

 

 

New Tax News for Canary Islands & Spain

The latest conditions for cash payments above 2,500 euros were announced on the19th November 2012 for Companies, Individuals and Professionals in Canary Islands, Spain.

The provision which is included in the new anti-fraud law published in the Official newspapers on the 30th October specifies that the amount is the limit payable in cash, taking effect 20 days after publication in the BOE.

For the development of this measure the legislative experience of EU countries such as France and Italy were taken into consideration. The limit is applicable to individuals, companies and professionals but does not apply to payments made to banks. There is also a provision for individual non-residents limiting the amount to 15,000 euros so as not to damage linked tourism activities.

The participants in the operation should keep documentary evidence of payment for five years from the date of payment, to prove that it was made through one of the means of payment other than cash. They will be required to provide these documents at the request of the tax authority.

Those who violate this restriction will face fines of 25% of the value of the payment made in cash. Both the payer and the payee jointly and severally liable for such infringement, so that the tax may be brought against any of them to collect 100% of the penalty.

PENALTY EXEMPTION IF REPORTED

The taxpayer who was involved in one of these transactions will be exempted from punishment if they voluntarily reported the incident to the administration provided that three months have elapsed since the payment in cash. The Tax Office has set up a procedure for handling complaints telematics from tomorrow, referring exclusively to cash payments in excess of €2.500.

The Act also expressly provides a rule against splitting operations, the calculation of the limit of €2.500 legally established. In addition, the standard introduces reporting requirements for any authority or officer in the performance of his duties, becomes aware of any breach of the legal limit.

The Tax Office has clarified that if an operation exceeds cash paid €2.500 but you pay in several times splitting the payment of amounts below the legal limit, is also breaking the limitation is effective now. That is, if an operation of €4.000 is payable in cash in two installments of €2.000 each, the penalty would be 25% above €4.000 and thus €1.000 in total.

 

HIGH DENOMINATION NOTES

The use of bulk cash is directly related to transactions to evade taxes. Limiting cash reinforces the control that keeps the tax in the fight against fraud. This line includes the special plan on the use of high denomination notes (€200 and €500), started four years ago and which is continued by the Administration.

For more information on Property Finance please read our finance pages here: http://goldacreestates.com/Finance 

Fred Olsen Cruises to Fuerteventura

Fred Olsen have started a new program of cruises to include Fuerteventura, West Africa and Cape Verde.The new fly-cruise iteneraries will include 'Sun & Souks', 'African Beaches and Tropical Islands' and 'Morocco and the Canaries', departing from London Gatwick and Manchester airports.

Sales and Marketing Director for Fred. Olsen Cruise Lines Nathan Philpot said:

“This is a really exciting, innovative development for Fred. Olsen Cruise Lines. While we know that many of our regular cruise guests relish several days at sea, there are many would-be cruisers who are slightly younger and cannot take time for a leisurely voyage, or simply prefer to start enjoying their sun-seeking as soon as possible. The short and easy flight to Tenerife means that guests can start to enjoy their cruise holiday in the sun within hours. This is a great new product to help agents sell cruises to those who might otherwise take a traditional package holiday.”

The new fly-cruises will be between seven and 14 nights’ duration, with exclusive charter flights from London Gatwick and Manchester to Santa Cruz, Tenerife. The fly-cruises are available as a "cruise only" option, so that guests have even more choice when booking their Fred. Olsen cruise holiday. This flexibility means that agents can take advantage of "dynamic packaging" to create a tailor-made cruise experience that is just right for their customer. It also means that agents can sell cruises to their local markets using convenient regional airports, as Tenerife is served by flights from London Gatwick, London Stansted, London Luton, Manchester, Birmingham, Blackpool, Glasgow, Newcastle, Edinburgh, Bristol, East Midlands, Cardiff, Aberdeen, Belfast, Bournemouth and Doncaster Sheffield.

The cruise ship Braemar, based in Tenerife from January to March 2013 will depart from Southampton on 6th January 2013, on her repositioning cruise of seven nights, and will return to the UK on 24th March 2013.

A seven-night cruise will depart from London Gatwick/Manchester on 17th February 2013, visiting Lanzarote, Madeira, La Palma, El Hierro, La Gomera, with return flights from Tenerife.
The most popular fly-cruise is 14-night "Cape Verde, Senegal and The Gambia", calling at Fuerteventura, Cape Verde, Senegal, The Gambia, and Gran Canaria.

The airport of Fuerteventura received the Medal for Excellence in Tourism

The Canary Islands government has just reward the Fuerteventura airport to the Medal of Excellence in Tourism 2011. The airport received this award thanks to the innovation and renewal that have resulted in improving the services offer for tourists.

The LopesanGroup and Fariones Group CEO, Bienvenido Saavedra, have also been recognized with this medal, because of the entrepreneurial activity developed in the tourism.

The island of Fuerteventura and its recent history is closely linked to the evolution of the airport after its opening in 1973. Since then, growth and continuous improvement of these airport facilities have allowed greater and more prolonged period of progress and prosperity on the island.

For the city council of Fuerteventura this distinction implies recognition of the great effort made to have one of the most innovative airports in Spain. "It's a reward for the investment made ​​in these airport facilities, taking into account the financial crisis the country has been experiencing" said Blas Acosta, Minister of Tourism in the city council of  Fuerteventura.

From AENA the news has been very welcome. "We are proud that a Canary airport received this kind of distinction. We understand that this means that we have been working well, which does not mean we will lower our guard," said Mario Otero, director of Aeropuerto Grupo Canarias”. Fuerteventura Airport is the fastest growing airport in the Canary Islands in 2011. The number of passengers has risen by 25% compare to July of last year.

The awards will be given by the president of the Canarian Government, Paulino Rivero, in a ceremony to be held next September on the occasion of World Tourism Day, an event held annually in different places of the Islands.

Source: La Provincia

The Fuerteventura city council invested more than 500,000 euros in the refurbishment of the FV-320 road. The work will be finished by the end of the week.

According to Europapress, the president of the city council of Fuerterventura, Mario Cabrera and the mayor of Betancuria, Marcelino Cerdeña visited last Monday the advance of the work that will be finished by the end of the week.

Cabrera explained that this refurbishment was carried out  thanks to an investment of 274,230 euros, for resurfacing a section of the road. With the earlier rehabilitation also made by the city council, for another 4 kilometers, the total investment is over half a million euros  which has brought a significant improvement for locals and tourists who use this road.

 Cerdeña said that "thanks to the involvement of the city council we achieved a necessary work”

Fuerteventura is recovering from the financial crisis little by little, and many investments have been made for the past few months to improve the roads, hotels, resorts…  We have to highlight the efforts made by the city council to improve the quality of life on the island that both tourists and locals can enjoy.

Fuerteventura, Canary Islands has always been a great place to live, nice weather and very laid back atmosphere, but it will be even better with all these improvements.

Fuerteventura is one of the best place in Spain to invest in property as well. The island has been attracting more tourists this year and it will go on this way. Great opportunities can be found with very good rental potential. Amongst all the real estate agency, one of them stands out. GoldAcre Estates SL offers the largest selection of property for sale in the island and will help you finding the home that best suit your needs, and can attend you in English, Spanish, German, French…

More information about Fuerteventura and the property market opportunities click on the following links:

http://www.goldacre-estates.com/english/pages/more/fuerteventura.html

http://www.goldacre-estates.com/english/index.html

Tourism industry growth in Fuerteventura

The municipality of La Oliva continues its great summer season after reaching 90.07% occupancy in tourist resorts and other infrastructure for the month of July, according to LaProvincia. These figures represent an increase of 17% compared to July of last year when hotel occupancy rates reached 73.48%. The growth is mainly due to the arrival of more tourists from the French and Italian market. The number of British tourists has been maintained but the number of domestic visitors declined, as in all the islands.

Many establishments in the tourist area of Fuerteventura estimate that they will close the month with even better figures than those obtained so far with a rate of 91.59% occupancy. This growth trend is likely to continue in September.

More and more tourists are coming to the Canary Islands, and the property prices are very attractive and with very good rental potential

Among the great opportunities you can find on the islands GolAcre Estates has been offering amazing properties in Fuerteventura and Gran Canaria, you have for instance this great villa for sale in Casillas De Morales in Antigua, Fuerteventura with 5 bedrooms and a fully fitted kitchen. For more information about this villa click on http://www.goldacre-estates.com/english/pages/propertydetail.asp?PropertyID=1184578191.

Any further information about the island, or GoldAcre Estates click on the following links

http://www.goldacre-estates.com/english/pages/more/fuerteventura.html

http://www.goldacre-estates.com/english/pages/more/about.html

Pretty property corralejo fuerteventura close to la playita

Corralejo, a lovely village in the north east of Fuerteventura offers tourists the best white sandy beaches and dunes of the Canary Islands, and amazing landscapes can be enjoyed, a mix of sea, mountain and desert, just incredible. A lot of northern Europeans have made this place their new home for many years now, because of the dry and warm year round weather and the laid-back atmosphere.   GoldAcre Estates has always been one of the favorite real estate agencies for these new arrivals as the team have built a solid reputation for looking after their clients throughout the whole purchase process including after sales.

One of its current opportunities is this apartment for sale with one bedroom very close to the sea and the beaches of Corralejo town centre where there are a mixture of cosmopolitan bars and restaurants with a lovely promenade leading you to the Marina and harbour. From here local ferry services Armas and Fred Olsen provide fast crossings to Lanzarote and smaller boats offer trips to Lobos Island, diving and snorkeling trips plus jet skis and surf equipment are also available for hire. Anything you need is within a walking distance from this apartment and any kind of entertainment is at your disposal. And if you don’t want to go out you can enjoy the big communal pool with your family.

To learn more about this property click http://www.goldacreestates.com/english/pages/propertydetail.asp?PropertyID=-1672639499

or about this pretty island please follow this link http://www.goldacreestates.com/english/pages/more/fuerteventura.html

Or have a look at all the GoldAcre Estates properties at http://www.goldacre-estates.com/english/index.html