There has been much in the press and online lately about London – Sofia based agent, Bulgarian Dreams, who closed their London offices, blaming the economic climate, and disappearing out of the UK owing thousands to many British and Irish investors. I became involved with Bulgarian Dreams back in 2004 when I opted to purchase an off plan apartment in Bansko, Bulgaria. I was one of the lucky ones, although certainly did not feel that way at the time, as I managed to pull out of the purchase and recoop the money spent on the apartment.
New Zealand company Bayley’s Real Estate is increasing its presence in key South-East Asian countries as interest in New Zealand property increases among Asian overseas property investors.
According to the New Zealand Herald Bayley’s are focusing on China, Hong Kong and Singapore investors and a promoting a mixture of more expensive New Zealand property including commercial, industrial, rural and coastal listings.
A number of British contractors in the UAE have not been paid by the local developers – some are as much as six months in arrears and the British business secretary, Lord Mandelson has approached Dubai and Abu Dhabi’s rulers Sheikh Mohammed bin Rashid Al Maktoum of Dubai, and Sheikh Mohammed bin Zayed Al Nahyan, the crown prince of Abu Dhabi for assurances that the situtuation will be remedied.
More on UAE Property Developers Failing to pay British Contractors
As the housing crisis in the United States drags on and on, and as the banking crisis in the United States gets worse and worse, ordinary people are beginning to float some fairly obvious ideas that nevertheless get no uptake because…Well, because it’s complicated.
More on Vacant Houses, Homeless People, and Jedi Mind Tricks
During the late 90’s, snapping up an apartment on New York City’s Central Park took a fast pen and a loaded checkbook, but no more: According to a recent New York Times article, luxury real estate in the city is not only depreciating severely, it isn’t even moving now at the bargain prices.
More on Luxury Central Park Apartments Languish on NYC Market
French property prices have come down to earth with a bang, according a number of professional bodies, including the French National Federation of Real Estate Agents (Fédération Nationale de l’Immobilier or FNAIM)
More on Property Prices in France – No Soft Landing says FNAIM
The Burj Dubai reached it’s final height of 818 meters recently, but we are hearing an interesting rumor that, the Burj Dubai is now wholly owned by the Abu Dhabi government (see the recent Dubai bond issue) and as “punishment,” for their vaulted ambitions, the building will be left empty for at least one year after it is finished being fitted out.
More on Property Investment Rumors – Burj Dubai Will sit Empty for a Year
Macquarie Groupis probably one of Australia’s best known of Australia’s commercial banks. Now it might also be the first financial group to be bailed out by the Federal government’s guarantee to commercial property investors.
At the end of 2006 there were about 100,000 bank-owned properties for sale in the United States. Today, thanks to the ongoing tsunami of new foreclosures there are over 700,000, and that number is climbing.
The over valued, over leveraged buy-to-let property market in the UK is now coming to terms with a new reality. The lenders had written clauses into many buy-to-let mortgages which insist on a certain level of equity being held in a property, and most buy to let mortgages taken out in the last few years are now falling below that ratio. Terms vary, but several banks have already exercised their right to insist on a capital injection from the borrower, as property prices in Britain continue to decline.
