A good friend of mine recently bought a property in the US. He lives in Ireland and the property was as an investment. The property value was $360,000 US Dollars. He began the process of buying the property in question 6 months ago. At this time it was expected to cost him €310,000. This was based on the currency exchange rates at that time.
He closed the property 2 weeks ago (it took very long to complete the transaction due to it being a foreclosure property) and the actual cost was €288,000; a saving of €22,000 based on the exchange rate movement.
Whilst this worked out strongly in his favour I can’t help feel someone from the US who was buying a property in Europe and ended up paying far more than initially expected. It raises an interesting question though. Continue reading Buying a property in a different currency – when to make the jump!
The big world news story at the moment appears to be regarding a trade war that has broken out between the US and China (although it could be argued that it is between the US and the rest of the world). Of course such a war will have an effect on many key elements of each world’s economy.
Being who we are, let’s talk about how it might affect property prices.
Generally speaking property growth relies on a stable local and world economy.
Continue reading Property prices react badly to wars – even a trade war
The index ranks based on urban economies and real estate markets. As well as indexes in order of those experiencing the most rapid growth.
Indian cities dominate the ‘short term momentum ranking’ in JLL’s latest annual global report ‘City Momentum Index’ (CMI) 2018. Hyderabad and Bangalore are occupying the top two positions. Pune ranks at fourth.
It is followed by Kolkata (5th) and Delhi (8th) in the top 10 cities out of the 30 top global short-term growth cities. Continue reading JLL ‘City Momentum Index’ expects short-term growth in Indian cities
During the recession the term ‘Buy to Let’ mortgage was almost comparable to using an expletive such was the disgust of many to the contribution such mortgages made to the property crash. But they are making a comeback.
ICS Mortgages is offering its customers an interest free mortgage for up to 15 years.
Politicians were first to jump in with their concerns. Fianna Fáil finance spokesperson Michael McGrath said “Some might say that a ‘Buy to Let’ mortgage is being offered to landlords for investment purposes. But because of full recourse lending here, these loans could result in judgments against individuals and will be registered against family homes. Continue reading The ‘Buy to Let’ Mortgage makes it comeback to Ireland
A prounced Brexit effect on UK house prices was unclear up to now but recently released figures indicate we are now seeing a trend. It appears that the very wealthy areas of London are seeing strong downward pressure on prices.
One report indicates the areas such as Balham and Putney are seeing a fall in prices of 12-14% with others reporting falls of greater than 15%. London city centre areas were at the centre of the UK property boom. Many felt a correction may have been needed here.
In any case other areas of the UK are not seeing the same pattern.
Continue reading Update on the Brexit effect on UK House prices
For many years I must admit to being quote opposed to use an Architect and their (what I considered) exorbitant fees.
When it comes to house design I pretty much think everyone else’s idea is a good one.
Also I am not really one for putting my own stamp on things. All this meant I ways thought there was enough house designs out there already so why not just buy off a prescribed house plan rather than looking at designing your own pile. Just look through the catalogue and pick the design you want. In recent months though I am not so sure….
Continue reading To Architect or not to Architect
Low interest rates and not enough sites to build on have been increasing real estate prices in Germany for years.
Also in 2018, but now it is not just happening in the big cities.
In 2017, Germans also had to spend significantly more money to fulfill their dream of owning their own home. “The prices continue to rise,” said Peter Ache, branch manager of the working group of the expert committees of the German Press Agency.
In the working group the reports of the local expert committees come together. Unlike many market studies, they gain their insights from the actual sales contracts. The working group will present its next nationwide report at the end of 2019. Continue reading Houses and apartments get more expensive in Germany – even in the countryside