FEBRUARY 2011 |
www.opp.org.uk
BUSINESS
Developer profi le
BUSINESS Funding data | 35
boom, with mortgages currently available to foreign investors at just 1.59% interest rates. Unlike many other countries in Asia, interest-only options are available for property investors, and it is worth noting that the minimum loan amount is relatively high at £100,000. According to David Kerns,
Private Client Dealing Manager at Moneycorp, “improvements in the economic outlook for the United States have resulted in a slight strengthening of the dollar against sterling. However, whilst American factories are now more productive, with business sentiment vastly improved, we are yet to see any dramatic decline in the number of unemployed – though recent positive signs are encouraging. The Federal Reserve has already started to drip- feed the latest phase of stimulus measures into the economy, with the $600 billion likely to be fully utilised by June 2011. With vast amounts of property available, some at distressed discounts, investors have been tempted to buy; although there is little likelihood of short-term capital appreciation unless buying in the most sought after areas. GBPUSD
trades around $1.55 with no obvious direction currently. “Recent actions taken by the
Central Bank of Turkey have seen the country’s base rate cut by 25 basis points, in an attempt to stem the flow of global investors seeking high interest rate yields. At the same time, reserve ratio requirements applied to their banks have been increased, in an effort to halt the country’s rapidly growing domestic credit demand. Unlike most western nations, Turkey has seen some sharp declines to its inflation rate, with its consumer price index falling from 9.2% year on year in September to
“There is little likelihood of short-term capital appreciation in the USA unless buying in sought-after areas”
just 7.3% during November – with further declines likely. GBPTRY has gained on these readings, having recently traded above TRY2.40 for the first time since June 2010. “The private property market in Singapore had been running at
Top 10 Countries By Highest Loan To Value (LTV) Country & Position
1 Poland - Portugal - Germany 2 France 3 Spain - India
4 Ireland - Turkey - USA 5 Italy
LTV Available
100% 100% 100% 85% 80% 80% 75% 75% 75% 70%
Monthly chart change
- - - - -
1 - - - -
Singapore | is continuing to race ahead of its Asian neighbours like Hong Kong
Leading Mortgage Rates by most popular countries
6.74 % 5.65 % 4.45 % 3.69 % 2.05 % 2.70 % 3.27 % 3.80 % 1.79 % 2.35 %
Source: Moneycorp and OMF
break-neck speed; quarter two prices rose by 5.3%, quarter three by 2.9% and quarter four by 2.7%. It is clear however that the pace of growth has slowed considerably, following a series of measures introduced by the Singapore government – such as increased stamp duties and larger downpayment requirements – in an effort to curb speculative activity. Whilst the property market in Singapore is now cooling it can still boast a higher appreciation than that
of its regional neighbour, Hong Kong. Singapore is extremely well- positioned for trade, as it has Asia’s largest container port generating lucrative ties with China. This has, in turn, helped produce a large year- on-year gross domestic product number of 14.7% for the financial year 2010. With the GBPSGD now trading at a twenty-year low, the cost to purchase property in Singapore with British pounds has never been higher.”
USA Spain Italy Turkey Greece Cyprus Caribbean Poland France Portugal
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