Property values in New Zealand have taken a substantial drop over the past year, according to the government valuation agency. Quotable Value New Zealand reports that housing prices fell 8.3 percent during 2008, the largest drop since the agency began tracking figures in 2005.   Price drops were spread out across the country, with Auckland seeing a 9 percent drop during the year. Rotorua saw the largest...

The UK Office of Fair Trading OFT have reacted to a rise in online scams by joining forces with  Get Safe Online as part of its Scam Awareness Month. The OFT highlights the increasing need for vigilance against online fraudsters. 23 per cent of UK internet users surveyed said that they, or their close friends and family, had been a victim of phishing scams in the past 12-month period, compared to just...

Exchange rate update for Feb 9th 2009  mid-market rates at 1300 GMT: Sterling – Euro = 1.1488 Sterling – US Dollar = 1.4970 Sterling – Australian Dollar = 2.2110 Sterling – New Zealand Dollar = 2.7870 Sterling – South African Rand = 14.2860 Sterling – Canadian Dollar = 1.8300  The Pound has followed Friday’s...

A welcome boost for the Pound – UK interest rates have fallen, but only by 0.5%, the minimum expected by analysts. Data out this morning also showed a surprise jump in house prices in January, which has helped give the Pound its best day in some weeks. Euro exchange rates are now at their best so far in 2009, so sending money to Italy, Spain or Portugal is finally slightly less painful. However, with...

There are a whole host of publications and websites that publish their annual list of overseas property investment locations, and this week the Evening Standard has its own list. Their list of top overseas investment destinations for 2009 comes from John Howell of the International Law Partnership. In tough times, people tend to look for quality destinations with a proven track record, and this list...

The Bank of England cut interest rates to a record low as it hopes to help the country out of a recession. The British central bank cut its rate by 50 basis points to 1.0 percent, which is the lowest since the bank was organized in 1694. It follows on the heels of several other rate cuts as the bank is trying to keep the country’s economy on track.   The International Monetary Fund predicts that the UK...

The Australian government recently announced an AU$42 billion (£19 billion) stimulus plan as it attempts to aid the country’s economy. Wayne Swan, the country’s Treasurer, said that the government would invest $28.8 billion in schools, housing and roads, with another $12.7 billion as cash support for lower income families.   The central bank of Australia also cut its interest rates to 3.25 percent,...

Property prices in Romania are expected to fall significantly in 2009, according to a number of local analysts. Property prices reached their high in July of 2008 and have fallen considerably since then. In the fourth quarter of 2008, some areas saw drops as much as 35-40 percent. Some property analysts and agents predict prices could fall even more during 2009.   Even high end luxury properties in...

Cityscape, the International Real Estate Development and Investment Event sponsored by Cityscape Intelligence, is coming to a number of locations around the world in the coming months. Cityscape Abu Dhabi will be at the Abu Dhabi National Exhibition Centre from 19 – 22 April, 2009. Cityscape Asia is coming to Singapore in May and will be at the SUNTEC from the 19th to the 21st.   Later in the year,...

The French resort town of Val d’Isere is hosting the FIS Alpine World Championships, which run from February 3rd through February 15th. The the opening ceremonies take place on Monday, February 02, 2009 with the Women’s Super-G opening the skiing events on Tuesday. The men follow with their Super-G on Wednesday. Always the highlight of the Championships, the Men’s and Women’s Downhill take place on...