The International Monetary Fund recently reduced its 2009 growth forecast for Bulgaria to 2 percent. That’s a significant reduction from an earlier prediction of 6.3 percent growth for the country’s economy and is a result of the global economic crisis. “The world economy is slowing and this will have two effects on Bulgaria: lower foreign demand and a drop in capital inflows, which have been an...
The world’s first refrigerated beach is set to be built in Dubai, so now the Emirate can add that to its many architectural wonders. The cooled beach will allow visitors to enjoy the waters off Dubai without having to worry about the hot sand. It is to be constructed next to the Palazzo Versace hotel, which is set to open in late 2009 or early 2010. Soheil Abedian, president of Palazzo Versace, said:...
The Canary Islands have launched a £1.26 million European promotional campaign. These gorgous islands off the coast of Africa have long been a popular spot for British holidaymakers and second home owners. The British Embassy calculates that nearly four million Britons visit the islands each year, and 60,000 live there.Much of the income for the Canary Islands comes from tourism, with Brits providing a...
London 15/12/2008- Some cheer at last for buyers of property in the USA – the dollar exchange rate has improved against the ailing Pound on fears of more interest rate cuts in the States. Analysts predict that the Federal Reserve will announce an interest rate cut tomorrow evening, after their 2-day meeting today and tomorrow. As the interest rate in the US is only 1%, further cuts will mean holding...
The international real estate research house Global Property Guide present their new findings that confirm 2008 house prices falls and some predictions for 2009. Interestingly the report covering the major overseas property destinations shows that the entire world’s property markets now move in a synchronized manner House prices fell by more than 10% in the UK, the US and Ireland during the year to...
Research undertaken by the Global Property Guide believes that property prices in Asia will continue a downward in 2009.Prices fell in most of Asia in the second half of 2008, because of inflation, interest rate increases, and contagion from the financial crisis. In China, the post-Olympic slump has added to the overall economic slowdown. Plummeting sales figures are reported, although official and...
Real estate prices are being forecast to decline in 2009 by the research house Global Property Guide. The latest international property reports indicates that house prices in the US are likely to fall further until end-2010 or mid-2011. Coastal states with huge housing overhang such as Florida and California are likely to experience the most prolonged house price slump. The housing market’s recovery...
The Museum of Islamic Art opened recently in Doha, Qatar and is the home of the largest collection of Islamic art in the world. The I.M. Pei – designed structure has 41,000 square feet of galleries organized around a towering atrium capped by a dome. It sits on its own island that sets if off from the rest of the city and so it won’t be hemmed in by future construction. Inside the grand, Cubist...
Vietnam was setting the world on fire with its booming property market last year. Like many markets, though, it has been hard by the worldwide financial crisis and has taken a step back. There is still plenty of potential for this upcoming country and its housing market, but investors need to know what they are doing.Reported to have the second biggest potential for capital growth after China in both the...
Barclay’s Bank expects UK housing prices to continue to fall in 2009, according to chief executive John Varley. Home prices may fall from 10-15 percent next year, and unemployment will also rise, said Mr. Varley in an interview on Sky News. Varley said that overall, Barclay’s believes that property prices across the UK will slide from 25-30 percent from their highs. "We're probably about halfway...