Property sales in Canada continue to drop as the fallout from the global economic crisis hits another country that presumed it was immune from the major problems. Toronto, once one of the fastest growing markets in the country, has seen a 35% drop in sales over the past year, according to the Toronto Real Estate Board.   There is still optimism that Toronto, and Canada, will escape a more severe downturn...

While the economic downturn hitting the UK is not good news for most people in the country, it could be good for the environment. A committee of MPs says that the government should revise its target to build 3 million new homes by 2020. Greenfield sites do not need to be built on if there isn’t a need for the housing, according to the group.   Gordon Brown announced last July that he wanted...

Dubai-based Jumeirah Group is set to construct and manage the world’s first polo-dedicated resort in Argentina. The Jumeirah Culu Culu Polo Lifestyle Resort will be located in Lobos, Argentina, about an hour from Buenos Aires and just 30 minutes from Ezeiza International Airport.   Located in the town of Lobos, Argentina, and nestled amongst over 1,200 acres of an untouched bird sanctuary and lake is...

The German government recently approved a stimulus package worth some €29 billion in order to help the country weather a global economic downturn. The stimulus program includes tax breaks on purchases of cars, loans for businesses and money for roads, highways and railroads.   German Chancellor Angela Merkel announced the package, calling it bold: “We will have difficulties in 2009,” Ms. Merkel said...

7th November 2008 London-The Bank of England cut interest rates by a whopping 1.5% this week, dropping the bank’s rate to just 3%. That is the lowest it’s been since 1954 and government ministers urged banks to pass on the rate cuts to consumers.   So far, Lloyds TSB has signaled that it will pass on the rate cuts to those with variable rate mortgages. HSBC, Nationwide, Barclays and RBS are reviewing...

7/11/08 London-New York City Mayor Michael Bloomberg said this week that he would halt a $400 property tax rebate to help fill a budget shortfall. The rebate checks have been sent out annually since 2004.   The mayor detailed both budget cuts and tax increases that would help to offset the budget gap, which is estimated to reach as much as $4 billion in the next two years. Many members of the city...

Despite the current credit crunch, Middle East companies are planning to move ahead with expansion plans into markets in Asia, the US and the Middle East. Consultants KPMG recently released a survey of 50 senior corporate investment strategists which showed the plans for new investments.   The current focus for corporate investors is on the UAE, followed by Qatar and India, then Saudi Arabia, Bahrain and...

As its economy is hit hard by the global economic downturn and the country has the highest unemployment rate in the European Union, Spain just announced a new program to allow out-of-work homeowners to defer payments on their mortgages. Prime Minister José Luis Rodríguez Zapatero announced a new stimulus package that would also include incentives for employers to hire those who are out of work.   The...

The 2008 Thailand Property Awards were recently announced with eight winners from Bangkok, six from Phuket, two from the Eastern Seaboard, two from Samui and three from Hua Hin. Raimon Land, the developer of Bangkok’s The River property, took the top award for Best Developer and the award for Best Boutique Developer went to KIJ Development Company.   “This year has been even more competitive than...

X Factor winner Leona Lewis is in the process of purchasing her first property in East London. She and boyfriend Lou Al-Chamaa have been renting the property in Hackney, not far from where she grew up.   “We were renting it but the landlord was like 'You have to get out now.' I talked him into selling it to me.”   “When you're settled it's hard to move. I love the flat - it's really private and the...