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...
Buying overseas property insurance from local providers can leave foreign property owners exposed to risks that they may have thought were covered. The wording and interpretation of insurance documents is crucial in the understanding of the exact cover being offered. Tonic Underwriting (http://www.tonic.gb.com) is launching a new insurance product for properties abroad. UK based Tonic will offer...
British actor John Cleese has his oceanfront Montecito home on the market for $10.75 million. He recently settled a divorce with third wife Alyce Faye Eichelberger, and this will be the actor’s second California home for sale this year. He sold his 14.6 acre Montecito equestrian ranch not long ago to mobile phone pioneer Craig McCaw for £8.3 million, down from the listed price of £14.1...
November 4, 2008: The Dubai Mall opened to visitors and shoppers today. There are over 600 retail outlets and the Dubai Aquarium & Discovery Center. While that is a huge number of stores, it’s still only about half of what the mall will have when it is completed. The mall is part of Downtown Burj Dubai, a 500-acre mixed-use development anchored by the iconic Burj Dubai, the world’s tallest...
The average price of a home in Britain is £30,000 less than it was a year ago as prices fell by the largest rate in over fifty years. Nationwide, the country’s biggest building society, said that prices fell 14.6 percent over the past 12 months through the end of October, 2008. That leaves the average price at £158,872 as prices fell for the 12th month in a row. Even though prices are significantly...