Foreign Currency Market Update

Last Monday's $2.0450 opening level was the low of the week. With the exception of Friday's spike above $2.0750 Sterling spent most of its time between $2.05 and $2.07. When the London market opened this morning it was close to the top of that range.

Thursday's Thanksgiving holiday was not celebrated by the Dollar. It had little indeed to be thankful for other than micro-improvements in a couple more statistics relating to the residential property market. The NAHB housing market index, which measures builders' optimism, went up by one point to 19 from the previous month's record low. The following day there was an equally modest but similarly unexpected increase in the number of building starts. Nobody was fooled. The improvement in building starts was accompanied by a 14 year low in the number of building permits issued.
The minutes of the last Federal Open Market Committee meeting turned out to be less interesting than the economic forecast that was attached to them. The forecast is Mr Bernanke's innovation, intended to make the FOMC's thought process more transparent. It did so last week by revealing lower growth estimates that make further rate cuts more likely. The tone of the Dollar was typically moody throughout the week. Its only bright moment came on Friday when sellers shied away from an attempt on the psychological target at €1:$1.50.

It did not feel like it at the time, Sterling actually had a reasonable week on most fronts. Whilst there was little in the way of hard economic data to help Sterling, the figures that could have hurt failed to do much damage. When the brightest light on the positive side was an improvement in the CBI's Industrial Trends Survey from +6 to +8 per cent you can see how Sterling was scraping the barrel. The negative news came from lower house prices and an unexpectedly low figure for third quarter economic growth.

The minutes of the November Monetary Policy Committee meeting revealed that Deputy Governor John Gieve voted for an interest rate cut. He is usually considered a policy hawk, inclined towards tighter monetary policy, so his vote for a rate cut gave greater weight to the Bank's recent bearish inflation report.
In its outlook against the Dollar Sterling's biggest obstacle is the Euro/Dollar technical resistance at $1.50. If that level can be broken the Euro's upward momentum should pull Sterling higher. If it cannot, a retreating Euro would surely drag Sterling down.

Its supporters will take heart that Sterling did not come to more grief last week. Its enemies will see it as a lucky escape. Buyers of the Dollar can hope for a renewal of the Dollar's retreat but should protect themselves with a stop order.

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Ionian Islands Tops with British Overseas Buyers

Lured by beautiful beaches, breathtaking scenery and reasonable prices, overseas property investors have been turning towards the Ionian Islands off the west coast of Greece. These islands – which include Corfu, Paxos, Lefkas, Cephalonia, Ithaca and Zakynthos - are not nearly as populated as the islands in the Aegean and aren’t overrun with the tourist resorts or major developments of many other Mediterranean coastal areas. That’s not to say there isn’t a developed tourist industry – it is the major industry here - but it’s just not as overwhelming as in many places.

Those who are looking for overseas property have many options in the Ionian Islands. There are two distinct sets of islands, the northern and southern groups. Corfu is the most populous island and dominates the northern group, while the famed Ithaca is in the southern group next to Kefalonia.

The major industry on the islands is tourism, so those who want to buy can lease out their property to the many visitors or keep it all to them selves. Affluent second-homeowners favor the northeast coast of Corfu around the fishing village of Kassiopi, a pretty town but expensive. Those on a more modest budget should look to the northwest of the island and the villages of Arillas and Afionas. Corfu has a beautiful harbor and is a favorite stopping point for cruise ships. If you are looking for good food and nightlife, this island has some of the best in Greece. Inland, though, away from the touristy areas there are millions of olive trees and small villages, giving those who live here the best of cosmopolitan resorts and country life.

Other islands have plenty to offer, including a large population of UK homeowners, according to a recent article in the Times Online. In the past 10 years more than 2,000 Britons have purchased homes on Cephalonia, and there are about 2,500 British homeowners on Zakynthos. Paxos, a smaller island, has drawn interest from those who like its slower pace of life and Ithaca has become a recent target of international investors. Overall, prices on the islands are rising at a considerable rate, above 15% annually, so it is a good time to buy.

There are plenty of modern homes, apartments and condominiums that are available in the Ionian Islands. From beachfront resorts to small town life, there is something for every taste here. There are many smaller, older homes as well, but the location on the islands makes them expensive to renovate – something to consider when looking for property.

Getting to the islands is relatively easy. There are regular charter flights to several of the islands, including Corfu, Zakynthos and Cephalonia, as well as connecting service through Athens. There is also regular ferry service from the mainland to all the major islands.

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Paris Buy-to-Let Market is Strong

One of the more popular overseas investments in real estate is buying-to-let property in Paris. Long a favorite for both businesspeople and holiday travelers, Paris has many attractions that will help those who want to earn rental income. Paris is currently short of accommodation for short term visitors, particularly those who need to stay for business or an extended holiday. It also has many well-known museums, historical sites and locations to keep any visitor or resident busy for months and even years.

According to a recent article in the Telegraph, both long-term lets and holiday lets are good investments. People who lease their property to holiday travelers have the added luxury of being able to use it when it is not occupied, allowing them to visit this beautiful city occasionally without paying extra for lodging.

Property For Sale in France>

The associate director for Knight Frank France, Jean- Philippe Roux, notes that, "The preferred market for most of our foreign investors is short-term lettings in good locations that can compete with hotel rooms.” By competing with hotel rooms, owners can get very high returns on their property. The most popular places for visitors to stay and for investors are the Ile St-Louis and the Triangle D'Or between the Champs Elysées and the Seine.

Paris Property Guide
Property in Paris France

For the best return, a two to three bedroom property between 60 and 80 metres2 is a good size. Roux also advises buyers to get a combination of historical features and modern amenities in their property, as visitors “want a piece of Paris.” With an 80% occupancy rate, you can expect to earn an average 7% yield, well above the standard 3% yield on residential property in Paris.

Other areas that currently have a good rental yield include Le Marais, in the 3rd and 4th arrondissements (or districts) and the Latin Quarter, where prices average £5,000 per metre2. The area around the Champs Elysées near the center of Paris attracts the corporate market and prices rise to about £13,000 per metre2. Areas that are up-and-coming and could see solid capital growth include the Canal St-Martin, around the Gare du Nord and Ménilmontant.

With a smart investment and good management, the rental market in Paris can provide a good income for a long time to come.

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Brazil's Latest Overseas Investment Opportunity

A new resort is called Jacuma Beach; Rio Grande do Norte Brazil has been launched offering overseas property investors opportunities to enter the hot Brazilian real estate market. The development is located on one of the more popular areas for international investment in the northeast coast of Brazil in Rio Grande do Norte. With over 400 kilometres of beaches, 365 days of sun a year and the purest air in South American, there is now plenty to offer investors and home buyers. Just north of the capital city of Natal is some of the finest and most pristine beachfront property in the country.

Jacumã Beach, north of Natal (not to be confused with Jacuma Beach in the state of Paraiba) is known for its white sand and beautiful lagoon. The beach itself is in a small bay that is protected by reefs, keeping the waves small and the water calm. This is a perfect place for a family to enjoy the water and weather of northeast Brazil.

The new resort is under development along Jacumã Beach offers a range of housing options, from one bedroom apartments to bungalows starting at £56,000. That’s an amazing price to be able to enjoy one of the sunniest beaches of the world year round. With this being such a popular area, it is also a great opportunity to have rental property for vacationers that will provide income on a consistent basis. Annual yields are estimated at 10% with even greater capital growth expected for this whole area.

Details of the development Jacuma Beach Resort

Overseas property agent Steve Mitchell of Investinpro.com ' In 2010 a new airport, San Gonzalvo International Airport, is scheduled to open outside of Natal and will be the fourth largest airport in the world. It will handle many flights from Europe as it is expected to be the gateway to this popular area. This makes the area of Natal even more attractive for investors'


The resort at Jacumã Beach has plenty of options for buyers, from beachfront vistas to poolside views. There are pools of different shapes and sizes to enjoy year round, tennis courts, buggy paths and several restaurants on the property. In short, this is an ideal place to live or visit.

Getting to Jacumã Beach is relatively easy. It’s about 30 km north of the city of Natal along a developed highway which is currently being widened to handle more traffic. The major airport is Augusto Severo International Airport, in Parnamirim, a suburb south of Natal. There are daily direct flights to and from other major Brazilian cities including Sao Paolo and Recife, as well as direct flights to and from Lisbon. A few charter flights are available from the UK direct to Natal on selected days.

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I am a Celebrity Get Me Out There

The Dubai property market has been consistently active over the last few years with huge numbers of overseas property investors buying in the region. The Emirate has also been revealed as the latest celebrity holiday home hotspot by foreign exchange specialist, Moneycorp. Footballers such as David Beckham and Baywatch star Pamela Anderson now own second homes there. Celebrity couple Brad Pitt and Angelina Jolie recently secured their piece of Dubai by buying an island in the shape of Ethiopia. Dubai’s popularity is set to continue and many Brits look to be following the paths of the celebrities.

Said to combine the very best of London, Las Vegas, Miami and Sydney, fantastic weather all year round and labelled the ‘shopping capital of the Middle East’, Dubai is definitely fit for all things synonymous with living a celebrity lifestyle. And the property is popular as it is still undervalued compared to many of these major cities.

For those with a more modest budget - who want a taste of the highlife - finding ways to save money when buying property abroad could make or break the purchase of that dream home. Research shows that Brits purchasing property abroad spend a staggering £19,000 in hidden costs, including money spent on unexpected legal fees and not getting the best deal on foreign exchange.

Nick Bull from Moneycorp says, “When buying property abroad it is very easy to get carried away and forget about more practical issues, like getting the best deal on foreign exchange. Using a foreign exchange specialist, such as Moneycorp, can save you over £3,000 alone. Due to their ability to provide better exchange rates than the high street banks, a currency specialist can help property purchasers save thousands.

“The Dubai currency, the UAE Dirham, is pegged against the Dollar and so follows the same movements as the Dollar against Sterling. With Sterling still trading at over $2 to the Pound, property in Dubai is more affordable than ever before and now is a great time to make that dream of a place in the sun a reality.”

A forward contract with Moneycorp allows clients to fix a favourable rate of exchange for a period of up to two years. This ensures the client protects themselves from adverse currency movements. Moneycorp also helps clients save money by providing expert guidance on the best time to exchange currencies.

It is important not to leave your foreign exchange to chance when making large transaction abroad.

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