Ryanair launches property rentals business to target holidaymakers
Ryanair is moving into property rentals by allowing villa owners to advertise their homes on its website. The airline is launching Ryanairvillas.com in partnership with Web Reservations International. Villa owners will be able to create and publish their own advertisements, including photos, maps and property descriptions.
Sinead Finn, Ryanair director of commercial revenue, said: “Property owners now have the chance to promote holiday rentals to Ryanair’s 60m passengers, while Ryanairvillas’ simple design will enable owners to manage advertising content, bookings and enquiries at the click of a mouse.
“To celebrate the launch of Ryanairvillas.com, we are slashing 50% off advertising fees, so for one week only property owners can reach Ryanair’s 60m passengers for a special price of just €100 plus VAT.”
Bulgarian property beating the global credit crunch
New figures have revealed that the Bulgarian property market is prospering amid the worldwide credit crunch. Data from the Bulgarian National Statistical Institute shows that residential property prices in Bulgaria increased by almost 7% in the first quarter of 2008, with average prices across the country reaching €1,300sqm.
The most expensive properties are those in the capital city of Sofia, and according to Industry Watch, prices are expected to continue their upward march, with annual growth of 10-20% expected by the end of this year.
Dan Johnson, managing director of TheMoveChannel.com, said: “There is a clear tendency among new EU entrants for the jobs and wealth of the country to be concentrated in the capital city. This phenomenon is definitely occurring in Bulgaria, where a large proportion of the economic output for the country is generated.
“Although much of the international property development has focused on the ski areas and the resorts along the Black Sea Coast, these areas are a little more speculative than Sofia, which is where the majority of the smart money has been invested.
“In terms of average prices, Sofia still has some way to go to catch up with Western European cities, but as the general level of wages continues to rise, expect the price growth to continue.”
Protests cast doubts over construction plans in Sofia
Citizens of the Mladost borough in Sofia posted an online protest against planned construction in what they say are currently gardens and children’s playgrounds.
Ever since the Sofia municipality posted in April its plans for construction in the city, there have been protests against what locals call the destruction of their neighbourhood .
Mladost is one of the two largest boroughs in Sofia. It was mostly constructed between 1972 and the late-1980s. Many of the areas between blocks have been given out to individuals as part of restitution settlements. Many of these plots are currently subject to construction plans.
In the Mladost 1 and Mladost 2 boroughs, construction is planned on a total of 16 plots, including one in a park, and in corners between existing blocks, most of which are currently parking spaces.
Number of first time buyers in Ireland down 50% in Q1 2008
The Irish Banking Federation (IBF) has released new data showing that the number of first-time buyers taking out new home loans has almost halved in the first three months of the year, compared with the same period last year. Only 4,329 new buyers took out a mortgage during the first three months of the year, down from 7,919 for Q1 2007, representing a fall of 45%.
The data also revealed that the value of overall new mortgage lending in Ireland fell by 20% to €6.3bn in Q1 2008, the lowest level since 2005. The overall number of mortgages issued in Q1 fell by 25% to 28,508, as a consequence of higher interest rates, slower economic growth and a loss of consumer confidence.
IBF chief executive Pat Farrell said: “Conditions in the mortgage market remain challenging. On the supply side, credit availability has tightened. On the demand side, many buyers appear to be holding off for the moment in anticipation of further house price reductions.”
Worldwide News
$60bn coastal city planned less than 30 minutes from Dubai
The emirate of Ajman in the UAE, which is located 25 minutes from Dubai International Airport, is set to undertake one of the biggest development projects ever seen in the region at a cost of $60bn. The new ‘Al Zorah’ project will aim to develop the emirate’s coastline into a ‘sustainable residential, business and leisure community’ – with all units offered as freehold.
The city will contain residential units, offices, shops, schools, hospitals and leisure facilities including marinas and a number of five-star resort hotels. It will cover 12sq km in area, with a built up area of 22m sqm. Al Zorah will also have a total of 16km of beach (3km of which will be original beach front) and waterside walks.
When completed, Al Zorah will contain living space for some 200,000 workers and residents.
No date has been announced for construction to begin on the project but it is expected to start at the end of 2009.
Abu Dhabi voted best city in Middle East to live in
Abu Dhabi has been named the best Arab city to live in, beating Dubai into second place, according to a study by Saneou Al Hadath magazine.
Kuwait City was considered the best city in which to do business, followed by Manama and Riyadh. But the report did highlight a growing gap between Gulf cities and those elsewhere in the Mena region. Oil was seen as the major reason for the gap, although some cities in Saudi Arabia also fared badly.
Khartoum was placed last while Beirut fell six places to tenth following its recent troubles.
Damac offers competitive finance when buying in Egypt
Damac Properties has announced a corporate agreement with Commercial International Bank (CIB), which will offer customers increased financial flexibility when purchasing a new property in Egypt.
Damac is currently promoting Hyde Park - a luxury development in New Cairo of 3,000 villas spread across 4.7m sqm and set within a private community.
“Egypt’s mortgage market is expected to show positive activity this year, in line with economic growth and growing demand in the market for real estate financing”, said Ziad El Chaar, general manager-international of Damac Properties.
The agreement offers financing of up to 80% LTV, which is repayable over 15 years. Approval for finance is immediate, provided that all documentation required by the bank is available. Self-employed individuals are also eligible for up to 65% of their chosen property’s value.
Property prices cooling in Canada
Prices for new homes in Canada rose by just 0.2% in March compared to a month earlier, and 6.1% over the past year, Statistics Canada (Statscan) says.
“This deceleration continues a downward trend that started in September 2006, due mainly to the softening market in Alberta”, Statscan said.
The hottest market in the country, for the 11th straight month, was Saskatoon, where prices for new homes have soared 46.2% from a year ago. That’s down from the record-setting 58.3% seen in February. For the month of March Saskatoon prices rose 2.1%.
“ Saskatchewan is breaking away [from trends in other provinces] as its natural resource sector grows substantially larger and the province increases its efforts to attract migrants to the region to help alleviate the labour shortages”, economists at the Bank of Nova Scotia reported.
Meanwhile, Edmonton and Calgary are experiencing slower market conditions and builders in those cities said they were lowering their prices to stimulate sales. Edmonton new housing prices fell for the third consecutive month, declining 1.1% between February and March.
Prices for new homes in Canada rose by just 0.2% in March compared to a month earlier, and 6.1% over the past year, Statistics Canada (Statscan) says.