Full steam ahead for US economy

Home-building and strong exports have kept the US economy growing faster than expected, reveal new Commerce Department figures.
Gross domestic product (GDP) rose at an annual rate of 3.8% in January-March 2005, above the initial 3.1% estimate.

The recent renewed surge in oil prices has yet to affect the headline growth figures, but huge deficits, a potential housing bubble and growing consumer debt could mean stormier times ahead for the US economy.

The buoyancy of the housing market was underscored by an 11.5% growth in spending on new homes, three times the rate in the previous quarter.

Overseas investors on the up

There has been a sharp rise in the number of investors seeking to buy property overseas according to international estate agents IMOINVEST.

IMOINVEST offers investment opportunities to individuals around the world, and has had to open up additional branches in recent times, so as to cope with buyer demand.

Andrea Marie Portugal, marketing director of IMOINVEST says, "Since IMOINVEST's inception we have experienced a rapid growth that can only be accredited to the professional dedication of both our consulting and administration staff. We now have main offices in Paris, London, Dublin, Geneva, Sofia and Tallinn. We are also opening new offices in Montreal and Miami in July of this year. In addition we are able to offer satellite offices and agents in Italy, Netherlands, Denmark, Malaysia, Singapore, Vietnam, China, Japan and the UAE."

Portuguese Property investment not a risk

Last year more than 5000 homes were bought by the British in Portugal, according to the Office of National Statistics.

While some 80% of properties purchased by Brits are in the Algarve, new investor opportunities are believed to be opening up in the North of Portugal, in places such as Porto.

The number of people visiting Porto has increased dramatically this year according to the Portuguese National Tourist Office (PNTO). Over 60,000 people flew to Portugal's second city during the in the first quarter of this year, partly thanks to an increase in the number of low-cost flights available. The city has seen major investment and infrastructure in the past five years, including the construction of a new river bridge and a new metro transport system.

Speaking at Portugal's '1st Annual Chamber Property conference' in London this month, Robert Lucy, Managing Director of Parc Investment Group said: "By and large, investing in Portuguese property is no longer a risky investment."