EFG Looks Forward to Calling the Shots

The European Future Group (EFG) currently has 14 development projects underway in Romania. The company’s CEO, Jeff Kirby, believes companies that manage to forge ahead during the downturn in the global property market will be able to “call the shots” when the market stabilizes. Kirby also feels that the property market will become less crowded and there will be a reevaluation of real estate values.

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Austrian Police Raid Real Estate Groups

On Tuesday, Austrian police held a raid against Immoeast and Immofinanz, two real estate groups under suspicion of breach of trust and fraud. Constantia Privatbank, the company that set up the real estate groups was also raided. Constantia released a statement claiming that they are linked to the suspected companies through contracts, various investments, and affiliated companies. Read more

Declining UK Prices Cause Market Drop

Although world leaders are working hard to create a solution to the current credit crisis, real estate companies worldwide are still suffering from decreased prices in a market that is in danger of drying up. The UK has been hard hit by the financial crisis and a recent report shows that large drops in the values of residential real estate have caused a drop in global prices.

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UAE Real Estate Companies Cut Jobs

Real Estate companies in the UAE are finding it necessary to cut jobs in order to afloat in this time of economic crisis. Over the past couple of weeks, nearly 600 employees in the real estate sector have lost their jobs. These jobs are not always low level positions, with some junior and senior management executives being laid off due to corporate reorganization. Read more

New Zealand Property Auction Bombs

Realtors in New Zealand had a grand plan to get home buyers excited about offerings currently on the market. The plan included holding a giant property auction to boost sales that had reached an all time low. The idea was good and nearly 300 potential investors showed up on the day. Unfortunately, few made bids. Read more

Taiwan Seeks to Boost Property Market

 

Taiwan’s Premier Liu Chao-shiuan has stated that the government is in the process of developing new policies that will help boost the lagging property market. Among those plans is the development of the new industry to investment doorway to China. The new policy to allow individuals as well as businesses to invest in real estate is one of the top priorities according to the Premier. Read more

Sunset Residences Complex Put on Hold

Hungary-based property firm Ablon has just announced that it is stopping construction on its Sunset Residences complex located in the Drumul Taberei district in Bucharest. The project’s showroom has also been closed. Investors who have made payments - either down payments or reservations fees - will receive a refund. Read more

DLF Says Loans Can Fix Market

A spokesman for DLF, the leading property development company in India, said that the real estate market’s recovery over the next six months will depend on how financial institutions handle home mortgages. DLF believes that the banks need to lower the interest rates to attract first-time home buyers. Read more

Dubai Will Pay All Debts

A statement released from the Dubai government has plainly stated that it will surely meet all of its debts. The statement came from Dubai Executive Chairman Mohamed Ali Alabbar, who is also the chairman of Emaar Properties. Alabbar said: “Let us put an end to this speculation … and let me state categorically, that the government can, and will, meet all its obligations going forward; so please have no doubt about this fact.” Read more

Where to Find Property in Costa Rica

The problem with buying property out of the country, either for personal use or development, is that it is difficult to know where to start looking for the best deal in the best location. Not everyone has the time to spend weeks or even months searching out the ultimate find. It is advantageous to have help from the locals or even get a push in the right direction. Read more

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