The Ultimate Homes Blog

Now it's looking like V for victory over recession - Times Online Based on the evidence I have seen this month, it looks as though the world moved out of recession in the second quarter. When we see the evidence for this, in the third-quarter data, it is likely that many areas will have returned to close to trend growth. Just as many people responded to my column of August 10 suggesting that I was seeing things through some hazy, rose-tinted lens, I expect that many will respond in the same manner this time. In my last piece, I dubbed this recent crisis the “Facebook Crisis”, its true distinguishing characteristic being lots more emotional and subjective judgments than during others. It is likely that, for a while, actual evidence of recovery will again be met by scorn from many quarters, not least because unemployment, which matters most to those affected, will be the last signal to turn. Opinions about the crisis finishing are also likely to continue to vary by country. Some will...

Polaris World, developer of the Nicklaus Golf Trail circuit, is currently in the final phase of works on two new golf courses which will be opened in late 2009, designed by Nicklaus Design, and located in the resorts: Las Terrazas Best Golf and Alhama Best Golf. Therefore, Polaris World will extend the current four courses and offer an improved range of golf in Spain and one of the best in Europe, thanks to a circuit that will host a total of 6 golf courses within a 25 kilometer radius. The exisiting courses are located in the resorts of Polaris World: La Torre Best Golf, El Valle Best Golf, Mar Menor and Hacienda Riquelme Best Golf Best Golf. The new golf courses of Las Terrazas and Alhama Best Golf will both have 18 holes par 72. Las Terrazas Golf Best is noted for its desert style, reminiscent of the Nicklaus designed golf course at Lake Las Vegas. The course is characterized by its undulating fairways and greens between desert dunes, with few bunkers and a great lake of some 6 acre...

Spain's property market: Tricks and mortar The Economist SPANISH banks have been doing their best to shield themselves from the bursting of the country’s property bubble. By buying properties before the loans on them go bad, lenders can mask their worst bets. Restructuring loans has the same effect. Help is now at hand from an unlikely source: the normally sober Bank of Spain. In July the central bank circulated guidance that relaxed provisioning rules on risky mortgages. The change makes some sense. Until now, banks have had to make provision for the full value of high-risk loans—those above 80% of the property’s value—after two years of arrears. That was far too demanding, since property values rarely fall to zero. Under the new rules, they only have to allow for the difference between the value of the loan and 70% of the property’s market value. Yet the timing is terrible, mainly because the move follows heavy lobbying from the banks. The Bank of Spain maintains that the net ef...

The Davis Cup semi-final between holding champions Spain and Israel, scheduled to take place between the 16th and 20th September will be held at the La Torre Golf Resort, one of the Polaris World flagship resorts. The celebration of the semi-final culminates in weeks of negotiations with the Spanish tennis Federation and finally received the go-ahead this weekend after a final tour of the installations at La Torre. The presence of 12.000 spectators each day will be expected at the event to cheer on the Spanish Armada against Israel, with the world's media also expected. Whilst staying, visitors will also be able to enjoy the golf available and stay at the luxurious 5***** Hotel Intercontinental.

Euribor (12 months), the interest rate normally used to calculate mortgage payments in Spain, fell to an all time record low of 1.41% in July, down from the previous record low of 1.61% in May. Euribor is now 73.8% lower than it was this time last year, when it hit a high of 5.393%, leading to significant savings for mortgage borrowers on annually resetting mortgages. Thanks to the latest drop in Euribor, the average borrower can expect to save around 300 Euros per month, or more than 3,500 Euros per year, on mortgages that reset now. The Euribor rate has been following down base rates set by the European Central Bank. These started falling in October last year, when they were lowered from 4.25% to 3.75%, and now stand at just 1%. The relentless recent fall in Euribor suggests that the market might be expecting further cuts in base rates. Mortgages fuel the property market, so activity in the mortgage market is an important indicator for the property market. The latest figures from the...