How long is this recession going to last? When will the stock market rebound? With markets reaching all time lows investors are falling back on property.

Auctioneers are reporting rising prices as are agents in the distressed housing market place.

Advice from the Worldwide Property Group is to “Buy and buy now” The best prices are gone so don’t be slow in securing property at still low prices.

Edward Kirwan, BSc Hons, is an independent professional Investment Portfolio Consultant working with The Worldwide Property Group

In the news

90% of Euro banks expect to increase non-resident lending in 2009

A recent survey from mortgage broker International Private Finance (IPF) indicates that 90% of Spanish, French, Italian and Portuguese banks are set to maintain or increase the range and type of non-resident mortgage they provide in 2009.

The company interviewed 20 lenders across the respective countries, including: BBVA, Barclays Italy/France, Deutsche Bank, BNP Paribas, GE Moneybank, Banif, Credit Lyonnais and Societe Generale; to find out what this year held for non-resident lending.

The banks said that the most popular product developments, they feel are of interest to international buyers in Spain, Portugal, France and Italy, are higher loan-to-value (LTV) mortgages, an increase in interest-only finance options and more special purpose vehicles (SPVs) for those looking to buy within a company or tax efficient structure.

“As the world’s population becomes increasingly mobile, the need for flexible and efficient ways of financing and owning assets in different geographical locations is becoming more pressing,” said Fiona Watts, managing director of International Private Finance, and author of the report.

Portuguese lenders said that in 2009, the intent to lower the deposit amount required by non-resident investors was the top on their list of priorities, while 100% of French and Italian banks plan to maintain or increase their range of mortgage products available to overseas buyers. Spanish banks, some of the most exposed to the downturn in the real estate sector, said that while some products had been downgraded, 50% expect to maintain current product levels in 2009, while 66% expect demand from international buyers to be maintained, or increase, in 2009.

Edward Kirwan, BSc Hons, is an independent professional Investment Portfolio Consultant working with The Worldwide Property Group and is based in Spain.