Hotels and self catering apartments of three, four and five stars registered accentuated drops in occupation in May this year, compared to 2008. Globally speaking, there was a 13.4 percent drop in occupancy, with an average of 56.6 percent occupation.

Geographically speaking, the biggest drops in occupation were in Carvoeiro/Armação de Pêra (31 percent less); Vilamoura/Quarteira/Quinta do Lago (25.6 percent less) and Lagos/Sagres (14.2 percent less). The only area with a rise in occupation was Tavira, where occupation rates climbed 15 percent.

Monte Gordo/Vila Real de Santo António had the highest occupancy rate with 67.1 percent, whilst Faro/Olhão were the worst off with 47.2 percent.

Five star hotels and self-catering apartments felt the most accentuated drop in reservations, with less 38.8 percent sleepovers.

The British were the most common nationality of tourists, representing 48 percent of the total clients at hotels in the Algarve, followed by Portuguese (13.3 percent) and Irish (9.9 percent).

The total volume of sales dropped 17.5 percent compared to the same period in 2008

Source the Portugal news

Hotels and self catering apartments of three, four and five stars registered accentuated drops in occupation in May this year, compared to 2008. Globally speaking, there was a 13.4 percent drop in occupancy, with an average of 56.6 percent occupation.

Geographically speaking, the biggest drops in occupation were in Carvoeiro/Armação de Pêra (31 percent less); Vilamoura/Quarteira/Quinta do Lago (25.6 percent less) and Lagos/Sagres (14.2 percent less). The only area with a rise in occupation was Tavira, where occupation rates climbed 15 percent.

Monte Gordo/Vila Real de Santo António had the highest occupancy rate with 67.1 percent, whilst Faro/Olhão were the worst off with 47.2 percent.

Five star hotels and self-catering apartments felt the most accentuated drop in reservations, with less 38.8 percent sleepovers.

The British were the most common nationality of tourists, representing 48 percent of the total clients at hotels in the Algarve, followed by Portuguese (13.3 percent) and Irish (9.9 percent).

The total volume of sales dropped 17.5 percent compared to the same period in 2008

Source the Portugal news

British summers: Admit it, the staycation isn’t all that. Photograph: John Giles/PA

Looking for green shoots? Economists have their ways of telling ifa recession is over – and by their reckoning it isn’t yet. But what about the rest of us? Here are 10 things that will signal to me the economy is healthy:

1. Pizza Express finally starts charging for each pizza putting an end to its two-for-one voucher offers.

2. There is a mass exodus from teaching as ex-bankers realise they are not cut out for the profession after all.

3. The gift retail market is revived as people concede that bought presents are, in fact, better than made ones.

4. Consumers reinstate monthly direct debits to not go to the gym.

5. Shoppers who converted to Morrisons go back to Sainsbury’s as they can’t be bothered to find a £1 coin just to release a trolley.

6. Families who embraced the "staycation" get back on a plane to the Algarve having remembered how wet Britain is in August.

7. Jokes about wearing clothes from Oxfam come back into fashion.

8. Sales of seeds plummet as people realise a carrot a month from the vegetable patch is not going to feed the family.

9. First-time buyers no longer have to rope their parents into their mortgage arrangements if they have only saved a 5% deposit.

10. Lodgers up and down the country are kicked out on to the street.

What else should we be looking for?

Source http://www.guardian.co.uk/money/blog/2009/jun/18/alternative-green-shoots

Provided to you by Portugal estate agents www.buypropertyportugal.com

A four-day summer festival of adrenalin-packed car racing and international music stars will be taking place at Algarve’s Motor Park this August. Music fans of all ages will be able to enjoy a varied programme of music with British soul singer James Morrison and British hindu rock band Bloc Party already confirmed as headline acts. Rock One, the first festival of its kind in Portugal, will be held between August 5 and 8, and will include a variety of national and international music bands, many of which have yet to be confirmed.

According to Portuguese press, Simple Minds, Anastacia, Snow Patrol, Offspring, Linkin Park, James, Sugababes and Groove Armada are all strong possibilities to appear.
As well as the concerts entertainment at the festival, set in an area of more than 80,000sqm at the motor park, will include a DJ tent with music until 7am each day and a ‘Fun in the Box’ zone, where renowned national bars and discos will be open to the public. There will also be a Playstation zone which will host the Playstation 2009 Challenge and a Blue Planet area with an exhibition about water conservation.
Motor sports will also be joining the music concept at this unique festival, with professional drivers test driving cars around the track.
Tickets for the festival were due to go on sale at 8pm on Wednesday. Single day tickets cost 50 euros while a single ticket for the four days costs 80 euros. Tickets are also sold in groups of four, with a day ticket for four people costing 80 euros and a full festival ticket costing 240 euros. VIP tickets are also available, with champagne lounge tickets for two people costing 1,000 euros and tickets for the motor park’s VIP tower costing 1,500 euros per couple.  
Children’s tickets are also available, costing five euros per child from the age of three to 10. This allows the children free access into the ‘Kid Rock Garden’ where they will be supervised by childminders, while parents explore the festival.

Builders take out more permits to build than expected; still trail prior years badly.

NEW YORK (CNNMoney.com) — The nation’s builders boosted their production in May, starting new housing units at an annualized rate of 532,000, up 17.2% from the revised estimate of 454,000 in April.

The data release, a monthly report from the Census Bureau, also revealed that building permits jumped by 4% to a rate of 518,000 from 498,000 in April.

Both figures were higher than expected. A consensus estimate from Briefing.com had forecast that starts would rise 485,000 and permits to 508,000

But despite those big improvements against record lows set the month before, the home construction industry still sits deep in the doldrums. In May 2008, new home starts showed an annual rate of 975,000. Two years ago, the rate was about 2 million units.

Builders’ confidence may be getting a boost from existing home sales, which have inched up lately from record lows set during the winter.

Source CNN

International property seekers are choosing Portugal due to the stable nature of its housing market, it has been suggested.
An article in American Chronicle noted that the European nation can offer those thinking of moving abroad a range of benefits.
These include the hot weather, as well as its accessibility, with Faro airport being only 2.5 hours away from major connecting points such as Dublin.
In addition, the article stated that the property market in Portugal is "far more sane and stable" than that seen in its neighbour, Spain.
And it explained: "There is an element of elitism among Portuguese property buyers … Portugal brings an altogether more serene character."
Recently, Portuguese city Guimaraes was chosen to become one of the European Capitals of Culture for 2012, along with Maribor, Slovenia.
Owners of property in the region could experience a rise in value due to this, as 2008 city Liverpool saw prices increase 76 per cent over five years after being chosen, according to a Halifax study.
Written by Charles Mackay

International property seekers are choosing Portugal due to the stable nature of its housing market, it has been suggested.
An article in American Chronicle noted that the European nation can offer those thinking of moving abroad a range of benefits.
These include the hot weather, as well as its accessibility, with Faro airport being only 2.5 hours away from major connecting points such as Dublin.
In addition, the article stated that the property market in Portugal is "far more sane and stable" than that seen in its neighbour, Spain.
And it explained: "There is an element of elitism among Portuguese property buyers … Portugal brings an altogether more serene character."
Recently, Portuguese city Guimaraes was chosen to become one of the European Capitals of Culture for 2012, along with Maribor, Slovenia.
Owners of property in the region could experience a rise in value due to this, as 2008 city Liverpool saw prices increase 76 per cent over five years after being chosen, according to a Halifax study.
Written by Charles Mackay

In what appears to be part of a shopping centre boom in the Algarve the Sonae Group has lent a significant financial boost to the eastern part of the region by inaugurating a €15 million shopping centre in Tavira that has directly created 273 jobs. Owned by Matifer and managed by the Sonae Group the Tavira Gran Plaza comprises four of the Group’s key base retail brands (Continente, Área Saúde, Bom Bocado and Book.It) as well as five specialist brands (Sport Zone, Worten, Worten Mobile, Modalfa and the Zippy Kidstore).

This recent opening is evidence that the Group continues to invest heavily in high-value projects that have the potential to stimulate local economy.

Sonae’s presence in the Algarve is now firmly established, with 65 shops (10 Worten, eight Worten Mobile, eight Modalfa, seven Sport Zone, six Área Saúde, six Modelo, five Continente, four Star Travel Agencies, three Maxmat DIY stores, two Bom Bocado, two Book.it, two Zippy, one Loop and one Vobis), as well as three shopping centres; Guia’s AlgarveShopping, Continente Shopping Centre in Portimão and the Modelo Shopping Centre in Albufeira. Altogether, the ventures have created more than 2,200 jobs across the region.

Pedro Salazar, Public Relations Manager for Sonae, said “With these new units we have increased our closeness to all Algarvean families and tourists who, year after year, seek this region and to whom we continue to offer the best value, found in our variety and quality of products, with the lowest prices on the market”.

Tavira Gran-Plaza was opened on June 5th and aims to serve the areas of Tavira, Vila Real Santo António, São Brás de Alportel and Olhão, offering 1,045 car parking spaces.

source: the-news.net

In what appears to be part of a shopping centre boom in the Algarve the Sonae Group has lent a significant financial boost to the eastern part of the region by inaugurating a €15 million shopping centre in Tavira that has directly created 273 jobs. Owned by Matifer and managed by the Sonae Group the Tavira Gran Plaza comprises four of the Group’s key base retail brands (Continente, Área Saúde, Bom Bocado and Book.It) as well as five specialist brands (Sport Zone, Worten, Worten Mobile, Modalfa and the Zippy Kidstore).

This recent opening is evidence that the Group continues to invest heavily in high-value projects that have the potential to stimulate local economy.

Sonae’s presence in the Algarve is now firmly established, with 65 shops (10 Worten, eight Worten Mobile, eight Modalfa, seven Sport Zone, six Área Saúde, six Modelo, five Continente, four Star Travel Agencies, three Maxmat DIY stores, two Bom Bocado, two Book.it, two Zippy, one Loop and one Vobis), as well as three shopping centres; Guia’s AlgarveShopping, Continente Shopping Centre in Portimão and the Modelo Shopping Centre in Albufeira. Altogether, the ventures have created more than 2,200 jobs across the region.

Pedro Salazar, Public Relations Manager for Sonae, said “With these new units we have increased our closeness to all Algarvean families and tourists who, year after year, seek this region and to whom we continue to offer the best value, found in our variety and quality of products, with the lowest prices on the market”.

Tavira Gran-Plaza was opened on June 5th and aims to serve the areas of Tavira, Vila Real Santo António, São Brás de Alportel and Olhão, offering 1,045 car parking spaces.

source: the-news.net

Owners of second homes in Europe may be able to benefit from some new tax exemptions – but for one year only. One of the surprise measures in the recent Budget was an extension of tax breaks on furnished holiday lettings in the UK to similar properties in the rest of Europe. The government decided to make this change because it was worried that having different treatment of holiday lets in UK and the rest of the EU was a breach of European law, but at the same time it said it would be too expensive to offer the tax breaks indefinitely, so they will be abolished altogether in April 2010.

The benefits apply to properties that meet a set of qualifying conditions, which are basically that the property must be available for letting as holiday accommodation for at least 140 days during a 12-month period; and it has to actually be let for at least 70 days, with each letting shorter than 31 days.

So what exactly are the benefits? The most attractive one is that, if you make a loss on the property once you have offset all your outgoings against your rental income, that loss can itself be offset against your other income, including your salary. So if you’re a 40 per cent taxpayer then 40 per cent of any loss is effectively recovered through a reduced tax bill. Alternatively, the loss can be carried forward and offset against future letting profits.

Another benefit is that if you have owned the property for more than 10 years, and you decide to sell it in the current tax year, you are liable for capital gains tax on only one quarter of the profit. So for the 40 per cent taxpayer, that means you are only liable for CGT at an effective rate of 10 per cent (40 per cent x 25 per cent of profit). If you were thinking of selling your property, and there’s potentially a big profit since you bought it, now is definitely the time to act. What’s even better is that the exemptions are retrospective over the last five years, so you may be able to reclaim tax already paid.

Mark Tuckwell, tax director with Target Chartered Accountants, said: "This will be a surprise windfall for overseas holiday home owners, and one that could save them a significant sum in tax. A higher rate taxpayer who has been making a loss of £5,000 a year for the past five years would be entitled to reclaim £10,000, while someone who sold their property and paid £30,000 capital gains tax may now be able to claim back as much as £28,000."

On the minus side, taxes paid overseas are not affected by this, and you may find it difficult to prove that your property meets all the criteria to qualify.

Alexander Garrett is a freelance property writer who contributes regularly to The Observer and British Airways’ Business Life.

Source primelocation.com