Car Hire Offers for July, 2013

Sareb’s high property prices ‘deterring investors’

Wednesday, July 3rd, 2013

Sareb's high property prices 'deterring investors'

Spanish property sold through the country’s bad bank Sareb isn’t attracting the level of interest hoped, due to high prices. Several major property investors claim values of distressed property and assets are over-inflated, potentially delaying necessary sales to ease the pressure on public finances, Reuters reported.

Sareb currently has around €51 billion worth of unwanted real estate and loans, which were absorbed from failing banks following the property crash. Despite fears that selling distressed assets at their real value would require the bad bank to seek more capital from the government to cover losses, investors believe that property won’t sell at all if prices don’t go down.

Nevertheless, Sareb has shown no indication that it will change its strategy. Investors told Reuters that the bank is demanding prices close to those for prime assets in major markets like Paris and London. Consequently, even larger investors are shying away from Sareb and it seems unlikely that the bank will be able to meet its target of €1.5 billion of asset sales this year. One industry professional, speaking on a condition of anonymity, said to the news portal: "I’m not wasting any more time with Sareb. There are good deals to be had in Spain, but not through Sareb."

Nevertheless, a spokesman for the bad bank claims it is happy with its progress to date. The Spanish government and International Monetary Fund also believe Sareb is sticking to its mandate. There is confidence that the bank has time to meet its 13-14 per cent annual return target over 15 years, despite investors giving evidence to the contrary.

Goldman Sachs is also of the belief that Spanish property prices aren’t low enough, the Daily Telegraph reported. Experts at the company claim values must fall by a further ten per cent and the refusal to do so is holding back the economy. Goldman Sachs economists Andrew Benito and Sebastian Graves explained to the newspaper that the continuation of risky lending is also causing a problem. They claim banks are offering too many evergreen loans to "unhealthy sectors".

Source: http://www.propertyshowrooms.com/spain/property/news/sareb-s-high-property-prices-deterring-investors_312769.html

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Spains registered jobless falls for fourth straight month

Wednesday, July 3rd, 2013

jobless fell by 2.6 percent in June from a month earlier, or by 127,248 people, leaving 4.76 million people out of work, data from the Labour Ministry showed on Tuesday. The figures are not seasonally adjusted and often reflect holiday hires …

Source: http://www.bignewsnetwork.com/index.php/sid/215570817/scat/a5286f17ab326d15

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Cadillac Cans Ultra-Luxury Flagship Sedan Project

Wednesday, July 3rd, 2013

A $100,000+ exotic sedan is apparently no longer in Cadillac?s cards.

Source: http://rumors.automobilemag.com/cadillac-cans-ultra-luxury-flagship-sedan-project-232661.html

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Mallorca remains smart choice for Spanish property

Wednesday, July 3rd, 2013

Mallorca remains smart choice for Spanish property

Despite the current financial climate, Mallorca remains a smart choice for investors looking for Spanish property. With the tourism industry booming, the holiday let market is becoming a more attractive place to be. The country is the most popular destination in the Iberian peninsula and visitor numbers so far this year have surpassed volumes for 2012. In the last month alone, 2.5 million people have used Son San Joan Airport.

The number of tourists visiting Mallorca has increased by six per cent, increasing buyer confidence and overall excitement about opportunities in the country. With 300 days of sunshine each year, 23 golf courses, 25 marinas and some of the most stunning scenery in Europe, this may come as little surprise.

Marc Pritchard, sales and marketing manager for Taylor Wimpey Espana, said: "The rising number of tourists to the island has translated into the property market, with many holidaymakers choosing to make their stay more permanent. Our sales figures show Mallorca continues to have broad appeal amongst discerning buyers around the world and properties in prime locations are continuing to sell well."  

There are 54,000 permanent EU residents in Mallorca, 19,623 of whom are British. What’s more, 60,000 people from the UK currently own a second home in the country. According to Taylor Wimpey, this is thanks to great accessibility. There is already an extensive network of flights from Britain going to Mallorca, and new routes from Scunthorpe and Portsmouth have recently been added.

However, those considering investing in real estate in the country need to be prepared to pay, as property is more than double the price of the average Spanish mainland residence.This can affect yields and consequently areas like the Costa del Sol and Costa Brava will continue to flourish despite hot competition from the Balearics. Taylor Wimpey Espana explained that the high cost of property in Mallorca is a result of the high end accommodation available on the island and the huge variety of activities on offer.

Source: http://www.propertyshowrooms.com/spain/property/news/mallorca-remains-smart-choice-for-spanish-property_312793.html

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Barcelona still have transfer cash to spend

Wednesday, July 3rd, 2013

Barcelona's transfer resources have not been exhausted by the 60 million euros ($78-million) they paid for Brazil forward Neymar, a club spokesman said on Tuesday.Neymar will line up alongside World Player of the Year Lionel Messi in a formidable forward line for the Spanish champions but they probably need to strengthen a defence that was worryingly porous last …

Source: http://www.bignewsnetwork.com/index.php/sid/215576838/scat/a5286f17ab326d15

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La Caixa moving to dispose of housing assets

Tuesday, July 2nd, 2013

La Caixa moving to dispose of housing assets

La Caixa banking group is moving to dispose of its toxic assets and is believed to be in talks to sell a package of 12,000 Spanish properties. A source told Reuters that the real estate units will go for more than €1.5 billion, making it the largest cleansing of housing assets by a lender. La Caixa will be competing against Sareb and other financial institutions to rid itself of distressed property, as banks try to make a big push to clear their books of repossessed homes and buildings.

Should La Caixa secure the deal for their property package, it will be a big move for the group. Such deals are rare, despite international private equity firms and hedge funds interested in ‘bundles’ of discounted property. With so many banks looking to shift distressed assets, investors can pick and choose units.

So far, price has been a major obstacle to ridding books of toxic assets. While banks have lowered values considerably, many buyers are looking for discounts that institutions are unwilling or unable to offer. What’s more, with most buyers looking for contemporary villas, opposed to the style of property that dominates the books of financial institutions, interest is tempered.

For La Caixa, clearing distressed assets will be an important part of securing their future. However, any deal has yet to be confirmed. "The process is at a very early stage and could be done in various stages, so for now the numbers are just an estimate," the source told Reuters. Nonetheless, it is expected the package will include flats and housing in Madrid, Barcelona and other major cities. These assets are considered easier to sell or rent out than more remote developments.

Properties in popular tourism destinations also have considerable potential in the holiday rental market, giving buyers a steady income until house prices rise once again. With values at an all time low, this is potentially a lucrative option for investors and with forecasts suggesting recovery will begin in 2014, they need to act quickly.

Source: http://www.propertyshowrooms.com/spain/property/news/la-caixa-moving-dispose-housing-assets_312708.html

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Volkswagen Confirms Golf GTD For America

Tuesday, July 2nd, 2013

Having dangled the GTD in front of us for so long, Volkswagen has finally confirmed that the diesel powered sports Golf will come to America, according to

TOTD: Performance or Tech ? What Will Buyers Like Most on the Mazda3?

Tuesday, July 2nd, 2013

The new 2014 Mazda3 was revealed today, and the zoom-zoom automaker left no corner of its compact untouched. The new model comes with a boatload of neat gadgetry intended to appeal to social media-philes, but also boasts improved driving dynamics for enthusiasts. But which of the two will Mazda3 buyers care more about? With innovative [...]

Source: http://wot.motortrend.com/totd-performance-or-tech-what-will-buyers-like-most-on-the-mazda3-381745.html

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House prices rise in Mallorca and Ibiza

Tuesday, July 2nd, 2013

House prices rise in Mallorca and Ibiza

Although Spanish property has come under the spotlight for the wrong reasons recently, finally some good news has emerged from the country.

Valuation company Tinsa has reported that the Balearic and Canary Islands both experienced price rises in April 2013 compared to the previous year.

Both regions experienced an increase of around 3.3 per cent compared to the average 10.5 per cent property price decline seen across the rest of the country.

Commenting on the figures, Daniel Chavarria Waschke, managing director of Balearics Sotheby’s International Realty with offices in Mallorca and Ibiza, said, “This is consistent with the market predictions we posted in January this year when we stated that we had started 2013 with a real sense of positivity.

“We made reference to the fact that Ibiza had its recovery in 2012, way ahead of the mainland, and was already ‘booming out’ again.”

The earlier report by Balearics Sotheby’s International Realty also stressed that demand for property in Mallorca had remained strong throughout the crisis due to the fact non-Spanish buyers accounted for more than 80 per cent of sales.

Mr Chavarria Waschke said that the firm predicted the worst was over for Mallorca last year.

“Our crystal ball appears to be spot on with April’s 3.3 per cent house price increase reflecting that recovery. Long may it continue.”

He added that it is unfair to judge Spanish property by the performance of Spain as a whole given that significantly different local markets experienced in Mallorca and Ibiza.

The report by Tinsa revealed that property prices across Spain have fallen by 37.2 per cent since they were at their peak in December 2007. However, the bulk of this drop is attributed to the mainline Mediterranean coastline which has seen house prices drop by 45.1 per cent, with falls of 40.4 per cent seen in the capital and major cities.

By contrast, the Balearic and Canary Islands have seen falls of 24.5 per cent in the past five and a half years, with a more positive short term outlook.

Source: http://www.propertyshowrooms.com/spain/property/news/house-prices-rise-mallorca-ibiza_312757.html

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Mallorca property will enjoy strong sun-seeker market

Tuesday, July 2nd, 2013

Mallorca property will enjoy strong sun-seeker market

After a strong Easter period for the holiday rental market, investors will no doubt have their sights set on Spanish property. However, according to Taylor Wimpey Espana, those looking to benefit from the countless sun-seekers jumping on a plane this summer, should perhaps consider Mallorca instead. After all, over six million tourists visit the Balearic Island each year.

What’s more, Mallorca is also a popular port for cruise liners and the extension of the pier means it can accommodate larger ships and more vessels. This is good news for the local tourism industry, with around one million passengers entering the island by sea annually. In 2013 alone, the port of Palma is expected to receive 449 cruise ships. 

Marc Pritchard, sales and marketing manager of Taylor Wimpey Espana, commented: "Mallorca is quite simply a tourist hotspot. Every year cruise ships visit and prepare to set sail from the beautiful Mallorcan shore with an abundance of intrigued visitors flocking to the island to explore its many attractions coupled with sun soaked climate, over 43 striking blue flag beaches and high class restaurants."  

Demand for accommodation increases significantly in Mallorca during the summer, particularly for property close to marinas or beaches. The island is considered a hub for the rich and famous, so there are also opportunities for investors to enter the prime market. However, demand still lies in the luxury villa segment, so new developments in top locations will generate the best yields.

This doesn’t mean there aren’t opportunities in more affordable market segments. El Puerto II in Cala d’Or has two bedroom apartments located in generous gardens, with three communal swimming pools. With prices ranging from €149,500, this is a sophisticated complex in reach of a blue flag beach, ensuring you’ll have interest all year round. Following on from the success of Cala Magrana I and II, Taylor Wimpey Espana has also launched a third phase just 500 metres from Cala Anguila beach. Situated close to several golf courses and the marina of Porto Cristo, these two bedroom apartments with sea-views are a great opportunity.

Source: http://www.propertyshowrooms.com/spain/property/news/mallorca-property-will-enjoy-strong-sun-seeker-market_312713.html

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Cruise boost for Canaries

Tuesday, July 2nd, 2013

Cruise boost for Canaries

The Canary Islands property sector could be in line for a major boost with news that a luxury cruise liner is to make regular tours there.

Royal Caribbean International’s Independence of the Seas will be making trips all year around the archipelago, as well as various Mediterranean destinations, it has been revealed.

This service will start from 2010, with the ship being able to hold over 4,000 passengers.

Canary Islands property investment may be helped by the extra tourism, as may also be the case for Spanish Mediterranean destinations.

In related news, Gran Canaria has been recommended this week for its scenery in a report by the Daily Mirror.

This stated that the island’s interior has some "wild" scenery, with a variety of ecosystems, including the mountains that made up the last stronghold for the Guanches, the native people who occupied the islands prior to the arrival of the Spanish.

Source: http://www.propertyshowrooms.com/spain/property/news/cruise-boost-for-canaries_171598.html

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P’cola 2.0: Chad Henderson: entrepreneur extraordinaire

Tuesday, July 2nd, 2013

It’s day eight of Chad Henderson’s nine-day tour of duty as a “Do-It-All Dad.” His wife, Brooke, sales manager for the Pensacola-based tech firm Actigraph, is in Barcelona, Spain, on business.

Source: http://www.topix.net/world/spain/2013/06/pcola-2-0-chad-henderson-entrepreneur-extraordinaire?fromrss=1

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Spanish govt passes law to allow some coastal construction

Tuesday, July 2nd, 2013

Spanish govt passes law to allow some coastal construction

Holidaying on the various coastal destinations in Spain has always been the most attractive option for Brits, with millions jetting off to locations close to beaches like Costa Del Sol and Costa Brava every year for a number of decades. Now investors could soon be seeing a raft of new properties for sale as a result of a law which has been passed by the Spanish government on Thursday (May 9th).

Officials announced that the change to regulations in the Mediterranean nation would see more construction allowed closer to the coast, a change to a rule that previously saw hotels, apartments and villas constructed beach-side across the country in the 1980s.

Under the new change, the closest distance that a property can be constructed in relation to the coast will be reduced from the current limit of 100 metres to just 20 metres, leaving predictions that it will spark a boom in new holiday homes being constructed for investors along the nation’s popular beach fronts.

However, despite initial fears for many conservationists that this would see Spanish property being erected everywhere in this newly freed-up band, the government was quick to confirm that any new projects would be subject to extensive planning permission, adding that "exceptional circumstances" would need to be in place in order to retain the beauty of the coastline that has seen Spain become so popular.

It will mostly mean that those who have previously invested in Spain will be able to make improvements to the homes that they own, while some building projects will also be allowed in order to attract new tourists that will help buyers see a return on their investment.

With recent reports stating that tourists from other nations previously less familiar with Spain – such as the US – are now moving towards it more and more, this can only be good news for those looking to invest money there.

The only areas where there will be a blanket ban on any building work will be virgin beaches which have never had any buildings near them, where there will still be a rejection of any plans put forward.

Source: http://www.propertyshowrooms.com/spain/property/news/spanish-govt-passes-law-allow-some-coastal-construction_312745.html

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Pikes Peak: Mitsubishi Takes First And Second Spot In EV Division Qualifying

Monday, July 1st, 2013

Mitsubishi Motors? (MMC) team of seasoned drivers Greg Tracy and Hiroshi Masuoka grabbed both the first- and second-best times in the qualifying round of the Pikes Peak International Hill Climb?s (PPIHC) Electric Division. During the qualifying session held for the Electric Division, June 27, Greg Tracy clocked the quickest time in the Electric Division with [...]

The post Pikes Peak: Mitsubishi Takes First And Second Spot In EV Division Qualifying appeared first on HybridCars.com.

Source: http://www.hybridcars.com/pikes-peak-mitsubishi-takes-first-and-second-spot-in-ev-division-qualifying/

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Brits boost Spanish property market

Monday, July 1st, 2013

Brits boost Spanish property market

The Spanish market is increasingly attractive to foreign investors due to the low prices available.

New figures in the Bank of Spain and the Real Estate Registry’s annual report found that non-Spanish nationals are propping up the country’s ailing property market following a long-standing recession.

It revealed that foreign investment in Spanish property was up by 17 per cent in 2012 compared to the previous year – and British property investors are topping the polls.

UK nationals accounted for more than 16 per cent of the share of the foreign investment market last year, which equates to around 1.35 per cent of the total property market.

France came second with investments totalling ten per cent of the foreign purchase market, and Russia made up the third spot with 9.6 per cent.

However, there has been much talk of interest from China and Germany, with these two countries contributing 4.3 per cent and 7.9 per cent respectively.

According to Spanish Property Insight, foreign investors bought 26,871 residential properties in Spain in 2012, accounting for 8.12 per cent of all home purchases.

This is a dramatic uptick from 2009 when foreign buyers made up just 4.2 per cent of total purchases.

However, split by region, some areas are seeing their property sales significantly propped up by foreign investment.

This is mainly the coastline as northern Europeans migrate there to buy holiday and retirement homes in the sunshine. The news source reported that as a percentage of buyers, foreign nationals accounted of 33 per cent of total sales in Alicante on the Costa Blanca, 27 per cent in Tenerife and 25 per cent in the Balearics.

It is expected that the uptick in foreign investment will accelerate following the passing of the new residential visa regulations.

Coming into effect in July, the rules state that non-EU nationals who buy property in Spain worth more than €500,000 will get the automatic right to residency in the country in a bid to boost investment.

Source: http://www.propertyshowrooms.com/spain/property/news/brits-boost-spanish-property-market_312762.html

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Mercedes CLA-Class

Monday, July 1st, 2013

People have been talking about a baby CLS for quite some time now and after being caught testing in many times, the production version CLA-Class made its world debut at the 2013 Detroit Auto Show.

Previewed by the Concept Style Coupe, the new CLA looks almost identical to the concept, but at the same time offers design elements that transform it into a “modern interpretation” of the CLS.

The best feature of the new model is its aerodynamic-drag figure of just 0.23, that sets a new benchmark among not only Mercedes models, but also all series-production vehicles. The model is also equipped with tons of technology that will transform each ride into a secure journey.

In the U.S. market Mercedes will only bring one version — the CLA250 — and sales will begin in the fall of 2013.

Updated 02/06/2013: We have just stumbled across a leaked file from Mercedes-Benz that everyone may be interested in. This new file is the U.S. Ordering Guide for the 2014 CLA-Class. You can find the guide after the jump.

Updated 07/01/2013: Mercedes placed an online configurator for the new CLA250 Coupe which will go on sale this fall. Go online and play with the exterior and interior colors, wheels and options! Additionally, we have updated this review with all of the new details that the configurator unveiled.

Mercedes CLA-Class originally appeared on topspeed.com on Monday, 1 July 2013 11:00 EST.

read more


Source: http://www.topspeed.com/cars/mercedes/2014-mercedes-cla-class-ar113218.html

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Exclusive Pictures of 2014 Sedona Minivan

Monday, July 1st, 2013

We already knew that there is not going to be a 2013 version of Sedona minivan but the 2014 edition is going to come with vast overhaul. For starters, the vehicle will be largely inspired by the KV7 concept, which was unveiled at 2011 Detroit Auto Show. 2014 Kia Sedona, if gets even slightly influenced [...]

Source: http://kicar.net/2014-kia-sedona/

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Shopping Review: Shopbevel.com

Monday, July 1st, 2013

Jewelry is the wearer’s chance to make a personal statement to the world. It can be symbolic of one’s history , cultural or ethnic traditions, or simply one’s personal style.

Source: http://www.topix.net/world/spain/2013/07/shopping-review-shopbevel-com?fromrss=1

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Control Of PSA Peugeot Citro

Monday, July 1st, 2013

PSA Peugeot Citroën, led by the Peugeot family, may see control ceded to General Motors, according to the latest reports. The struggling French automaker has been crippled by shrinking sales in its home market of Europe, a problem compounded by its lack of exports. Citing inside sources, Reuters reports that the Peugeot family has offered to…

Source: http://feedproxy.google.com/~r/MotorAuthority2/~3/OX6K_5tEOLU/1085093_control-of-psa-peugeot-citron-may-be-handed-over-to-gm-report

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Cadillac Touts Superior Driving Dynamics For Pending 2014 ELR

Monday, July 1st, 2013

General Motors? 2014 Cadillac ELR built largely around the Chevy Volt?s plug-in powertrain is being touted as a tech halo, and as such GM is promising excellent driving dynamics, and cutting-edge suspension and steering systems. ?ELR?s methodical use of advanced suspension and steering technologies front and rear has resulted in the quiet cabin, agile handling [...]

The post Cadillac Touts Superior Driving Dynamics For Pending 2014 ELR appeared first on HybridCars.com.

Source: http://www.hybridcars.com/cadillac-touts-superior-driving-dynamics-for-pending-2014-elr/

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