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Brazil Property News: Spanish banks are "tightening their belts"
26th March 2008 03:17
Investors may want to consider buying a property in Brazil, following claims this week that Spanish banks are "tightening their belts".
As a result of the credit crunch, Spanish banks are taking twice as long to approve mortgages, according to specialist website www.PropertyInSpain.net.
Terry Walker, of www.PropertyInSpain.Net, said: "Like their counterparts in the rest of the western world Spanish banks are, to a lesser degree, tightening their belts.
"It is taking twice as long to get mortgages approved in principle."
Spanish Property Insight's annual real estate report recently revealed that property prices in the country are now 179 per cent higher than they were ten years ago.
Furthermore, the Spanish Mortgage Association released a report in January this year, which revealed that the rate mortgage volumes are rising has dropped from 23 per cent in 2006 to 15 per cent in 2007.
This decrease was attributed to the credit crunch.
In which case, property investors may be pleased to learn that earlier this week financial expert, Desmond Lachman, said that Brazil has managed to weather the credit crunch due to its strong exports industry and trade links with China.
For more information on Brazil property investment and to find out about uv10's latest projects, contact uv10 on 0845 643 1036 or email info@uv10.com or visit our website: http://www.uv10.com
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How to invest in Brazilian property
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