Balearic Residence

Balearic Residence Balearic Residence This in turn has led to properties being on the market for periods of time that are considerably longer than most other countries.

At Balearic Residence, given our experience and in-depth understanding of the Mallorca market, we have evolved to offer a unique set of services that could be better described as real estate agent and broker referral. That is to say that we search our own extensive database of properties, buyers and sellers but we also work with other agents to meet the needs for our clients. Real Estate Brokers v

s Real Estate Agents
Unlike estate agents who act primarily for sellers, we have come to understand that the interests of the seller can be better served when we act as brokers matching the needs of both the seller and buyer. This is especially important in the Majorca market where transparency of historical property prices and values are not as clear as in other markets – and this has typically led to considerable time and effort being wasted by both buyers and sellers. For Buyers we aim to be the one-stop-shop :
- Understand your requirements given your individual circumstances
- Work with you to refine your specification and alternatives given our knowledge of the Island
- Conduct a comprehensive search of our own database plus that of our network of agencies to develop a shortlist of relevant properties that meet your brief
- Besides accompanying and advising at viewings, we are also able to put you in touch with independent solicitors and financial institutes who you may need to consult.
- No Fees are payable to Balearic Residence by the Buyer

For Sellers we provide all the services that you would expect from a traditional Estate Agent, and more:
- We will meet with you to view your property and advise you on the market and opportunities
- Photographs and a property write up will be conducted by us.
- Your property will be marketed extensively through our own website, internet advertising, through selected press and magazine advertising, and of course, through our network of estate agencies throughout the island and abroad.
- No fees are payable until the sale has been finalised. Our standard commission is 5% + IVA on the final sale valu

19/11/2012

The equity markets suffered a torrid time last week, but the major currencies seem to be settling down to trade back within defined ranges.......

As President Obama tries to find support for his new financial initiatives in the States, the equity markets fell last week across the globe as the problems in Europe appear to be worsening and investors are unsure as to the future of the major economies. The pound had a mixed week, moving higher after the encouraging UK inflation data on Tuesday, but falling as Mervyn King, the governor of the Bank of England, gave a rather bearish view of the economy over the next few years. King said that the UK would not be able to get back to where it stood pre-recession until at least 2015, and that growth was expected to be down in the last quarter of this year. Sterling hit a two month low versus the dollar on Thursday at $1.5825, but managed to climb back to $1.59 as the buyers came back to pick up some cheap pounds. There is still a bias to buy the dollar at the moment, and it may be difficult for the other currencies to make any significant ground back against the Green back this month.

After the pound broke down through the support level at $1.5950, which held for most of last month, the rate has entered a new trading range between $1.58 and $1.5950 in the short term according to some traders we have spoken to this morning. This week is expected to be relatively quiet ahead of the long Thanksgiving weekend in the States-we are told there is good support for Sterling just below $1.5825 but the price needs to get back above $1.5960 now to have any chance of getting in the $1.60’s for December.

The price of the pound versus the Euro still appears to be locked in a short term range between €1.24 and €1.25, as both currencies appear to have their own problems and are moving in tandem with the dollar. As mentioned last week the economic growth forecasts-or lack of it- from the Euro member states are still very poor and we could see a further weakening of the euro which may push this rate on the topside of the range.

Cornhill FX

15/11/2012

Sterling struggling to make any ground back versus the dollar after downbeat report from the Bank of England...

Following the slight recovery for the pound after the encouraging UK inflation data on Tuesday, the sellers came back to the market as Mervyn King, the Bank of England boss, gave a rather bearish view of the economy over the next few years. King said that the UK would not be able to get back to where it stood pre-recession until at least 2015, and that growth was expected to be down in the last quarter of this year. This follows the GDP report for the third quarter which surprised everyone with the positive figures and helped the pound to higher levels against most of the major currencies. Sterling hit a two month low versus the dollar yesterday, but is still constant against the Euro as the member states in the single currency seem to be in disarray-with strikes abound and the GDP figures for the individual countries all expected to be very sad this morning.

Now that the pound has broken down through the support level at $1.5950, which held for most of last month, we may be in a new trading range for the next few weeks between $1.5750 and $1.5950. There is good support around the $1.5850 area- but as London is opening right on that rate we should know very soon if the price will hold. The downward pressure is still on, and traders are calling for a move towards $1.58 by the end of this week. The rate needs to get back above $1.5960 now to have any chance of getting in the $1.60’s for December. Retail sales figures for the U.K. are expected this morning, but there is little data out for the rest of this week so the markets will be driven purely on demand and supply.

The price of Sterling versus the Euro still appears to be locked in a short term range between €1.24 and €1.25, as both currencies appear to have their own problems and are moving in tandem with the dollar. As mentioned above, the growth-or lack of it-data is due this morning from all the member states and if this looks like being even worse than expected we could see a further weakening of the euro and the rate could push on the topside of the range.

14/11/2012

This week we have seen the focus shift back from the US to Europe and the never ending Euro-Zone crisis, with hurricane Sandy and the presidential election giving way to Greece and their ability to meet their deficit-reduction targets.

It started with the Greek government voting on their 2013 budget and how to try to implement the reductions they have already agreed to. They approved their austerity budget for next year, allowing Greece to extend its international financial bailout and hopefully avoid bankruptcy in the coming weeks. On Tuesday the EU agreed to give Greece two more years until 2016 to meet the targets set and to continue to support it. They did however delay a decision to release the latest €31.5bn tranche of funds and will meet again on 20th November (Tuesday) to discuss releasing the latest installment of funds.

Greek PM Antonis Samaras had warned that without the new funds Greece will run out of money within days which sent the Euro down against it major currency pairs. To counter the delay in bail-out funds they have secured some short term finance in the form of €4.06bn short term bonds and are expected to raise a little more before repayment of €5bn is due on Friday for some previous treasury bills.
On the back of this short term financing we have seen the Euro strengthen back this morning. All eyes now turn to Tuesday and the announcement of these bail-out funds, with the wrong outcome surely calling time on Greece and bankruptcy looming large.

£/EUR
Range of the week: 1.2440 - 1.2546
Variance of the week on £10k: €106

The Bank of England (BoE) released their quarterly inflation report which showed that they expect growth of just 1% next year, afterwards Sir Mervyn King said that “There seems a greater risk that the UK economy may be in a period of persistent low growth,” and warning that the third quarter GDP was boosted by one-off events such as the Queen's Diamond Jubilee and the Olympics and cautioned that economic output may shrink again in the final quarter of this year and expects the recovery to be “sustained, but slow”. – Not good news for the UK and on the back of it sterling has fallen 0.5 cent against the Euro this morning.

Inflation figures were out yesterday in the UK which showed that CPI had jumped sharply to 2.7% up from last month’s 2.2%. CPI is a measure taken from a basket of goods which is meant to represent what a typical UK household might purchase. The sharp increase was mainly attributed to education costs increasing 19.1%, due to the government lifting the cap on university fees and food prices. Blaming the latter on the record wet weather we have seen over the summer months affecting crop yields. As this is used by the BoE as a measure for controlling interest rates and setting monetary policy, it could be seen that expectations for further QE from the bank could be pushed back if inflation remains high.

This morning UK jobless figures showed that people out of work has fallen to its lowest levels for more than a year. With official figures showing unemployment at 7.8%.

And of note, later this week we will have GDP figures released for the Euro-Zone as well as inflation figures.

£/USD
Range of the week: 1.5855 – 1.5915
Variance of the week on £10k: $60

For the US the focus still remains on the re-elected President Obama and what economic policies he will implement for his second and final term in the White house. Ultimately trying to move the economy from its current position to a level more becoming of the worlds biggest so called superpower.

Later this week the US, like Europe, have Inflation figures out and of note today have their Retail sales figures out for October. This can be a major market mover as consumer spending is vital to the US economy, and as retail sales make up one third of all of such spending is very keenly watched.

£/AUD
Range of the week: 1.5182 - 1.5282
Variance of the week on £10k: AU$100

Yesterday we had out the NAB Business Confidence survey which looks to give a snap shot of the state of the Australian economy and gives leading indicators that signal its future direction. Although it was down on its previous reading the AUD has continued to remain an attractive proposition, and as such the dollar shows no signs of breaking from its current range. With its heavy links to Asia’s economy there can be no surprise that given our closest neighbours are Europe and the US, it will continue to remain as attractive to investors.

£/NZD
Range of the week: 1.9350 - 1.9482
Variance of the week: on £10k= NZ$132

As always the New Zealand dollar will benefit from it close ties to Asia and Australia and as such remains broadly stronger against its major counterparts.

£/ZAR
Range of the week: 13.8172 - 14.0490
Variance of the week: on £10k= R2318

GBPZAR continues to trade at the highest levels since early 2009, and rates haven’t really moved over the past week as shown by the variance we have seen so far. Notably it has tested and broken through 14 this morning but it has struggled to break through and stay above this level for any significant time so far.

£/CAD
Range of the week: 1.5847 - 1.5941
Variance of the week: on £10k= CA$94

HiFX

13/11/2012

Greece loan decision delayed once again, markets look to UK & German economic data this morning...

Last night the markets learnt that a decision on the next Greek aid tranche has been delayed to next week on November 20th. German Parliament is due to vote on an amended Greek programme, which is expected to see Greece granted an extra two years due to the harshness of the current recession. As a result the euro has opened the European session under pressure against both the U.S. dollar and pound. This morning hosts two significant pieces of economic data for the market to observe. The first is from the UK and comes in the form of the monthly inflation figures, with the UK Quarterly Inflation Report due on Wednesday these figures will be closely eyed. A significant rise in inflation would make it increasingly harder for the BoE to peruse any further cash injections into the UK economy. The second piece of data is released from Germany and is their monthly ZEW Economic Sentiment indicator. With Germany clearly now being impacted by the euro zone woes which surround them, it will be a crucial gauge of how bad sentiment actually is.

As mentioned above the pound has finally moved out of the broad range it was locked in between $1.5950 and $1.62. Sterling closed Friday’s session at $1.5895 with emphasis now placed on the downside levels of $1.5850 which has held up thus far and below this $1.5760. Rebounds need to get back above the previous support level at $1.5960 to re target last week’s high at $1.6050. As mentioned last week the pound needs to get above $1.6080 to open up the door to any potential further gains.

The pound is now trading above €1.25 against the euro as further issues surface over the state of Greece. Levels wise to the downside €1.2450 must be breached to pave the way the further euro gains and on the upside €1.2540/50 is the key level.

Cornhill

09/11/2012

Both the Bank of England and ECB leave monetary policy unchanged for now...

Yesterday the Bank of England left interest rates on hold and opted not to impose any further quantitative easing. This was music to sterling bulls ears and consequently the pound rose against the euro and the U.S. dollar finding resistance at €1.2540 and $1.60 respectively. There is a lot of resistance against providing further stimulus within the central bank and even if the minutes have a more dovish tone, the Bank of England may not find enough will to ease policies before the end of 2012. The European Central Bank chose the same route deciding to leave monetary policy unchanged. Mario Draghi stated that the ECB does not see any major improvements in growth next year and as a result, inflation should remain subdued and won't be a problem for the central bank in 2013.

The pound has slipped back versus the dollar and seems stuck between $1.5950 and $1.60 at present. This very narrow range is not expected to be with us for long, and with very strong technical and fundamental support just under $1.5940 most traders we have spoken to expect the price to move back higher early next-although we do need to close above $1.6080 in London to trigger the improvement. On the downside, the danger lies below $1.5845, as it is thought that this level holds the key to trigger a decent decline if broken.

The pound has now rallied firmly over the €1.25 level as growing concerns over Spain and Greece persist. It is important to note that this change in sentiment is not due to a sudden demand for the pound, rather than a lack of confidence in the euro. However, the rally appears to be containing within €1.2540, as we thought may happen. If the euro does continues to weaken, however, we may see this rate edge up towards the final target for most experts in the short term-of €1.2580-but probably not much further. This price is also in a tight trading range, but it is clear that many euro buyers will be looking to take advantage of the current rally and this put a stop to the bullish trend.

Cornhill FX

Centrally located newly built apartment in Calvia village. Walking distance to the village restaurants, cafes, banks, su...
08/11/2012

Centrally located newly built apartment in Calvia village. Walking distance to the village restaurants, cafes, banks, supermarket and other local amenities. Beach 5minutes away by car. 100m² garden apartment with open plan living. 3 bedrooms two double, one with en- suite bathroom. Separate bathroom for the other double and single bedroom. Fully equipped kitchen with washing machine, dryer, microwave, dishwasher, induction stove, fan forced oven, fridge freezer. A/C hot & cold in all the rooms. Parking. You can enjoy the tranquillity and tradition of Calvià Vila (city), explore the rural fincas in Es Capdellà or swim in the crystal clear waters of Ses Illetes and Portals Vells. You can stroll along the exclusive marina of Portals or play at the well-known golf courses of Bendinat and Santa Ponça. Today you can have lunch right next to the sea in Palmanova or go shopping on the boulevard of Peguera.

08/11/2012

Not too much movement in the currency markets after the U.S. election-the focus shifts again to Greece following the riots due to the austerity vote...

As all the ‘excitement’ surrounding the rather predictable outcome of the U.S. election subsides, the equity markets took a nosedive but the currency prices remained relatively constant. The dollar is still slightly higher than last week, helped by the lack of confidence again in the euro which has taken the single currency to its lowest point for two months versus the Greenback. With the long weekend ahead in the States, we may have to wait until next week to see any real movement in the rates, as very little is expected to happen later when the Bank of England announce that there will be no change in policy relating to quantitative easing.

After moving above $1.6150 towards the end of last week, the pound has slipped back versus the dollar and seems stuck between $1.5950 and $1.60 at present. This very narrow range is not expected to be with us for long, and with very strong technical and fundamental support just under $1.5940 most traders we have spoken to expect the price to move back higher early next-although we do need to close above $1.6080 in London to trigger the improvement. On the downside, the danger lies below $1.5845, as it is thought that this level holds the key to trigger a decent decline if broken.

The pound has rallied by over cent against the euro recently, due to growing concerns over Spain and Greece, and the fact that the Euro rate against the dollar has move sharply lower. It is important to note that this change in sentiment is not due to a sudden demand for the pound, rather than a lack of confidence in the euro. However, the rally appears to be running out steam near €1.2540, as we thought may happen and the rate has opened close to €1.25 as London opens on Thursday. If the euro does continues to weaken, however, we may see this rate edge up towards the final target for most experts in the short term-of €1.2580-but probably not much further. This price is also in a tight trading range, but it is clear that many euro buyers will be looking to take advantage of the current rally and this put a stop to the bullish trend.

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Cornhill FX

28/04/2012

The euro loses more ground overnight after Spain’s credit rating is downgraded 2 notches...

There was some relief for the euro zone yesterday morning, as the Dutch government came to an agreement on a budget for 2013 that meets EU budget conditions, however this was short lived as Spain was downgraded last night, causing more pain for the single currency. After being quiet for a while, Standard and Poors downgraded Spain’s credit rating 2 notches to BBB+ with a negative outlook. This caused the euro to fall from $1.3250 to $1.3170 against the dollar at 22.00 last night. Sterling also benefitted from the euro weakness, to push to a fresh 22 month high of €1.2280 earlier this morning.

The GBPUSD rate has been fairly flat over the last 24 hours, with the 2 currencies both gaining ground against the euro. We have ran into some institutional sellers around the $1.62 level, with the pair still trading around $1.6170 this morning and technicals pointing to the pair being in overbought territory. If the pair manages to close above $1.62, it will open the door for a potential move up to $1.64. On the reverse of this, a move below $1.6050 will signal a downtrend with the pair next targeting a move back below $1.59, although at present it seems like sentiment is for sterling strength to continue, especially after the pound shrugged off the disappointing GDP figures earlier in the week.

As mentioned in the first paragraph, sterling has rallied to a fresh 22 month high against the euro after Spain was downgraded last night. As long as the pair continues to trade above €1.2165 the onus remains for the rate to move higher, potentially to a peak of €1.24. It seems like it never rains but it pours, as we have just had the release of Spanish Q1 unemployment figures, which have come in worse than expected, showing a rate of 24.4% from a previous or 22.9%. This hasn’t caused any further weakness in the single currency as the negative sentiment towards Spain has already been priced in.

Cornhill FX morning report.

120m² Apartment in Santa Catalina 2 bedrooms - 1 bathroom - roof terrace Price:420.000€
06/06/2011

120m² Apartment in Santa Catalina 2 bedrooms - 1 bathroom - roof terrace Price:420.000€

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