Enness International celebrates first birthday

Enness International is delighted to be celebrating our first birthday at a time of great excitement in the European property market. Enness International launched last February with the aim of catering for clients buying or refinancing overseas property, particularly in France, Monaco and The Balearics.

We knew that recent economic and political shifts, including Brexit and tax changes for non-doms in the UK, would likely help to stimulate activity in continental Europe—and we also predicted price appreciation in regions that have struggled over the last decade, such as The Balearics.

Fortunately, our hunch was correct—as our lending figures from the last year illustrate, appetite has never been higher for prime European property. The French property market posted record sales last year, with prices in luxurious regions of Spain rising as the economy strengthens.

What’s truly interesting about European property isn’t so much the property itself—it’s the attitudes of lenders at the moment. The appetite from lenders is extremely high, with plenty of liquidity on their balance sheets.

With EURIBOR currently in negative figures, banks need to be offering good facilities to clients. Many international banks essentially have a surplus of Euros in their accounts—this is money which isn’t performing and isn’t generating revenue, so the banks are making it inexpensive for their bankers to organise credit facilities for their clients. This is essentially a clear incentive for these banks to lend cheaply to low risk clients.

This also gives us as brokers good scope to negotiate with the banks, whether that’s on the amount of funds pledged as assets under management, or the interest rate itself. There is some world-leading stock on the market currently, from Villas in Cannes to Monegasque apartments, so it’s a great time to be thinking about buying. Whatever happens, it’s set to be another exciting year ahead for the Enness International team.