April 2010
Hot Property News Letter – April 2010
Welcome to this issue of the Hot Property news letter which we hope you find informative and helpful. If you have any suggestions, comments or questions, which we can address in future issues, you can contact us at info@hotpropertyspain.net
1: ALMOND TREES
Those of you who were lucky enough to have been in Spain at the end of February or the beginning of March had a chance to see the Almond tree in its spring glory, full of blossom. The abundance of trees and blossoms in the Jalon valley completely changes the colour of the valley floor. But, as the saying goes, "a tree is not just for the blossom" so this month we will be giving some information on a major cash crop of the Costa Blanca, which is also one of the main ingredients of Turron (See the December 2009 news letter)
Those of you who were lucky enough to have been in Spain at the end of February or the beginning of March had a chance to see the Almond tree in its spring glory, full of blossom. The abundance of trees and blossoms in the Jalon valley completely changes the colour of the valley floor. But, as the saying goes, "a tree is not just for the blossom" so this month we will be giving some information on a major cash crop of the Costa Blanca, which is also one of the main ingredients of Turron (See the December 2009 news letter)
The Almond (Prunus dulcis) is a species of tree native to the Mediterranean climate region of the Middle East, eastward as far as Pakistan. It was spread by humans in ancient times along the shores of the Mediterranean into northern Africa and southern Europe and, more recently, transported to other parts of the world.
Almond is also the name of the edible and widely cultivated seed of this tree. Although popularly referred to as a nut, the edible part of the almond is botanically not a true nut, but the seed of a drupe (a botanic name for a type of fruit) which consists of an outer hull and a hard shell with the seed inside. If you look carefully at an Almond on a tree, the outer layer has the appearance of a soft green velvet fruit. As the seed matures, the green shade turns to brown and often cracks open on the tree, with the well known resulting nut visible inside.
The shelling of almonds refers to the removal of this outer shell to reveal the seed. Almonds can be sold shelled, i.e. after the shells are removed, or unshelled, i.e. with the shells still attached. Blanched almonds are shelled almonds that have been treated with hot water to soften the seed coat, which is then removed to reveal the white embryo.
The almond tree is deciduous and, when without leaves, has an appearance of having been burnt, with a dark twisted bark. The tree grows to between 4 and 10 meters in height, with a trunk of up to 30 centimetres in diameter.
The young twigs are green at first, becoming purplish where exposed to sunlight, then grey in their second year. The leaves are 3–5 inches long with a serrated margin and a 2.5 cm (1 in) petiole, the small stalk attaching the leaf blade to the stem. The flowers (blossom) can be either white or pale pink, 3–5 cm diameter with five petals, produced singly or in pairs before the leaves in early spring.
Almond trees become productive and begin bearing fruit after five years. The fruit is mature in the autumn, 7–8 months after flowering.
Domesticated almonds appear in the Early Bronze Age (3000–2000 BC) of the Near East, or possibly a little earlier. A well-known archaeological example of the almond is the fruit found in Tutankhamen’s tomb in Egypt (c.1325 BC), probably imported. The domesticated form can be found as far north as Iceland, although the official distribution of the plant in Europe shows the most northerly country to be Germany.
The word "almond" comes from Old French almande, derived through a form amingdola from the Greek αμυγδαλη (cf amygdala), an almond. The al- for a- may be due to a confusion with the Arabic article al, the word having first dropped the a- as in the Italian form mandorla; the British pronunciation ah-mond and the modern Catalan ametlla and modern French amande show a form of the word closer to the original.
In German almond is called "Mandel", as well as "Almond". In Hebrew almond is called שקד shaqed.
Global production of almonds is around 1.7 million tonnes, with a low of 1 million tonnes in 1995 and a peak of 1.85 million tonnes in 2002.
In German almond is called "Mandel", as well as "Almond". In Hebrew almond is called שקד shaqed.
Global production of almonds is around 1.7 million tonnes, with a low of 1 million tonnes in 1995 and a peak of 1.85 million tonnes in 2002.
Major producers are the USA (715623 t, 41%), Spain (220000 t, 13%), Syria (119648 t, 7%), Italy (112796 t, 6%), Iran (108677 t, 6%) and Morocco (83000 t, 5%). Algeria, Tunisia and Greece each account for 3%, Turkey, Lebanon and China each account for 2%. In Spain, numerous commercial cultivars of sweet almond are produced. Most notably. the Jordan almond (from Málaga) and the Valencia almond. Importing over 94 percent of its consumption, India is the largest global market for in-shell almonds.
2: FOREIGN CURRENCY EXCHANGE
The high street banks are squeezing overseas property investors for an average of £4,000+ for every 200,000€ they buy, according to our Foreign Exchange Broker.
As the global economic situation appears to stabilise, sun seekers return to the overseas property market, where great bargains can be found. Figures have been released from a number of "mystery" calls to a selection of high street banks and other foreign exchange specialists, regarding the purchase of 200,000€:-
The average cost for the purchase was £178,303.09 versus £174,211.47 from a specialist broker.
Our Foreign Exchange Broker stated "Overseas property investors know that the quick return characteristic of the late 90´s and the 00´s are a thing of the past, for the time being at least. However, investors on tight budgets taking a long term view, are returning to the market and financial institutions should be encouraging them to do so. By taking such a large margin on foreign exchange, the high street banks are doing exactly the opposite"
The same can also be said for the transfer of a monthly private pension, where the level of the Pound versus the Euro has a longer term effect on finances.
The mystery calls were made during a 15 minute window, to ensure that movements in the money markets did not affect the results.
The cost of buying 200,000€
Bank/Broker Rate £s Spent Transfer Fee
Broker Average 1.1480 174,211.47 £3.75
Barclays 1.1430 174,978.03 £15 - £25
NatWest 1.1371517 175,878.03 £10 - £27
Abbey 1.1078 180,538 £9.50 - £19.5
HSB 1.10 181,818.18 £10 - £30
Bank average 1.1219 178,303.09 £18.25
Costs were obtained on the 22.09.09 between 10.30am and 10.45am
We provide an example of typical savings on a monthly private pension transfer through a broker.
From high street banks:
Exchange rate £700 @ 1.1101 = 777.07€
Commission 2% of £700 = £14
Telegraphic transfer fee per month £25
Total cost per month £739
From Hot Property recommended Broker
Exchange rate £700 @ 1.16 = 812€
Commission IS FREE
Telegraphic transfer fee per month £8.50
Total cost per month £708.50
Hot Property therefore advise purchasers of overseas property, to shop around to ensure that they get the best price that they can.
For more information contact Hot Property.
This newsletter is intended as a guide and to be informative and helpful in the process of searching for and purchasing a property in Spain. Total accuracy cannot be guaranteed and in all legal, fiscal and other matters a fully qualified professional should be consulted. Reproduction of any part of this newsletter is not permitted without written permission.