Global House Price Downturn Accelerated At End Of 2008 According To The Global Property Guide

It has been a dismal year for house prices, according to the Global Property Guideâ??s latest survey of publicly-available house-price time-series for the year 2008. And seen from a global perspective, the downturn is still accelerating.

The collapse of the worldâ??s housing markets can be seen from three points of view, and unfortunately, all of them reinforce the bad news.

During 2008, the downward price momentum accelerated, as compared to 2007.
Only 2 countries saw positive momentum in 2008 (a slower downward house price movement than last year, or faster upward movement), while 28 countries saw their housing market momentum deteriorating, compared to the previous year. The two countries with a positive momentum were Germany and Switzerland.

During 2008, house prices fell in most countries.
During 2008 only 8 out of 32 countries saw house prices rise, after adjustment for inflation, while 20 countries experienced house price falls.

In contrast, during the year 2007, the downturn was just beginning, and only 6 countries saw house prices fall, while 24 countries saw house prices rise (all figures inflation-adjusted).

Many house-price falls during 2008 were extremely severe. Countries with house price falls of over 10% during 2008 were Latvia (Riga) (37%), Lithuania (Vilnius) (27%), the US (20%), the UK (18%), Iceland (16%), Ireland (12%), and the Ukraine (Kiev) (12%) (all figures inflation-adjusted).

During the final quarter (Q4) of 2008, the downward price momentum significantly accelerated, as compared to Q3, suggesting that the situation is deteriorating.

During 2008â??s final quarter, 9 countries saw house price falls of 5% or more during just that quarter. Price drops of more than 10% during this single quarter occurred in three countries – in Latvia (Riga), which saw price falls of 15%, in Ukraine (Kiev) (13%), and in Hong Kong (15%). Other countries with Q4 house-price falls of 5% and over, included the UAE (8%), Lithuania (7%), Iceland (7%), Singapore (6%), Bulgaria (5%), and the UK (5%) (all figures inflation-adjusted, except UAE).

These price falls were much greater than during the previous quarter, Q3. During that previous quarter, only two countries experienced house-price falls (inflation-adjusted) of 5% or more, and no countries experienced house-price falls of more than 10%.

REGIONAL SURVEY BY GLOBAL PROPERTY GUIDE

Europe has major problems
The Baltic countries of Latvia and Lithuania suffered the hardest price falls both in nominal and real terms. In Riga, Latvia, the average price of standard-type apartments plunged 37% during 2008. Prices have been going down in Latvia since late 2007, after a remarkable increase of about 70% in 2006. The most alarming decline took place in the 4th quarter, when prices declined by 15%, the steepest quarterly drop in real terms in any country. These price falls were triggered by increased interest rates, and by the tightened credit rules which Latvia imposed in 2007.

Average prices of apartments in Vilnius, Lithuania, fell by 27% during 2008. House prices started slowing in mid-2007, and crashed in early 2008.

House prices in the UK plummeted by 18% in 2008. Although mortgage interest rates dropped slightly, to 4.48% in December 2008, the number of loan approvals for house purchases fell 58% in 2008.

There is serious trouble in Iceland (house price fall of 16% during 2008), Ireland (12%), Ukraine (12%), Malta (9%), Portugal (8%), France (8%) Finland (7%), Norway (6%) and in Spain (6%).

North Americaâ??s woes
In the US, the centre of the global financial crisis, in 2008 house prices fell 20% according to the Case-Shiller house price index, which emphasizes urban areas. OFHEO and FHFB figures, which are associated with Fannie Mae and Freddie Mac loans and have somewhat lost credibility, suggest a smaller decline of 6% and 3% respectively, during 2008. The US government recently approved a $ 787 billion economic stimulus package, of which 5 billion will be allocated to rescue the ailing housing market.

Canada has been much less affected than the US.

Pacific heads down
Both Australia and New Zealand saw house price declines during 2008, of 7% and 8% respectively.

Asia no longer insulated
Housing markets in Asia have not been insulated. Singapore, Hong Kong and Philippines recorded house price falls during 2008.

Singaporeâ??s private residential prices dropped 9% during 2008, in sharp contrast to the 26% price increase of experienced during 2007. The developed countriesâ?? economic troubles adversely affected Singaporeâ??s exports, and during 2008, output in the manufacturing sector, particularly of electronics, precision engineering and chemicals, shrank by 10.7%. Singapore was officially in recession in Q3 2008.

Hong Kong has been badly hit by the crisis. House prices were down by an average of 6% in 2008. But during the last quarter, Hong Kong experienced a severe decline in prices of 14%.

In Makati, Philippines, prime 3-bedroom condominium prices fell by 2% during 2008, after an 11% price rise during 2007. Nevertheless construction of high-rise residential buildings continues, with residential condominium stock rising by 7% during 2008, according to Colliers Philippines.

Japan recorded modest Tokyo condominium price rises of 1.2% during 2008. On the other hand, land prices in Japanâ??s six major cities fell by 6% y-o-y to Sep-2008.

In Shanghai, China, house price rises slowed to 5% y-o-y by the end of 2008, after peaking at 30% y-o-y to May 2008. However Shanghai is likely to be somewhat exceptional, and Xinhua News Agency reported house prices declines in 70 major cities during 2008. Shenzhen suffered the hardest fall, with prices down by 18% during 2008

UAE on shaky ground
In Dubai, UAE, despite the bleak global picture, saw surprisingly large dwelling price rises of 41% during 2008. However during the yearâ??s final quarter, prices fell by 8% in nominal terms. This downturn is attributable to strongly tightening lending criteria, an increase in interest rates, multiple layoffs, and alarm among buyers.

Forecast: No recovery in 2009
History suggests that in a crash, housing markets take many years from peak year to full recovery. In view of this and of the pessimistic IMF forecast for the global economy, no real recovery is likely in the global housing markets this year.

The IMF has predicted that the world economy will grow by 0.5% in 2009, the lowest level in 60 years. GDP in advanced economies is expected to decline by 2% during 2009. The United Kingdom and Japan will be hit the hardest. Output in the UK may contract by 2.8%, while Japanâ??s may fall by 2.6%.

Growth in emerging economies is expected to slow to 3.3% in 2009, down from 6.3% in 2008. Developing Asia is forecast to be the least affected, with growth of 5.5%. Chinaâ??s economy is predicted grow by 6.7% in 2009, but this is a substantial decline from 9% growth during 2008.

We cannot be optimistic for five reasons:
â?¢ Valuations still clearly remain stretched in most countries, in terms of price/rent ratios.
â?¢ Economic growth is slowing or negative in many countries, which is negative for housing values.
â?¢ There are no signs that banks are becoming more willing to lend.
â?¢ The unprecedented nature of the financial systemâ??s collapse has greatly added to the difficulties facing the worldâ??s housing markets.
â?¢ Some national governments are experiencing difficulty in refinancing their national debt, putting their currencies under pressure. Currency instability is likely to aggravate housing sector problems in countries where many loans were taken out in a foreign currency.

The positive news is that the US government and several others are acting with vigour, as has the IMF. Nevertheless, there is a long tough road ahead.

###
Description of the Global Property Guide:
The Global Property Guide (http://www.globalpropertyguide.com) is an on-line property research house, specializing in analyzing residential property valuations around the world.

Terms of Use:
On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to www.globalpropertyguide.com Sites and newspapers found not to be providing a link to us will be removed from our press list.

Requests for Comments:
Requests for comments are best made by telephone to +(63) 917 321 7073. UK-based callers should telephone before lunchtime. Our local time is Hong Kong time, i.e., standard time + 8.00

Economics Team:
Prince Christian Cruz, Senior Economist
Phone: (+632) 750 0560
Email: prince@globalpropertyguide.com

Publisher and Strategist:
Matthew Montagu-Pollock
Phone: (+632) 867 4220
Cell: (+63) 917 321 7073
Email: editor@globalpropertyguide.com

Address:
Global Property Guide
http://www.globalpropertyguide.com
5F Electra House Building
115-117 Esteban Street
Legaspi Village, Makati City
Philippines 1229
info@globalpropertyguide.com

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All ? About Cuban K? Che ??????????????

The East Caribbean island of Cuba has a rich cultural heritage, from the culinary traditions that are as lively and vielf? validly as the diversity of cultures, the development of this significant and k? delicious K? che contributed, has emerged. Click here now in addition to performing the old influence of the indigenous people of Cuba, the Spaniards brought their own culinary styles, of which rbt of the Moors, the big e parts of Spain? Over centuries kept gef?. The slaves from Africa were brought significant culinary and cultural contributions? Gene, in other culinary traditions, the island with the Franz? Saxon colonists fled faceted? Nde brought in Haiti.

significantly Cuban flavor and style developed and land-b? uerlichen style of cooking is by m? TALLY? berlieferung and eye, rather than relying on specific measurements and the creation of courts tend to the simple and hearty, and that can be left alone to make smile k?. Fussy, heavy sauces unusual and deep-frying is simply not a preferred cooking method. improve the island state, nat? Natural uses of fish and seafood? chte in his K? che, the rzen the use of simple cooking techniques, and w? that meant not to stifle, nat? Natural flavors is encouraged. used

garlic, K? be mmel, oregano and bay or Lorbeerbl ttern?. Sofrito is also popular, and uses a wide range of dishes, from which the beans with meat to those that are made from a base of tomatoes. A typical sofrito is made of gr? NEM pepper, onion, garlic, oregano and pepper in olive? L cooked until the peppers, onion and garlic are soft and translucent and the flavors blend to perfection.

The dense, nutritious, energy-producing legumes h? more often used to punish the African and native V? lker “influence on the K ? ren surface of Cuba. Yuca, malanga, boniato and plantano go? to them, and are often sprinkled with complementary ? ren legumes cooked and served simply, concerning? ufelt with olives? l, with chopped fresh onion – a satisfying, St? gain and simple dish? f r a hard-working people.

Meats are often prepared using island flavored marinades, that the use of lemon juice or the juice of a sour variety of the orange as a base. Then the meat is fried or steamed? nstet rzen very slowly with weight?, for hours. beans and rice are an essential part of most meals, with black beans, known as a Cuban specialties? t.

Cuban K? surface is also f? r its baked goods, a variety of Tzen Ums? go? ren. Some are with weight? rztem meat gef? filled and avail other species? gene? about a particularly Cuban Frischk? se guava paste and mix. Flan I a reward to the most popular desserts Cuban products.

In Cuban K? surface, are the subtle flavors of healthy foods by cooking and W? rzen developed methods to improve the most of every component of a dish. The culinary traditions of Cuba are a delight on the tongue, nat ? agritourism, but they also offer a fascinating insight into a culture that vielf? has been validly elements together, creating a close relation existed to? Lahr whole.

Technorati Tags: About, cuban, Everything, web

All ? About Cuban K? Che ??????????????

The East Caribbean island of Cuba has a rich cultural heritage, from the culinary traditions that are as lively and vielf? validly as the diversity of cultures, the development of this significant and k? delicious K? che contributed, has emerged. Click here now in addition to performing the old influence of the indigenous people of Cuba, the Spaniards brought their own culinary styles, of which rbt of the Moors, the big e parts of Spain? Over centuries kept gef?. The slaves from Africa were brought significant culinary and cultural contributions? Gene, in other culinary traditions, the island with the Franz? Saxon colonists fled faceted? Nde brought in Haiti.

significantly Cuban flavor and style developed and land-b? uerlichen style of cooking is by m? TALLY? berlieferung and eye, rather than relying on specific measurements and the creation of courts tend to the simple and hearty, and that can be left alone to make smile k?. Fussy, heavy sauces unusual and deep-frying is simply not a preferred cooking method. improve the island state, nat? Natural uses of fish and seafood? chte in his K? che, the rzen the use of simple cooking techniques, and w? that meant not to stifle, nat? Natural flavors is encouraged. used

garlic, K? be mmel, oregano and bay or Lorbeerbl ttern?. Sofrito is also popular, and uses a wide range of dishes, from which the beans with meat to those that are made from a base of tomatoes. A typical sofrito is made of gr? NEM pepper, onion, garlic, oregano and pepper in olive? L cooked until the peppers, onion and garlic are soft and translucent and the flavors blend to perfection.

The dense, nutritious, energy-producing legumes h? more often used to punish the African and native V? lker “influence on the K ? ren surface of Cuba. Yuca, malanga, boniato and plantano go? to them, and are often sprinkled with complementary ? ren legumes cooked and served simply, concerning? ufelt with olives? l, with chopped fresh onion – a satisfying, St? gain and simple dish? f r a hard-working people.

Meats are often prepared using island flavored marinades, that the use of lemon juice or the juice of a sour variety of the orange as a base. Then the meat is fried or steamed? nstet rzen very slowly with weight?, for hours. beans and rice are an essential part of most meals, with black beans, known as a Cuban specialties? t.

Cuban K? surface is also f? r its baked goods, a variety of Tzen Ums? go? ren. Some are with weight? rztem meat gef? filled and avail other species? gene? about a particularly Cuban Frischk? se guava paste and mix. Flan I a reward to the most popular desserts Cuban products.

In Cuban K? surface, are the subtle flavors of healthy foods by cooking and W? rzen developed methods to improve the most of every component of a dish. The culinary traditions of Cuba are a delight on the tongue, nat ? agritourism, but they also offer a fascinating insight into a culture that vielf? validly brought together elements, has a closed

Create

Technorati Tags: About, cuban, Everything, web

Forex

Money. We need it all. We all want it. Trillions and trillions of dollars, pesos, euros, pounds, levs, francs, and more change hands every day for goods and services around the world. Most of us are concerned only with the money that will be exchanged for goods and services in the country and are only more and more of it.

But there is much more money than that. What is the relationship between the currency of your country and the currency of another country and why should I? I’m glad you asked. In this article we will examine some of the currencies around the world and answer some questions you do not even know you had to.

First, if we are going to discuss currency and it is the relation to other currencies, we have to talk about Forex. This is short for foreign exchange or the exchange of money for a different type of currency.

There is no market in the world, including Wall Street, the Forex can compare the volume of currency traded daily. Retailers, governments, currency speculators, banks, companies and other financial institutions operate Forex or foreign exchange gains amounting to trillions of dollars and other currencies every day.

a really amazing thing to be seen. People to earn money just by trading one currency for another country. Keep pace with the latest news in each country, economic trends and indicators, real-time monitoring of the daily value in relation to another currency are all things necessary if you’re going to speculate in this area.

More than that, some forex speculators will will tell you, you must have a good feel for it. You must understand and lead economies in a position to events and conditions to ensure that the people recognize lose confidence in one currency or another. You must know when to keep em fold em and when, as Kenny Rogers song goes.

If you like to exchange rates, to review each of these currencies against other currencies, you can open a new browser window and put this URL into the address bar. It is a Forex computer. http://uk.finance.yahoo.com/currency-converter?u

The following is a list of currencies worldwide. It is not any currency in the world, but it will give you an idea of the complexity of the Forex.

Albanian Lek, Algerian Dinar, Aluminium Ounces, Argentine Peso, Aruba Florin, Australian Dollar.

Bahamian Dollar, Bahraini Dinar, Bangladesh Taka Barbados dollars, rubles, Belarus, Belize Dollar, Dollars Bermuda, Bhutan Ngultrum, Bolivian Boliviano, Brazilian Real, British Pound, Brunei Dollar, Bulgarian Lev, Burundi franc.

Cambodia Riel, Canadian Dollar, Cayman Islands dollar CFA Franc, Chilean Peso, Chinese Yuan, Colombian Peso, Comoros Franc Copper Ounces, Costa Rica Colon, Croatian Kuna, Cuban Peso, Cyprus Pound, Czech Koruna. />

Falkland Pound, Gambian Dalasi, Ghanaian cedi Gibraltar pound, ounces, Guatemala Quetzal, Guinea Franc, Haiti Gourde, Honduras Lempira, Hong Kong dollar, Hungarian forint, Icelandic krona, Indian rupee, Indonesian Rupiah, Iran Rial, Israeli Shekel,

Jamaican Dollar, Japanese Yen, Jordanian Dinar, Kazakhstan Tenge, Kenyan Shilling, Korean Won, Kuwaiti Dinar, Lao Kip, Latvian Lat, Lebanese Pound, Lesotho Loti , Libyan Dinar, Lithuanian Lita.

Macau Pataca, Macedonian Denar, Malagasy Franc, Malawi Kwacha, Malaysian Ringgit, Maldives Rufiyaa, Maltese Lira, Mauritania Ougulya, Mauritius Rupee, Mexican Peso, Moldovan Leu, Mongolian Tugrik, Moroccan Dirham, Mozambique Metical.

Namibian Dollar, Nepalese Rupee, Neth Antilles Guilder, New Turkish lira New Zealand dollar, Nicaragua Cordoba, Nigerian Naira, Norwegian Krone, Omani Rial.

Pacific Franc, Pakistani Rupee, Palladium Ounces, Panama Balboa, Papua New Guinea Kina, Paraguay Guarani Peruvian Nuevo Sol Philippine Peso, Platinum Ounces, Polish Zloty, Qatar Rial, Romanian Leu Romanian New Leu , Russian Rouble, Rwanda Franc.

Samoa Tala, Sao Tome Dobra Saudi Arabian Riyal Seychelles Rupee Sierra Leone Leone Silver Ounces, Singapore Dollar, Slovak Koruna, Slovenian Tolar, Somali Shilling, South African Rand, Sri Lanka Rupee St. Helena Pound, Sudanese Dinar, Surinam guilders Swaziland Lilageni, Swedish Krona, Swiss Franc, Syrian Pound.

Taiwan Dollar, Tanzanian Shilling, Thai Baht, Tonga Pa’anga, Trinidad & Tobago Dollar, Tunisian Dinar, U.S. Dollar, UAE Dirham, Ugandan Shilling, Ukraine Hryvnia, Uruguayan New Peso, Vanuatu Vatu, Venezuelan Bolivar Vietnam Dong. Yemen Riyal, Zambian Kwacha, Zimbabwe U.S. dollars

Can you imagine sorting out all the relationships between each of these currencies and precious metals. Forex is not for the faint of heart, it seems, but it does make a fascinating subject. In some of the currency name, you can see how it relates to world history.

I hope you find this article has helped you with at least one explanation of what Forex is and how it works. There are many more out there about Forex. Learn more!

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Technorati Tags: Forex

Get On Board The stylish and luxury Norwegian Cruise Line

There is absolutely no doubt that a Norwegian Cruise magic class. Take the top 10 deals at this point, for example. They have a 7 Night East Caribbean Cruise on the Norwegian Pearl on a tour of Miami. Early booking you will receive a bonus as well! An example of the type of track, you will leave Miami and spend two days at sea. They spend a day at each Samana, St. Thomas, Tortola and Great Stirrup Cay.

The ship is one of the most luxurious cruise ships! It has 10 restaurants and 14 bars and lounges. There are three swimming pools and bowling alley that the trend set in the high seas! It has the exclusive Courtyard Villas, which have their own private pool, a Jacuzzi and a sun terrace next training facility. The ship has its state-of-the-art fitness center, spa and salon addition to six whirlpools, and a boisterous casino! The residential units are three bedrooms with the type and the interior state rooms next to the Garden Villas with three bathrooms. There is a cinema, a children’s pool, and only one arcade.

If you want to take a last minutes Norwegian Cruise there are some very tempting offers. There is a 2 night Weekend Getaway Cruise to Nowhere labeled by Miami on the Norwegian Sky and a 3 night cruise to the Bahamas on the same ship. This is also one of the luxury cruise lines with the best amenities available on board. To speak, only a few offers six specialty restaurants and dining rooms, according to your appetite! To keep you fit, you have a fitness center as well. After training, you can dream with the treatment you receive from Body Waves Spa.

An impressive drive should be five nights on the Norwegian Cruise on the Norwegian Dawn, that even the one of the outstanding luxury cruise ships. This has several restaurants, more than a dozen bars and lounges, and a department store over 20,000 sq. ft. for your duty free shopping distribution of jewelry and souvenirs ten!

consequences www.cruisedirect.com at https: / / twitter.com / Cruise_Lines

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Creating a Nevis Foreign Asset Protection Trust

An offshore asset protection trust also known as a foreign asset protection trust can be one of the most secure ways to protect your assets. You can convey any type of assets to your offshore trusts and are particularly well suited for managing bank and brokerage accounts.

When you create the offshore trust you designate the trustees, settlors and beneficiaries. The trustee you appoint must be licensed in Nevis. Nevis does background checks before licensing a trustee and regularly audits its trustees and if you are unhappy with a trustee you can replace him. Nevis trustees are bonded protecting you if funds do come up missing. You can control your investments yourself or you can legally bind your trustee to invest under your direction.

Nevis trusts are very flexible. You can name yourself as the sole beneficiary of the trust creating a self-settled trust or you can designate anyone else as a beneficiary or you can establish multiple beneficiaries. Nevis is one of only a few jurisdictions that have strong laws providing asset protection and are politically stable.

Advantages of an Offshore or Foreign Asset Protection Trust

Bank and brokerage accounts kept in offshore trusts are out of the reach of creditors. Nevis does not recognize judgments of a foreign country, such as the United States. Litigation must be initiated in Nevis to reach the assets. In Nevis a creditor must post a ,000 cash deposit to bring the suit against a Nevis trust.

Many combine a Nevis limited liability corporation (LLC) and a foreign trust to manage their assets. The LLC holds the assets and is wholly owned by the trust. A US resident can be the manager of the Nevis LLC and the manager has total legal control over the LLC and the bank accounts. This arrangement allows you to control and have access to the assets without owning any of them outright.

Nevis trust laws have no perpetuities period and are written to benefit multi-generation treatment, making a Nevis trust a perfect part of an estate plan. Nevis trust laws are also favorable for charitable trust creation. And a Nevis trust can maintain control of present and future ownership providing estate tax and probate cost savings.

The Island of Nevis Government and Currency

A British colony until 1983, Nevis is now part of the Federation of St. Kitts and Nevis. The Federation has a stable, democratic government based on the British Parliamentary System. The Federation’s national language is English and the economy is stable. Its currency is the East Caribbean dollar (EC). The EC is issued by the Eastern Caribbean Central Bank (ECCB) which also establishes monetary policy for its member nations and regulates and supervises the member’s banks. There are no currency exchange controls and the U.S. dollar is readily accepted.

Nevis is easily accessible from North America and Europe by plane and has a state of the art fiber optic communication system making the management of your offshore assets a relatively simple task.

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Protect your resources with a Nevis Offshore Company

It is more important than ever for investors to protect their assets against frivolous lawsuits, litigation, threat of higher taxes, runaway inflation and various political and economic risks. For these reasons, and despite the attempts of governments to this trend is a significant part of the global wealth curb construction in movement between the international financial and offshore centers through offshore companies, foundations, trusts and others.

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Sandy Lane Resort – a fantastic getaway option

a beach vacation is something to use for all of us when it’s time with family, friends or just that someone special offers. Beach holidays are also a good way to relax from the pressures of life, and only a bang.

Those of you looking away with a man or woman, would find the Maui to be the perfect beach vacation. The hotel is located in Hawaii, Maui is one of the most romantic beaches in the world. Also known for honeymoons, Maui offers you many breathtaking beaches and do many other things as well.

Another area

good for a beach vacation for couples known in Barbados. The Sandy Lane Resort is a paradise for honeymooners or really anyone. Provides a combination of privacy, numerous activities, and first class service, is the resort on the west coast of the island of Barbados.

The signature restaurant L’Acajou

serves French cuisine, fresh seafood and other island treats local features. The restaurant offers you an open-air setting on the water, that it offers a breathtaking panoramic view.

Technorati Tags: Fantastic, getaway, Lane, Option, Resort, Sandy, sandy lane honeymoon

Best value holiday destinations to beat the credit crunch

Those looking to find a great value holiday with a bit of adventure this year should definitely consider Iceland, as their money will now stretch more than 40% further than last summer. This is due to the collapse to the Icelandic krona, pushing this holiday spot to the top of the annual Post Office Travel Servicesâ?? Best Value Holiday Destinations report.

Another surprising runner up is Poland, with the pound now worth almost 19% more than last year, which makes this destination a great holiday option this year.

Hungary also joins Iceland and Poland as the only destinations in Europe offering British tourists more holiday currency for sterling this year.  But the pound has dropped in value by less than 3% in many other destinations as well.  

For example, the Czech Republic and Turkey offer a good selection of bargains â?? rated by the Post Officeâ??s Holiday Costs Barometer survey of tourist staples as one of the best buys available this year.

Turkey is fast becoming this year’s top UK holiday choice â?? with a 60% year-on-year increase in Post Office currency sales based on data taken from the last 5 weeks.  

Holidaymakers that wish to travel further afield may want to consider Jamaica and Kenya, currently rating as top contenders for tourists as sterling is currently matching the value against these currencies from 2008. Impressive discounts on holiday packages could be the reason behind sales of Kenyan shillings which were up 97% in May and both destinations fall in Top 10 Fastest Growing Currencies at the Post Office.  

However, a number of counties that were in the top ten countries from last yearâ??s Best Value Destinations are now sitting at the bottom of the table.  For example, the USA has fallen from fourth to 17th place as a result of the dollar now worth over 20% more than this time last year. This is the same scenario among many other â??dollar destinationsâ?? such as Dubai, Hong Kong and the East Caribbean are ranked lower too as these countries currencies are affected by the state of the dollar.

Despite this, data gathered from currency sales indicate that some of these destinations are still in demand â?? with the East Caribbean dollar for destinations which include St. Lucia and Antigua are currently second only to Kenya in the latest Post Office Fastest Growing Currencies table.

Sarah Munro, Post Office head of travel services said: â??Our spending power may not be what it was last year but when you look back to 2002 – when trips to the USA were as popular as they have been recently – it is clear that a similar rate, around US.43 to £1m, did not deter UK holidaymakers from crossing the pond.â?

â??Holidaymakers looking for best value should choose destinations where they can get more for their pounds.  These include Iceland,which has been expensive to visit in the past, as well as Turkey and Kenya, rated as best buys in our cost of living surveys.  But they should not waste these savings by buying currency at the airport, where they will pay commission and get a poor rate.â?

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should beat Best Value Destination of the credit crisis Those

find us at a great value holidays with a bit of adventure this year in any case consider Iceland as their money is now more than 40% stretch further than last summer. This is due to the collapse of the Icelandic krona and pushed the resort at the top of the annual Post Office Travel Servicesâ? Best Value Resorts report.

Another surprising runner-up, Poland is more with the pound now worth almost 19% over the previous year, this makes a great holiday destination this year option.

Hungary joins Iceland and Poland as the only British tourists destinations in Europe to offer more holiday currency for this year. But the pound sterling is worth less than 3% in many other destinations as well as up left. Â

offer For example, the Czech Republic and Turkey â a good selection of bargain?? Officeâ rated by the post office? s Holiday Costs Barometer survey of tourist staples as one of the best buys this year.

Turkey is fast â about this year’s top UK holiday destination?? have increased with a 60% year on year Post Office based on data taken currency sales in the last five weeks. Â

holiday that you want to travel further, perhaps Jamaica and Kenya, which is currently regarded as a top contender rating for tourists desire Sterling is currently matching value against those currencies in 2008. Impressive discounts on package holidays could be the reason for a turnover of Kenyan shillings, which were up 97% in May and both destinations are in top 10 fastest-growing currency in his post. Â

However, a number of counties that were in the ten countries from last yearâ?? S Best Value Destinations are now sitting at the bottom of table. For example, the U.S. dropped from fourth to 17th Place as a result the dollar is now worth over 20% more than this time last year. This is the same scenario, among many others â?? Destinationsâ U.S. dollars? such as Dubai, Hong Kong and the East Caribbean are lower than the currencies of these countries are classified affected by the condition of the dollar.

Despite these data collected from currency sales show that some of these goals require? with the East Caribbean dollar for the destinations of St. Lucia and Antigua are currently second only to Kenya in the latest Post Office Fastest Growing Currencies table.

Sarah Munro, Head of Post Office Travel Services, said: â? Our purchasing power may not be what it was last year, but if you look back to 2002 – when travel to the U.S. as popular as they were had recently – it is clear that a similar rate to US.43 to  £ 1m deter, not UK holidaymakers from the intersection of pond.â ????

? Tourists looking for the best price should destinations where they can choose get more for their pounds. including Iceland, which has been expensive to visit in the past, as well as Turkey and Kenya, interpreted as the best buys in our living surveys. But they should not waste these savings by buying currency at the airport, where they pay and receive a commission poor rate.â ????