Overseas holiday home owners could benefit from the London 2012 Olympics as millions of UK holidaymakers are already making plans to get away from the hype surrounding the Games during next July and August.
With only a year until the opening ceremony, a survey of more than 2,000 UK consumers and 500 UK businesses by Price Waterhouse Cooper (PwC) on their attitudes towards the Games revealed that not everyone is caught up in Olympic fever.
More than one in 10 Londoners surveyed plans to go on holiday during the Games to avoid them completely.
Mark Ambler, economist at PwC, said: “Our survey results suggest nearly 3.9 million are planning to stay in the UK specifically because of the Games but a similar number is planning to go on holiday to avoid them.”
The findings of the PwC consumer survey on the London 2012 Games shows that 37 percent of the UK feels positive about the Games coming to London, compared with 46 percent of Londoners.
More than half (54 percent) of the UK feel that the Games will have a positive impact on the UK economy, with those in London less convinced - just 48 percent believe the Games will have a positive impact on the economy.
The credit score on Cyprus’ main bank has been downgraded by the rating agency Moody’s which said it could be cut even further due to its reliance on banks in Greece which itself is under economic pressure after a recent second bailout worth nearly £100bn.
A statement from Moody’s said: Moody’s Investors Service has downgraded the deposit and debt ratings of Marfin Popular Bank Public Co Ltd (MPB) to Ba2/Not Prime, from Baa3/Prime-3, and Bank of Cyprus Public Co Ltd (BoC) to Ba1/Not Prime from Baa2/Prime-2.”
At the same time, Moody’s confirmed the deposit and debt ratings of Hellenic Bank Public Co Ltd (Hellenic) at Ba1. The outlook on the ratings of all three banks is negative.
Ironically the economic crisis in Greece has increased the interest in Greek island properties according to a recent report by Rightmove Overseas’.
Searches were up more than 50 percent last month and it is thought this was due to British buyers looking to take advantage of the economic situation.