September 14, 2006
Winter break in the Florida sunshine: Location dilemmas
With the financial gains that come with owning a home in Florida, many British property owners in the Sunshine State are choosing to let their house out when they are not staying in it. However, this presents a dilemma when choosing where to make the investment. “You tend to find that Brits looking for a winter hideaway will want to buy on the West Coast rather than, for example, in Orlando”, observes Suzanne Morrill of World of Florida. “I think the reason for this is that Brits look at Orlando as being the main vacation area whereas on the Gulf coast there is more of a community feel for them to integrate into over a period of time.”
Posted on: Florida
September 13, 2006
Holiday Home Rental Dilemma
It has been proven with the Algarve Resident’s recent report that the law shows no sign of being altered or slowed down as the news on the complex licensing legislation affecting holiday rental properties.
Now there is one Algarve villa resort which has stepped up to the challenge. The Caspo Business, located in Praia do Carvoeiro has initiated and launched a service which offers their clients a license application for their benefit. Just like any service, this service has some mundane cost, and is not for free: on an average, the price is from 1,000 to 1,200 per property. Already, around 15 Germans clients have gone on to register and although the first applications have been submitted to the Camaras two months ago, no licenses have been issued – as of late.
Posted on: Portugal
September 12, 2006
Winter break in the Florida sunshine: In the right zone
Those wintering in Florida and wish to let their homes out during the summer must make sure they are aware of zoning restrictions that exist in their area. “There is not really an issue with long-term lets”, explains Suzanne Morrill of World of Florida. “Even if you buy on a short-term development or in an area where short-term lets are permitted, you can stay for as long as you wish.” Morrill adds that if the property owners find that people are going to use their property for a long period, then they purchase on a residential development rather than on a vacation development. “In fact, if the owner wishes to let the home out long-term then it would be more beneficial for them to buy on a residential development.” Morrill goes on to say that the only thing that the property owners have to be sure about “ is that they will never wish to use it or let it on a short-term basis, as this would not be allowed.”
There is a great sense of community in the state’s coastal resorts, particularly in the area of the Gulf Coast which stretches from Tampa to Naples. This area promotes itself heavily to snowbirds, or winter vacationers. Because of this, there tends to be fewer areas which are zoned for short-term lets there than in tourist-friendly Orlando. Orlando is more geared towards short stays of one or two weeks.
Posted on: Florida
How and where to buy property in Turkey: Investment potential
With Turkey’s coasts being a popular destination for British tourists plus the fact that the country enjoys sunny weather for most of the year, there is a definite potential for Turkey to establish a vibrant buy-to-let market in the next few years. It helps that more and more investors are already starting to be drawn to the market.
Unfortunately, there aren’t a lot of low-cost or budget flights that travel directly to Turkey’s coastal areas. Easyjet was planning a thrice-weekly service between Luton and Istanbul. However, since June 2006, they are still waiting for final approval from the Turkish Civil Aviation authority. Visitors can opt for chartered flights that run regularly to Bodrum, Antalya and Dalaman airports between the months of May and October.
Posted on: Turkey
September 11, 2006
Property demand crisis hits Bulgaria
For the country of Bulgaria, which is trying to steal investors and property developers away from Spain, there is a sort of problem and struggle brewing in that part of the world. In fairness, the country of Bulgaria has been attracting investors and developers for two years with its promise of low prices, good returns and a growing holiday rental market.
The country’s Real Estate and Investment Forum (RINFOR) found out that by the end of 2005, the country would have reached one billion in real estate transactions and property development in Bulgaria. Apart from this, speakers who participated in the forum said that foreign direct investment (FDI) would have a percentage of about 25 percent in the real estate sector if all the property flows to the FDI by the year 2005.
Posted on: Bulgaria
September 7, 2006
Bulgarian property withers as France holds strong
Bulgaria’s property market is suffering a stark reversal of fortunes as its growth for the third quarter tumbles while old investment favourite France provides a strong and stable housing market.
New research from Assetz shows that the eastern European country’s market has not fulfilled its early promise as total returns have plummeted from 104 per cent to 44 per cent due to increased rental competition.
Annual house price growth has slowed considerably in the former communist country from 36 per cent to 17.8 per cent while the popular Bansko ski region reporting price falls of 2.1 per cent. Bulgaria as a whole only grew by 1.6 per cent in the second quarter.
Posted on: Bulgaria
September 5, 2006
Buying property in Florida continues to thrill
Disney World has transformed the Sunshine State from a southern US backwater into a property investor’s dream. In fact, Florida was recently ranked first in a survey conducted by Internet travel agent Ebookers to find the most popular holiday destination for British residents. Recent data from the Office of National Statistics suggests that around 2,000 British residents bought a property in Florida between 2003–04.
Things have definitely changed for Florida. Over 4 decades ago, the state had the smallest population in the southern United States. It was hardly featured as a tourist or holiday destination. Now, Florida has the second largest population in the southern United States.
Posted on: Florida
September 4, 2006
Florida property: To buy or not to buy?
For awhile, many property owners in Florida had smiles brighter than the sun. Property values increased in some areas by more than thirty per cent over a 1 year period. Unfortunately, nothing lasts forever. In the past few months, American property has no longer represented the sure-fire investment of brighter days. This is due to the well-publicised strength of the pound against the dollar. Many of us are aware that the US economy is weakening and this is having a knock-on effect on properties in the US.
According to Stuart Law, managing director of Assetz, the message to those hoping to invest in the States is to hold off. “It is not yet clear how severe the downturn in the economy and the currency will be, so investors should avoid being tempted by currently high-profile advertising and marketing on US property.”
So should property investors in Florida hold off, or is it still possible to invest safely if one knows where to look? It all depends on the intentions. “The current market favours those who are in for the long-haul,” Suzanne Morrill of World of Florida advises. “People who bought two years ago and were hoping to turn around their property quickly are the ones who have suffered – but if you are looking at a turnaround period of more like three to four years then you should see a return on your investment of around 5 per cent per year.”
The outlook for Florida property isn’t that bleak says Andrew Bartlett, an independent property and relocation consultant. “With the dollar so low against the pound at the present time and the Florida property boom coming to an abrupt end last year, the opportunity to pick up a bargain property in Florida is better today than it has been for several years.”
Posted on: Florida
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