October 26, 2007
Costa Chief Warns of Murcian Overdevelopment
Francisca Baraza, head of the Spanish coastal department for the Murcia region, warned that the region faces a “collapse” in its infrastructure due to the huge increase in its population expected over the next few years.
In a statement posted on the website of the regional Socialist Party (PSOE), Baraza says that an extra 5,512 houses are scheduled to be built in Murcia over the next five years in some 33 “urbanisations”.
Baraza claims that this will lead to the collapse of the road system, a deterioration in the quality of water, the lack of green areas, and a shortage of public services.
Posted on: Spain
New Town Planning Force for Spain
Spain’s Guardia Civil (Civil Guard) is goint to create a new 200-strong task force to combat illegal construction, abuses of town planning, and property-related corruption.
Joan Mesquida, director-general of the Guardia Civil, disclosed the plans to the leading national daily El Pais, saying that cases such as the ongoing scandal in Marbella required much more forceful and coordinated action than the previous attempts and initiations.
Posted on: Spain
October 25, 2007
New property hits the market in Italy
Brand new property in Italy is something of a rarity, or at least that was the case five to ten years ago.
It used to be the case that those wanting to buy property in Italy were pretty much resigned to - or perhaps excited by - the fact that the property would be old and in need of work. But times change and the need for brand new properties has grown enormously in recent years.
“The Italians have been so used to older properties that they are more enthusiastic towards newer property than one would imagine”, says Linda Travella of Casa Travella, “and whilst there will always be a market for converting older buildings into modern-day residences, there is now a growing number of clients on my books looking for something brand new or converted”.
Casa Travella is currently marketing new, two- and three-bedroom properties at Lido Di Metaponto in the Basilicata region. The residential-style development is close to the beach and the Club Med Village, and is within easy access from Bari or Brindisi airport. Prices for the properties start from £80,000.
Posted on: Italy
Algarve golf gets €1 million boost
The Algarve’s regional tourist authority will invest nearly one million euros in the promotion of golf courses to the European and Portuguese markets this year, according to local press reports. English-language newspaper The Resident estimates that the sport contributes 75 million euros directly and 350 million euros indirectly to the region’s economy. The previous year more than one million rounds of golf were played in the Algarve.
Posted on: Portugal
US Visa scams & Florida Brits on TV
US Visa scams & Florida Brits on TV
A recent television documentary featured US Visa scams where majority of the victims were Brits. One of Britain’s most popular documentary TV programmes ‘Tonight with Trevor McDonald’ bought into question the immigration policy where Brits who had bought property in Florida and invested in the region were not guaranteed the right to live in the United States. The documentary showed a couple who ran a company with American citizens as employees and had settled into Florida life but lived in uncertainty every two years about their status in America.
Mick Leggett, a city businessman, is awaiting trial in the US over an alleged visa scam. According to the show, he is one of those who tried to con Brits out of their money. One case showed John Sewell paying a company Royal Development $120,000 in May of 2004 after selling his property to invest in the venture which he was told would guarantee his Visa. The 50-year-old investor has yet to see returns on his money or the promised visa and has since been embroiled in a legal battle with Mr Leggett. According to the documentary, Sewell is extremely pleased that Leggett is being investigated. “I want to see Mick Leggett go down for a very long time because he has totally destroyed my family,” claims Sewell.
Posted on: Florida
October 24, 2007
Overseas property bargains galore
Whether one is looking for a chic city retreat or a rural renovation project, emerging markets have something for everybody.
Traditionally, Brits looking to invest in foreign real estate have concentrated on southern Europe. Property in countries like Spain and France was once viewed as cheap, easily accessible from the UK, and guaranteed to provide a good return on initial investment. But booming house prices in southern Europe, coupled with the predicted property slowdown in both France and Spain, has led British buyers to look elsewhere.
With the European Union seemingly always looking to expand its membership, a good deal of money is set to pour into countries like Bulgaria, Turkey and Montenegro over the next few years. Not only do places like these represent excellent investments, these also possess stunning scenery, rich historical backgrounds and, in many cases, delightful weather. But how cheap can properties be purchased in some of Europe’s less trodden corners?
Bulgaria
With all the hype that has surrounded Bulgaria over the past few years, one could be forgiven for thinking that the chance to purchase a bargain-priced property in the country is now a thing of the past. However, this is far from the case. “While prices in the most popular areas of the Black Sea Coast may have soared in recent years, there are still many areas where the £15,000 that would have bought one a beachfront property in an area like Sunny Beach as recently as two years ago. Anywhere where the tourist industry will flourish is still a bargain area in which to buy and away from Bulgaria’s traditional seaside resorts tourism is only just beginning”, explains Phil Grimes of Select Property Overseas. read more
Posted on: Bulgaria
Pressure on Spanish land-grab law
The European Commission (EC) has threatened Spain with court action unless it changes its land-grab laws by December. The laws left thousands of homeowners in the Valencia area facing the loss of their property with accompanying huge bills.
The law was passed in 1994 in order to ensure community development was not obstructed by individual landowners. Rather, this was used to reclassify land and allow unscrupulous developers to reclaim property and land under a compulsory purchase order.
Around 20,000 compulsory purchase orders were maded since the law was introduced. Many overseas owners lost their homes or were presented with crippling bills for the installation of roads and drainage systems.
Posted on: Spain
French property: Quality over quantity
It has been reported that UK residents relocating to France will soon double in the year 2007. According to the French Property Market Report 2006/2007, compiled by property specialists VEF, there are two main reasons for this. One is that Brits are looking for a better quality of life and two, more people have heard of immigrants who have moved to France and made it work.
VEF Founder and Managing Director Trisha Mason claims that many of these people moving to France are young families seeking to replicate some of the good things about life in their home countries. “They will be looking for small town settings and easy access to all the facilities demanded by the average French buyer, but there will be competition between the overseas and French buyer to purchase properties in various parts of France.”
According to the report, the motive among Brit buyers for purchasing French property is set to alter. Instead of a buy-to-let bargain, the English are considering, more than anything else, the investment potential and the ability of a property purchase to enhance the quality of life.
Posted on: France
October 23, 2007
Property in Portugal remains popular
Portugal’s beautiful coastline has made it a long favourite with Brits looking for a second home in the sun. But where does one look for coastal property in Portugal that is a good investment?
The Algarve
Mention buying property in Portugal and luxury developments with pools on the Algarve is what comes to most people’s minds. Famous as the home of more than 30 of Portugal’s 60 plus golf courses, the Algarve is located at Portugal’s southern tip and has more than 150 kilometres of sandy coastline. It is a popular destination for tourists in summer, when average temperatures top 80°F. The most desirable areas in the Algarve have traditionally been between Faro, the administrative centre for the whole of the Algarve region, Albufeira, a ‘once upon a time’ fishing village which has expanded since the 1960s into a major holiday resort, and Loule, a cosmopolitan town with white sandy beaches. Collectively, this is often called the ‘Golden Triangle’ – and one will certainly need plenty of gold to buy a property in this area. Indeed, paying 550,000 euros (about £370,000) for a two-bedroom property is not unusual and villas can set you back at least 2 million euros (about £1.35 million). It is almost impossible to find a bargain in these areas, but that doesn’t mean that there’s no money to be made; villas and apartments in the area are much sought-after – especially during the holiday months.
Posted on: Portugal
Balkan bonanza for overseas property seekers?
Romania and Bulgaria finally joined the EU. This recent development will encourage British overseas property buyers to purchase properties in these areas.
With resorts on the Black Sea coast, in the mountains, and the capital Sofia, Brit overseas property seekers have been attracted to the country over the past five years. Romania is following suit. The Black Sea coastal and inland city destinations are drawing in interest from overseas buyers.
MRI Overseas Property reported that even before the two balkan nations joined the EU, 13 per cent of overseas property buyers had already expressed interest buying properties there.
Posted on: Bulgaria
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