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October 17, 2007
How and where to buy property in Turkey
The overseas property market dictates that where holidaymakers go, property buyers follow. So when one considers close to one million British tourists a year have visited Turkey since 2001, it is no great surprise that the country is now garnering plenty of attention from British property buyers. Despite its eastern location, the country is split by two continents, Europe and Asia. The western, far more touristy half of Turkey would not look out of place in Western Europe, albeit with a few exotic eastern charms thrown in for good measure.
With these in mind, one may ask why is it only now that Turkey is starting to turn the heads of property buyers? There are two main reasons. One is a change to the purchasing process in 2003 which made it easier for foreign nationals to buy a home in Turkey, especially in more rural areas; while the other is that since 1999, it has been rumoured that EU entry for the country may not be too far away. This is still an ongoing debate and one which is far from being resolved.
Posted on: Turkey
October 16, 2007
Golf properties still available
Golf courses and property go hand in hand in most overseas developers’ plans. But there are still opportunities to buy near a course where the emphasis remains on nature.
The 36-hole Golf El Rompido on the Costa de la Luz was built for the purpose of golf alone, which goes against the grain of most overseas developers. In this westernmost corner of Spain, the white sandy beaches remain unblemished; development is slow, steady and environmentally aware.
Both of the 18-hole courses, the south inaugurated in 2003 and the north in 2006, are created by Spanish designer Alvaro Arana and represent a new concept in golf: the fundamental objective is respect for the environment. A total absence of buildings throughout the golf course means that nature is the centre of attention.
Posted on: Italy
Cartagena set for port boom
A massive investment in the harbour facilities of Murcian town Cartagena could see property prices skyrocket in the area. Some €1 billion (£675 million) is to be spent by the Spanish national government converting the town’s harbour into a huge trading port. This is with the intention of establishing Cartagena as the major destination for incoming trade from the Far East.
Murcian regional president, Ramon Luis Valcarcel says that the investment is an opportunity for Cartagena, the Murcian region, and for Spain as a whole cannot afford to lose. According to Valcarcel, the regional government is going to give all the support possible to the investment project. Valcarcel also mentioned that Cartagena was now expanding at an “unthinkable” rate.
Posted on: Spain
Fractional ownership in FloridaFractional ownership in Florida
The Florida property market is presently contemplating on the idea of fractional ownership.
Florida property has been a recent topic of hot debate due to a slump in the market. “Anything you purchase you have to look on as a long term investment, not a quick turnaround. If you are happy to wait three to five years then you will see capital appreciation of about 5 to 6 per cent per year,” opines Suzanne Morrill from World of Florida.
Posted on: Florida
October 13, 2007
Property in Portugal remains popular
The Silver Coast
Property experts have been advising clients to look beyond the Algarve - with its pockets of overcrowding - and invest instead in homes 45 minutes’ drive from Lisbon on Portugal’s Silver Coast. Barbara Maddison, UK sales director of Praia D’el Rey Golf & Beach Resort, says, “The Algarve used to be the most popular area. However, it is now rather overrun with Brits and over commercialised. In other words it is too popular now, with many of those looking to purchase in Portugal now looking elsewhere.”
According to Maddison, the Silver Coast is now the up-and-coming area in Portugal. “Many Brits are selling up in the Algarve and moving up to the Oeste Region, which is located just north of Lisbon. This area is still very Portuguese, with farming the main source of income for the locals. It does not die in the winter because most of the locals are Portuguese. The cost of properties is so much cheaper than on the Algarve – so there is still room to make money in this area”, Maddison explains. She adds, “There is no average price for Portugal because you have three areas that need to be considered: Firstly, the Algarve which equals expensive, secondly the Silver Coast which equals mid-range, and lastly the countryside and Inland where prices are cheap.” Maddsion estimates that if a buyer is looking at purchasing a two-bedroom townhouse he/she could expect to pay 390,000 euros in the Algarve, approximately £220,000 on the Silver Coast and £100,000 inland.
Posted on: Portugal
Bush Strengthens Floridian Property Rights
Florida governor Jeb Bush has ratified a law strengthening the rights of private Florida property owners in the state against possible action on the part of local authorities. Bill HB 1567 - passed into law - puts strict limits on the right of local governments to acquire private property through ‘eminent domain’ (compulsory purchase). From now on, authorities using eminent domain to seize homes or land must offer to sell the property back to the previous owner as soon as it is no longer required by the authority itself. If the previous owner does not wish to buy back the property, the authority must wait ten years before it is allowed to sell it, and then the sale must follow a competitive bidding process.
Posted on: Florida
New property developments in the Algarve
The Algarve property has performed well in the past few months and in particular, the Western Algarve, house prices have soared up to 66 percent in the last three years. Clever investors can look this up as a viable option for investing a property in.
Posted on: Portugal
October 12, 2007
Turkish property: Reasons to be positive
The Turkish lira may be experiencing some short-term turbulence, but property agents are talking up the mid-term prospects of Turkey’s property market.
According to currency exchange specialist Moneycorp, a recent decrease in the value of the Turkish lira – part of an economic blip – has helped create unprecedented bargains for sterling buyers in recent months. At the Turkish currency’s lowest point in recent months (23rd June 2006), £100,000 – or the cost of the typical two-bedroom apartment in a popular Turkish resort – would have bought 320,000 lira.
Yet barely six months previous to this, £100,000 was worth around 240,000 lira – a difference of £28,000 on the market low and clearly a useful sum for any Brits keen to buy a second home or investment property in one of the country’s many popular resorts.
Moneycorp’s David Kerns replied, “It does depend on how one views risk. As with any volatile economy there are bound to be more ups and downs, as evidenced by the Turkish lira’s yo-yo performance over these past six months”.
One should bear in mind though that many Turkish property agents and developers will accept payment in sterling and euros, hence exchanging pounds to lira may not be essential in every case.
Although the Turkish economy may indeed be experiencing some short-term upheaval, Turkish property agents and developers have pointed to several factors that should ensure the country offers solid investment potential on a mid- to long-term basis.
Firstly, although Turkey is perhaps eight-to-ten years from joining the European Union, it appears to be ready to adopt an ‘open skies’ policy in the near future, which often quickly leads to the arrival of low-cost flights. Indeed, with Easyjet flying into Istanbul three times a week from 1st August 2006, many industry commentators believe that low-cost flights to Turkey’s Aegean and Mediterranean coastlines are just a matter of time.
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Posted on: Turkey
Eurostar’s plans to impact on French property?
In October this year, Ashford Eurostar station in Kent will lose all of its services to Brussels and more than half its services to Paris. Its trains will stop instead at a new station in Ebbsfleet near the M25 at Gravesend.
It is reported that Eurostar is set to terminate its Brussels services via Ashford after a survey showed many passengers prefer to use Ebbsfleet.
“The closure of Ashford station will be devastating for Kent commuters who are heading for France,” says Jane Dinsdale from JDS Property Liaison. “I have several properties to sell in Picardie. Now with all this talk of air travel pollution, surely we need some green transport links which indeed the trains are.”
However, Peter Wheelton, Manager of the VEF Pas de Calais Partner Office, does not believe that the proposed changes to the Eurostar service in Kent will have a great affect on passengers travelling from the area. “Ashford is only reducing its already limited service to France,” he says. “Ebbsfleet is opening; the trains will stop at Ebbsfleet instead, which is not too far. Ebbsfleet station is there to simply give people the convenience of taking the Eurostar from the edge of the M25 without having to go into central London to take the train.”
Wheelton continues, “If Ashford was to close, it will not put people off as most people are commuting by car, ferry or tunnel to their homes in the Nord Pas de Calais region. Eurostar is not the reason why people are buying in Nord Pas de Calais. People are buying here for a better quality of life and because they get more property for their money. If people want to get back to the UK to work there are still and always have been plenty of options.”
Although people do commute between France and the UK on a daily basis, many French property agents have stated that these are in the minority as the practicality of this option is still limited.
“From my experience, I don’t think many people commute between Northern France and England,” says Laetitia Hodson from French Property Shop. “It was often mentioned before but in reality it’s just not practical what with train fees, etcetera, except if you work for Eurostar itself.”
Hodson continues, “Working in the UK and living in France is not ideal. It’s very hard to find people that are actually doing it. We sell in Pas de Calais for people wanting a holiday house close to here or for permanent move as people still want to have easy access to the UK but commuting is very difficult.”
Posted on: France
Portugal and Profiting from Investment Property
Most places in Portugal don’t have a fast-paced lifestyle when you talk about the property market. For anyone who is thinking about buying a property in Portugal, residual income from their investment assets is more often than not, top of mind.
There are several ways to increase investment returns. One is to use financing to buy, second is to leverage investment capital at low interest rates, and third is to choose the right property that will return the strongest yields possibly in a market that has strong tourism income potential year round.
Posted on: Portugal
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