October 6, 2007
Moroccan property: Off to a flying start
There’s good news for Moroccan property hunters now filling the Morocco-bound low-cost flights from the UK - the North African country’s tax system is about to become less burdensome.
Moroccan property: Off to a flying start
Morocco’s tax system is undergoing reform, as the EU grants the country 80 million euros specifically to aid taxation restructuring under the Programme Indicatif National Maroc 2005-2006 and that could be good news for Moroccan property buyers. The country has also made positive changes in registering property and the transfer of property has become easier, as the transfer tax was halved to 2.5 per cent of the property’s value.
Posted on: Morocco
Winter break in the Florida sunshine
Many Brits who have tired of the cold British weather are following the lead of snowbirds to spend their winters at sunny Florida. The Sunshine State is continuously drawing tourists every year. An estimated 60 million vacationers each year enjoy Florida’s largest theme park and resort complex, 1,000 golf courses, and the hundreds of fabulous beaches. This phenomenon is being exploited by many property investors keen to let their homes out to accommodation-needy holidaymakers.
Real estate investors making rental yields are not the only ones profiting from their Floridian home. It has been reported that between the years 2000 and 2005, real estate prices in Florida increased by 108 per cent. This means that those who purchased a property over five years ago can expect great gains should they decide to sell their property. Even now, prices are still increasing.
Posted on: Florida
October 5, 2007
Discovering Bulgaria’s Black Sea coast
Golden sands, Sunny Beach and Varna are not the only destinations on Bulgaria’s Black Sea coast.
Just five years ago Bulgaria’s Black Sea coast was still an unknown destination for Brits looking to spend their holidays away from the UK. Today, however, the merits of the country’s coast are well known. Boasting over 80 miles of gloriously sandy beaches, average summer temperatures which easily exceed 20 degrees Celsius and a cost of living that puts other popular European locales to shame, it’s no real surprise that in a relatively short space of time many of the resorts located along this stretch of coastline have gone from being popular retreats for holidaymakers from former Eastern European communist nations to hotspots for holidaymakers from all over Europe. Brits in particular have found themselves increasingly drawn to the Balkan country. In 2002 just over 100,000 British tourists visited Bulgaria while last year in excess of 400,000 are estimated to have visited the country.
In May, research from currency exchange specialists HIFX revealed that Bulgaria was the third most popular country for Brits looking to buy a holiday home abroad, behind Spain and France, whilst in June investment experts Assetz announced that the country is currently the world’s number one property investment destination, offering investors potential financial gains of 137 per cent in 12 months.
While areas like Sunny Beach and Golden Sands still have a very long way to go before experienceing the sheer amount of development that has occurred in Spain’s Costa del Sol, the scale of work carried out in the most popular Bulgarian coastal resorts in recent years has certainly given these areas enough of a facelift to ensure visitors would now encounter a very different looking place to what they would have as recently as half a decade ago.
Strange as it may seem, given Bulgaria’s status as an ‘emerging’ property market, it could already be wise to start looking at properties on offer in some of the more secluded destinations of the country’s Black Sea coast. Christophe Gater of Bulgarian property specialists New Estate certainly thinks that Brits looking for a longer-term investment bet should consider searching for a home in one of the coast’s less traversed areas. “Like everywhere, in Bulgaria investors have to constantly balance the level of development and quality of infrastructure against the tranquility and unspoilt nature of the local area”, he explains. “Unfortunately, this is hard to do as developed areas have a habit of expanding rapidly. Simply looking at Spain as a model we can see areas that were spoilt by overdevelopment have, on the whole, stayed that way, while areas that took longer to come into the public eye have been better planned and as a result live up to the high market growth rates which are talked about in the media. These are not places where you can make a quick buck, but long-term it’s definitely best to go for places with charm, quality and character”, he adds.
Of course, this isn’t to say that Sunny Beach, Golden Sands and all the other already established Black Sea resorts that are heard of don’t still offer extremely good investment potential. These undoubtedly do. Property prices rose by over 30 per cent in Sunny Beach last year and are expected to grow by a similar amount again this year, while more and more tourists are arriving in such resorts annually, enhancing the rental potential of properties located in these areas. Moreover, Bulgarian newspaper 24 Chasa also recently announced that Sunny Beach ranks highest in the list of the country’s resorts attracting property investment from overseas. Although the paper also warned that some coastal regions already faced problems with construction density. “I think that the Bulgarian coast has all the ‘resorts’ it needs, and that the local authorities will sensibly encourage the development, restructuring and renovation of coastal towns, not create whole new resorts”, comments Gater.
For those who are prepared to gamble somewhat and not follow the crowds, there are a number of lesser known towns and resorts dotted along the Bulgarian coast which have not yet experienced such high development levels, and may just offer the kind of long-term investment potential mentioned by Gater.
Northern notables
“Two of the less obvious resorts for purchasers which are fairly well established nevertheless are Albena [situated 25 kilometres north of Varna – the biggest city on Bulgaria’s Black Sea coast] and St Constantine and Elena [ten kilometres north of Varna]”, says Helen Craig of Bulgaria Varna Property. “The suburban areas and villages surrounding these resorts are very much sought after.” Craig continues, “Both of these resorts were established in the 1960s and were once the holiday areas for the wealthiest of the Russian hierarchy at a time when Bulgaria was still very much under Communist rule. As a result both resorts are now very well established and elegant.”
Posted on: Bulgaria
The romance of Italy lures Brits
Italy is a country full of treasures. From the man-made wonders of the Roman ruins, Renaissance art and regal architecture, to the natural enchantment of the majestic mountains, placid lakes and idyllic islands. With stylish cities that never sleep and narrow pebbled streets filled with the perfume of the Bougainvillea, lemon trees, and olive vines – Italy is synonymous with romance. Its history, culture, climate and cuisine seduces just about everyone. One can indulge in the pleasures of good food, good wine and great shopping, relax on the untouched sandy stretches on the southern coast and Sardinia, ski in the Alps or potter around the art galleries and explore the works of Michelangelo. Italy’s attractions really are endless.
Even more appealing for British property buyers is that Italy is a country of value as well as beauty. The cost of living is comparatively low, although of course this differs greatly between the prosperous north and central regions of Italy, and the relatively poor south. The cost of living in the major cities is similar to Britain although generally Italy has a slightly lower cost of living than northern European countries.
The health service and transport infrastructure are also excellent, and due to stricter planning regulations - compared to many other European markets - Italy has kept its charm and remained relatively unspoilt. What’s more there’s also the advantage that there is no capital gains tax on property profits. Sarah Child, property agent at Each Property says, “Italy offers some stunning scenery and a vast choice of properties. With cheap flights to many of its cities and with Italian property prices still reasonable you can see why many Europeans are heading to Italy to buy a second home. Italy has long been a firm favourite with British buyers who love the culture, food and history that Italy offers in abundance.”
BELLA ITALIA
Tuscany may be the first place that springs to mind when Brits decide to purchase property in Italy as it has been a favourite with British expatriates for many years. Demand is especially strong for country houses and rustici (farm houses) situated in the Lucca, Florence and Siena triangle, but this high demand and the availability of cheap flights to Pisa means that it is now an expensive choice.
Neighbouring Umbria is often cited as a cheaper alternative, but prices there have shot up in recent years. Due to its popularity with tourists the holiday rental market in these regions is strong. A three-bedroom property is likely to cost upwards of £400,000. Le Marche is being heralded as the next big thing as far as the property market is concerned, although the region is still not an established tourist spot. Italy’s hidden gem is perfectly situated between the Adriatic Sea and the Apennine Mountains. This enchanting rural area boasts rolling hills, olive groves, medieval towns, snow-capped mountains and long sandy beaches. The area boasts an array of cultural and culinary delights and a wealth of art and architecture within its borders. Le Marche has been called the ‘new Tuscany and Umbria’ but the region is unique, with a character all of its own, due in part to the great variety of natural landscapes.
Posted on: Italy
Golf Property in Portugal
When you mention the country Portugal, the only thing that comes to mind is the game golf, particularly in the Algarve region since this has a long history of golf and the first golf course was constructed in the 1920s.
Today, more than twenty of the most popular and most scenic golf properties in the world are located in the Algarve region, which makes this place a hot spot for golf property investment.
All year round, the demand for golf properties in the Algarve region is very intense, although the main golfing season is from autumn to spring. The other people who cannot let their golfing properties have the season with soaring heat and have marketers observing the properties all year round, therefore with a year round demand for golf properties in the region, a well-round investor makes it impossible to make an income just because of this.
Posted on: Portugal
October 4, 2007
Exploring Central Florida: Resorts
Orlando is the social and economic capital of Florida’s central region and the most popular with British property buyers. It is the excellent destination for investment buyers not only for its different themeparks and other attractions but also the rental potential in the area is really good. As expected, there are always new developments under way in and around the Orlando metropolitan area. Bridgeford Crossing, for instance, is a new resort presently being developed only minutes from Disney and near to numerous other major attractions of the state. Villas of various sizes between three and six bedrooms will be offered by the resort with prices starting from $354,900.
Posted on: Florida
US MARKET SLIPS ONCE AGAIN
There was more bad news for the US market: national property prices recorded a second-quarter gain of just 3.7 per cent year-on-year.
Prices in the Northeast climbed by 6.3 per cent to $299,200 (£156,800), making it the only region to turn in a comparatively good performance. Midwestern prices fell by two per cent, whilst both the south and the west made small gains of 4.1 and 3.6 per cent respectively.
Posted on: Florida
Turkey Launches Thermal Tourism Plan
The government of Turkey has launched a new plan, thermal tourism, to increase its revenues and encourage more visitors. Thermal tourism will promote tours to the country’s numerous thermal sites. These sites are reputed for a millennia to have therapeutic properties. The Turkish Culture and Tourism Ministry claims that the country has the greatest thermal resources in Europe. In fact, Turkey is among the top seven nations in the world in terms of its thermal assets.
The Thermal Tourism Cities Project of Turkey has selected three regions to be given the highest priority in terms of funding and promotion. These regions are the southern Aegean, southern Marmara and central Anatolia. The Turkish government believes that the country’s 1,300 sites of thermal interest can eventually attract as many as 30 million tourists every year. This means more revenues as they will be bringing in an extra £8 billion into the economy annually. Presently, Turkey is only receiving around 10,000 visitors.
Posted on: Turkey
October 3, 2007
The regions and areas of Florida uncovered
With year-round sun, relaxing beaches and mass tourism in equal measures, Florida is an ideal home-buying destination for a holiday home, permanent residence or investment property.
Property prices in Florida have risen significantly in the last few years. According to the Florida Association of Realtors, between July 2004 and July 2005 Florida’s property prices increased by 33 per cent. Many US real estate experts estimate that property prices in Florida will continue to rise at a steady pace for the foreseeable future, so it makes sense to buy property as quickly as possible. Property prices vary dramatically throughout Florida. Those with unlimited financial resources can purchase luxury property for millions of dollars in the state – especially around Miami and in the Florida Keys.
North West Florida
General: Some of America’s finest beaches are found along the region’s coastline, but some have been spoilt by excessive commercialisation. Access: Tallahassee regional airport can be accessed from any of Florida’s airports served by the UK. Resorts: The main towns are Pensacola and Tallahassee – Florida’s state capital. With a population of 150,000, Tallahassee is the north-west’s largest habitable city.
North East Florida
General: The north-east coastline borders the Atlantic. It is noted for its golden beaches and miles of peninsulas flanked by barrier islands. Access: Jacksonville airport is not very well served by flights from UK, but can be reached by air from inside Florida. Resorts: The region is dominated by Jacksonville – Florida’s largest city. There are a number of exclusive communities in the area including Ponte Vedra.
Posted on: Florida
Major New Development near Paris
France is presently going through major developments. There is a project in Massy, a town near Paris, worth over £144 million. A mix of private homes and commercial properties are to be built in the area. There is an agreement between Spanish development and investment giants Fadesa and US fund management group Colony Capital for the development of a new large-scale property project in Massy, home of several popular ski resorts.
The agreement relates to an as-yet-unnamed project covering some 100,000 square metres of floor space on a six-hectare plot in Massy presently owned by communications company Alcatel.
Posted on: Spain
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