November 7, 2007
Changes to French Property Law
New changes to French property law will affect overseas property buyers.
Various changes to French property law, affecting renovation, inheritance and swimming pools will be taken into consideration by overseas buyers when looking to purchase French property.
A new law affecting the renovation of properties in France is due to come into force this month affecting insurance. “The British are fond of buying derelict properties in France with a view to ‘doing them up’”, says Keith Baker from Croft Baker Solicitors.
“However, this may have to change with the new French property law, which contains a requirement to obtain an insurance-backed ten year defects guarantee. My view is that if UK buyers do the repairs themselves they will not be able to supply guarantees of the work carried out and this could adversely impact on market value when they wish to sell the property,” according to Baker.
Posted on: France
Bulgarian Property on course for more success
Recent data released by the Bulgarian Government Registry Agency showed that close to 311,000 property transactions took place in the country last year.
Of these purchases it is estimated that roughly a third (103,665) of the Bulgarian property sold during 2006 was snapped up by a non-resident buyer, with Brits accounting for two thirds of the overseas buyers.
Data from the Central Bank shows that the sales of Bulgarian property to overseas residents generated over 2.2 billion levs (approximately £760,000) for the country’s economy - a much needed boost as the country continues to improve its infrastructure.
The fact that Bulgarian property is attracting so many overseas buyers, particularly British, should not come as much of a surprise. In recent years, homes on the country’s Black Sea coast, in the ski resorts, and capital city, Sofia has become increasingly sought after by overseas buyers, who view Bulgarian property as being an ideal investment purchase due to the comparatively cheap costs, steadily increasing capital appreciation, and high tourism potential.
However, rural areas of Bulgaria are also beginning to appeal to those interested in a permanent move to the country - particularly retirees, who could see Bulgarian property snapped up by foreigners not necessarily into investment.
Posted on: Bulgaria
Italy takes the low road to popularity
Twenty years ago, when Spain was the firm favourite with British holidaymakers looking for their own place in the sun, Italy’s property market was considered unknown territory, offering mostly properties in need of a great deal of renovation.
Two decades on and Italy’s property market has changed dramatically, now offering many modern, low level and low density developments compared to many other tourist destinations, which have created vast urbanisations.
However, as many areas of Italy remain relatively undiscovered by British buyers, the country still offers comparatively affordable property prices. With flights now readily available from airports such as Gatwick, Stansted and Manchester, property agents claim that overseas buyers are increasingly looking to the Italy for good investment opportunities.
Calabria, Italy’s southern-most region, where the ‘toe’ of the Italian ‘boot’ meets Sicily, is one such undiscovered area. With the increase of direct flights to the area and property prices significantly lower than old favourites Spain and Portugal, it could become one of the more popular spots in Italy’s property market.
Posted on: Italy
November 6, 2007
Property in Algarve
In the Algarve, the developed Portugal property has beautiful luxury villas which benefit from air-conditioning, 4 bedrooms and private heated pool. The villas are located in a peaceful, cul de sac location. There are additional communal pool and tennis courts within three minute walk as is the local mini-market and restaurant. A ten minute walk takes one to a superb sandy beach with many restaurants along its 10km length. The villa is also situated within a ten minute drive of a number of golf courses some of which are Championship courses.
Algarve is the most popular region in Portugal to buy property. Prices are cheaper than those in the most popular regions of Spain and France. Aside from this, the housing market in Portugal has been solid and stable for the past 20 years . Property investors will find that Portugal Algarve offers a good medium to long term investment vehicle.
The Algarve Portugal is an incredibly diverse region. Any holidaymaker can find an enjoyable way of filling their holiday hours. Add in a warm, sunny climate almost year round it is hardly surprising that the Algarve region is the major tourist area in Portugal. With all that sunshine, naturally many holidaymakers come in search of beaches - and they’re not disappointed. With around 270km of coastline, including everything from wide sandy beaches to secluded inlets, there’s something for everyone.
Posted on: Portugal
Buying Turkish property explained: Costs
Turkey’s immense coastline, Mediterranean weather and countless outdoor lifestyle options are drawing in property buyers from all over. Robert Nixon of Nirvana International believes although Turkey has yet to be a part of the European Union, many property buyers have seen a golden opportunity to purchase real estate now and “watch as the property boom moves from other popular European countries”.
Fortunately, the process of buying property in Turkey is a lot easier than in other European countries, confirms Nixon. He explains some of the cost procedures involved in purchasing properties in Turkey.
Posted on: Turkey
Mediterranean France is so chic: Divine Provence
The Provence region of France is making the most of its Mediterranean connections to attract property investors. Covering over 31,000 square kilometres, Provence has one of the most diverse landscapes in Europe. It’s becoming more and more popular with the British who are looking for property investment destinations or holiday home hotspots.
“It is the wonderful environment – hilltop villages, sandy beaches, the good medical system, the food and wine, the poppies, lavender, sunflowers, all in abundance, the colourful markets, I could go on for ages! “ gushes Elayne Murphy a Provence resident and property agent. “Can you tell that I love my region?! I’ve been here 38 years and I still get a kick out of it all.”
Posted on: France
November 3, 2007
What’s new in Portugal’s property market?
Since 1993, when revised planning regulations were introduced to Portugal’s property market to ensure that new developments fitted with their surroundings, property prices in the country have risen at around 15–20 per cent per annum.
However, despite being more expensive than some emerging European destinations and generally higher than Spain due to higher land costs, Portugal’s property market is still one of the most popular with British buyers looking for a holiday-home abroad. The Algarve still reigns as the top British choice of destination in Portugal, but the Silver Coast has seen a rise in popularity in recent years. Even places such as Alentejo and Costa Verde are now on the property buyer’s map.
Posted on: Portugal
Portugal
Situated in the far west corner of Europe with a long coastline, Portugal with its population of 10.5 million people covers a land area of around 92,000 km2. It is the westernmost country of Europe and is bordered by Spain to the north and east and by the Atlantic Ocean to the west and south.
Since joining the European Union in 1986, Portugal was in the group of the first 11 countries to embrace the euro in 1999 and noting an improvement in its economy, the IMF are stating a 1.5% projected percentage change in real GDP for 2007.
Portugal benefits from being one of the warmest European countries with yearly temperature averages at 13ºC (55º F) in the north and 18ºC (64ºF) in the south. It is an increasingly popular tourism destination with over 5 million visitors a year from around the globe with the most popular areas for holiday homes and investment in the Algarve and on the Silver Coast which enjoy a Mediterranean climate similar to southern Spain.
Posted on: Portugal
Bulgarian Real Estate Market Starts to Mature
Analysts are seeing the maturity of Bulgaria’s real estate market into a slow growth/high quality market, specifically in the residential and office space segment.
A report presented on October 30 by the Oxford Business Group also mentioned that the underdeveloped holiday homes and retail segment remained strong but potential problems persist. According to Andrew MacDowall, editorial manager of the Emerging Bulgaria 2007 report, the less developed retail market in Bulgaria is a function of Bulgaria’s population which is considerably smaller than other neighbouring countries.
Posted on: Bulgaria
November 2, 2007
Buying property in Florida continues to thrill: Caution advised
The Florida Consultancy advises homebuyers that there are other considerations to think of aside from adequate insurance. Although Florida’s real estate market is established, investors must be warned that there are still possible pitfalls in several areas like renting restrictions. According to Andrew Batty of The Florida Consultancy, outside the south-west Orlando vacation rental area, buyers must be aware of the restrictions on renting that may affect the property. “These may be through zoning but often they are through community deed restrictions. Very few communities allow vacation rentals, although most allow long-term rentals for winter residents,” shares Batty.
Posted on: Florida
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