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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
BRITISH COUPLE WIN NORTHERN CYPRUS CASE
A British couple won the latest and final round of a court case foreseen to have dramatic consequences for the property market in northern Cyprus. David and Linda Orams of Sussex won their battle in the High Court against Meletis Apostolides, a Greek Cypriot who claims ownership of the land in the self-declared Turkish Republic of Northern Cyprus (TRNC), which his family used to own before the Turkish invasion of 1974.
Apostolides had obtained a judgement in a Nicosian court (the Greek Cypriot capital) that ordered the Orams to compensate Apostolides, to demolish their home (which cost them £160,000 including land and construction) and to hand over their land to him. When the Orams refused to abide by this judgement, Apostolides sued them in the English courts. It was a defeat for the couple (who were represented in this stage of the case by Cherie Booth QC, the wife of the prime minister) who were forced to to sell their home in Sussex to pay for Apostolides’ costs and compensation.
Posted on: Cyprus
October 20, 2007
Why Invest in Portugal
With more than 200,000 Britons and Irishmen investing properties in Portugal, this country has proven to be one of the world’s most sought-after vacation spots, or business or for pleasure.
The reasons why Portugal is now the hottest destinations to be are aside from their people being friendly and accommodating, Portugal is also the choice country because of its ease of access, its wonderful climate and the sumptuous cuisine.
One of the stunning places in Portugal is the Algarve region, where the best sandy beaches are located. It is also found here the best in golf courses, where golfers can tee off and have fun. There are also lots of international schools here for those investors who would want to relocate.
read more
Posted on: Portugal
British lead way with new firms in Spain
According to the newest research from a leading employment organization, more and more foreigners are setting up their own businesses in Spain, and have discovered that at least one in four self-employed workers are now foreign.
The new Brits are now planning to service residential needs of the community as most of the second home buyers in this country are now British. But the businesses they have put up are not only the pub houses galore, but also IT-related firms and high-tech industries.
Posted on: Spain
Changes in Portuguese Tax
Changes in result and tax reduction in Portugal are very much important, especially with people buying properties in their own name. Investors who would still want to purchase Portugal properties through offshore companies, it is advisable that you seek legal advice and specialist tax before proceeding.
Getting to Portugal is as easy as tourists can now fly direct from Faro to Dublin on Air Luxor. The airline is accommodating passengers two days in a week, on Thursdays and Sundays, as a promotional tour of 230 euros. The inauguration of these flights consisted of jet water being sprayed in a symbolic ceremony, courtesy of the Faro Bombeiros, and an excited and anxious pool of staff and reporters in the airport. There were also public relations staff from the Faro airport who were giving out momentos to leaving passengers from the flights. According to airport director, Antonio Correia Mendez, the “Irish” market is very much important since the Irish people are the fourth largest generator of passengers to the Algarve, and according to the Regional Algarve Tourist Authority, tourists from Ireland represent the highest average daily spenders in Europe.
Posted on: Portugal
October 19, 2007
Oceânico Developments tees up with Seve Ballesteros for new €250 million Óbidos Golf Resort
The largest and most prestigious property developer in Portugal, Oceanico Developments, broadcasted a new and improved golf and leisure resorts to be developed on Portugal’s Silver Coast, a 650 meters distance away and close to the town of Obidos.
The new Royal Obidos resort, which is scheduled to operate in May 2007, includes amenities such as a championship golf course that is designed by Severiano Ballesteros in mainland Portugal. The resort also covers the boundaries of at least 130 hectares on the Portuguese coast, 50 kilometers north of Lisbon.
Other features of the resort which foreign investors will love include a five-star condominium Hotel and Spa with one and two bedroom apartments. Also, it includes four and five bedroom villas in golf front plots of 2,000 square meters, and also an option to stay in two or three bedroom apartments, all made to tailor the highest quality, safety, security and comfort of visitors.
Posted on: Portugal
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