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October 19, 2007
Cyprus property prices match Spain
Investors who are planning to invest in Cyprus property are now changing their sights to Spain after a shock survey in the island’s premier and business newspaper of the local real estate market.
The increased prices for the last year are driving investors away with a sudden durge of prices dropping, with places such as Pathos already eyed to be those in Spain, according to the Financial Mirror, a credible newspaper in Cyprus which deals with economic, industrial, financial and investment news in Cyprus.
During the first half of the year, a financial drop of 29 percent year on year to CYP 492 mln compared to CYC 626 mln a year ago in the same period, according to the Land Registry figures.
Posted on: Cyprus
Buying overseas just got easier
When people near their retirement age, they usually contemplate on buying holiday homes abroad for their golden years. In fact, a report by Saga, specialists of people over 50, says a third of people aged 50 and over is considering purchasing a holiday home abroad for the future. Over half consider living abroad permanently.
To help those looking at the possibility of migrating to Spain, Saga launched its Saga Overseas Homes. The project consolidates all the services needed to buy a property in Spain including estate agents, legal advice and help with renting out properties bought as buy-to let investments. Saga is working closely with property specialists Chesterton and Medsea Estates on the Saga Overseas Homes project.
Posted on: Spain
October 18, 2007
Turkish Property: Reasons to be positive
Paul Beasley says that 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. Moneycorp, a currency exchange specialist, says that a recent decrease in the value of the Turkish lira has helped to create new bargains for sterling buyers in recent months.
Posted on: Turkey
October 17, 2007
Living and working in Portugal
On arrival
Citizens of EU member states are free to enter Portugal by presenting a valid passport or identity card. Visitors intending to stay no longer than three months need not apply for a residence permit. Those intending to stay for three to 12 months will need a temporary residence permit and new arrivals proposing to stay longer than a year in the country should apply for a full residence permit (autorizaca de residencia). Permits are issued by the Servico de Estrangerios Fronteiras. On application for a residence permit one will be issued with a receipt needed to collect one’s cartão. A residency permit acts as one’s official identification card and, officially, it should be carried at all times.
Working
Members of EU countries do not require a work permit in order to work in Portugal but must adhere to residency requirements as explained above. Workers will also need a fiscal number, which may be given at the time of residence approval. For the first few months a temporary number is given. Income tax – Imposto Sobre O Rendimento Singulares (IRS) – is payable by both residents and non-residents. It is self-assessed annually and must be paid a month after the notice of the tax owed is sent out by the tax office. Non-residents are taxed only on income received inside Portugal. Residents are liable to IRS on their worldwide income. One is deemed a resident if: one remains in Portugal for more than 183 days in any calendar year. Double taxation can occur when income from one’s country is received in another and is taxed in both. To counteract this, Portugal has taxation agreements with all EU member states under which each one agrees to give up or reduce its tax in certain circumstances.
Posted on: Portugal
A Turkish investment
It was a holiday that first gave Sue and Sean Flynn the idea of buying a Turkish property. Having enjoyed visiting Kalkan, an upmarket village in Turkey’s Mediterranean coast, they gradually realized the investment potential of the area. According to Sue, Kalkan is renowned for its rooftop restaurants and great seafood. Its location is excellent for exploring nearby ancient sites and for visiting the Patara beach, which is often cited as one of the best beaches in the world.
What’s more: Kalkan is very easy to reach. Sue adds that a new tunnel opened recently, cutting travel time to the village by 20 minutes. She and husband Sean decided to look for a property that they could use as a holiday home but that would also serve as a good investment. Sue recalls that their search was not a long one. They bought their first apartment by October 2005; they came for a week’s visit and made a purchase at the end. The purchase was made directly from the builder, Aslan Uzun, who owned the Asfiya hotel, where the couple had stayed previously. They knew and trusted his expertise, thus they were confident that the building would be good.
Posted on: Turkey
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
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