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October 13, 2007
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
October 11, 2007
The romance of Italy lures Brits: BELLA ITALIA
For many years now, Tuscany has been a favorite of many British expatriates who are looking to purchase real estate in Italy. Many are looking for country houses and rustic farm houses in the Lucca, Florence and Siena triangle. But due to the high demand and the availability of low cost flights to Pisa, these places are becoming expensive choices.
For a cheaper alternative, house hunters are looking at neighboring Umbria, although prices there have also shot up in recent years. Their popularity with tourists makes Umbria’s holiday rental market strong. A three-bedroom property can start at £400,000. Le Marche, known as the ‘new Tuscany and Umbria’, is said to be the next big thing in the property market in spite of the fact that the region is still not an established tourist destination. This Italian pride is situated between the Adriatic Sea and the Apennine Mountains. The enchanting rural area with its unique landscape is home to olive groves, medieval towns, rolling hills, snow-capped mountains and long sandy beaches. Residents and visitors will also enjoy the cultural and culinary delights and a wealth of art and architecture within its borders.
Posted on: Italy
Winter break in the Florida sunshine: Winter warmer
More and more people are flocking to the Sunshine State during the cold unbearable seasons of the UK. “My wife Jean and I have spent five winters in Orlando, Florida, so far,” shares Peter Stanhope from York. “The time we tend to spend in the state varies from three to five months, either in one stretch or split into two visits with a return to York to spend Christmas and New Year with our family and friends. We usually go out in early November and stay right through to the end of March, just before the Easter rush, returning to York in the spring with a beautiful yellow carpet of daffodils blooming on our ancient city walls to welcome us back.” Stanhope believes that winter is the best time to visit Florida “as there is none of the humidity or the bugs that you get in the summer, and no hurricanes either!”
Posted on: Florida
French property: Quality over quantity
A recent report has predicted that the number of UK residents relocating to France will double in 2007.
The French Property Market Report 2006/2007 - compiled by property specialists VEF - indicated that two main factors are promoting this exodus: (1) the search for a better quality of life and (2) the fact that more people know of somebody who has moved to France and made it work.
“Many soon-to-be young families are seeking to replicate some of the good things about life in their home countries,” said VEF Founder and Managing Director Trisha Mason. “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 buyers to purchase properties in various parts of France.”
Posted on: France
October 10, 2007
Essential Financial Aspects of Property in Portugal
When buying a property in Portugal, it is quite advisable that you need to establish a good working relationship with a credible lawyer who will show you the rounds and talk to you about other information in buying a property in this country. In Portugal, you should expect to pay around 4 percent to 5 percent of a property’s purchase price in legal fees which would include not only your lawyer’s fees but also those of the land registry fees and the notano.
Once you have purchase a property in Portugal, you will be responsible for the transfer tax as well which is known as imposto municipal sobre as transmissoes and which is computed through the sliding scale which is dependent on the market value of the property that you have purchased. The value would be around 0 – 8 percent and if your budget is at the most high, then there is no reason for you not to have any shock!
Posted on: Portugal
Energy efficient France
France is the first EU country to roll out the new EU Regulations concerning Energy Efficient Homes. This will also become mandatory when selling a home in the UK next summer.
“France has already implemented the directive from the EU that states home owners must have a Certificate of Energy Efficiency for the property before it can be sold”, says Keith Baker of Croft Baker & Co, a member of the Federation of Overseas Property Developers, Agents and Consultants (FOPDAC).
The form is technical and extends to four pages. It must be completed by a surveyor who has been trained specifically for this purpose. The Energy Certificate points out where the property is failing and lists the work required to rectify, although this is not law and does not have to be carried out.
Posted on: France
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