Buying Property Abroad
Keeping readers up to date with the latest property related news from around the world, and specifically focusing on buying property abroad safely
A relatively new pilot scheme, backed and funded by the EU, is running well between Spain and Holland as it aims to make buying property across Europe’s borders safer for purchasers who can buy according to the laws of their own home nation
The property boom that peaked across Europe somewhere around 2007 apparently resulted in many investors achieving significant gains, and many who dreamed of owning a second home or a retirement property abroad achieving their ambitions.
However, as the boom surged towards its unsustainable peak, greed was found to be undermining the entire real estate industry; and when economies began to falter across much of the EU, we were left looking at a devastated property landscape.
Since then stories of mis-selling, lies, corruption and broken promises and dreams have become so commonplace that perhaps we no longer pay sufficient heed to the tales of woe from those who came unstuck as a result of property transactions undertaken in parts of Europe. However, these tales of real estate dreams gone wrong have been heeded by some in positions of significant power fortunately, and they are working towards making the purchase of property in Europe a safer and more transparent process, with cross border legal guarantees.
Instead of trying to take homes off those who have already invested in property in Turkey and North Cyprus, the governments of those 2 countries should learn from the mistakes made by Spain – which they have now reversed in a bid to bring buyers back to the Spanish real estate economy…
The Housing Secretary in Spain has issued an all out appeal to Britons to return to the Spanish property sector - please! As we all know, the Spanish economy has been flailing, and one of the biggest causalities has been the construction industry. Buyers have been conspicuous by their absence – put off in part by stories about properties being illegally constructed and then demolished, as well as tales of corruption and nose-diving values of homes in Spain.
Now, in a bid to get Britons back in and buying in big numbers, Beatriz Corredor the Housing Secretary has issued a statement to reassure Britons who may feel that the Spanish property sector has got something of a crooked reputation. She wants Brits to feel confident in “the system” and “the transparency” now in place in Spain’s real estate industry, and to return and start investing again.
Well, if that’s the case then we think Northern Cyprus and Turkey could both learn some very important lessons from Spain if they want to protect their fragile property economies, and not alienate the one market of buyers that has, to date, remained loyal to each country in question. Spain all but ruined its property market because of greed – and if what we’ve been told by our readers is true, Northern Cyprus and Turkey are following in Spain’s unfortunate footsteps.
With apparently over half of all those who own a second home abroad wanting to sell up and cash in, we discuss the 10 top tips for selling property overseas in a hurry and for best price.
According to the results of a recent survey, 56% of Britons with second homes abroad are considering selling up in 2011 as their overseas properties become too expensive to keep, service and enjoy.
Of those surveyed by Currencies.co.uk, a large percentage of people wanting to sell had second homes in Spain, and the vast majority of respondents wanted to sell directly because of negative financial reasons.
If you have a home overseas and you want to get rid of it in 2011, this article will show you how to sell your property abroad as quickly and as well as possible. Where once your dream to own a property abroad was perhaps lifestyle driven, it’s perhaps unsurprising that now with the dire state of the economy in the UK and the fact that we are all being fiscally impacted by the downturn, many want to sell up abroad and keep their outgoings much reduced.
Whether you follow the cheap flight operators and bid on a property close to an easily accessible European airport, or you look further afield for your real estate bargains, there are indeed affordable property investment opportunities to buy abroad in 2011 - as we reveal…
As sterling tries hard to recapture some of the ground it’s lost in recent years against the dollar and the euro, Britons with a few quid spare and a desire for an alternative investment could now look overseas for property investment prospects. We know that the huge appetite we Brits had for overseas real estate just a few years ago has diminished, but the underlying dream of owning a home abroad has not died completely.
If you want to know where you can buy cheap property abroad in 2011, read on to discover a few secret locations where prices have plummeted and where the estate agents and developers are trying hard to hide it, and refresh your memory about where else in the world has bargain homes for sale.
Even if you’re not currently cash rich, but you have an eye for a bargain, some of the following destinations may push you into reorganising your finances to free up the required capital to invest in a cheap property abroad. We also give you the top tips you need for making an investment property pay maximum dividends.
If you can’t sell your property abroad, what options are open to you? Could you become a reluctant landlord and rent out your home overseas? Or what about house swapping with someone who wants to live abroad? We explore all your options.
You can blame it on Peter Mayle and his ‘year in Provence,’ you can blame it on a strong pound (once upon a time), you can blame it on the plethora of property programmes that once filled our small screens at home - or you can just blame it on the fact that we Britons still really hanker after a home in the sun. But the fact of the matter is, there are a lot of Brits now in a position where they own a property abroad, but they would far rather have the equity in their own bank accounts.
We’re all aware that everything in the financial garden in the UK is far from rosy. And despite what some people say, most Brits are not better off than they’ve ever been before because of the low interest rates. The vast majority of us could do with more in our pockets; and for anyone with a home abroad, the ongoing maintenance costs of looking after this second property are unwelcome additions to an already tight budget.
If you bought a second home abroad, or you bought and moved abroad but now need/want to return to the UK and you can’t sell your overseas property, you do have alternative options available to you. When you’re desperately trying to sell it can be very hard to see anything positive at all – but if you just consider the following suggestions for a moment, you may be able to find an alternative path forward…
Following feedback from readers who have been ripped off when buying property abroad we wanted to produce a no holds barred guide to buying real estate overseas safely – if you’re buying a home away from home, read on to be guided safely
We were recently contacted by a British reader who had bought a property in Turkey on a development that has since become the focus of much controversy. Despite ‘evidence’ to suggest that everything about the development in question was legitimate, the developers have subsequently declared themselves bankrupt and the ‘owners’ of the properties in question have apparently discovered that they don’t in fact own the land on which they are built.
Unfortunately this is not an uncommon tale – which is why we have decided to produce this report all about buying a property abroad safely. We will use the example cited above for reference to highlight how and why property deals go wrong, and hopefully give you all the advice you need to steer you clear of making the same mistakes and falling victim to the many con artists out there.
Whilst the global recession has certainly pushed a few of the rogue traders, developers and builders out of the construction industry, buyers venturing abroad are still vulnerable to potential issues especially when the buying process is unregulated, and when contracts are written in a foreign language for example. But we don’t want Shelter Offshore readers to be affected by these issues, and whenever we’re contact by those who have suffered misfortune when buying abroad it upsets us. So, read on for a comprehensive guide to buying property abroad safely.
New research shows that up to 1 in 4 Britons are now looking abroad to find the best returns from a property investment – if you want a bargain or stable returns we show you where to look overseas for real estate
The property market in the UK is apparently in a downward phase of its regular boom bust cycle, with would-be buyers utterly confused about which way mortgage lending, interest rates and property prices are going to go in Britain. This fact alone has seen a significant rise in the numbers of Britons actively contemplating buying property abroad in order to secure a solid investment.
Real estate is a consistently sold investment if held for the long-term – everyone knows this. However, timing an entry into the property market in Britain when everything is so confused is difficult which is why, according to a survey by Moneycorp, up to a quarter of those thinking about buying now are thinking about buying abroad.
Certain nations have fared far better than the UK in terms of being affected by the fall out from the global economic crisis, which means certain nation’s real estate economies currently represent a potentially more stable investment environment. Other nations have been harder hit and clearly crashed, in such countries property can constitute a bargain. Therefore, in this report we’re going to discuss the 5 hotspots for property abroad if you’re currently seeking bargains or searching for stability.
With news just in that one of the leading lenders in the UK is now offering better terms to buy-to-let landlords, is it time to buy in to the Great British property market rollercoaster and chance your luck on a property investment in UK?
The British property market is a rollercoaster ride, as anyone who’s in it will tell you. Historically it booms and then the bubble bursts before it booms all over again - and yet the property market seemingly underpins the economy hugely, because whenever it stalls the government does what it can to get it rolling again.
There is certainly a strong appetite for home ownership in the UK – yet affordability issues and insecurity in the workplace currently mean that there is also a strong desire for homes to rent too. All this has created a situation where many buy-to-let landlords in the UK have been doing quite well from their property portfolios even in these troubled economic times.
However, it was a case until recently that if you wanted to join the buy-to-let landlords you’d have a real job on your hands because the lending situation in Britain was just so bad. Good news on that front came from the Nationwide Building Society last week however, when they announced that they are not only lending again, but they have increased their loan-to-value percentage. So, is the time right for expats to invest in UK property? We take a look…
If you want to buy property abroad as an investment asset to rent out to tourists, you need to make sure it is accessible and suitable for your targeted holidaymaker rather than necessarily your dream of a home overseas
The three most important factors when buying a home may be location, location, location – however, if you’re buying an investment property abroad with the sole aim of renting it out and making a living from it, there is another criterion that I would argue is actually more important.
So, ‘what’s more important than location when buying investment property abroad?’ I hear you all cry – it’s accessibility! I.e., your property has to be quickly and easily accessible, in relative terms, for the nation and location you select.
It’s a defined fact in the Spanish tourism letting industry that a property has to be within one hour’s drive of an airport for example – and this requirement for a holiday let to be accessible should be a driving factor when you consider any home’s appeal and suitability as an investment buy. If you’re thinking of cashing in on limited demand in some of the most popular places with tourists that’s pushing down prices at the moment, read our guide to what constitutes an accessible property and why it really is such a critical factor.
A quick, no nonsense guide to buying a property abroad and managing your money matters – from currency exchange to paying fees and haggling
The pound and the euro are doing a merry dance with each being a contender for the worst currency in the world prize as they are both seemingly balanced precariously on the back of the most unstable and bankrupt economy in the world! What this means for you and I is unpredictability when it comes to moving money internationally or using currency abroad.
So, how can you protect your financial position when you buy property abroad for example – after all, the weakened state of our world’s economies has left many property markets flat with bargains therein for the taking?
The secret is in clever currency conversion and carefully finding your way towards a home purchase overseas with the right advice and support around you…