Spain is the number one destination for British holiday makers and for those in search of a holiday, second, retirement or brand new home overseas – nothing new there then…but did you know that both Bulgaria and Turkey are now trying to adapt to Spain’s incredibly popular model that attracts thousands of holiday makers annually and a sustainable inward flow of foreign direct investment into real estate?
It makes sense really – after all both Turkey and Bulgaria are beginning from a similar position to that which Spain found itself in a couple of decades ago, and all three countries are going after similar markets – namely the tourism and investment property abroad markets…so what is Spain teaching Turkey and Bulgaria, we take a look?
Expatriates have struggled for years to get mortgages to buy property back home or elsewhere abroad; now an increase in demand for international mortgages has raised the awareness of more lenders to both the plight of the expat and the potential of the international property finance marketplace - as a result more lenders are entering the expatriate mortgage market.
Specific locations such as Dubai, the Channel Islands, Spain and France have been picked up on by lenders as locations that are secure and have strong and effective property laws and where there is intense demand from the expatriate and international community for property related finance; as a result a number of institutions have launched mortgage products specific to a given country. We take a look at the latest expatriate mortgages available.
Worryingly for Tony Blair, a greater number of British citizens than ever are seriously contemplating emigration according to a new survey conducted by the BBC into the demographics of those who move abroad and the reasons that emigrants have for leaving.
The findings of the survey make particularly concerning reading for the British government when viewed in light of the fact that the Institute of Public Policy Research in the UK advises that a greater number of Britons now live overseas than foreign residents who live in the UK and that Britain is once again heading for a ‘brain-drain’.
There has been a significant increase in the numbers of wealthy and senior buyers particularly from Germany and mainland Europe looking for property for sale in Alanya Turkey – demand is so intense that one local developer has received over two hundred applications for a purpose built luxury development for seniors before construction has even begun.
As a result of the popularity of the location Alanya now has more settled foreign residents than any other resort in Turkey but are these foreigners welcome or are they seen as an economic necessity - and are they happy once they’ve found their ideal property for sale in Alanya and moved in? We analyse the situation in Alanya and look at how Turkey is changing under the weight of international property investor and buyer interest.
The Brits and Chinese in particular are fuelling a high end property market boom in Perth in Australia as investors from both nations buy up luxury end real estate and push up the prices of well located properties in the Western Australian city.
These buyers are joined by investors from South East Asia and together the overseas property investor interest in Perth is intense.
As has been widely reported, the changes to the property ownership laws in Dubai in the United Arab Emirates to allow for the foreign freehold ownership of property in designated areas in the emirate have finally been ratified this year and are expected to be in place fully by the end of 2006.
The very latest news from the UAE is equally positive; the emirate of Umm Al Quwain ruled by His Highness Shaikh Rashid bin Ahmed Al Mualla has also changed its property ownership laws to allow expatriate purchasers and international property investors the right to own property within certain elected investment areas in the emirate.
The Republic of (Southern) Cyprus has been a favoured destination for those seeking a medium haul holiday in the sun for many years, but the government of Cyprus has been actively working to diversify its economic dependence on the tourism industry since it joined the EU back in 2004 and has been luring growing numbers of British and European retirees with the promise of a low tax lifestyle ever since.
Despite being a fully signed up member of the European Union, Cyprus has managed to retain strong control over the rates of tax it charges those who retire to Cyprus and what’s even more interesting is that inheritance tax has been abolished in Cyprus and capital gains tax is half what it is in the UK for example, meaning that you really can retire to Cyprus for a low tax lifestyle…but could all that be about to change?
Property in Spain as a sector of the Spanish economy is enjoying one of its longest runs of positive price movements on record and the government of Spain are set to positively revise their projected GDP figures for 2006 as a result.
The GDP growth revision is backed by the significant growth and development that both the housing and construction industries have enjoyed this year…but the affordability gap in Spain is widening and an increasing number of economic analysts are asking ‘can property in Spain continue to boom?’
At Shelter Offshore we cover many of the world’s most popular investment property hotspots such as Spain, France, Australia and Canada, but at the same time we like to draw your attention to up and coming emerging markets and offer general property investment advice.
We’re often asked by our readers for the secret to property investment success but of course there is no such secret formula…there are however certain strategies to apply and certain research to undertake to determine which property hotspots have the potential to return decent price growth and/or yield expansion. This article covers a few tips, tricks and strategies for all those seeking property investment advice.
Has Dubai’s real estate bubble burst, have the profits that were to be made from property in Dubai been exhausted, is it too late to buy property in Dubai and expect to earn an income or raise a capital gain from it?
According to the latest property industry analysis and Cooperation Council of the Arab States of the Gulf (GCC) country studies the answer is a resounding ‘no’ because it was recently announced that a single currency for all GCC nations is a serious proposal expected to be realised by 2010 and that this is likely to result in an initial surge in property price gains of up to 20%.