Overseas Property Blog :: guide to international real estate investment

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Archive for March, 2006

Moroccan Government Signs $9B Deals

by Overseas Property Mall on Friday, March 31st, 2006 in Morocco Property, Property Industry News

RABAT, MOROCCO-The Moroccan government has signed tourism and real estate deals with two Dubai-based property firms totaling $9 billion, a government statement says. Emaar Properties and Dubai Holding will manage and contribute financing $5.1 billion of riverside and seafront developments in the capital, Rabat, and $2.4 billion in resorts near Marrakesh.
The 10-year projects also include a new marina for pleasure craft in Casablanca and a $650-million residential and tourism complex in the northern port of Tangier. King Mohammed attended the signing ceremony at his palace in Casablanca to highlight the importance of the deals for Morocco, which plans to double tourists to 10 million by 2010. The plan is for the development of a chain of resorts along the country’s Atlantic and Mediterranean coastlines financed by international investors. Emaar and Dubai Holding are expanding rapidly beyond their Dubai base.
Emaar is also expanding across the Middle East, Turkey, India and Pakistan.
A government statement issued last year admitted that foreign investment has been slow in Morocco because of currency exchange restrictions, complex rules for companies and uncertainty over land ownership rights. But the monarchy is attempting to make the country more investor-friendly.
Government-owned Dubai Holding will oversee five of the eight projects in partnership with Moroccan state investment fund Caisse de Depot et de Gestion. Dubai will provide 30% of the finance for the Moroccan projects itself and the rest it will seek to raise from other financial partners. Other deals still to be announced will take the value of Dubai Holdings’ investments in Morocco to $12 billion, the company says in a statement. Emaar says its investments in Morocco now totaled $6.9 billion spread over six projects.

Source: GlobeSt.com

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Buyers hunt piste of the action

by Overseas Property Mall on Friday, March 31st, 2006 in UK Overseas Property Trends

WINTERSPORTS fans snapping up property in ski resorts are driving British interest in Bulgaria and Canada – with a new breed of adventurous investor leading the way.
The latest Global Property Hot Spots league compiled by currency specialist HIFX has shown enquiries for cash aimed at purchasing homes in the pair of increasingly popular destinations for British skiers rose substantially in February.
Interest in Canada rose by 66% during the month, while enquiries for Bulgaria increased by 17%.
But both continued to hold a far smaller proportion of all enquires – 9.4% for Bulgaria and 2% for Canada – than old favourites Spain and France, which attracted 25.25% and 17.8% of all interest respectively.
Interest in Australia, which had risen rapidly in January, fell back substantially – dropping by 63% to 10.6% of all enquiries – while demand for the United Arab Emirates, home to Dubai, fell 79% to 1.5% of all enquiries.
Bulgaria’s reputation as the latest property hotspot has been supported by the arrival of upmarket estate agents Savills and Hamptons in the market. Both have begun to heavily advertise new schemes in Bansko, considered the country’s number one ski resort.
The luxury apartments are expensive by Bulgarian standards but the agents have vowed to offer a five-star service with problems often encountered in property purchases in the country ironed out.
Experts have warned however that the Eastern European property bubble could be at risk of overheating, with large numbers of developments being built and investors chasing high returns who could be easily scared off by any market wobble
HIFX said its study showed Britons considering buying property abroad fell into three categories.
The traditionalists make up the largest group – opting for holiday homes in France, Spain and other destinations close to the UK. Cheap flights, the ease of renting out properties, a well-established expat community and the simplicity of escaping to the sun are the driving force behind their purchases.
Adventurers were more daring in their choices, heading further afield and tending to be at the vanguard of investment in either less familiar destinations such as Bulgaria and Morocco, or farther afield, in Canada, Australia and New Zealand.
The most flexible group were hotspot investors, whose financially driven decisions led to countries in Eastern Europe, such as Bulgaria and Estonia, and the latest rising markets, such as Dubai.
Each set of buyers faced their own risks, with traditionalists hit by higher prices, adventurers taking on unproven markets and hotspot chasers at the mercy of changing fads or sudden market fluctuation.
Mark Bodega, marketing director at HIFX, said: ‘People buy abroad for many different reasons. For some people it’s an emotional decision based on a life-long dream, for others it’s an exciting step into the unknown and for some it’s simply a financial investment.’
HIFX’s February league showed Portugal made up 4% of enquiries, the US accounted for 3.8% and Italy totalled 1.6%.
More exotic destinations regularly featured on lifestyle property television shows also made the list, including 3.1% of enquiries for the Cape Verde Islands, 1.2% for Turkey and 1.1% for Morocco.

Source: thisismoney.co.uk

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France and Spain top with overseas property buyers

by Overseas Property Mall on Friday, March 31st, 2006 in French Property, Overseas Property Trends, Spanish Property

France and Spain remain the most popular choice for overseas property buyers, according to a new survey.

This is because the majority of British overseas property buyers are ‘traditionalists’ who see their overseas purchase either as a holiday home or somewhere to retire to.

But a growing number of more adventurous Brits and hot spot investors are driving up the popularity of more far-flung destinations like Canada, Bulgaria and New Zealand.

Foreign currency specialist HIFX reports that France and Spain made up almost half (43 per cent) of all its currency transactions for buying property abroad in March.

Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent).

The majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun.

Those considering retiring abroad are also looking for a well established expat community to help them feel at home.

But HIFX has identified a more adventurous group of Brits – the adventurers – who are buying overseas property in countries such as Australia, New Zealand and Canada.

This group does not mind travelling long distances in search of a more exotic location than the traditionalists, and often consider emigrating to their holiday home at some point.

For this reason they do not want the hassle of a language barrier and are seeking somewhere that is culturally similar to that of the UK.

A further group of Brits – hot spot investors – are buying overseas property primarily for financial gain.

They are looking to places like Bulgaria and Dubai, which could offer excellent investment returns because they are up-and-coming holiday destinations and have rising house prices.

HIFX marketing director Mark Bodega said: “People buy abroad for many different reasons but they tend to fall into three main categories.

“For some it’s an emotional decision based on a lifelong dream, for others it’s an exciting step into the unknown and for some it’s simply a financial investment.”

Source: AboutProperty.co.uk

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Bulgaria booms whileTurkey promises

by Overseas Property Mall on Thursday, March 30th, 2006 in Bulgarian Property, Turkish Property

With yields shooting to 12 per cent and capital gains staying high at 36 per cent, Bulgarian property investments yielded returns on cash invested of 116 per cent last year, property investment specialist Assetz has calculated.

Its latest Property Investment Tracker puts Bulgaria ahead of Cyprus as the top yielding overseas investment destination in the first quarter of 2006.

Deposit levels of 30 per cent are easily accessible to most investors as Bulgarian property remains relatively cheap, with a typical two bedroom apartment costing in the region of £80,000, said the firm.

‘Although the level of house price growth is expected to tail off slightly during the remainder of 2006, overall market growth will remain high, alongside excellent yields of 12 per cent in quality areas such as the ski resorts of Bansko and Bovorets.

Cyprus is not far behind and offers a lower risk opportunity for investors. Low deposit levels of just 15 per cent are possible now and Swiss Franc mortgages are available with rates of just 3.25 per cent, making borrowing more affordable. Capital growth is likely to remain stable at around 15 per cent which, combined with rental yields of 8 per cent, results in a total of 84 per cent return on cash invested’.

Assetz also rate Turkey ‘interesting’. Mortgages are not currently allowed, but prices are still rising well, it said. ‘However prepare for a rule change in 2006 permitting borrowing that will ignite the market further’.

Although gains are still strong, with 27 per cent capital growth and 8 per cent yield, the change of rules concerning borrowing will have a dramatic effect on the housing market, potentially pushing up prices in key areas as much as 50 per cent in one year.

However, South Africa and the USA were given danger warnings. With interest rates rising in both countries, some investors must prepare to make a loss, particularly with new build in the USA, it said.

South Africa house price increases have slowed from 24.6 per cent to 15.8 per cent and the rate is likely to continue to fall. Mortgage rates, already 8.5 per cent are rising, prompting serious concern over the stability of the market. Yields have fallen from 10 per cent to as low as 5 per cent in 2005, so rental income will fail to make a profit for many investors.

‘Overseas markets are still offering excellent opportunities for investors, with Bulgaria and Cyprus now overtaking some of the more established destinations in terms of total return on cash invested’, said Assetz managing director Stuart Law.

‘However, investors should remember that high return is often associated with higher risk. Established locations such as France are still holding up extremely well against the competition, offering a total 68 per cent return on cash invested with an excellent holiday rentals market. With the low deposits requirement of just 15 per cent in France, the total return on cash is still exceptional at 68 per cent.

‘Property in America is in a very tense state at present with conflicting statistics showing resilient existing home sales but collapsing new build sales volumes. The jury is still out on how safe it is to be investing in the States right now.

‘Cheap Bulgarian ski destinations are certainly in as much demand as quality resorts in the France Alps. However, for sunny destinations combined with quality investment returns I prefer the south of France and southern Cyprus to the coastal resorts in Bulgaria.

Bulgarian economic research company Industry Watch has also expressed some concerns over the outlook for the country’s property market.

Its figures put house prices up 21.6 per cent in the year to December. But with construction continuing at great pace, increased supply could see prices begin to level off, it said.

Given that prices in general are lower in the Black Sea resort of Bourgas than in Sofia, while construction is at a high level, the coastal town currently has the most overvalued property, said Industry watch. But Shumen, Rousse, Plovdiv and Pleven are currently undervalued, it believes.

Source: Fly2let

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Top tips on creating your overseas property portfolio

by Overseas Property Mall on Thursday, March 30th, 2006 in Buying Property, Guides and Tips

With ever increasing property prices in the UK and Ireland, it is little wonder that investors are looking further a field and becoming more adventurous and imaginative with their overseas property portfolios.

The emerging markets of Central and Eastern Europe are current hot spots, attracting a lot of interest with low entry costs and the potential for high capital growth.

However, the advantages and the security of more mature markets should not be overlooked. France is a great example. According to the annual French Property Market Report, published by the French property experts, VEF, France is still an exciting market with house prices set to rise by an average of 11 per cent this year.

VEF’s long term prediction for the market is healthy with prices set to perform over the 8-9 per cent p.a. rate over the next decade, which shows there is still plenty of room in the Gallic market for growth. This is reassuring news for investors looking for sustainability and no unwanted surprises to their portfolio.

However, perhaps the best part for many is France itself. You can buy your dream apartment or villa as a buy to let and you can also use it for your own holidays. Tips from VEF include looking into regions such as Burgundy, Languedoc, Loire and Pyrenees Atlantiques. With low cost flights to France becoming cheaper from most areas of the UK and Ireland access has never been easier.

France still offers an incredible diversity of property, be it old or new at a price range to suit most budgets. VEF has a charming luxury development called ‘Le Hameau des Pins’ set in the breathtaking Corbieres hills near the Mediterranean coast with prices starting from just £130,000. With private swimming pools and views of the nearby Cathar castle and vineyards, this offers excellent letting potential.

A concept which is becoming ever more familiar is the ‘leaseback purchase’. This is a particularly attractive idea that has existed in France for more than 20 years. You buy a freehold new build property on a holiday complex (for example by the sea, on a golf course on in a ski resort) and you sign an agreement with an onsite rental management company for a minimum of 9 years for them to rent out your property.

Not only does the French state give you a VAT concession worth nearly 20 per cent but you usually receive a guaranteed rental income and you can use the property yourself. According to VEF, the number of investors from Yorkshire who are opting for this type of holiday investment property has increased by 47 per cent between 2004 and 2005.

VEF’s Jardins de Renaissance is a fascinating leaseback development in the historic town of Azay le Rideau in the Loire Valley. Fully furnished one bedroom apartments start from £70,200. Firstly, you receive a VAT rebate worth £13,759, then when built the annual guaranteed rental income of 5 per cent equates to £293 per month. Should you opt for a 25 year French mortgage with a 3.8 per cent fixed interest rate, your repayments would be £290.

Who knows the VAT rebate you receive could be put towards another property for your portfolio?

For investors with their eyes set on building their portfolio in Eastern Europe, buy-to-let apartments in Poland or Czech Republic make excellent sense.

UK-based investment property specialists Validus² give a pragmatic and honest approach in helping investors choose the right property for their portfolio. They assist you to identify what type of investor you are and how much risk you feel comfortable with.

Should you be looking more towards capital growth, they offer superb value off-plan apartments in Warsaw. One bedroom flats are available from just £19,000. By opting for a local Polish mortgage with a loan to value (LTV) of 80 per cent, you need a cash deposit of just £3,800.

Warsaw is set to become the sixth largest business centre in Europe and is experiencing a severe shortage in new accommodation. Property prices rose between 15 and 22 per cent last year, with similar figures expected for 2006. Although Polish wages are rising, they are still low and as a result rental yields are moderate at approximately 4 per cent p.a.

For a stronger rental income, Validus² is offering brand new buy-to-let apartments in Prague. As the property market is more experienced prices tend to be higher but Czech mortgages can be obtained with a LTV of 85 per cent. This means that a one bedroom apartment costing £47,000 can be purchased with just £7,050. A 25-year Czech mortgage at 4 per cent would cost £212 per month. The rental income is expected to be at least £270, so your nest egg in one of Europe’s most beautiful capital cities will actually pay for itself.

Louis Mann of Validus², has some sound words of advice for any future buyer of overseas property.

“There are key rules to follow to make your property investment as successful as possible.

“Take financing seriously – Look at local mortgages and leverage where possible to make the property pay for itself.

“Do your homework and seek expert advice from reputable companies.

“Make an exit strategy. If and when you sell, what are the tax implications? Are there benefits to holding on to your property for longer to avoid local capital gains tax?

“Don’t forget exposure to currency fluctuations. Forward purchase where necessary.”

Source: 999Today.com

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The Observer launches Sunday property supplement

by Overseas Property Mall on Sunday, March 26th, 2006 in UK Overseas Property Trends, UK Property

LONDON – The Observer will unveil a new Sunday property supplement on March 26, aimed at readers looking to buy property at home and abroad. Property, edited by Observer journalist Jill Insley, is planned as a five times a year full-colour supplement and will be published to coincide with peak times in the property market, beginning with the start of spring, a traditionally busy period in the market.

The Observer says Property will include practical advice on a range of issues affecting the property market, including eco-friendly housing, urban regeneration, student accommodation and buying abroad. Articles on luxury homes in Morocco and Bulgaria are likely to feature in the early editions.

Stuart Taylor, commercial director at Guardian Newspapers, said: “This vibrant new property supplement draws upon the editorial strength of The Observer to give advertisers a chance to reach a previously untapped element of the property market.” The Observer Property supplement will also be published on May 7, May 28, September 10 and October 29.

It follows The Telegraph’s recent London Property supplement aimed at buyers in London and the South East.

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Homebuyer wooed by mystery buyer

by Overseas Property Mall on Sunday, March 26th, 2006 in Property Exhibitions & Events, UK Overseas Property Trends

Exhibitions company Homebuyer Events, which organises exhibitions for residential property investors, is considering a sale of the business, the Daily Telegraph has learnt.

It is understood that Homebuyer Events has appointed corporate finance boutique Media Mergers to advise the company on a potential sale following an unsolicited approach from a mystery buyer. Sources said the company is likely have an operating profit of around £2m and could be sold for £15m-£20m.

Homebuyer Events, which organises exhibitions in London, Manchester and Scotland, was founded by entrepreneurs Nick Clark and Michael Bridge in the early 1990s. Mr Bridge has since left the company but remains a shareholder.

Potential buyers for the company could include business-to-business publishers such as Centaur, United Business Media and Emap, according to banking sources. DMG World Media, DMGT’s exhibitions division, was also tipped as a potential acquirer.

Approximately 50pc of Homebuyer Event’s shows are dedicated to overseas property investing, which has become increasingly popular among Britons.
Source: Ben Harrington Telegraph

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Buying property overseas :: CNNMoney

by Overseas Property Mall on Sunday, March 26th, 2006 in Buying Property, Guides and Tips, International Real Estate Trends, Overseas Property Trends

NEW YORK (CNNMoney.com) – Ever dream about buying a little place in the rolling hills of Ireland? Perhaps you’re drawn to living in Tuscany or wandering the snaggleways of London.

Buying property abroad isn’t out of reach. Five Tips is here to tell you what you need to know before buying a home in a foreign country.
1. Get the big picture

Buying property in a foreign country is no small task. But more andmore Americans are finding benefits to moving abroad. Today there are four million citizens living outside the country.

Who can argue with buying four acres of prime land in Costa Rica for $43,000? And of course there’s always the Internet to help keep you connected to your family back home.

But be warned, sometimes the grass isn’t always greener across the globe. You’ll need to find out the rules about foreign ownership for the country you’re interested in. Some countries restrict foreign ownership altogether, like Switzerland, for example. You can find that information on the International Consortium of Real Estate Associations Web site at www.icrea.org.

You’ll also want to check with the U.S. State Department about the stability and safety of the countries you may be interested in moving to. That Web site is www.travel.state.gov.

There are also some countries that prospective buyers should be cautious about. “Vietnam is an exciting new place in Asia, but it has limited property rights and it’s still in its development stage,” says David Michonski, a certified International Property Specialist at Coldwell Banker Hunt Kennedy.

You should also be very cautious about Russia. It has a declining population according to Michonski, and you’ll see the economy suffer because of that.

2. Call in some help

If you’re thinking about buying overseas, you may want to enlist the help of a real estate broker to help you figure out unfamiliar laws and customs.

For example, if you want to buy property as a foreigner in Malaysia, you’re welcome to do that. But if you decide to sell your property, you’ll have to keep your money in a Malaysian bank account.

To find a real estate broker, check out the International Consortium of Real Estate Associations Web site at www.icrea.org. Of course, you’ll still have to pay commissions of 4 to 6 percent.

3. Count on paying cash

To figure out what you can afford overseas, assume you can pay cash only. Financing mechanisms like mortgages aren’t as sophisticated as they are in the U.S., says Michonski.

“You won’t find dozens of mortgage lenders offering you a loan,” he says. In many countries, such as Mexico, Greece, Spain and Eastern Europe, transferring property is historically paid for in cash.

If you can’t afford to buy property without a mortgage, you’ll want to check out English-speaking countries and former colonies like Singapore, Hong Kong or South Africa. But even then, you should be prepared to put down at least a 40 percent, according to Michonski. That’s to allay fears that you’ll get on the next plane and skip the country.

4. Check your title

When you buy property in America, you get a warranty title that states you are the owner of the property. But if you buy overseas, sometimes the distinction isn’t as clear.

It depends on the country you’re going to. Boundaries all over the world have shifted so it’s quite possible that once you buy a property, someone who is seven generations removed from the original owner could come back and make a claim on the land. This is especially true in Eastern Europe where World War Two shifted many boundaries.

Of course, don’t start to panic just yet. The burden of proof is still on the person making the claim. But you can try to assess this risk by seeking the help of a notary. They specialize in verifying legal documents. These notaries, (or Notarios) help you read the title history to see if there are any gaps in the property’s history or numerous property claims.

5. Grease the wheels

While here in the States, bribing is a big no-no, in many parts of the world, it’s just a normal business transaction. And it may be the only way to buy the property you want.

If you’re using a real estate agent, they’ll tell you how many wheels you have to grease. If you’re not using a broker, you can go to the Notary’s office and ask how many gifts you should distribute in order to make sure your property transaction happens quickly.

Your general gift can be $50 to $500 depending on the country, according to Michonski. In the Middle East or Asia, you may give out a dozen gifts. But in most English-speaking countries, offering a bribe isn’t as common.
Source: CNNMoney

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France remains a top choice for investors

by Overseas Property Mall on Sunday, March 26th, 2006 in French Property

In recent years, there has undoubtedly been a significant shift in investment attitudes within the UK, with a growing number now prepared to buy property in emerging markets.

With Bulgaria attracting a huge amount of interest from investors keen on making the most of the forthcoming accession to the European Union, it is perhaps unsurprising that it has almost stolen the thunder from some of the more traditional investment choices.

Regularly compared to Spain in the 1980s, Bulgaria certainly has huge potential for growth, helped by the fact that it now has an enviable reputation not only for the beauty of the Black Sea resorts but also for its stunning ski slopes.

Nonetheless, France should not be ignored, according to property developer Trisha Mason, not least because it is a much more stable market.

“Fashion has pointed to such countries as Bulgaria or Romania where the entry price is a lot lower but where there is no clear exit strategy,” wrote Ms Mason in an article for 999 Today.

“Whilst such emerging markets may be interesting for a good value holiday home, for the property investor they could be a cause of concern,” she suggested.

Many investors would dispute the claim, and there are certainly numerous case studies of individuals making huge gains on their investments in Bulgaria.

At the same time, however, it is undeniable that France represents the safer bet at the moment and it is certainly a choice that boasts several advantages over its European rivals.

Primarily, according to Ms Mason, France has a stable market and also has a proven track record. Property investors, while notoriously keen on speculating, also like to see evidence of former growth and France can certainly illustrate this.

Last year, the country enjoyed capital growth of around 15 per cent, while experts are predicting a further nine to 11 per cent growth this year. While some areas in Bulgaria are likely to see growth well in excess of this figure, the unpredictability of the market means that the risk factor is fairly high.

Ms Mason has also pointed to the fact that France has extremely good rental investment potential, because of its status as a leading country for tourism. When investors consider the fact that there is continuously high demand for property in France, it is difficult to argue with the fact that it remains a European hotspot.

A further advantage of France is the leaseback scheme, which has been supported by Assetz managing director Stuart Law. It was originally conceived in an attempt to boost tourism and construction in the country and it has developed into a favourite investment policy for many from the UK in particular.

As recapped by Ms Mason, the French government will refund the VAT of 19.6 per cent after the contract is signed, while investors also have the advantage of being able to rely on the rental company to look after the property in terms of cleaning and maintenance.

With freehold property available as well, France certainly offers an impressive range of options for investors and there is no doubting its status as a leading European investment choice.

At the same time, savvy property investors will be keeping a close eye on Bulgaria and other emerging markets, with most analysts expecting significant growth within the next decade.

Source: Assetz News

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Huge turnout at Homebuyer Show

by Overseas Property Mall on Sunday, March 26th, 2006 in Property Exhibitions & Events

MORE THAN 20,000 people visited one of the UK’s biggest overseas property shows, where North Cyprus and Turkey were among the most represented locations. Around 20 firms selling property in North Cyprus and Turkey were represented in the ‘Turkish Village’ at the Homebuyer show, held at the ExCeL Centre in London’s Docklands at the weekend.

Prominent property developers on display included North Cyprus International, Noyanlar Construction, Levent Homes and Construction, Regnum and Seacliff Village. Jeff Osborne, Sales Manager of Levent Homes and Construction told the London Turkish Gazette: “We’ve had a lot of interest today. Each day of the exhibition is different.

We tend to get the more serious buyers visiting on a Friday, when they know there will be fewer people, so more time to talk to developers. Often Friday visitors have taken a day off work to come and look at the different properties and locations. Weekends tend to be busier, but also attract a lot of browsers.” Jamie Lester, Director of North Cyprus International said: “I first started looking at developing in North Cyprus during the referendum in 2004. The political climate and recent developments have shown it to be an emerging market… and it helps that it’s very beautiful.”
Source: Londra Gazete

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