The UAE will introduce a rent restriction law that will eventually prevent property owners from demanding excessive rent increases. The move, a welcome relief for the country’s expatriates, comes as property owners have been taking advantage of strong demand for additional middle-income housing by increasing rents by up to 80 per cent in a market where supplies have been short due to the emphasis in investment in the luxury and freehold segment.

Shaikha Lubna Al Qasimi, UAE Minister of Economy, has also pledged to introduce a Competition Law, reported in Gulf News last week, as part of the government’s plan to make the national economy more attractive to foreign investment.

“The UAE, in its initial GATT offer, proposed to allow foreign companies authorised to operate in the UAE to own land and real estate to the extent necessary to conduct their activities in accordance with laws and regulations,” she said. Shaikha Lubna, who last week led a delegation to the World Trade Organisation that reviewed the country’s trade policies, pointed out that the UAE is experiencing major growth.

She blamed foreign factors for the rising inflation in the UAE. The weakness of the US dollar over the last few years has also aggravated inflation. “The major causes behind inflation over the last few years were exogenously determined,” she said. “The international increase in the price of construction materials led to an increase in rental prices. Higher domestic demand generated by regional infrastructure projects was another factor leading to inflation.” She said the UAE government was currently considering several actions to tackle the issue.

The government is also moving towards privatisation of state-owned utilities, specifically those dealing with water and electricity. Shaikha Lubna said the UAE is in the process of amending the Federal Companies Law. “The main amendments relate to removal of the equity capital restriction which is presently 51 per cent of national equity. They will also streamline the authentication procedures by giving investors options to attest through public notaries or registered law firms,” she said.

Barclays Bank today (April 30, 2006) announced the launch of mortgages in Dubai that have been specifically designed to meet the requirements of buyers in the Emirate’s booming property market. The new mortgage range will be available in four different currencies (UAE dirhams, pounds sterling, Euro and US dollars) and will be approved within 24 hours. Barclays will be the first mortgage provider in Dubai to offer customers an extensive number of currency options and quick mortgage approval. David Roberts, board member of Barclays PLC and chief executive of the bank’s International Retail and Commercial Banking operations, said; ‘Barclays has clearly stated its international ambitions and Dubai is an attractive, fast growing market in which Barclays wishes to grow. Today’s launch of new mortgage products in Dubai is a tangible example of how we are using our proven global expertise and competitive advantage to develop innovative product propositions that benefit our existing and new clients.’ In February 2006, Barclays announced its intention to increase the proportion of profits it generates from outside the UK to 50 per cent within three years, from 40 per cent in 2005. The new mortgages will be offered by the banks international retail arm, International Retail and Commercial Banking, which is focused on growing Barclays presence in attractive markets, including Dubai. International Retail and Commercial banking operates in 21 countries with over 10 million customers and 46,000 employees Barclays is offering the following mortgage products to UAE residents and non residents: • Owner-occupiers wishing to buy a completed home ready to move in • Off Plan Buyers looking at homes that are planned or under construction • Buy-to-Let mortgages for prospective landlords Philip Ward, Barclays’ Head of Mortgages in Dubai says,

‘Dubai is maturing into a home-owning environment, and Barclays expects to shake up the market with its strong product range and customer-focused service levels. By bringing our experience, multi currency and service driven approach that has been developed over many years, we are confident that our mortgages will be very attractive to Dubai home buyers, whether home owners or investors.’

Barclays is one of the world’s leading banks and Barclays has the largest presence of any UK bank in the European non resident mortgage market, serving mortgage customers through its operations in Spain, France, Portugal and Italy. Barclays is also one of the UK leading mortgage providers with a mortgage book of GBP 59.6 billion (AED 387.4 billion) and the leading mortgage provider in South Africa following its acquisition of a majority state in Absa. Building on this experience, today’s announcement further strengthens Barclays international mortgage credentials, with the addition of Dubai in its portfolio. Barclays mortgages in Dubai will be available from a minimum of AED 500,000 up to a maximum of AED 7.5 million, in areas where all nationalities are allowed to own residential property. All mortgages will be available in four different currencies - UAE dirhams, pounds sterling, Euro and US dollars. For sterling, dollar and euro loans, customers are expected to have an income source in the same currency. Thereafter, the principle will be sanctioned and drawn down in AED and then converted to the foreign currency. In another benefit, a team of expert mobile Barclays mortgage advisors will meet customers to discuss the best mortgage for their requirements. The Advisors will travel around Dubai in Barclays-branded Minis. Loan approvals will be made within 24 hours, at competitive interest rates (all rates indicated below are variable rates). Mr Wards adds; ‘With the recently announced changes in the property law ownership in Dubai, specifically with regards to non resident ownership, and the ongoing highly positive economic climate in Dubai, we believe that now is exactly the right time to bring our breadth of international mortgage experience to this market’. ‘We have examined the marketplace in great detail, and we believe that our products will hit the right note with prospective buyers.’ Source: AME Info Related Links: Official Website for Barclays Dubai

Barclays is one of the world’s leading banks and Barclays has the largest presence of any UK bank in the European non resident mortgage market, serving mortgage customers through its operations in Spain, France, Portugal and Italy. Barclays is also one of the UK leading mortgage providers with a mortgage book of GBP 59.6 billion (AED 387.4 billion) and the leading mortgage provider in South Africa following its acquisition of a majority state in Absa. Building on this experience, today’s announcement further strengthens Barclays international mortgage credentials, with the addition of Dubai in its portfolio. Barclays mortgages in Dubai will be available from a minimum of AED 500,000 up to a maximum of AED 7.5 million, in areas where all nationalities are allowed to own residential property. All mortgages will be available in four different currencies - UAE dirhams, pounds sterling, Euro and US dollars. For sterling, dollar and euro loans, customers are expected to have an income source in the same currency. Thereafter, the principle will be sanctioned and drawn down in AED and then converted to the foreign currency. In another benefit, a team of expert mobile Barclays mortgage advisors will meet customers to discuss the best mortgage for their requirements. The Advisors will travel around Dubai in Barclays-branded Minis. Loan approvals will be made within 24 hours, at competitive interest rates (all rates indicated below are variable rates). Mr Wards adds; ‘With the recently announced changes in the property law ownership in Dubai, specifically with regards to non resident ownership, and the ongoing highly positive economic climate in Dubai, we believe that now is exactly the right time to bring our breadth of international mortgage experience to this market’. ‘We have examined the marketplace in great detail, and we believe that our products will hit the right note with prospective buyers.’ Source: Related Links:

The government of Dubai is set to announce several property clusters for expatriate ownership within weeks. Dubai issued Property Registration Law (Law No.7) on March 13, 2006 that offers freehold ownership of land and property to UAE and GCC nationals, while granting the same rights to non-GCC expatriates in pre-designated areas which would be earmarked at a later stage.

However the law comes into effect only when it has been published in the Official Gazette, which will be done in a week. “The decision is expected very soon, within a few weeks’ time, as we are in touch with the three master developers (Emaar, Nakheel and Dubai Holding) almost on a daily basis to iron out the details of registration,” said a senior official at the Dubai Land Department.”Following the publication of the law in the Official Gazette, which should happen in a week’s time, and the announcement of the freehold areas, we expect the three master developers Emaar, Nakheel and Dubai Properties to get permission from the Ruler’s office to begin the registration process,” Essam Al Tamimi, senior partner of Al Tamimi and Company, told Dubai’s property officials at a breakfast meeting organised by the Dubai Property Group (DPG) on Tuesday.

“The new law, which comes into force on the date of its publication in the Official Gazette, has set out the basic legal foundations to match the progressive and increasingly dynamic property market in Dubai,” Al Tamimi added. Law No. 7 provides ample scope for the formulation of bylaws on the Common Hold Registration as the current law specifies that a Single Title Deed will determine the ownership of a building co-owned by a number of apartment owners. The impending announcement would allay doubts and confusion among owners as well as bolster confidence of buyers.

Dubai Courts and Land Department are also initiating an arbitration centre for the real estate sector. The Dubai Property Group comprises 110 members including some high profile real estate firms like Cluttons, Better Homes, Dubai Development Board, Asteco Property Management LLC and Gowealthy that have the mandate of the Government to sell and buy property in the emirates.

Source: GoWealthy.com

Who would invest in property in a former Eastern Bloc country? They still haven’t recovered from the Cold War, they’re full of concrete tower blocks and they queue for vegetables, right? Wrong, at least as far as Bulgaria is concerned.

Thousands of Britons have seen beyond the clichés and are pouring their hard-earned into the country. The property investment opportunities in this beautiful country, which is set to join the EU in January next year, fall into four main categories. The first lies in the capital, Sofia, which is growing economically and geographically faster than any other former East European capital. The property boom has now hit the centre, with locals themselves pitching into the market - always a good sign. With the country on the threshold of EU membership - and entry into the euro itself likely in about three years’ time - an international and transitory population in this “engine of the country’s growth” is inevitable. This means a huge demand for good rented accommodation.

An average, two-bedroom, new-build apartment in the centre is selling for between £69,000 and £87,000, and values are rising almost by the day. The rental from such an apartment would be up to £700 a month, according to Robert Jenkin of estate agents Bulgarian Dreams. “These are fantastic investment opportunities in a city that is becoming more cosmopolitan and whose economy is stable and performing well,” he says. Drive two hours south and head for the mountains for opportunity number two.

Bulgaria has a burgeoning skiing industry whose centre is undoubtedly Bansko, an ancient village at the foot of the Pirin Mountains. In the past two years, it has added on a huge number of apartment blocks geared to the winter season. Anyone with the idea that its winter sports infrastructure is bound to be third-rate should think again. It boasts a gondola from the town to the pistes that is second to none. “Every skier who comes here is impressed with the facilities,” says Gary Brierley of Bulgarian Developments.

“It is certainly not the poor cousin of the Alps any more. But the countryside is great in the summer, too. People come here to buy an apartment as an investment, fall in love with the area and decide to spend time here themselves and use it as a holiday home.” A typical two-bedroom, new-build apartment costs £71,000, with the mouth-watering prospect of a rise in values of about 20 per cent a year. “The demand by British and Irish buyers for indoor pools, heated locker rooms and so on has added quality and value,” Brierley says. The Black Sea, with its sunshine, cheap beer and great food, beckons investors too. Locations such as Sunny Beach may be set to become the new Costa del Sol. There are signs that Bulgaria is throwing off its bottom-end-of-the-market image and moving towards building more luxurious properties.

The government has introduced legislation aimed at protecting the coast from the worst excesses of the Spanish costas. BA this month started flying direct to Varna, and up the coast near Balchik, two 18-hole golf courses designed by Ian Woosnam and Gary Player are being constructed. An example of this more considered development is Oasis Kamchia, a low-rise holiday retreat close to the beach with gym, tennis courts and pools. But the really canny investment, and one open to those on a low budget, is to buy land, says the estate agent Iliana Yordanova of Home Cottage Bulgaria. “Plots are unbelievably cheap,” she says. “If you are prepared to look at undeveloped areas, either by the coast or inland, you can pick up good agricultural land for as a little as eight euros a square metre.

The town of Kvarna would command prices of 70 euros a square metre, and Balchik 58 euros. But I have heard of a plot going for three euros a square metre inland.”With building costs very low and the nearby city of Varna now commonly acknowledged to be Bulgaria’s property hot spot after the capital Sofia, her advice looks sound.
Source: The Independent Online - Property

Source: ShanghaiDaily.com

Remember my brief mention of Veronica de Lotbiniere, the property tycoon & mother of four? Well she has setup her company, Heavenly Property that sources discounted bulk properties and organises property investment seminars. The Telegraph has a more detailed breakdown of her portfolio in an interesting article about how she amassed and manages her fortunes . Here is a breakdown of her portfolio: Five-bedroom seaside house in Suffolk 10 properties in Brandon and Thetford Five-star serviced apartment in York Flat in Dubai New flats in Wolverhampton, Manchester and Birmingham Flat in Budapest Skiing penthouse in Bulgaria Flat in Stockwell, London

Read more about how she manages her four children, seven horses, four dogs and property investments worth £5m here.

Banco Halifax Hispania, the Spanish arm of the Halifax, has revealed new research that suggests nearly a third of Britons (29 per cent) would be interested in buying property abroad.

The US and Australia were the most popular destinations amongst those who had thought about looking overseas, with each picked out by nine per cent of those asked. The most popular European destination was Spain (six per cent).

The increase in demand for foreign property, particularly in Spain, is reflected in the Official Social Trends Report (OSTR), which notes that Spanish property accounts for 27 per cent of all Britons’ second homes abroad.

The OSTR also found that spending on overseas property has increased by 45 per cent in the UK in the last four years.

Head of European operations at Halifax, Ian Smith, said: “Over recent years we have seen a huge increase in the number of UK residents wanting to buy a property in Spain.”

“Our mortgage products are designed with British residents in mind,” Mr Smith continued. “We certainly understand the type of mortgage products that British customers require, based on our vast experience in the UK and our knowledge of British attitudes and culture.”

Banco Halifax Hispania works alongside a UK-based operations team, making the process easier for British customers who wish to invest in property abroad without the hassle of directly contending with a multitude of foreign companies and institutions.

This, along with the fact that customers can deal with their mortgage lender in English rather than Spanish, is said by many consumers to be a major selling point.

Source: Fair Investment

A third of Brits are looking to escape the cold British weather for sunnier climates by either buying property abroad or emigrating. It seems that America and Australia are the preferred destination of those considering leaving the UK, according to a survey by Banco Halifax Hispania, which is the Spanish arm of mortgage lender Halifax.

Nearly 10% of the survey respondents said they’d like to head across the Atlantic or Down Under. In Europe, Spanish property came out on top, with 6% of people saying they’d love to move there.

“Over recent years we have seen a huge increase in the number of UK residents wanting to buy a property in Spain. Banco Halifax Hispania aims to take the worry out of the Spanish housebuying process by supporting customers at every stage in the purchase,” said Ian Smith, head of European operations at Halifax.

Spain was closely followed by the Caribbean, New Zealand and Canada in the league table of preferred destinations for Brits. Banco Halifax Hispania said that its mortgage products cater well for Brits thinking about moving abroad. Mr Smith said: “Our mortgage products are designed with British residents in mind. We certainly understand the type of mortgage products that British customers require, based on our vast experience in the UK and our knowledge of British attitudes and culture. “There are certainly slight procedural differences and different jargon, such as evaluators rather than surveyors.

However, as long as care is taken over the choice of bank and some initial checks carried out, such as the bank’s ability to deal with British residents in English, all these differences are capable of being explained. “Therefore, the whole process becomes no more complex than buying a property within the UK.”

The bank provided some helpful tips for anyone who’s thinking about buying property overseas:

• Make sure you get all necessary documents, such as visas and work permits
• Check medical arrangements
• Make sure you’ve registered your residency status with the Inland Revenue in the UK, as well as the correct authorities wherever you’re moving to
• Get advice from a tax specialist
• Set up bank accounts in the country you’re moving to
• Arrange furniture shipments well in advance
• Remember your electrical goods might not work abroad!

Source: Find.co.uk

Source: AboutProperty.co.uk